Macerich Co. reiterated its funds from operations target for full year 2019 of between $3.50 per share and $3.58 per share.
In reporting its second-quarter results, the retail real estate investment trust said its 50/50 joint venture in the Tysons Tower office property and the Tysons Vita multifamily asset agreed to financing deals for the two unencumbered properties totaling $190 million and $95 million, respectively. The transactions are expected to close near the end of the third quarter.
In June, the company's joint venture closed a $220 million, 10-year loan on San Tan Village in Gilbert, Ariz., with a fixed interest rate of 4.30%. The loan repaid the existing $120 million securing the property. Macerich's share of the proceeds was $85 million.
In the same month, Macerich's joint venture also closed a $256 million, five-year loan on Chandler Fashion Center in Chandler, Ariz., with a fixed interest rate of 4.10%. The loan was used to repay an existing $200 million loan, and Macerich's share of the proceeds was $28 million.
During the second quarter, the company added that it recaptured 10 Sears locations through formal lease rejections and lease terminations. These 10 locations include seven that are owned by the company's 50/50 joint venture with Seritage Growth Properties at Los Cerritos Center, Washington Square, Vintage Faire Mall, Chandler Fashion Center, Arrowhead Towne Center, Deptford Mall and South Plains Mall, and three that are wholly owned by the company at Wilton Mall, La Cumbre Mall and Towne Mall.