(RTTNews) - Monday, a real estate investment trust,Taubman Centers Inc.(TCO: News ) 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.

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