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BLOOMFIELD HILLS, MI-Taubman Centers reported first quarter financial results Thursday that were well in excess of what Wall Street watchers were projecting for the luxury mall REIT. The locally based company said its first quarter FFO was 56 cents per share for the three months ended March 31, an increase of three cents per share from the first quarter of 2004 and 6 cents per share better than analysts' expectations.
"These are solid results," said Robert S. Taubman, chairman, president and CEO. "These results were primarily due to rents and lease cancellation income in our core portfolio."
Taubman said total occupancy at its 22 luxury malls was 88.4% on March 31, up 2.2% from 86.2% from the same time a year ago. Including temporary tenants, occupancy was 90.6%, up 2.7% from 87.9% at March 31, 2004.
Sales per square foot increased 7.2% over the first quarter of 2004. "We are especially pleased with the strong sales performance given the tough comparison with the first quarter of 2004, when we posted record sales per square foot growth," said Taubman. "Our Florida centers and the Shops at Willow Bend in Texas continue to drive these strong sales increases. The company said it continues to expect 2005 FFO per share in the range of $2.10 to $2.15.
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