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SEC Filings



8-K
MACERICH CO filed this Form 8-K on 10/31/2018
Entire Document
 


The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of September 30, 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)
9/30/2018
   

Expected
Delivery(a)

 

Stabilized
Yield(a)(b)(c)

Fashion District Philadelphia
Philadelphia, PA

   Redevelopment of The Gallery in downtown Philadelphia; includes Burlington, Century 21, H&M, AMC Theaters and other retail, entertainment and restaurant uses   $400 - $420(d)   50.0%   $200 - $210(d)   $ 145     2019   7 - 7.5%(d)

Scottsdale Fashion Square
Scottsdale, AZ

   Redevelopment of former Barneys anchor into a flagship Apple store and an Industrious co-working space; 80,000 sf exterior expansion with restaurants and fitness leading into a luxury wing   $140 - $160   50.0%   $70 - $80   $ 22     2019   6 - 6.5%
    

 

   

 

 

 

 

     

Total In-Process

     $540 - $580     $270 - $290   $ 167      
    

 

   

 

 

 

 

     
Shadow Pipeline of Developments and Redevelopments(e):

Property

  

Project Type

 

Total Cost(a)(b)
at 100%

 

Ownership
%

 

Total Cost(a)(b)
Pro Rata

  Pro Rata
Capitalized Costs(b)
9/30/2018
   

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(f)   25.0%   $106 - $119(f)   $ 49 (f)    2021   6.5 - 7%(f)
    

 

   

 

 

 

 

     

Total Shadow Pipeline

     $425 - $475     $106 - $119   $ 49      
    

 

   

 

 

 

 

     

 

(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)

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.

(f)

Includes the purchase price paid by the joint venture in August 2018 for the existing buildings and land totaling $190 million ($48 million at pro rata). Based on the Company’s net book value of $144 million prior to consummation of the joint venture, the Company’s estimated return on cost is 7.3% to 7.8%.

 

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