Macerich Closes Amended and Restated $650 Million Revolving Credit Facility
- The new credit facility enhances Macerich's liquidity by $125 million, boosting their total liquidity to approximately $660 million.
- Record leasing volumes and increased occupancy rate indicate positive growth potential for Macerich.
- None.
New Credit Facility Enhances Company’s Liquidity, Flexibility for Long-Term Growth
SANTA MONICA, Calif., Sept. 12, 2023 (GLOBE NEWSWIRE) -- 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
The new facility provides an increase of
“We are extremely pleased to secure this new credit facility, especially in today’s turbulent banking market. This new facility provides an important
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
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.
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SOURCE: Macerich
MEDIA CONTACT:
Karen Maurer, Macerich, 602-708-6311, Website: http://www.macerich.com