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Taubman Centers

NYSE:TCO.PRJ
Snowflake Description

6 star dividend payer with concerning outlook.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TCO.PRJ
NYSE
$4B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. The last earnings update was 22 days ago. More info.


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TCO.PRJ Share Price and Events
7 Day Returns
0.8%
NYSE:TCO.PRJ
-0.3%
US REITs
0.2%
US Market
1 Year Returns
-
NYSE:TCO.PRJ
13.3%
US REITs
2.9%
US Market
TCO.PRJ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Taubman Centers (TCO.PRJ) 0.8% 0% 1.7% - - -
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • No trading data on TCO.PRJ.
  • No trading data on TCO.PRJ.
Price Volatility
TCO.PRJ
Industry
5yr Volatility vs Market

Value

 Is Taubman Centers undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Taubman Centers to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Taubman Centers.

NYSE:TCO.PRJ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:TCO.PRJ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (96.48%))
0.955
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.955 * 5.96%)
8.42%

Discounted Cash Flow Calculation for NYSE:TCO.PRJ using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Taubman Centers is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Taubman Centers is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:TCO.PRJ DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.42%)
2019 244.99 Analyst x4 225.96
2020 232.50 Analyst x4 197.79
2021 272.28 Analyst x1 213.64
2022 284.90 Est @ 4.64% 206.18
2023 296.48 Est @ 4.06% 197.89
2024 307.35 Est @ 3.66% 189.21
2025 317.74 Est @ 3.38% 180.42
2026 327.87 Est @ 3.19% 171.71
2027 337.87 Est @ 3.05% 163.20
2028 347.86 Est @ 2.95% 154.97
Present value of next 10 years cash flows $1,900.95
NYSE:TCO.PRJ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $347.86 × (1 + 2.73%) ÷ (8.42% – 2.73%)
$6,278.87
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,278.87 ÷ (1 + 8.42%)10
$2,797.27
NYSE:TCO.PRJ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,900.95 + $2,797.27
$4,698.22
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,698.22 / 86.04
$28.39
NYSE:TCO.PRJ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:TCO.PRJ represents 0.5199x of NYSE:TCO
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.5199x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 28.39 x 0.5199
$14.76
Value per share (USD) From above. $14.76
Current discount Discount to share price of $25.60
= -1 x ($25.60 - $14.76) / $14.76
-73.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Taubman Centers is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Taubman Centers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Taubman Centers's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:TCO.PRJ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.89
NYSE:TCO Share Price ** NYSE (2019-05-22) in USD $49.24
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Taubman Centers.

NYSE:TCO.PRJ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:TCO Share Price ÷ EPS (both in USD)

= 49.24 ÷ 0.89

55.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Taubman Centers is overvalued based on earnings compared to the US REITs industry average.
  • Taubman Centers is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Taubman Centers's expected growth come at a high price?
Raw Data
NYSE:TCO.PRJ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 55.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
Not available
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Taubman Centers, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Taubman Centers's assets?
Raw Data
NYSE:TCO.PRJ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $-1.91
NYSE:TCO Share Price * NYSE (2019-05-22) in USD $49.24
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:TCO.PRJ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:TCO Share Price ÷ Book Value per Share (both in USD)

= 49.24 ÷ -1.91

-25.79x

* Primary Listing of Taubman Centers.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Taubman Centers has negative assets, we can't compare the value of its assets to the US REITs industry average.
X
Value checks
We assess Taubman Centers's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Taubman Centers has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Taubman Centers expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.7%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Taubman Centers expected to grow at an attractive rate?
  • Taubman Centers's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Taubman Centers's earnings growth is positive but not above the United States of America market average.
  • Taubman Centers's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:TCO.PRJ Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:TCO.PRJ Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 7.7%
NYSE:TCO.PRJ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 5.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:TCO.PRJ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:TCO.PRJ Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 762 1
2020-12-31 698 30 4
2019-12-31 676 2
NYSE:TCO.PRJ Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 640 287 54
2018-12-31 641 294 58
2018-09-30 646 281 75
2018-06-30 640 263 59
2018-03-31 642 220 57
2017-12-31 629 278 55
2017-09-30 623 270 64
2017-06-30 618 291 79
2017-03-31 622 350 100
2016-12-31 613 306 107
2016-09-30 603 316 104
2016-06-30 595 313 115

