Taubman Centers Inc.’s activist investor Land & Buildings isn’t going away anytime soon.
The activist investor on Thursday posted a 22-slide presentation regarding what it deems are Taubman’s nine best malls and how they are going against the general theme that the sector is challenged because of industry trends. The presentation essentially tried to show that because these nine malls are generating 40 percent more sales than its peers — or about $1,000 per square foot that Land & Buildings said is “materially higher than its Class A mall peers — poor performance by the REIT is less about industry problems and more about management issues and poor oversight by the board.”
Officials at Taubman could not be reached for comment.
What the activist also did was include photos showing mall activity over the “last two weekends” in October and how — because they indicate that the nine malls are “bustling ” — the company’s results should be better than they are.
What’s more interesting are the data points the activist noted for the nine Taubman malls.
At the Mall at Short Hills in Short Hills, N.J., the presentation noted $1,230 as the average sales per square foot, compared with nearly Livingston Mall at $360 in sales per square foot. The average household income in the area is listed as $111,300, with the average within 3 miles of the mall at $206,968.
The Dolphin Mall in Miami, the average in sales per square foot is $850, compared with nearly Miami International Mall at $590. The activist didn’t list averages for household income, but noted that 241,851 households were more than $75,000 in annual income and 164,898 were more than $100,000.
The Mall at Millenia in Orlando, Fla., has average sales per square foot at $1,380, compared with $1,100 at Orlando International Premium Outlets and $1,050 at The Florida Mall. Land & Buildings said 140,255 households as income of $100,000 and over.
The Beverly Center in Los Angeles has average sales per square foot of $990, compared with $3,160 at Century City, $2,200 at The Grove and $350 at Westside Pavillion. Demographic data by households listed 493,881 with annual income of at least $75,000, 349,272 with at least $100,000 and 183,524 having $150,000 and over.
The International Plaza in Tampa, Fla., has average sales per square foot at $940, compared with $430 at Westshore Plaza. The slide said 260,351 households has $100,000 in annual income and over, with 106,165 having at least $150,000 in annual income.
The Mall at Green Hills in Nashville has average sales per square foot of $870, compared with $490 at Opry Mills and $540 at CoolSprings Galleria. Demographically, 281,362 households have annual income of $75,000 and over, and 184,112 with annual income of $100,000 and over.
The Cherry Creek Shopping Center in Denver has average sales per square foot of $980. The average household income was listed as $94,966, with 347,661 households at $100,000 and over and 169,632 at $150,000 and over.
The Twelve Oaks Mall in Novi, Mich. has average sales per square foot of $600, compared with $350 at Laurel Park Place. The average household income with 7 miles of the mall is $113,110, compared with 299,765 households having at least $75,000 in annual income and 212,497 at $100,000 plus.
The final data points are for the Westfarms mall in West Hartford, Conn., which has average sales per square foot of $610, and an average household income of $94,325. That’s compared with 241,760 households having annual income of at least $75,000 and 175,591 households of $100,000.