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Taubman Is A Time Tested REIT Brand
Taubman would be a complimentary addition to my portfolio; however, I need to shy away from the instant gratification game and wait on a more attractive entry point.
Over a year ago, I wrote an article on Taubman Centers (NYSE:TCO) and I summarized by saying that "Taubman is a "Rolex of a REIT" and I can't wait on to own the shares, when the price is right." What I meant by that was that I consider Taubman a "blue chip" REIT that,van cleef & arpels knock off necklace, like a Rolex, offers the highest quality products that last for generations.
Clearly the analogy of Taubman and a Rolex watch is fitting as they are both "buy and hold" assets they offer considerable security based on time tested brand recognition attributes. It's the durability component that makes a brand truly attractive and what makes the underlying value increase substantially.
After my article in April 2013, Taubman shares hit an all time high of $85.40 (on May 28, 2013) and then shares of the "blue chip" REIT fell around 24%, to around $63.90 on January 28, 2014. That would have been a good entry price considering you could have picked up a Rolex at the price of a Timex.
Buying a "blue chip" on sale can be awfully rewarding and I wish I was able to scoop up a number of gems late last year. I opted to stay clear of the sell off with Taubman as I was more focused on adding a base of health care and net lease REITs. Namely, I added shares of Ventas, Inc. (NYSE:VTR), Heath Care REIT (NYSE:HCN), Realty Income (NYSE:O), and Digital Realty (NYSE:DLR). All of these were purchased at attractive levels and I have been quite happy with the "margin of safety" with these investments (my average share price gain for these four REITs is around 19.8% since January 2014).
Taubman Is a Time Tested Brand
Last week I attended the ReCon 2014 event in Las Vegas and I caught up with Taubman's Chairman and CEO, Bobby Taubman. He joined the organization in 1976 and was elected vice president in 1984, COO in 1988, president and CEO in 1990 and Chairman in 2001. degree in economics from Boston University.
Taubman Company has been in business for over 60 years and the company was founded by A. Alford Taubman in 1950. The company converted to a REIT in 1992 and the Bloomfield Hills based REIT has maintained a consistent cash payout history for over 21 years.
Most notable for the durable Regional Mall company is the fact that Taubman was a pioneer REIT that became the first publicly traded UPREIT (in 1992), laying the groundwork for real estate companies in all sectors to access the public equity markets. and Asia large enough to provide economies of scale and solidify relationships with some of the world's best retailers; yet small enough to effectively maximize the potential of every asset by receiving attention of the senior management team. Simon Property Group (NYSE:SPG) and General Growth Properties (NYSE:GGP) are the two dominating mall sector REITs as evidenced by the snapshot below:
Over the years, Taubman has maintained a strategic capital recycling model in which the company has selectively bought and sold assets in order to maximize the potential of the individual assets. Taubman started as a public company 22 years ago with 19 properties. Along the way the company built 14 and acquired 10 properties,van cleef and arpels fake butterfly necklace, but sold 19. So on a net basis,van cleef copy necklace, Taubman went from 19 to 24 assets. However, the company more than quintupled the size of the REIT. footprint:
In Asia Taubman is focused on South Korea and China. For many years, the Asian economies have been growing at a much faster pace than in the US. In many Asian markets there is a shortage of well designed and well managed retail space. Currently Taubman has four projects underway: Zhengzhou, China; Xi'an, China; Hanam, South Korea; and Seoul, South Korea.
