2025-05-15-Jefferies-马塞里奇-格林埃克斯购物中心重建网络研讨会要点_7页_1mb

Macerich (MAC) Equity Research Summary

Core Asset and Strategy

• Green Acres Mall is one of Macerich's five "fortress assets".
• $130 million redevelopment planned to enhance market positioning by adding a grocer-anchored, exterior-facing wing, increasing traffic/visibility.
• Supports strategy for driving higher value in supply-constrained NYC metro areas.

Green Acres Specific Details

• Generates ~$1B annual tenant sales, ranking 2nd in Macerich portfolio.
• High-income trade area (~$137K avg HH income vs US avg $80K), dense population, proximity to city transit.
• High barriers to new supply/competition nearby, enabling pricing power.
• 100-acre site attracts suburban drivers and urban transit users.
• Current traffic hindered by outdated, too deep space; redevelopment aims to address this.

Redevelopment Plan & Outcome

• Focus on "Addition Through Subtraction": Replacing outdated/low-productivity anchors (Sears/Kohl's boxes).
• Improving sightlines and exterior access (new glass entry visible from Sunrise Highway).
• Key components: ~80K SF ShopRite (grocery anchor), 17K SF F&B (outdoor dining), 20-30K SF in-line space.
• Targeted to complete Fall 2026.
• Achieved >5x sales growth from previously underutilized space in similar projects (e.g., Kings Plaza Sears).
• Currently pre-leased 50% of future GLA, another 17% in LOIs. Notable anchor tenants include Shake Shack, Panda Express, Dave's Hot Chicken.

Key Advantages & Transformation

• Limited new supply, lack of major malls within 30-min drive.
• Transforming mall into a multi-format retail campus (enclosed retail + open-air dining + grocers), reflecting modern leasing preferences.
• New ShopRite expands grocery footprint, aligns with other key stores like Aldi ("#1 in US").
• Emphasizes exterior access, visibility, and anchored traffic.

Analyst View & Rating

• Jefferies Equity Research recommends "Buy", with a price target recently lowered to $21.00 (from $23.00) but remains above recent levels.
• Factors enabling this view: Strong leasing ahead of completion, timing of delivery, potential for margin expansion, pricing power due to supply constraints. Downside risks include tenant failure, slower leasing, reduced pricing power.
• The redevelopment exemplifies Macerich's strategy in supply-constrained markets.

In Summary

• The Green Acres redevelopment is a significant $130M investment by Macerich in a high-barrier-to-entry, high-rental-value market area.
• Landmark involvement includes major anchors completed pre-lease. This strengthens Macerich's core asset, aligning with modern retail formats, and potentially delivering strong performance from a location poised for growth against supply constraints.