Los Angeles Business Journal

Macerich Shares Up on Quarterly Results, New Chicago Mall

By Joel Russell Wednesday, November 2, 2011

Shares of shopping mall owner Macerich Co. rose Wednesday morning after the company announced a new mall project and improved third-quarter results.

Earnings for the quarter were $12.9 million or 10 cents per share, compared to $8.4 million or 6 cents per share in the same quarter last year.

The Santa Monica-based company announced a joint venture agreement with mall developer AWE Talisman to build a fashion outlet center in the Chicago suburb of Rosemont, Ill. Macerich will own 60 percent of the venture and AWE Talisman 40 percent. The 528,000-square-foot center should be open in spring 2013.

Shares of Macerich on the New York Stock Exchange traded at $49.98 at mid-day Wednesday, a gain of $2.21 or 5 percent.