Macerich(MAC)2023-02-24 16:37Real Estate Operations - As of December 31, 2022, the company operated 44 Regional Town Centers totaling approximately 47 million square feet of GLA, with an average size of 925,000 square feet per center[42]. - The company's long-term strategy includes a focus on the acquisition, leasing, management, redevelopment, and development of Regional Town Centers[34]. - The company has a fully integrated real estate organization with in-house expertise across various disciplines, enhancing operational efficiency and tenant relations[36]. - The company actively pursues redevelopment opportunities to enhance long-term financial returns and market position for its centers[40]. - The company managed one regional town center and two community centers for third-party owners on a fee basis, indicating a selective approach to property management services[39]. - The company emphasizes decentralized property management, allowing on-site professionals to respond quickly to market changes and tenant needs[37]. Rental Income and Leasing - For the year ended December 31, 2022, approximately 73% of total rents were derived from Mall Stores and Freestanding Stores under 10,000 square feet, while 27% came from Big Box and Anchor tenants[45]. - The average base rent per square foot for Mall Stores and Freestanding Stores under 10,000 square feet in consolidated centers was 59.86 in 2021[52]. - Average base rent per square foot for consolidated centers decreased from 15.95 in 2022, a decline of 7.6%[53]. - For the year ending December 31, 2023, 343 leases are expiring, representing 18.19% of total leased GLA with an ending base rent of 29.67, representing 5.16% of total base rent[57]. - The average base rent per square foot on leases executed during 2022 was 12.64 in 2021[53]. - Anchors accounted for approximately 6.5% of the Company's total rents for the year ended December 31, 2022[60]. - The Company has 162 anchor stores with a total GLA of 21,570,000 square feet, including 9,228,000 square feet owned and 12,342,000 square feet leased[62]. - The Company is actively seeking replacement tenants for vacant anchor sites and is considering redevelopment opportunities[63]. - For unconsolidated joint venture centers, the average base rent per square foot on leases expiring in 2023 is 4.43 billion, with a fair value of 3.72 billion of the total consolidated debt, with an average interest rate of 4.01%[320]. - Floating rate debt amounts to 7.9 million per year based on 2.74 billion, with an average interest rate of 4.46%[321]. - The Company closed a 406 million mortgage loan with a $700 million fixed rate loan[319]. - The average interest rate on fixed rate debt for unconsolidated joint ventures decreased from 4.46% in 2021 to 4.01% in 2022[322]. - The Company has interest rate cap agreements in place to manage floating rate exposure, which limits the maximum rate on these loans[323]. - The transition from LIBOR to SOFR is expected to have minimal impact on the Company's borrowing costs, with existing agreements allowing for the replacement of LIBOR[326]. Employee and Workforce - As of December 31, 2022, the Company had approximately 651 employees, with 650 being full-time and one part-time[78]. - Approximately 59% of the Company's employees identified as female, and about 30% belonged to an underrepresented group[79]. - The Company experienced a workforce turnover rate of 14% in 2022, with an average employee tenure of approximately 11.6 years[81]. - The Company offers a strong benefits package to full-time employees, including retirement savings plans and various insurance coverages[80]. Corporate Social Responsibility and Compliance - The Company achieved the 1 GRESB ranking in the North American Retail Sector for eight consecutive years from 2015 to 2022[84]. - The Company has implemented operational protocols to ensure health and safety, achieving SafeGuard certification from Bureau Veritas for all retail properties[82]. - The Company is committed to diversity and inclusion, with policies that comply with federal, state, and local labor laws[79]. - The Company incurred costs to comply with various governmental regulations, impacting capital expenditures and competitive position[64]. Market Trends - The shopping center industry is seasonal, with higher earnings typically observed in the fourth quarter due to increased retailer occupancy and retail sales during the holiday season[83].