Monday, a real estate investment trust,Taubman Centers Inc.(TCO) reported a loss for the third quarter, with a decline in revenues. Funds from operations, including impairment charge, was a loss for the recent quarter. In addition, the company narrowed its guidance for the full year.
Taubman reported third-quarter net loss attributable to shareholders of $94.07 million, compared with net income of $9.19 million in the year-ago period. On a per share basis, loss,including impairment charges relating to the Pier shops at Caesars and regency Saquare, was $1.77, compared with a profit of $0.17 last year.
Funds from operations or FFO applicable to the company was a negative $67.01 million or $1.26 per share, compared with FFO of $39.76 million or $0.74 per share in the year-ago period.
Adjusted FFO attributable to the company increased to $40.40 million or $0.74 per share from $39.76 million or $0.00 per share in the same quarter last year.
On average, seven analysts polled by Thomson Reuters expected the company to report a loss of $1.41 per share for the quarter. Analysts' estimates typically exclude one-time items. Total revenues from consolidated businesses decreased slightly to $163.20 million from $163.71 million in the year-ago period. Total revenues from unconsolidated joint ventures was $67.28 million compared with $67.05 million in the prior-quarter last year. Analysts expected revenue of $82.28 million for the quarer.
Total expense from consolidated businesses rose to $312.90 million from $147.35 million, while total expenses from unconsolidated joint ventures increased to $48.02 million from $47.48 million last year. Taubman's average rent per square foot in 16 consolidated properties for the quarter declined to $42.36 from $44.04 in the year-ago period.
Ending occupancy decreased to 88.5% from 90.5% and space leased out declined to 91% from 92.4% in the previous year. Mall tenant sales per square foot declined 8.0 % from last year.
For nine months, FFO attributable to common shareholders decreased to $5.70 million or $0.11 per share from $111.58 million or $2.08 per share in the year-ago period. Consolidated revenue declined to $479.82 million from $481.54 million last year.
Looking ahead to fiscal 2009, excluding the impact of the impairment and restructuring charges, the company is narrowing the range for adjusted FFO per share guidance to $2.88 - $2.93. This compares with previously announced fiscal 2009 adjusted FFO guidance range of $2.73 - $2.93 per share, which excluded the restructuring charge incurred in the first half of the year. FFO per share is expected to be $0.87-$0.92.
The company also narrowed its guidance for 2009 loss per share to $1.13-$1.03. The company expects fiscal 2009 earnings per share attributable to shareholders, before impairment and restructuring charges, to be in the range of $0.91-$1.01.Analysts' expect earnings of $0.74 per share for the year.
Taubman last traded at $33.26, down $0.44 or 1.31% on a volume of 1.37 million on the NYSE
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.