Company Earnings Update
Taubman Centers (NYSE: TCO) 4Q18 Results: Beats Consensus Estimates, Lowers 2019 Guidance, Announces Sale of Half its Stake in Asia Malls
Key Points
- Taubman Centers reported 4Q18 adjusted FFO of $0.91 per share, ahead of the $0.89 consensus estimate. Revenues were $167.5 million, down 2.7% year over year.
- Separately, the company announced plans to sell 50% of its interests in three Asia shopping centers to the Blackstone Group for $480 million, to close throughout 2019.
- For 2019, Taubman expects EPS of $0.84-1.08 (versus $0.95 in 2018) and FFOPS of $3.62-3.74 (below $3.83 in 2018), based on the assumption of 2% growth in NOI.
