trending Market Intelligence /marketintelligence/en/news-insights/trending/0sqyq9wGqc6gyXjb2jW7DQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Land and Buildings calls for management change at Taubman Centers

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate CRE Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Land and Buildings calls for management change at Taubman Centers

Activist shareholder Land & Buildings Investment Management LLC is calling for a management shake-up at Taubman Centers Inc. after what it characterized as an "abysmal" second-quarter showing by the mall real estate investment trust.

Relative to its peers, Taubman projected weak same-store net operating income growth for the year and spoke in "bleak" terms about its outlook for business, while other mall REITs "talked confidently about their business prospects," Jonathan Litt, Land & Buildings' founder and chief investment officer, said in a letter addressed to the company's independent directors published Aug. 7.

"The time has come for all of you to reject management's repeated explanations and excuses for the horrible operating performance, development strategy and shareholder returns at Taubman," Litt said.

Taubman did not immediately respond to requests for comment.

The letter is the latest volley in an activist campaign that has been public for nearly a year. Litt has accused Taubman's leadership of poor capital allocation and "decades of poor stewardship." He has also criticized the company for corporate governance provisions that have allowed the Taubman family to wield significant influence, and he has pushed for new independent board directors to effect change at the company. Taubman Centers' leadership in turn has vowed to refresh its board and transition to annual elections for directors.

In his Aug. 7 letter, Litt cited the fact that shareholders did not vote to re-elect Chairman and CEO Bobby Taubman at the company's June 1 annual meeting, as well as their vote for change on the board, as evidence of shareholders' waning confidence in the company's current leadership.

"At this point the only thing worth hearing would be a mea culpa from management — but after 25 years we are not holding our breath that one might be uttered," Litt said.

Taubman Centers shares were up slightly in early Aug. 7 trading, but are down roughly 24% year-to-date.