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Taubman Centers's earnings are expected to grow by 7.7% yearly, however this is not considered high growth (20% yearly).
  • Taubman Centers's revenue is expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:TCO.PRJ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Taubman Centers Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:TCO.PRJ Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.06 1.06 1.06 1.00
2020-12-31 1.08 1.21 0.84 3.00
2019-12-31 0.89 1.07 0.70 2.00
NYSE:TCO.PRJ Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.89
2018-12-31 0.95
2018-09-30 1.23
2018-06-30 0.96
2018-03-31 0.93
2017-12-31 0.91
2017-09-30 1.06
2017-06-30 1.30
2017-03-31 1.65
2016-12-31 1.78
2016-09-30 1.72
2016-06-30 1.91

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Taubman Centers will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Taubman Centers's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Taubman Centers has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Taubman Centers performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Taubman Centers's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Taubman Centers's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Taubman Centers's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Taubman Centers's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Taubman Centers's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Taubman Centers Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:TCO.PRJ Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 639.59 54.46 37.26
2018-12-31 640.87 57.95 37.17
2018-09-30 645.57 75.12 34.91
2018-06-30 639.67 58.51 35.87
2018-03-31 641.57 56.69 36.76
2017-12-31 629.17 55.27 39.02
2017-09-30 623.17 64.29 43.05
2017-06-30 617.97 78.68 45.15
2017-03-31 622.19 99.92 47.43
2016-12-31 612.56 107.36 48.06
2016-09-30 602.59 103.83 47.78
2016-06-30 594.56 115.50 44.82
2016-03-31 567.64 104.01 45.18
2015-12-31 557.17 109.02 45.73
2015-09-30 559.27 522.98 46.39
2015-06-30 595.33 526.24 49.15
2015-03-31 633.34 524.35 48.68
2014-12-31 679.13 863.86 48.29
2014-09-30 732.58 463.99 47.83
2014-06-30 750.47 454.79 48.27
2014-03-31 758.68 451.29 49.32
2013-12-31 767.15 109.91 50.01
2013-09-30 765.09 97.98 48.31
2013-06-30 760.69 95.19 46.07
2013-03-31 761.97 93.72 43.49
2012-12-31 747.97 83.51 39.66
2012-09-30 725.59 86.21 36.62
2012-06-30 694.61 81.12 34.76

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Taubman Centers has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • Taubman Centers used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Taubman Centers's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Taubman Centers's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Taubman Centers has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Taubman Centers's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Taubman Centers's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Taubman Centers's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Taubman Centers's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Taubman Centers's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Taubman Centers has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Taubman Centers Company Filings, last reported 1 month ago.

NYSE:TCO.PRJ Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 -331.85 4,087.45 38.50
2018-12-31 -300.10 3,835.91 48.37
2018-09-30 -238.58 3,793.28 47.17
2018-06-30 -201.43 3,795.07 43.75
2018-03-31 -162.36 3,640.13 60.25
2017-12-31 -142.53 3,555.71 42.50
2017-09-30 -148.78 3,442.11 37.80
2017-06-30 -111.73 3,355.49 42.26
2017-03-31 -75.40 3,290.79 51.15
2016-12-31 -62.00 3,259.06 40.60
2016-09-30 -44.76 3,213.92 59.71
2016-06-30 -36.51 3,052.74 83.93
2016-03-31 108.46 2,855.42 172.92
2015-12-31 120.81 2,633.17 206.64
2015-09-30 122.43 2,605.51 263.91
2015-06-30 188.49 2,218.56 42.37
2015-03-31 322.37 2,066.21 105.54
2014-12-31 419.94 2,029.55 276.42
2014-09-30 267.09 2,016.73 45.73
2014-06-30 262.00 2,002.39 132.40
2014-03-31 273.75 2,584.44 178.26
2013-12-31 -215.66 3,061.47 40.99
2013-09-30 -211.53 2,991.44 32.38
2013-06-30 -191.42 2,916.01 63.49
2013-03-31 -184.45 2,842.97 73.73
2012-12-31 -344.93 2,963.90 32.06
2012-09-30 -86.13 2,667.40 29.30
2012-06-30 -295.32 2,847.97 45.23
  • Taubman Centers has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if Taubman Centers's debt level has increased considering it has negative shareholder equity.
  • Debt is not well covered by operating cash flow (7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Taubman Centers's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Taubman Centers has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Taubman Centers's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.48%
Current annual income from Taubman Centers dividends. Estimated to be 5.69% next year.
If you bought $2,000 of Taubman Centers shares you are expected to receive $110 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Taubman Centers's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Taubman Centers's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:TCO.PRJ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:TCO.PRJ Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 3.29 1.00
2022-12-31 3.14 1.00
2021-12-31 2.82 4.00
2020-12-31 2.76 11.00
2019-12-31 2.70 5.00
NYSE:TCO.PRJ Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-04 2.700 5.238
2018-12-06 2.620 5.297
2018-09-06 2.620 4.712
2018-05-31 2.620 4.339
2018-03-02 2.620 4.675
2017-12-04 2.500 4.067
2017-09-01 2.500 4.864
2017-06-01 2.500 4.366
2017-03-02 2.500 3.916
2016-12-02 2.380 3.315
2016-09-01 2.380 3.247
2016-06-01 2.380 3.159
2016-03-03 2.380 3.386
2015-12-03 2.260 3.137
2015-09-03 2.260 3.116
2015-05-29 2.260 3.135
2015-03-10 2.260 2.990
2015-02-24 2.160 2.949
2014-09-04 2.160 2.799
2014-05-22 2.160 2.869
2014-03-06 2.160 3.018
2013-12-04 2.000 3.007
2013-08-26 2.000 2.960
2013-05-29 2.000 2.661
2013-03-08 2.000 2.455
2012-11-30 1.850 2.338
2012-09-05 1.850 2.364
2012-06-07 1.850 2.402
2012-03-01 1.850 2.513
2011-12-09 1.800 2.764
2011-09-06 1.750 3.064
2011-06-02 1.750 3.028
2011-03-03 1.750 3.174
2010-12-09 1.750 3.419
2010-09-02 1.660 3.534
2010-05-21 1.660 4.088
2010-03-03 1.660 4.009
2009-12-03 1.660 4.729
2009-09-03 1.660 4.925
2009-05-29 1.660 6.128

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Taubman Centers's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (119x coverage).
X
Income/ dividend checks
We assess Taubman Centers's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Taubman Centers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Taubman Centers has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Taubman Centers's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bobby Taubman
COMPENSATION $1,842,633
AGE 64
TENURE AS CEO 29.3 years
CEO Bio

Mr. Robert S. Taubman, also known as Bobby, has been the Chief Executive Officer and President at Taubman Centers, Inc. since September 1990 and has been its Chairman of the Board since December 2001. He served as Director of Comerica Bank since 1992 until 2000. Mr. Taubman is Chairman, President and Chief Executive Officer of The Taubman Company LLC. Previously, Mr. Taubman served as the Chief Executive Officer and President at The Taubman Realty Group Limited Partnership. Mr. Taubman joined the firm in 1976. He also served as a Director of Real Estate Roundtable, The from July 1, 2012 to June 30, 2018. He previously served as an Executive Vice President since 1984 and Chief Operating Officer since 1988 at the firm. Mr. Taubman has been a Director of Fashionmall.com Inc., since April 1999, Comerica Incorporated since 2000, Taubman Centers, Inc. since 1992. He is a Director of The Taubman Company LLC since 1992. He served as the Chairman of The Real Estate Roundtable from July 1, 2012 to June 1, 2015. He serves as a Director of Business Leaders for Michigan. Mr. Taubman served as a Director of William Beaumont Hospital, Inc. He serves as Director of Comerica Bank. Mr. Taubman served as a Director of Comerica Bank until July 2000. He served as a Director of Sotheby's Holdings, Inc. since August 2000 until May 06, 2016. Mr. Taubman served as a Trustee of The Skillman Foundation. Mr. Taubman served as a Trustee of Urban Land Institute. He was Founding Chairman of ULI's Detroit Regional District Council. He was the Chairman of the Michigan campaign drive for the United Negro College fund. Mr. Taubman is a Trustee of the Cranbrook Educational Community. He is a Member of the United States Travel and Tourism Promotion Advisory Board. Mr. Taubman serves on the Board of Governors of the National Association of Real Estate Investment Trusts. He is also a Member and Past Trustee of the International Council of Shopping Centers. Mr. Taubman holds a B.S. degree in Economics from Boston University.

