Taubman Centers FFO Edges Down, Meets Street; Reaffirms FY Outlook

(RTTNews) - Taubman Centers Inc (TCO), a real estate investment trust, Thursday reported first-quarter funds from operations, or FFO, of $58 million, compared with $58.2 million last year. On a per share basis, FFO was unchanged at $0.90.

On average, 14 analysts polled by Thomson Reuters estimated FFO of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings to common stockholders for the quarter were $369 million or $5.74 per share compared with $27.7 million or $0.43 per share last year. Results for the recent quarter included a gain of $5.30 per share on the sale of a 49.9% interest in the entity that owns International Plaza, as well as investments in Arizona Mills and land in Syosset, New York.

Revenues for the quarter were $174.8 million compared with $183.3 million in the prior year. Analysts estimated revenues of $175.54 million for the quarter.

For fiscal 2014, the company still expects FFO of $3.72 to $3.82 per share, while analysts project $3.80 per share.