Macerich

The Macerich Company
Company typePublic
IndustryReal estate investment trust
Founded1964; 61 years ago (1964)
FounderMace Siegel
Richard Cohen
HeadquartersSanta Monica, California, U.S.
Key people
Steven Hash (chairman of the Board)
Jackson Hsieh (CEO)
Scott Kingsmore (CFO)
Ann C. Menard (CLO)
RevenueDecrease $786 million (2020)
Increase -$230 million (2020)
Total assetsIncrease $9.184 billion (2020)
Total equityDecrease $2.445 billion (2020)
Number of employees
670 (2020)
Websitewww.macerich.com
Footnotes / references
[1]
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.

The Macerich Company (/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.[3]

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.[4]

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.[5]

In 2006, the company name was rebranded to "Macerich."[6]

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.[7][8]

In November 2024, the company acquired 40% Stake in Pacific Premier Retail trust.[9]

Notable investments

Mall Location Notes
Arrowhead Towne Center Glendale, Arizona 60% ownership with GIC[10]
Biltmore Fashion Park Phoenix, Arizona
Broadway Plaza Walnut Creek, California
Chandler Fashion Center Chandler, Arizona
Danbury Fair Mall Danbury, Connecticut
Deptford Mall Deptford Township, New Jersey
Desert Sky Mall Phoenix, Arizona
Eastland Mall Evansville, Indiana
Fashion District Philadelphia Philadelphia, Pennsylvania
Fashion Fair Mall Fresno, California
Fashion Outlets of Chicago Rosemont, Illinois
Fashion Outlets of Niagara Falls Niagara Falls, New York
Flatiron Crossing Mall Broomfield, Colorado
Freehold Raceway Mall Freehold Township, New Jersey
Green Acres Mall Valley Stream, New York
Inland Center San Bernardino, California
Kierland Commons Phoenix, Arizona
Kings Plaza Brooklyn, New York
La Cumbre Plaza Santa Barbara, California long-term lease through 2077[11]
Lakewood Center Lakewood, California 60% ownership with GIC[10]
Los Cerritos Center Cerritos, California 60% ownership with GIC[10]
The Mall of Victor Valley Victorville, California
The Marketplace at Flagstaff Flagstaff, Arizona
NorthPark Mall Davenport, Iowa
The Oaks Thousand Oaks, California
Pacific View Mall Ventura, California
Queens Center Queens, New York
Santa Monica Place Santa Monica, California
SanTan Village Gilbert, Arizona
Scottsdale Fashion Square Scottsdale, Arizona
The Shops at Atlas Park Queens, New York
The Shops at North Bridge Chicago, Illinois
South Plains Mall Lubbock, Texas 60% ownership with GIC[10]
SouthPark Mall Moline, Illinois
Southridge Mall Des Moines, Iowa
Stonewood Center Downey, California
Superstition Springs Center Mesa, Arizona
Towne Mall Elizabethtown, Kentucky
Twenty Ninth Street Boulder, Colorado
Tysons Corner Center Tysons Corner, Virginia
Valley Mall Harrisonburg, Virginia
Valley River Center Eugene, Oregon
The Village at Corte Madera Corte Madera, California
Vintage Faire Mall Modesto, California
Washington Square Tigard, Oregon 60% ownership with GIC[10]
Wilton Mall Wilton, New York

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. ^ "Macerich Marks 30 Years as Public Company, Rings Closing Bell at New York Stock Exchange". Macerich. March 12, 2024. Retrieved September 28, 2024.
  4. ^ Padgett, Mike (May 31, 2002). "Westcor sold for $1.5B". American City Business Journals.
  5. ^ Smith, Ray A. (December 24, 2004). "Macerich to Acquire Wilmorite Properties In $1.45 Billion Deal". The Wall Street Journal.
  6. ^ "Investing in Macerich: a Must-Know Company Overview". Market Realist. October 15, 2015. Retrieved April 21, 2020.
  7. ^ Stahl, George (April 1, 2015). "Macerich Rejects Simon Property's $16.8 Billion Takeover Bid". The Wall Street Journal.
  8. ^ Gara, Antoine (April 1, 2015). "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid". Forbes.
  9. ^ "Santa Monica-based Macerich Company Acquires 40% Stake in Pacific Premier Retail Trust". Los Angeles Times. November 8, 2024.
  10. ^ a b c d e Yu, Hui-yong (January 4, 2016). "Macerich Sells Mall Interests to GIC, Heitman for $2.3 Billion". Bloomberg News.
  11. ^ 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.
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