Macerich (MAC) Closes First Joint Venture; Declares Special Dividends

Macerich (NYSE: MAC) announced it has closed on the first of three joint ventures. Macerich contributed interests in Lakewood Center, Los Cerritos Center, South Plains Mall and Washington Square. Cash proceeds to Macerich total $1.5 billion, including $964 million in excess loan proceeds to the Company. GIC will have a 40% interest in the malls. The assets included in this joint venture are:

In addition in January, 2016, the Company is planning to close the previously announced joint ventures including a second joint venture with GIC on Arrowhead Towne Center and on a joint venture with Heitman on Deptford Mall in Deptford, New Jersey, FlatIron Crossing in Broomfield, Colorado and Twenty Ninth Street center in Boulder, Colorado.

Special Dividends Declared

On October 30, 2015 the Board of Directors of The Macerich Company declared two special dividends each of $2.00 per share of common stock. The first dividend is payable on December 8, 2015 to stockholders of record at the close of business on November 12, 2015. The second dividend is payable on January 6, 2016 to stockholders of record at the close of business on November 12, 2015.

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