Welcome to our dedicated page for The Macerich Company news (Ticker: MAC), a resource for investors and traders seeking the latest updates and insights on The Macerich Company stock.
The Macerich Company (NYSE: MAC) is a self-managed and self-administered real estate investment trust (REIT) and a prominent name in the S&P 500 index. The company specializes in the acquisition, leasing, management, development, and redevelopment of regional malls across the United States. Macerich focuses on high-quality retail properties in densely populated and attractive markets, including California, Arizona, Chicago, the Greater New York Metro area, and Washington, D.C.
Macerich's portfolio consists of 27 regional malls in its consolidated portfolio and 16 regional malls in its unconsolidated portfolio, as well as three power centers and seven other real estate assets. The total portfolio encompasses 46.3 million square feet of gross leasable area, with an impressive average sales figure of $836 per square foot for the 12 months ending in December 2023.
In recent strategic moves, Macerich has acquired the remaining 40% share in the Arrowhead Towne Center and South Plains Mall from its joint venture partner. This transaction grants Macerich full ownership of these prime assets. Additionally, Macerich has executed a contract for the sale of a non-mall asset, expected to generate approximately $110 million in net proceeds, a part of its strategy to reduce leverage and simplify business operations.
Arrowhead Towne Center, located in a high-growth area of Metro Phoenix, is a market-dominant and top-performing mall with significant projected benefits from the nearby Taiwan Semiconductor Manufacturing Company's major investment. South Plains Mall in Lubbock, Texas, another key asset, covers a vast trade area and serves as an economic hub due to its proximity to Texas Tech University.
Macerich is dedicated to environmental, social, and governance (ESG) principles, earning the #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for nine consecutive years from 2015 to 2023. The company remains committed to advancing sustainability, corporate governance, and social good within the communities it serves.
For further information, investors can visit Macerich's Investor Relations website at investing.macerich.com or follow the company on social media platforms like LinkedIn.
Macerich has lined up several events for investor outreach, where stakeholders can gain more insights into the company's operational performance and strategic initiatives.
Macerich (NYSE: MAC) has priced an upsized public offering of 20 million shares of common stock at $19.75 per share, expecting to raise approximately $395 million in gross proceeds. The offering, increased from the initially announced 18 million shares, includes a 30-day option for underwriters to purchase up to 3 million additional shares. The company plans to use the proceeds, along with cash on hand, to repay a $478 million mortgage loan with a 9.0% fixed interest rate secured by its Washington Square property. The offering is expected to close on November 27, 2024.
Macerich (NYSE: MAC) has announced a public offering of 18,000,000 shares of common stock, with underwriters having a 30-day option to purchase up to 2,700,000 additional shares. The company plans to use the net proceeds, along with cash on hand from recent 'at the market' offering sales, to repay a $478.0 million mortgage loan with approximately 9.0% fixed interest rate secured by its Washington Square property. Goldman Sachs & Co. is serving as the lead bookrunner for the offering.
The Macerich Company (NYSE: MAC) has announced the release of its Third Quarter 2024 Earnings Results and Supplemental Information, which has been posted to the Investor Relations section of their website. The company has scheduled a conference call for November 6, 2024, at 10:00 a.m. Pacific Time to discuss the quarterly results. Interested participants can join via telephone through a registration process or access the live webcast through the company's website. A replay of the webcast will be available for 90 days following the live broadcast.
Macerich Company (NYSE: MAC) has appointed Daniel E. Swanstrom II as its new Chief Financial Officer, effective November 16, 2024. Swanstrom brings over 20 years of real estate experience, including roles as CFO at two public REITs and as a former Morgan Stanley investment banker. The current CFO, Scott Kingsmore, will transition to Senior Advisor until December 31, 2024, after serving the company for almost 30 years.
Macerich (NYSE: MAC) has achieved the #1 ranking among U.S. retail companies in the GRESB Real Estate Assessment for the tenth consecutive year. The company ranked #3 in Retail, Americas, and received the GRESB Green Star rating. As part of its sustainability initiatives, Macerich aims to achieve full net-zero carbon emissions by 2040, including its supply chain.
The company ranks #23 on the EPA Green Power Partnership On-Site Generation list for solar generation and is recognized among Newsweek's 'America's Most Responsible Companies.' The 2024 GRESB Assessment included 2,223 portfolios representing $7 trillion in gross asset value across 80 markets.
Macerich (NYSE: MAC) announced that its Board of Directors has declared a quarterly cash dividend of $0.17 per share of common stock. The dividend will be paid on December 2, 2024, to stockholders recorded as of the close of business on November 12, 2024.
Macerich (NYSE: MAC) has successfully refinanced Queens Center with a new $525 million loan at a 5.37% fixed interest rate with interest-only payments for the entire term. This represents the lowest refinancing rate achieved by the company since 2019 and is Macerich's largest outstanding loan. The favorable terms demonstrate market confidence in Macerich's assets and progress on their Path Forward Plan, which focuses on simplifying business, improving operations, and reducing leverage. The company suggests this refinancing could lead to outperforming their five-year refinance plan and potentially achieving greater FFO growth.
Macerich (NYSE: MAC) has announced the schedule for its Third Quarter 2024 Earnings Release and Conference Call. The earnings results will be released before market open on Wednesday, November 6, 2024. Management will hold a conference call at 10:00 am Pacific Time (1:00 pm Eastern Time) on the same day to discuss quarterly results.
Participants can join the conference by telephone through a dial-in registration link or via a live webcast. A webcast replay will be available for 90 days following the live webcast in the Investors Section of the Company's website.
The Macerich Company (NYSE: MAC) has announced its participation in several upcoming investor events. Key highlights include:
1. BofA Securities 2024 Global Real Estate Conference in New York, NY (Sept. 10-11, 2024):
- Presentation on Sept. 10 at 1:30 p.m. Eastern
- Live audio webcast available on Macerich's website
2. NAREIT's REITworld: 2024 Annual Conference in Las Vegas, NV (Nov. 19-20, 2024)
3. Post-NAREIT Retail Tour with CITI in Phoenix, AZ (Nov. 21, 2024)
4. Jefferies Real Estate Conference 2024 in Miami Beach, FL (Dec. 10-11, 2024)
These events provide opportunities for investors to engage with Macerich's leadership, including CEO Jack Hsieh, CFO Scott Kingsmore, and SVP Leasing Doug Healey.
Macerich (NYSE: MAC), a leading retail real estate company, has released its 2023 Corporate Responsibility Report, marking 15 years of industry-leading sustainability strategy. The report, themed 'Together for Tomorrow', highlights Macerich's environmental, social, and governance efforts. Key achievements include:
- 34% of portfolio energy consumption from clean electricity
- #23 on EPA Green Power Partnership On-Site Generation list for solar generation
- #1 ranking in Retail, Americas/Rated A for Disclosure in 2023 GRESB Real Estate Assessment
- 2,300+ community events hosted at Macerich properties
- 433 organizations supported through volunteerism and giving
Macerich has set new ambitious targets, including achieving full net-zero emissions, including supply chain, by 2040. The company remains on track to achieve carbon neutrality by 2030.
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