MACERICH
Today's Macerich began business -as New York City's MaceRich Real Estate Company- in October 1964. The company's original focus was developing smaller, community-sized strip shopping centers. The first of these was built in Ames, Iowa.
In September 1972, MaceRich bought the 8-year-old WHITE LAKES MALL, in Topeka, Kansas. This was their first regional-class property. In 1975, the company acquired the 24-year-old LAKEWOOD CENTER, in Lakewood, California.
The past-its-prime LAKEWOOD mall was renovated, expanded and enclosed...becoming (for a time) one of the premier shopping venues in Southern California. As a result of this successful turnaround, MaceRich became known throughout the industry as the "Mall Doctor."
After the purchase of LAKEWOOD CENTER, the home offices of MaceRich were moved to Santa Monica, California. The company went public in 1994 and rebranded itself as The Macerich Company. This morphed into simply "Macerich" in 2006. The Simon Property Group submitted a buyout offer in 2015. It was rejected in April of the same year.
As was the case with other mall owner-operators in America, Macerich was negatively affected by repercussions of the Covid-19 pandemic. In order to shore up corporate finances, capital expenditures were cut. The quarterly dividend was also reduced and paid with a combination of cash and Macerich common stock.
Sources:
http://www.macerich.com / The Macerich Company
The past-its-prime LAKEWOOD mall was renovated, expanded and enclosed...becoming (for a time) one of the premier shopping venues in Southern California. As a result of this successful turnaround, MaceRich became known throughout the industry as the "Mall Doctor."
After the purchase of LAKEWOOD CENTER, the home offices of MaceRich were moved to Santa Monica, California. The company went public in 1994 and rebranded itself as The Macerich Company. This morphed into simply "Macerich" in 2006. The Simon Property Group submitted a buyout offer in 2015. It was rejected in April of the same year.
As was the case with other mall owner-operators in America, Macerich was negatively affected by repercussions of the Covid-19 pandemic. In order to shore up corporate finances, capital expenditures were cut. The quarterly dividend was also reduced and paid with a combination of cash and Macerich common stock.
Sources:
http://www.macerich.com / The Macerich Company
https://investing.macerich.com
http://www.fundinguniverse.com
"Macerich Company" article on Wikipedia
