Taubman Centers Q3 FFO Declines, Trims 2014 Adj FFO Outlook - Quick Facts

(RTTNews) - Taubman Centers, Inc (TCO), a real estate investment trust, reported third-quarter funds from operations or FFO, attributable to TCO of $56.05 million or $0.87 per share, compared to $57.74 million or $0.89 per share in the prior-year quarter.

Adjusted FFO for the quarter was $58.47 million or $0.91 per share, compared to $57.74 million or $0.89 per share in the year-ago quarter.

On average, nine analysts polled by Thomson Reuters estimated FFO of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.

Net income to common stockholders for the quarter increased to $56.64 million or $0.53 per share from $43.24 million or $0.38 per share last year.

Revenues for the quarter declined to $176.04 million from $193.94 million in the same quarter last year. Analysts estimated revenues of $171.33 million for the quarter.

Looking ahead to fiscal 2014, the company trimmed adjusted FFO guidance to a range of $3.58 to $3.68 per share from the previous range of $3.72 to $3.82 per share. It also projects FFO in the range of $3.07 to $3.17 per share and earnings in the range of $13.40 to $13.54 per share. Street is currently looking for full-year 2014 FFO of $3.55 per share.

In October, the company completed the previously announced sales of seven malls to Starwood for $1.403 billion as part of its ongoing strategy to recycle capital, maximize its NOI growth rate and create net asset value for investors over time.