Core Insights - The Macerich Company (MAC) is positioned to benefit from its portfolio of premium shopping centers in vibrant markets, focusing on omnichannel retailing and mixed-use asset development for long-term growth [1][2][3] - However, the rise of e-commerce and a highly leveraged balance sheet present challenges for the company [1][10] Group 1: Growth Drivers - Macerich has a high concentration of premium malls in densely populated U.S. markets, which allows for strong cash flow generation due to affluent consumers [2] - The company is enhancing asset quality and customer relationships through the adoption of an omnichannel model and focusing on mixed-use properties [3] - An aggressive capital-recycling program is in place, involving the sale of non-core assets to invest in higher-growth properties and reduce leverage [4] Group 2: Recent Transactions - Macerich is under contract to sell Lakewood and Valley Mall, expected to close in the second half of 2025 [5] - The company recently sold Atlas Park for $72 million and announced the acquisition of Crabtree Mall for $290 million [5] - Redevelopment of the northeast quadrant of Green Acres Mall is anticipated to open in 2026 [6] Group 3: Performance Metrics - Over the past three months, Macerich's shares have increased by 10.1%, outperforming the industry growth of 0.2% [6] - The company expects total revenues to rise by 11.4% in 2025 [2] Group 4: Challenges - Despite a rebound in mall traffic post-pandemic, the convenience of online shopping continues to impact brick-and-mortar stores negatively [8] - The company faces challenges from tenant bankruptcies, including Forever 21 and Express, which could affect performance in upcoming quarters [9] - As of June 30, 2025, Macerich's total pro-rata share of debt was approximately $6.88 billion, with a net debt to adjusted EBITDA ratio of 7.93X, indicating a highly leveraged balance sheet [10]

Group 1 - The company is on track or ahead of schedule with its Path Forward plan, which has been significantly derisked [3] - The Path Forward strategy focuses on simplifying the business, improving operational performance, and reducing leverage [4] - Recent growth opportunities include the acquisition of Crabtree Mall, indicating a proactive approach to strengthening the core portfolio [4] Group 2 - An update to the Path Forward plan was provided in May, which included a comprehensive NOI bridge and a roadmap for 2028 targets [5]

Group 1 - The company is on track or ahead of schedule with its Path Forward plan, which has been significantly derisked [3] - The Path Forward strategy focuses on simplifying the business, improving operational performance, and reducing leverage [4] - The company has pursued new growth opportunities, including the acquisition of Crabtree Mall in June [4] Group 2 - An update to the Path Forward plan was provided in May, which included a comprehensive NOI bridge and a roadmap for a 2028 target [5]

Summary of The Macerich Company Conference Call Company Overview - **Company**: The Macerich Company (NYSE: MAC) - **Industry**: Retail Real Estate Investment Trust (REIT) Key Points and Arguments Path Forward Plan - The company is on track or ahead of schedule on all components of its Path Forward Plan, which focuses on simplifying the business, improving operational performance, and reducing leverage [2][3] - The plan includes a comprehensive Net Operating Income (NOI) bridge and targets for Funds From Operations (FFO) and leverage by 2028 [3][6] Leasing Performance - As of the end of Q2, Macerich signed 4.3 million square feet of leases, exceeding its target for 2025 and 2026 [4][5] - The leasing strategy aims for 4 million square feet of leasing in 2025 and 2026, with a goal of achieving 85% completion by mid-2026 [4][5] - The company is focusing on increasing the percentage of new lease deals versus renewals to drive higher spreads and incremental revenue [4] Acquisition of Crabtree Mall - Macerich acquired Crabtree Mall for approximately $290 million, a Class A retail center in the Raleigh-Durham MSA, which is expected to be accretive to the Path Forward Plan's 2028 target FFO range [7][8] - The mall has a dominant market position and is expected to achieve a permanent occupancy rate of 90% by 2028 [8][49] Dispositions and Balance Sheet Management - The company has completed approximately $1.2 billion in mall sales, with a target of $2 billion in total asset sales [6][37] - Remaining dispositions include $500 to $600 million in out parcels and freestanding retail assets [6][39] - The company is actively addressing 2026 maturities through asset sales and refinancing [33][34] Retailer Demand and Market Trends - There is unprecedented demand across various retail categories, including legacy brands reinventing themselves [31][32] - The company is seeing strong interest from retailers, with 67% of the space previously occupied by Forever 21 already committed or under letter of intent [24][29] Financial Outlook - The company anticipates a mid-2026 inflection point for FFO growth, driven by leasing activity and asset sales [72] - The projected compound annual growth rate (CAGR) for NOI over the next four years is 5.2% [72] CapEx and Future Opportunities - The company is focused on capital allocation for tenant improvements and enhancing the overall shopping experience [51][56] - Future growth is expected to be driven by increased traffic and sales from new anchor tenants and flagship stores [58][59] Market Conditions - The financing market for B malls is improving, with a good buyer base for the assets being sold [42][43] - The company is cautious about future acquisitions, prioritizing deleveraging over new purchases [61][62] Additional Important Insights - The company has implemented technology enhancements to improve leasing efficiency and communication with tenants [12][13] - The retail landscape is evolving, with a mix of emerging brands and legacy brands performing well [31][32] - The company is forming a Gen Z committee to better understand and cater to the preferences of the fastest-growing customer segment [60] This summary captures the essential points discussed during the conference call, highlighting the company's strategic initiatives, performance metrics, and market outlook.

