Taubman Reports First-Quarter Results; Bumps in the Road Manageable for Now
Taubman reported first-quarter results slightly below previous management guidance and our expectations. We are currently maintaining our $74 per share fair value estimate and narrow moat rating.Performance for the quarter remained positive, with marginal increases in mall sales per square foot and trailing 12-month leasing spreads ending at 16.3%. Average base rent grew 1% for the quarter, year over year, though ending occupancy decreased with the effects of The Sports Authority and The Limite...
Taubman Centers operates as a self-administered and self-managed real estate investment trust. The Taubman Realty Group Limited Partnership is a majority-owned partnership subsidiary of the company that owns direct or indirect interests in all of the company's real estate properties. The company owns, manages, leases, acquires, disposes of, develops, and expands shopping centers and interests therein. The company's owned portfolio of operating centers consists of urban and suburban shopping centers operating in the United States, Puerto Rico, South Korea, and China.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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