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Taubman Centers Reports Increases in FFO, Sales per SF

BLOOMFIELD HILLS, MI-Funds from operations rise 4.7% in 2000 to $1.34 per share, with an 8.3% increase for the fourth quarter. Meanwhile, sales per sf increased 5.7% to $479. The retail REIT also improved its occupancy rate.

By Robert Carr | Updated on February 14, 2001

BLOOMFIELD HILLS, MI-Taubman Centers Inc. announced funds from operations increased 4.7% to $1.34 per share in 2000, with fourth-quarter FFO of $0.39 per share, up from $0.36. During 2000, the company purchased 2.3 million common shares under its share repurchase program at an average price of $11.16, leaving 51 million common shares outstanding.

“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.

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