"One reason for doing open-air projects is that it allows you toopen over period of time," Coppola said. The company also addedlifestyle components to Flagstaff (AZ) Mall and Freehold (NJ)Raceway Mall, which will continue to expand this year.


Also underway are expansions and/or renovations of the Oaks inThousand Oaks, CA, and Scottsdale (AZ) Fashion Square; and thecomplete overhaul of Santa Monica Place, which was closed in thepast two weeks. Some new development also is taking place,including the first phase of the Marketplace at Estrella Falls, inGoodyear, AZ. The move dovetails well with what Coppola said willbe a soft 2008, based on tenant predictions, "and we're ready for asoft year."


For the year, total funds from operations ("FFO")-diluted were$407.9 million, compared with $383.1 million in 2006. Net incomeavailable to common stockholders was $71.7 million compared to$228.0 million in 2006. Mall tenant annual sales per square footfor the year ended increased 4.4% to $472. Portfolio occupancy atDec. 31, 2007 was 93.5% compared to 93.6% at year-end 2006.


For the quarter ended Dec. 31, 2007, FFO-diluted was $132.5million, up 7% from the fourth quarter of 2006. Net income was$38.4 million, compared with $147.9 million in the same quarter theprevious year. Included in net income during the quarter ended Dec.31, 2006 was $132.7 million in gain on sale of assets. Macerichowns approximately 76 million sf of gross leasable area, consistingprimarily of interests in 72 regional malls.

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