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 launched the 'Make a Pledge. Plant a Tree.' initiative, partnering with One Tree Planted to invest $50,000 in U.S. reforestation and urban forestry for Earth Month. This program encourages shoppers to pledge to use reusable bags instead of single-use plastic or paper bags, significantly reducing landfill waste. The initiative aims to promote sustainable shopping practices and environmental responsibility among consumers. Each pledge contributes towards planting trees across U.S. forests and cities. Additionally, Macerich is engaging employees in local community cleanup events, rewarding them for volunteer hours with tree planting. The company is committed to achieving carbon neutrality by 2030, currently sourcing one-third of its energy from renewable resources.
Macerich (NYSE: MAC) continues to attract experience-seeking consumers with new ticketed attractions. The Dr. Seuss Experience opens at Tysons Corner Center in early April, while World of Barbie debuts at Santa Monica Place in mid-April. These attractions, developed in partnership with Kilburn Live and Fever, are designed to enhance visitor engagement and drive foot traffic to Macerich properties. Previous successful attractions, such as Banksy Was Here and Candytopia, have demonstrated the effectiveness of ticketed events in boosting attendance. Petra Maruca, Senior VP of Business Development, emphasized that these initiatives align with Macerich's strategy to diversify its offerings and enhance community engagement, complementing existing retail and entertainment options.
Macerich (NYSE: MAC) announced its upcoming First Quarter 2023 Earnings Release scheduled for May 4, 2023, before market open. The management conference call will commence at 10:00 am PT (1:00 pm ET) on the same day. Interested participants can join via telephone or webcast through the company's website. Macerich, a leading real estate investment trust (REIT), boasts a portfolio of 47 million square feet across 44 regional town centers, primarily in key markets such as California, the Pacific Northwest, and the Metro New York area. The company emphasizes sustainability, having achieved a #1 GRESB ranking for U.S. Retail for eight consecutive years.
Macerich (NYSE: MAC) has announced that Din Tai Fung, a renowned restaurant known for dumplings, will open a new location at Santa Monica Place. This venue, spanning 10,615 square feet, will offer ocean views and is positioned across from the upcoming ARTE Museum, expected to attract around 1 million annual visitors. The Santa Monica location is part of Din Tai Fung's expansion into Los Angeles, following their successful site in Oregon. The redevelopment of Santa Monica Place aims to enhance visitor experiences by incorporating popular dining options like Din Tai Fung.
On March 1, 2023, Macerich announced that Zara, a leading European fashion retailer, will open its first location in Queens Center, a top-performing property within the Macerich portfolio. This multi-level store aims to enhance the retail experience in Elmhurst, New York, catering to a diverse customer base. The Queens Center is a prominent shopping destination featuring other major brands such as Macy's and Apple. The addition of Zara underscores Macerich's commitment to attracting high-quality tenants and driving foot traffic at its properties.
Macerich (NYSE: MAC) announces a new partnership with the fashion retailer Primark, which will open a 54,562 square foot store at Queens Center in New York City. This marks the seventh Primark location in a Macerich property, reinforcing the collaboration between the two brands.
Queens Center is noted for its impressive sales performance, averaging over $1,700 per square foot, making it a prime retail destination. Macerich believes Primark's arrival will enhance traffic to the center, attracting a diverse customer base. The partnership aims to leverage Queens Center's popularity to boost sales and customer engagement.
The Macerich Company (NYSE: MAC) has announced its Fourth Quarter 2022 earnings results, which are now available on its Investor Relations website. A conference call will take place today, February 7, 2023, at 10:00 a.m. PT to discuss these results. The call can be accessed via live webcast or by phone for international listeners. Macerich is a prominent real estate investment trust specializing in high-quality retail properties across key U.S. markets, managing 47 million square feet of real estate in various regions, including California and the Metro New York area. Macerich also emphasizes sustainability and corporate governance as part of its operational strategy.
The Board of Directors of Macerich (NYSE: MAC) has declared a quarterly cash dividend of $.17 per share, payable on March 3, 2023. This dividend will be provided to stockholders of record at the close of business on February 17, 2023. Macerich operates as a leading real estate investment trust (REIT), focusing on high-quality retail real estate primarily in densely populated U.S. markets, including California and the Metro New York area. The company's commitment to sustainability is highlighted by its #1 GRESB ranking in the North American retail sector for eight consecutive years.
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