Taubman Centers Issues Strong First Quarter Results
Comparable Center Net Operating Income (NOI), Average Rent Per Square Foot, and Mall Tenant Sales Per Square Foot Up Releasing Spreads 31.8 Percent The Mall of San Juan Opens to Thousands Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the first quarter of 2015. March 31, 2015 March 31, 2014 Three Months Three Months Ended Ended Net income attributable to common shareholders per diluted share (EPS) $0 .47 $5 .74 (1) Funds from Operations (FFO) per diluted share $0 .81 (2) $0 .90 (1) Includes a net gain of $476 million ($5.30 per share) on the sale of a 49.9 percent interest in the entity that owns International Plaza (Tampa, Fla.), as well as investments in Arizona Mills (Tempe, Ariz.) and land in Syosset, New York (Oyster Bay). (2) Excludes the operations of the seven centers sold...
Michigander A. Alfred Taubman Passes Away at Age 91
Taubman Centers, Inc. (NYSE:TCO) Taubman Centers, Inc. founder A. Alfred Taubman joined his sons Robert and William on March 26, 2015, at the grand opening of The Mall of San Juan. Robert S. Taubman , Chairman, President and CEO, Taubman Centers, Inc.; A. Alfred Taubman , founder, Taubman Centers, Inc.; William S. Taubman , Chief Operating Officer, Taubman Centers, Inc. (Photo: Business Wire) Taubman Centers Chairman, President and Chief Executive Officer Robert S. Taubman this evening sent the following message to all Taubman employees: I have some very sad news to share with all of you, my father passed away this evening here in Bloomfield Hills. This company and all that you stand for were among the greatest joys of his life. Just last month he was in Puerto Rico to celebrate with us the grand opening of The Mall of San Juan. He was so proud of what this wonderful company he founded 65 years ago has accomplished. Tonight, after dinner in his home, a heart attack took him from us,...
Taubman Announces Ownership Increase in The Mall of San Juan
Company now owns 95 percent of the Caribbean’s dominant upscale shopping destination Taubman Centers, Inc. (NYSE: TCO) today announced the acquisition of an additional 15 percent interest in The Mall of San Juan (San Juan, Puerto Rico), bringing Taubman’s ownership in the center to 95 percent. The additional interest was acquired at cost. New Century Development, Inc. will retain the remaining 5 percent interest in the project. “We’re pleased to have worked with Taubman to develop the center and see our vision for The Mall of San Juan come to life,” said Luis Rivera Ortiz, president, New Century Development . “As we work to bring New Century's adjoining hotel/casino and office towers to fruition, we believe that disposing of a portion of our interest is the right capital allocation decision.” “We are very happy to own 95 percent of this terrific asset,” said Robert S. Taubman, chairman, president and CEO of Taubman Centers. “The center debuted on March 26 to much excitement and has...