Taubman Centers Inc

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  • uploads///Feature Image
    Real Estate

    Why Simon Property’s Stock Has Gained Momentum Recently

    After a weak performance in the first half of 2018 with returns of about -1%, Simon Property Group (SPG) stock has been gaining solid momentum recently.

    By Anirudha Bhagat
  • uploads///Article
    Company & Industry Overviews

    Why SPG Is Commanding a Premium in Comparison to Its Peers

    A higher price-to-FFO multiple for Simon Property means that it has the capacity to give a predictable return as well as consistent dividend yields to investors.

    By Raina Brown
  • uploads///Article
    Company & Industry Overviews

    Key Drivers Contributing to SPG’s Evolution

    Simon Property Group’s capital expenditure increased ~15.0% in 2Q17 while it decreased ~1.2% in 3Q17.

    By Raina Brown
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    Company & Industry Overviews

    Investing in Simon Property Group: Relative Valuation

    Simon Property Group’s current price-to-FFO multiple is ~14.1x.

    By Jennifer Mathews
  • uploads///FFO per share
    Company & Industry Overviews

    Simon Property Group: A Growth Story amid Tremors in REITs

    On April 27, Simon Property Group (SPG) reported 1Q17 earnings per share of $1.53, a 2% beat of the consensus estimate of $1.50.

    By Jennifer Mathews
  • uploads/// debt
    Earnings Report

    General Growth Properties: Less Borrowing Bodes Well

    To lower its effective borrowing costs and extend its maturity profile, GGP was active in unsecured and secured credit markets in fiscal 2015.

    By Peter Barnes
  • uploads/// rev
    Earnings Report

    General Growth Properties’ Revenue Fell in 4Q15

    Minimum rent contributed to 60.1% of General Growth Properties’ total revenue in 4Q15.

    By Peter Barnes
  • uploads///P FFO
    Earnings Report

    Simon’s Valuation Is Unlikely to Expand Further

    Among the 25 analysts following Simon Property stock, 20 have assigned a “buy” rating. The company received no “sell” ratings from any analysts while five brokerages have assigned a “hold” rating.

    By Peter Barnes
  • uploads/// DEBT
    Earnings Report

    Simon’s 4Q15 Earnings: Borrowing Cost Should Remain at Same Level

    The total debt of Simon Property Group (SPG) increased from $20.8 billion as of the end of 4Q14 to $22.5 billion as of the end of 4Q15.

    By Peter Barnes
  • uploads/// occu
    Earnings Report

    SPG’s 4Q15 Operating Metrics: Occupancy under Pressure

    Simon Property Group (SPG) had 179 properties under US malls and premium outlets as of the end of 4Q15 compared to 177 as of the end of 4Q14.

    By Peter Barnes
  • uploads/// ebitda m
    Earnings Report

    Simon Property’s EBITDA Margin Likely to Improve in 4Q15

    Wall Street analysts expect Simon Property’s EBITDA to be $1.1 billion in 4Q15 compared to $967.4 million in 4Q14. That would be a growth of 15.4%.

    By Peter Barnes
  • uploads/// STOCK
    Earnings Report

    Simon Property Is Poised for a Strong 4Q15 Release

    Simon Property Group (SPG) is set to release its 4Q15 and full year 2015 earnings on January 29, 2016. In 2015, it returned 4.9%. The stock was trading at $186.40 on January 19, 2016.

    By Peter Barnes
  • uploads/// P FFO
    Earnings Report

    General Growth Properties’ Stock: Fairly Valued after 3Q15 Results?

    On November 3, General Growth Properties’ stock closed at $28.7. As of that date, the company had an average consensus price target of $32.93.

    By Peter Barnes
  • uploads/// GUIDANCE
    Earnings Report

    Key Takeaways from General Growth Properties’ 3Q15 Earnings Call

    General Growth Properties expects its FFO for 4Q15 to be $0.41–$0.43 per diluted share. For fiscal 2015, it expects FFO to be $1.42–$1.44 per diluted share.

    By Peter Barnes
  • uploads/// ffo
    Earnings Report

    Assessing General Growth Properties’ High FFO Growth in Q315

    General Growth Properties’ FFO per diluted share increased to $0.36 in 3Q15, compared to $0.33 in 3Q14, representing a growth of 9.1%.

    By Peter Barnes
  • uploads/// occu
    Earnings Report

    How Higher Occupancy Rates Bode Well for General Growth Properties

    General Growth Properties’ same-store occupancy increased from 95.1% in 3Q14 to 95.4% in 3Q15. Its initial rental rates for signed leases increased by 9.7%.

    By Peter Barnes
  • uploads/// rev
    Earnings Report

    Why General Growth Properties’ Revenue Declined in 3Q15

    General Growth Properties tenant reimbursement, a major source of income for the company, experienced a drop of 7.3% in 3Q15 to $172.5 million over 3Q14.

    By Peter Barnes
  • uploads/// STOCK
    Earnings Report

    General Growth Properties after 3Q15 Results: EPS and Stock Reaction

    General Growth Properties reported 3Q15 earnings on November 2. Its EPS increased by 85.7% in 3Q15 to $0.13—0.73% higher than the consensus estimate.

