Taubman says costs related fighting off Simon Group's unsolicited tender offer, which ended in fourth quarter 2003, impacted the annual results. Net income per diluted common share climbed to $1.02 in the quarter, compared to a 3-cent a share loss in fourth quarter 2002. Taubman reports that the sale of the Biltmore Fashion Park in Phoenix for $48 million helped to boost income.
For all of 2003, FFO per share was $1.56, comparable to FFO per share for the previous year ended December 31, 2002. Excluding the costs related to the unsolicited tender offer, FFO per share for the year was $1.85, up 14.2% from $1.62 for the year ended Dec. 31, 2002.
"Our 2003 results benefited from increases in our core rents and recoveries, the successful opening of Stony Point Fashion Park (Richmond, VA), the first full year for The Mall at Millenia (Orlando, FL), and acquisitions of interests in Great Lakes Crossing (Auburn Hills, MI) and MacArthur Center (Norfolk, VA) during 2003, and Sunvalley (Concord, CA) and Arizona Mills (Tempe, AZ) in 2002," says Robert S. Taubman, Taubman Centers chairman, president and CEO.
Taubman says average rents in its 31 centers were $43.44 psf in the fourth quarter, a 3.3% increase from fourth quarter 2002. For the year, rents averaged $42.97 psf, up 1.9%. Opening rents for the year averaged $47.10 psf and closing rents averaged $42.02 psf for a rental spread of $5.08 or 12.1%. The company said it expects 2004 FFO per share in the range of $1.88 to $1.92.
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