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 received the Bureau Veritas SafeGuard™ Hygiene Excellence and Safety Certification for 11 of its retail centers, ensuring adherence to high hygiene and safety protocols. This certification minimizes on-site virus risks, enhancing consumer confidence in shopping at their properties. The newly implemented measures include intensified cleaning, mask requirements, and upgraded HVAC systems. All 47 Macerich centers are following similar stringent health guidelines, marking a significant step in prioritizing customer and employee safety.
The Macerich Company (NYSE: MAC) reported a net loss of $22.2 million, or $0.15 per share-diluted, for Q3 2020, a decline from a net income of $46.4 million, or $0.33 per share-diluted, in Q3 2019. Funds from operations (FFO) for the quarter were $83.4 million, down from $133.2 million in the previous year. Mall occupancy stood at 90.8%, while annual sales per square foot dropped to $718 from $800. Rent collections improved to 80% in Q3 and 81% in October. The board declared a quarterly dividend of $0.15 per share, payable December 3, 2020.
The Macerich Company (NYSE: MAC) announced a quarterly cash dividend of $.15 per share, to be paid on December 3, 2020. Stockholders of record will be those on file as of the close of business on November 9, 2020. Macerich is a self-managed REIT specializing in the acquisition and management of regional malls across the United States, owning 51 million square feet of real estate in key markets including the West Coast and Metro New York. The company has maintained a strong sustainability record, ranking #1 in the North American Retail Sector for five consecutive years (2015-2019).
Macerich (NYSE: MAC) has announced enhanced safety protocols for holiday shoppers across its retail properties. The company emphasizes health and well-being with intensified cleaning, mask requirements, and improved air filtration systems. Shoppers will enjoy extended hours, curbside pickup, and contactless payment options. Notably, all Macerich centers will be closed on Thanksgiving but will open early on Black Friday. Santa visits will also be reimagined to ensure safety. The company aims to provide a comfortable shopping environment, adapting to current health concerns.
Macerich (NYSE: MAC) announced that all 47 of its major retail properties will fully reopen on October 7, 2020, following the approval for indoor mall operations in LA County. This reopening comes just in time for the anticipated early holiday shopping season. CEO Tom O'Hern emphasized the company's commitment to shopper safety, implementing enhanced cleaning protocols and hospital-grade air filtration systems. Macerich properties contribute significantly to local economies, generating approximately $1.1 billion in sales tax and $225 million in property taxes, supporting essential services.
Macerich (NYSE: MAC) has scheduled its Third Quarter 2020 Earnings Release for November 5, 2020, before market open. A management conference call will follow at 10:00 AM PT to discuss results. Interested parties can access the call via webcast on the Macerich website. The company owns 51 million square feet of real estate, focusing on regional shopping centers in key markets across the U.S., including the West Coast and Metro New York. Macerich is recognized for its sustainability efforts, achieving a top ranking in the GRESB for five consecutive years.
Macerich (NYSE: MAC) announced that 44 of its 47 major retail properties in the U.S. are now fully operational following eased COVID-19 restrictions. Key locations in New York City and six California shopping centers reopened, allowing shoppers back in. Macerich's properties are crucial economic drivers, supporting approximately 110,000 jobs and generating $1.1 billion in sales tax revenues. The company is enhancing health protocols, including upgraded HVAC systems. Cash reserves rose from $573 million in June to $649 million by August 2020, with a $95 million financing expected in Q4 2020.
The Macerich Company (NYSE: MAC) reported a net loss of $25.1 million or $0.18 per share-diluted for Q2 2020, a swing from net income of $15.7 million or $0.11 per share-diluted in Q2 2019. Funds from operations (FFO) also declined to $60.5 million or $0.39 per share-diluted, down from $133.6 million or $0.88 per share-diluted year-over-year. Despite challenges posed by COVID-19, the company is opening over 90 new stores in 2020. While occupancy rates dropped to 91.3%, average rent increased 2.1%. A dividend of $0.15 per share has been declared, reflecting a strategic move to preserve liquidity.
The Macerich Company (NYSE: MAC) has declared a quarterly cash dividend of $.15 per share, payable on September 8, 2020. Stockholders of record by August 19, 2020, will receive this dividend. The decision to reduce the dividend is aimed at preserving liquidity amid economic uncertainties due to the COVID-19 pandemic. CEO Thomas O'Hern stated that the Board will reassess the dividend policy quarterly. Macerich operates 47 regional shopping centers, focusing on high-demand markets across the United States.
FAQ
What is the current stock price of The Macerich Company (MAC)?
What is the market cap of The Macerich Company (MAC)?
What does The Macerich Company specialize in?
Where are Macerich's primary markets?
What recent acquisitions has Macerich made?
What is Macerich's total portfolio size?
How does Macerich perform in terms of sustainability?
What is the average sales per square foot in Macerich's properties?
How can investors get more information about Macerich?
What is the significance of Arrowhead Towne Center for Macerich?
What are Macerich's main strategies?
Who can be contacted for investor relations at Macerich?
