Macerich Co., the Santa Monica-based real estate investment trust focused on shopping malls, said Tuesday it expects full-year funds from operations to come within the range of analysts’ estimates.
“Continued execution of our robust development and redevelopment pipeline was reflected this quarter with the grand opening of two new regional malls, completion of a 435,000 square foot power center and a 100,000 square foot lifestyle expansion,” said Arthur Coppola, president and chief executive officer.
In December, Macerich received the OK from City Hall to proceed with plans for a redevelopment of Santa Monica Place. The popular shopping center will be redeveloped as an open-air shopping and dining environment that will connect with the Third Street Promenade. The Santa Monica Place redevelopment should be completed by the fall of 2009.
Originally published in the Santa Monica Daily Press print edition on February 13, 2008. Read the original PDF.