This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Macerich's CEO Presents At Citi Global Property CEO Conference (Transcript)

And the Phoenix marketplace is beginning to experience signs of job growth, where our several major corporation’s that are looking to locate corporate headquarters or expansions into the Phoenix marketplace.

And a big part of the driver of that is the things that have caused Phoenix to be a leading growth market for the last six decades. But in addition to that, Phoenix now has affordable housing because the housing prices in Phoenix today are about half of what they were five years ago.

So entry level housing per employees a $600,000 house, four bedrooms, 4,000 feet and a nice gated suburban community, that was $600,000 five years ago, today it might be $300,000. So, it’s a big difference. And so there is that opportunity and it’s really helped to foster some very nice healthy growth for us.

Our leasing fundamental are very strong throughout the country. We just had an opening of a new Neiman Marcus Department Store at our Broadway Plaza Center in Walnut Creek in Northern California. That’s the center that we have targeted as our next quote Santa Monica Place. We were asked after we shutdown and reopen Santa Monica Place, do you have another projects, a withdrawing more that would be of the scale in terms of the transformation of it.

And we thought about it and that actually challenge this and we said, the one that really have the possibility for that kind of a dramatic change is Walnut Creek, because it’s a great center. We already have the right department stores. We have Nordstrom, one of the top Nordstrom’s in the U.S., great Macy’s, we now have this new Neiman, but we only have a small number of specialty stores.

So we’re actually talking to the city right now, Walnut Creek. We have our anchor approvals, where we’re looking to basically expand the specialty store offering at that center by little over 200,000 square feet. We’re pretty bullish on that opportunity.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs