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Third Point exits Macerich investment

Daniel Loeb's Third Point LLC exited its stake in Macerich Co. during the first quarter, according to a filing.

As of the end of 2017, the hedge fund owned 1,425,000 Macerich shares, or 1.01% of the regional mall real estate investment trust's outstanding stock, with a value of $93.6 million. As of March 31, Third Point no longer held any shares of the REIT, according to a new filing.

Third Point amassed a 1,726,000-share stake in the REIT in the third quarter of 2017, but sold some of its shares by year-end.

The hedge fund's investment in Macerich came at a time when several prominent investors were amassing stakes in REITs that own retail properties. In a separate first-quarter filing, Elliott Management Corp. said it divested a 4.8% stake in regional mall REIT Taubman Centers Inc.