Bobby Taubman, chairman, president and CEO of Taubman Centers, Inc. (NYSE: TCO), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Taubman Centers owns, manages and leases regional malls and outlet shopping centers in major markets in the United States and Asia.
Taubman commented on the REIT’s $450 million share-buyback program, of which $300 million has already been completed. The program is currently “on the backburner,” as the company is finding other uses for its capital, he noted.
Taubman also said the quality of the REIT’s assets have played a vital role in the company’s ability to raise rents in a challenging retail environment.
“All of the numbers, as you look at the core metrics of our business, have been strong. Why? Because we have such high-quality assets, and those assets are really in demand by shoppers, retailers, capital sources, investors and the like,” Taubman said.
As for the second half of the year, Taubman said the company will be focused on meeting its earnings guidance and executing on its development pipeline.