• Lower operating expenses and increased rents and occupancy helped drive same-center net operating income growth in the third quarter, said Robert S. Taubman, chairman, president and CEO of Taubman Centers. The REIT raised its dividend outlook for the rest of the year by 10 cents per share. Same-center NOI, including lease cancellation income, was up by 3.4 percent for the quarter at Taubman’s portfolio of upscale malls, bringing year-to-date growth to 2.8 percent. Same-center mall tenant sales per square foot rose by 2.4 percent from a year ago to $805. Average rent per square foot was $60.53, up by 1.4 percent.
• At PREIT malls, tenant sales climbed to $428 per square foot in the third quarter, an 11.5 percent improvement over the year-ago quarter. Same-center net operating income improved by 4 percent, meanwhile. Average same-center rents increased by 5.8 percent. “This quarter marks a turning point for PREIT, with strong renewal rent spreads and same-store NOI improvement, coupled with impressive sales growth,” said CEO Joseph F. Coradino. “The execution of our strategic remerchandising, anchor risk mitigation and dispositions efforts is clearly yielding positive results.”
• Third-quarter same-center net operating income was flat at CBL & Associates Properties. Leasing spreads were at 11.1 percent, while tenant sales per square foot grew by 4.2 percent year on year. Minimum rents increased by $200,000 during the quarter, and other rents increased by $400,000 as a result of increases in sponsorship and branding revenue. Meanwhile, percentage rents increased by $700,000 thanks to sales growth, said Stephen D. Lebovitz, president and CEO. “While vacancies resulting from bankruptcies earlier in the year have created challenges in 2015, our re-leasing progress positions us well for growth in 2016 and beyond,” he said. “Strong sales growth also continued this quarter, and we expect a favorable holiday season for our retailers and our properties.”
• Regency Centers upgraded its profit outlook for the rest of the year, based in part on strong third-quarter performance. Funds from operations rose to $71.6 million, from $64.8 million a year ago. Same-center net operating income grew by 4.7 percent, while leasing spreads were at 8.8 percent.
• Equity One reported same-center net operating income growth of 4.7 percent for the third quarter, thanks to 11 percent leasing spreads and increased occupancy. Average base rent was $19.24 per square foot as of Sept. 30. Funds from operations rose to $45.8 million, up by 6 percent.
• Greensboro, N.C.–based Tanger Factory Outlet Centers reported a third-quarter increase in funds from operations, to $59.3 million, from $51.6 million a year ago. Same-center net operating income increased by 3.3 percent, meanwhile. Leasing spreads grew by 24.6 percent, and average tenant sales increased by 1 percent, to $394 per square foot, for the twelve months ended Sept. 30.
