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Taubman Posts Impressive 11.7% Sales Jump

BLOOMFIELD HILLS, MI-The mall REIT said in a third quarter conference call Friday that it is working on a handful of new developments in the United States and China.

By Robert Carr | Updated on October 25, 2011

BLOOMFIELD HILLS, MI-Taubman Centers, the mall REIT developer and owner with 26 properties in North America, has released positive third quarter earnings and a strong 11.7% jump in sales per square foot from a year prior. The company also says it is progressing on four new developments, and looks to make property announcements in South Korea and China sometime next year.

Robert Taubman, chairman, president and CEO, also said during a third quarter conference call Friday that the company has had seven quarters in a row of double-digit sales increases. The trust’s funds from operations for the quarter were $37.7 million, up from $33.2 million from Q3 2010. “All our centers are reporting growth with Florida, luxury and tourism centers leading,” he said. “We recognize trees don’t grow to the sky, and eventually sales growth will begin to moderate, but in the meantime we are enjoying it.”

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