Elizabeth Cryan

New York

Macklowe sues bank to stop “devastating capital gains tax”

Rich Bockmann

UDR takes loss on $128M Williamsburg sale

TRD Staff

AvalonBay Picks Up $620M in Texas Multifamily

Texas

AvalonBay doubles TX multifamily assets with $620M deal

Brandon Sams

Who is Former Silver Star Properties CEO Allen Hartman?

Meet Silver Star Properties’ ousted chairman and CEO Allen Hartman

Keith Larsen

Brookfield REIT’s Brian Kingston and Zachary Vaughan

National

Brookfield REIT CEO steps down

Kate Hinsche

Lennar Plans $5B Spin-Off of Millrose Properties

South Florida

Lennar plans $5B land banking REIT spin-off

Isabella Farr

Kilroy Realty names REIT veteran Angela Aman as new CEO

Los Angeles

Ex-Whitestone CEO files wrongful termination suit against company and executives

Former CEO Accused of More Misdeeds by Silver Star Properties Board

Houston

Silver Star shoots more accusations at former CEO Allen Hartman

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REIT

Alena Botros

Hudson Pacific CEO gets threefold compensation boost despite firm’s ballooning losses

Curbline buys slice of new shopping center outside Phoenix for $32M

Suzannah Cavanaugh

Fitch Cuts Blackstone Mortgage Outlook to Negative, Citing Office Trouble

Fitch cuts Blackstone Mortgage outlook to negative over office exposure

Mall Owner Macerich Posts 3,600% Profit Jump in Q4

Macerich reports 3,600% profit jump in Q4 while “running out of anchor space”

Macerich, the third-largest mall owner in the country, is getting a new CEO and president, all wrapped up in one. The Santa Monica-based company has tapped Jackson Hsieh as its new CEO and president, effective Feb. 29, according to an SEC filing on Monday. Hsieh was most recently the CEO of Spirit Realty Capital, until its $9.3 billion merger with Realty Income last month. Macerich CEO Thomas O’Hern and its president and co-founder, Edward Coppola, will both retire at the end of February. Both will continue to serve on the company’s board. O’Hern had served as the company’s CEO since 2018. Before that, he was Macerich’s chief financial officer for 25 years. Coppola, who helped found Macerich in the 1970s, assumed the role of president in 2008. Hsieh had served as CEO of Spirit Realty since 2017 and previously worked as an investment banker at Morgan Stanley. As Macerich’s CEO, his base salary will be $1 million a year, with the potential to earn 150 percent of his annual base salary as equity or cash bonuses. He will also receive a $5 million sign-on equity bonus, which will vest over time. Many mall owners have struggled with maturing loans over the last few years, given rising interest rates and inflation hurting consumer pockets. A number of retailers — Bed Bath & Beyond, David’s Bridal and Tuesday Morning — have filed for bankruptcy or liquidated over the last year. Macerich has managed to modify or extend a number of its loans, according to SEC filings, including a $300 million debt package on Santa Monica Place, a 527,000-square-foot shopping center that lost two anchor tenants during the pandemic. The company owns 45 malls in 13 states, according to its website.

Macerich taps former Spirit Realty chief Jackson Hsieh as new boss

How real estate investors have changed senior housing

REIT

Macklowe sues bank to stop “devastating capital gains tax”

UDR takes loss on $128M Williamsburg sale

AvalonBay doubles TX multifamily assets with $620M deal

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