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BLOOMFIELD HILLS, MI-Taubman Centers, Inc. reports a 9.7% increase in second-quarter funds from operations to $0.34 per share, and up 7.8% in the first six months of 2001 compared to the same periods in 2000. President and CEO Robert S. Taubman considers that quite an accomplishment.

“Despite the weakening economy and lagging retail sales nationally, we posted solid FFO per share growth this quarter,” Taubman says.

Income per share for the quarter was up 25% in the second quarter before accounting for excess income allocations to minority shareholders. The company also reports modest increases in rents, but small decreases in tenant sales, too.

“Average rents, which impact our financial results for the length of the lease, continued to climb in the quarter, while sales, which reflect the current retail environment, were down modestly across the portfolio,” Taubman says. “Both occupancy and leased space were within our historic range.”

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