Taubman Centers (TCO) Tops Q2 FFO by 6c

Taubman Centers (NYSE: TCO) reported Q2 FFO of $1.04, 6 cents than the analyst estimate of $0.98. Revenue for the quarter came in at $158.89 million versus the consensus estimate of $147.45 million.

“We had a solid quarter,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. “FFO was consistent with our expectations despite a two cent legal charge.

Our NOI growth was strong. Driven by increased rents, recoveries, and occupancy, we produced our best quarter of growth in nearly four years. We also posted impressive releasing spreads that for the eighth consecutive quarter were greater than 20 percent.”

GUIDANCE:

Taubman Centers sees FY2016 FFO of $3.75-$3.90, versus the consensus of $3.80. Taubman Centers sees FY2016 revenue of $3.75-3.95 million.

For earnings history and earnings-related data on Taubman Centers (TCO) click here.

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