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.
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.
The Macerich Company (NYSE: MAC) has released its Second Quarter 2024 Earnings Results and Supplemental Information on its website. The company will hold a conference call on July 31, 2024, at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time) to discuss the quarterly results. Interested participants can join via telephone by registering through a provided link to receive dial-in information and a personalized PIN code. Alternatively, a live webcast is available through the company's Investors Section. A replay of the webcast will be accessible for 90 days following the live event in the same section of Macerich's website.
The Macerich Company (NYSE: MAC) has announced a quarterly cash dividend of $0.17 per share of common stock. This dividend will be payable on September 9, 2024, to stockholders of record at the close of business on August 19, 2024. The declaration was made by Macerich's Board of Directors, demonstrating the company's commitment to returning value to its shareholders. This regular dividend payout reflects Macerich's ongoing financial stability and confidence in its cash flow generation capabilities, which is particularly noteworthy in the real estate investment trust (REIT) sector.
Macerich (NYSE: MAC), a leading retail property owner and operator, has announced the appointment of Diana M. Laing to its Board of Directors. Laing, who previously served on Macerich's Board from 2003 to 2022, brings over 35 years of experience in real estate investment and operations. Her expertise spans corporate strategy, risk management, finance, and corporate governance.
With Laing's addition, Macerich's Board now consists of eight directors, seven of whom are independent. This move aligns with Macerich's recently launched Path Forward plan, which aims to simplify the business, improve operational performance, and reduce leverage. The plan focuses on concentrating the portfolio on thriving centers and strengthening the company's balance sheet.
Macerich (NYSE: MAC) has scheduled the release of its second-quarter 2024 earnings results for Wednesday, July 31, 2024. The earnings report will be made available before the market opens. Following the release, management will host a conference call at 10:00 am Pacific Time (1:00 pm Eastern Time) on the same day to discuss the quarterly results.
Participants can join the conference call by registering through the provided dial-in registration link to obtain the necessary dial-in number and personalized PIN code. Additionally, a live webcast will be accessible through the provided webcast registration link or via the Investors Section of Macerich's website.
A webcast replay will be available for 90 days in the Investors Section of the Company's website.
Metals Acquisition (MTAL) has redeemed all its outstanding public and private placement warrants. This redemption, announced on May 6, 2024, was completed by June 5, 2024, at $0.10 per warrant. Approximately 99.82% of the warrants were exercised, resulting in the issuance of 4,701,071 ordinary shares, increasing the total to 74,055,263. The redemption led to a 6.35% dilution of existing shares and $11,799 in cash received. Notably, MTAL is set to join the Russell 3000® Index on July 1, 2024, enhancing its market visibility and investor interest. Major shareholders include Glencore, BlackRock, and Osisko Bermuda.
Macerich, a leading retail property developer, will participate in Nareit’s REITweek 2024 Investor Conference on June 4-5, 2024. Key executives, including CEO Jack Hsieh, CFO Scott Kingsmore, and EVP Doug Healey, will present on June 4 at 11:45 a.m. ET. The presentation will be available via live audio webcast and replay until June 14, 2024, at investing.macerich.com/news-events/events-presentations.
Metals Acquisition (NYSE: MTAL; ASX: MAC) announced a strategic investment in Polymetals Resources (ASX: POL). MAC will invest A$5 million in POL at A$0.35/share, initially acquiring a 4.31% interest. Additional investments are contingent on POL securing funding to restart the Endeavour mine and signing agreements for zinc ore treatment and water offtake. MAC will have the right to appoint a director to the POL board if it holds over 7% shares. POL owns the Endeavour mine, which has produced significant silver, zinc, and lead. The investment aligns with MAC’s strategy to increase value through cooperation in the Cobar Basin, utilizing Endeavour's infrastructure to process high-grade zinc and securing water resources for the CSA Copper Mine. The partnership leverages POL's experienced management team to optimize mining operations.
Macerich has announced its Path-Forward plan aimed at simplifying the business, enhancing operational performance, and reducing leverage under the leadership of new President and CEO Jack Hsieh. The plan focuses on three main strategies: deleveraging the capital structure to a low-to-mid 6x range over three to four years, investing in key portfolio assets, and consolidating selected joint venture assets. The company aims to deliver a clean FFO/share launch point of approximately $1.80/share. Improvements in internal processes and an offensive stance on acquisitions, reinvestment, and selected development are also part of the plan. Macerich will present its strategy at Nareit’s REITweek: 2024 Investor Conference in New York City on June 4, 2024.
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