Macerich Schedules Second Quarter 2017 Earnings Release on Wednesday, August 2, 2017

SANTA MONICA, 2017-Jul-08 — /EPR Retail News/ —

WHAT: Macerich (NYSE: MAC) Schedules Second Quarter 2017 Earnings Release

WHEN: Earnings Results will be released after market close on Wednesday, August 2, 2017.  Management will hold a conference call at 9:00 am Pacific Time (12:00 pm Eastern Time) on Thursday, August 3, 2017 to discuss quarterly results.

WHERE: Interested parties can listen to a live webcast of the call on the Macerich website at www.macerich.com (Investing Section).

Dial-In Number: Toll-Free 1-877-795-3599 or International 1-719-325-4839,
Conference ID # 5410258

WHO: Arthur Coppola, Chairman and CEO, Thomas O’Hern, Senior Executive Vice President and CFO, and Robert Perlmutter, Senior Executive Vice President and COO will host the call.

REBROADCAST: A replay of the webcast will be available for 90 days following the live webcast in the Investing Section of the Company’s website at www.macerich.com.
In addition, an audio replay of the earnings conference call will be available by telephone beginning at 3:00 pm Eastern Time on August 3, 2017 and will be available until August 17, 2017 at 11:59 pm Eastern Time at toll free 1-844-512-2921, PIN 5410258 or International (toll) 1-412-317-6671.

ABOUT MACERICH: 
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Contact:

Jean Wood
Vice President
Investor Relations
424-229-3366

John Perry
Senior Vice President
Investor Relations
424-229-3345

Thomas O’Hern
Senior Executive Vice President and Chief Financial Officer
310-394-6000

SOURCE: Macerich

Macerich to announces 4Q 2016 Earnings Release on February 6, 2017

SANTA MONICA, Calif., 2016-Dec-20 — /EPR Retail News/ —

WHAT: Macerich (NYSE: MAC) Schedules Fourth Quarter 2016 Earnings Release

WHEN: Earnings Results will be released after market close on Monday, February 6, 2017.  Management will hold a conference call at 11:00 am Pacific Time (2:00 pm Eastern Time) on Tuesday, February 7, 2017 to discuss quarterly results.

WHERE: Interested parties can listen to a live webcast of the call on the Macerich website at www.macerich.com (Investing Section).

WHO: Arthur Coppola, Chairman and CEO, and Thomas O’Hern, Senior Executive Vice President and Chief Financial Officer, will host the call.

REBROADCAST: A replay of the webcast will be available for one year following the live webcast in the Investing Section of the Company’s website at www.macerich.com.  In addition, an audio replay of the earnings conference call will be available by telephone beginning at 5:00 pm Eastern Time on February 7, 2017 and will be available until February 21, 2017 at 11:59 pm Eastern Time at toll free 1-844-512-2921, PIN 2684267 or International (toll) 1-412-317-6671.

ABOUT MACERICH: Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 56 million square feet of real estate consisting primarily of interests in 50 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Contact:
Jean Wood
Vice President
Investor Relations
424-229-3366

John Perry
Senior Vice President
Investor Relations
424-229-3345

Thomas O’Hern
Senior Executive Vice President and Chief Financial Officer
310-394-6000

SOURCE: Macerich

Macerich to release 3Q 2016 earning results and conference call on October 28, 2016

SANTA MONICA, Calif., 2016-Sep-15 — /EPR Retail News/ —

WHAT: Macerich (NYSE: MAC) Schedules Third Quarter 2016 Earnings Release

WHEN: Earnings Results will be released after market close on Thursday, October 27, 2016.  Management will hold a conference call at 11:00 am Pacific Time (2:00 pm Eastern Time) on Friday, October 28, 2016 to discuss quarterly results.

WHERE: Interested parties can listen to a live webcast of the call on the Macerich website at www.macerich.com (Investing Section).

