{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 5,
  "pageCount": 13,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "Uses red dashed boxes to highlight the activist's critique of the company's peer selection and performance claims.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6dd-7a636b2802f0/5",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-7a636b2802f0",
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  "components": [
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      "kind": "callout",
      "text": "Taubman has underperformed its Class A Mall Peers by 20%, 24% and 56% over the past 1-, 3- and 5-year periods through the unaffected share price date",
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      "kind": "chart",
      "text": "Recent and Long-Term Total Shareholder Returns Compare Favorably with Regional Mall Peers",
      "attrs": null,
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    {
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      "kind": "metric",
      "text": "Total Shareholder Returns: 56%",
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      "componentId": "019dd953-64d1-73a9-abc4-c914e19d6004",
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      "kind": "paragraph",
      "text": "Taubman is attempting to take credit for the strong rally its shares enjoyed after reports of activist, Elliott Management, took a stake in the Company. Does Taubman really believe lower quality mall landlords are appropriate peers?",
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      "kind": "source-note",
      "text": "Source: Company filings, Land & Buildings' research and views on Taubman. Note: Returns since 2017 Annual Meeting based on unaffected total returns through November 9, 2017...",
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      "kind": "title",
      "text": "Taubman is Cherry-Picking its Peers and Distorting Performance, In Our View",
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      "evidence": "The slide explicitly frames the company's data as 'cherry-picking' and 'distorting' to expose a contradiction in their performance narrative.",
      "confidence": 0.9
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      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck agitates the problem by exposing contradictions in Taubman's statements and actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
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      "evidence": "The deck uses an iceberg loop to show that there is more to Taubman's situation than meets the eye.",
      "position": 0,
      "objective": "To reveal the underlying issues with Taubman's capital allocation and performance",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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