Taubman Centers Q2 Profit Rises; Reaffirms FY Outlook

(RTTNews) - Taubman Centers Inc (TCO), a real estate investment trust, reported second-quarter funds from operations attributable to TCO of $51.34 million, compared with $48.75 million last year. On a per share basis, FFO was $0.80, higher than the prior year's $0.75.

Adjusted Funds from Operations attributable to TCO was $55.51 million or $0.86 per share, up from $48.75 million or $0.75 per share last year.

On average, 9 analysts polled by Thomson Reuters estimated FFO of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.

Net income to common stockholders for the quarter were $21.34 million or $0.33 per share compared with $17.84 million or $0.28 per share last year.

Revenues for the quarter were $169.99 million compared with $178.19 million in the prior year. Analysts estimated revenues of $168.14 million for the quarter.

For fiscal 2014, the company still expects FFO of $3.72 to $3.82 per share and EPS is expected to be in the range of $7.33 to $7.48, while analysts project $3.71 per share.