Macerich Co
NYSE:MAC
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Macerich Co
Macerich Co., founded in 1964, has evolved into one of the premier owners and operators of high-quality shopping centers in the United States. Specializing in the development, leasing, marketing, and management of an iconic portfolio of retail spaces, Macerich's business model centers around generating revenue through leasing agreements with diverse, mostly high-end retailers. Storefronts in strategic, bustling locations across major metropolitan areas not only draw continuous foot traffic but also help Macerich maintain robust occupancy rates. By crafting vibrant shopping environments that integrate both shopping and entertainment, Macerich appeals to consumer trends that favor experiential retail.
Beyond traditional leasing, Macerich has strategically embraced the shift in consumer behavior by incorporating mixed-use spaces into its developments, which include residential, office, and hotel components. This diversification has allowed the company to capitalize on a broader spectrum of rental income, cushioning against retail sector volatility. By focusing on properties in densely populated urban areas with high barriers to entry, the company preserves asset value and leverages market dynamics in its favor. Through innovative property enhancements and effectively curating tenant mixes that mirror evolving consumer tastes, Macerich ensures its shopping destinations are not just places to shop, but integral parts of local community ecosystems.
Macerich Co., founded in 1964, has evolved into one of the premier owners and operators of high-quality shopping centers in the United States. Specializing in the development, leasing, marketing, and management of an iconic portfolio of retail spaces, Macerich's business model centers around generating revenue through leasing agreements with diverse, mostly high-end retailers. Storefronts in strategic, bustling locations across major metropolitan areas not only draw continuous foot traffic but also help Macerich maintain robust occupancy rates. By crafting vibrant shopping environments that integrate both shopping and entertainment, Macerich appeals to consumer trends that favor experiential retail.
Beyond traditional leasing, Macerich has strategically embraced the shift in consumer behavior by incorporating mixed-use spaces into its developments, which include residential, office, and hotel components. This diversification has allowed the company to capitalize on a broader spectrum of rental income, cushioning against retail sector volatility. By focusing on properties in densely populated urban areas with high barriers to entry, the company preserves asset value and leverages market dynamics in its favor. Through innovative property enhancements and effectively curating tenant mixes that mirror evolving consumer tastes, Macerich ensures its shopping destinations are not just places to shop, but integral parts of local community ecosystems.
Leasing Surge: Macerich signed 1.5 million square feet of leases in Q3, up 87% from last year, and 5.4 million square feet year-to-date, up 86%.
NOI Growth: Go-forward portfolio NOI rose 1.7% in Q3 compared to last year, with year-to-date up almost 2%.
Occupancy Up: Portfolio occupancy hit 93.4%, up 140 bps from last quarter; go-forward occupancy at 94.3%, up 150 bps.
Dispositions Progress: Nearly $1.2 billion in mall dispositions completed toward a $2 billion target by end of 2026.
Balance Sheet: Net debt to EBITDA improved to 7.76x; $1 billion in liquidity available.
Anchor Leasing Momentum: 30 anchor tenants targeted to open by 2028, with 25 already committed.
Crabtree Acquisition: Early leasing activity is strong; acquisition expected to be $0.08 accretive to Path Forward plan.
Leasing Spreads: Trailing 12-month leasing spreads stayed positive at 5.9%, marking 16 straight quarters of gains.
