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CEO Fireside Chat CEO Fireside Chat Art Coppola - President and CEO, Macerich 97 The Macerich Portfolio Macerich’s portfolio of major retail properties is weighted to attractive U.S. markets with high barriers to entry. We prize shopping centers with strong demographics, sought-after locations, opportunities for growth and marketplace advantages based on durable connections with shoppers and retailers. Macerich properties perform at outstanding levels, with nine shopping centers exceeding $700 in sales per square foot – and four with an average of $845 – in 2007. Last year, sales at our top 25 properties were an average $621 per square foot and the top half of our retail assets posted an average $572 per square foot. For Macerich, strong properties in appealing U.S. markets yield sound results. 98 Macerich Portfolio Average Sales PSF for Percent of MAC NOI Top 10 SMSAs Malls in Area (a) 1 Phoenix - Tuscon, Arizona 18.5% $553 2 New York, Connecticut, New Jersey 16.2% $608 3 Southern California 11.8% $476 4 Central California 6.5% $498 5 Washington, D.C. and Maryland 6.4% $634 6 Northern California 6.5% $570 7 Denver - Boulder, Colorado 5.4% $460 8 Seattle, Washington and Portland - Eugene, Oregon 5.1% $532 9 Dallas-Fort Worth-Arlington, TX 3.0% $515 10 Inland Empire 1.9% $472 PERCENTAGE OF TOTAL MACERICH 2007 EBITDA 81% a) Includes Kierland Commons & Tuscon La Encantada Specialty Centers in Average Sales PSF in the Phoenix-Tuscon, AZ Area Macerich Portfolio Occupancy 94.5% 93.8% 93.1% 92.4% 91.7% 91.0% 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Macerich Portfolio Rent $45 $40 $35 $30 $25 $20 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Average Rent Commencing Minimum Average Expiring Rent Macerich Portfolio Rent Spreads 30% 24% 18% 12% 6% 0% 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Macerich Portfolio Sales Per Square Foot Macerich Portfolio Sales Sales Sales Sales Sales Sales Percent Arizona SPSF 2001 - 2007 PSF PSF PSF PSF PSF PSF Owned Arizona Regional Malls Sales PSF 2007 2006 2005 2004 2003 2002 33% Arrowhead Towne Center $611 $615 $547 $465 $424 $412 50% Biltmore, acquired 12/03 $821 $681 $694 $576 $490 n/a 100% Chandler Fashion Center $653 $640 $560 $458 $400 $383 50% Desert Sky Mall $323 $364 $332 $278 $258 $261 100% Fiesta Mall, acquired 11/04 $375 $391 $380 $356 n/a n/a 100% Flagstaff Mall $382 $345 $327 $306 $313 $332 24.5% Kierland Commons, acquired 1/05 $755 $747 $710 n/a n/a n/a 15% Metrocenter, acquired 1/05 $345 $387 $343 n/a n/a n/a 100% Paradise Valley Mall $368 $366 $359 $347 $319 $330 100% Prescott Gateway $276 $290 $260 $231 $210 n/a 50% Scottsdale Fashion Square $736 $741 $654 $589 $520 $504 33% Superstition Springs & Power Center $425 $456 $427 $387 $353 $343 Total $529 $531 $486 $427 $390 $387 Net Change in Sales PSF -$2 $45 $59 $37 $3 % change in Sales PSF -0.4% 9.2% 13.8% 9.6% 0.7% % change in Comparable Sales -3.8% 5.5% 12.1% 7.6% 2.5% Where are we building today? 105 SanTan Village Gilbert, Arizona Key Facts Market Demographics 1.2 million sf on 120 acres with approximately 130 SanTan Village is entering a market stronger today retailers than the one Chandler Fashion Center entered in 2001. 90% committed - the center opened with Year end 2001 approximately 85 retailers Gilbert’s population was 122,000 Dick’s, Best Buy and Barnes & Noble, along with 22 new Chandler’s population was 180,000 retailers will open this year. Year end 2006 Centerpiece of a 500 acre commercial center with Gilbert’s population is 190,000 with an average HHI of future potential for mixed use $83,000 Approximately 570,000 sf of shop space Chandler’s population is 247,000 with an average HHI of 70,000 sf of pad buildings $75,000 116,000 sf of mini-anchors From year end 2002 to year end 2006, Chandler 400,000 sf of anchor space Fashion Center’s sales psf increased from $383 to 90,000 sf of second-floor office space along main spine of $640. project (building 90,000 sf as spec by year end) 300,00 sf of department store space Between 1970 and today, Gilbert is outpacing 71,000 sf Harkins Theatres Chandler with 800-1,000 new residents per month . the same statistic Chandler posted in 2001 Cost of $205 million released in February 2007 SanTan Village Gilbert, Arizona SanTan Village Gilbert, Arizona The Oaks Thousand Oaks, California Key Facts Market Demographics 1,067,698 sf The Oaks’ trade area is home to a highly affluent Built 1978; acquired 2002 lifestyle comprised of upper-class families -- executives and white-collar professionals with Most recent renovation in 1993 families, a passion for the good life, and a love $250 million project cost announced February for shopping. 