October 28, 2015
The Macerich Co., the Santa Monica-based mall REIT which is one of the largest in the country, had a decent third quarter.
The company’s year-over-year funds from operations (FFO) increased to $170.7 million, from $132.86 million. Net income took a bit of a dip, dropping from $35.9 million to $33.6 million.
Tenant activity was reportedly strong. Year-on-year sales per square foot leaped 10.3 percent, hitting $630. Occupancy was also at a comfortable 95.4 percent.
Meanwhile, Broadway Plaza, Macerich’s mall in the Bay Area’s Walnut Creek, just added 45 new tenants as part of the center’s 315,000-square-foot expansion. It will have a bigger Macy’s, an H&M, Lululemon, Zara and several other stores.