Cha ng e is Still Ne e de d a t T a ub ma n Ce nte rs April 2018 - - PowerPoint PPT Presentation
Cha ng e is Still Ne e de d a t T a ub ma n Ce nte rs April 2018 www.Save T aubman.c om Ple a se e ma il q ue stio ns o r c o mme nts to : Sa ve T a ub ma n@ L a nda ndBuilding s.c o m T a b le o f Co nte nts 1. Why We Ar e Still
www.Save T aubman.c om
Ple a se e ma il q ue stio ns o r c o mme nts to : Sa ve T a ub ma n@ L a nda ndBuilding s.c o m
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No te : T aub man F a mily c o nsisting o f Chie f E xe c utive Offic e r, Pre side nt and Chairman Ro b e rt “Bo b b y” T aub man, Chie f Ope rating Offic e r and dire c to r William "Billy" T aub man, Gayle T aub man Kalisman and the A. Alfre d T aub man Re state d Re vo c able T rust (c o lle c tive ly, the “T aub man F amily”); Base d o n the tab ulatio n o f the vo ting re sults at tha t time , we unde rstand that se ve ral ke y inve sto rs had no t ye t vo te d and/
CO’ s no mine e s afte r its anno unc e d c o mmitme nt to de c lassify the Bo ard. Base d o n past vo ting prac tic e s and/
favo r o f manag e me nt if the c o mpany c o mmits to o r e nac ts g o ve rnanc e e nhanc e me nts.
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No te : Class A Mall Pe e rs de fine d b y L and & Building s as GGP, I nc ., T he Mac e ric h Co mpany, and S imo n Pro pe rty Gro up I nc ., whic h are the o nly U.S. public ly trade d re g io nal mall c o mpanie s (in additio n to T CO) tha t primarily o wn c lass A, hig h sale s pro duc tivity, e nc lo se d re g io nal malls (c o lle c tive ly, “Class A Mall Pe e rs”); T
hare ho lde r Re turn o f GGP, MAC, S PG and T CO c alc ulate d fro m May 31, 2017 thro ug h No ve mb e r9, 2017, prio r to ac tivism re po rte d b y RE I TWrap o n No ve mb e r10, 2017
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No te : Base d o n L and & Building s’ re vie w o f the final tab ulatio n o f the vo ting re sults fo r the 2017 Annual Me e ting , a majo rity o f no n-T aub man F amily share ho lde rs, whic h e xc lude s the 30% vo ting inte re st he ld b y the T aub man F amily, vo te d in favo r o f the e le c tio n o f Jo nathan L itt
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PG filing s, Andre w Ro ss S
aub man”, T he Ne w Yo rk T ime s, No ve mb e r14, 2002 No te : Base d o n L and & Building s’ re vie w o f the final tab ulatio n o f the vo ting re sults fo r the 2017 Annual Me e ting , a majo rity o f no n-T aub man F amily share ho lde rs, whic h e xc lude s the 30% vo ting inte re st he ld b y the T aub man F amily, vo te d in favo r o f the e le c tio n o f Jo nathan L itt
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tre e t re se arc h
Atte mpts to e ng a g e with T a ub ma n Ce nte rs ma na g e me nt a nd Bo a rd ha ve b e e n futile – just this we e k, the Co mpa ny re je c te d o ur re q ue st to me e t with the thre e ne wly a ppo inte d “inde pe nde nt dire c to rs,” hig hlig hting the ir a ppa re nt a lle g ia nc e to the T a ub ma n F a mily o ve r c o mmo n sha re ho lde rs
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ing e r’ s E llio tt Builds S take in T aub man; Urg e s Chang e s” date d No ve mb e r 13, 2017; T he Wall S tre e t Jo urnal artic le “S e c o nd Ac tivist I nve sto r Buys S take in Mall Owne r T aub man” date d No ve mb e r 14, 2017 and CNBC artic le “Mall o wne r T aub man no w fac e s do ub le the ac tivist pre ssure ” date d No ve mb e r14, 2017 No te : S e e L and & Building s’ de finitive pro xy sta te me nt file d with the S E C o n April 25, 2018 fo r additio nal de tail; Re turns sinc e 2017 Annual Me e ting b ase d o n unaffe c te d to tal re turns thro ug h No ve mb e r 9, 2017 prio r to ac tivism re po rte d b y RE I TWrap o n No ve mb e r 10, 2017; Re turns “S inc e E llio tt Ac tivism” c alc ulate d fro m No ve mb e r 9, 2017 thro ug h April 24, 2018; 5-, 3- and 1-ye ar trailing re turns c alc ulate d using No ve mb e r9, 2017 as e nd date
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tre e t Jo urnal
50% 60% 70% 80% 90% 100%
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No te : I n 2018, T aub man appo inte d two ne w ‘ inde pe nde nt’ dire c to rs: (i) Mayre e Clark, the inve stme nt b anke r who pro mo te d and le d the initial public o ffe ring (I PO) o f T aub man Ce nte rs in 1992 at Mo rg an S ta nle y and (ii) Mic hae l E mb le r, who was the fo rme r CI O o f F ranklin Mutual Adviso rs, a c o mpany whic h c lo se T aub man F amily frie nd, Mic hae l Pric e , was the c hairman o f fo r many ye ars. During a prio r e ng ag e me nt, Mr. Pric e info rme d L and & Building s that he was a frie nd o f Al T aub man, the F
aub man Ce nte rs and the fa the r o f Chairman, Pre side nt and CE O Bo b b y T aub man. Mr. Pric e also no te d that he first me t Bo b b y de c ade s ag o and walke d malls with Bo b b y a t the time . S e e also L and & Building s’ de finitive pro xy state me nt file d with the S E C o n April 25, 2018 fo r additio nal de tail re g arding T aub man’ s c o nc e rning ac tio ns.
