Macerich Co at Bank of America Global Real Estate Conference Transcript
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Extremely attractive markets with average -- high-average household income, strong agitation levels. Our portfolio is primarily concentrated in California, Phoenix, in Metro New York, through Washington, D.C. corridor, mid-Atlantic regions. Roughly 90% of our NOI in the portfolio is generated from those markets, so very highly desirable markets. The portfolio is extremely high quality. 93% of our NOI is generated by assets with sales volumes exceeding $500 per square foot. The portfolio has shown extreme resilience following the pandemic. Portfolio occupancy today rests at 92%, that's a 3.5% increase in just 5 quarters alone from the low point, which was the first quarter of 2021. Sales rebounded quite nicely in the portfolio. Sales are up 14% at the end of the second quarter. That's compared to the second quarter of 2019 prepandemic. Portfolio sales as a whole are trending at an all-time high at $860 a foot on average. Leasing activity, which Doug will speak to in detail, I'm sure, has been
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