    By Peter Barnes
  • uploads///C PFFO
    Earnings Report

    Will Macerich’s Value Creation Efforts Take Its Stock Higher?

    Though Macerich’s management is trying its best to create value, it is yet to be determined how far this will translate into higher stock movement.

    By Peter Barnes
  • uploads///CFFO
    Earnings Report

    Macerich’s Q3: Funds from Operations Growth Likely to Continue

    Macerich’s funds from operations per diluted share rose to $1.01 in 3Q15, compared with $0.88 in 3Q14, representing a growth of 14.8%.

    By Peter Barnes
  • uploads///C PSF
    Earnings Report

    Macerich: Why Healthy Base Rent Growth Bodes Well for the Company

    Macerich’s base rent PSF (per square foot) for all regional shopping centers improved from $43.80 in 3Q14 to $48.97 in 3Q15.

    By Peter Barnes
  • uploads///C GUIDANCE
    Earnings Report

    Why CBL’s Managemnet Was Optimisitc in 3Q15 Earnings Call

    CBL & Associates’ management scheduled a conference call to discuss its 3Q15 earnings. The company’s FFO per share was below analyst estimates.

    By Peter Barnes
  • uploads///C TSOCK
    Earnings Report

    CBL & Associates’ Stock Fell After Weak 3Q15 Earnings

    Markets didn’t react positively to CBL & Associates’ 3Q15 earnings. The stock price fell 3.8% soon after the earnings release. Eventually, the stock closed at $14.7.

    By Peter Barnes
  • uploads///C STOCK
    Earnings Report

    Simon Property Group in 3Q15: Healthy Earnings Boost Stock

    Simon Property Group (SPG), the largest US retail REIT, reported its 3Q15 earnings on October 27, 2015. The company’s EPS for 3Q15 was $1.36, much higher than the consensus estimate of $1.20.

    By Peter Barnes
  • uploads///tco ps
    Earnings Report

    How Has Taubman Centers Performed in a Competitive Market?

    The price-to-sales ratios of Taubman Centers, Simon Property Group, General Growth, and Macerich are 7.95x, 12.35x, 10.30x, and 10.89x, respectively.

    By Gabriel Kane
  • uploads///C P FFO
    Company & Industry Overviews

    CBL versus Peers: Price-to-Funds from Operations Multiples

    The most common way to calculate the relative value of an REIT is the price-to-funds from operations multiple.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    How CBL Plans to Increase Shareholder Returns

    CBL’s (CBL) long-term strategy is to maximize shareholder returns while maintaining prudent risk profile.

    By Peter Barnes
  • uploads///C PICS
    Company & Industry Overviews

    CBL & Associates Properties: A Must-Know Company Overview

    CBL & Associates Properties is the fifth-largest retail mall REIT (real estate investment trust) in the United States.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    Macerich’s Highest EV-to-EBITDA Multiple Compared to Peers

    Over the past eight years, Macerich’s EV-to-EBITDA has ranged between 11.9x–27.2x, with a current EV-to-EBITDA multiple of around 21.8x.

    By Peter Barnes
  • uploads///C P FFO
    Company & Industry Overviews

    Macerich’s Higher Price-to-FFO Multiple Compared to Peers

    Over the last five years, Macerich’s price ranged between 13.3x–26.7x of its FFO, with a current price-to-FFO multiple of around 21x.

    By Peter Barnes
  • uploads///C SIMON
    Company & Industry Overviews

    Why Macerich Rejected Simon Property’s Acquisition Offer

    Macerich rejected Simon Property’s final bid in March 2015, explaining that the offer of $95.50 per share undervalued the company and its growth prospects.

    By Peter Barnes
  • uploads///C PICS
    Company & Industry Overviews

    Investing in Macerich: a Must-Know Company Overview

    Macerich is a self-managed REIT headquartered in Santa Monica, California. The company was founded in New York in 1964.

    By Peter Barnes
  • uploads///Chart  ETF
    Company & Industry Overviews

    How to Invest in General Growth Properties through ETFs

    General Growth Properties has a market cap of $22.1 billion, is part of S&P 500 index, and sees allocation in the major REIT-specific ETFs like ICF.

    By Peter Barnes
  • uploads///Chart  Shareholder strategy
    Company & Industry Overviews

    General Growth Properties’ Plans to Increase Shareholder Returns

    General Growth Properties has a long-term strategy to provide shareholders with competitive, risk-adjusted returns of dividend and share-price appreciation.

    By Peter Barnes
  • uploads///Retail Sales
    Macroeconomic Analysis

    Retail sales disappoint in a big way

    The headline retail sales number fell 0.9%—well below expectations of -0.1% Ex-autos sales fell 1.0%. Ex-autos and ex-gasoline retail sales were down 0.3%.

