Taubman Centers: An Attractive Mall REIT That Offers A Solid Dividend Yield [Seeking Alpha]
TAUBMAN CENTERS (TCO)
Last taubman centers earnings: 2/10 07:32 am
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Source: Seeking Alpha
Taubman Centers: An Attractive Mall REIT That Offers A Solid Dividend Yield Summary It might be small, but Taubman has some of the highest quality assets in the Regional Mall space. It has fared well even as Retail REITs sold off, indicating characteristics consistent with lower sensitivity to online sales. At a current P/AFFO of 18, we believe the stock is roughly 20% undervalued and has the potential to increase its dividend by 4%. Q4 results were solid - raising our estimate. The shopping center/mall REIT sectors has been routed over the last couple of years, as worries about the brick-and-mortar retail space have led to massive share price declines in lower-grade mall operators, while higher quality landlords were punished too – just not as severely. Over the last three years, Shopping Center REITs have averaged a decline of 3.6% while Regional Malls were down 11%! Not all of the mall REITs are created equal, though - there are large differences in terms of the quality of the asse
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