Macerich(MAC)

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Macerich(MAC) - 2023 Q3 - Quarterly Report
2023-11-06 21:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No.: 1-12504 THE MACERICH COMPANY 2 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b- ...
Macerich(MAC) - 2023 Q3 - Earnings Call Transcript
2023-10-31 20:05
The Macerich Company (NYSE:MAC) Q3 2023 Earnings Conference Call October 31, 2023 1:00 PM ET Company Participants Samantha Greening - Director Investor Relations Tom O’Hern - Chief Executive Officer Scott Kingsmore - Senior Executive Vice President and Chief Financial Officer Doug Healey - Senior Executive Vice President, Leasing Conference Call Participants Greg McGinnis - Scotiabank Jeffrey Spector - Bank of America Securities Samir Khanal - Evercore ISI Floris van Dijkum - Compass Point Alexander Goldfar ...
Macerich(MAC) - 2023 Q2 - Quarterly Report
2023-08-09 15:35
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No.: 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) Maryland 95-4448705 (State or other juris ...
Macerich(MAC) - 2023 Q2 - Earnings Call Transcript
2023-08-08 22:10
The Macerich Company (NYSE:MAC) Q2 2023 Earnings Conference Call August 8, 2023 1:00 PM ET Company Participants Samantha Greening - Investor Relations Tom O’Hern - Chief Executive Officer Scott Kingsmore - Senior Executive Vice President and Chief Financial Officer Doug Healey - Senior Executive Vice President, Leasing Conference Call Participants Viktor Fediv - Scotiabank Lizzy Doykan - Bank of America Sanket Agrawal - Evercore Floris van Dijkum - Compass Point Linda Tsai - Jefferies Alexander Goldfarb - P ...
Macerich(MAC) - 2023 Q1 - Quarterly Report
2023-05-08 14:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No.: 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) Maryland 95-4448705 (State or other juri ...
Macerich(MAC) - 2023 Q1 - Earnings Call Transcript
2023-05-04 22:58
The Macerich Company (NYSE:MAC) Q1 2023 Results Conference Call May 4, 2023 3:00 PM ET Company Participants Samantha Greening - Director of Investor Relations Tom O'Hern - Chief Executive Officer Scott Kingsmore - Senior Executive Vice President and Chief Financial Officer Doug Healey - Senior Executive Vice President of Leasing Conference Call Participants Derek Johnston - Deutsche Bank Greg McGinniss - Scotiabank Samir Khanal - Evercore ISI Floris Van Dijkum - Compass Point Linda Tsai - Jefferies Alex Gol ...
Macerich(MAC) - 2022 Q4 - Annual Report
2023-02-24 16:37
Real Estate Operations - As of December 31, 2022, the company operated 44 Regional Town Centers totaling approximately 47 million square feet of GLA, with an average size of 925,000 square feet per center[42]. - The company's long-term strategy includes a focus on the acquisition, leasing, management, redevelopment, and development of Regional Town Centers[34]. - The company has a fully integrated real estate organization with in-house expertise across various disciplines, enhancing operational efficiency and tenant relations[36]. - The company actively pursues redevelopment opportunities to enhance long-term financial returns and market position for its centers[40]. - The company managed one regional town center and two community centers for third-party owners on a fee basis, indicating a selective approach to property management services[39]. - The company emphasizes decentralized property management, allowing on-site professionals to respond quickly to market changes and tenant needs[37]. Rental Income and Leasing - For the year ended December 31, 2022, approximately 73% of total rents were derived from Mall Stores and Freestanding Stores under 10,000 square feet, while 27% came from Big Box and Anchor tenants[45]. - The average base rent per square foot for Mall Stores and Freestanding Stores under 10,000 square feet in consolidated centers was $60.72 in 2022, an increase from $59.86 in 2021[52]. - Average base rent per square foot for consolidated centers decreased from $17.26 in 2021 to $15.95 in 2022, a decline of 7.6%[53]. - For the year ending December 31, 2023, 343 leases are expiring, representing 18.19% of total leased GLA with an ending base rent of $51.43 per square foot[56]. - The average base rent per square foot on leases expiring in 2023 for consolidated centers is $29.67, representing 5.16% of total base rent[57]. - The average base rent per square foot on leases executed during 2022 was $22.68 for consolidated centers, a decrease from $12.64 in 2021[53]. - Anchors accounted for approximately 6.5% of the Company's total rents for the year ended December 31, 2022[60]. - The Company has 162 anchor stores with a total GLA of 21,570,000 square feet, including 9,228,000 square feet owned and 12,342,000 square feet leased[62]. - The Company is actively seeking replacement tenants for vacant anchor sites and is considering redevelopment opportunities[63]. - For unconsolidated joint venture centers, the average base rent per square foot on leases expiring in 2023 is $57.44, representing 13.83% of total base rent[56]. Financial Performance and Debt - The Company's total consolidated long-term debt as of December 31, 2022, is $4.43 billion, with a fair value of $4.07 billion[317]. - Fixed rate debt constitutes $3.72 billion of the total consolidated debt, with an average interest rate of 4.01%[320]. - Floating rate debt amounts to $700.75 million, with an average interest rate of 6.53%[320]. - A 1% increase in interest rates is projected to decrease future earnings and cash flows by approximately $7.9 million per year based on $791.4 million of floating rate debt outstanding[324]. - The Company's pro rata share of unconsolidated joint venture centers' total fixed rate debt is $2.74 billion, with an average interest rate of 4.46%[321]. - The Company closed a $370 million refinance of loans encumbering Green Acres Mall and Green Acres Commons on January 3, 2023[318]. - The joint venture in Scottsdale Fashion Square plans to replace a $406 million mortgage loan with a $700 million fixed rate loan[319]. - The average interest rate on fixed rate debt for unconsolidated joint ventures decreased from 4.46% in 2021 to 4.01% in 2022[322]. - The Company has interest rate cap agreements in place to manage floating rate exposure, which limits the maximum rate on these loans[323]. - The transition from LIBOR to SOFR is expected to have minimal impact on the Company's borrowing costs, with existing agreements allowing for the replacement of LIBOR[326]. Employee and Workforce - As of December 31, 2022, the Company had approximately 651 employees, with 650 being full-time and one part-time[78]. - Approximately 59% of the Company's employees identified as female, and about 30% belonged to an underrepresented group[79]. - The Company experienced a workforce turnover rate of 14% in 2022, with an average employee tenure of approximately 11.6 years[81]. - The Company offers a strong benefits package to full-time employees, including retirement savings plans and various insurance coverages[80]. Corporate Social Responsibility and Compliance - The Company achieved the 1 GRESB ranking in the North American Retail Sector for eight consecutive years from 2015 to 2022[84]. - The Company has implemented operational protocols to ensure health and safety, achieving SafeGuard certification from Bureau Veritas for all retail properties[82]. - The Company is committed to diversity and inclusion, with policies that comply with federal, state, and local labor laws[79]. - The Company incurred costs to comply with various governmental regulations, impacting capital expenditures and competitive position[64]. Market Trends - The shopping center industry is seasonal, with higher earnings typically observed in the fourth quarter due to increased retailer occupancy and retail sales during the holiday season[83].
Macerich(MAC) - 2022 Q4 - Earnings Call Transcript
2023-02-07 23:00
The Macerich Company (NYSE:MAC) Q4 2022 Results Conference Call February 7, 2023 1:00 PM ET Company Participants Samantha Greening - Director, IR Tom O'Hern - CEO Scott Kingsmore - Senior EVP, CFO Doug Healey - Senior EVP, Leasing Conference Call Participants Derek Johnston - Deutsche Bank Alexander Goldfarb - Piper Sandler Craig Mailman - Citi Craig Schmidt - Bank of America Floris Van Dijkum - Compass Point Greg McGinniss - Scotiabank Ki Bin Kim - Truist Linda Tsai - Jefferies Mike Mueller - JP Morgan To ...
Macerich(MAC) - 2022 Q3 - Quarterly Report
2022-11-07 21:07
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No.: 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | Part I | Financial Information | | ...
Macerich(MAC) - 2022 Q3 - Earnings Call Transcript
2022-11-03 21:16
The Macerich Company (NYSE:MAC) Q3 2022 Earnings Conference Call November 3, 2022 1:00 PM ET Company Participants Samantha Greening - Director of IR Scott Kingsmore - SEVP and CFO Doug Healey - SEVP of Leasing Conference Call Participants Greg McGinniss - Scotiabank Derek Johnston - Deutsche Bank Craig Schmidt - Bank of America Merrill Lynch Samir Khanal - Evercore Floris Van Dijkum - Compass Point Linda Tsai - Jefferies Connor Mitchell - Piper Sandler Michael Mueller - JPMorgan Craig Mailman - Citi Ronald ...