    By Brent Nyitray, CFA, MBA
  • uploads///Initial Jobless Claims
    Financials

    Low Initial Jobless Claims Signals Labor Market Turnaround

    Initial jobless claims Initial jobless claims are one of the few labor market indicators released every week. Unemployment is a profound economic growth driver. Persistent unemployment has been the Achilles’ heel of this recovery. While it seems like the big layoffs are largely finished, firms are still reluctant to aggressively add staff. Initial jobless claims have been […]

    By Brent Nyitray, CFA, MBA
  • uploads///Consumer Sentiment
    Consumer

    Consumer Sentiment Lifts In December

    The performance of tenants is a critical driver of vacancy rates and returns. While mall REITs aren’t directly exposed to consumer spending, consumer spending is still a critical driver.

    By Brent Nyitray, CFA, MBA
  • uploads///Retail Sales
    Energy & Utilities

    Does Falling Gas Mean A Merry Christmas For Retailers?

    At the end of the day, consumers don’t start spending after recessions because they want to. They do it because they have to.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Financials

    The week ahead: Jobs plus Annaly and other mortgage REIT earnings

    We have a big week ahead, with a slew of important economic data and earnings from the mortgage REIT sector. The biggest REIT will be Annaly Capital reporting on Wednesday.

    By Brent Nyitray, CFA, MBA
  • uploads///Retail Sales
    Real Estate

    Will the drop in retail sales affect General Growth Properties?

    Over the past couple of months, we’ve seen a drop in retail sales. Part of this is due to falling gasoline prices, but even stripping that out, sales have been lackluster.

    By Brent Nyitray, CFA, MBA
  • uploads///Personal Consumption Expenditures
    Real Estate

    Personal consumption jumps in August: We are spending money again!

    Personal income is the income a person receives from all sources. This includes wages and salaries, government transfer payments, other labor income, proprietor’s income, and rental income.

    By Brent Nyitray, CFA, MBA
  • uploads///Personal Income
    Real Estate

    Surprise! Personal incomes jump in August—good for the mall REITs

    Personal income is the income a person receives from all sources. This includes wages and salaries, government transfer payments, other labor income, proprietor’s income, and rental income.

    By Brent Nyitray, CFA, MBA
  • uploads///Consumer Confidence
    Real Estate

    Why rising asset prices are driving consumer confidence higher

    The CCI is one of the oldest consumer surveys, originally started as a mail-in survey in 1967. It asks respondents whether certain conditions are positive, negative, or neutral.

    By Brent Nyitray, CFA, MBA
  • uploads///SPG FFO
    Real Estate

    Simon Property increases funds from operations and keeps dividend

    Occupancy percentage increased to 96.5% from 95.1% a year ago—an increase of 140 basis points.

    By Brent Nyitray, CFA, MBA
  • uploads///Initial Jobless Claims
    Real Estate

    Why initial jobless claims are still low as employment heals

    Initial jobless claims are one of the few labor market indicators released every week. Unemployment is a profound driver of economic growth, and persistent unemployment has been the Achilles’ heel of this recovery.

    By Brent Nyitray, CFA, MBA
  • Tech & Comm Services

    Micron’s key cloud innovations include its hybrid memory cube

    Micron believes memory is at the core of enabling all key technology trends, such as networking, machine-to-machine, mobile, cloud, and big data.

    By Samantha Nielson
  • uploads///SPG FFO
    Real Estate

    Simon Property reports an increase in FFO and hikes its dividend

    Simon Property generated funds from operations (usually abbreviated as FFO) of $865 million, or $2.38 per diluted share, as compared to $742 million, or $2.05 per diluted share in the first quarter of 2013.

    By Brent Nyitray, CFA, MBA
  • uploads///SPG NOI
    Real Estate

    Must-know: Simon Property Group continues to build its portfolio

    The U.S. malls and shopping centers account for roughly 80% of Simon Property Group’s net operating income. During the fourth quarter, the company saw a number of important developments.

    By Brent Nyitray, CFA, MBA
  • uploads///Personal Income
    Real Estate

    Personal incomes increase, but look beyond the headline number

    Personal income increased $47.7 billion, or 0.3%, to reach $14.4 trillion in February 2014. Disposable personal income (or DPI) increased $40.3 billion, or 0.3%, from January.

    By Brent Nyitray, CFA, MBA
  • uploads///Initial Jobless Claims
    Real Estate

    Why initial jobless claims keep falling, down to 315,000

    Initial jobless claims are one of the few labor market indicators released every week. Unemployment is a profound driver of economic growth.

    By Brent Nyitray, CFA, MBA
  • uploads///Personal Income
    Real Estate

    Why personal income growth of 0.3% isn’t enough for REITs like CBL

    Increases in personal income drive consumption, which accounts for roughly 70% of the U.S. economy. Personal incomes dropped precipitously during the Great Recession.

    By Brent Nyitray, CFA, MBA
  • uploads///HHC
    Real Estate

    Ackman increased Pershing’s stake in Howard Hughes Corporation

    An amended 13D filing earlier this month revealed that activist investor Bill Ackman’s hedge fund, Pershing Square Capital, increased its stake in Howard Hughes Corporation.

    By Samantha Nielson
  • uploads///Initial Jobless Claims
    Real Estate

    Why initial Jobless claims ticked up on a shortened holiday week

    Initial jobless claims are one of the few labor market indicators released every week. They increased to 348,000 for the week ended January 24.

    By Brent Nyitray, CFA, MBA
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