Taubman Centers, Inc. reported consolidated earnings and operating results for the first quarter ended March 31, 2017. For the quarter, the company reported net income of $32,759,000 against $44,329,000 a year ago. Net income attributable to company's common shareowners was $17,170,000 or $0.28 per basic and diluted share against $24,613,000 or $0.41 per basic and diluted share a year ago. Funds from operations attributable to company's common shareowners were $52,592,000 or $0.85 per diluted share against $51,597,000 or $0.84 per diluted share a year ago. Total revenue was $149,083,000 against $139,455,000 a year ago. EBITDA was $76,106,000 against $75,027,000 a year ago.

For the quarter, comparable center net operating income excluding lease cancellation revenue, was up 2.8%. Additionally, lease cancellation income was greater than it had anticipated. Including lease cancellation income, comparable center NOI growth was 3.9%. Comparable center mall tenant sales per square foot rose 1.2% from the first quarter of 2016. Average rent per square foot for the quarter was $60.60, up 1% from $60.00 in the comparable period last year. Trailing 12-month releasing spreads per square foot for the period ended March 31, 2017 were 16.3%. Ending occupancy in comparable centers was 92.3% on March 31, 2017, unchanged from March 31, 2016. Leased space in comparable centers was 93.9% on March 31, 2017, down 1.5% from March 31, 2016 primarily due to the bankruptcies and closures of Sports Authority and The Limited.

For the year 2017, the company is updating its guidance. 2017 EPS is expected to be in the range of $1.16 to $1.41 per diluted common share, revised from the previous range of $1.20 to $1.45. 2017 Adjusted FFO, which excludes $0.07 per diluted common share of first quarter adjustments, is expected to be in the range of $3.67 to $3.82 per diluted common share. 2017 FFO, which includes $0.07 per diluted common share of first quarter adjustments, is expected to be in the range of $3.60 to $3.75 per diluted common share, revised from the previous range of $3.67 to $3.82. This guidance assumes comparable center NOI growth, including lease cancellation income, of about 3 ½% for the year. The company's previous comparable center NOI growth guidance of about 3 ½ % excluded lease cancellation income. This guidance assumes the company's beneficial share of lease cancellation income to be $10 to $12 million, up from the previous estimate of $5 to $6 million. This guidance does not include an assumption for future costs associated with shareowner activism.