Taubman Centers, Inc. Announces Consolidated and Unconsolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year Ending December 31, 2018, Full Year of 2019 and 2020
For the quarter, on unconsolidated basis, the company reported total revenue of $156,820,000 against $157,571,000 a year ago. EBITDA was $104,296,000 against $100,045,000 a year ago. Funds from operations attributable to the company's common shareowners were $37,389,000 against $36,935,000 a year ago.
For the year, on consolidated basis, the company reported total revenue of $629,165,000 against $586,039,000 a year ago. Net income was $112,757,000 against $188,151,000 a year ago. Net income attributable to the company's common shareowners was $55,267,000 against $107,358,000 a year ago. EBITDA was $321,866,000 against $345,086,000 a year ago. Funds from operations attributable to the company's common shareowners were $171,901,000 against $217,476,000 a year ago. Net income attributable to common shareowners per diluted share was $0.91 against $1.77 a year ago. Funds from operations per diluted share were $3.51 against $3.91 a year ago. Adjusted funds from operations attributable to the company's common shareowners were $227,619,000 against $219,390,000 a year ago. Adjusted funds from operations per diluted share were $3.70 against $3.58 a year ago. For the year, adjusted FFO was $3.70, up 3.4%.
For the year, on unconsolidated basis, the company reported total revenue of $586,039,000 against $476,916,000 a year ago. EBITDA was $389,685,000 against $318,217,000 a year ago. Funds from operations attributable to the company's common shareowners were $132,224,000 against $122,713,000 a year ago.
For the year ending December 31, 2018, the company expected FFO per diluted common share to be in the range of $3.72 to $3.86. Net income attributable to common shareholders (EPS) for the year is expected to be in the range of $1.15 to $1.39.
For 2019, the company expects an incremental $150 million to $160 million of NOI in share by the end of '2019.
Full year 2020 NOI to be solidly in the middle of $20 million to $30 million target range.