Shares of shopping mall owner Macerich Co. rose Wednesday morning after the company announced a new mall project and improved third-quarter results.

Earnings for the quarter were $12.9 million or 10 cents per share, compared to $8.4 million or 6 cents per share in the same quarter last year.

The Santa Monica-based company announced a joint venture agreement with mall developer AWE Talisman to build a fashion outlet center in the Chicago suburb of Rosemont, Ill. Macerich will own 60 percent of the venture and AWE Talisman 40 percent. The 528,000-square-foot center should be open in spring 2013.

Shares of Macerich on the New York Stock Exchange traded at $49.98 at mid-day Wednesday, a gain of $2.21 or 5 percent.