Macerich reports 1H23 leasing volume up 34% year-over-year

Macerich detailed elements of its leasing. In Q2, Macerich signed 191 leases for 1.4 million square feet. Year-to-date, the company signed leases for 2.4 million square feet, which is 34% more square footage signed than during the same period last year. Portfolio-wide occupancy hit 92.6% at the end of the second quarter, an 80 basis-point gain compared to a year ago, and a 40 basis-point increase compared to last quarter. These gains support double-digit positive re-leasing spreads, which nearly doubled to 11.3% in Q2 2023 over Q1. In Q2, Macerich opened 263,000 square feet of new stores, which is approximately 20% more square footage than the company opened in Q2 2022.