Since the program's inception, $36.9 million of the $50.0 million share purchase authorization has been utilized to purchase stock at an average price of $11.23.
"We are pleased with our results this quarter," says President and CEO Robert S. Taubman. "FFO was favorably impacted by the good performance from the core portfolio, an increase in third party management profits, and the effect of our stock buyback."
During the quarter, mall tenant sales per square foot increased 2.3%. On a comparable center basis, average occupancy was 88.1% for the quarter, down from 89.2% for the first quarter of 2000.
"Over the next few weeks we expect to close on the construction loan for the $168-million Mall at Wellington Green, thus completing the financing of ourfive 2001 and 2002 openings," Taubman adds.
Taubman Centers currently owns and/or manages 28 urban and suburban regionaland super regional shopping centers in 12 states.
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