Taubman Centers Inc. (TCO, Financial) filed Quarterly Report for the period ended 2012-06-30.
Taubman Centers, Inc. has a market cap of $4.54 billion; its shares were traded at around $77.71 with a P/E ratio of 25.2 and P/S ratio of 7. The dividend yield of Taubman Centers, Inc. stocks is 2.4%. Taubman Centers, Inc. had an annual average earning growth of 4.4% over the past 10 years.
Total revenues for the three months ended June 30, 2012 were $66.8 million, up $3.9 million or 6.2% over the comparable period in 2011. Minimum rents increased primarily due to increases in average occupancy and average rent per square foot. Expense recoveries increased due to increased expenses and fixed CAM revenue as a result of higher occupancy.
Total revenues for the six months ended June 30, 2012 were $348.7 million, a $49.7 million or 16.6% increase from the comparable period in 2011. Minimum rents increased by $26.1 million primarily due to The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village, which we acquired in December 2011 and City Creek Center, which opened in March 2012. Minimum rents also increased due to increases in average rent per square foot and average occupancy. Percentage rents increased primarily due to higher tenant sales. Expense recoveries increased primarily due to The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village, and City Creek Center, and an increase in fixed CAM revenue as a result of higher occupancy. Management, leasing, and development income increased primarily due to an increase in revenue related to Taubman TCBL and reimbursable third-party costs, partially offset by a one-time collection of past due development fees in 2011 for services provided on the Riverstone project in Songdo International Business District, Incheon, South Korea. We now expect our share of net management leasing and development income to be about $6 million in 2012. Other income increased primarily due to an increase in sponsorship revenue and income from City Creek Center.
Total revenues for the six months ended June 30, 2012 were $132.1 million, up $5.8 million or 4.6% over the comparable period in 2011. Minimum rents increased primarily due to increases in average occupancy and average rent per square foot. Percentage rents increased primarily due to higher tenant sales. Expense recoveries increased due to an increase in fixed CAM revenue as a result of higher occupancy and increased expenses chargeable to net CAM tenants.
Net cash provided by investing activities was $288.0 million in 2012, compared to $25.3 million used in investing activities in 2011. Additions to properties in 2012 related primarily to the $75 million paid upon the opening of City Creek Center, costs of the new centers under development, tenant improvements at existing centers, and other capital items. Additions to properties in 2011 related primarily to the purchase of the space vacated by Saks Fifth Avenue at Cherry Creek Shopping Center, tenant improvements at existing centers and other capital items. A tabular presentation of 2012 capital spending is shown in “Capital Spending.” Net proceeds from the sales of peripheral land were $3.7 million in 2011. There were no land sales in 2012. The timing of land sales is variable and proceeds from land sales can vary significantly from period to period. Repayments of notes receivable were $5.3 million and $0.8 million in 2012 and 2011, respectively. The amount in 2012 included the $5.1 million that was repaid by the joint venture partners at Westfarms related to their share of the litigation charges, which were paid in 2009. Restricted cash in 2012 was used to repay the $281.5 million of installment notes that were issued as part of the consideration for the acquired centers in 2011 (see "Results of Operations - Acquisitions").
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Taubman Centers, Inc. has a market cap of $4.54 billion; its shares were traded at around $77.71 with a P/E ratio of 25.2 and P/S ratio of 7. The dividend yield of Taubman Centers, Inc. stocks is 2.4%. Taubman Centers, Inc. had an annual average earning growth of 4.4% over the past 10 years.
Highlight of Business Operations:
Our mall tenants reported an 8.4% increase in sales per square foot in the second quarter of 2012 from the same period in 2011. This increase is on top of a 14.1% increase in the second quarter of 2011. For the twelve month period ended June 30, 2012, mall tenant sales were $672 per square foot, a 12% increase over $600 per square foot for the trailing twelve month period ended June 30, 2011. Our increase in sales per square foot growth has moderated from the double-digit sales increases we saw for the previous nine quarters. We would not be surprised if over the next several quarters sales growth would continue to moderate.Total revenues for the three months ended June 30, 2012 were $66.8 million, up $3.9 million or 6.2% over the comparable period in 2011. Minimum rents increased primarily due to increases in average occupancy and average rent per square foot. Expense recoveries increased due to increased expenses and fixed CAM revenue as a result of higher occupancy.
Total revenues for the six months ended June 30, 2012 were $348.7 million, a $49.7 million or 16.6% increase from the comparable period in 2011. Minimum rents increased by $26.1 million primarily due to The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village, which we acquired in December 2011 and City Creek Center, which opened in March 2012. Minimum rents also increased due to increases in average rent per square foot and average occupancy. Percentage rents increased primarily due to higher tenant sales. Expense recoveries increased primarily due to The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village, and City Creek Center, and an increase in fixed CAM revenue as a result of higher occupancy. Management, leasing, and development income increased primarily due to an increase in revenue related to Taubman TCBL and reimbursable third-party costs, partially offset by a one-time collection of past due development fees in 2011 for services provided on the Riverstone project in Songdo International Business District, Incheon, South Korea. We now expect our share of net management leasing and development income to be about $6 million in 2012. Other income increased primarily due to an increase in sponsorship revenue and income from City Creek Center.
Total revenues for the six months ended June 30, 2012 were $132.1 million, up $5.8 million or 4.6% over the comparable period in 2011. Minimum rents increased primarily due to increases in average occupancy and average rent per square foot. Percentage rents increased primarily due to higher tenant sales. Expense recoveries increased due to an increase in fixed CAM revenue as a result of higher occupancy and increased expenses chargeable to net CAM tenants.
Net cash provided by investing activities was $288.0 million in 2012, compared to $25.3 million used in investing activities in 2011. Additions to properties in 2012 related primarily to the $75 million paid upon the opening of City Creek Center, costs of the new centers under development, tenant improvements at existing centers, and other capital items. Additions to properties in 2011 related primarily to the purchase of the space vacated by Saks Fifth Avenue at Cherry Creek Shopping Center, tenant improvements at existing centers and other capital items. A tabular presentation of 2012 capital spending is shown in “Capital Spending.” Net proceeds from the sales of peripheral land were $3.7 million in 2011. There were no land sales in 2012. The timing of land sales is variable and proceeds from land sales can vary significantly from period to period. Repayments of notes receivable were $5.3 million and $0.8 million in 2012 and 2011, respectively. The amount in 2012 included the $5.1 million that was repaid by the joint venture partners at Westfarms related to their share of the litigation charges, which were paid in 2009. Restricted cash in 2012 was used to repay the $281.5 million of installment notes that were issued as part of the consideration for the acquired centers in 2011 (see "Results of Operations - Acquisitions").
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