$MAC (The Macerich Company)

$MAC {{ '2015-11-25T20:38:55+0000' | timeago}} • SEC

$MAC's outstanding loan indebtedness at Sept. 30, 2015 was $7.5Bil, majority of which consists of fixed-rate conventional mortgage notes collateralized by individual properties. All the maturities in next 12 months, except Flagstaff Mall loan, is expected to be refinanced, restructured, extended and/or paid off from line of credit or cash on hand.

$MAC {{ '2017-04-28T11:57:56+0000' | timeago}} • Announcement

$MAC said the company is reiterating its EPS guidance for 2017 with EPS expected to be in the range of $1.26-1.36 and funds from operations per share in the range of $3.90-4.00. During March, the company repurchased and retired 2.2MM shares of its common stock.

$MAC {{ '2017-04-28T11:54:53+0000' | timeago}} • Announcement

Self-managed REIT $MAC reported a significant drop in 1Q17 earnings, hurt by lower revenue, lower minimum rent and tenant recoveries. Net income fell 83.55% to $69.24MM or $0.48 per share from $420.92MM or $2.76 per share a year ago. Revenue dropped 3.51% to $247MM from $256MM. FFO per share remained flat YoY at $0.87.

$MAC {{ '2017-04-21T12:39:10+0000' | timeago}} • Announcement

$MAC's BoD declared a quarterly cash dividend of $0.71 per share of common stock. The dividend is payable on June 2, 2017 to stockholders of record at the close of business on May 5, 2017.

$MAC {{ '2017-02-13T14:20:47+0000' | timeago}} • Announcement

$MAC's BoD authorized the repurchase of up to $500MM of its outstanding common shares as market conditions and the company's liquidity warrant. The usage of this repurchase program is not expected to change the recently issued 2017 earnings guidance.

$MAC {{ '2017-02-10T11:11:51+0000' | timeago}} • Announcement

$MAC declared a quarterly cash dividend of $0.71 per share of common stock.  The dividend is payable on March 3, 2017 to stockholders of record at the close of business on Feb. 21, 2017.

$MAC {{ '2017-02-07T19:55:41+0000' | timeago}} • Webcast

In Oct. 2016, $MAC closed $325MM financing of previously encumbered Fresno Fashion Fair. The proceeds from this financing were used to pay down the company's line of credit. In Feb. 2017, $MAC committed to a $225MM loan on Kierland Commons, which is expected to close in March.

$MAC {{ '2017-02-06T21:31:00+0000' | timeago}} • Announcement

$MAC expects 2017 EPS of $1.26-1.36 and funds from operations per share of $3.90-4.00. The guidance included $0.08 of dilution from the January 2017 sale of Northgate Mall, Cascade Mall and one additional non-core asset that is currently under contract.

$MAC {{ '2017-02-06T21:29:47+0000' | timeago}} • Announcement

$MAC reported a drop in 4Q16 earnings due to lower minimum rents and a decline in tenant recoveries as well as last year's gain on selling JV interests in 4 malls. Net income fell to $37.13MM or $0.26 per share from $414.96MM or $2.65 per share last year. Revenue dropped to $272MM from $320.76MM. FFO per share increased to $1.17 from $1.12.

$MAC {{ '2017-01-20T11:02:06+0000' | timeago}} • Announcement

$MAC announced the sale of Cascade Mall in Burlington, WA and Northgate Mall in San Rafael, CA to Merlone Geier Partners for $170MM. This transaction resulted in net proceeds to $MAC of approx. $100MM after the repayment of a floating-rate note on Northgate. $MAC expects the dilution from the sales to reduce 2017 FFO by approx. $0.06 per share.

$MAC {{ '2017-01-18T19:45:40+0000' | timeago}} • Announcement

$MAC and StepsAway announced an expanded partnership bringing the StepsAway in-mall mobile retail platform to a total of 22 Macerich properties. Through StepsAway's patent-pending cloud-based technology platform, SAConnect, national retailers create and deliver promotions across multiple mall properties on a single platform.

$MAC {{ '2016-10-27T23:58:41+0000' | timeago}} • Announcement

$MAC lowered its 2016 EPS guidance to range of $3.59-3.64 from previous forecast of $3.83-3.93, while narrowing its funds from operations per share outlook to $4.05-4.10 from prior estimate of $4.05-4.15.

$MAC {{ '2016-10-27T23:56:44+0000' | timeago}} • Announcement

REIT $MAC reported a drop in 3Q16 earnings due to lower minimum rents and a decline in tenant recoveries. Net income fell to $13.73MM or $0.09 per share from $33.6MM or $0.21 per share last year. Revenue dropped to $253.4MM from $326.3MM. Funds from operations per share increased to $1.04 from $1.01.

$MAC {{ '2016-10-21T23:06:18+0000' | timeago}} • Announcement

The BoD of $MAC declared a quarterly cash dividend of $0.71 per share of common stock.  The dividend is payable on December 2, 2016 to stockholders of record as of November 11, 2016.

$MAC {{ '2016-08-22T08:02:01+0000' | timeago}} • Announcement

Real estate investment trust $MAC said it has allied with Blink Inc., a professional digital company. The two companies will work together to open new Blink photo studios at select $MAC properties. The first new store will launch at Santa Monica Place during Holiday 2016 with more to launch in 2017.

$MAC {{ '2016-08-01T19:27:39+0000' | timeago}} • Webcast

RBC Capital Markets analyst Rich Moore questions $MAC whether there is anything going on with the Seritage JV with regards to shares. CFO Thomas O'Hern says that there is nothing that the company is in a position to announce right now. $MAC is working with its partner Seritage to think about the redevelopment of the nine centers.

$MAC {{ '2016-08-01T19:27:05+0000' | timeago}} • Webcast

Sandler O'Neill analyst Alexander Goldfarb questions $MAC whether getting back department store boxes or replacing tenants averaging 313,000 a foot is important. CEO Arthur Coppola says that the smaller shops save space, and they both are equally important. The department stores potentially reduce numbers in terms of conventional department stores.

$MAC {{ '2016-08-01T19:14:26+0000' | timeago}} • Webcast

Citibank analyst Christy McElroy asks $MAC to provide an update on its plans for redevelopment over Westside Civilian. CEO Arthur Coppola says that it is a good piece of real estate and it is part of the company's core holdings. $MAC said that it has no intention of chasing the same customer in the west LA markets.

$MAC {{ '2016-08-01T18:59:08+0000' | timeago}} • Webcast

$MAC said that when tenants' leases expire, there is substantial rent growth from the time that the leases are signed. The company as a result, is confident that rent spreads are sustainable and that it will continue to be a big driver of same-center NOI growth going forward.

$MAC {{ '2016-08-01T18:45:12+0000' | timeago}} • Webcast

$MAC said that tenant interest remained strongest in the higher productivity centers, the higher growth markets & the coastal location. This demand allows the company to replace under-productive or struggling retailers looking to expand. $MAC intends to bring online retailers into the centers by reducing physical and economic barriers-to-entry.

$MAC {{ '2016-08-01T18:37:38+0000' | timeago}} • Webcast

$MAC said that its trailing 12 months leasing spread rose to 16.1% during 2Q16 from 15.4% during 2Q15. The company said that average rent per leases signed during the trailing 12 months period was $57.31 per square foot. During 2Q16, a total of 848,000 square feet of leases were signed, up from 733,000 square feet in 1Q16.

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