Jeffrey Spector's questions to Macerich Co (MAC) leadership • Q3 2024
Question
Jeffrey Spector from Bank of America inquired about the potential impact of higher interest rates and a slower Fed cutting cycle on Macerich's disposition plans. He also asked for more detail on consumer behavior, specifically regarding any observed weakness at the lower end of the market.
Answer
President and CEO Jackson Hsieh stated that the current rate environment is not a concern and that the company is ahead of its disposition plan, feeling confident about the $1.17 billion in deals already in progress. Senior Executive Vice President of Leasing Doug Healey added that while sales have been flat against high comps, retailer demand remains strong. He noted consumers are focused on essentials but are beginning to increase discretionary spending on innovative products, with a promotional holiday season expected.