Taubman Centers Has No Margin Of Safety [Seeking Alpha]
TAUBMAN CENTERS (TCO)
Last taubman centers earnings: 2/10 07:32 am
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US:NYSE Investor Relations:
investors.taubman.com
Company Research
Source: Seeking Alpha
Summary TCO's growth opportunities are relegated to Asia, where IRRs on investment remain in the single digits. Despite a strong guidance raise and a booming economy, mid-point of guidance pins FFO/share growth below 5%. Best case scenario returns for TCO put annual returns in the high single digits. A recession and/or further declines in bricks and mortar retail could lead to significant underperformance. While the mall properties are indeed best in class, investors would do far better to look elsewhere for mall space exposure. Taubman Centers ( TCO ) offers little to no margin of safety to investors. As a result, I am recommending conservative mall investment shoppers consider Simon Property Group ( SPG ) and more enterprising investors look to Washington Prime Group ( WPG ). Restricted Growth Opportunities While TCO prides itself on its capabilities as a mall developer, it admitted on its Q2 Earnings Call that there are no mall development opportunities in
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