|Traded as||NYSE: TCO
S&P 400 Component
Taubman Centers (NYSE: TCO) is an owner of regional malls in the United States, headquartered in Bloomfield Hills, Michigan. The Taubman Asia subsidiary is headquartered in Hong Kong. It has the highest selling portfolio of malls (by Square Foot Sales) of any mall company in the United States.
The company was founded in 1950 by real estate pioneer A. Alfred Taubman. The company stock began trading on the New York Stock Exchange in 1992 as a Real Estate Investment Trust. Most of the malls developed by Taubman have a very similar interior design. Many feature an upscale, bright white color scheme with contemporary, geometric ceiling designs and skylights.
The current Chief Executive Officer is Robert S. Taubman, the son of A. Alfred Taubman.
On May 3, 2000, the company restated financial statements to reflect the adoption of Staff Accounting Bulletin 101. On February 8, 2005, to be consistent with industry practice, the company began adding back depreciation that is included in recoverable expenses for 2004 and has restated 2003 to be comparable.