Core Points - Macerich will participate in Nareit's REITweek 2024 Investor Conference on June 4 and June 5, 2024 [1] - Key executives including Jack Hsieh, Scott Kingsmore, and Doug Healey will present on June 4, 2024, at 11:45 a.m. Eastern Time [2] - A live audio-only webcast of the presentation will be available online, with a replay accessible until June 14, 2024 [3] Company Overview - Macerich is a self-managed and self-administered real estate investment trust (REIT) focused on high-quality retail real estate in major U.S. markets [4] - The company's portfolio includes 47 million square feet of real estate, primarily consisting of interests in 43 retail centers [4] - Macerich has achieved a 1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for nine consecutive years from 2015 to 2023 [4]

Group 1: Retail Industry Insights - The recent ICSC conference highlighted both enthusiasm and concerns within the retail sector, particularly noting that low-end consumers are reducing their spending habits [3][4] - Major retailers like Target and McDonald's are experiencing customer losses to grocery stores, particularly Walmart, which is thriving amid these changes [4][5] - The decline of traditional malls is evident, with many failing and a significant reduction in the number of stores like Sears, which has dwindled from 700 to just 11 locations [6][9] Group 2: Simon Property Group (SPG) - SPG is the largest publicly traded mall REIT with a market cap of $47.6 billion, owning or having an interest in 195 properties across 37 states [13][14] - In Q1-24, SPG reported total revenue of $1.44 billion, a 6.67% increase from $1.35 billion in Q1-23, and FFO of $1.334 billion, or $3.56 per share, compared to $1.026 billion, or $2.74 per share in the previous year [19][20] - SPG's portfolio generated 71.4% of its NOI from U.S. malls and outlets, with a 95.5% occupancy rate, reflecting a year-over-year increase of 1.1% [16][20] Group 3: Macerich (MAC) - MAC has a market cap of approximately $3.21 billion and a portfolio of 43 regional malls, but has faced negative AFFO growth since 2017, dropping from $3.21 per share to $1.28 per share [24][26] - Under new CEO Jackson Hsieh, MAC aims to improve its balance sheet and reduce its leverage ratio from 8.76x to the low-to-mid 6.0x range through NOI growth and asset sales [30][32] - Analysts project a 5% increase in AFFO per share for 2024, with a potential 12% growth by 2026, although skepticism remains regarding the latter estimate [33] Group 4: Tanger Factory Outlet Centers (SKT) - SKT operates 38 outlet centers with a market cap of approximately $2.98 billion, focusing on properties in fast-growing markets and near tourist destinations [36][37] - The company reported a core FFO of $0.52 per share in Q1-24, up from $0.46 in Q1-23, and same center NOI increased by 5.2% [41] - SKT's dividend was increased by 5.8% to $1.10 per share, with a low payout ratio of 54%, indicating strong financial health [41]

Core Viewpoint - Macerich has announced a comprehensive Path-Forward plan aimed at simplifying its business, enhancing operational performance, and reducing leverage over the next three to four years [1][2]. Group 1: Path-Forward Plan Overview - The Path-Forward Plan consists of three main elements designed to foster long-term growth [2]. - The company aims to reduce leverage to a range of low-to-mid 6x and achieve a clean FFO/share launch point of approximately $1.80/share within the next three to four years [2]. Group 2: Simplifying Business Operations - The first element of the plan focuses on simplifying business operations by refreshing the portfolio ranking based on criteria beyond sales per square foot, enhancing portfolio quality through asset sales and give-backs [3]. Group 3: Improving Operational Performance - The second element aims to improve operational performance by replacing outdated anchor spaces and prioritizing anchors that align with future trends, funded through cash flow growth and careful capital allocation [4]. - The goal is to restore net operating income (NOI) growth among Eastern Seaboard assets to approximately $65 million, achieving this through existing plans [5]. Group 4: Enhancing Efficiency and Reducing Leverage - The third initiative focuses on reducing leverage to maintain a healthy balance sheet, targeting a reduction of approximately 1x through organic NOI growth and enhancing free cash flow generation to nearly $300 million annually [7]. - The asset disposition program is expected to reduce debt by nearly $2 billion and generate $450-$500 million in liquidity, with leverage reduction primarily coming from the sale of non-mall assets and negative equity assets [8][9].

SANTA MONICA, Calif., May 23, 2024 (GLOBE NEWSWIRE) -- 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, executa ...

Core Insights - Macerich has announced a comprehensive Path-Forward plan aimed at simplifying operations, enhancing performance, and reducing leverage under the leadership of new CEO Jack Hsieh [1][2] Company Strategy - The plan focuses on concentrating the portfolio on high-performing properties, improving the balance sheet, and positioning the company for acquisitions and selective development [3][7] - Key objectives include reducing the capital structure to a low-to-mid 6x range over the next three to four years and achieving a clean FFO/share launch point of approximately $1.80/share in the same timeframe [7] Operational Improvements - The company aims to invest in and strengthen key assets while also consolidating selected joint venture assets that align with its overall strategy [7] - Internal processes are being evaluated and realigned to achieve superior operational results [7] Market Position - Macerich is recognized as a leading owner, operator, and developer of retail properties, with a portfolio of 47 million square feet primarily concentrated in attractive U.S. markets [5] - The company has maintained a top ranking in sustainability, achieving the 1 Global Real Estate Sustainability Benchmark (GRESB) for the North American retail sector for nine consecutive years from 2015 to 2023 [5]

OAKTON, Va., May 20, 2024 /PRNewswire/ -- Otto Ladder Safety, Inc. (the parent company of Otto Tech Systems) announced the election of H.P. Goldfield, Cory Scott, and James Bifulco to its Board of Directors. With technology embedded in a multiplatform ladder, Otto helps safety professionals see and manage something no one has ever seen - what happens before workers fall. Ladder accidents are the leading cause of death for construction workers. Field testing will conclude soon with the STO Building Group and ...

Macerich (MAC) has purchased the remaining 40% stake of both Arrowhead Towne Center in Metro Phoenix and South Plains Mall in Lubbock, TX, for $36.5 million plus the debt from its joint venture partner, which is a global institutional investor. With the move, Macerich has gained full ownership of both the properties. Apart from the acquisition, Macerich disclosed the execution of a contract for the sale of a prominent retail asset in a major market. This transaction, which is likely to close this summer, is ...

SANTA MONICA, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Macerich (NYSE: MAC), please note in the third paragraph, the amount the transaction is expected to generate has been corrected to $110 million of net proceeds. The corrected release follows: Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of major retail properties in top markets, today announced its purchase of the remaining 40% share of both Arrowhead Town ...

Located in a high-growth area of Metro Phoenix, the 1.1 million-square-foot, super-regional Arrowhead Towne Center is a market-dominant, top 10 NOI center for MAC and a top 10 sales PSF center at well over $1,100 PSF – second only to Scottsdale Fashion Square among Macerich's Phoenix market assets. Currently 100% leased, Arrowhead Towne Center is anchored by Dillard's, Macy's, JCPenney, DICK's Sporting Goods, AMC Theatres and a brand-new Round1 Spo-Cha. The buoyant trade area consists of 1.6 million people ...

SANTA MONICA, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of major retail properties in top markets, today announced its purchase of the remaining 40% share of both Arrowhead Towne Center (Metro Phoenix) and South Plains Mall (Lubbock, Texas) for $36.5 million plus the debt, which for Arrowhead is a 7.2% cap rate, from its joint venture partner, a global institutional investor. This transaction, which closed on May 14, gives Mac ...