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Stock Market & Financial Investment News

News For MAC From The Last 14 Days
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October 1, 2015
08:21 EDTMACMacerich to hold a conference call
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September 30, 2015
17:48 EDTMACMacerich forms joint ventures on assets valued at $5.4B
Macerich has reached agreement to form joint ventures to which Macerich will contribute interests in eight assets with expected cash proceeds to Macerich totaling $2.3B. GIC will have a 40% interest in five assets and Heitman will have a 49% interest in three assets. The transactions are expected to close in phases starting in October 2015 and concluding in 1Q16. Concurrent with or prior to the joint venture closings, the company is planning to put financing on South Plains Mall and Twenty Ninth Street center and will refinance the debt on Washington Square, Los Cerritos Center and Arrowhead Towne Center. Included in the total cash proceeds, mentioned above, is Macerich's share of the excess financing proceeds which is estimated to be $1.14B. Use of the proceeds is expected to include share repurchases under the company's announced $1.2B share repurchase program, a pay down of the line of credit debt balance and for a special dividend of $3.50-$4.50 per share.
17:31 EDTMACMacerich authorizes $1.2B share repurchase program
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