Macerich Launches Path-Forward Plan

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]