The Macerich Company (NYSE:MAC) Q4 2023 Earnings Call Transcript

Ronald Kamdem: Understood. And then one on — so I saw the Green Acres Mall redevelopment announcement, I think, earlier this, I guess, last week or earlier this January, but I didn’t see it in the supplemental. Is there — is that going to be a large project? Like how should we think about the economics and returns on that? Or should we just wait for that to be at it?

Scott Kingsmore: Yes, it’s a wait. I think you’ll see it hitting the pipeline. We are in predevelopment and entitlement mode right now. It’s going to be a very attractive project. Frankly, that’s a gem from the two assets that we acquired back in the 2012, 2013 time frame. Green Acres has performed extremely well. We added a power center. We’ve been able to re-tenant the mall. In total, the entire property, the entire campus generates over $1 billion of sales and we’re really, really excited to bring this next phase, but we’re studying it, and it will hit the pipeline over the next few quarters.

Operator: I show no further questions at this time. I would now like to turn the call back to Tom for closing remarks.

Tom O’Hern: Thank you, Michelle. Thank all of you for joining us today. All kidding aside, I would like to say that it’s been my pleasure to work with you, and I will miss all of you. As I approach retirement, I’m highly confident in the future of the Company under the leadership of Jackson, our Board of Directors and the balance of our incredibly talented leadership team here at Macerich. I wish you all the best.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect. Have a great day.