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While the 2025 convertible notes have been trading well in the market, as we have said previously, we continue to monitor the markets and evaluate liability management opportunities in order to manage our debt, as well as opportunities to raise additional financing in the future. So, we are a publiccompany and an operating company.
So we deliver on our commitments, which we have achieved not just every quarter as a publiccompany, but every quarter as a privatecompany as well. But before I hand it to Lindsay, I want to take a moment to reflect on our first year as a publiccompany. This is something we have always done.
For example, our strategic partnership with Moody's meaningfully expand the reach of our sustainability content among banks, insurance companies and corporates. It would also help us broaden our privatecompany ESG coverage and expand our capabilities within private credit. So that's what we're going after.
Despite expanding our operational footprint significantly, quadrupling our closings, and increasing our community count by a factor of nearly seven times, we have never taken an inventory impairment, not as a publiccompany and not as a privatecompany before that. The Motley Fool has a disclosure policy.
During his time here, he was instrumental in our growth from a small pre-revenue privatecompany to a publiccompany with over $700 million in revenue. We raised the convert with the -- recognizing that there was a window where valuations for privatecompanies were down, and they still are.
Michael Fisch : 00:05:39 [Speaker Changed] Well, in the time that I was working at Goldman Sachs in mergers, there were a bunch of big publiccompanies who were on, we were on m and a retainer, they call it. Did you see like what was the fixed rate world like on the private side when things were dirt cheap? Sold a ton of it.
If you were to sit back as a privatecompany and say, how would you value this, you'd probably take a whole different set of comps across the board. We're a publiccompany. We're going to perform well as a publiccompany. Raul Fernandez -- President and Chief Executive Officer Yeah. I'm only here 40 days.
The strength of the recovery, I think, has helped both, you know, the publiccompanies, but the privatecompanies. The private operators we talked to have benefited from the recovery as much as the public. I do think if you go back to pre-pandemic, everybody was healthy.
This becomes increasingly important with the new SEC rules detailing that all publiccompanies will be required to report material breaches within four business days. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We have relationships with some of the largest and most experienced operators in the industry, with our leased operating portfolio comprised of 89% multistate operators and 58% leased to publiccompany tenants. Ben Regin -- Chief Investment Officer That's a privatecompany and -- details of which we have not disclosed.
3 on Forbes' America's Best Companies list which came out this month. Forbes evaluated the nation's largest publiccompanies and considered factors such as financial performance, trust, and customer and employee satisfaction. Wrapping up, we are honored to be ranked No. The Motley Fool has positions in and recommends Intuit.
And as we continue to champion bitcoin as a strategic treasury reserve asset, we are encouraged by the number of both public and privatecompanies that are adopting the bitcoin treasury standard to help impact shareholder value. If you sold $21 billion of equity and you went and bought another company, it's a risky acquisition.
ESG also aims to promote supposedly the goal of ESG is to promote the growth of companies that are supportive of beneficial practices, which is debatable and we’re going to get to that. That these companies are causing. Impact investing. Brown versus green stocks. Could we say dirty or fossil instead of brown? So I agree.
And historically, long ago, Horton was a fairly significant acquirer of publiccompanies and other privatecompanies, and still here and there. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. I've -- we've seen you look at some deals.
And it does not take into account debt and other liabilities. As we continue to champion Bitcoin as a strategic treasury reserve asset, we are deeply encouraged by the growing number of both public and privatecompanies that are adopting the Bitcoin standard to help grow shareholder value. But we think it's pretty clear.
We delivered strong financial results in our first quarter as a publiccompany, with 5% adjusted EBITDA growth and 20% AFFO per share growth. Congrats on your first quarter as a publiccompany. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
And obviously, some of the pace and requirements for a publiccompany in the 90-day scorecard is a little different than working for a privatecompany but all things considered I couldn't be more proud of the way the organization is responding to giving and receiving grades and try to seek to understand as we put these synergies together.
I know there’s been a big rush into private credit and private debt over the past few years. They, they run a ton of money in order to manage their future liabilities as an insurer. I think they have about $10 billion out of the 400 and change billion that’s in, in public equities. He worked as a trader.
Brands have a certain amount of liability, but there are audiences and pockets of opportunity out there that partners are better positioned with an alternative brand to go after in a cost-effective way. Some are privatecompanies, some are publiccompanies, I don't think it would be appropriate for me ahead of close to give that color.
A good example of our multiproduct wins in Q4 is EcoGlobal Logistics, a Forbes top 200 privatecompany and a leading provider of technology-enabled transportation and supply chain management services. And one for you, Abhey, congratulations on -- I think it's your first publiccompany CFO position. You were at Autodesk.
dating back 30 years when Macerich first became a publiccompany. And -- but this portion of the plan, it's almost like we're treating it like we're a privatecompany because there's a big opportunity to capture a meaningful spread of rental revenue if we do this. For the full-year 2024, we signed leases for 3.7
That is substantially less than publiccompany directors make (which is more like $200,000 per year), but being a publiccompany director is more time consuming and exposes a director to more liability. So I feel like $100,000 a year is reasonable compensation for a privatecompany director.
This may lead to an inappropriate amount of risk within your portfolio, leaving you overexposed to the ups and downs of a single companys performance. To properly manage the tax liability and strategize how your RSUs will play a role in your portfolio, youll need to understand the full lifecycle of your RSUs. Read more about PSUs here.
So, we did over $1 billion in revenue for the first time as a publiccompany, really for the first time in the history of the company, and that capped off what was a record-breaking year with over $3 billion in revenue for the whole year. That will allow us to tokenize privatecompanies, as well as public securities.
And retailers, as I mentioned in the prepared remarks, fully appreciate that today because there's no publiccompany in our space with our development capabilities. And there's no privatecompany in our space with the cost or cost of capital and liquidity and balance sheet that we have.
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