- Taubman Centers (NYSE:TCO) boosts the lower end of its 2018 adjusted FFO per share guidance range to $3.76-$3.84 from its previous range of $3.74-$3.84.
- That puts Q4 adjusted FFO per share guidance at 84 cent-92 cents.
- Compares with $1.03 in Q4 2017.
- “The primary drivers are expected to be higher interest expense, lower lease cancellation income, and one-time promotional expenses related to Beverly Center’s Grand Reveal. The combined impact of these items is expected to be $0.15 to $0.17 per share," says Executive Vice President and CFO Simon J. Leopold.
- TCO also introduces some guidance for 2019--consolidated and unconsolidated interest expense, at 100%, is expected to be $297M-$303M, up from $265M-$268M in 2018. Increase is due to higher interest rates, less capitalized interest, and greater borrowings.
- Q3 adjusted FFO per share of $1.01 beats consensus by 14 cents and compares with 83 cents in the year-ago period.
- Q3 comparable-center NOI, excluding lease cancellation income, was up 9.2%; including lease cancellation income, comparable-center NOI rose 10.3%.
- Previously: Taubman Centers beats by $0.14, beats on revenue (Oct. 29)
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Original article