Macerich
| File:Macerich.svg | |
| Company type | Public |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1964 |
| Founder | Mace Siegel Richard Cohen |
| Headquarters | Santa Monica, California, U.S. |
Key people | Steven Hash (chairman of the Board) Jackson Hsieh (CEO) Scott Kingsmore (CFO) Ann C. Menard (CLO) |
| Revenue | Decrease $786 million (2020) |
| Increase -$230 million (2020) | |
| Total assets | Increase $9.184 billion (2020) |
| Total equity | Decrease $2.445 billion (2020) |
Number of employees | 670 (2020) |
| Website | www |
The Macerich Company () operates as a real estate investment trust with a focus on shopping center ownership and management. It stands as the third-largest U.S. entity in this sector, controlling 52 properties encompassing 50 million square feet of rentable space as of 2020.[1] The company's name honors its founders, Mace Siegel and Richard Cohen.[2]
History
Established in 1964 under the name MaceRich Real Estate Company by founders Mace Siegel and Richard Cohen, the firm transitioned to a publicly traded company in 1994 through an initial public offering.Cite error: The opening <ref> tag is malformed or has a bad name
Macerich broadened its footprint in 2002 by acquiring Phoenix-based Westcor for $1.475 billion, which included nine shopping centers and positioned it as the leading mall proprietor in the Phoenix area.Cite error: The opening <ref> tag is malformed or has a bad name
The purchase of Rochester’s Wilmorite Properties in 2005 for $2.333 billion added 11 malls to its holdings, notably including Tysons Corner Center in Virginia, significantly enhancing its asset base.Cite error: The opening <ref> tag is malformed or has a bad name
In 2006, the company adopted the simplified brand "Macerich" to better represent its corporate evolution.Cite error: The opening <ref> tag is malformed or has a bad name
To safeguard shareholder interests and maintain autonomy, Macerich declined a $16.8 billion acquisition proposal from Simon Property Group in 2015, deeming the offer undervalued; this led Simon to retract its bid.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name
In November 2024, Macerich further expanded its international presence by securing a 40% ownership stake in Pacific Premier Retail Trust, augmenting its investment portfolio.
Notable investments
See also
External links
- Pages with reference errors
- Pages with broken file links
- Macerich
- Companies listed on the New York Stock Exchange
- Shopping center management firms
- Companies based in Santa Monica, California
- Real estate investment trusts of the United States
- Real estate companies established in 1964
- American companies established in 1964
- 1964 establishments in New York (state)
- 1994 initial public offerings
- Companies of the United States by year of establishment
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