NEW YORK ( TheStreet) -- Taubman Centers (TCO) is getting its financial house in order as it refinances its deals to better terms, and CEO Richard Taubman is encouraged by the reception the company's refinancings have gotten from the capital markets so far.
The Bloomfield Hills, Mich., real estate investment trust and mall development company refinanced its Detroit property The Mall at Partridge Creek in June and it has two more lined up for new financing in the third quarter.
In the near term, Taubman's retail clients are focused on shoppers. Consumers tightened up on spending in May and June, bringing back talk of a double-dip recession. However, luxury retailers fared better than others.
"We believe that a rebound in luxury spending aided by an improving economy bodes well for TCO, whose properties cater to affluent consumers," wrote Standard & Poor's analyst Robert McMillan in a recent research note. McMillan has a hold rating on Taubman shares but his 12-month price target of $46 represents a premium of more than 15% to current prices.
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