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10-Q
MACERICH CO filed this Form 10-Q on 05/07/2018
Entire Document
 
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts)
(Unaudited)
3. Earnings per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2018 and 2017 (shares in thousands):
 
 
For the Three Months Ended March 31,
 
 
2018
 
2017
Numerator
 
 
 
 
Net (loss) income
 
$
(34,381
)
 
$
74,809

Less net (loss) income attributable to noncontrolling interests
 
(808
)
 
5,566

Net (loss) income attributable to the Company
 
(33,573
)
 
69,243

Allocation of earnings to participating securities
 
(244
)
 
(184
)
Numerator for basic and diluted EPS—net income attributable to common stockholders
 
$
(33,817
)
 
$
69,059

Denominator
 
 
 
 
Denominator for basic EPS—weighted average number of common shares outstanding
 
141,024

 
143,596

Effect of dilutive securities(1):
 
 
 
 
Share and unit-based compensation plans
 
26

 
59

Denominator for diluted EPS—weighted average number of common shares outstanding
 
141,050

 
143,655

EPS—net (loss) income attributable to common stockholders:
 
 
 
 
Basic
 
$
(0.24
)
 
$
0.48

Diluted
 
$
(0.24
)
 
$
0.48

 
 
 
(1)
Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2018 and 2017 as their impact was antidilutive. Diluted EPS excludes 10,291,217 and 10,591,428 Operating Partnership units ("OP Units") for the three months ended March 31, 2018 and 2017, respectively, as their impact was antidilutive.
4. Investments in Unconsolidated Joint Ventures:
The Company has made the following recent investments and dispositions in its unconsolidated joint ventures:
On March 17, 2017, the Company's joint venture in Country Club Plaza sold an office building for $78,000, resulting in a gain on sale of assets of $4,580. The Company's pro rata share of the gain on the sale of assets of $2,290 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 13Stockholders' Equity).
On September 18, 2017, the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $61,500, resulting in a gain on sale of assets of $13,078. The Company's pro rata share of the gain on the sale of assets of $6,539 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 13Stockholders' Equity).
On December 14, 2017, the Company’s joint venture in Westcor/Queen Creek LLC sold land for $30,491, resulting in a gain on sale of assets of $14,853. The Company’s share of the gain on sale was $5,436, which was included in equity in income of unconsolidated joint ventures. The Company used its portion of the proceeds to pay down its line of credit and for general corporate purposes.

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