Taubman: 2Q Earnings Snapshot
BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. (TCO) on Monday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $25.7 million, or 41 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 64 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $34.1 million, or 55 cents per share.
The shopping center real estate investment trust posted revenue of $118.5 million in the period. Its adjusted revenue was $113.8 million, which also missed Street forecasts. Three analysts surveyed by Zacks expected $143 million.
The company’s shares have risen 23% since the beginning of the year. In the final minutes of trading on Monday, shares hit $38.21, a decline of nearly 8% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TCO at https://www.zacks.com/ap/TCO