{
  "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",
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  "pageNumber": 8,
  "pageCount": 13,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Uses red 'X' overlays on peer comparison charts to invalidate the company's claims of strong performance.",
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622b-71dc-a6dd-7a636b2802f0/8",
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  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-7a636b2802f0#slide-8",
  "components": [
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      "kind": "callout",
      "text": "Taubman's operating statistics are skewed – the Company elects to only include specific new development assets in lease-up in certain metrics, such as NOI, and conveniently excludes languishing assets such as the Mall of San Juan",
      "attrs": null,
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    {
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      "kind": "callout",
      "text": "Taubman's EBITDA margins declined by 230 bps in the first quarter of 2018, while its Class A Mall Peers EBITDA margins increased by 60 bps",
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      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "Comparison charts of Taubman vs Class A Mall Peer Median with red X overlays",
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      "kind": "metric",
      "text": "EBITDA margin: -230 bps",
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      "kind": "paragraph",
      "text": "Taubman's 2018 FFO per share consensus estimates have declined by 12% since the beginning of 2017, which highlights the Company's poor operating results and capital allocation decisions",
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      "kind": "paragraph",
      "text": "Taubman's EBITDA margins declined by 230 bps in the first quarter of 2018, while its Class A Mall Peers EBITDA margins increased by 60 bps",
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    {
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      "kind": "quote",
      "text": "\"Taubman reported metrics that were ahead of our expectations in almost all respects\" — Green Street Advisors",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg data, Class A Mall Peer filings. Notes: FFO per share consensus estimates based on changes in 2018 consensus estimates from Bloomberg from February 9, 2015 through May 8, 2018",
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      "kind": "title",
      "text": "Taubman's Operating Results Continued to Underperform in 1Q18",
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      "evidence": "The slide explicitly claims the company's statistics are 'skewed' and 'conveniently excludes' poor assets to mislead investors.",
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  "arcBeats": [
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      "arcName": "Problem-Agitate-Solution",
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      "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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      "bestFor": "Consulting, complex problem solving, organizational change",
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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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