In Zhengzhou Taubman plans to open a $355 million project in late 2015. Taubman expects to generate a return of around 6% to 6.5% on its 32% share of the project. The one million square foot project is six levels and is expected to have over 200 stores that will feature a mix of middle to high end brands together with a movie cinema and restaurants. Zhengzhou's population is nearly 9 million and is expected to reach 10 million by 2020. The total trade area population is expected to reach 2.8 million by 2015. As evidenced below, walls are going up and this project should be an exceptional addition to the Taubman portfolio:
Here's a rendering of the project (upon completion):
In Xi'an Taubman plans to open a $385 million project in late 2015. Taubman expects to generate a return of around 6% to 6.5% on its 30% share of the project. The retail component (of this mixed use project) includes one million square feet of retail and restaurant space, anchored by Wangfujing department store. Xi'an is one of the most populous metropolitan areas in regional China with more than 8 million inhabitants. As evidenced below, this project is well underway bringing increased synergy to the Taubman portfolio:
Upon completion, the 5.9 million square foot large scale mixed use development will be a massive project that includes hotels, residential, office, and retail. Here's a rendering of the finished project:
In Hanam, Taubman plans to open a $1.1 billion project in late 2016. Taubman expects to generate a return of 7% to 7.5% on its 30% share of the project. The anchors consist of Shinsegae, South Korea's largest retailer. This project will be the largest true western style mall in Korea. Although Taubman's traditional US development produces higher returns in the early years, the Asian model produces outsized returns when the projects are stabilized.
Here is a snapshot of Taubman's Top 10 Tenants:In addition to its high quality tenant base, Taubman also enjoys blue chip operating fundamentals. For example, Taubman has the highest portfolio sales per square foot in the mall sector. The company's trailing 12 month sales are now $712 per square foot (down 0.7%).
Taubman reports that leasing activity has been strong and occupancy remains near all time highs. Although the sales per square foot fell modestly, the company points out that investors should focus more on average rent per square foot growth because it's much less volatile and more consistent. So in the latest quarter Taubman reported average rent per square foot of $50.21, up 3.6%.
In May 2014, Bank of America Merrill Lynch provided a broad mall industry assessment indicating that Taubman is the highest quality mall operator in the peer group.
Another key differentiator for Taubman is the fact that the company is a mall developer and over the last 12 years,van cleef knock off butterfly necklace, the REIT has invested in over $2 billion of projects. As a result, Taubman has created in excess of $2.8 billion in value. Taubman is one of the few regional mall developers that possess a full set of development capabilities internally (3 new projects in the US and 3 new projects in Asia).
Taubman would be a complimentary addition to my portfolio; however, I need to shy away from the instant gratification game and wait on a more attractive entry point.
Over a year ago, I wrote an article on Taubman Centers (NYSE:TCO) and I summarized by saying that "Taubman is a "Rolex of a REIT" and I can't wait on to own the shares, when the price is right." What I meant by that was that I consider Taubman a "blue chip" REIT that,van cleef & arpels knock off necklace, like a Rolex, offers the highest quality products that last for generations.
Clearly the analogy of Taubman and a Rolex watch is fitting as they are both "buy and hold" assets they offer considerable security based on time tested brand recognition attributes. It's the durability component that makes a brand truly attractive and what makes the underlying value increase substantially.
After my article in April 2013, Taubman shares hit an all time high of $85.40 (on May 28, 2013) and then shares of the "blue chip" REIT fell around 24%, to around $63.90 on January 28, 2014. That would have been a good entry price considering you could have picked up a Rolex at the price of a Timex.
Buying a "blue chip" on sale can be awfully rewarding and I wish I was able to scoop up a number of gems late last year. I opted to stay clear of the sell off with Taubman as I was more focused on adding a base of health care and net lease REITs. Namely, I added shares of Ventas, Inc. (NYSE:VTR), Heath Care REIT (NYSE:HCN), Realty Income (NYSE:O), and Digital Realty (NYSE:DLR). All of these were purchased at attractive levels and I have been quite happy with the "margin of safety" with these investments (my average share price gain for these four REITs is around 19.8% since January 2014).
Taubman Is a Time Tested Brand
Last week I attended the ReCon 2014 event in Las Vegas and I caught up with Taubman's Chairman and CEO, Bobby Taubman. He joined the organization in 1976 and was elected vice president in 1984, COO in 1988, president and CEO in 1990 and Chairman in 2001. degree in economics from Boston University.
