Macerich

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]

The Macerich Company

Company type	Public
Traded as	NYSE: MAC S&P 600 component
Industry	Real estate investment trust
Founded	1964; 60 years ago (1964)
Founder	Mace Siegel Richard Cohen
Headquarters	Santa Monica, California, U.S.
Key people	Steven Hash (Chairman of the Board) Thomas O'Hern (CEO) Edward Coppola (President) Scott Kingsmore (CFO)
Revenue	$786 million (2020)
Net income	-$230 million (2020)
Total assets	$9.184 billion (2020)
Total equity	$2.445 billion (2020)
Number of employees	670 (2020)
Website	www.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.

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

Mall	Location	Notes
Arden Fair Mall	Sacramento, California	Owned by Fulcrum Property, managed by Macerich^[8]
Arrowhead Towne Center	Glendale, Arizona	60% ownership with GIC^[9]
Biltmore Fashion Park	Phoenix, Arizona
Broadway Plaza	Walnut Creek, California
Chandler Fashion Center	Chandler, Arizona
Country Club Plaza	Kansas City, Missouri	50% ownership with Taubman Centers^[10]
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^[9]
Los Cerritos Center	Cerritos, California	60% ownership with GIC^[9]
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^[9]
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^[9]
Wilton Mall	Wilton, New York

See also

• Shopping property management firms

References

1. "The Macerich Company 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
2. "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. "Fulcrum Property - Arden Fair Mall". www.fulcrumproperty.com.
9. Yu, Hui-yong (January 4, 2016). "Macerich Sells Mall Interests to GIC, Heitman for $2.3 Billion". Bloomberg News.
10. "Country Club Plaza will sell $660 million". The Kansas City Star. January 4, 2016.
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.

External links

• Official website
• Business data for Macerich:
  • Bloomberg
  • Google
  • SEC filings
  • Yahoo!