SANTA MONICA, Calif., Nov. 01, 2024 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of major retail properties in top markets, has earned the #1 ranking among all U.S. retail in the GRESB Real Estate Assessment for the 10th consecutive year. Macerich ranked #3 in Retail, Americas, and earned the prestigious GRESB Green Star rating based on absolute performance. “GRESB and our peers raise the bar every year. We appreciate this comprehensive assessment of ...

BioStem Technologies Initiates Nationwide Launch of Vendaje AC® with Venture Medical Following Established Reimbursement in All Medicare Administrative Contractor (MAC) Regions The pricing announcement from the Center for Medicare Services became effective on October 1, 2024, and allows BioStem to begin marketing initiatives with Venture Medical POMPANO BEACH, Fla., October 29, 2024 – PRISM MediaWire – BioStem Technologies Inc. (OTC: BSEM), a leading MedTech company focused on the development, manufacture, ...

5.37% Fixed Rate for 5 Years, Interest Only, on $525M Loan Lowest Refi Rate Achieved by Company in Past 5 Years SANTA MONICA, Calif., Oct. 29, 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 that it has refinanced fortress property Queens Center at highly favorable terms with a new $525 million loan bearing fixed interest of 5.37% and interest-only payments during the entire term. "We are p ...

The Macerich Company (NYSE: MAC ) is a REIT that focuses on malls and shopping centers. Interestingly, while many REITs yield close to short-term interest rates (4.5% to 5%), MAC yields about 3.8% as I write this. As lower rates imply a My articles are written with a mind to owning a stock for years, not trying to predict price movements in a few months. I don't do target prices; I do valuations.I first entered investing in 2020 as an individual value investor, keen to understand the fundamentals of busines ...

A month has gone by since the last earnings report for Macerich (MAC) . Shares have added about 0.8% in that time frame, underperforming 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 Q2 FFO Surpasses Estimates, Revenues Miss Mace ...

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Macerich (MAC) reported funds from operations (FFO) per share of 44 cents, which beat the Zacks Consensus Estimate of 40 cents. Moreover, the figure increased 18.9% from the year-ago quarter's 37 cents. This retail REIT experienced an increase in same-center net operating income (NOI), including lease termination income, from the prior-year period. Although the shares of MAC declined 4.3% during yesterday's regular trading session on the NYSE, they were trending upward in the initial trading session today b ...

aimintang Macerich (NYSE:MAC) is currently trading hands for 10.2x its annualized fiscal 2024 second-quarter funds from operation of $0.39 per share, following a 26% rally of its commons over the last 1 year. The retail REIT last declared a quarterly cash dividend of $0.17 per share, kept unchanged from the previously declared payout and $0.68 per share annualized for a 4.3% dividend yield. FFO per share for the second quarter dipped by 1 cent from its year-ago comp. I own a position in Simon Property Group ...

1 11 8 1999 I 1988 IFTER I Walter Bibikow Over the past couple of years, the Macerich Company (NYSE:MAC) has experienced significant upside and downside volatility, which has been associated with notable share issuances to fund the cash flow gaps and subsequent recovery followed by yet another disappointment in terms of additional equity dilution. In Q1, 2024 we saw a similar pattern, where the new Management announced an aggressive plan to bring down the leverage by divesting non-core assets, directing sur ...

Financial Data and Key Metrics Changes - FFO per share for Q2 2024 was $0.39, consistent with expectations and slightly lower than $0.40 in Q2 2023 [17] - Same Center NOI increased by 1.3% during the quarter, excluding lease termination income [17] - Interest expense increased by $4 million, with half attributed to non-cash amortization from acquisitions [17][18] - Bad debt expense rose by $2 million, primarily due to accrual for a large national tenant, impacting Same Center NOI growth by approximately 80 basis points [18] Business Line Data and Key Metrics Changes - Overall occupancy in Q2 was 93.3%, down 10 basis points from Q1 but up 70 basis points year-over-year [10] - Portfolio occupancy excluding Eddie properties was 94.9% [10] - Sales per square foot at the end of Q2 were $835, flat compared to 2023, while excluding Eddie properties, it was $911 [8] - Trailing 12-month base rent leasing spreads remained positive at 10.1% [10] Market Data and Key Metrics Changes - Traffic across the portfolio increased by 5% compared to the first half of 2023, with Chandler Fashion Center seeing a 20% increase [9] - The company opened 276,000 square feet of new stores in Q2, bringing the year-to-date total to almost 820,000 square feet, an 80% increase from the same period in 2023 [10][12] Company Strategy and Development Direction - The company is focused on simplifying the business, improving operational performance, and reducing leverage, with a goal to reduce $2 billion in debt [4][5] - Asset sales are progressing, with a recent sale of a 50% interest in Biltmore Fashion Park, reducing $110 million in debt [4] - The company is enhancing its leasing process to improve productivity and efficiency [6] Management's Comments on Operating Environment and Future Outlook - Management noted that while sales are flat, the retailer environment remains robust, with leasing activity on track [8][50] - The company anticipates a healthy renewal retention rate in 2024, despite some bankruptcies [15] - Management expressed confidence in achieving $1 billion to $1.4 billion in debt reduction by year-end 2024, ahead of schedule [24][67] Other Important Information - The company is actively negotiating leases for new stores totaling over 0.5 million square feet, with a total of 22 million square feet of new store openings planned [16] - Significant redevelopment projects are underway, costing approximately $300 million, expected to provide an incremental $36 million in NOI [7] Q&A Session Summary Question: Long-term goals and timeline for achieving them - Management believes they are on track for debt reduction, with leasing and NOI improvements progressing as planned [24] Question: Rationale for selling Biltmore Fashion Park - The asset was considered strong, but selling it was deemed a good way to raise liquidity while maintaining leasing positions in the market [26] Question: Negotiations with lenders on Santa Monica Place - Management plans to remain involved in the asset management for at least another 12 months [28] Question: Depth of buyer pool for assets - The market for selling large commercial properties is challenging, but the company has a strategy to monetize assets [30] Question: Pipeline for new leases and tenant negotiations - The leasing environment remains robust, with significant activity in the pipeline [33] Question: Expectations for same-store NOI growth - Management anticipates that the pace of NOI growth will accelerate in the second half of the year [35] Question: Credit quality and consumer spending trends - Despite headlines about consumer pullback, the company’s portfolio remains strong, with retailers signing long-term leases [50] Question: Areas needing more work in the strategic plan - No major mechanical changes are needed; focus is on realigning resources around the strategy [51] Question: Future guidance and relevance of the portfolio size - Management does not plan to provide guidance this year or next but believes the plan will maintain relevance in the market [67]