Core Viewpoint - Themac Resources Group Limited has received a decision from the New Mexico State Engineer denying its application for the transfer of water rights for the Copper Flat Project, prompting the company to explore alternative water management solutions [2][3]. Group 1: Water Rights Application - Themac entered into an agreement in April 2019 to lease 2,400 acre-feet of Santa Teresa water rights for the Copper Flat Mine [1]. - An application to change the point of diversion and the purpose of use was filed in August 2019, with an administrative hearing held in August 2023 [1]. Group 2: Decision and Next Steps - The New Mexico State Engineer has denied the application, and the company is currently reviewing the decision and considering its next steps [2]. Group 3: Alternative Water Management Solutions - Themac has been investigating alternative options for more economically favorable and sustainable water management systems that would eliminate the need for Santa Teresa water rights [3]. - One of the options being evaluated is dry stack tailings technology, which aims for safer and more sustainable waste management at the Copper Flat site, with feasibility studies at an advanced stage [3].

Company Overview - Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT) focused on high-quality retail real estate in densely populated U.S. markets [2] - The company's portfolio includes 40 million square feet of real estate, primarily consisting of interests in 37 retail centers [2] - Macerich has achieved a 1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years from 2015 to 2024 [2] Upcoming Events - The company will present at the BofA Securities 2025 Global Real Estate Conference in New York on September 9, 2025, at 1:30 p.m. Eastern [1] - A live audio-only webcast of the presentation will be available on the company's Investor Relations website, with an online replay accessible afterward [1] Investor Relations - Macerich utilizes its Investor Relations website to disclose material nonpublic information and comply with Regulation FD [3] - Additional information can be found on social media platforms such as LinkedIn [3] - Reconciliations of non-GAAP financial measures to GAAP measures are available in the earnings release and supplemental filings on the Investor Relations website [3]

Core Viewpoint - THEMAC Resources Group Limited has entered into an arrangement agreement with Tulla Resources Group Pty. Ltd. for a going private transaction, where Tulla will acquire all outstanding common shares not already owned by it for cash consideration of $0.08 per share, representing an approximately 11% premium to the 20-day volume-weighted average trading price prior to the announcement [1]. Group 1: Transaction Details - The arrangement will be executed under the Yukon Business Corporations Act, and Tulla currently controls approximately 60.39% of the Company's outstanding shares [1]. - A special meeting of shareholders is scheduled for October 7, 2025, to approve the arrangement, requiring at least two-thirds of the votes cast and a simple majority excluding certain shares held by Tulla and related parties [2]. - The board of directors has unanimously determined that the arrangement is in the best interests of the Company and fair to shareholders, based on recommendations from a special committee of independent directors [4]. Group 2: Shareholder Support - In addition to Tulla's shares, certain directors and significant shareholders holding 14,804,130 common shares, representing 18.64% of the total, have entered into Voting and Support Agreements to vote in favor of the arrangement [5]. - 90.78% of the locked-up shareholders are affiliates or associates of Tulla, indicating strong support for the transaction [5]. Group 3: Valuation and Fairness - The recommendation for the transaction was based on a comprehensive valuation report and fairness opinion prepared by an independent valuator, which concluded that the consideration is fair to minority shareholders [9]. - A summary of the valuation and fairness opinion will be included in the information circular to be sent to shareholders [10]. Group 4: Conditions and Timeline - The transaction is subject to approval by the Supreme Court of Yukon and the TSX Venture Exchange, with an expected closing in mid to late October 2025 [8]. - Upon completion, the shares will be delisted from the TSXV, and the Company will apply to cease being a reporting issuer in applicable provinces [8].

