This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Taubman Centers CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: TCO

During this call, we’ll also discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of this non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release and in our supplemental information. In addition, a replay of the call is provided through a link on the investor relations section of our website.

When we get to questions, we ask that you limit them to two. And then if you have more, queue up again. That way everyone will have the opportunity to ask a question. Now, let me turn the call over to Bobby.

Bobby Taubman

Thanks Barbara and welcome everyone to our call. This was another excellent quarter with outstanding fundamentals. NOI up 9.3%, sales per square foot up 13.3%. Now nine quarters of double digit sales increase and trailing 12 months sales at $659 per square foot. Net income, FFO, average rents per square foot and occupancy all up and we made significant progress on our external growth initiatives.

On March 22nd, we were delighted to celebrate the grand opening of City Creek Center in Salt Lake City, Utah. It was truly a fantastic event with thousands and thousands of people present. We handed out over a 100,000 directories just in the first day and the entire community embraced this project enthusiastically. With 92 eventually a 100 tenants opening and the rest of the space either leased or committed, the center is open beyond our wildest expectations. We have invested $75 million. In 2012 the center will be accretive and will likely add about $0.05 to the year which was in our guidance. For 2013 our first full 12 months we're expecting a 12% return.

City Creek Center has captured the shopper's imagination. It's much more than just a shopping experience. People have commented, they feel like they are on a vacation at the center. The design is as much an attraction as the outstanding line up of retailers. The roof that opens, that enables an outdoor experience in Utah's amazing arid climate. The streams (inaudible) through the entire shopping center. The two 18 foot waterfalls and the (inaudible) as the center has been designed to the BMDM umbilical cord to the greater downtown. Almost universally, we are hearing from our tenants that initial sales performances well exceeded preopening expectations. Five weeks after opening, traffic continues unabated. We are really proud of this asset and speak volumes about our team and our sponsorship of similar developments around the world. We welcome all of you on this call to come to Salt Lake City and see it as we believe you will be very impressed with this product.

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs