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MiamiGent MiamiGent 12 years ago
TCO Taubman qrtly earnings surpass Wall St forecast
PROVIDED BY Reuters - 6:35 PM 02/08/2012

* Q4 adjusted shr FFO 93 cents

* Wall St view Q4 adjusted shr FFO 85

* Sets FY FFO at shr $3.14 to $3.24

* Tenant sales up 14.2 pct

By Ilaina Jonas

Feb 8 (Reuters) - Taubman Centers Inc (TCO) said quarterly earnings fell but it easily beat Wall Street's forecast as sales at its luxury malls grew a 14.2 percent, and rents and occupancy rates rose, reflecting the purchasing power of richer Americans.

Taubman reported fourth-quarter adjusted funds from operations of $55.7 million, or 93 cents a share, down from $59.6 million, or $1.06 per share a year earlier when the company recorded receipt of a large lease cancellation fee that amounted to 15 cents per share.

Analysts expected 85 cents per share for the fourth quarter, according to Thomson Reuters I/B/E/S.

Funds from operations, or FFO, is an industry measure that usually removes profit and losses from property sales and depreciation.

Adjusted FFO excludes acquisitions and gains from early extinguishment of debt.

Sales at its luxury properties, which includes The Mall at Short Hills in New Jersey and Beverly Center in Los Angeles, rose to $641 per square foot, a company record.

For 2012, the Bloomfield Hills, Michigan-based company, said it sees FFO in the range of $3.14 per share to $3.24 per share, while analysts forecast $3.07 per share.

The forecast includes the results from City Creek Center in Salt Lake City, set to open in March, the first large U.S. mall to open in nearly three years.

(Reporting By Ilaina Jonas in New York; Editing by Tim Dobbyn)

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