Taubman Q3 FFO Rises; Backs FY13 FFO Outlook

(RTTNews) - Taubman Centers, Inc. (TCO) Thursday reported third-quarter funds from operations, or FFO attributable to the company of $57.7 million, or $0.89 per share, up from $49.1 million, or $0.79 per share in the same period last year.

Adjusted Funds From Operations or AFFO attributable to the company was $57.7 million, or $0.89 per share, compared to $53.5 million or $0.86 per share in the previous year quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to shareowners improved to $24.5 million or $0.38 per share from $21.7 million or $0.35 per share last year.

Revenues totaled $193.94 million, up from $189.54 million last year, while five analysts expected revenues of $189.36 million.

Looking ahead to the fiscal year 2013, the company is maintaining its FFO guidance range of $3.57 to $3.67 per share. Analysts currently expect full-year FFO of $3.61 per share.

Fiscal 2013 earnings is expected to be in the range of $1.64 to $1.76 per share.