Taubman Centers 1Q FFO improves, partly on solid rents

Late Tuesday the shopping mall real estate investment trust reported FFO climbed to $54.8 million, or 68 cents per share, compared with $53.9 million, or 65 cents per share, in the prior year.

Analysts expected FFO of 71 cents per share, according to a Thomson Financial survey.

Funds from operations, or FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of REIT strength because it gives a more accurate picture of cash performance.

Chairman, President and Chief Executive Robert S. Taubman credited part of its quarterly performance to results from The Mall at Partridge Creek in Clinton Township, Mich., which opened in October.

For the period ended March 31, earnings after preferred dividends fell to $4.5 million, or 9 cents per share, from $10.4 million, or 19 cents per share.