Profile: Macerich Co (MAC.N)
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the Operating Partnership). It conducts all of its operations through the Operating Partnership and the Company's management companies, Macerich Property Management Company, LLC, Macerich Management Company, Macerich Arizona Partners LLC, Macerich Arizona Management LLC, Macerich Partners of Colorado LLC, MACW Mall Management, Inc., and MACW Property Management, LLC. As of December 31, 2011, the Operating Partnership owned or had an ownership interest in 65 regional shopping centers and 14 community shopping centers totaling approximately 66 million square feet of gross leasable area (GLA). These 79 regional and community shopping centers (Centers) consist of consolidated Centers (Consolidated Centers) and unconsolidated joint venture Centers (Unconsolidated Joint Venture Centers). In March 2012, the Company announced an addition of Neiman Marcus Walnut Creek store to Broadway Plaza, its shopping center in Northern California's affluent East Bay. In November 2012, GI Partners sold its 75% interest in FlatIron Crossing to the Company. In January 2013, it acquired Green Acres Mall.
The 65 Regional Shopping Centers in the Company's portfolio average approximately 923,000 square feet of GLA and range in size from 2.1 million square feet of GLA at Tysons Corner Center to 314,000 square feet of GLA at Panorama Mall. The Company's 14 Community Shopping Centers have an average of approximately 298,000 square feet of GLA. As of December 31, 2011, the Centers included 256 Anchors totaling approximately 34.5 million square feet of GLA and approximately 8,100 Mall Stores and Freestanding Stores totaling approximately 31.8 million square feet of GLA.
On February 24, 2011, the Company increased its ownership interest in Kierland Commons, a 434,642 square foot community center in Scottsdale, Arizona, from 24.5% to 50%. On February 28, 2011, the Company, in a 50/50 joint venture, acquired The Shops at Atlas Park, a 377,924 square foot community center in Queens, New York. On February 28, 2011, the Company acquired the additional 50% ownership interest in Desert Sky Mall, an 893,863 square foot regional shopping center in Phoenix, Arizona, that it did not own. On April 29, 2011, the Company purchased a fee interest in a freestanding Kohl's store at Capitola Mall in Capitola, California.
On June 3, 2011, the Company acquired an additional 33.3% interest in Arrowhead Towne Center, a 1,197,006 square foot regional shopping center in Glendale, Arizona; an additional 33.3% interest in Superstition Springs Center, a 1,204,540 square foot regional shopping center in Mesa, Arizona, and an additional 50% interest in the land under Superstition Springs Center in exchange for the Company's ownership interest in six anchor stores, including five former Mervyn's stores. On July 22, 2011, the Company acquired the Fashion Outlets of Niagara, a 529,059 square foot outlet center in Niagara Falls, New York. On December 31, 2011, the Company and its joint venture partner reached agreement for the distribution and conveyance of interests in SDG Macerich Properties, L.P (SDG Macerich) that owned 11 regional malls in a 50/50 partnership. Six of the eleven assets were distributed to the Company on December 31, 2011. The Company received 100% ownership of Eastland Mall in Evansville, Indiana, Lake Square Mall in Leesburg, Florida, SouthPark Mall in Moline, Illinois, Southridge Mall in Des Moines, Iowa, NorthPark Mall in Davenport, Iowa and Valley Mall in Harrisonburg, Virginia (collectively referred to herein as the SDG Acquisition Properties).
Suite 700, 401 Wilshire Boulevar
SANTA MONICA CA 90401