Bay Street News

Macerich Marks 30 Years as Public Company, Rings Closing Bell at New York Stock Exchange

SANTA MONICA, Calif., March 12, 2024 (GLOBE NEWSWIRE) — Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of high-quality retail and mixed-use properties in top markets, today marked its 30th anniversary as a public company by ringing the closing bell at the New York Stock Exchange.

Jack Hsieh, who took the reins as Macerich President and CEO on March 1, 2024, was joined by a number of Macerich senior executives to ring the bell and celebrate this significant company milestone.

“I’m so pleased and proud to lead the next chapter in Macerich’s exciting story as we continue to densify and diversify our Class A portfolio to add even more value for stakeholders,” said Hsieh. “Thirty years ago, when Macerich launched as a public company, the mall business was very different. While we know that physical retail is here to stay, this is a pivotal time for Macerich as we continue adding new uses and experiences to ensure that our well-located properties remain sought-after destinations for retailers, shoppers and communities for many years to come.”

As the retail landscape continues to evolve, Macerich’s industry-leading properties are redefining the customer experience by introducing dynamic additions that extend visitor appeal from morning to night. Adding a broad range of new uses – from fitness, grocery, entertainment, food and beverage, and medical to coworking, residential, hotel, office, and more – Macerich continues transforming its properties into vibrant, multi-use Regional Town Centers that mean more things to more people.

Today, as Macerich celebrates its 30th anniversary, its total market cap exceeds $10.5 billion. For context, Macerich’s total market cap back in 1994 was a modest $650 million.

Among Macerich’s most iconic, high-performing properties today are:

Macerich is a fully integrated, self-managed and 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’s 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 46 million square feet of real estate consisting primarily of interests in 43 regional town centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for nine consecutive years (2015-2023). For more information, please visit www.Macerich.com.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.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 investing.macerich.com

MAC-C
SOURCE: Macerich

MEDIA CONTACT:
Karen Maurer, Macerich, 602-708-6311, Website: https://www.macerich.com/

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7fdee622-4571-4341-ab16-f93478d6994b


Bay Street News