Taubman Centers, Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported net income of $27,663,000 compared to $57,744,000 a year ago. Net income attributable to the company common shareowners was $13,483,000 or $0.22 per diluted common share compared to $34,718,000 or $0.57 per diluted common share a year ago. Funds from Operations attributable to TCO's common shareowners was $52,911,000 or $0.86 per diluted common share compared to $63,464,000 or $1.04 per diluted common share a year ago. Adjusted Funds from Operations attributable to TCO's common shareowners was $56,750,000 or $0.92 per diluted common share compared to $48,129,000 or $0.79 per diluted common share a year ago. Total revenues were $154,676,000 compared to $158,890,000 a year ago. Non-operating income, net was $3,074,000 compared to $2,676,000 a year ago. EBITDA was $80,706,000 compared to $92,580,000 a year ago.

For the six months, the company reported net income of $60,422,000 compared to $102,073,000 a year ago. Net income attributable to the company common shareowners was $30,653,000 or $0.50 per diluted common share compared to $59,331,000 or $0.98 per diluted common share a year ago. Funds from Operations attributable to TCO's common shareowners was $105,503,000 or $1.71 per diluted common share compared to $115,061,000 or $1.88 per diluted common share a year ago. Adjusted Funds from Operations attributable to TCO's common shareowners was $113,555,000 or $1.85 per diluted common share compared to $99,726,000 or $1.63 per diluted common share a year ago. Total revenues were of $303,759,000 compared to $298,345,000 a year ago. Non-operating income, net was $5,853,000 compared to $4,146,000 a year ago. EBITDA was $156,812,000 compared to $167,607,000 a year ago.

The company is updating its guidance for 2017. 2017 EPS is now expected to be in the range of $1.03 to $1.23 per diluted common share, revised from the previous range of $1.16 to $1.41. 2017. FFO, which includes $0.14 per diluted common share of year-to-date adjustments, is now expected to be in the range of $3.53 to $3.63 per diluted common share, revised from the previous range of $3.60 to $3.75. 2017. Adjusted FFO, which excludes $0.14 per diluted common share of year-to-date adjustments, is expected to be in the range of $3.67 to $3.77 per diluted common share, revised from the previous range of $3.67 to $3.82. The revision to the company's adjusted FFO guidance is primarily attributable to reduced comparable center NOI growth expectations. The company now assumes comparable center NOI growth, including lease cancellation income, will be in the range of 1 to 3% for the year. The company's previous comparable center NOI growth guidance, including lease cancellation income, was about 3 ½%. Excluding lease cancellation income, comparable center NOI growth is expected to be in the range of flat to 2%. The revised NOI outlook is primarily a result of lower average occupancy for the year, lower net recoveries, and increased bad debt expense.