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SEC Filings



10-K/A
MACERICH CO filed this Form 10-K/A on 04/30/2018
Entire Document
 


The following reconciles net income attributable to our Company to FFO and FFO-diluted for the years ended December 31, 2017, 2016, 2015 and 2014 (dollars and shares in thousands):

 

     2017      2016      2015      2014  

Net income attributable to our Company

   $ 146,130      $ 516,995      $ 487,562      $ 1,499,042  

Adjustments to reconcile net income attributable to our Company to FFO—basic:

           

Noncontrolling interests in the Operating Partnership

     10,729        37,780        32,615        105,584  

Gain on sale or write down of consolidated assets, net

     (42,446      (415,348      (378,248      (73,440

Gain on remeasurement of consolidated assets

     —          —          (22,089      (1,423,136

Add: gain on undepreciated assets—consolidated assets

     1,564        3,717        1,326        1,396  

Less: loss on write-down of non-real estate assets—consolidated assets

     (10,138      —          —          —    

Add: noncontrolling interests share of gain (loss) on sale or write-down of assets—consolidated assets

     1,209        (1,662      481        146  

(Gain) loss on sale or write down of assets—unconsolidated joint ventures(1)

     (14,783      189        (4,392      1,237  

Add: gain (loss) on sale of undepreciated assets—unconsolidated joint ventures(1)

     6,644        (2      4,395        2,621  

Depreciation and amortization on consolidated assets

     335,431        348,488        464,472        378,716  

Less: noncontrolling interests in depreciation and amortization—consolidated assets

     (15,126      (15,023      (14,962      (20,700

Depreciation and amortization—unconsolidated joint ventures(1)

     177,274        179,600        84,160        82,570  

Less: depreciation on personal property

     (13,610      (12,430      (13,052      (11,282
  

 

 

    

 

 

    

 

 

    

 

 

 

FFO attributable to common stockholders and unit holders—basic and diluted

     582,878        642,304        642,268        542,754  

(Gain) loss on extinguishment of debt, net—consolidated assets

     —          (1,709      (1,487      9,551  
  

 

 

    

 

 

    

 

 

    

 

 

 

FFO attributable to common stockholders and unit holders excluding extinguishment of debt, net—diluted

     582,878        640,595        640,781        552,305  

Costs related to unsolicited takeover offer

     —          —          25,204        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

FFO attributable to common stockholders and unit holders excluding extinguishment of debt, net and costs related to unsolicited takeover offer—diluted

   $ 582,878      $ 640,595      $ 665,985      $ 552,305  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average number of FFO shares outstanding for:

           

FFO attributable to common stockholders and unit holders—basic(2)

     152,293        157,320        168,478        153,224  

Adjustments for the impact of dilutive securities in computing FFO—diluted:

           

Share and unit-based compensation plans

     36        112        144        147  
  

 

 

    

 

 

    

 

 

    

 

 

 

FFO attributable to common stockholders and unit holders—diluted(3)

     152,329        157,432        168,622        153,371  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Unconsolidated assets are presented at our Company’s pro rata share.
(2) Calculated based upon basic net income as adjusted to reach basic FFO. During the years ended December 31, 2017, 2016, 2015 and 2014, there were 10.4 million, 10.7 million, 10.6 million and 10.1 million OP Units outstanding, respectively.
(3) The computation of FFO-diluted shares outstanding includes the effect of share and unit-based compensation plans and the senior notes using the treasury stock method. It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the FFO-diluted computation.