Michigan-based Taubman Centers, Inc. (TCO) is a real estate investment trust (REIT) which owns and operates regional shopping centers. TCO owns a smaller number of properties in fewer geographic areas than its competitors, but these properties are more valuable than those of competing companies. TCO's tenant sales of $555 a square foot are the highest in the mall industry, and its properties command, on average, the highest rents of any mall operator in the nation.^[1] As a result, TCO's revenues and market capitalization are in line with its competitors even though the company owns fewer properties.

Like other retail REITs, TCO's fortunes are connected to those of its retail tenants, who fare poorly when the U.S. economy is contracting, and face threats from discount and stand alone big box stores.

In 2007 TCO increased its line of revolving credit and refinanced mature debt to insulate itself from the growing credit crisis - financing being crucial to a company that aquires real estate. As a result, the company won't have to pay off any of its long-term debt until 2010.

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