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CEc o mpany filing s, S PG c o mpany filing s No te : 2003, 2007 and 2008 share ho lde rvo te s re fle c t e stimate d vo te to tals o f c o mmo n share ho lde rs (e xc lude s the S e rie s B Pre fe rre d S to c k)
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No te : Mic hae l Pric e is the fo rme r Chairman o f F ranklin Mutual Advise rs. L and & Building s pre vio usly e ng ag e d in a c o nve rsatio n with Mr. Pric e , during whic h he info rme d L and & Building s that he was a frie nd o f Al T aub man, the F
aub man Ce nte rs and the fathe r o f Chairman, Pre side nt and CE O Bo b b y T aub man. Mr. Pric e also no te d that he first me t Bo b b y de c ade s ag o and walke d malls with Bo b b y at the time .
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No te : NOI as disc lo se d in Co mpany filing s, e xc luding le ase te rminatio n fe e s; F F O pe r share e stimate s b ase d o n c hang e s in 2018 c o nse nsus F F O pe r share e stimate s fro m Blo o mb e rg fro m De c e mb e r 31, 2016 thro ug h April 24, 2018
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No te : S hare ho lde r value de struc tio n c alc ulate d b ase d o n share ho lde r re turn unde rpe rfo rmanc e fro m the 2017 Annual Me e ting thro ug h No ve mb e r 9, 2017
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and & Building s' re se arc h
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and & Building s' re se arc h No te s: NOI as disc lo se d in Co mpany filing s, e xc luding le ase te rminatio n fe e s
0.7% 2.5% 0.0% 1.0% 2.0% 3.0% T CO Cla ss A Ma ll Pe e rs
180 bps o f unde r
fo r manc e !
$4.27 $3.78 $3.50 $4.00 $4.50
De c -16 Mar
Jun- 17 Se p-17 De c -17 Mar
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No te s: F F O pe r share e stimate s b ase d o n c hang e s in 2018 c o nse nsus F F O pe r share e stimate s fro m Blo o mb e rg fro m De c e mb e r 31, 2016 thro ug h April 24, 2018
12% de c line sinc e the be ginning o f 2017!
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and & Building s' re se arc h
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No te : Pe rmissio n to q uo te fro m the I S S and Glass L e wis re po rts was ne ithe r so ug ht no r o b taine d.
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No te : Ne t asse t value (“NAV”) b ase d o n Wall S tre e t Re se arc h
0% 20% 40% 60% Ma r-14 Se p-14 Ma r-15 Se p-15 Ma r-16
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No te : Mac k-Cali to tal share ho lde r re turns are c alc ulate d using date rang e Marc h 3, 2014 – Aug ust 22, 2016
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g an and De re k P. Je nse n: “Burto n ho no re d fo r b rains and humo r”, T he S alt L ake T rib une
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CEc o mpany filing s, L and & Building s' re se arc h, Blo o mb e rg data, Glass L e wis re po rt No te : Pe rmissio n to q uo te fro m the Glass L e wis re po rt was ne ithe r so ug ht no r o b taine d
T his pre se nta tio n is fo r disc ussio n a nd g e ne ra l info rma tio na l purpo se s o nly. It do e s no t ha ve re g a rd to the spe c ific inve stme nt o b je c tive , fina nc ia l situa tio n, suita b ility, o r the pa rtic ula r ne e d o f a ny spe c ific pe rso n who ma y re c e ive this pre se nta tio n, a nd sho uld no t b e ta ke n a s a dvic e o n the me rits o f a ny inve stme nt de c isio n. T his pre se nta tio n is no t a n o ffe r to se ll o r the so lic ita tio n o f a n o ffe r to b uy inte re sts in a fund o r inve stme nt ve hic le ma na g e d b y L a nd & Building s Inve stme nt Ma na g e me nt, L L C (“L a nd & Building s”) a nd is b e ing pro vide d to yo u fo r info rma tio na l purpo se s o nly. T he vie ws e xpre sse d he re in re pre se nt the o pinio ns o f L a nd & Building s, a nd a re b a se d o n pub lic ly a va ila b le info rma tio n with re spe c t to T a ub ma n Ce nte rs, Inc . (“T a ub ma n” o r the “Co mpa ny”) a nd c e rta in o the r c o mpa nie s re fe re nc e d he re in. Ce rta in fina nc ia l info rma tio n a nd da ta use d he re in ha ve b e e n de rive d o r o b ta ine d fro m pub lic filing s, inc luding filing s ma de b y T a ub ma n with the Se c uritie s a nd E xc ha ng e Co mmissio n (“SE C”), a