Taubman Asia Announces Additional Partner And Ownership Increase In Hanam Union Square, South Korea
Taubman Asia, a subsidiary of U.S. mall REIT, Taubman Centers, Inc. (NYSE: TCO), today announced it has increased its ownership interest in the Hanam Union Square shopping center project. In the new ownership structure, Taubman Asia has partnered with a major institution in Asia to acquire an additional 19 percent stake from Shinsegae Group . This partnership now has a 49 percent ownership interest. The new institutional partner owns 14.7 percent of the project, bringing Taubman Asia's effective ownership to 34.3 percent, an increase from Taubman Asia's previous 30 percent share. Mr. Rene Tremblay , Taubman Asia President , said, "We're delighted with our additional ownership in Hanam Union Square . Through our great partnership with Shinsegae Group , we're building a landmark project that is on track to transform Hanam City into a premier shopping and entertainment destination." "Having an Asia-based institution partnering with us further validates the strength and...
Taubman Centers Issues Strong Second Quarter Results
- Adjusted Funds from Operations Per Share Up 14.7 percent - Net Operating Income (NOI) Excluding Lease Cancellation Income Up 4.5 percent - Sale of Seven Malls to Starwood Capital Group Announced Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the second quarter of 2014. June 30, 2014 Three Months Ended June 30, 2013 Three Months Ended June 30, 2014 Six Months Ended June 30, 2013 Six Months Ended Net income allocable to common shareholders (EPS) per diluted share $0.33 $0.28 $6.08 $0.71 Funds from Operations (FFO) per diluted share $0.80 $0.75 $1.70 $1.65 Growth rate 6.7% 3.0% Adjusted Funds from Operations (Adjusted FFO) per diluted share(1) $0.86 $0.75 $1.76 $1.65 Growth rate 14.7% 6.7% (1) Adjusted FFO for the three and six months ended June 30, 2014 excludes charges related to the expected sale of seven centers to Starwood Capital Group. "We're pleased to announce strong results for the quarter. FFO increased 6.7 percent, and 14.7 percent on an...
Taubman To Sell Seven Malls To Starwood Capital Group
Transactions Valued at $1.4 Billion Taubman Centers, Inc. (NYSE: TCO) and Starwood Capital Group ("Starwood"), a leading global private investment firm, today announced a definitive agreement whereby Starwood, through a controlled affiliate, has agreed to purchase a portfolio consisting of seven Taubman malls. The sale is part of Taubman's ongoing strategy to recycle capital, maximize its NOI growth rate and create net asset value for investors over time. "Given today's investor interest in high quality regional malls, we have taken advantage of the opportunity to further enhance our growth and valuation, while increasing our industry leading productivity and modestly reducing the size of our base," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "As a result of these sale transactions, the company's development and redevelopment pipeline will have an even greater impact on our growth." Taubman Centers currently owns, leases and/or manages...