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Macerich

Lt.-Gen. Rick Findley, deputy commander of the North American Aerospace Defense Command, and Robert Taylor, senior property manager at Citadel Mall, perform the ceremonial ribbon cutting during the November 18, 2005 launch of the Citadel Mall's Santa Tracking Station.

Macerich (/ˈmeɪsrɪtʃ/ MAYSS-ritch) is a real estate investment trust that invests in shopping centers. It is the third-largest owner and operator of shopping centers in the United States. As of December 31, 2020, the company owned interests in 52 properties comprising 50 million square feet of leasable area.[1] The company name is a portmanteau of its founders, Mace Siegel and Richard Cohen.[2]

History

The company traces its antecedents to the MaceRich Real Estate Company founded in New York in 1964 by Mace Siegel and Richard Cohen who combined their first names to name their company.[2]

In 1994, the company became a public company via an initial public offering.[citation needed]

In 2002, Macerich acquired Phoenix, Arizona-based Westcor for $1.475 billion. The purchase added 9 properties to Macerich's portfolio making them the largest mall owner in the Phoenix Metropolitan Area.[3]

In 2005, the company acquired most of Rochester, New York-based Wilmorite Properties' portfolio for $2.333 billion, adding 11 shopping centers to Macerich's portfolio, including Tysons Corner Center in Tysons, Virginia.[4]

In 2006, the company name was rebranded to "Macerich."[5]

On April 1, 2015, the company rejected a $16.8 billion takeover offer from Simon Property Group, claiming that the offer undervalued the company. Simon withdrew the offer.[6][7]

Notable investments

See also

References

  1. ^ a b "The Macerich Company 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b "Prideful Mall Giant Macerich Burns a Hole in Canadian Teachers' Pension Investor - SWFI". www.swfinstitute.org. Retrieved April 21, 2020.
  3. ^ Padgett, Mike (May 31, 2002). "Westcor sold for $1.5B". American City Business Journals.
  4. ^ Smith, Ray A. (December 24, 2004). "Macerich to Acquire Wilmorite Properties In $1.45 Billion Deal". The Wall Street Journal.
  5. ^ "Investing in Macerich: a Must-Know Company Overview". Market Realist. October 15, 2015. Retrieved April 21, 2020.
  6. ^ Stahl, George (April 1, 2015). "Macerich Rejects Simon Property's $16.8 Billion Takeover Bid". The Wall Street Journal.
  7. ^ Gara, Antoine (April 1, 2015). "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid". Forbes.
  8. ^ a b c d e Yu, Hui-yong (January 4, 2016). "Macerich Sells Mall Interests to GIC, Heitman for $2.3 Billion". Bloomberg News.
  9. ^ "Country Club Plaza will sell $660 million". The Kansas City Star. January 4, 2016.
  10. ^ Molina, Joshua (January 3, 2023). "Macy's Will Be Out of La Cumbre Plaza by 2028 as Housing Plans Roil Santa Barbara". Noozhawk. Retrieved January 4, 2023.

External links