{
  "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": 7,
  "pageCount": 13,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses a 'before-after' style contradiction where the company's own framework is used as a foil for their actual performance.",
  "elementsJson": [
    "headline_text",
    "process_diagram",
    "callout_box",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-7a636b2802f0/7",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-7a636b2802f0",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-7a636b2802f0.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-7a636b2802f0#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.4,
        "x": 0.58,
        "y": 0.0015
      },
      "kind": "callout",
      "text": "Does Taubman also believe that \"patience\" is needed when it comes to its pattern of reductions of development yields, delayed stabilizations and impairments? How does Taubman's debt-to-EBITDA ratio rising above its targeted range for a multi-year period constitute \"disciplined liability management\"?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd01baee-f5a3-4314-bb2f-ca7425235c45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Does Taubman also believe that \"patience\" is needed when it comes to its pattern of reductions of development yields, delayed stabilizations and impairments?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64d1-73a9-abc5-0c636c164718",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.55,
        "x": 0.05,
        "y": 0.0015
      },
      "kind": "diagram",
      "text": "Capital Allocation Disciplined Decision-Making",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49e4dec3-99ad-4cf6-9613-74090df2afee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.0087
      },
      "kind": "paragraph",
      "text": "If elected, Mr. Litt intends to motion to form a capital allocation committee to assess ways to drive shareholder value and focus on projects with the best risk/reward profile",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "749444f3-84d8-4901-809d-1d12760d24cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.47,
        "x": 0.53,
        "y": 0.0055
      },
      "kind": "quote",
      "text": "\"...we would not chase the stock given lingering concerns about the business and questions about the announced Prestige Outlet redevelopment deal that simply highlight one of the reasons why activists have circled the company...\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b669750b-d0c7-4ab4-96eb-4b58d80ce385",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.47,
        "x": 0.03,
        "y": 0.0055
      },
      "kind": "quote",
      "text": "Taubman gave up on its Chesterfield development after years of struggles: \"Taubman Centers Inc. is effectively waving a white flag in its four-year retail battle with Simon Properties...\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e53f9f14-e9d7-4aa7-8df2-2005f51eb776",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Taubman Centers Inc. is effectively waving a white flag in its four-year retail battle with Simon Properties...Both shopping centers opened within weeks of each other, leaving many analysts and experts puzzled over why Taubman, which had yet to tinker with outlet malls, would try to compete with the more prominent Simon — St. Louis Post-Dispatch, April 27, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d1-73a9-abc5-1150806f882c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.03,
        "y": 0.0095
      },
      "kind": "source-note",
      "text": "Source: Company filings, Wall Street Research, St. Louis Post-Dispatch: \"A new life for Taubman Prestige Outlets in Chesterfield\", April 27, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5434949c-ae22-4877-b7e5-5c4f5e35cade",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Taubman's Capital Allocation is a Far Cry From Disciplined, In Our View",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a54ed00e-9c5b-4540-8ae7-434ad2616c2a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "f2dbe17d-f22f-42d2-a71b-925922fd1b76",
      "evidence": "Contrasts company's stated 'disciplined' framework with actual performance failures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 10,
      "from": 5,
      "beatId": "976644c0-eedc-4fcb-bc80-b355907e81dc",
      "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",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 8,
      "from": 5,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "00882ca5-aa2e-4076-b2a5-84c0c1544d5c",
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}