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TAUBMAN CENTERS INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Nov 9, 2020. Its latest SEC filing is a SC 13G/A from Feb 16, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Owns, develops, manages and leases shopping centers, providing retail space to store operators and destinations for shoppers.

How Did They Make Money?

Mall tenants pay to lease space, generally under long-term leases. Third-party customers are billed quarterly for management, leasing and development services, generally due within 30 days; payment for parking and other operational services is generally due when the service is completed.

FY2019 revenue

Who Were Their Customers?

National retail chains and other store operators lease space in the centers; third-party customers also hire the company for management, leasing and development services. The centers offer shoppers stores, dining and entertainment.

Did Revenues Turn Into Profits?

Yes. It kept 35 cents of every revenue dollar as net income in FY2019.

Net income, FY2019
35% of revenue
▲ +175% vs FY2018 ($83.5M, 13%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▼ −19%
vs $162.5M in Q3 FY2019
Net income
▼ Now a loss
vs $221.7M in Q3 FY2019
  • Dec 29, 2020 Simon completed the merger and Taubman was delisted TCO common shares were converted into a right to receive $43.00 in cash, and the NYSE sought to remove the shares from listing.
  • Dec 28, 2020 Shareholders approved the amended merger agreement The merger agreement and the transactions it provided for were approved at a special shareholder meeting.
  • Nov 16, 2020 Taubman and Simon amended their merger agreement The revised agreement provided $43.00 in cash for each TCO common share.
  • Jun 25, 2020 Shareholders approved the merger as Simon sought to terminate it Taubman said Simon remained bound by the agreement and had sued to enforce the transaction.

Grew. Revenue grew 19% in 4 years, from $557.2M in FY2015 to $661.1M in FY2019, about 4% a year.

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