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New Centers Bolster Taubman Bottom Line

BLOOMFIELD HILLS, MI-Funds from operations per share increase 11.4% while the company completes sales and purchases of assets during the first half of 2002. A low interest-rate environment also helps, the company admits.

By Robert Carr | Updated on May 14, 2002

BLOOMFIELD HILLS, MI-Funds from operations are up 11.4% in the first quarter for Taubman Centers Inc., buoyed by performance of the retail REIT’s new centers and a favorable financing environment, company officials say. “The performance of our new centers along with the impact of lower interest rates were the primary contributors to our growth,” says chairman, president and chief executive officer Robert S. Taubman.

The company reports average annualized rent per sf for comparable centers was $41.96, up 1.3 percent from $41.44 for the first quarter of 2001.

In February, Taubman broke ground on Stony Point Fashion Park in Richmond, VA, an open-air center scheduled to open in September 2003. The company is well along with the leasing of the property, with more than 50% of the mall space committed.

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