WHO: Arthur Coppola, Chairman and CEO, and Thomas O’Hern, Senior Executive Vice President and Chief Financial Officer, will host the call.

REBROADCAST: A replay of the webcast will be available for one year following the live webcast in the Investing Section of the Company’s website at www.macerich.com.

In addition, an audio replay of the earnings conference call will be available by telephone beginning at 5:00 pm Eastern Time on October 28, 2016 and will be available until November 11, 2016 at 11:59 pm Eastern Time at toll free 1-877-870-5176, PIN 7700937 or International (toll) 1-858-384-5517.

ABOUT MACERICH: Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 55 million square feet of real estate consisting primarily of interests in 50 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona,Chicago and the Metro New York to Washington, DC corridor. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Contact:

Jean Wood
Vice President
Investor Relations
424-229-3366

John Perry
Senior Vice President
Investor Relations
424-229-3345

Thomas O’Hern
Senior Executive Vice President and Chief Financial Officer
310-394-6000

SOURCE: Macerich

Macerich CEO Arthur Coppola: The first quarter reflected continued strong performance

SANTA MONICA, Calif., 2016-May-06 — /EPR Retail News/ — The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2016, which included funds from operations (“FFO”)  diluted of $141.0  million or $.87 per share-diluted compared to $133.5 million or $.79 per share-diluted for the quarter ended March 31, 2015.

Net income attributable to the Company was $421 million or $2.76 per share-diluted for the quarter ended March 31, 2016 compared to net income attributable to the Company for the quarter ended March 31, 2015 of $24.6 million or $.15 per share-diluted.   Included in net income in the first quarter of 2016 results is a $434 million or $2.67 per share of gain, primarily from the sale of joint venture interests in four malls during the quarter.

A description and reconciliation of FFO per share-diluted to EPS-diluted is included in the financial tables accompanying this press release.

Results and Capital Highlights:

  • Mall tenant annual sales per square foot for the portfolio were $625 for the year ended March 31, 2016 compared to $607 for the year ended March 31, 2015.
  • The releasing spreads for the year ended March 31, 2016 were up 15.4%.
  • Mall portfolio occupancy was 95.1% at March 31, 2016 compared to 95.4% at March 31, 2015.
  • On March 1, 2016 the Company, in a 50/50 joint venture, closed on the purchase of Country Club Plaza in Kansas City, MO. The total purchase price was $660 million and the Company’s pro rata share of the purchase price was $330 million.
  • On April 13, 2016 the Company sold Capitola Mall for $93 million.
  • On April 19, 2016 the Company completed an accelerated stock repurchase program resulting in the retirement of 5.1 million shares of the Company at an average cost of $78.69.

“The first quarter reflected continued strong performance, as evidenced by the strength of our portfolio’s key operating metrics,” said Arthur Coppola, chairman and chief executive officer of Macerich.

“Furthermore, we were able to return capital to stockholders and continue to reinvest in our best assets at what we firmly believe is a significant discount to underlying property value through stock repurchases.

Looking ahead, the Company remains keenly focused on driving strong same-center net operating income growth, executing on its value-add redevelopment pipeline and achieving superior stockholder returns.”

Joint Ventures, Special Dividends and Stock Repurchase
In October, 2015 and January, 2016 the Company closed on previously announced joint ventures that included contributing eight properties, valued at$5.4 billion (at 100%), into separate joint ventures with GIC (40% interest in five assets) and Heitman (49% interest in three assets).

Cash proceeds to Macerich from the transactions totaled $2.3 billion, which included $1.1 billion of excess financing proceeds.  Part of the cash proceeds from the joint ventures was used in December, 2015 and January, 2016 to pay two special dividends of $2.00 each.

In addition, the Company has used a portion of the joint venture proceeds to complete a total of $800 million of share repurchases under the Company’s recently authorized $1.2 billion share repurchase program.

