Bloomfield Hills-based Taubman Centers Inc. reported a more than 3 percent increase in net operating income (excluding lease cancellation) to more than $588 million in 2015 compared to nearly $571 million in 2014.
"In 2015, we opened a new center, delivered five key redevelopments, and completed a number of financing transactions that strengthened our balance sheet," says Robert Taubman, chairman, president, and CEO of Taubman Centers.
Taubman says leased space in comparable centers was at 97 percent in 2015, up .8 percent from 96.2 percent in 2014. Ending occupancy in comparable centers was 95.3 percent in 2015, up .6 percent from 94.7 percent in 2014.
Taubman says comparable center mall tenant sales per square foot were $800 for 2015, an increase of 1 percent from 2014.
"Weakness in South American tourism and the strengthening U.S. dollar negatively impacted two of our tourist-oriented centers in Florida throughout the year," Taubman says. "Excluding those centers, comparable mall tenant sales were up 3.8 percent for the year."
For the year, average rent per square foot in comparable centers was more than $60, up more than 2 percent from $59 in 2014.
In 2015, Taubman Centers opened The Mall of San Juan in Puerto Rico, and completed projects at Cherry Creek Shopping Center in Denver, Dolphin Mall in Miami, Beverly Center in Los Angeles, and Sunvalley in California. Locally, the company owns Twelve Oaks Mall in Novi and Great Lakes Crossing Outlets in Auburn Hills.