Macerich Co. said Thursday said its third quarter funds from operations dropped 10 percent as revenue fell, but its net income jumped as the mall operator benefited from property sales.

The Santa Monica real estate investment trust reported net income of nearly $143 million ($1.75 per share), compared with $2.6 million (3 cents) a year ago. Revenue fell 11 percent to less than $201 million.

Funds from operations were $88.7 million (97 cents per share) compared with $98.5 million ($1.12) a year ago. FFO is widely used metric for determining real estate operating performance because it adjusts for depreciation, amortization and other non-operating expenses.

Analysts surveyed by Thomson Reuters on average expected FFO of 92 cents per share on revenue of more than $200 million.

Macerich completed three joint ventures that netted more than $434 million in cash proceeds. The company had a $161 million gain from the sale of a joint venture interest in Queens Center in New York City. The company also paid down $446 million in unsecured term notes during the quarter.

In the current quarter, the company raised net proceeds of $383 million from a secondary stock offering.

“We systematically continued our efforts to de-leverage our balance sheet with the recently completed common equity offering,” Chief Executive Arthur Coppola said in a statement. “Our liquidity and debt reduction plan has also included selling non-core assets and issuing stock dividends.”

Shares were down 16 cents, or less than 1 percent, to $29.85 in midday trading on the New York Stock Exchange.