SANTA MONICA, Calif., March 9, 2015 /PRNewswire/ -- The Macerich Company (NYSE: MAC) ("Macerich" or "the Company") today confirmed that it has received an unsolicited, conditional proposal from Simon Property Group, Inc. (NYSE: SPG) to acquire the Company for $91.00 per share in cash and stock.
The Macerich Board of Directors will review the proposal with its financial and legal advisors. Macerich stockholders are advised to take no action at this time.
Macerich is one of the country's leading owners, operators and developers of major retail properties, with a dynamic portfolio of unique and irreplaceable assets in strategic and high-barrier-to-entry markets around the country. By focusing on highly productive results for retail partners, Macerich has achieved a total shareholder return of 186% over the last five years ending December 31, 2014, representing a compounded annual return of 23%. Macerich's total shareholder returns have exceeded those of the RMZ REIT index and the S&P 500 index over the last one, three, five and ten year periods.
Macerich continues to pursue its proven strategic plan of transforming its portfolio through opportunistic dispositions of non-core assets and recycling the proceeds into the Company's highly value-creative redevelopment pipeline. At the same time, the Company remains committed to further enhancing productivity, and 53.5% of its 2015 forecasted Net Operating Income is expected to be generated from properties that average sales in excess of $600 per square foot. The Company also recently consolidated its ownership in five top super regional malls to 100% through a common stock for asset exchange, significantly improving the Company's overall portfolio quality and growth prospects. These malls are highly productive, market dominant centers, two of which are in Macerich's top five most productive assets on a sales per-square-foot basis.
Deutsche Bank Securities Inc., Goldman, Sachs & Co. and JP Morgan Securities LLC are acting as financial advisors to Macerich and Kirkland & Ellis LLP, Goodwin Procter LLP and Venable LLP are acting as legal counsel.
About Macerich
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 54 million square feet of real estate consisting primarily of interests in 51 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.
Forward Looking Statements
This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2014, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.
Contacts
John Perry, Senior Vice President-Investor Relations, 424-229-3345
Jean Wood, Vice President-Investor Relations, 424-229-3366
Joele Frank / Andrew Siegel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE The Macerich Company
