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Taubman Centers CEO Discusses Q1 2012 Results - Earnings Call Transcript

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.

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