During a period from November 13, 2015 to January 19, 2016 the Company repurchased 5.11 million shares of Macerich common stock at an average share price of $78.26.  From the period of February 18, 2016 to April 19, 2016 the Company retired 5.08 million shares at an average price of $78.69.

Financing Activity:
Subsequent to the closing of the purchase of Country Club Plaza, a $320 million 10 year fixed rate loan with an interest rate of 3.85% was placed on the asset.

The Company has committed to a $375 million loan on The Shops at North Bridge.  The loan is a 12 year fixed rate loan with an interest rate of 3.68% that is expected to close in May, 2016.  It will pay off the existing loan of $189 million that has an interest rate of 7.50%.

2016 Earnings Guidance:
Management is reaffirming its previous estimate of diluted EPS and FFO per share guidance for 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:
The only major assumption that changed in the guidance is that the sale of Capitola Mall in April and its dilutive impact on FFO has now been considered in the above guidance range.

Details of the guidance assumptions are included in the Company’s Form 8-K supplemental financial information.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 55 million square feet of real estate consisting primarily of interests in 50 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona,Chicago, and the New York Metro area to Washington DC corridor.

Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Investor Conference Call
The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call.  The call will be available on The Macerich Company’s website at www.macerich.com (Investors Section).

The call begins Wednesday, May 4, 2016 at 10:30 AM Pacific Time. To listen to the call, please go to the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.

The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investors Section.  It will also be furnished to the SEC as part of a Current Report on Form 8-K.

Note:  This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as  “expects,” “anticipates,” “assumes,” “projects,” “estimated” and “scheduled” and similar expressions that do not relate to historical matters.

Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected.

Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions;

the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors.

The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2015, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference.

The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

Contact:
Jean Wood
VP of Investor Relations,
310-394-6000

Source: The Macerich Company

 

 

 

 

Macerich Schedules First Quarter 2016 Earnings Release on Tuesday, May 3, 2016

SANTA MONICA, Calif., 2016-Apr-02 — /EPR Retail News/ —

WHAT: Macerich (NYSE: MAC) Schedules First Quarter 2016 Earnings Release

WHEN: Earnings Results will be released after market close on Tuesday, May 3, 2016.  Management will hold a conference call at 10:30 am Pacific Time (1:30 pm Eastern Time) on Wednesday, May 4, 2016 to discuss quarterly results.

WHERE: Interested parties can listen to a live webcast of the call on the Macerich website at www.macerich.com (Investing Section).

WHO: Arthur Coppola, Chairman and CEO, and Thomas O’Hern, Senior Executive Vice President and Chief Financial Officer, will host the call.

REBROADCAST: A replay of the webcast will be available for one year following the live webcast in the Investing Section of the Company’s website at www.macerich.com. In addition, an audio replay of the earnings conference call will be available by telephone beginning at 4:30 pm Eastern Timeon May 4, 2016 and will be available until May 18, 2016 at 11:59 pm Eastern Time at toll free 1-877-870-5176, PIN 8724411 or International (toll) 1-858-384-5517.

ABOUT MACERICH: Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona,Chicago and the Metro New York to Washington, DC corridor. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

SOURCE Macerich Company

Jean Wood, Vice President – Investor Relations 424-229-3366, John Perry, Senior Vice President – Investor Relations 424-229-3345, Thomas O’Hern, Senior Executive Vice President and Chief Financial Officer 310-394-6000

Macerich to form joint ventures to which Macerich will contribute interests in 8 assets with expected $2.3b cash proceeds to Macerich

SANTA MONICA, Calif., 2015-10-1 — /EPR Retail News/ — The Macerich Company (NYSE Symbol: MAC) today announced it has reached agreement to form joint ventures to which Macerich will contribute interests in eight assets with expected cash proceeds to Macerich totaling $2.3 billion. GIC will have a 40% interest in five assets and Heitman will have a 49% interest in three assets. The transactions are subject to usual and customary closing conditions and are expected to close in phases starting in October 2015 and concluding in the first quarter of 2016. The joint venture assets are:

