News Article | December 15, 2016
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Taubman Centers, Inc. (NYSE: TCO) today announced the appointments of Cia Buckley Marakovits to the company’s Board of Directors and Myron E. (Mike) Ullman III to lead director, both effective immediately. Ms. Buckley Marakovits brings decades of real estate, financial and investment experience to the Taubman Board. She is chief investment officer, partner, managing director and a member of the Investment Committee at Dune Real Estate Partners, a real estate investment firm. Prior to joining Dune in 2007, Ms. Buckley Marakovits successfully managed a variety of investments and held key financial leadership roles, including president of the U.S. Fund Business, chief financial officer, head of Asset Management and head of Acquisitions at JER Partners, an affiliate of the J.E. Robert Companies. Ms. Buckley Marakovits will fill the vacancy created by the resignation of her predecessor from the Board on September 27, 2016, and will stand for election to the Board at the 2017 Annual Meeting. With her appointment, the Taubman Board consists of nine directors, seven of whom are independent, of whom two joined the Board this year. “Cia is a real estate industry leader with significant financial expertise and has a long history of fiduciary responsibility to a wide range of institutional investors,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. “Her appointment follows direct engagement with many of our shareholders as part of the process led by the Nominating and Corporate Governance Committee to identify a highly qualified, independent candidate with the right experience and complementary skills. We are confident that Cia will be an exemplary contributor to Taubman’s continued growth, and we are pleased to welcome her.” “I am honored to join the Taubman Board and look forward to contributing my knowledge and perspectives to help lead the company forward,” said Ms. Buckley Marakovits. “Taubman’s strong assets and differentiated strategy position the company for continued growth and success. I am excited to begin working with the entire Board and management team to deliver further value for all Taubman shareholders.” Taubman also announced that it has created a new lead director position and that the chairman of the Nominating and Corporate Governance Committee, Myron E. (Mike) Ullman, III, has been appointed to this leadership role, effective immediately. Mr. Ullman joined the Taubman Board in April 2016 and previously served on the Board from 2003 to 2004. Mr. Ullman was appointed Chairman of the Nominating and Corporate Governance Committee in September 2016. “Mike is a tremendous asset to Taubman, and his appointment as lead director reflects his engagement and leadership,” said Mr. Taubman. “I am honored to be appointed by the company’s independent directors to this new position,” said Mr. Ullman. “I recognize the important role that a lead director can play in ensuring that a board appropriately oversees the management team while providing strong independent leadership and strategic guidance. I am also delighted to welcome Cia to the Board. I look forward to continue working with Bobby and the entire Board to further enhance value for all Taubman shareholders.” Ms. Buckley Marakovits is chief investment officer, partner, managing director and a member of the Investment Committee at Dune Real Estate Partners. During her nearly 10 year tenure at Dune, as a key member of the senior team Ms. Buckley Marakovits has been involved in the acquisition of approximately $9 billion in investments across multiple sectors. Prior to joining Dune in 2007, Ms. Buckley Marakovits was the president of the U.S. Fund Business for JER Partners, an affiliate of the J.E. Robert Companies. Ms. Buckley Marakovits joined JER in 1997 and held a variety of positions, including chief financial officer. Before joining JER, Ms. Buckley Marakovits spent nine years in the Real Estate Investment Banking Group of Bankers Trust, where she successfully managed a variety of investments. Ms. Buckley Marakovits is a member of the Urban Land Institute where she is a trustee and a member of the ULI Foundation Board of Directors. She is chair of the Investment Committee, a member of the Audit Committee and active in the Women's Leadership Initiative at ULI. Ms. Buckley Marakovits is a member of the Pension Real Estate Association, serves as a member of Columbia Business School's MBA Real Estate Program Advisory Board and is a member of the Executive Committee of the Samuel Zell and Robert Lurie Real Estate Center at the Wharton School. She is a member of Women Executives in Real Estate ("WX") and was honored as the WX Woman of the Year in 2011. Ms. Buckley Marakovits was selected by PERE as one of the Top Ten Women in Real Estate Private Equity. She also serves on the Board of Trustees of Collegiate School in New York City. Ms. Buckley Marakovits received an M.B.A. from Columbia University and a B.A. from Lafayette College. Mr. Ullman is a member of the Board of Directors of Starbucks Corporation and its lead director. Mr. Ullman until recently was executive chairman of J.C. Penney Company, Inc. and held numerous leadership and executive roles at the company, including chief executive officer and member of the Board (2013 to 2015), executive chairman (2011 to 2012), and chairman of the Board and chief executive officer (2004 to 2011). Mr. Ullman was previously chairman of the Federal Reserve Bank of Dallas through the end of 2014. He also served as directeur general, group managing director of LVHM Moët Hennessy Louis Vuitton, a luxury goods manufacturer and retailer from July 1999 to 2002. From 1995 to 1999, Mr. Ullman served as chairman and chief executive officer of DFS Group Limited, a retailer of luxury branded merchandise. From 1992 to 1996, Mr. Ullman was chairman and chief executive officer of R.H. Macy & Co., Inc. He previously served on the Boards of Ralph Lauren Corporation, Saks, Inc., and Pzena Investment Management, Inc. Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia and one under development. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com. For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform. This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks, uncertainties and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; the liquidity of real estate investments; the company’s ability to comply with debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties; changes in value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact the company’s information technology, infrastructure or personal data; the loss of key management personnel; terrorist activities; maintaining the company’s status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on the company’s operations; and changes in global, national, regional and/or local economic and geopolitical climates. You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.
