"Increases in rental income and land sales, partially offset by the impact of higher short-term interest rates, were the primary drivers of our FFO growth," said Robert S. Taubman, president and chief executive officer.
During 2000, sales per sf increased 5.7% to $479. Average occupancy for the year was 89.1% versus 89.0% during 1999. For the quarter, average occupancy was 90.3%, unchanged from the fourth quarter of 1999. Leased space at Dec. 31, 2000 was 93.8%, an increase from 92.1% on Dec. 31, 1999.
For the year ended Dec. 31, 2000, average rent per sf for comparable operating centers during 1999 and 2000 was $40.25, up 1.7% from 1999.
In December, Taubman Centers announced the fifth consecutive annual increasein its common dividend. During 2000 Taubman Centers' payout ratio was 74%.
Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centers nationally.
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