X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BLOOMFIELD HILLS, MI-Taubman Centers, Inc., says it has just concluded the strongest six months of tenant sales in its history as a public company. Mall tenant sales per sf increased 8.3% for the quarter and 10.4% for the six month period ended June 30, Taubman says in its quarterly filing.

While tenants had sales of $833 million in the second quarter and $1.6 billion for the first six months of the year, Taubman says funds from operations also rose, citing the opening of its Stony Point Fashion Park in Richmond, VA, and higher rents in its core portfolio of properties. Bloomfield Hills-based Taubman reported second-quarter FFO of $0.44 per share, up $0.41 a share from the previous year’s second quarter.

Leased space at the end of the second quarter was 88.2%, up 0.2% from June 30, 2003. Total occupancy for the portfolio was 85.2%, up 0.4% sequentially from the first quarter and on track to show increasing occupancy for the second half of the year, says chief executive officer Robert S. Taubman.

Including temporary tenants, occupancy was 87.6% on June 30, up from 87.0% a year ago. Average rent per sf was $40.92 for the quarter in the consolidated portfolio, up 4.1% from the second quarter of 2003.

“With 15 consecutive months of increasing sales in our centers, retailers are optimistic about their future prospects,” Taubman says. “We are converting this positive sales momentum into occupancy and rental increases at our centers.”

The company is raising its FFO outlook for 2004. The company expects 2004 FFO per diluted share to be in the range of $1.90 to $1.93.

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?

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.