Taubman Centers Issues Solid Third Quarter Results
- Adjusted FFO, Net Operating Income (NOI), Average Rent Per Square Foot, and Mall Tenant Sales Per Square Foot Up - The Mall at University Town Center Opens Over 90 percent Leased - Sale of Seven Malls to Starwood Capital Group Complete - Post-Sale Portfolio Releasing Spreads 30 percent Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the third quarter of 2014. September 30, 2014 Three Months Ended September 30, 2013 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2013 Nine Months Ended Net income allocable to common shareholders (EPS) per diluted share $0.53 $0.38 $6.60 $1.09 Funds from Operations (FFO) per diluted share $0.87 $0.89 $2.57 $2.53 Growth rate (2.2)% 1.6% Adjusted Funds from Operations (Adjusted FFO) per diluted share(1) $0.91 $0.89 $2.67 $2.53 Growth rate 2.2% 5.5% (1) Adjusted FFO for the three and nine months ended September 30, 2014 excludes charges related to the...
Taubman to Bring Disney's Frozen Phenomenon to 10 U.S. Cities
Ice Palaces Celebrating Disney's New Frozen Sing-Along Edition DVD Release Will Be Featured from November 6 - December 24 In celebration of Disney's Frozen Sing-Along Edition DVD releasing on November 18 , a special Frozen experience is being offered exclusively within 10 Taubman malls across the U.S. from November 6-December 24 . The highest-grossing animated film of all time, Frozen will take center stage in unique, interactive Ice Palaces inside of each mall where guests can sing "Let it Go" just like Elsa, or one of many other songs from the Sing-Along Edition DVD release. In addition, they can see special scenes from the Academy Award® winning movie, create a Frozen handprint, take a photo with Olaf on his ice throne, measure yourself against the "Are you as tall as Sven and Olaf" feature and much more. Rounding out this special holiday experience, each Ice Palace will have a Frozen gift shop*. Inside, guests can purchase the original Frozen DVD, Disney's Frozen...
Taubman Completes Sale of Seven Malls to Starwood Capital Group
Transaction Expected to Increase Company's Long-Term Growth Taubman Centers has completed the sale of seven malls to Starwood Capital Group ("Starwood"). The sales are part of Taubman's ongoing strategy to recycle capital, maximize its NOI growth rate and create net asset value for investors over time. "These transactions are transformative for the company. The sale of these assets leaves our remaining portfolio significantly enhanced, with higher sales productivity and faster net operating income growth," said Robert S. Taubman, chairman, president and chief executive officer. "It also allows management to focus on the company's most strategic assets and development and redevelopment pipelines, where the greatest net asset value can be created." The following seven malls were sold: MacArthur Center (Norfolk, Va.) Stony Point Fashion Park (Richmond, Va.) Northlake Mall (Charlotte, N.C.) The Mall at Wellington Green (Wellington, Fla.) The Shops at Willow Bend (Plano, Tex.) The Mall at...