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 ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | Maryland | | 95-4448705 | | | --- | --- | --- | --- | | (State or other jurisdiction of | | (I.R.S. Employer Identification Number) | | | incorporation or organization) | | | | | 401 Wilshire Boulevard, Suite 700, Santa Monica, California | | 90401 | | | (Address of principal executive office) | | (Zip Code) | | | (310) 394-6000 | | | | | (Registrant's telephone number, including area code) | | | | | N/A | | | | | (Former name, former ...

Walter Bibikow On April 30, 2024, the Macerich Company (NYSE:NYSE:MAC) reported its Q1, 2024 results, which presented a nightmare scenario for the existing shareholders, causing the Stock price to drop by double digits. There is definitely a component of worsened performance, which has triggered a notable repricing by the market, but there is also a sentiment from the past involved, where historically MAC has every now and then dropped a bombshell in the form of share dilution, that in the context of th ...