BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. (TCO) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Bloomfield Hills, Michigan-based real estate investment trust said it had funds from operations of $82.9 million, or 94 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 83 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 $6.3 million, or 10 cents per share.
The shopping center real estate investment trust posted revenue of $161.6 million in the period. Its adjusted revenue was $149.6 million, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $147 million.
Taubman expects full-year funds from operations in the range of $3.64 to $3.74 per share.
The company's shares have decreased 10% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $40.77, a drop of 33% in the last 12 months.