Macerich Co: Key Developments
Macerich Reaffirms FY 2009 FFO Guidance-Conference Call
November 5, 2009 |
| Macerich reaffirmed fiscal 2009 guidance for FFO per share to be $3.50-3.80. According to Reuters Estimates, analysts on an average are expecting the Company to report FFO per share of $3.77 for the same period. |
Macerich Declares Quarterly Dividend on Common Shares Of $0.60 Per Share
October 30, 2009 |
| Macerich announced that its Board of Directors has declared a quarterly dividend of $0.60 per share of common stock, consisting of a combination of cash and shares of the Company's common stock. The dividend is payable on December 21, 2009 to stockholders of record at the close of business on November 12, 2009. |
Macerich Announces Closing of Public Offering of Common Stock
October 27, 2009 |
| Macerich announced the closing of its previously announced offering of 12,000,000 newly issued shares of its common stock, as well as the closing of the underwriters' over-allotment option to purchase an additional 1,800,000 shares of common stock. The net proceeds of the offering, after giving effect to the issuance and sale of all 13,800,000 shares of common stock at an initial price to the public of $29.00 per share, were approximately $383,192,000 after deducting underwriting discounts, commissions and offering expenses. The Company used the net proceeds of the offering to repay a portion of the outstanding balance under its $1.5 billion revolving line of credit. |
Macerich Announces Exercise Of Over-Allotment Option
October 23, 2009 |
| Macerich announced that the underwriters of its recently announced public offering of 12,000,000 shares of common stock exercised their over-allotment option to purchase an additional 1,800,000 shares of the Company's common stock, bringing the total shares sold to 13,800,000 at a price of $29.00 per share. The closing of the offering, including the over-allotment option, is expected to occur on October 27, 2009. The Company intends to use the net proceeds of the offering to repay a portion of the outstanding balance under its $1.5 billion revolving line of credit. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acted as joint book-running managers and underwriters for the offering. |
Macerich Prices Common Stock Public Offering of 12,000,000 Shares
October 22, 2009 |
| Macerich announced that it has priced a public offering of 12,000,000 newly issued shares of its common stock at a price to the public of $29.00 per share. In connection with the offering, the Company also has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock solely to cover over-allotments, if any. The closing of the offering is expected to occur on October 27, 2009. The Company intends to use the net proceeds of the offering to repay a portion of the outstanding balance under its $1.5 billion revolving line of credit. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acted as joint book-running managers and underwriters for the offering. |
Macerich Lowers FY 2009 FFO Outlook
October 21, 2009 |
| Macerich revised its fiscal 2009 outlook and expects funds from operations (FFO) per share in the range of $3.50-$3.80 compared to the previous range of $4.25-$4.55. According to Reuters Estimates, analysts were expecting the Company to report FFO of $3.82 for the same period. |
Macerich Announces Proposed Public Offering of Common Stock
October 21, 2009 |
| Macerich announced that it intends to offer to sell, subject to market and other conditions, 12,000,000 shares of its common stock in an underwritten public offering. Macerich intends to grant the underwriters a 30-day option to purchase up to 1,800,000 additional shares to cover over-allotments, if any. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. are acting as joint book-running managers and underwriters for the offering. Macerich intends to use the net proceeds of the offering to repay a portion of the outstanding balance under its $1.5 billion revolving line of credit. |
Macerich's The Macerich Partnership, L.P. and Heitman Form New Joint Venture
October 1, 2009 |
| The Macerich Partnership, L.P., the operating partnership of Macerich, and Chicago based real estate investment management firm Heitman announced a joint venture in two of Macerich's assets, Freehold Raceway Mall and Chandler Fashion Center. Under the terms of the deal, Macerich receives $167.5 million in net cash proceeds and Heitman acquires a joint venture interest of 49.9% and assumes a pro rata share of the property level debt. Similar to other joint ventures, Macerich will continue to manage the properties, with the added value of Heitman's expertise as an investor and partner in quality commercial real estate assets. |
Macerich Announces Results of Dividend Payable On September 21, 2009
September 16, 2009 |
| Macerich announced the results of stockholder elections relating to its quarterly dividend declared by its Board of Directors on July 31, 2009. The dividend of $0.60 per share of the Company's common stock, par value $0.01 per share, consisting of a combination of cash and shares of Common Stock, will be paid on September 21, 2009 to stockholders of record on August 12, 2009. |
Macerich and GI Partners Create a New Joint Venture
September 3, 2009 |
| The Macerich Partnership, L.P., the operating partnership of Macerich and GI Partners announced a joint venture in the Company's FlatIron Crossing Mall in Broomfield, Colo. Under the terms of the deal, Macerich receives approximately $116 million in net cash and GI Partners acquires a 75% interest in the asset. |
|
|
Recent News