2014

Macerich Announces Closing $1.3 Billion in Financings

SANTA MONICA, Calif., Jan. 10, 2013 /PRNewswire/ -- The Macerich Company (NYSE Symbol: MAC) today announced the recent closing of five loans with the Company's pro rata share totaling over $1.3 billion.  The average interest rate on these loans was 3.33% and the average maturity was 8.2 years.  With the completion of these financings, the Company has extended its loan maturity average life to 5.5 years, up from 3.2 years at January 1, 2012.




 Prior Loan

 New Loan

Property

MAC Ownership

loan closing date

 Balance @ Pro-Rata

 Interest Rate

 Balance @ 100%

 Balance @ Pro-Rata

Interest Rate

Term in

 years

Maturity Date











Kings Plaza

100.00%

11/28/2012

-

-

500,000

500,000

3.44%

7

12/03/19

Deptford Mall

100.00%

12/5/2012

172,500

5.41%

205,000

205,000

3.73%

10.3

04/03/23

Queens Center

51.00%

12/24/2012

161,905

7.30%

600,000

306,000

3.49%

12

01/01/25

Santa Monica Place

100.00%

12/28/2012

-

-

240,000

240,000

2.94%

5

01/03/18

Kierland Commons (1)

50.00%

1/2/2013

35,072

5.67%

135,000

67,500

2.25%

5

01/02/18

Total



369,477


1,680,000

1,318,500

3.33%

8.21


(1)     This is loan is floating at LIBOR + 1.90% and maturity date includes extension options.

Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich now owns approximately 64 million square feet of gross leaseable area consisting primarily of interests in 60 regional shopping centers. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

 

 

 

SOURCE The Macerich Company



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http://www.macerich.com

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