Macerich Co.(MAC)- NYSE
  • Apr. 22, 2015, 12:25 PM
    • "We are encouraged that the Board of Associated Estates (AEC +16.5%) has chosen to enter into this transaction, which we believe is an outstanding outcome for all shareholders," says Land and Buildings founder Jonathan Litt.
    • Litt notes the purchase price is 65% higher than when Land and Buildings made public its involvement with AEC last June.
    • Noting the continually big discount of AEC's stock price to its net asset value, Litt argued for a sale as the large costs of running a public company weren't worth it for so small of an enterprise.
    • Litt can now refocus his activist energies on MGM (MGM +1.1%) and Macerich (MAC +0.8%)
    • Previously: Associated Estates sold to Brookfield fund in $2.5B deal (April 22)
    • Previously: MGM Resorts defends itself in investor presentation (April 20)
    • Previously: Macerich rejection still not sitting well with investors (April 16)
    | Apr. 22, 2015, 12:25 PM
  • Apr. 16, 2015, 2:52 AM
    • More investor discontent is being heard over Macerich's (NYSE:MAC) recent rejection of Simon Property Group's (NYSE:SPG) $16.8B takeover proposal.
    • Macerich's fourth largest shareholder, Cohen & Steers (NYSE:CNS), asked the shopping mall company on Wednesday to produce a plan that would deliver as much value as the takeover offer by Simon.
    • "At least give us a plan of how Macerich will exceed Simon's offer over time," Executive Chairman Martin Cohen told Reuters on the sidelines of the NYU REIT Symposium.
    • Previously: What's next for Simon after Macerich rejection (Apr. 01 2015)
    • Previously: Macerich board rejects Simon offer (Apr. 01 2015)
    | Apr. 16, 2015, 2:52 AM | 1 Comment
  • Apr. 15, 2015, 2:21 PM
    • Land and Buildings' Jonathan Litt gains a deeper-pocketed ally in its battle against Macerich (MAC +2%) as Orange Capital takes a nearly 1% stake in the mall operator, reports the WSJ. Land and Buildings owns a smaller stake - reported as less than $100K at last check.
    • The activist moves come after Macerich rejected a $95.50 per share "final" offer from Simon Property Group (SPG -0.5%).
    • Litt met last week with Macerich CEO Art Coppola to discuss a settlement which would have added two independent property experts to the company board (though Litt wants a seat for himself as well). Things must not have gone well because Macerich sued Litt on Monday, arguing he didn't own shares in time to make board nominations. Litt has since countersued.
    • Macerich was lower on the session before the Orange news hit.
    • Previously: Jonathan Litt sets sights on Macerich (April 2)
    | Apr. 15, 2015, 2:21 PM
  • Apr. 15, 2015, 9:42 AM
    • If approved by a laundry list of city agencies, the Gallery will be rebranded as the Fashion Outlets of Philadelphia at Market East following a two-year renovation.
    • The project envisions the city and state joining in a $235M net investment by PREIT (NYSE:PEI) and Macerich (NYSE:MAC).
    | Apr. 15, 2015, 9:42 AM
  • Apr. 6, 2015, 3:13 PM
    • The lodging names are still underperformers vs. the broader REIT sector this year (after strong outperformance in 2013 and 2014), but Credit Suisse's bullish Ian Weissman notes the hotel stocks had a 2nd consecutive good week of double-digit RevPAR growth which should help calm growth concerns.
    • He still likes the lodging REITs, with RLJ Lodging (RLJ -0.3%), Strategic Hotels and Resorts (BEE +0.8%), and LaSalle Hotel Properties (LHO +0.6%) his favorites.
    • Turning to mall owners in the wake of Macerich's (MAC -1.5%) rejection of Simon Properties' (SPG +0.7%) bid, Weissman thinks the time is right to get more aggressive on A mall cap rates, and the owners of the majority of them in the U.S. - with General Growth Properties (GGP +0.9%), Taubman Centers (TCO +0.3%), and Westfield (OTCPK:WFGPY +1.9%) joining Macerich and Simon. Taubman and Simon are his favorites.
