Profile: Taubman Centers Inc (TCO)
31 Jul 2015
Taubman Centers, Inc., incorporated on November 21, 1973, is a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties. The Company owns, leases, acquires, disposes of, develops, expands and manages regional and super-regional shopping centers and interests therein. The Company’s portfolio of operating centers, as of December 31, 2014, consisted of 18 urban and suburban shopping centers in 10 states. The consolidated businesses consist of shopping centers and entities that are controlled by ownership or contractual agreements, The Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its subsidiaries (Taubman Asia).
As of December, 31, 2014, the centers are located in metropolitan areas, in communities, including Denver, Detroit, Los Angeles, Miami, Nashville, New York City, Orlando, Salt Lake City, San Francisco, Sarasota, Saint Louis, Tampa, and Washington, D.C. The centers range in size between 236,000 and 1.6 million square feet of gross leasable area (GLA) and between 186,000 and 671,000 square feet of Mall GLA with an average of 1.0 million and 0.5 million square feet, respectively.
The centers have approximately 2,200 stores operated by their mall tenants under approximately 650 trade names and they have 48 anchors, operating under 11 trade names. The centers lease approximately 96% of Mall GLA to national chains, including subsidiaries or divisions of Forever 21 (Forever 21, For Love 21, and XXI Forever), The Gap (Gap, Gap Kids, Baby Gap, Banana Republic, Old Navy, Athleta and others), and Limited Brands (Bath & Body Works/White Barn Candle, Pink, Victoria's Secret and others); and are among the quality centers in the United States public regional mall industry as measured by its portfolio average of mall tenants' sales per square foot. In 2014, the Company mall tenants at comparable centers reported average sales per square foot of $809. The Company owns Beverly Center, Los Angeles; Cherry Creek Shopping Center, Denver; City Creek Center, Salt Lake City, and Great Lakes Crossing Outlets, among others.
Taubman Centers Inc
200 E Long Lake Rd Ste 300
BLOOMFIELD HILLS MI 48304-2324