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Taubman Posts Strong 3Q

BLOOMFIELD HILLS,MI-Retail REIT reports robust sales and increasing occupancies at its 23 shopping centers.

By Danielle Anderson | Updated on October 29, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

BLOOMFIELD HILLS, MI—Following a strong third-quarter performance marked by increasing FFO, Taubman Centers raised its forecast for the year. The locally-based REIT also reported strong sales and an increase in occupancies at its shopping malls in a conference call announcing quarterly results.

Third quarter FFO increased 23.9 percent per share, to 57 cents from 46 cents at the end of third quarter 2005, according to Taubman. The company also increased its 2006 full-year outlook to a range of $2.46 to $2.51 per share.

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