CEO Compensation
  • Bobby's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bobby's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Taubman Centers management team in years:

3.3
Average Tenure
51
Average Age
  • The tenure for the Taubman Centers management team is about average.
Management Team

Bobby Taubman

TITLE
Chairman
COMPENSATION
$2M
AGE
64
TENURE
29.3 yrs

Simon Leopold

TITLE
Executive VP
COMPENSATION
$3M
AGE
50
TENURE
3.3 yrs

Bill Taubman

TITLE
Chief Operating Officer
COMPENSATION
$1M
AGE
59
TENURE
13.9 yrs

Paul Wright

TITLE
Executive VP & Global Head of Leasing
COMPENSATION
$2M
AGE
47
TENURE
2.1 yrs

Peter Sharp

TITLE
President of Taubman Asia Management Limited
COMPENSATION
$2M
AGE
51
TENURE
2.3 yrs

Ryan Hurren

TITLE
Director of Investor Relations & Interim CAO
TENURE
0.5 yrs

Michael Osment

TITLE
Chief Technology Officer & Senior VP of Information Technology
TENURE
5.3 yrs

Chris Heaphy

TITLE
Executive VP of Legal

Maria Mainville

TITLE
Director of Strategic Communications

Glenda Cole

TITLE
Vice President of Marketing & Sponsorship
Board of Directors Tenure

Average tenure and age of the Taubman Centers board of directors in years:

1.8
Average Tenure
63
Average Age
  • The average tenure for the Taubman Centers board of directors is less than 3 years, this suggests a new board.
Board of Directors

René Tremblay

TITLE
Interim Head of U.S. Development and Chairman of Taubman Asia Management Limited
COMPENSATION
$2M
AGE
63
TENURE
2.3 yrs

Mike Ullman

TITLE
Lead Director
COMPENSATION
$240K
AGE
71
TENURE
2.4 yrs

Bobby Taubman

TITLE
Chairman
COMPENSATION
$2M
AGE
64
TENURE
17.4 yrs

Ron Tysoe

TITLE
Director
COMPENSATION
$233K
AGE
65
TENURE
11.4 yrs

Mayree Clark

TITLE
Director
COMPENSATION
$200K
AGE
61
TENURE
1.3 yrs

Cia Buckley Marakovits

TITLE
Director
COMPENSATION
$212K
AGE
54
TENURE
2.4 yrs

Mike Embler

TITLE
Director
COMPENSATION
$204K
AGE
54
TENURE
1.3 yrs

Jon Litt

TITLE
Director
COMPENSATION
$98K
AGE
53
TENURE
1 yrs

Jan Fields

TITLE
Independent Director
AGE
63
TENURE
0.3 yrs

Nancy Killefer

TITLE
Independent Director
AGE
64
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Taubman Centers's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Taubman Centers has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong.

Details
Name: Taubman Centers, Inc.
TCO.PRJ
Exchange: NYSE
Founded: 1950
$4,236,463,603
$3,011,842,448
86,037,035
Website: http://www.taubman.com
Address: Taubman Centers, Inc.
200 East Long Lake Road,
Suite 300,
Bloomfield Hills,
Michigan, 48304,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE TCO Common Stock New York Stock Exchange US USD 20. Nov 1992
DB TU8 Common Stock Deutsche Boerse AG DE EUR 20. Nov 1992
LSE 0LDD Common Stock London Stock Exchange GB USD 20. Nov 1992
NYSE TCO.PRJ PFD-J New York Stock Exchange US USD 06. Aug 2012
NYSE TCO.PRK PFD SER K New York Stock Exchange US USD 13. Mar 2013
Number of employees
Current staff
Staff numbers
450
Taubman Centers employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 06:17
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.