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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": "The slide uses a 'before-after' style diagram to critique a proposal, while using red dashed boxes to highlight key arguments against the company's current structure.",
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      "kind": "callout",
      "text": "A complex chart can't explain away the fact that the dual-class voting structure is harming shareholders",
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      "kind": "callout",
      "text": "Taubman's dual-class voting structure has disenfranchised common shareholders for years - A dual-class structure has no place in the modern REIT era, represents a conflict of interest with common shareholders and disenfranchises shareholders",
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      "kind": "image",
      "text": "Land & Buildings' Proposal Is Grounded in Jonathan Litt's Failure to Understand Our Organization",
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      "text": "Taubman's dual-class voting structure serves one primary purpose – helping the Taubman Family avoid taxes, in our view. Taubman's dual-class voting structure has disenfranchised common shareholders for years. Why do only 3 out of the 83 publicly-traded U.S. REITs covered by Green Street Advisors still have dual-class share structures if they truly align economic incentives and benefit all shareholders? Taubman's argument is akin to a convertible preferred equity holder having voting rights for its economic interest as if it had converted",
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      "kind": "paragraph",
      "text": "Don't be fooled by Taubman's misleading comments on Land & Buildings' proposal – it's about eliminating the shareholder-unfriendly dual-class voting share structure",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg data, Wall Street research, Land & Buildings' research; The Taubman Family owns Operating Partnership (OP) Units in a separate company and not common stock of Taubman Centers for the purpose of not paying taxes, in our view",
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      "text": "Eliminate the Dual-Class Voting Share Structure",
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