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{{Short description|Real estate investment trust}}
{{Infobox company
| name = Taubman Centers, Inc.
| logo = Taubman logo.png
| type = [[Subsidiary]]
| industry = [[Real estate investment trust]]
| founded = {{Start date and age|1950}}
| founder = [[A. Alfred Taubman]]
| hq_location_city = [[Bloomfield Hills, Michigan|Bloomfield Hills, Michigan]]
| hq_location_country = U.S.
| area_served = {{flat list|
* North America
* Asia
}}
| key_people = {{plain list|
* [[Robert S. Taubman]] ([[chairman]])
* William S. Taubman ([[Chief operating officer|COO]])
}}
| revenue = {{increase}} $661 million
| revenue_year = 2019
| net_income = {{increase}} $330 million
| net_income_year = 2019
| assets = {{increase}} $4.515 billion
| assets_year = 2019
| equity = {{increase}} -$177 million
| equity_year = 2019
| num_employees = 420
| num_employees_year = 2019
| parent = [[Simon Property Group]] (2020–present)
| website = {{URL|taubman.com}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/890319/000089031920000023/tco-20191231x10k.htm | title=Taubman Centers, Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
'''Taubman Centers, Inc.''' is an American [[real estate investment trust]] headquartered in [[Bloomfield Hills, Michigan]]. The company invests in shopping centers, and is a subsidiary of [[Simon Property Group]] since 2020.
==
The company was founded in 1950 by [[A. Alfred Taubman]].<ref name=died/> In 1953, it opened its first shopping center, North Flint Plaza, in [[Flint, Michigan]]. In 1964, the company opened its first enclosed mall, [[Southland Mall (Hayward, California)|Southland Mall]], in [[Hayward, California]]. In 1973, the company was incorporated as Taubman Centers, Inc.<ref name=10K/> In 1987, the company sold [[Southridge Mall (Wisconsin)|Southridge Mall]], in [[Milwaukee County]], [[Wisconsin]]. In 1992, the company became a [[public company]] via an [[initial public offering]].<ref>{{cite news | url=https://www.nytimes.com/1992/08/04/business/company-taubman-centers-mall-empire-go-public-big-developer-shed-debt-stock-sale.html | title=Taubman Centers, a Mall Empire, to Go Public; Big Developer To Shed Debt In Stock Sale | first=Floyd | last=Norris | author-link=Floyd Norris | work=[[The New York Times]] | date=August 4, 1992| url-access=subscription}}</ref> In 1997, the company sold [[Queens Center]] to [[Macerich]].<ref>{{cite news | url=https://www.timesledger.com/stories/2004/11/20040311-archive141.html | title=106 new stores to open at Queens Center Mall | first=Tien-Shun | last=Lee | work=[[TimesLedger Newspapers]] | date=October 10, 2011}}</ref> In 1998, the company sold [[The Mall at Tuttle Crossing]], [[Hilltop Mall]], [[Marley Station]], [[Meadowood Mall]], [[Lakeforest Mall]], [[Briarwood Mall]], [[Stoneridge Shopping Center]], [[The Falls (mall)|The Falls Mall]], and [[Columbus City Center]] to GM Pension Trust.<ref>{{cite news | url=https://www.nytimes.com/1998/08/20/business/taubman-sets-mall-deal-with-gm-fund.html | title=Taubman Sets Mall Deal With G.M. Fund | agency=[[Bloomberg News]] | work=[[The New York Times]] | date=August 20, 1998| url-access=subscription}}</ref> The company continued to manage the properties until 2003 when they were sold again.
