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 announced the acquisition of the remaining 40% share of Arrowhead Towne Center and South Plains Mall from their joint venture partner for $36.5 million plus debt. This transaction, completed on May 14, grants Macerich full ownership of these high-performing assets.
The company also plans to sell a non-mall asset expected to generate $110 million in net proceeds, set to close this summer. Arrowhead Towne Center, a top 10 NOI center and sales PSF leader, is located in a high-growth Phoenix area, benefitting from a significant microchip investment by Taiwan Semiconductor Manufacturing Company.
South Plains Mall in Lubbock, Texas, is also a prominent asset with a large trade area and ongoing investments by anchor tenant Dillard's. Upcoming investor outreach includes participation in ICSC Las Vegas and Nareit's REITweek 2024 Investor Conference in June.
Metals Acquisition (NYSE: MTAL; ASX: MAC) announces redemption of Public and Private Placement Warrants, aiming to simplify its capital structure and balance sheet. Warrant holders have options to exercise, surrender for cashless redemption, or take no action. The Warrants include Public and Private Placement Warrants to purchase Ordinary Shares, with a redemption price of $0.10 per Warrant. The Company is entitled to redeem Warrants due to the Reference Value exceeding $10.00 per share and being less than $18.00 per share. The Notice of Redemption has been delivered by Georgeson to registered Warrant holders, specifying the deadline for exercise and surrender of Warrants. The Company has decided to redeem the Warrants to remove dilution uncertainty, simplify financial statements, increase liquidity on NYSE and ASX, provide additional free float for inclusion in indices, and simplify the capital structure.
The Macerich Company (NYSE: MAC) has released its First Quarter 2024 Earnings Results and Supplemental Information. The management will hold a conference call to discuss these results on April 30, 2024. Participants can join the call via telephone or webcast.
Metals Acquisition (NYSE: MTAL; ASX: MAC) reported a strong quarter with progress on ASX listing, mine life extension, and solid production despite a power outage. Key highlights include a 67% increase in mine life, 64% increase in contained copper, and 42% increase in copper reserves. The company raised US$214 million in an ASX IPO, repaid US$127 million in liabilities, and had ~US$100 million in liquidity. However, production was down 11% due to power outage and lower grades, leading to an increase in C1 cash costs. Exploration drilling is ongoing, and the company announced a three-year copper production guidance. The CEO highlighted plans for future growth and welcomed a new CFO.
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