Taubman: 3Q Earnings Snapshot
BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. (TCO) on Tuesday reported a key measure of profitability in its third 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 $78.4 million, or 88 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 89 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 net income of $215.4 million, or $3.48 per share.
The shopping center real estate investment trust posted revenue of $162.5 million in the period. Its adjusted revenue was $145.1 million, also missing Street forecasts. Fourteen analysts surveyed by Zacks expected $147.2 million.
Taubman expects full-year funds from operations in the range of $3.64 to $3.74 per share.
The company’s shares have declined 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $38.40, a fall of 31% 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