Taubman: 2Q Earnings Snapshot
BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. (TCO) on Monday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $75.9 million, or 87 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 87 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $15.3 million, or 18 cents per share.
The shopping center real estate investment trust posted revenue of $152.8 million in the period. Its adjusted revenue was $139.7 million, which did not meet Street forecasts. Twelve analysts surveyed by Zacks expected $140.9 million.
Taubman expects full-year funds from operations in the range of $3.74 to $3.84 per share.
The company’s shares have dropped slightly more than 6 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $61.27, a climb of almost 7 percent in the last 12 months.