Haendel St. Juste's questions to Macerich Co (MAC) leadership • Q3 2024
Question
Haendel St. Juste of Mizuho noted that Macerich appears to be moving faster than its previously outlined four-year plan and asked if the timeline to reach the $1.80 FFO target could be shorter. He also asked when the company might resume providing annual FFO guidance.
Answer
President and CEO Jackson Hsieh acknowledged the rapid progress but indicated that some structural items, like asset givebacks, will take the next 1-2 years to fully resolve in the financials. He suggested FFO guidance might resume the year after next. Senior Executive Vice President and CFO Scott Kingsmore reiterated that the four-year vision was deliberate due to the difficulty in predicting the timing of various moving parts, such as dispositions and JV acquisitions. However, he confirmed they are ahead of pace on refinancings and on target with disposition pricing, providing some latitude within the plan.