Taubman Issues Second Quarter Results

Taubman Centers Inc., headquartered in Bloomfield Hills, MI, has issued its 2Q 2000 and six-month financial results. For the quarter ended June 30, diluted FFO per share for Taubman was 31¢, even the same as in the second quarter of 1999. Diluted FFO per share for the six months ended June 30, was 64¢, vs. 61$ per share in the first half of 1999.

Taubman Centers’ EBITDA for the second quarter of 2000 was $54.8 million, a 5.6% increase from the $51.9 million in the prior year’s comparable quarter. EBITDA for the six months ended June 30, 2000 was $111 million, an 8.9% increase over the $102.0 million in first half of 1999.

Sales per sf for mall tenants was up 6.6% for the quarter and mall tenant sales increased 5%, according to the company. For the six- month period ended June 30, 2000, sales per sf for mall tenants was up 6.8% and mall tenant sales were up 7.6%. For the 12 months ended June 30, average rent per sf for stores in centers owned and operating at least five years was $43.97, up 3.% from $42.71 for the 12 months ended June 30, 1999.

Average occupancy for all centers was 88.1% in both the second quarters of 2000 and 1999. Average occupancy for the six-month period was 88.5 percent compared to 88.4% in 1999. Leased space at the end of the period was 90.5%, vs. 91.7% at June 30, 1999.