Macerich acquires Crabtree Mall in Raleigh, NC for $290M; initial yield ~11%

MACERICH CO

Acquisition of 1.3M sq ft Class A mall in Raleigh, NC for $290M funded with cash on hand and $100M revolver.
Expected initial yield of ~11% on estimated 2025 NOI, rising to ~12.5% after leased-but-not-opened rents commence.
Macerich plans ~$60M redevelopment/leasing investment from 2025-2028 to enhance property performance.
Expects to replace revolver draw with $160M two-year term loan at SOFR+250 bps within 30 days.
Deal is accretive to Path Forward Plan 2028 FFO targets and marks entry into Southeastern US.

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