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Taubman Reports Healthy First Quarter

BLOOMFIELD HILLS, MI–Taubman's first quarter FFO was 56 cents per share for the three months ending March 31, an increase of three cents per share from the first quarter of 2004 and 6 cents per share, which were better than expected.

By Dan Heaton | Updated on April 21, 2005

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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.”

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