    • Source: Barron's
    | Apr. 6, 2015, 3:13 PM
  • Apr. 2, 2015, 2:40 PM
    • Believing Macerich (MAC +2.6%) should have engaged with Simon Property Group (SPG +1%) rather than launch a strong defense against it, Jonathan Litt's Land and Buildings Investment Management nominates a slate of four directors for the company's board.
    • Land and Buildings owns a minimal amount of Macerich - less than $100K worth, according to the WSJ - enough to nominate directors, but Litt will need the support of plenty of other investors to have success.
    • For those unfamiliar with Litt, the former Citigroup analyst has emerged as a prominent gadfly in the REIT industry, with Pennsylvania REIT, BRE Properties, Mack-Cali, and Associated Estates among his targets of late. He's also pushing for MGM Resorts International to spin off its real estate into a REIT.
    • Macerich would be his largest target yet.
    • Source: The WSJ's Liz Hoffman and Robbie Whelan
    | Apr. 2, 2015, 2:40 PM | 2 Comments
  • Apr. 2, 2015, 9:42 AM
    • With Macerich (MAC +1%) having rejected Simon Property's $95.50 per share offer and the stock price now back down below $80, it's put up or shut up time for company management, says Credit Suisse, upgrading to Neutral from Underperform.
    • Previously: Macerich board rejects Simon offer (April 1)
    | Apr. 2, 2015, 9:42 AM
  • Apr. 2, 2015, 8:08 AM
    • Unable to allocate capital into acquiring Macerich (NYSE:MAC), Simon Property Group (NYSE:SPG) instead moves ahead with a $2B buyback program over the next two years.
    • It'll be good for about 10M shares of stock at the current price, or roughly 3.3% of the float.
    • Shares +0.5% premarket.
    | Apr. 2, 2015, 8:08 AM
  • Apr. 1, 2015, 10:57 AM
    • Given Simon's (SPG +0.5%) $60B market cap, there aren't a lot of options to move the needle, writes Maureen Farrell, noting Simon lost a hostile bid for Taubman Centers more than a decade ago, and has made a number of failed attempts at buying General Growth Properties. Simon did land Mills Corp. in 2007 in a $7.9B deal.
    • “I do think Simon recognized the importance of the Macerich transaction," says BMO's Paul Adornato. A shrewd capital allocator, Simon is likely to redevelop its own properties and renegotiate leases, says Adornato, rather than aggressively acquiring right now.
    • As for Macerich (MAC -5%) - though another bid cannot be ruled out - its rejection of Simon is "unlikely to sit well with investors," says Stifel's Nathan Isbee,
    • Previously: Macerich board rejects Simon offer (April 1)
    | Apr. 1, 2015, 10:57 AM
  • Apr. 1, 2015, 5:43 AM
    • Simon Property Group (NYSE:SPG) has withdrawn its $16.8B proposal to acquire Macerich (NYSE:MAC) after the smaller mall owner rejected the sweetened takeover offer as too low.
    • "The board unanimously concluded that your proposal (of $95.50-a-share) continues to substantially undervalue Macerich," CEO Arthur Coppola said in a letter.
    • Macerich took steps to thwart a hostile takeover following Simon's first public offer by adopting a poison pill on March 17.
    • MAC -1% premarket
    • Previously: CNBC: Macerich likely to reject Simon bid (Mar. 27 2015)
    | Apr. 1, 2015, 5:43 AM | 2 Comments
  • Mar. 27, 2015, 10:03 AM
    • It's not a major surprise, but the Macerich (MAC -1.2%) board looks set to reject Simon Property Group's (SPG +0.3%) best and final buyout offer of of $95.50 per share, reports David Faber.
    • Investors have prepped for this: Macerich has been trading well south of $95.50 ever since the Simon ultimatum. It's currently at $85.93. Macerich was a $70 stock prior to Simon getting involved.