Taubman Company has been in business for over 60 years and the company was founded by A. Alford Taubman in 1950. The company converted to a REIT in 1992 and the Bloomfield Hills based REIT has maintained a consistent cash payout history for over 21 years.
Most notable for the durable Regional Mall company is the fact that Taubman was a pioneer REIT that became the first publicly traded UPREIT (in 1992), laying the groundwork for real estate companies in all sectors to access the public equity markets. and Asia large enough to provide economies of scale and solidify relationships with some of the world's best retailers; yet small enough to effectively maximize the potential of every asset by receiving attention of the senior management team. Simon Property Group (NYSE:SPG) and General Growth Properties (NYSE:GGP) are the two dominating mall sector REITs as evidenced by the snapshot below:
Over the years, Taubman has maintained a strategic capital recycling model in which the company has selectively bought and sold assets in order to maximize the potential of the individual assets. Taubman started as a public company 22 years ago with 19 properties. Along the way the company built 14 and acquired 10 properties,van cleef and arpels fake butterfly necklace, but sold 19. So on a net basis,van cleef copy necklace, Taubman went from 19 to 24 assets. However, the company more than quintupled the size of the REIT. footprint:
In Asia Taubman is focused on South Korea and China. For many years, the Asian economies have been growing at a much faster pace than in the US. In many Asian markets there is a shortage of well designed and well managed retail space. Currently Taubman has four projects underway: Zhengzhou, China; Xi'an, China; Hanam, South Korea; and Seoul, South Korea.
In Zhengzhou Taubman plans to open a $355 million project in late 2015. Taubman expects to generate a return of around 6% to 6.5% on its 32% share of the project. The one million square foot project is six levels and is expected to have over 200 stores that will feature a mix of middle to high end brands together with a movie cinema and restaurants. Zhengzhou's population is nearly 9 million and is expected to reach 10 million by 2020. The total trade area population is expected to reach 2.8 million by 2015. As evidenced below, walls are going up and this project should be an exceptional addition to the Taubman portfolio:
Here's a rendering of the project (upon completion):
In Xi'an Taubman plans to open a $385 million project in late 2015. Taubman expects to generate a return of around 6% to 6.5% on its 30% share of the project. The retail component (of this mixed use project) includes one million square feet of retail and restaurant space, anchored by Wangfujing department store. Xi'an is one of the most populous metropolitan areas in regional China with more than 8 million inhabitants. As evidenced below, this project is well underway bringing increased synergy to the Taubman portfolio:
Upon completion, the 5.9 million square foot large scale mixed use development will be a massive project that includes hotels, residential, office, and retail. Here's a rendering of the finished project:
In Hanam, Taubman plans to open a $1.1 billion project in late 2016. Taubman expects to generate a return of 7% to 7.5% on its 30% share of the project. The anchors consist of Shinsegae, South Korea's largest retailer. This project will be the largest true western style mall in Korea. Although Taubman's traditional US development produces higher returns in the early years, the Asian model produces outsized returns when the projects are stabilized.
Here is a snapshot of Taubman's Top 10 Tenants:In addition to its high quality tenant base, Taubman also enjoys blue chip operating fundamentals. For example, Taubman has the highest portfolio sales per square foot in the mall sector. The company's trailing 12 month sales are now $712 per square foot (down 0.7%).
Taubman reports that leasing activity has been strong and occupancy remains near all time highs. Although the sales per square foot fell modestly, the company points out that investors should focus more on average rent per square foot growth because it's much less volatile and more consistent. So in the latest quarter Taubman reported average rent per square foot of $50.21, up 3.6%.
In May 2014, Bank of America Merrill Lynch provided a broad mall industry assessment indicating that Taubman is the highest quality mall operator in the peer group.
Another key differentiator for Taubman is the fact that the company is a mall developer and over the last 12 years,van cleef knock off butterfly necklace, the REIT has invested in over $2 billion of projects. As a result, Taubman has created in excess of $2.8 billion in value. Taubman is one of the few regional mall developers that possess a full set of development capabilities internally (3 new projects in the US and 3 new projects in Asia).
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