X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-Excluding costs from a hostile takeover attempt by Simon Property Group ofIndianapolis, Taubman Centers Inc. of Bloomfield Hills is reporting anincrease in Funds From Operations between second quarter 2002 and secondquarter 2003.

However, counting the takeover attempt, the company is reporting a net lossof 40 cents a share for the six months ending June 2003, and 26 cents pershare for the second quarter 2003.

The company said the losses were because of allocations of income tominority interests, the takeover attempt, depreciation and gains ondispositions.

Simon had offered shareholders $20 per common share for Taubman stock as ofFriday. It was not clear at press time how many shares Indianapolis REIT wasable to acquire. Taubman is trying to block the sale with a controllingblock of shares.

Taubman’s funds from operations did increase from last year, though not asmuch as expected. The company had to restate its earnings last year, inaccordance with National Association of Real Estate Investment Trusts(NAREIT) guidelines, because of charges relating to technology investments.

“These solid results reflect contributions from the successful opening ofThe Mall at Millenia (Orlando, FL) in October, 2002, as well as rents andrecoveries from our core portfolio,” said Robert S. Taubman, chairman,president and CEO of Taubman Centers.

He said mall tenant sales and rents per sf were up for the secondquarter 2003.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.