BLOOMFIELD HILLS, MI-With tenant sales per sf up 5% from last year, REIT Taubman Centers Inc. reported strong results for the first quarter of 2006, according to Robert Taubman, chairman, president and chief executive officer of the company.

“We believe our 5% increase compares very well with the rest of the industry,” Taubman said during the company’s Q1 earnings call Friday. “We’ve had an outstanding quarter, and we want tenant sales to continue to grow.”

Taubman said the success of tenant sales is particularly noteworthy given the timing of Easter, which fell mid-April instead of March. “We are especially pleased with the sales performance given the later Easter this year and the tough comparison with the first quarter of 2005 when we posted near-record tenant sales per sf,” he told investors.

The company’s shopping centers were 90.9% leased at the end of the quarter, up 0.4% from 90.5% a year earlier. Occupancy was 88.3% versus 88.4% a year earlier. The company’s FFO per diluted share was 62 cents for the quarter, an increase of 8.8% compared to the same period last year.

With the announcement last week of 16 leases at the Mall at Partridge Creek in Clinton Township and the expected opening of the Pier at Caesars in Atlantic City, NJ, the company is focusing on future growth. “We feel very good about our leasing momentum and expect that momentum to continue into the second quarter,” Taubman said.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.