Macerich Launches Path-Forward Plan
23 Mayo 2024 - 6:00AM
Macerich (NYSE: MAC), one of the nation’s leading owners,
operators, and developers of major retail properties in top
markets, today published its detailed Path-Forward plan to simplify
the business, improve operational performance and reduce leverage
under the leadership of new President and Chief Executive Officer
Jack Hsieh.
“I am excited to chart a new direction for Macerich
and lead the company to elevated performance as we launch a simple,
executable plan that forwards our mission to add long-term value
for shareholders, partners, and customers,” said Hsieh. “I am very
optimistic and confident about our company’s future as we undertake
this well-crafted path forward.”
Macerich’s plan is designed to:
- Deleverage the capital structure to a
low-to-mid 6x range over the next three to four years.
- Invest in and fortify key assets in
the portfolio.
- Proactively consolidate selected joint
venture assets that are core to the overall strategy.
- Deliver clean FFO/share launch point
of ~$1.80/share over the next three to four years.
- Improve various internal processes
that are being evaluated and realigned to achieve outstanding
operational results.
- Position the company to take an
offensive stance on acquisitions, reinvestment, and selected
development.
To view and download the full Macerich Path Forward
plan, visit investing.macerich.com.
“As I shared on our Q1 2024 earnings call, Macerich
is an outstanding company with many fortress-like assets in terms
of their market position, annual customer visits, tenancy, and
overall sales production. And, while we have proven operational
processes, there is even more room for improvement,” Hsieh added.
“By executing on this plan, we will concentrate our portfolio on
our best properties, which are thriving centers, and we will have a
substantially stronger balance sheet. All of this will position
Macerich to be offensive on acquisitions, reinvestment, and
selective development.”
Upcoming Investor Outreach
- Nareit’s REITweek: 2024 Investor Conference at the New York
Hilton Midtown in New York City, June 4-5, 2024, including a
company presentation on June 4, 2024, at 11:45 a.m. Eastern Time.
Additional details about the presentation, including a live audio
webcast, will be available to the public on the Investor Relations
website, investing.macerich.com.
About Macerich
Macerich is a fully integrated, self-managed,
self-administered real estate investment trust (REIT). As a
leading owner, operator, and developer of high-quality retail real
estate in densely populated and attractive U.S. markets, Macerich’s
portfolio is concentrated in California, the Pacific Northwest,
Phoenix/Scottsdale, and the Metro New York to Washington, D.C.
corridor. Developing and managing properties that serve as
community cornerstones, Macerich currently owns 47 million square
feet of real estate consisting primarily of interests
in 43 retail centers. Macerich is firmly dedicated to
advancing environmental goals, social good and sound corporate
governance. A recognized leader in sustainability, Macerich has
achieved a #1 Global Real Estate Sustainability Benchmark
(GRESB) ranking for the North American retail sector
for nine consecutive years (2015-2023). For more information,
please visit www.Macerich.com.
Macerich uses, and intends to continue to use, its
Investor Relations website, which can be found
at investing.macerich.com, as a means of disclosing material
nonpublic information and for complying with its disclosure
obligations under Regulation FD. Additional information about
Macerich can be found through social media platforms such as
LinkedIn. Reconciliations of non-GAAP financial measures, including
NOI and FFO, to the most directly comparable GAAP measures are
included in the earnings release and supplemental filed on Form 8-K
with the SEC, which are posted on the Investor Relations website
at investing.macerich.com.
MAC-ISOURCE: MacerichINVESTOR RELATIONS CONTACT:
Samantha Greening Samantha.greening@macerich.com
Macerich (NYSE:MAC)
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