Macerich Announces Closing $1.3 Billion in Financings

Thu Jan 10, 2013 2:19pm EST

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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  Maturity Date  
                                                                                                                                               
 years                 
                                                                                                                                                                       
 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


Arthur Coppola, Chairman and Chief Executive Officer, or Thomas O'Hern, Senior
Executive Vice President, Chief Financial Officer and Treasurer,
+1-310-394-6000
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