In 2000, the company traded [[Lakeside Mall]] Rodamco for full ownership of Twelve Oaks.<ref>{{cite news | url=http://www.crenews.com/general_news/general/taubman-rodamco-swap-interests-in-twelve-oaks-lakeside.html | title=Taubman, Rodamco Swap Interests in Twelve Oaks, Lakeside | work=CRE News | date=January 14, 2000}}</ref> In 2003, Simon Property Group attempted to acquire the company via a hostile takeover.<ref>{{cite news | url=https://www.nytimes.com/2003/10/09/business/simon-group-gives-up-hostile-bid-for-taubman-centers.html | title=Simon Group Gives Up Hostile Bid for Taubman Centers | first1=Sherri | last1=Day | first2=Andrew Ross | last2=Sorkin | work=[[The New York Times]] | date=August 4, 1992| url-access=subscription}}</ref> In 2011, the company transferred [[The Pier Shops at Caesars]] to its lenders.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/the-pier-shops-at-caesars-transferred-to-the-mortgage-lender-133801703.html | title=The Pier Shops at Caesars Transferred to the Mortgage Lender | publisher=[[PR Newswire]] | date=November 14, 2011}}</ref> In January 2012, [[Regency Square]] in [[Richmond, Virginia]], was surrendered to creditors to avoid foreclosure.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/regency-square-transferred-to-the-mortgage-lender-136734638.html | title=Regency Square Transferred to the Mortgage Lender | publisher=[[PR Newswire]] | date=January 5, 2012}}</ref> In January 2014, the company sold [[Arizona Mills]] and land for the proposed The Mall at Oyster Bay to Simon Property Group.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/taubman-centers-sells-long-island-land-and-interest-in-arizona-mills-to-simon-property-group-242916131.html | title=Taubman Centers Sells Long Island Land And Interest In Arizona Mills To Simon Property Group | publisher=[[PR Newswire]] | date=January 31, 2014}}</ref> In October 2014, the company sold [[The Mall at Partridge Creek]], [[MacArthur Center]], [[Northlake Mall (Charlotte)|Northlake Mall]], [[The Mall at Wellington Green]], [[Stony Point Fashion Park]], [[The Shops at Willow Bend]], and [[Fairlane Town Center]] to [[Starwood Capital Group]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/taubman-completes-sale-of-seven-malls-to-starwood-capital-group-279552162.html | title=Taubman Completes Sale of Seven Malls to Starwood Capital Group | publisher=[[PR Newswire]] | date=October 17, 2014}}</ref> In April 2015, the founder, Alfred Taubman, died at the age of 91.<ref name=died>{{cite news | url=https://www.bloomberg.com/news/articles/2015-04-18/alfred-taubman-mall-developer-ex-sotheby-s-chair-dies-at-91 | title=Alfred Taubman, Mall Developer, Ex-Sotheby's Chair, Dies at 91 | first=Heather | last=Burke | work=[[Bloomberg L.P.]] | date=April 18, 2015| url-access=subscription}}</ref> In March 2016, in a [[joint venture]] with [[Macerich]], the company acquired [[Country Club Plaza]] in [[Kansas City, Missouri]], for $660 million.<ref>{{cite news | url=https://www.kansascity.com/news/business/article63398852.html | title=It's official: Sale of Country Club Plaza closes | work=[[The Kansas City Star]] | date=March 1, 2016}}</ref> In October 2020, Taubman sold [[Stamford Town Center]] for $20 million.<ref>{{cite web |last1=Urbanski |first1=Al |title=Rug merchant buys Stamford Town Center for $20.15 million |url=https://chainstoreage.com/rug-merchant-buys-stamford-town-center-2015-million#:~:text=In%20a%20turnaround%20of%20the,from%20Taubman%20for%20%2420.15%20million. |website=Chain Store Age |access-date=21 April 2021 |language=en}}</ref> In April 2024, Olshan Properties took ownership of [[Fair Oaks Mall]] from Taubman, securing long-term extension.<ref>{{Cite web |author=Nick Trombola |date=2024-04-11 |title=Fair Oaks Mall Gets Long-Term Loan Extension, New Management |url=https://commercialobserver.com/2024/04/fair-oaks-mall-loan-extension/ |access-date=2024-09-06 |website=Commercial Observer |language=en-US}}</ref> In July 2024, the company along with Macerich sold [[Country Club Plaza]] to [[Dallas]]-based [[Highland Park Village|HP Village]] Partners.<ref>{{Cite web |date=2024-07-01 |title=It's official: Kansas City's Country Club Plaza under new ownership |url=https://www.kshb.com/news/local-news/its-official-kansas-citys-country-club-plaza-under-new-ownership |access-date=2024-09-06 |website=KSHB 41 Kansas City News |language=en}}</ref>
