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Taubman Holds Steady on 2004 Guidance

BLOOMFIELD HILLS, MI-Taubman Centers has reaffirmed its earnings outlook for 2004, despite news that General Motors Pension Trusts might sell its interest in eight Taubman malls.

By Dan Heaton | Updated on April 12, 2004

BLOOMFIELD HILLS, MI-Taubman Centers Inc. reaffirmed its outlook for 2004 despite word from a pension fund that it might sell its interest in eight Taubman malls. General Motors Pension Trusts told Bloomfield Hills, MI-based Taubman this week it may sell part or all of its interest in eight of the nine Taubman malls in its portfolio as part of a recapitalization, Taubman reports.

Taubman owns or manages 31 mostly urban and suburban regional and super regional shopping centers in 13 states. It also has a mall under construction in North Carolina due to open in September.

Taubman has managed the properties in question since September 1998, when GMPT exchanged its equity holdings in Taubman for interests in the centers.

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