{
  "docId": "019dd923-622b-71dc-a6dd-92669c79ad79",
  "docSlug": "84ac077d7eaf",
  "documentTitle": "Taubman Centers, Inc. (TCO)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-11-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 4,
  "pageCount": 30,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": "The slide uses a list of positive KPIs to highlight the disconnect between operational success and market valuation.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-92669c79ad79/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-92669c79ad79",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-92669c79ad79.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-92669c79ad79#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.825
      },
      "kind": "callout",
      "text": "Despite improving operations, Taubman shares have fallen over 25% year-to-date",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5aaa7d2-e001-4afa-a535-0e3972084d16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.89
      },
      "kind": "disclaimer",
      "text": "Source: Company website, Land & Buildings' research; Company third quarter earnings press release, November 1, 2017\nNotes: Results reflect comparable center figures reported by the Company in the third quarter earnings press release; A small number of leases with average lease terms of less than two-and-a-half years had a significant impact. Without these leases, spreads were over 15 percent.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a75ec30-4166-4c72-a75c-0a23ccd8bb8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "list",
      "text": "Taubman Centers is growing\n2.8% Sales Growth (Q3) - Fifth consecutive quarter of positive sales growth!\n2.0% Sales Growth (YTD)\n0.6% Base Rent Growth (Q3)\n1.0% Base Rent Growth (YTD)\n6.7% Re-leasing Spreads (Q3) - Over 15% excluding short-term leases!\n0.7% Same Store NOI Growth (YTD)\nLeased Space of 96.3% - 270 bps above in-place occupancy!",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6a488b6-852e-43fd-b21b-7e3828b96944",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Sales Growth: 2.8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9faa-ad0a4107f7ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.04
      },
      "kind": "title",
      "text": "Taubman Mall Growth at Odds with Dead Mall Rhetoric",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97c9c8c2-5cef-4397-96d5-74f64bc39e1a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "3e67bff7-9ab8-409e-9a82-e5097f89724c",
      "evidence": "Contrasts operational growth metrics with stock price decline to expose market inefficiency.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 2,
      "beatId": "3fa515bb-a064-4d91-9e50-9e7c1471158f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Slides 2-5 expose contradictions in the market's perception of Class A Malls.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}