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Taubman: 3Q Earnings Snapshot

·1 min read

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 Bloomfield Hills, Michigan-based real estate investment trust said it had funds from operations of $37.7 million, or 60 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 58 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 a loss of $30.1 million, or 49 cents per share.

The shopping center real estate investment trust posted revenue of $131 million in the period. Its adjusted revenue was $123.8 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $119 million.

The company's shares have risen 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $36.02, a rise of roughly 1% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TCO at https://www.zacks.com/ap/TCO