Third-quarter funds from operations fell 25% to $29 million from $38.6 million last year, or to 34 cents a share from 46 cents a share.

Excluding costs of fending off the unsolicited Simon/Westfield buyout bid, the company reported FFO of 41 cents a share. Analysts surveyed by Thomson First Call expected the company to earn 39 cents a share. Revenue increased 1.5% to $168.4 million from $166 million.

In 2003, Taubman Centers expects earnings of 24 cents to 45 cents a share, with FFO, excluding takeover-defense costs, at the upper end of its prior estimate of $1.80 to $1.84 a share. Including costs, the company expects FFO of $1.50 to $1.54 a share.

Last month, Simon and Westfield America Inc. dropped their $1.7-billion hostile bid for Taubman, a day after Michigan Gov. Jennifer Granholm signed a law effectively protecting the real estate investment trust from the unwelcome $20-a-share offer.

For 2004, Taubman anticipates net income between a loss of 6 cents a share and a profit of 13 cents a share. FFO are forecast to range from $1.88 to $1.92 a share for the year.

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