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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lennar Corp | NYSE:LEN | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 2.89 | 1.86% | 158.10 | 163.12 | 157.85 | 160.14 | 1,677,918 | 01:00:00 |
From May 2019 to May 2024
By Angela Chen
Simon Property Group said it may seek to boost its stake in mall-developer Macerich Co., a move in line with its focus on higher-end retail properties after spinning off its portfolio of smaller malls.
Simon, which has accumulated a 3.6% stake in the company this year, said it may ask Macerich to waive its excess share provision, which restricts shareholder ownership of more than 5%. It said Macerich recently waived the provision for another investor who acquired an 10.9% stake.
That stake was acquired by the Ontario Teachers' Pension Plan Board as part of a deal under which Macerich bought out its 49% stake in five malls. The deal closed Tuesday.
Macerich, which owns 53 U.S. malls and has worked on large projects such as the redevelopment of California's Santa Monica Place mall, said Monday that it would partner with national home-builder Lennar Corp. to develop a 500,000 square-foot luxury-outlet mall in San Francisco's Candlestick Point. Macerich has in recent years opened luxury outlet malls including Fashion Outlets of Chicago and Fashion Outlets of Niagara Falls.
Simon completed the spinoff of its strip centers and smaller enclosed malls into an independent, publicly traded real-estate investment trust called Washington Prime Group Inc. in late May. The company's occupancy and sales-per-square-foot rates have improved since the spinoff was completed, and its revenue climbed in its latest quarter.
Write to Angela Chen at angela.chen@dowjones.com
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