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  "documentTitle": "Taubman Centers, Inc. (TCO)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "presentationDate": "2018-05-10 00:00:00",
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  "notes": "This is a classic activist 'villain critique' slide, framing the company's narrative as deceptive.",
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      "text": "Taubman's total shareholder return has lagged its Class A Mall Peers since the 2017 Annual Meeting by 22%, due primarily to three factors: (i) the same underlying resistance to truly embrace good corporate governance; (ii) the same operational deficiencies; and (iii) the same stubborn approach to capital allocation",
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      "text": "The Taubman Board of Directors appears complicit in entrenching the Taubman Family – and spending valuable shareholder dollars in yet a another proxy contest – even after a majority of common shareholders voted to support the election of Land & Buildings' two director nominees, including Jonathan Litt, at the 2017 Annual Meeting",
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      "text": "Don't be fooled by Taubman's focus on just one of two options in Land & Buildings' proposal to eliminate the dual-class voting structure – it will only be as dilutive as the Taubman Family is unreasonable",
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      "text": "Taubman Centers, Inc. recently released a polished investor presentation touting its purported accomplishments, but the Company can't change the facts – the reality is that all is not well at Taubman, which has experienced persistent and consistent underperformance over the past 1-, 3- and 5-year periods",
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      "text": "Taubman's total shareholder return has lagged its Class A Mall Peers since the 2017 Annual Meeting by 22%, due primarily to three factors: (i) the same underlying resistance to truly embrace good corporate governance; (ii) the same operational deficiencies; and (iii) the same stubborn approach to capital allocation",
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      "text": "If one looks just below the surface, it is clear that the fundamental issues in the boardroom have not been adequately addressed, and the actions that have been taken were largely in reaction to the harsh glare of shareholder pressure",
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      "text": "total shareholder return: 22%",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg data. Note: See Land & Buildings' definitive proxy statement filed with the SEC on April 25, 2018 for additional detail...",
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      "kind": "title",
      "text": "Shareholders Should Not Be Fooled By Taubman's Claims",
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