Taubman: 4Q Earnings Snapshot

BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. (TCO) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.

The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $56.4 million, or 91 cents per share, in the period.

The average estimate of 13 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 $3.1 million, or 5 cents per share.

The shopping center real estate investment trust posted revenue of $167.5 million in the period. Its adjusted revenue was $152.1 million, missing Street forecasts. Fourteen analysts surveyed by Zacks expected $155.7 million.

For the year, the company reported funds from operations of $236.5 million, or $3.83 per share. Revenue was reported as $575.4 million.

Taubman expects full-year funds from operations to be $3.62 to $3.74 per share.

The company’s shares have increased slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $48.84, a decrease of 17 percent 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