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Company Earning Updates

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

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Coresight Research

Key Points

  • 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).

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