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  "docId": "019dd923-622b-71dc-a6dd-7a636b2802f0",
  "docSlug": "f524c9d23401",
  "documentTitle": "Taubman Centers, Inc. (TCO)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-05-10 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 11,
  "pageCount": 13,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "Includes an inset box (B) highlighting historical dividend performance and a line chart showing FFO consensus estimate trends.",
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  "metadataConfidence": 0.95,
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  "slideHref": "/slides/019dd923-622b-71dc-a6dd-7a636b2802f0/11",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-7a636b2802f0",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Taubman was the only mall REIT among peers to neither reduce its all-cash dividend nor pay a stock dividend during the Great Recession",
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      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "Taubman FFO/Share Consensus Estimates (2017 vs 2018)",
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      "kind": "image",
      "text": "Inset box B: Opportunistic in Returning Capital to Shareholders",
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      "kind": "metric",
      "text": "FFO Per Share Growth: -24%",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg data, Land & Buildings' research",
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      "kind": "table",
      "text": "Core FFO Per Share Growth and Dividend Per Share Growth comparison table",
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      "kind": "title",
      "text": "Taubman has Underperformed its Class A Mall Peers Based on Various Metrics",
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      "evidence": "Direct comparison of performance metrics between Taubman and peers",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck proposes a solution to eliminate the dual-class voting share structure and highlights the benefits.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
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  "loops": [
    {
      "to": 12,
      "from": 9,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck uses a cost of inaction loop to emphasize the need for change.",
      "position": 1,
      "objective": "To highlight the cost of inaction and the need for change",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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