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Macerich Says Shopping Mall Sales Are Up
The Macerich Co., which owns Santa Monica Place and a host of other shopping centers across the country, said its tenants saw their annual sales per square foot inch up 4 percent from one year ago.
Annual sales went from $549 a square foot last year to $571 this year for the quarter ending Sept. 30.
On a comparable-mall basis, tenant sales increased to $569 per square foot from $567 a square foot last year.
In its third-quarter results, the real estate investment trust, headquartered in Santa Monica, Calif., said its net income was $35.9 million, or 25 cents per diluted share, on $263.5 million in revenues compared with $38.1 million, or 27 cents per diluted share, on $269 million for the same period last year. The company’s malls saw their occupancy levels rise to 95.6 percent compared with 93.7 percent last year.
“It was another solid quarter for us as we maintained our positive leading momentum, recording both further occupancy gains and continued double-digit releasing spreads,” said Arthur Coppola, Macerich’s chairman and chief executive, in a statement.
The shopping-center operator—which has outposts in New York, Virginia, Arizona, Illinois, Oregon and California—noted it was adding a 48,000-square-foot ArcLight Cinemas to the Santa Monica Place mall, which should open in one year.
The company is also selling its South Towne Center mall in Sandy, Utah, for $205 million. Annual tenant sales at the mall were $344 per square foot.
