Floris Gerbrand van Dijkum's questions to Macerich Co (MAC) leadership • Q3 2024
Question
Floris Gerbrand van Dijkum of Compass Point asked about the growth implications of acquiring the remaining interest in the PPRT portfolio, particularly for top assets like Washington Square and Los Cerritos. He also requested details on the timing of the signed-not-open (SNO) pipeline's contribution to earnings.
Answer
President and CEO Jackson Hsieh explained that gaining full control of the PPRT assets will accelerate business plans, allowing for aggressive leasing, redevelopment, and the refinancing of high-cost debt, which will help Macerich's growth rate. Senior Executive Vice President and CFO Scott Kingsmore detailed the SNO pipeline, stating the incremental $80 million in rent will be realized with approximately $25 million impacting 2024, $34 million in 2025, and the balance in 2026 and 2027.