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Taubman Centers FFO Up, Mall Openings Under Way

BLOOMFIELD HILLS, MI-Funds from operations for the retail REIT increase 7.5% for year and 5.1% for the quarter. The Mall at Millenia in Orlando will open later this year while ground will be broken for Stony Point Fashion Park in Richmond, VA.

By Robert Carr | Updated on February 13, 2002

BLOOMFIELD HILLS, MI-Taubman Centers Inc. reports diluted funds from operations per share increased 7.5% to $1.44 last year, and was up 5.1% in the fourth quarter to $0.41 per share.

“The growth in our FFO was primarily driven by a reduction in interest rates, which impacted us favorably, especially in the fourth quarter,” says Robert S. Taubman, chairman, president and chief executive officer. “In addition, increased rents in our centers contributed to our results.”

The retail REIT incurred an increase in depreciation expense from four new shopping centers that opened during 2001 and a charge related to its fashionmall.com investment.

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