Property Location 6/30/2015 Sales PSF 6/30/2015 Occupancy Partner % Interest
Arrowhead Towne Center Glendale, AZ $710 96.5% 40.0%
Deptford Mall Deptford, NJ $595 93.6% 49.0%
FlatIron Crossing Broomfield, CO $545 92.5% 49.0%
Lakewood Center Lakewood, CA $456 96.6% 40.0%
Los Cerritos Center Cerritos, CA $764 98.5% 40.0%
South Plains Mall Lubbock, TX $460 93.2% 40.0%
Twenty Ninth Street Boulder, CO $620 99.3% 49.0%
$584 95.7%
Washington Square Portland, OR $1,118 97.7% 40.0%
Total $653 96.0%

Concurrent with or prior to the joint venture closings, the Company is planning to put financing on South Plains Mall and Twenty Ninth Streetcenter and will refinance the debt on Washington Square, Los Cerritos Center and Arrowhead Towne Center. Included in the total cash proceeds, mentioned above, is Macerich’s share of the excess financing proceeds which is estimated to be $1.14 billion.

Use of the proceeds is expected to include share repurchases under the Company’s just announced $1.2 billion share repurchase program, a pay down of the line of credit debt balance and for a special dividend in the range of $3.50 to $4.50 per share.

Arthur Coppola chairman and chief executive officer of Macerich stated, “We are pleased to have entered into these transactions with two very well-regarded investment partners on this cross-section of assets from the Macerich portfolio. The expansion of our long-standing relationship with leading real estate investment management specialist Heitman and the beginning of a new one with GIC, one of the world’s premier global investment funds, validates the strength of the Macerich operating platform and demonstrates the demand for high-quality regional mall assets, while also providing the Company with significant capital to create additional shareholder value. These transactions highlight the significant differential between the private and public markets valuation of our assets. Liquidity from these transactions will be used to bridge that gap.”

Lee Kok Sun, Regional Head for Americas, GIC Real Estate, said, “We expect these high-quality assets to continue generating steady income streams and are confident of their growth moving forward. As a long-term value investor, we look forward to partnering with Macerich, one of the premier owners and operators of shopping centres in the US, as they share our core investment belief of being long-term.”

Maury R. Tognarelli, Chief Executive Officer of Heitman stated, “We are pleased to expand our relationship with Macerich, one of North America’s preeminent owners of shopping centers and a trusted partner we have been working alongside to successfully accomplish our mutual objectives for over twenty-five years.”

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 55 million square feet of real estate consisting primarily of interests in 51 regional shopping centers. Macerichspecializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in thePacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

GIC is a leading global investment firm with well over US$100 billion in assets under management. Established in 1981, the firm managesSingapore’s foreign reserves and is uniquely positioned for long-term and flexible investments across a wide range of asset classes, including real estate, private equity, equities and fixed income. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,200 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg.

Founded in 1966, Heitman LLC is a global real estate investment management firm with over $34.5 billion in assets. Heitman invests in commercial real estate directly or in publicly traded real estate securities. Heitman serves a global client base with clients from North American, European, Middle Eastern, and Asia-Pacific institutions, pension plans, foundations and corporations, and individual investors. Headquartered inChicago, with offices in Los Angeles, London, Luxembourg, Dusseldorf, Munich, Warsaw, Hong Kong, Tokyo, and Melbourne.  Additional information about Heitman can be obtained from their website at www.heitman.com.

Eastdil Secured/Wells Fargo acted as exclusive advisor to Macerich in arranging these transactions.

Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as  “expects,” “anticipates,” “assumes,” “projects,” “estimated” and “scheduled” and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected.  Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors.  The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2014, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

SOURCE The Macerich Company

Thomas O’Hern, Senior Executive Vice President and Chief Financial Officer,310-394-6000