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SEC Filings



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


The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of March 31, 2018

In-Process Developments and Redevelopments:

 

Property

  

Project Type

 

Total Cost(a)(b)
at 100%

 

Ownership
%

 

Total Cost(a)(b)
Pro Rata

 

Pro Rata

Capitalized Costs(b)

3/31/2018

 

Expected
Delivery(a)

  Stabilized
Yield(a)(b)(c)
 

Fashion District Philadelphia
Philadelphia, PA

   Redevelopment of The Gallery in downtown Philadelphia   $305 - $365(d)   50%   $153 - $183(d)   $135   2018     8%(d)  

Kings Plaza Shopping Center
Brooklyn, NY

   250,000 sf redevelopment of former Sears store, to be anchored by Burlington, Primark, JCPenney and Zara   $95 - $100   100%   $95 - $100   $81   Q2 2018     4%(e)  
    

 

   

 

 

 

   

Total In-Process

     $400 - $465     $248 - $283   $216    
    

 

   

 

 

 

   
Shadow Pipeline of Developments and Redevelopments(f):  

Property

  

Project Type

 

Total Cost(a)(b)

at 100%

 

Ownership
%

 

Total Cost(a)(b)

Pro Rata

 

Pro Rata

Capitalized Costs(b)

3/31/2018

 

Expected
Delivery(a)

  Stabilized
Yield(a)(b)(c)
 

Westside Pavilion
Los Angeles, CA

   Redevelopment of an existing retail center into approximately 500,000 sf of creative office with approximately 100,000 sf of existing retail and entertainment space  

$425 - $475(g)

  25%   $106 - $119(g)   $1  

2021

    6.5% - 7%(g)  

 

(a) Much of this information is estimated and may change from time to time. See the Company’s forward-looking disclosure on pages 1 and 2 for factors that may affect the information provided in this table.
(b) This excludes GAAP allocations of non cash and indirect costs.
(c) Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non cash and indirect costs.
(d) This reflects incremental project costs and income subsequent to the Company’s $106.8 million investment in July 2014. Total Costs are net of $25 million of approved public financing grants that will be a reduction of costs.
(e) The Sears lease has been terminated. The 4% yield represents an incremental return over Sears former annual rent. The yield would increase to 8% without including any offsetting rent impact from Sears.
(f) This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. There is no certainty that the Company will develop or redevelop any or all of these potential projects.
(g) Includes the purchase price agreed to by the joint venture for the existing buildings and land totaling $190 million.

 

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