Taubman Centers, Inc. (NYSE: TCO) reported Q2 FFO of $0.86, $0.05 better than the analyst estimate of $0.81. Revenue for the quarter came in at $169.99 million versus the consensus estimate of $168.14 million.

"We're pleased to announce strong results for the quarter. FFO increased 6.7 percent, and 14.7 percent on an adjusted basis. Our results benefited from increased rents and recoveries, and reduced interest and operating expenses. Lease cancellation income was also higher," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.

"During the quarter we announced an agreement to sell a portfolio of seven malls. The sale is part of our ongoing strategy to recycle capital. It's a transformative opportunity that will significantly enhance NOI growth and create net asset value for our investors over time."

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