Taubman Centers (TCO) Tops Q2 EPS by 3c; AFFO $0.87

Taubman Centers (NYSE: TCO) reported Q2 EPS of $0.25, $0.03 better than the analyst estimate of $0.22. AFFO was $0.87 versus $0.92 last year.

“We’re pleased with this quarter’s results,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. “Our business benefitted from increased rents and expense savings.”

The company received significant lease cancellation income in the second quarter of 2017, impacting the comparability of the year-over-year second quarter Adjusted FFO results.

For the quarter, comparable center NOI, excluding lease cancellation income, was up 3.5 percent, bringing year-to-date growth to 4.1 percent. Including such income, comparable center NOI was up 1.7 percent, bringing year-to-date growth to 5.4 percent.

“Comparable center NOI growth exceeded our expectations again this quarter. The newest centers in our comp pool – International Market Place in Hawaii, CityOn.Xi’an in China, and Starfield Hanam in South Korea – produced especially strong growth. We also benefitted from higher overage rents, a result of strong tenant sales in the quarter, and greater net recoveries. As a result, we are increasing our NOI guidance for the full year,” said Mr. Taubman.

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

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