Macerich Reports Record Leasing Volumes
21 Agosto 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 detailed key elements of its leasing success
story that continues unabated portfolio-wide.
Per Macerich CEO Tom O’Hern: “Leasing volumes continued at a
record level … year-to-date leasing volumes are better than this
time last year. And keep in mind that leasing in 2022 was as good
as it’s been in the last decade.”
Specifically, in the second quarter, Macerich signed 191 leases
for 1.4 million square feet. Year-to-date, the Company signed
leases for 2.4 million square feet, which is 34% more square
footage signed than during the same period last year.
Portfolio-wide occupancy hit 92.6% at the end of the second
quarter, an 80 basis-point gain compared to a year ago, and a 40
basis-point increase compared to last quarter. These gains support
double-digit positive re-leasing spreads, which nearly doubled to
11.3% in Q2 2023 over Q1.
“Macerich’s top-quality Regional Town Centers continue to mean
more things to more people, thanks to the wide variety of
categories and uses we successfully attract,” said Doug Healey,
senior executive vice president, Leasing, Macerich. “In addition to
apparel and accessories retailers, these categories now include
health and fitness, food and beverage, entertainment, sports,
hotels, multifamily residences and more – at interest levels we
have never seen before.”
In the second quarter, Macerich opened 263,000 square feet of
new stores, which is approximately 20% more square footage than the
Company opened in the second quarter of 2022. Great brands opened
in the second quarter include Apple and Kendra Scott at Tysons
Corner Center; Primark at Green Acres Mall; Target and Ashley
HomeStore at Kings Plaza; Louis Vuitton, Allbirds and Alo Yoga at
Broadway Plaza, two stores with Lululemon at Arrowhead Towne Center
and Los Cerritos Center; Panerai and Oliver Smith Jewelers at
Scottsdale Fashion Square; Crunch Fitness at Eastland Mall; Barnes
& Noble at Danbury Fair; and Psycho Bunny and Avocado at
Washington Square; among many others.
“The leasing pipeline of new store openings now accounts for
almost $66 million of incremental rent in the aggregate, which will
be realized in 2023, 2024 and 2025,” added Healey. “And this
incremental rent will continue to grow as we continue to approve
new deals and sign new leases. In addition to the positive impact
on NOI and cash flow, many of these new uses, especially those in
larger formats, will significantly increase traffic and energy in
our portfolio of Regional Town Centers.”
About MacerichMacerich 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 investing.macerich.com.
MAC-LSOURCE: MacerichMEDIA CONTACT: Karen Maurer, Macerich,
602-708-6311, Website: http://www.macerich.com
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