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SEC Filings



8-K
MACERICH CO filed this Form 8-K on 02/07/2019
Entire Document
 


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

Reconciliation of net income attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted, excluding costs related to shareholder activism (c):

 

     For the Three Months
Ended December 31,
    For the Twelve Months
Ended December 31,
 
     Unaudited     Unaudited  
     2018     2017     2018     2017  

Net income attributable to the Company

   $ 11,749     $ 32,751     $ 60,020     $ 146,130  

Adjustments to reconcile net income attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted:

        

Noncontrolling interests in the OP

     863       2,378       4,407       10,729  

Loss (gain) on sale or write down of consolidated assets, net

     31,311       (5,212     31,825       (42,446

Add: gain on undepreciated asset sales from consolidated assets

     1,469       837       4,884       1,564  

Loss on write-down of consolidated non-real estate assets

     —         —         —         (10,138

Noncontrolling interests share of gain on sale or write-down of consolidated joint ventures

     —         1,209       580       1,209  

Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net

     21       (5,802     (2,993     (14,783

Add: gain on sales or write down of undepreciated assets from unconsolidated joint ventures (pro rata), net

     293       5,984       666       6,644  

Depreciation and amortization on consolidated assets

     86,828       85,968       327,436       335,431  

Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures

     (3,847     (3,801     (14,793     (15,126

Depreciation and amortization on unconsolidated joint ventures (pro rata)

     44,922       44,566       174,952       177,274  

Less: depreciation on personal property

     (3,579     (3,284     (13,699     (13,610

Financing expense in connection with the adoption of ASC 606 (Chandler Freehold)

     (4,373     —         (8,849     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     165,657       155,594       564,436       582,878  

Costs related to shareholder activism

     —         —         19,369       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO attributable to common stockholders and unit holders, excluding costs related to shareholder activism

   $ 165,657     $ 155,594     $ 583,805     $ 582,878  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of EPS to FFO per share—diluted, excluding costs related to shareholder activism (c):

 

     For the Three
Months Ended
December 31,
    For the Twelve
Months Ended
December 31,
 
     Unaudited     Unaudited  
     2018     2017     2018     2017  

EPS—diluted

   $ 0.08     $ 0.23     $ 0.42     $ 1.02  

Per share impact of depreciation and amortization of real estate

     0.82       0.82       3.14       3.19  

Per share impact of loss (gain) on sale or write down of assets, net

     0.22       (0.02     0.23       (0.38

Per share impact of financing expense in connection with the adoption of ASC 606 (Chandler Freehold)

     (0.03     —         (0.06     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—diluted

   $ 1.09     $ 1.03     $ 3.73     $ 3.83  

Per share impact of costs related to shareholder activism

     —         —         0.12       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—diluted, excluding costs related to shareholder activism

   $ 1.09     $ 1.03     $ 3.85     $ 3.83  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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