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Article: Taubman Writing Down the Pier and Regency Square to Fair Value.
- Article from:
- Science Letter
- Article date:
- October 6, 2009
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Taubman Centers, Inc. (NYSE:TCO) announced the write down of the book values of The Pier Shops at Caesars (Atlantic City, N.J.) and Regency Square (Richmond, Va.) to fair value in the third quarter of 2009. This is expected to result in a reduction of earnings of $161 to $169 million, representing earnings and Funds from Operations of $1.95 to $2.05 per share (see also Taubman Centers, Inc.).
"It's disappointing to announce these impairment charges," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "We've invested a significant amount of time and capital in these two properties. Unfortunately, the current economic ...