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SEC Filings



10-K
MACERICH CO filed this Form 10-K on 02/23/2018
Entire Document
 

Big Boxes and Anchors:
Year Ending December 31,
 
Number of
Leases
Expiring
 
Approximate
GLA of Leases
Expiring(1)
 
% of Total Leased
GLA Represented
by Expiring
Leases(1)
 
Ending Base Rent
per Square Foot of
Expiring Leases(1)
 
% of Base Rent
Represented
by Expiring
Leases(1)
Consolidated Centers:
 
 
 
 
 
 
 
 
 
 
2018
 
13

 
251,179

 
2.41
%
 
$
16.83

 
2.54
%
2019
 
21

 
678,113

 
6.50
%
 
$
10.19

 
4.15
%
2020
 
21

 
894,784

 
8.57
%
 
$
10.30

 
5.53
%
2021
 
30

 
1,484,891

 
14.22
%
 
$
8.74

 
7.79
%
2022
 
29

 
1,103,013

 
10.57
%
 
$
20.39

 
13.49
%
2023
 
27

 
888,518

 
8.51
%
 
$
12.48

 
6.65
%
2024
 
23

 
809,431

 
7.75
%
 
$
20.59

 
10.00
%
2025
 
22

 
769,713

 
7.37
%
 
$
23.43

 
10.82
%
2026
 
16

 
735,337

 
7.04
%
 
$
15.07

 
6.65
%
2027
 
19

 
578,200

 
5.54
%
 
$
30.23

 
10.48
%
Unconsolidated Joint Venture Centers (at the Company's pro rata share):
 
 
 
 
 
 
 
 
 
 
2018
 
7

 
55,761

 
1.09
%
 
$
38.20

 
2.47
%
2019
 
9

 
129,574

 
2.54
%
 
$
31.29

 
4.70
%
2020
 
26

 
812,934

 
15.94
%
 
$
14.12

 
13.32
%
2021
 
18

 
228,750

 
4.49
%
 
$
21.54

 
5.72
%
2022
 
18

 
606,825

 
11.90
%
 
$
8.03

 
5.66
%
2023
 
20

 
298,452

 
5.85
%
 
$
21.16

 
7.33
%
2024
 
20

 
291,001

 
5.71
%
 
$
33.68

 
11.37
%
2025
 
21

 
1,049,746

 
20.59
%
 
$
12.65

 
15.41
%
2026
 
19

 
364,157

 
7.14
%
 
$
25.13

 
10.62
%
2027
 
11

 
157,891

 
3.10
%
 
$
30.84

 
5.65
%
_______________________________________________________________________________

(1)
The ending base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for tenant leases expiring during the year. Currently, 48% of leases have provisions for future consumer price index increases that are not reflected in ending base rent. The leases for Centers currently under development and redevelopment are excluded from this table.
Anchors:
Anchors have traditionally been a major factor in the public's identification with Regional Shopping Centers. Anchors are generally department stores whose merchandise appeals to a broad range of shoppers. Although the Centers receive a smaller percentage of their operating income from Anchors than from Mall Stores and Freestanding Stores, strong Anchors play an important part in maintaining customer traffic and making the Centers desirable locations for Mall Store and Freestanding Store tenants.
Anchors either own their stores, the land under them and in some cases adjacent parking areas, or enter into long-term leases with an owner at rates that are lower than the rents charged to tenants of Mall Stores and Freestanding Stores. Each Anchor that owns its own store and certain Anchors that lease their stores enter into reciprocal easement agreements with the owner of the Center covering, among other things, operational matters, initial construction and future expansion.
Anchors accounted for approximately 7.9% of the Company's total rents for the year ended December 31, 2017.



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