By  on February 12, 2009

Taubman Centers Inc. put a price tag on its failed bid to build a high-end Long Island mall in Syosset, N.Y., and it stretched to nine figures.

The real estate investment trust said Wednesday that it had taken an impairment charge of $115.9 million to cover its unfulfilled plan to build The Mall at Oyster Bay. An appellate division judge this month reversed a New York State Supreme Court decision ordering the town of Oyster Bay to issue a special permit for the facility.

Taubman’s net loss for the fourth quarter ended Dec. 31 came to $95.1 million and also included an $8.3 million charge for a postponed project in Sarasota, Fla. The loss came against net income of $21.4 million in the prior-year quarter. The charges led Taubman to a funds from operations loss of $43.4 million from an FFO profit of $70.3 million in the year-ago quarter. Excluding impairment charges, FFO per diluted share was $1, ahead of estimates and up from 87 cents in the 2007 quarter.

Revenues for consolidated businesses, excluding those in which Taubman holds a partial interest, rose 6.2 percent to $190 million from $178.9 million in the prior-year period. At quarter’s end, the occupancy rate of Taubman’s portfolio was 90.3 percent, down from 91.2 percent a year earlier, with the decline “primarily the result of the closing in late 2008 of three big-box store locations at the company’s value centers, which were part of national bankruptcies.”

Rents per square foot in the consolidated portfolio were $44.58 last year, up 2.7 percent from the year before.

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus