{"id":11893,"date":"2024-06-20T21:20:11","date_gmt":"2024-06-21T02:20:11","guid":{"rendered":"https:\/\/1reason.com\/re\/macerich-launches-path-forward-plan\/11893\/"},"modified":"2024-06-21T16:20:11","modified_gmt":"2024-06-21T21:20:11","slug":"macerich-launches-path-forward-plan","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/macerich-launches-path-forward-plan\/11893\/","title":{"rendered":"Macerich Launches Path-Forward Plan"},"content":{"rendered":"<div>  <\/p>\n<p align=\"left\">\u201cI am excited to chart a new direction for Macerich and lead the company to elevated performance as we launch a simple, executable plan that forwards our mission to add long-term value for shareholders, partners, and customers,\u201d said Hsieh. \u201cI am very optimistic and confident about our company\u2019s future as we undertake this well-crafted path forward.\u201d<\/p>\n<p align=\"left\">Macerich\u2019s plan is designed to:<\/p>\n<ul>\n<li style=\"text-align:left\">Deleverage the capital structure to a <u>low-to-mid 6x range<\/u> over the next three to four years.<\/li>\n<li style=\"text-align:left\">Invest in and fortify key assets in the portfolio.<\/li>\n<li style=\"text-align:left\">Proactively consolidate selected joint venture assets that are core to the overall strategy.<\/li>\n<li style=\"text-align:left\">Deliver clean FFO\/share launch point of <u>~$1.80\/share<\/u> over the next three to four years.<\/li>\n<li style=\"text-align:left\">Improve various internal processes that are being evaluated and realigned to achieve outstanding operational results.<\/li>\n<li style=\"text-align:left\">Position the company to take an offensive stance on acquisitions, reinvestment, and selected development.<\/li>\n<\/ul>\n<p align=\"left\">To view and download the full Macerich Path Forward plan, visit investing.macerich.com.<\/p>\n<p align=\"left\">\u201cAs I shared on our Q1 2024 earnings call, Macerich is an outstanding company with many fortress-like assets in terms of their market position, annual customer visits, tenancy, and overall sales production. And, while we have proven operational processes, there is even more room for improvement,\u201d Hsieh added. \u201cBy executing on this plan, we will concentrate our portfolio on our best properties, which are thriving centers, and we will have a substantially stronger balance sheet. All of this will position Macerich to be offensive on acquisitions, reinvestment, and selective development.\u201d<\/p>\n<p align=\"left\"><strong>Upcoming Investor Outreach<\/strong><\/p>\n<ul>\n<li>Nareit\u2019s REITweek: 2024 Investor Conference at the New York Hilton Midtown in New York City, June 4-5, 2024, including a company presentation on June 4, 2024, at 11:45 a.m. Eastern Time. Additional details about the presentation, including a live audio webcast, will be available to the public on the Investor Relations website,investing.macerich.com.<\/li>\n<\/ul>\n<p align=\"left\"><strong>About Macerich<\/strong><\/p>\n<p align=\"left\">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\u2019s portfolio is concentrated in California, the Pacific Northwest, Phoenix\/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 47 million square feet of real estate consisting primarily of interests in43retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieveda#1 Global Real Estate Sustainability Benchmark (GRESB) rankingforthe North American retail sector fornine consecutive years (2015-2023). For more information, please visit<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=NDAWfsRtZ9OpDIDqB2o8x8XWp8usfdiNCORuoQ3TTX__DSr3K5K0ML3738IsjMfYo9KLEvpEPfYzDxf6zGvbOdXVI7LKL6Adoav7nZwucQBIJJj2HH8ccRuXqfiDmlv2toSWiLdbeNIqMWB6RrRbn7CGEViTxtE0r-CYGH7TZOQfwZSIp844Bns9YWbVb6296xGcejwAA35K0guPTOVk1I1JyE-cj2ljGQef07RjRxZ6B4CeCbKGgZr-TChpM0YoWhvdBDd-Nklbpn-la4k2R62ALAVyLOKV4zwXQiwzyrVdBTUE7fXRAKoqb3dCNbmjjF0QIfPAhQmUucYa4wyILrQqiaITSu2pEdHS_k3DMZisv-HAcrzlPE00hwdaJrwCao4wvo5PsSv9ddS2rHC7Srb1MxLGoyC6tJFvJEqhD1EIwdeurZBSRzYDDu0PsHisguuVMT9QSNb5HrfXAjypg7Faz159Te103sB0PZcxKkjiXu4r3ZpuxAUMKT8zwKlSla8uj-n-Ug-RSG6_7-kDHouET2rn_RPkvXeL1pvC4CYkeZaURexfOUoCcibeXwtmi_ZBtEqzUb51OqEC_VfyaWWkYdqBHvMGZIFihco90iZGnjGCL6UoJwtJUYoBBiKyxupKKih5NxAuK_VRbBOErQ==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.Macerich.com\">www.Macerich.com<\/a>.<\/p>\n<p align=\"left\">Macerich uses, and intends to continue to use, its Investor Relations website, which can be found atinvesting.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ZzJhGoocYe4PC9U5OzfeHi-79T2f2E2fkmCIcl2Xu0--2WniIz3eoD_twZik6ZZrtHekngBRz46-gzlLOrz5EQH5u5OcERCY_rjFZSohTPU=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"investing.macerich.com\">investing.macerich.com<\/a>.<\/p>\n<p align=\"left\">MAC-I<br \/>SOURCE: Macerich<br \/>INVESTOR RELATIONS CONTACT: <br \/>Samantha Greening <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1VyuJJv5O8IfkasIHtFZ-FZSmcSmm4oUp_ut8Dw-NySQWXr7mYoxxe3UWr8wBD4M7LzeDioV3gd2C1CYL-INT5awWJmQ_5kad0Ig2g5AWLISwYX3ozLf1THIogjygdhL\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Samantha.greening@macerich.com\">Samantha.greening@macerich.com<\/a><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/MDdmZGUzNmItYzg1ZS00ODNjLTgyOWQtOTcwYjkzMTNiZmYzLTEwMTU0NDI=\/tiny\/Macerich-Company.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>Three-Part Strategy Designed to Simplify the Business, Improve Operational Performance, and Reduce Leverage<\/p>\n<p align=\"left\">SANTA MONICA, Calif., May 23, 2024 (GLOBE NEWSWIRE) &#8212; Macerich (NYSE: MAC), one of the nation\u2019s 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.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11893"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=11893"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11893\/revisions"}],"predecessor-version":[{"id":11899,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11893\/revisions\/11899"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=11893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=11893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=11893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}