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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) sold Paradise Valley Mall in Phoenix for $100 million, generating net proceeds of approximately $95 million. The transaction closed on March 29, 2021, and Macerich retains a 5% stake in the redevelopment project led by RED Development. The 92-acre site will undergo a multi-phase redevelopment to include diverse offerings such as residences, offices, and retail. This move aligns with Macerich's strategy to focus on high-quality properties amidst evolving retail trends.
On March 26, 2021, Macerich Company (NYSE: MAC) reported significant capital events, including the sale of 36 million shares at $13.54 each, raising approximately $487.3 million. The company is also under contract to sell a 95% stake in Paradise Valley Mall for $100 million, expected to yield $95 million in net proceeds. A new credit facility between $600 million and $800 million is anticipated. Macerich projects total liquidity of $1.65 billion to $1.85 billion post-transactions. Revised fiscal 2021 EPS guidance is between -$0.73 and -$0.53, with expected FFO per share at $1.77 to $1.97.
Macerich (NYSE: MAC) released its Fourth Quarter 2020 Earnings Results on February 11, 2021, highlighting the performance of its 47 regional shopping centers across the U.S. The company currently manages 50 million square feet of real estate and is recognized for its sustainability efforts, achieving CDP A List status for five consecutive years. A conference call discussing these results is scheduled for 10:00 am PT. Interested parties can access the call via the company's website or a designated phone line.
The Macerich Company (NYSE: MAC) has declared a quarterly cash dividend of $.15 per share, payable on March 3, 2021, to stockholders of record by February 19, 2021. Macerich is a major real estate investment trust specializing in the management and development of regional malls across the United States. It currently owns approximately 50 million square feet of real estate, including 47 shopping centers in key markets. The company is recognized for its sustainability efforts, holding CDP A List status for five years and GRESB Green Star rating for six years.
Macerich (NYSE: MAC) has scheduled its Fourth Quarter 2020 earnings release for February 11, 2021, prior to market open. The management conference call will take place at 10:00 AM PT (1:00 PM ET) on the same day. Investors can access the live webcast on the company's website. Macerich owns 50 million square feet of retail real estate, focusing on regional malls primarily in densely populated markets. The company has been recognized for its sustainability efforts, earning CDP A List status and GRESB Green Star ratings.
The Macerich Company (NYSE: MAC) announced the tax treatment for 2020 dividends, amounting to $1.55 per share. These dividends consist of qualified REIT dividends under Internal Revenue Code section 199A. Key dates include record dates ranging from February 21 to November 9, 2020, with payable dates from March 3 to December 3, 2020. The dividends classified for the year are $0.04 ordinary, $0.02 capital gain distributions, and $0.70 nondividend distributions. Macerich is recognized for its sustainability efforts, achieving CDP A List status for five consecutive years.
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).
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