SANTA MONICA, Calif., July 22, 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 the appointment of Diana M. Laing to its Board of Directors. Ms. Laing previously served on Macerich's Board from 2003 through 2022. A seasoned corporate finance executive with 35+ years in real estate investment and operating companies, Ms. Laing brings key skills and experience to the Macerich Board – including ...

SANTA MONICA, Calif., June 26, 2024 (GLOBE NEWSWIRE) -- Dial-In Registration: https://register.vevent.com/register/BI4e7fa38720a8454281f71d47b45decaf Webcast Registration: https://edge.media-server.com/mmc/p/d5ie8i9q 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 N ...

It has been about a month since the last earnings report for Macerich (MAC) . Shares have added about 7.6% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Macerich due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Macerich Q1 FFO Miss Estimates, Revenues Fall Y/Y M ...

SANTA MONICA, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation's leading owners, operators, and developers of major retail properties in top markets, announced today that it will participate in Nareit's REITweek 2024 Investor Conference June 4 and June 5, 2024. Jack Hsieh, President and Chief Executive Officer; Scott Kingsmore, Senior Executive Vice President and Chief Financial Officer; and Doug Healey, Senior Executive Vice President of Leasing, will participate in an analy ...

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 ...

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 ...

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 ...