马塞里奇房产 2024年度报告

A N N U A LR E P O R T|F O R M1 0 - K DIRECTORS Eric K. Brandt Diana M. Laing Retired Chief Financial Officer ofAmerican Homes 4 Rent Retired Executive Vice President and ChiefFinancial Officer of Broadcom Corporation Marianne LowenthalPresident and Sole Principal of Granadier Co. Steven R. Hash Retired President and Chief Operating Officerof Renaissance Macro Research, LLC Devin I. MurphyRetired President of Phillips Edison & Company Enrique Hernandez, Jr. Executive Chairmanof Inter-Con Security Systems, Inc. Andrea M. Stephen Retired Executive Vice President, Investmentsof The Cadillac Fairview Corporation Limited Daniel J. HirschPrincipal at Anzu Partners Jackson HsiehPresident and Chief Executive Officerof The Macerich Company EXECUTIVE OFFICERS Jackson HsiehPresident and Chief Executive Officer Ann C. Menard Senior Executive Vice President,Chief Legal Officer and Secretary Douglas J. HealeySenior Executive Vice President,Head of Leasing Daniel E. Swanstrom IISenior Executive Vice President,Chief Financial Officer and Treasurer MACERICH’SPATH FORWARD SIMPLIFYING THE BUSINESS DEAR FELLOW SHAREHOLDERS, A significant early action last year was to refreshour portfolio groups and asset rankings to give usimproved clarity as to our capital allocation priorities.Focusing on criteria beyond sales per square foot —to include market position and other unique factors,such as debt and development potential — we re-rankedevery one of our properties as Fortress,Fortress Potential, Steady Eddy or Eddy assets. Since joining Macerich as President and CEO lastMarch, I have become increasingly confident in ourmission to own and operate thriving retail centersthat bring our communities together and create long-term value for shareholders, partners and customers. 2024 was a year of exciting change. During my first90 days, I toured the majority of our key properties,visited our regional offices and spent time with theteams—particularly leasing,development,assetmanagement, property management and operations. Simplifyingour business also includes selectivelyconsolidatingjoint venture interests.In 2024,wewere able to purchase our partners’ interests andconsolidate 100% ownership in Los Cerritos Center,Washington Square, Arrowhead Towne Center, SouthPlains Mall and Lakewood Center. Then, further informed by my 30 years on Wall Streetin real estate investment banking and subsequentexperiencerunning,restructuring and growingasuccessful REIT,we launched Macerich’s PathForward plan in July. This clear, executable plan isdesigned to accomplish three key objectives overits five-year horizon: simplify the business, improveoperational performance and reduce leverage. IMPROVING OPERATIONALPERFORMANCE Throughout2024,operationalperformanceatMacerich continued to improve. This is a testamenttoour outstanding teams and quality retailproperties, in addition to our sharp focus on internalprocessand technology improvements to boostproductivity.Key metrics including occupancy,trafficand leasing activity improved notably,excluding our Eddy properties. I am pleased with our steady progress. Importantly,wehave made mission-critical enhancements toourorganizational structure,processes,analyticalmethods and technology that we believe providethe strategic roadmap and tools to drive leasing andNOI over a multi-year horizon. This is a major changein mindset and operations for Macerich, which hashistoricallybeen more focused on managing thebusiness to annual, near-term FFO targets. At year-end, portfolio occupancy was 94.1%, up 60basispoints year-over-year.Excluding the Eddyproperties, portfolio occupancy was 95.8%. Trafficin 2024 was up nearly 2% compared with 2023and is now back to pre-COVID levels, reflecting Here are accomplishments in 2024 and details on ouroverall movement toward 2028 goals. This platform is projected to save 15,000 person-hours at Macerich annually and is already speedingup our leasing and tenant opening velocity. We arelaser-focusedon increasing our inline permanentoccupancy, which we expect to grow 5% by 2028.Another exciting opportunity is the progress we aremaking on delivering tenants into 26 vacant anchorspaces in our go-forward portfolio. customers’ ongoing interest in spending time at ourretail properties. Portfolio average sales for tenantsunder 10K square feet were $915 per square footwhen excluding the Eddy properties. Leasingcontinues its powerful momentum acrossourportfolio.We’re making solid progress onachieving the NOI gap we are solving for in our PathForward plan, based upon expected lease renewals,signed-not-open(SNO)leases and re-leasing andredevelopment opportunities. REDUCING LEVERAGE I am very pleased with the progress we are makingon our Path Forward goal to reduce $2 billion in debtthrough dispositions and givebacks. To date, we havecompleted nearly $800 million of that dispositiontarget, including Country Club Plaza, Biltmore FashionPark,The Oaks and Southridge Mall.W