Kings Plaza Shopping Center Brooklyn, New York *** Green Acres Mall Valley Stream, New York *** Queens Center Queens, New York (NYSE: MAC) an S&P 500 Company NYC Metro Area Properties September 30, 2017
Kings Plaza & Green Acres Mall Acquisition Grew & Complimented Macerich s NYC Presence In 2012 Macerich announced the $1.25 Billion transformational acquisition of two super regional shopping centers, Kings Plaza Shopping Center and Green Acres Mall. These two acquisitions dramatically increased Macerich s position in the metro New York City market, building upon Macerich s ownership of Queens Center, the only super-regional shopping center in the borough of Queens. Kings Plaza and Green Acres provided substantial opportunity to replace lower sales producing tenants with higher productivity tenants similar to Queens Center. Kings Plaza- Brooklyn, NY Green Acres Mall- Valley Stream, NY Queens Center- Queens, NY 2
Macerich s three New York City area Super- Regional Shopping Centers reach more than four million shoppers NY Regional Shopping Centers Year of Acquisition Total GLA Occupancy % 09/30/2017 Sales PSF 09/30/2017 Sales PSF @Acquisition % Increase Green Acres Mall 2013 2,076,000 95.1% $623 $520 20% Kings Plaza Shopping Center 2012 1,174,000 95.9% $687 $650 6% Queens Center 1995 963,000 97.9% $1,444 $633 128% Average 1,404,000 96.3% $918 $601 53% More than 17% of Macerich portfolio Net Operating Income (NOI) is now generated from the Boroughs of New York from these three wholly owned assets. 3
QUEENS CENTER, KINGS PLAZA AND GREEN ACRES MALL Trade Area Map Queens Center is a 1.0 million square foot super regional center in Queens. The trade area has a population of 2.1 million. Kings Plaza Shopping Center is a 1.2 million square foot, super regional center in Brooklyn. The trade area has a population of 2.5 million. Green Acres Mall is a 2.1 million square foot, super regional mall in Valley Stream. The trade area has a population of 1.2 million. 4
Kings Plaza Shopping Center Summary Kings Plaza is located on the waterfront of South Brooklyn, just one mile north of the Belt Parkway on Flatbush Avenue, the main artery through the heart of Brooklyn. At 1.2 million sf, Kings Plaza serves the entire borough. Brooklyn is New York City s most populous borough with nearly 2.6 million people in over 71 square miles. Kings Plaza benefits from Brooklyn s tremendous transit system. Over 1,000 buses stop at Kings Plaza every day at the main mall entrance at Flatbush Avenue. It is the last stop on ten NY transit bus lines. The merchandise mix at Kings Plaza continues to improve with great national brands like Adidas, Champs Sports, Dunkin Donuts, Journeys Kidz, Kiko Milano, M.A.C Cosmetics, NYX Professional Make-up, ULTA Beauty, Starbucks and Vans. 5
Kings Plaza Shopping Center Redevelopment to Open in Q2 2018 The former Sears building presents the next opportunity to significantly improve the merchandise mix and transform the presence of Kings Plaza. Sears will be replaced with Burlington, JCPenny, Zara and Primark. The redevelopment is anticipated to cost roughly $100 million with a stabilized yield of 4%. The 4% yield represents an incremental return over Sears former annual rent. The yield would increase to 8% excluding the Sears rent from the computation. Furthermore, the redevelopment will enhance the ability to attract new, productive retailers to the entire center. 6
Kings Plaza Shopping Center Redevelopment to Open in Q2 2018 The proposed improvements include a dramatic four-story glass atrium and entry that provides a visual connection to all four levels of the redevelopment. Before After 7
KINGS PLAZA SHOPPING CENTER - AERIAL MAP FORMER SEARS SITE OF REDEVELOPMENT 8
Green Acres Mall Summary Green Acres Mall is located on the border of New York City and Nassau County and serves an expansive and diverse trade area including southeast Queens and southwest Nassau County. New tenants opened since acquisition in January 2013 include aerie, Chicken Now, Century 21 department store, Torrid, House of Hoops, Kay Jewelers, Chipotle Mexican Grill, Green Cube Café, PizzaRev, Lasaka Noodle House, Panera Bread and Starbucks. 9
Green Acres Commons Valley Stream, New York In October 2016, Macerich opened the 300,000 square-foot Green Acres Commons, an open-air retail complement to Green Acres Mall. The two-story retail center sits on 20 acres adjacent to Green Acres Mall. Macerich acquired the adjacent land in 2013 shortly after acquiring Green Acres Mall. Our vision, in placing the proven draw of big-box favorites right next to Green Acres Mall is to add to the appeal of the overall destination, making Green Acres an increasingly important destination for retailers and shoppers. 10
Green Acres Mall AERIAL MAP 11
Queens Center Summary Over its 44 year history, Queens Center in Elmhurst, NY has consistently been one of the most productive malls in the country. Situated at the hub of mass transit and at the intersections of Queens Boulevard, the Long Island Expressway and Woodhaven Boulevard, the Borough s only super-regional mall is highly visible and easily accessible by all modes of transportation including pedestrian foot traffic. In 2002, Queens Center embarked on a $275 million expansion, renovation and modernization program increasing the size of the mall by over 50% from 663,000 square feet to nearly 1 million square feet. The redevelopment, completed in 2004, transformed Queens Center into a world-class suburban shopping center in an urban environment where JC Penny and Macy s department stores perform at or near the top in their entire store fleets. 12
Queens Center Recently opened tenants include: Apple Store, Cheesecake Factory, Flight 23 at Footaction, Garage, Green Cube Café, Miniml by Moe s, NYX Professional Makeup and Shake Shack. 13
Queens Center Aerial Map 14
Queens Center 15