Macerich Co., the Santa Monica, Calif.-based owner of Southridge Mall, reported profits of $421 million, or $2.76 per share, for the quarter ended March 31, compared with $24.6 million, or 15 cents per share, in the year-ago quarter. Earnings included a $434 million gain primarily from the sale of joint venture interests in four malls. Funds from operation, a measure of cash flow used by real estate investment trusts such as Macerich, were $141 million, or 87 cents per share, compared with $133.5  million, or 79 cents per share, a year ago. Macerich also closed on its joint venture acquisition of Country Club Plaza in Kansas City, Mo. Macerich’s share of the $660 million deal was $330 million. The prices of new leases were up 15.4 percent in the quarter, while mall occupancies declined slightly to 95.1 percent from 95.4 percent.