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Taubman Sees 3% Rent Increase in 2008

BLOOMFIELD HILLS, MI-The owner ends 2007 at the upper range of its guidance and sees modest gains in occupancy and rent rates ahead.

By Marita Thomas | Updated on December 14, 2007

BLOOMFIELD HILLS, MI-Taubman Centers Inc. issued an announcement in which it anticipates 2007 FFO and net income will be at the higher end of its previously announced range and offers its guidance for the year ahead. For this year, FFO is expected to be between $2.83 and $2.87 per diluted share, and net income is expected to be in the range of $0.78 and $0.92 a share.

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.

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