The trust, Macerich Co., plans to sell its Villa Marina Marketplace on LA's Westside and its Carmel Plaza development in the Northern California seaside community of Carmel. Macerich announced plans to buy back up to 3.4 million of shares late last year and had repurchased 564,000 as of the start of 2001, the company says.
Earlier in the week, Macerich announced that its fourth quarter funds from operations rose to 91 cents a share on a fully diluted basis from 87 cents a year earlier. And even though the retail industry in general has been struggling, the REIT said rents at its shopping centers had climbed strongly and that overall occupancy had risen to 93.3%.
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