2007 The oaks’ shopper is well educated, many of Net increase in GLA is 130,402 sf (expansion and whom are employed in white collar or executive Nordstrom minus demised Federated space) positions. Major retailers - Macy’s, Macy’s men & Home, The trade area’s population of nearly 578,000 is Nordstrom (Fall 2008), multi-screen theater (fall expected to grow 6.5% through 2011. 2008), The Cheesecake Factory Incomes are impressive by any standard, with an average HHI of $110,651 -- well above the national benchmark of $65,849. More than 40% of all households in the trade area earn above $100,000. Santa Monica Place Santa Monica, California Key Facts Market Demographics Arguably one of the most important - and a very rare - Per capita incomes are upwards of $50,997 in the primary opportunities for retailers in the U.S. today. trade area and 32% of HHI top $100,000 in the total trade area. Redevelopment will transform enclosed mall into open-air shopping destination, topped by a third-level, rooftop dining deck. The high growth zip code that includes downtown Santa Monica is expected to grow by 12% over the next five years. 556,933 sf More than 4.7 million people from outside LA County visit Build 1980; acquired 1999 Santa Monica each year. Total tourism spending exceeds Most recent remodel completed 1990 an impressive $840 million per year. Major retailers - Macy’s 88% of all Santa Monica visitors go to Third Street and the Santa Monica Pier (approximately 4.1 million people). Each year more than 2.2 million international travelers visit this iconic, casual but hip destination. There are 35 hotels totaling over 3,600 rooms for visitors within the 8 mile radius of Santa Monica. A strong business community draws thousands to Santa Monica daily. Some 135,000 employees – 80 percent in white collar positions – work within 3 miles of the new Santa Monica Place. Scottsdale Fashion Square Scottsdale, Arizona Key Facts Market Demographics 2,049,169 sf Home to some of the most exclusive addresses in Built 1961; acquired 2002 metropolitan Phoenix, Scottsdale Fashion Square’s trade area reflects the wealthiest Most recent redevelopment 2003 lifestyles in America with incomes in excess of Demolition permit acquired 7/2 $200,000, postgraduate degrees and opulent standards or living. Entitlements received may 2007 With a population base of more than 1 million Major retailers - Neiman Marcus, Nordstrom, people, the trade area is projected to grow by 8% Dillard’s, Macy’s, Harkins Theatres, Coach, through 2011. Tiffany & Co., Louis Vutton, Gucci, Crate and Barrel, Barneys New York (fall 2009) Scottsdale Fashion Square shoppers have average HHI of $94,746, well above the national benchmark. Nearly a third of households in the trade area have incomes in excess of $100,000. SCOTTSDALE FASHION SQUARE 112 Biltmore Fashion Park Phoenix, Arizona Key Facts Market Demographics Plans for identification at Biltmore Fashion Park - the Anchoring the west end of the luxury corridor, second phase of the 595,475-square-foot center’s Biltmore Fashion park serves a highly affluent and redevelopment - are moving forward with initial diverse trade area representing a diverse and affluent redevelopment work on the southeastern end of the urban lifestyle that appeal to empty nesters, wealthy center to accommodate retailer interest and create a suburban families and young professionals, tech-savvy new pedestrian connection to the adjacent commercial urbanites and business executives. core. The first phase of the project, an extensive Biltmore Fashion park is at the heart of the nation’s exterior remodel of the open-air luxury center fifthe-largest city at the exclusive 24th Street and anchoring metropolitan Phoenix’s luxury corridor, was Camelback Road intersection. The 10-mile trade area completed in November 2006. First-two-market serves 1,286,292 people and the average HHI is retailers Roberto Botticelli and CALYPSO Christianne $77,609. The average HHI of the Biltmore Fashion Celle opened in fall 2007. park shopper is $100,500. 595,457 sf In 2006, the number of households with a net worth of Located adjacent to the historic Arizona Biltmore more than $1 million rose 7.4% to 53,180. resort Serves a daytime business population of 800,000 Major retailers - Macy’s, Saks Fifth Avenue (within a 30-minute commute) 8 million annual visits (28% are tourists) BILTMORE FASHION PARK 114 SFS - BFP AERIAL BILTMORE FASHION PARK SCOTTSDALE FASHION SQUARE 115 Macerich Portfolio Arizona Development Strategy In Arizona, we approach development from a land-use planning perspective, creating large-scale mixed-use developments that anchor the commercial core of new growth corridors.
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