In February 2020, the company agreed to be acquired by [[Simon Property Group]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/simon-property-group-to-acquire-taubman-centers-inc-301001638.html | title=Simon Property Group to Acquire Taubman Centers, Inc. | publisher=[[PR Newswire]] | date=February 10, 2020}}</ref> This would have ended family control but the Taubman family will retain an ownership stake in its malls.<ref>{{Cite news|url=https://www.latimes.com/business/story/2020-02-10/simon-buying-beverly-center-owner-taubman|title=Mall merger: Simon is buying Beverly Center owner Taubman for $3.6 billion|date=2020-02-11|agency=Bloomberg|newspaper=Los Angeles Times|language=en-US|access-date=2020-02-11}}</ref> In June 2020, Simon announced that it terminated the merger agreement with Taubman, before reversing its decision and modifying certain terms of the original merger agreement, including a modified purchase price of $43.00 per share in cash in November 2020.<ref>[https://investors.simon.com/news-releases/news-release-details/simon-property-group-terminates-taubman-agreement Simon Properties press release]</ref><ref>{{Cite web|title=Simon And Taubman Modify Merger Price To $43.00 Per Share In Cash|url=http://investors.taubman.com/news/press-releases/press-release-details/2020/Simon-And-Taubman-Modify-Merger-Price-To-43.00-Per-Share-In-Cash/default.aspx|access-date=2020-11-16|website=investors.taubman.com|language=en-CA}}</ref> The merger closed in December 2020.
==Investments==
As of September 2024, the company owned interests in 22 shopping centers in 9 U.S. states, Puerto Rico, South Korea, and China.<ref name=10K/>
The company's largest tenants include [[Forever 21]], [[Gap Inc.|The Gap]], [[H&M]], [[L Brands]], [[Williams Sonoma (brand)|Williams Sonoma]], [[Urban Outfitters]], [[Ascena Retail Group]], [[Abercrombie & Fitch]], [[Inditex]], and [[Foot Locker]].<ref name=10K/>
Notable properties owned by the company include:
* [[Beverly Center]] - [[Los Angeles, California]]
* [[Cherry Creek Shopping Center]] - [[Denver, Colorado]]
* [[City Creek Center]] - [[Salt Lake City, Utah]]
* [[Dolphin Mall]] - [[Miami, Florida]]
* [[Great Lakes Crossing Outlets]] - [[Auburn Hills, Michigan]]
* [[International Plaza and Bay Street]] - [[Tampa, Florida]]
* [[Mall at Green Hills]] - [[Nashville, Tennessee]]
* [[The Mall at Millenia]] - [[Orlando, Florida]] ''(50% equity stake, managed by The Forbes Company)''
* [[The Mall at Short Hills]] - [[Short Hills, New Jersey]]
* [[The Mall at University Town Center]] - [[Sarasota, Florida]]
* [[The Mall of San Juan]] - [[San Juan, Puerto Rico]]
* [[Miami Worldcenter]] - [[Miami, Florida]]
* [[Sunvalley Shopping Center]] - [[Concord, California]]
* [[Twelve Oaks Mall]] - [[Novi, Michigan]]
* [[Waterside Shops]] - [[Naples, Florida]] ''(50% equity stake, managed by The Forbes Company)''
* [[Westfarms]] - [[West Hartford, Connecticut]]
* [[CityOn Zhengzhou Shopping Center]] - Zhengzhou, China
*[[Starfield Hanam]] - [[Hanam]], [[South Korea]]
==References==
{{reflist}}
==External links==
* {{official|https://www.taubman.com}}
{{Finance links historical
| name = Taubman Centers
| sec_cik = TCO
}}
{{Simon Property Group}}
{{authority control}}
[[Category:Taubman Centers| ]]
[[Category:1992 initial public offerings]]
[[Category:American companies established in 1950]]
[[Category:Bloomfield Hills, Michigan]]
[[Category:Companies based in Oakland County, Michigan]]
[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Financial services companies established in 1950]]
[[Category:Real estate companies established in 1950]]
[[Category:Shopping center management firms]]
[[Category:2020 mergers and acquisitions]]
[[Category:Simon Property Group]]
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