Taubman Centers, Inc. Issues Solid Third Quarter Results

Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the third quarter of 2016.
                 
  September 30, 2016   September 30, 2015   September 30, 2016   September 30, 2015
    Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended
Net income attributable to common
shareowners (EPS) per diluted common share $0.31 $0.50 $1.29 $1.34

Growth rate
  (38.0)%       (3.7)%    
Funds from Operations (FFO) per diluted
common share $0.94 $0.89 $2.82 $2.46

Growth rate
  5.6%       14.6%    
Adjusted Funds from Operations (Adjusted
FFO) per diluted common share $0.94

$0.86 (1)

$2.57 (2)

$2.44 (1)

Growth rate
  9.3%       5.3%    
(1) Adjusted FFO for the three and nine months ended September 30, 2015 excludes the reversal of certain prior period executive share-based compensation expense due to the announcement of an executive management transition.

(2) Adjusted FFO for the nine months ended September 30, 2016 excludes a one-time $21.7 million payment the company received in the second quarter due to the termination of the company's leasing services agreement at The Shops at Crystals (Las Vegas, Nev.).

 

"We had another solid quarter with improvements across nearly all of our key metrics," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "Adjusted FFO per share increased 9.3 percent during the quarter driven by higher rents and contributions from our newest centers. We're pleased with the success of our recently opened centers and are confident that these properties will continue to differentiate our business and generate significant value for shareholders."

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