Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the first quarter of 2017.
         
  March 31, 2017   March 31, 2016
Three Months Three Months
    Ended   Ended
Net income attributable to common shareowners, diluted (in thousands) $17,215 $24,679

Growth rate
 

(30.2)%
   
Net income attributable to common shareowners (EPS) per diluted share $0.28 $0.41

Growth rate
 

(31.7)%
   
Funds from Operations (FFO) per diluted common share $0.85 $0.84

Growth rate
 

1.2%
   
Adjusted Funds from Operations (Adjusted FFO) per diluted common share

$0.92 (1)
$0.84

Growth rate
 

9.5%
   

 

(1) Adjusted FFO for the three months ended March 31, 2017 excludes a total of seven cents per diluted share of adjustments, including a restructuring charge, costs associated with shareowner activism, and a charge recognized in connection with the partial write-off of deferred financing costs related to an amendment of the company's primary line of credit in February 2017.
 

"Our first quarter results were strong with Adjusted FFO up nearly 10 percent. This growth was primarily driven by increased rents and recoveries from our tenants," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "We also successfully marked the opening of CityOn.Zhengzhou, our third asset in Asia, which opened 100 percent leased."

If you liked this article you might like

Activist: Saks' Canadian Parent Must Unlock Real Estate Value With Sales or LBO

Here's Why an Activist's Effort to Drive Change at a Major Shopping Mall Operator Has Failed

Taubman Centers' Shareholders Back Board Members

Taubman Fights Back Against Activists Aiming for Board Seats

2 REITs That Have Activist Investors in a Tizzy