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SEC Filings



8-K
MACERICH CO filed this Form 8-K on 02/05/2018
Entire Document
 


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

Reconciliation of Net income attributable to the Company to Adjusted EBITDA:

 

     For the Three Months
Ended December 31,
    For the Twelve Months
Ended December 31,
 
     Unaudited     Unaudited  
     2017     2016     2017     2016  

Net income attributable to the Company

   $ 32,751     $ 37,128     $ 146,130     $ 516,995  

Interest expense—consolidated assets

     44,889       42,721       171,776       163,675  

Interest expense—unconsolidated joint ventures (pro rata)

     25,252       25,247       101,487       97,246  

Depreciation and amortization—consolidated assets

     85,968       89,391       335,431       348,488  

Depreciation and amortization—unconsolidated joint ventures (pro rata)

     44,566       46,281       177,274       179,600  

Noncontrolling interests in the OP

     2,378       2,713       10,729       37,780  

Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

     (6,792     (6,139     (25,007     (24,326

Gain on extinguishment of debt, net—consolidated assets

     —         —         —         (1,709

(Gain) loss on sale or write down of assets, net—consolidated assets

     (5,212     10,702       (42,446     (415,348

(Gain) loss on sale or write down of assets, net—unconsolidated joint ventures (pro rata)

     (5,802     16       (14,783     189  

Add: Non-controlling interests share of gain (loss) on sale or write down of consolidated joint ventures, net

     1,209       544       1,209       (1,662

Income tax expense (benefit)

     15,772       (2,014     15,594       722  

Distributions on preferred units

     98       146       387       575  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (d)

   $ 235,077     $ 246,736     $ 877,781     $ 902,225  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Adjusted EBITDA to Net Operating Income (“NOI”) and to NOI—Same Centers:

 

     For the Three Months
Ended December 31,
    For the Twelve Months
Ended December 31,
 
     Unaudited     Unaudited  
     2017     2016     2017     2016  

Adjusted EBITDA (d)

   $ 235,077     $ 246,736     $ 877,781     $ 902,225  

REIT general and administrative expenses

     7,032       4,977       28,240       28,217  

Management Companies’ revenues

     (11,439     (10,539     (43,394     (39,464

Management Companies’ operating expenses

     23,342       22,839       100,121       98,323  

Straight-line and above/below market adjustments

     (4,545     (11,284     (29,531     (38,309
  

 

 

   

 

 

   

 

 

   

 

 

 

NOI—All Centers

     249,467       252,729       933,217       950,992  

NOI of non-Same Centers

     (9,521     (18,326     (57,606     (98,657
  

 

 

   

 

 

   

 

 

   

 

 

 

NOI—Same Centers (e)

   $ 239,946     $ 234,403     $ 875,611     $ 852,335  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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