Macerich Closes Amended and Restated $650 Million Revolving Credit Facility
12 Setembro 2023 - 7:00AM
Macerich (NYSE: MAC), one of the nation’s leading owners, operators
and developers of high-quality retail and mixed-use properties in
top markets, today announced that it has closed an amended and
restated $650 million revolving credit facility.
The new facility provides an increase of $125 million from the
company’s existing $525 million facility that was scheduled to
mature on April 14, 2024. The new facility has a maturity date of
Feb. 1, 2028, including a one-year extension option. The interest
rate varies according to a pricing grid ranging from 2.10% to 2.60%
plus SOFR, based on a company debt yield covenant. The closing
interest rate is unchanged versus the existing credit facility at
SOFR + 2.35%. Macerich currently has approximately $660
million of liquidity, including $498 million of availability on
this newly expanded $650 million revolving credit
facility.
“We are extremely pleased to secure this new credit facility,
especially in today’s turbulent banking market. This new facility
provides an important $125 million boost to our liquidity with a
fresh 4 1/2 years of extended term,” said Scott Kingsmore, Macerich
Senior Executive Vice President and Chief Financial Officer. “We
are very grateful for the continued support of our loyal banking
relationships that made this new facility possible.”
The facility and the increase in liquidity it provides come on
the heels of Macerich’s announcement earlier this month of record
leasing volumes, with signed leases for 2.4 million square feet
year-to-date through the second quarter of 2023, which is 34% more
square footage than during the same period last year. The leasing
pipeline of new store openings now accounts for approximately $66
million of incremental rent in the aggregate, which will be
realized in 2023, 2024 and 2025. Portfolio-wide occupancy stood at
92.6% at the end of the second quarter of 2023, a 410-basis-point
gain in just over two years compared to Macerich’s pandemic-induced
occupancy low of 88.5% as of March 31, 2021.
About Macerich
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust (REIT). As a leading
owner, operator and developer of high-quality retail real estate in
densely populated and attractive U.S. markets, Macerich’s portfolio
is concentrated in California, the Pacific Northwest,
Phoenix/Scottsdale, and the Metro New York to Washington, D.C.
corridor. Developing and managing properties that serve as
community cornerstones, Macerich currently owns 47 million square
feet of real estate consisting primarily of interests in 44
regional town centers. Macerich is firmly dedicated to advancing
environmental goals, social good and sound corporate governance. A
recognized leader in sustainability, Macerich has achieved a #1
Global Real Estate Sustainability Benchmark (GRESB) ranking for the
North American retail sector for eight consecutive years
(2015-2022). For more information, please visit
www.Macerich.com.
Macerich uses, and intends to continue to use, its Investor
Relations website, which can be found at investing.macerich.com, as
a means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation FD.
Additional information about Macerich can be found through social
media platforms such as LinkedIn. Reconciliations of non-GAAP
financial measures, including NOI and FFO, to the most directly
comparable GAAP measures are included in the earnings release and
supplemental filed on Form 8-K with the SEC, which are posted on
the Investor Relations website at www.investing.macerich.com.
MAC-I
SOURCE: Macerich
MEDIA CONTACT: Karen Maurer, Macerich, 602-708-6311, Website:
http://www.macerich.com
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