Rouse Properties Inc., the mall owner that will be spun off from General Growth Properties Inc., plans to spend $230 million on improvements to its malls through 2015 as rents and occupancies fall.
Rouse expects the investment will lift its occupancy rate to 93 percent and annual net operating income to more than $200 million, the Chicago-based company said in a regulatory filing today. The occupancy rate was 87.7 percent at the end of June, down from 88.2 percent at the end of 2010. Average rent fell to $39.09 a square foot from $39.74.