Core Insights - The Macerich Company (MAC) reported Q2 2025 FFO per share of 32 cents, missing the Zacks Consensus Estimate of 34 cents and down from 44 cents in the prior-year quarter [1][10] - Quarterly revenues reached $249.8 million, reflecting a 15.9% increase year-over-year and beating the Zacks Consensus Estimate by 3.35% [2][10] Financial Performance - Portfolio tenant sales per square foot for spaces under 10,000 square feet increased to $849 from $835 year-over-year [3] - In Q2, MAC signed leases for 1.7 million square feet, representing a 137% increase in leased square footage year-over-year [3] - Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 2.4% year-over-year to $181.2 million [4] - Base rent re-leasing spreads were 10.5% higher than expiring base rent, marking the 15th consecutive quarter of positive spreads [4] Occupancy and Expenses - Portfolio occupancy was 92% as of June 30, 2025, down from 93.3% a year earlier, primarily due to Forever 21 closures [5] - Shopping center and operating expenses increased 13.3% year-over-year to $79.8 million, while management companies' operating expenses grew 12.4% to $21.9 million [5] - Interest expenses surged 80.9% year-over-year to $71.9 million [6] Portfolio Activity - In April 2025, MAC sold SouthPark for $11 million and acquired Crabtree Mall for $290 million in June 2025 [7] - A joint venture closed the sale of Atlas Park for $72 million in July 2025 [7] Balance Sheet - As of August 11, 2025, MAC had approximately $915 million in liquidity, including $650 million available on its revolving line of credit [8]

Core Insights - Macerich reported revenue of $249.79 million for the quarter ended June 2025, reflecting a 15.9% increase year-over-year and a surprise of +3.35% over the Zacks Consensus Estimate of $241.7 million [1] - The company's EPS was $0.32, down from $1.16 in the same quarter last year, with an EPS surprise of -5.88% compared to the consensus estimate of $0.34 [1] Financial Performance Metrics - Minimum rents generated $155.47 million, exceeding the estimated $150.4 million, marking a +17.4% change year-over-year [4] - Management Companies revenues were $5.94 million, slightly below the estimated $6.11 million, representing a -12.4% change year-over-year [4] - Tenant recoveries amounted to $66.83 million, surpassing the average estimate of $64.36 million, with a +14.4% year-over-year change [4] - Percentage rents were reported at $4.15 million, compared to the estimated $5.16 million, indicating a +43.8% change year-over-year [4] - Net Earnings Per Share (Diluted) was reported at $-0.16, compared to the average estimate of $-0.10 [4] Stock Performance - Over the past month, Macerich shares returned +2.5%, slightly underperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Company Performance - Macerich reported quarterly funds from operations (FFO) of $0.32 per share, missing the Zacks Consensus Estimate of $0.34 per share, and down from $0.44 per share a year ago, representing an FFO surprise of -5.88% [1] - The company posted revenues of $249.79 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.35%, compared to year-ago revenues of $215.52 million [2] - Over the last four quarters, Macerich has surpassed consensus revenue estimates four times, but has only exceeded consensus FFO estimates once [2] Stock Performance - Macerich shares have declined approximately 16.2% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current consensus FFO estimate for the coming quarter is $0.36 on revenues of $250.05 million, and for the current fiscal year, it is $1.48 on revenues of $1.02 billion [7] Industry Outlook - The REIT and Equity Trust - Retail industry, to which Macerich belongs, is currently in the top 30% of over 250 Zacks industries, indicating a favorable outlook [8]