The Chief Legal Officer and Senior Executive Vice President of Macerich (MAC), a Santa Monica, California-based real estate investment trust, has been emptying his piggy bank and buying units of this retail mall owner. In a May 29, 2013, SEC filing and another on June 7, 2013, Thomas Leanse purchased a total of 1,500 units. When an attorney buys units of his own company, it is perhaps evidence of interesting business developments.
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In February 2011, Macerich was the number one mall REIT pick from Stifel, Nicolaus & Company. Nathan Isbee, a real estate analyst from Stifel, identified the ability of the REIT management to upgrade additions to their portfolio: “a very successful project that they just opened in 2010, which they had leased up through the worst of the downturn, the Santa Monica Place redevelopment on the Third Street Promenade. It totally transformed that asset, which was okay, but was never going to generate growth. They totally transformed it and opened it up to the Third Street Promenade.” On February 11, 2011, Macerich was trading at $49 per unit; today, the REIT fetches $62 per unit and yields just under 4%.