Ashby N.J.,University of Texas at El Paso |
Bueno A.,Federal Reserve Bank of Dallas |
Martinez D.,George Mason University
Journal of Regional Analysis and Policy | Year: 2013
In this paper we describe the methodology for the Economic Freedom of Mexico index published by the Fraser Institute. We will present the scores and rankings for the thirty-two Mexican states which have been calculated for the years 2003 to 2009. The relationship between economic freedom and wages is discussed. There is a significant positive relationship between economic freedom and real wages in Mexico. © 2013 MCRSA. All rights reserved.
Federal Reserve Bank Of Dallas, Federal Reserve Bank Of Kansas City, Federal Reserve Bank Of Atlanta and Federal Reserve Bank Of Cleveland | Date: 2010-03-24
Producing print streams for efficiently generating properly formatted and ordered paper cash letters comprises print stream file that includes electronic form definitions for each cash letter document. The cash letter documents can include a cover page, one or more bundles of substitute checks, a bundle summary for each substitute check bundle, and/or a cash letter bundle summary. Information from an electronic image cash letter file can be input in data fields of the electronic form definitions. Printing the information in the print stream file results in a properly formatted and ordered paper cash letter including substitute checks and audit data. Each substitute check can include all of the MICR data provided on a corresponding, original paper check. The audit data includes the cover page, bundle summary(ies), and/or cash letter bundle summary, which can each detail the documents printed concurrently therewith.
Canas J.,Federal Reserve Bank of Dallas |
Coronado R.,Federal Reserve Bank of Dallas |
Gilmer R.W.,University of Houston |
Saucedo E.,University of Texas–Pan American
Growth and Change | Year: 2013
For decades, the maquiladora industry has been a major economic engine along the U.S.-Mexico border. Since the 1970s, researchers have analyzed how the maquiladora industry affects cities along both sides of the border. Hanson produced the first comprehensive study on the impact of the maquiladoras on U.S. border cities, considering the effects of in-bond plants on both employment and wages. His estimates became useful rules of thumb for the entire U.S.-Mexico border; however, they have become dated. Using Hanson's framework, we estimate the maquiladora industry impact on U.S. border cities from 1990 to 2006. We find that a 10 percent increase in maquiladora production leads to a 0.5 to 0.9 percent increase in employment. We also find large differences among individual border cities. Furthermore, we estimate the cross-border maquiladora impacts before and after 2001 when border security begins to rise, and the global low-wage competition intensified after China joined the World Trade Organization. Empirical results indicate that U.S. border cities are less responsive to growth in maquiladora production from 2001 to 2006 than in the earlier period; however, when looking into specific sectors, we find that U.S. border city employment in service sectors is more responsive post-2001. © 2013 Wiley Periodicals, Inc.
Swadley A.,Federal Reserve Bank of Dallas |
Yucel M.,Federal Reserve Bank of Dallas
Energy Policy | Year: 2011
A key selling point for the restructuring of electricity markets was the promise of lower prices. There is not much consensus in earlier studies on the effects of electricity deregulation in the U.S., particularly for residential customers. Part of the reason for not finding a consistent link with deregulation and lower prices was that the removal of transitional price caps led to higher prices. In addition, the timing of the removal of price caps coincided with rising fuel prices, which were passed on to consumers in a competitive market. Using a dynamic panel model, we analyze the effect of participation rates, fuel costs, market size, a rate cap and switch to competition for 16 states and the District of Columbia. We find that an increase in participation rates, price controls, a larger market, and high shares of hydro in electricity generation lower retail prices, while increases in natural gas and coal prices increase rates. We also find that retail competition makes the market more efficient by lowering the markup of retail prices over wholesale costs. The effects of a competitive retail electricity market are mixed across states, but generally appear to lower prices in states with high participation rates. © 2011 Elsevier Ltd.
Grossman V.,Federal Reserve Bank of Dallas |
MacK A.,Federal Reserve Bank of Dallas |
Martinez-Garcia E.,Federal Reserve Bank of Dallas
Journal of Economic and Social Measurement | Year: 2014
The Database of Global Economic Indicators (DGEI) from the Federal Reserve Bank of Dallas aims to standardize and disseminate economic indicators for policy analysis and scholarly work on the role of globalization. Its main purpose is to offer a broad perspective on a number of global factors affecting the U.S. economy. DGEI indicators are based on a core sample of 40 countries with aggregates for the rest of the world (ex. the U.S.) and by level of development attainment and openness to trade. DGEI indicators currently include real GDP, industrial production (IP), Purchasing Managers Index (PMI), merchandise exports and imports, headline CPI, core CPI (ex. food and energy), PPI/WPI inflation, nominal and real exchange rates, and short-term interest rates. Here we describe our methodology to transform and combine different time series, for temporal and cross-country aggregation, and to highlight the importance of using representative data in international macroeconomics research. Our paper makes a related contribution to the literature by providing a formal assessment of conventional interpolation methods used to adjust the data frequency. A selection of the DGEI-derived global indicators-to be updated monthly-can be accessed at the following URL: http://www.dallasfed.org/institute/dgei/index.cfm. © 2014-IOS Press and the authors.