This figure is up over the 18-cents-per-share loss by the company in theyear ending Dec. 31, 2001. Both figures are after company reductions forreal estate depreciation, minority allocations, charges related toinvestments in technology, costs related to the unsolicited Simon PropertyGroup hostile takeover offer and the cumulative effect of a change inaccounting principle in 2001, said the company.
Not counting these costs, the company said its diluted funds from operationsincreased to 49 cents per share in 2002, up 20 percent from the 41 cents pershare showing in 2001.
Company officials said various new malls coming online, such as Dolphin Mallin Miami, FL and the Mall at Millenia in Orlando, FL are helping bringin new revenue.
The company estimates that the takeover attempt by Simon of Indianapoliscost Taubman about 6 cents per share in 2002.
Taubman will release its actual results Monday.
The Taubman Board of Directors rejected a $20 per share offer by Simon inthe end of January.
Simon has enlisted Westfield America Inc. and said it will move forward withacquisition plans if two-thirds of Taubman shareholders tender theiroutstanding shares by Feb. 14.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