    • Previously: Investors bet Simon Property will walk away from Macerich (March 20)
    • Previously: Simon Property sweetens Macerich offer (March 20)
    | Mar. 27, 2015, 10:03 AM
  • Mar. 24, 2015, 12:43 PM
    • "Power is ultimately being shifted into the hands of the strong in retail," writes Brian Sozzi, mulling a possible takeover of Macerich (MAC -0.3%) by Simon Property Group (SPG +0.1%).
    • Sozzi suspects Simon would go on a 5-year spending spree to upgrade Macerich's assets to be more in line with Simon's. The result would be higher rents for retailers, not good news for outfits like Aeropostale (ARO +1.5%) and Abercrombie & Fitch (ANF -0.4%), who Sozzi describes as the Sears and J.C. Penney of specialty apparel. "Higher rents by Simon Property could destroy Aeropostale, while Abercrombie hangs in for longer, given its international exposure via flagship stores."
    • Whether a deal for Simon to buy Macerich ultimately goes through is a different story.
    • Previously: Investors bet Simon Property will walk away from Macerich (March 20)
    | Mar. 24, 2015, 12:43 PM | 3 Comments
  • Mar. 20, 2015, 11:15 AM
    • "The bump is pretty underwhelming," says Susquehanna's King She, commenting on Simon Property Group's (SPG +1.6%) boost of its offer to buy Macerich (MAC -4.8%) to $95.50 per share from $91. The April 1 deadline from Simon doesn't bode well for the prospects of a deal:  “You normally like to see a hostile buyer digging in their heels for the long haul.”
    • She's expectation is Macerich will reject the offer within a week and Simon will walk away. Investors agree, taking Macerich down to $87.85 per share in wake of the "final" offer.
    • Macerich confirms its receipt of the new bid, and promises to have a look.
    • Previously: Simon Property sweetens Macerich offer (March 20)
    | Mar. 20, 2015, 11:15 AM
  • Mar. 20, 2015, 9:23 AM
    | Mar. 20, 2015, 9:23 AM | 2 Comments
  • Mar. 20, 2015, 7:57 AM
    • Calling this its best and final offer, Simon Property Group (NYSE:SPG) bids $95.50 per share - 50% cash, 50% stock - for Macerich (NYSE:MAC). Terms of the previous offer were $91 in cash and stock. The total value of the deal is about $23.2B, including assumption of about $6.4B in debt.
    • Macerich is tumbling on the news as investors bet on a rejection, and then David Simon picking up his ball and going home. Macerich was trading hands at about $70 per share before Simon first disclosed a stake in the company last November. Simon is giving Macerich until April 1 to talk turkey.
    • New presentation from Simon Property
    • MAC -9.9% to $84.30, SPG -0.6% premarket
    | Mar. 20, 2015, 7:57 AM
  • Mar. 19, 2015, 3:22 PM
    • "Unless Macerich (MAC +1.7%) wants to do a deal, there won't be a deal," says Sandler O'Neill's Alexander Goldfarb, as history shows hostile takeovers of REITs are very difficult.
    • Previously: Macerich rejects Simon offer, adopts poison pill (March 17)
    • Still, Macerich's current price of $93.84 vs. Simon Property's (SPG +0.2%) $91 offer suggests traders expect someone to sweeten the pot, and KeyBanc's Todd Thomas says the anti-takeover measures adopted by Macerich aren't as tough as they seem.
    • BMO's Paul Adornato calls David Simon a disciplined acquirer, not afraid to walk away when the numbers don't make sense, and he suggests even a $115 bid - suggesting a cap rate of just 4% - but not be too high, given the amount of income growth Simon feels it can still wring from Macerich's assets.
    | Mar. 19, 2015, 3:22 PM
Company Description
Macerich Co. operates as a real estate investment trust, which engages in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. It conducts all of its operations through the operating... More
Sector: Financial
Industry: REIT - Retail
Country: United States