Taubman Centers (NYSE: TCO) 1Q19 Results: Beats Consensus Estimates, Updates 2019 Guidance for The Gardens Mall Acquisition

Executive Summary

• Taubman Centers reported 1Q19 revenues of $160.2 million, down 0.8% year over year and beating the $157.3 million consensus estimate. Adjusted FFO was $0.95 per share, down 8.8% and ahead of the $0.90 consensus estimate. 
• Comparable center mall tenant sales per square foot were up 18.6% in the quarter and average rent per square foot in comparable centers increased 1.3% to $56.15.
• To account for The Gardens Mall acquisition, Taubman reduced 2019 EPS guidance to $0.68-0.92 (from $0.84-1.08 previously) and FFOPS to $3.60-3.72 (from $3.62-3.74 previously).