Who Owns Macerich Company?

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Who Owns Macerich Company?

Understanding a company's ownership is key to grasping its strategic direction and governance. For Macerich, this was evident in 2015 when it rejected a significant takeover bid, highlighting its independent strategic path.

Macerich, a real estate investment trust founded in 1964, operates a substantial portfolio of retail properties across the United States. As of August 11, 2025, the company managed approximately 39 retail centers, totaling 42 million square feet, making it a major player in the sector. Its market capitalization stood at $4.39 billion as of August 19, 2025.

The ownership of Macerich Company is primarily held by institutional investors, reflecting its status as a publicly traded REIT. These large entities, such as investment funds and asset managers, collectively own a significant portion of the company's shares. This institutional ownership often brings a focus on long-term value creation and stable returns, influencing the company's strategic decisions and operational management. A deeper dive into the company's market positioning can be found in its Macerich PESTEL Analysis.

The Macerich Company's journey began in October 1964, founded in New York City as MaceRich Real Estate Company by Mace Siegel and Richard Cohen. Siegel, with his real estate career starting in 1952, focused on the shopping center business, while Cohen, an experienced developer, provided crucial financial backing. The company's name itself reflects this partnership.

Founding Partnership

Mace Siegel and Richard Cohen co-founded the company in 1964, combining Siegel's industry experience with Cohen's financial and development expertise.

Early Business Model

Their initial project involved developing a strip mall anchored by a discount store on an athletic field in Ames, Iowa, setting a precedent for future growth.

Key Personnel Addition

Dana Anderson joined the company in 1966, contributing over 35 years of service and significantly impacting Macerich's expansion and development.

Strategic Acquisition

The acquisition of the Lakewood Center in 1975 marked a turning point, shifting the company's focus towards property renovation and redevelopment.

Early Ownership Details

Specific details regarding the initial equity split between Siegel and Cohen, or stakes held by early investors, are not publicly available from the company's private phase.

Company Name Origin

The company's name, Macerich, is a direct combination of the first names of its co-founders, Mace Siegel and Richard Cohen.

The company's initial foray into real estate development began with a strip mall in Ames, Iowa, a project that established a foundational model for their expansion strategy. This early venture, along with the subsequent acquisition of their first shopping mall in 1972, laid the groundwork for future growth. A significant development occurred in 1975 with the acquisition of the Lakewood Center in California. This large, underperforming mall, acquired in partnership with Provident Life, represented a strategic pivot towards the revitalization and redevelopment of existing retail properties. This acquisition is a key part of the Brief History of Macerich. While the founders' vision for acquiring and improving retail assets was evident in these early endeavors, precise information on the initial equity distribution among Siegel and Cohen, or the stakes held by any early angel investors or friends and family during this private period, is not readily accessible in public records.

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The Macerich Company's journey to its current ownership structure involved a significant initial public offering in 1994, which listed it on the New York Stock Exchange. Strategic acquisitions, such as the $1.475 billion purchase of Westcor in 2002 and the $2.333 billion acquisition of Wilmorite Properties in 2005, substantially reshaped its property portfolio and market standing. A pivotal moment was the rejection of a $16.8 billion takeover bid in 2015, reinforcing its independent operational path.

The Macerich Company's shareholder base is heavily dominated by institutional investors, who collectively own approximately 99.82% of the company's stock as of March 2025. While 'insiders' are reported to hold 37.61%, this figure often encompasses large institutional entities. The largest single shareholder is the Teachers Pension Plan Board Ontario, holding 26.85% of the shares, valued at around $1.18 billion. Other significant institutional investors include BlackRock, Inc. with 17.42%, Vanguard Group Inc. with 15.38%, Fmr LLC with 9.92%, and State Street Corp with 6.00%. This concentration of ownership among major financial institutions suggests a strong endorsement of Macerich's strategy, which focuses on premium regional mall assets and ongoing property enhancements. The minimal direct ownership by retail investors further highlights the institutional dominance in Macerich Company ownership.

Key Macerich Company Shareholders

Institutional investors are the primary holders of Macerich Company stock. These large entities significantly influence the company's strategic direction and governance.

• Teachers Pension Plan Board Ontario is the largest shareholder.
• BlackRock, Inc. and Vanguard Group Inc. are also major institutional investors.
• The majority of Macerich Company stock is held by institutional investors.
• This ownership structure impacts Macerich Company financial performance and strategy.

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The Macerich Company's governance is steered by its Board of Directors, who are instrumental in shaping the company's strategic direction and overseeing its executive management. Steven Hash holds the position of Chairman of the Board.

Macerich operates with a straightforward one-share-one-vote system, meaning each share of common stock grants its holder a single vote on all matters brought before shareholders, including the election of directors. This structure ensures that voting power is directly proportional to share ownership, with no provisions for dual-class shares or special voting rights. While the company has maintained a stable board composition in recent years, it's worth noting that in 2015, Macerich made adjustments to its board and implemented defensive measures to counter a takeover bid, highlighting the board's active role in safeguarding corporate independence. The 2025 annual meeting confirmed shareholder approval for executive compensation and ratified KPMG LLP as the independent auditor for the fiscal year ending December 31, 2025. Understanding the board's composition and voting structure is key to understanding Macerich Company ownership and who controls Macerich Company.

Board Oversight and Shareholder Rights

The Macerich Company's board of directors is responsible for the company's strategic oversight. Shareholders exercise their voting power through a one-share-one-vote structure.

• Steven Hash is the Chairman of the Board.
• Jackson Hsieh serves as President and CEO.
• All elected directors were confirmed at the June 2, 2025 annual meeting.
• The company utilizes a one-share-one-vote system.
• Shareholders do not have cumulative voting rights.

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Recent developments have reshaped the Macerich Company's landscape, with significant leadership changes and strategic financial maneuvers. These shifts are occurring against a backdrop of evolving ownership trends, particularly the increasing influence of institutional investors.

The Macerich Company has been actively managing its financial structure and property portfolio. In November 2024, an upsized public offering of 20,000,000 shares of common stock at $19.75 per share raised approximately $395.0 million. These funds, combined with existing cash, were used to repay a $478.0 million mortgage loan on its Washington Square property, a move aligned with its 'Path Forward' plan to reduce debt and boost financial flexibility. The company also expanded its portfolio by acquiring Crabtree Mall in Raleigh, North Carolina, for $290 million in June 2024, while divesting Wilton Mall Saratoga Springs for $25 million.

Leadership Transition

Jackson Hsieh assumed the role of President and CEO on March 1, 2024. Daniel E. Swanstrom II joined as CFO on November 16, 2024.

Financial Strategy

A $395.0 million stock offering in November 2024 supported debt reduction. This initiative is part of a broader strategy to enhance financial flexibility.

Portfolio Adjustments

Macerich acquired Crabtree Mall for $290 million in June 2024. The company also divested Wilton Mall Saratoga Springs for $25 million.

Ownership Trends

Institutional ownership increased from 99.44% to 99.85% between December 2024 and March 2025. Insider holdings saw a slight rise to 1.05% in the same period.

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