| Taubman Centers Reports Strong First Quarter Results
BLOOMFIELD HILLS, Mich., April 19 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. TCO today reported strong financial results for the first quarter of 2007. (Logo: http://www.newscom.com/cgi-bin/prnh/20051005/TAUBMANLOGO ) Net Income allocable to common shareholders per diluted common share for the quarter ended March 31, 2007 was $0.19, an increase of $0.09 from $0.10 per diluted common share for the same period last year. For the quarter ended March 31, 2007, Funds from Operations (FFO) per diluted share was $0.65, an increase of 8.3 percent from $0.60 for the quarter ended March 31, 2006. FFO per diluted share was up 4.8 percent from Adjusted FFO per share of $0.62 for the quarter ended March 31, 2006, which excludes financing-related charges incurred in the quarter.
Opinion: Government center should be downtown
1. The county seat city is, in a sense, the "center of the county" and the traffic flow -- if one can identify it -- is pulled and radiates from the downtown area. 2. The churches, schools, and planning center are located more adjacent to the "central city" -- downtown. 3. At present, the downtown is like spokes on a wheel -- the "hub" has been and can be the important geographical place. 4. Law enforcement is a crucial and growing issue in Mower County; a police, jail and court system need to be upgraded and expanded. Will they not better service the public by being in close proximity to dovetail their related functions? 5. The arrests and anti-social behaviors that occur in the greater Austin area are spread on all sides of the central city.
Cedar Shopping Centers Declares Dividends on Common and Preferred ...
PORT WASHINGTON, N.Y., April 23 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that its Board of Directors has approved the payment of a dividend of $0.225 per share of the Company's Common Stock, payable on May 21, 2007 to shareholders of record as of the close of business on May 11, 2007. The annualized dividend rate equates to a yield of 5.5% based upon the closing price of Cedar's stock on April 20, 2007. Payments at the same rate and at the same time will be made to holders of units of limited partnership interests in Cedar Shopping Centers Partnership L.P., the Operating Partnership of which the Company is the sole general partner ("OP Units"). The Company also announced that the Board has approved payment of a dividend of $0.5546875 per share on the Company's 8 7/8% Series "A" Cumulative Redeemable Preferred Stock, payable on May 21, 2007 to shareholders of record as of the close of business on May 11, 2007.
Bugaboo Creek blames rent cost for closing
GUILDERLAND -- The Bugaboo Creek Steakhouse at Crossgates Mall has closed, a move the company says was forced by the shopping center's relatively high rent. Kim Jensen-Pitt, senior director for marketing at the restaurant chain, said Monday that "the cost of doing business at that location was too high." She said the company has considered the economics of the location a problem for several years. .
Simon to operate some Mills malls separately
Seventeen of the 37 malls that Simon Property Group and a partner reaped by acquiring shopping mall owner The Mills Corp. will be operated as a "separate retail real estate platform," Simon said today. The 17 properties merge traditional mall, outlet center, big box and entertainment uses, and will be managed and leased from an office in the Washington, D.C., area. Mills was based in Chevy Chase, Md., which is near the nation’s capitol. Support will be handled at Simon’s Indianapolis headquarters. The new unit will be headed by J. Scott Mumphrey, a Simon executive vice president who has worked for the Indianapolis-based shopping mall giant for 27 years. The other 20 are regional malls that will be managed by Simon. The plans were disclosed in an announcement that Simon and San Francisco-based Ferallon Capital Management LLC closed the $1.6 billion acquisition April 3.
Court rules Blandford Square Developments Ltd. can appeal
TORONTO - Blandford Square Developments Ltd. won a critical legal victory Friday when the Court of Appeal for Ontario decided to allow its appeal of a March 2006 decision that quashed an injunction to prevent Oxfords expropriation of the companys former mall property. The unanimous decision, authored by Justice Stephen Goudge, determined that Blandford Square Developments claims against the county could not be properly resolved without a trial while dismissing "the entirety of Oxfords motion for summary judgment" that had, in part, been granted in the original decision. The courts decision found that BSDs arguments against the expropriation "could not be properly resolved" without a trial, effectively overturning the initial partial summary judgment that found the expropriation was not "per se unlawful." "Were still trying to go through the documentation," Oxford Warden Paul Holbrough said.
BUSINESS BRIEFS
LONDON: Brent crude oil climbed above US$67 yesterday after Nigeria's elections drew condemnation from monitors and investors waited for fresh word on oil supplies from the world's eighth biggest exporter. Militant attacks have shut about a fifth of Nigeria's oil production. Energy Minister Edmund Daukoru said last week he expected the country's biggest foreign operator, Royal Dutch Shell, to restart its Forcados fields in May. "The situation in Nigeria may yet get worse before it gets any better. Amidst this turmoil, we doubt that Shell will decide to announce a resumption of Nigerian oil exports anytime soon," said Edward Meir, an analyst at Man Financial Energy Group. Abbott to offer new Aids drug in Thailand BANGKOK: Thailand is weighing an offer from Abbott Laboratories Inc to sell a newer form of its Aids drug Kaletra at a discounted price, Health Minister Mongkol na Songkhla said yesterday.
It's official:Target will anchor old Valley mall
The Minneapolis-based retailer will anchor a new shopping center rising in the place of the 20-year-old Cottonwood Creek Mall. Crews are expected to demolish the flagging mall at the prime location of Parks and Palmer-Wasilla highways this spring. Target plans to open the Valley store in October 2008, representatives said Tuesday. Drawings of the new center depict two additional and as-yet unidentified smaller anchor stores, plus a number of shops and a stand-alone restaurant. An existing Taco Bell restaurant and Wells Fargo bank branch will stay in place. While rumors that Target would build in the Valley gained speed with the mall's sale last year, the formal announcement emerged with little fanfare at a sparsely attended Tuesday-evening session of the Wasilla Planning Commission.
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