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Taubman Centers FFO Up Nearly 10%

BLOOMFIELD HILLS, MI-The mega-mall REIT enters into new mortgages and credit facilities to better position its bottom line. Taubman Centers' average annualized rent rises 3.4% to $40.92 per sf.

By Robert Carr | Updated on November 12, 2001

BLOOMFIELD HILLS, MI-Taubman Centers Inc. reports third-quarter diluted funds from operations per share increased 9.7% to $0.34. During the third quarter of 2000, Taubman Centers recorded a gain in the amount of $0.79 per share for the disposition of interests in Lakeside Mall in Sterling Heights, MI.

Average annualized rent per square foot for comparable centers was $40.92, up 3.4%. “Given that our traffic counts have generally returned to pre-Sept. 11 levels, we are hopeful that fourth quarter sales per square foot will show positive growth,” says Chairman and CEO Robert Taubman. “Nonetheless, our average rents per square foot continued to rise during the quarter.”

“During the past few months, we have positioned our balance sheet to takeadvantage of the lowest interest rates in decades,” says Chief Financial Officer Lisa Payne. “We recently placed a 10-year fixed rate mortgage on Regency Square (Richmond, VA). We’ve also entered into a new three-year revolving credit facility, and extended the LIBOR rate maturities for $490 million of floating rate debt until the fourthquarter of 2002, thereby locking into attractive financing rates of about 4.8%.”

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