Macerich strategically sells assets and uses proceeds from asset sales to reduce financial leverage

Macerich has successfully transformed the company over the past decade into a true owner and operator of regional Class A shopping centers. Over the past 14 years, the company has divested over $4 billion in lower-quality assets, either owned directly or through joint ventures, and has repurposed capital to acquire new Class A shopping centers, buy out partners’ interests in unconsolidated portfolios, or redevelop its own portfolio. As a result, the company’s portfolio should deliver higher tenant sales productivity, occupancy levels, and rents, and is therefore much better positioned to weather the economic headwinds of e-commerce. We expect Macerich to continue to enhance its portfolio through redevelopment, opportunistic acquisitions, and asset sales, which should drive strong earnings growth for Macerich over time.