nd o the r so urc e s. L a nd & Building s re c o g nize s tha t the re ma y b e no npub lic o r o the r info rma tio n in the po sse ssio n o f the c o mpa nie s disc usse d he re in tha t c o uld le a d the se c o mpa nie s a nd o the rs to disa g re e with L a nd & Building s’ c o nc lusio ns. L a nd & Building s ha s no t so ug ht o r o b ta ine d c o nse nt fro m a ny third pa rty to use a ny sta te me nts o r info rma tio n indic a te d he re in a s ha ving b e e n o b ta ine d o r de rive d fro m sta te me nts ma de o r pub lishe d b y third pa rtie s. Any suc h sta te me nts o r info rma tio n sho uld no t b e vie we d a s indic a ting the suppo rt o f suc h third pa rty fo r the vie ws e xpre sse d he re in. No wa rra nty is ma de tha t da ta o r info rma tio n, whe the r de rive d o r o b ta ine d fro m filing s ma de with the SE C o r fro m a ny third pa rty, a re a c c ura te . L a nd & Building s sha ll no t b e re spo nsib le o r ha ve a ny lia b ility fo r a ny misinfo rma tio n c o nta ine d in a ny suc h SE C filing o r third pa rty re po rt re lie d upo n in g o o d fa ith b y L a nd & Building s tha t is inc o rpo ra te d into this pre se nta tio n. No a g re e me nt, a rra ng e me nt, c o mmitme nt o r unde rsta nding e xists o r sha ll b e de e me d to e xist b e twe e n o r a mo ng L a nd & Building s a nd a ny third pa rty o r pa rtie s b y virtue o f furnishing this pre se nta tio n. T he a na lyse s pro vide d ma y inc lude c e rta in fo rwa rd-lo o king sta te me nts, e stima te s a nd pro je c tio ns pre pa re d with re spe c t to , a mo ng o the r thing s, the histo ric a l a nd a ntic ipa te d
e stima te s, a nd pro je c tio ns re fle c t L a nd & Building s’ va rio us a ssumptio ns c o nc e rning a ntic ipa te d re sults tha t a re inhe re ntly sub je c t to sig nific a nt e c o no mic , c o mpe titive , a nd
c o mple te ne ss o f suc h sta te me nts, e stima te s o r pro je c tio ns o r with re spe c t to a ny o the r ma te ria ls he re in a nd L a nd & Building s disc la ims a ny lia b ility with re spe c t the re to . Ac tua l re sults ma y diffe r ma te ria lly fro m tho se c o nta ine d in the fo rwa rd-lo o king sta te me nts. No ne o f L a nd & Building s, its a ffilia te s, o r the ir re pre se nta tive s, a g e nts o r a sso c ia te d c o mpa nie s o r a ny o the r pe rso n ma ke s a ny e xpre ss o r implie d re pre se nta tio n o r wa rra nty a s to the re lia b ility, a c c ura c y o r c o mple te ne ss o f the info rma tio n c o nta ine d in this pre se nta tio n, o r in a ny o the r writte n o r o ra l c o mmunic a tio n tra nsmitte d o r ma de a va ila b le to the re c ipie nt. L a nd & Building s, its a ffilia te s a nd the ir re pre se nta tive s, a g e nts a nd a sso c ia te d c o mpa nie s e xpre ssly disc la im a ny a nd a ll lia b ility b a se d, in who le o r in pa rt, o n suc h info rma tio n, e rro rs the re in o r o missio ns the re fro m. T he re is no a ssura nc e o r g ua ra nte e with re spe c t to the pric e s a t whic h a ny se c uritie s o f the Co mpa ny will tra de , a nd suc h se c uritie s ma y no t tra de a t pric e s tha t ma y b e implie d he re in. T he e stima te s, pro je c tio ns a nd pro fo rma info rma tio n se t fo rth he re in a re b a se d o n a ssumptio ns whic h L a nd & Building s b e lie ve s to b e re a so na b le , b ut the re c a n b e no a ssura nc e o r g ua ra nte e tha t a c tua l re sults o r pe rfo rma nc e o f the Co mpa ny will no t diffe r, a nd suc h diffe re nc e s ma y b e ma te ria l. T his pre se nta tio n do e s no t re c o mme nd the purc ha se o r sa le o f a ny se c urity. L a nd & Building s re se rve s the rig ht to c ha ng e a ny o f its o pinio ns e xpre sse d he re in a t a ny time a s it de e ms a ppro pria te . L a nd & Building s disc la ims a ny o b lig a tio n to upda te the info rma tio n c o nta ine d he re in. All re g iste re d o r unre g iste re d se rvic e ma rks, tra de ma rks a nd tra de na me s re fe rre d to in this pre se nta tio n a re the pro pe rty o f the ir re spe c tive o wne rs, a nd L a nd & Building s’ use he re in do e s no t imply a n a ffilia tio n with, o r e ndo rse me nt b y, the o wne rs o f the se se rvic e ma rks, tra de ma rks a nd tra de na me s.
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