Macerich Unveils Path-Forward Plan; To Invest In And Fortify Key Assets In Portfolio

Macerich's plan is designed to:

• Deleverage the capital structure to a low-to-mid 6x range over the next three to four years.
• Invest in and fortify key assets in the portfolio.
• Proactively consolidate selected joint venture assets that are core to the overall strategy.
• Deliver clean FFO/share launch point of ~$1.80/share over the next three to four years.
• Improve various internal processes that are being evaluated and realigned to achieve outstanding operational results.
• Position the company to take an offensive stance on acquisitions, reinvestment, and selected development.