BLOOMFIELD HILLS, Mich. – BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. (TCO) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $87.6 million, or $1.01 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of 86 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $21 million, or 34 cents per share.
The shopping center real estate investment trust posted revenue of $159.1 million in the period. Its adjusted revenue was $142.7 million, which fell short of Street forecasts. Thirteen analysts surveyed by Zacks expected $145 million.
Taubman expects full-year funds from operations in the range of $3.76 to $3.84 per share.
The company's shares have dropped 15 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $55.65, a climb of 16 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on TCO at https://www.zacks.com/ap/TCO