Net income for 2008 is expected to be more modest in the range of $0.59 and $0.78 per common share. This and other 2008 expectations for the locally based shopping center owner are spelled out in a press release unaccompanied by a conference call.

Core net operating income is expected to grow between 4.5% and 5% in the coming year, excluding the impact of income from lease cancellations. The pool of properties encompasses 21 centers, including the impact of expansions at Twelve Oaks Mall in Novi, MI and Stamford Town Center in Stamford CT.

Without those centers in their entirety, NOI growth would be between 3.5% and 4%, according to the statement. Not included in the NOI guidance are the Mall at Partridge Creek in Clinton Twp., MI and The Pier Shops at Caesars in Atlantic City. "During 2008 we will benefit from the 2007 opening of the Mall at Partridge Creek and the expansions of Twelve Oaks Mall and Stamford Town Center," says Robert Taubman, chairman, president and CEO, in the statement.