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  "documentTitle": "Taubman Centers, Inc. (TCO)",
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  "authorName": "Jonathan Litt",
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  "notes": "Uses analyst quotes to undermine management's capital allocation strategy.",
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      "text": "Based on conversations with investors, we think the market believes that TCO is spending $500M, or 100% of the total expected investment in Beverly Center, to merely preserve 2015 NOI when the project stabilizes in 2020.",
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      "text": "Beverly Center: Continued Innovation",
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      "text": "Yet Another Low Development Yield at Beverly Center; Yield and IRR Forecasts Paint A Foggy Picture; What's most puzzling is why the company did not address the capex/redevelopment needs of the asset earlier...",
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      "text": "On March 8, 2016, Taubman announced that a $500 million investment in Beverly Center in Los Angeles was necessary – the investment community protested given significant unanswered questions and concerns, including the following:",
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      "text": "\"Based on conversations with investors, we think the market believes that TCO is spending $500M, or 100% of the total expected investment in Beverly Center, to merely preserve 2015 NOI when the project stabilizes in 2020.\" — KeyBanc, March 11, 2016; \"Yet Another Low Development Yield at Beverly Center\" — UBS, March 8, 2016; \"Yield and IRR Forecasts Paint A Foggy Picture\" — UBS, March 8, 2016; \"What's most puzzling is why the company did not address the capex/redevelopment needs of the asset earlier knowing that Century City went through a prior redevelopment in 2007 that led to a gradual market share loss for Beverly Center....\" — Evercore ISI, March 10, 2016",
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      "text": "Source: Company filings, Wall Street research",
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      "text": "Taubman Continues to Put Philosophy and Aesthetics Ahead of Basic Economics",
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