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Thu, Feb. 11, 12:01 PM
- Q4 adjusted FFO of $0.98 per share down from $1.00 a year ago, but beat estimates by a nickel. Full-year AFFO of $3.42 vs. $3.67 in 2014.
- Comparable center NOI up 3.4% in Q4 and 3.1% for 2015.
- Leased comp space of 97% up 80 basis points Y/Y. Comp tenant sales per square foot fell 2.2% in Q4, gained 1% for the year. These numbers were affected by weakness in South American tourism, which in turn stung the company's malls in Florida. Excluding those, comp sales per square foot gained 3.8% Y/Y.
- Q4 average rent per square foot of $60.71 up 1.7% Y/Y.
- Full-year 2016 FFO guidance of $3.45-$3.60 per share vs. AFFO of $3.42 in 2015.
- Previously: Taubman Centers beats by $0.05, beats on revenue (Feb. 10)
- TCO is up just 0.45% on the session, but it seems like a lot more with the S&P 500 down 1.8%.
Wed, Feb. 10, 4:25 PM
Tue, Feb. 9, 5:35 PM
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Mon, Jan. 11, 9:42 AM
- The company will not move forward with an enclosed regional mall slated to be part of the Miami Worldcenter mixed-use development, but is instead pursuing a high street retail plan.
- Taubman (TCO +0.7%) will take a Q4 charge of $11M-$12M to write off previously capitalized costs associated with the canceled mall's predevelopment. This will cut FFO per share by $0.13-$0.14.
- Source: Press Release
Thu, Jan. 7, 4:25 PM
- According to Reis, the vacancy rate for regional malls fell to 7.8% in Q4 from 7.9% a quarter earlier. The cycle peak of 9.4% was hit in 2011 Q3.
- For neighborhood and community malls, the vacancy rate slipped to 10% from 10.1% The cycle peak was 11.1% in 2011 Q3.
- Net absorption isn't that great, says Reis, but it's at least outpacing the sluggish pace of construction.
- Rents continue to grow as well, up 0.5% in Q4, with asking rents up 2% Y/Y and effective rents up 2.2% - both a bit better than what 2014 saw.
- Interested parties: SPG, GGP, BRX, KIM, WRI, MAC, TCO, PEI, ROIC, RPAI, IRC, FRT, DDR, WHLR, WSR
Mon, Jan. 4, 4:48 PM
- Highwoods Properties (NYSE:HIW) agrees to the sale of substantially all of its Country Club Plaza portfolio in Kansas City for $660M. The buyer is a JV between Taubman Centers (NYSE:TCO) and Macerich (NYSE:MAC).
- The portfolio consists of 18 properties totaling 840K square feet of retail space and 468K square feet of office space. It's currently 95% leased. The sale is expected to close on Feb. 1.
- For Highwoods, the sale of retail-centered assets in KC is part of its Best Business District office focus. The deal more or less funds purchases of two office properties in Tampa's CBD. This sale is at a 4.7% cap rate, says HIghwoods, versus the 7+% stabilized returns its expects on the new buys.
- Source: Press release
Dec. 17, 2015, 9:47 AM
- Alongside its upgrade of Mack-Cali Realty, JPMorgan also boosts Taubman Centers (TCO +0.7%). While Mack-Cali's upgrade was to Neutral, the Taubman move is to Outperform from Neutral.
- Taubman has been up and down this year, but currently about flat for 2015.
- Previously: Mack Cali Realty higher as JPMorgan throws in the towel (Dec. 17)
Dec. 3, 2015, 8:59 AM
Nov. 16, 2015, 10:00 AM
Nov. 13, 2015, 3:24 PM
- Tumbling alongside retail names after this morning's soft retail sales report, and disappointing results at J.C. Penney and Nordstrom, are the companies which rent space the sector.
- General Growth Properties (GGP -4%), Simon Property (SPG -2.5%), Kimco (KIM -1.5%), Weingarten (WRI -1.5%), Macerich (MAC -2.8%), Taubman (TCO -1.2%), Pennsylvania REIT (PEI -4.4%), Rouse (RSE -5.7%).
Oct. 26, 2015, 5:00 PM
- Q3 adjusted FFO of $0.86 per share vs. $0.91 one year ago. The sale of seven centers last October meant $0.135 less of FFO this quarter. Dividend is $0.56.
- Comparable center NOI, excluding lease cancellation income, up 2.8% in Q3. Comp center mall tenant sales per square foot up 2.4% Y/Y. Average rent per square foot of $60.53 up 1.4%. Trailing 12-month releasing spreads up 21.4%.
- Ending comparable occupancy of 93.8% up 70 basis points from last year.
- 631.3K shares bought back during quarter at average price of $68.63 each.
- Full-year adjusted FFO guidance of $3.36-$3.44 per share.
- Conference call tomorrow at 10 ET
- Previously: Taubman Centers beats by $0.08, beats on revenue (Oct. 26)
- TCO flat after hours
Oct. 26, 2015, 4:24 PM
- Taubman Centers (NYSE:TCO): Q3 FFO of $0.86 beats by $0.08.
- Revenue of $139.98M (-20.5% Y/Y) beats by $0.64M.
Oct. 25, 2015, 5:35 PM
Oct. 14, 2015, 9:48 AM
- There's another upgrade in the roughed-up REIT space, with Taubman Centers (TCO +0.7%) being lifted to Outperform from Neutral at Cowen & Co.
- The price target is hiked to $95 from $72.50, and represents about a 30% gain from last night's close.
- Taubman has fared better than most in the sector, down just about 5% year-to-date.
Sep. 3, 2015, 8:51 AM
- Taubman Centers (NYSE:TCO) declares $0.565/share quarterly dividend, in line with previous.
- Forward yield 3.29%
- Payable Sept. 30; for shareholders of record Sept. 15; ex-div Sept. 11.
Jul. 30, 2015, 4:12 PM
- Taubman Centers (NYSE:TCO): Q2 FFO of $0.76 beats by $0.04.
- Revenue of $131.97M (-22.4% Y/Y) beats by $2.23M.
Taubman Centers Inc operates as a self-administered and self-managed real estate investment trust. The Company owns, manages, leases, acquires, develops, and expands regional and super-regional retail shopping centers.
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