SANTA
MONICA, Calif., Jan. 9, 2023
/PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading
owners, operators and developers of major retail and mixed-use
properties in top markets, today announced significant financing
transaction progress.
Key details include:
- On January 3, Macerich closed a
$370 million, five-year refinance of
the previous $363 million of combined
loans that formerly encumbered Green Acres Mall and Green Acres
Commons in Valley Stream, NY, both
of which were maturing during the first quarter of 2023. The new
loan bears a fixed interest rate of 5.90%, is interest only during
the entire loan term and matures on January
6, 2028.
- In early December 2022, Macerich
closed a three-year extension of its $300
million loan on Santa Monica Place in Santa Monica, CA. The extended loan carries a
floating rate of LIBOR + 1.48% and now matures on December 9, 2025, including extension
options.
- The Company's joint venture that owns Scottsdale Fashion Square
in Scottsdale, AZ is in the
process of refinancing the existing $405
million mortgage loan. The new five-year, fixed-rate loan is
expected to be $700 million, which
would generate nearly $150 million of
incremental liquidity for Macerich. This loan is expected to close
during the first quarter of 2023.
"We are pleased with our continued progress addressing our debt
maturities. Through a combination of loan extensions and
refinancings, Macerich continues to effectively transact on its
secured loan portfolio," said Scott
Kingsmore, Macerich's Senior Executive Vice President of
Finance and Chief Financial Officer. "These three transactions
totaling just under $1.4 billion
speak to the strength of our longstanding credit relationships that
we've cultivated over the years, our access to capital and to the
quality of our Class A regional town center portfolio."
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 48 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 GRESB
ranking for the North American retail sector
for eight 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-I
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SOURCE Macerich Company