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Taubman Centers' FFO Increases 6.1% in Q1

BLOOMFIELD HILLS, MI-The improved earnings come in a quarter that saw mall tenant sales per square foot increase by 2.3%. The company continues its share repurchase program by acquiring 1 million in common shares.

By Robert Carr | Updated on May 01, 2001

BLOOMFIELD HILLS, MI-Taubman Centers Inc.’s funds from operations increased6.1% to $0.35 per share in the first quarter, company officials say. The company purchased 1 million common shares in the first quarter at an average price of $11.41 under its share repurchase program, resulting in 50.0 million shares outstanding at March 31.

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.”

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