Taubman Centers Inc. (
, a real estate investment trust (REIT), recently announced that
its Mich.-based premium shopping center - Twelve Oaks Mall - will
receive an outlet of
The Cheesecake Factory Incorporated (
. The new outlet is expected to open later this year.
Twelve Oaks Mall, the major regional shopping center, is
expediently located at the intersection of I-96 and Novi Rd. The
shopping center has around 200 shops and boasts a cluster of
industry-leading tenants such as
Nordstrom Inc. (
Macy's, Inc. (
) and JCPenney. The new Cheesecake Factory outlet will be a
noteworthy addition to the center's strong tenant base.
Calabasas Hills, Calif.-based The Cheesecake Factory operates
upscale, casual, and full-service dining restaurants in the
United States. As of now, the company operates 177 restaurants
under its different brands throughout the U.S. Notably, the new
outlet, spanning 8,430 square feet, is the company's first
restaurant in Mich. The new outlet is expected to accommodate
around 225 guests and around 60 on the patio.
Taubman Centers remains upbeat regarding the addition of
Cheesecake Factory outlet at its upscale shopping center, since
the latter boasts a successful track record. We expect the
Cheesecake Factory's popularity among shoppers to further boost
the shopping center's top-line growth.
Earlier this month, Taubman Centers reported its fourth quarter
2012 results with adjusted FFO (funds from operations) of $1.00
per share, beating the Zacks Consensus Estimate by 3 cents. This
also came above the prior-year quarter's figure of 93 cents. The
better-than-expected results were primarily driven by increase in
rents and robust occupancy levels.
Taubman Centers currently retains a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of
REITs, is obtained after adding depreciation and amortization and
other non-cash expenses to net income.
CHEESECAKE FACT (CAKE): Free Stock Analysis
NORDSTROM INC (JWN): Free Stock Analysis
MACYS INC (M): Free Stock Analysis Report
TAUBMAN CENTERS (TCO): Free Stock Analysis
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