Macerich

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The Macerich Company
Public company
Traded asNYSEMAC
S&P 500 Index Component
IndustryReal estate investment trust
Founded1964; 55 years ago (1964)
FounderMace Siegel
Richard Cohen
HeadquartersSanta Monica, California
Key people
Steven Hash (Chairman of the Board)
Thomas O'Hern (CEO)
Edward Coppola (President)
Scott Kingsmore (CFO)
RevenueDecrease $0.960 billion (2018)
Decrease $0.060 billion (2018)
Total assetsDecrease $9.026 billion (2018)
Total equityDecrease $3.188 billion (2018)
Number of employees
718 (2018)
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 Nov. 18, 2005 launch of the Citadel Mall's Santa Tracking Station.

Macerich 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, 2017, the company owned interests in 55 properties comprising 53 million square feet of leasable area.[1] The company name is a portmanteau of its founders, Mace Siegel and Richard Cohen.

History[edit]

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.

In 1994, the company became a public company via an initial public offering.

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

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.[2]

In 2005, the company acquired Rochester, New York-based Wilmorite Properties for $2.333 billion, adding 11 shopping centers to Macerich's portfolio including Tysons Corner Center.[3]

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.[4][5]

Notable investments[edit]

Mall Location Notes
Arden Fair Mall Sacramento, California Owned by Fulcrum Property, managed by Macerich[6]
Arrowhead Towne Center Glendale, Arizona 60% ownership with GIC[7]
Biltmore Fashion Park Phoenix, Arizona
Broadway Plaza Walnut Creek, California
Capitola Mall Capitola, California
Cascade Mall Burlington, Washington
Chandler Fashion Center Chandler, Arizona
Country Club Plaza Kansas City, Missouri 50% ownership with Taubman Centers[8]
Cross County Shopping Center Yonkers, New York
Danbury Fair Mall Danbury, Connecticut
Deptford Mall Deptford Township, New Jersey
Desert Sky Mall Phoenix, Arizona
Eastland Mall Evansville, Indiana
Freehold Raceway Mall Freehold Township, New Jersey
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
Fashion District Philadelphia Philadelphia, Pennsylvania 50% ownership with PREIT. Mall managed by PREIT.[9]
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
La Encantada Tucson, Arizona
Lakewood Center Lakewood, California 60% ownership with GIC[7]
Los Cerritos Center Cerritos, California 60% ownership with GIC[7]
The Mall of Victor Valley Victorville, California
Northgate San Rafael, California
NorthPark Mall Davenport, Iowa
The Oaks Thousand Oaks, California
Pacific View Mall Ventura, California
Paradise Valley Mall Phoenix, Arizona
Queens Center Queens, New York
Rotterdam Square Rotterdam, New York
Santa Monica Place Santa Monica, California
SanTan Village Gilbert, Arizona
Scottsdale Fashion Square Scottsdale, Arizona Undergoing large remodel, flagship property
The Shops at Atlas Park Queens, New York
The Shops at North Bridge Chicago, Illinois
South Plains Mall Lubbock, Texas 60% ownership with GIC[7]
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[7]
Westside Pavilion Los Angeles, California
Wilton Mall Wilton, New York

Philanthropy[edit]

The company is a facilitator of the NORAD Tracks Santa program.[citation needed]

See also[edit]

References[edit]

  1. ^ a b "The Macerich Company 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Padgett, Mike (May 31, 2002). "Westcor sold for $1.5B". American City Business Journals.
  3. ^ Smith, Ray A. (December 24, 2004). "Macerich to Acquire Wilmorite Properties In $1.45 Billion Deal". The Wall Street Journal.
  4. ^ Stahl, George (April 1, 2015). "Macerich Rejects Simon Property's $16.8 Billion Takeover Bid". The Wall Street Journal.
  5. ^ Gara, Antoine (April 1, 2015). "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid". Forbes.
  6. ^ "Fulcrum Property - Arden Fair Mall". www.fulcrumproperty.com.
  7. ^ a b c d e Yu, Hui-yong (January 4, 2016). "Macerich Sells Mall Interests to GIC, Heitman for $2.3 Billion". Bloomberg News.
  8. ^ "Country Club Plaza will sell $660 million". The Kansas City Star. January 4, 2016.
  9. ^ DiStefano, Joseph N. (July 31, 2014). "Mall developer Macerich Co. to invest $106.8M in Gallery revival effort". The Philadelphia Inquirer.

External links[edit]