Taubman Centers reported a drop in its funds from operations in the first quarter of 15% compared with a year earlier, citing lower rent as a partial reason. At the same time, the company said that retail sales have increased at its centers. "Tenant sales are the best predictor of the leasing environment ahead," said CEO Robert Taubman. "Retailers' expectations have improved markedly, and they are becoming more aggressive about their expansion plans."

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