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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)

Results of Operations:

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

Revenues:

        

Minimum rents

   $ 144,310     $ 150,591     $ 575,856     $ 594,030  

Percentage rents

     10,845       10,340       17,569       17,124  

Tenant recoveries

     60,578       69,038       263,477       283,295  

Other income

     19,751       15,335       59,969       55,819  

Management Companies’ revenues

     11,390       11,439       43,480       43,394  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     246,874       256,743       960,351       993,662  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

        

Shopping center and operating expenses

     62,787       72,663       277,470       295,190  

Management Companies’ operating expenses

     22,719       23,342       103,534       100,121  

REIT general and administrative expenses

     5,746       7,032       24,160       28,240  

Costs related to shareholder activism

     —         —         19,369       —    

Depreciation and amortization

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

Interest expense (a)

     46,485       44,889       182,962       171,776  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     224,565       233,894       934,931       930,758  
  

 

 

   

 

 

   

 

 

   

 

 

 

Equity in income of unconsolidated joint ventures

     20,443       28,774       71,773       85,546  

Co-venture expense (a)

     —         (2,479     —         (13,629

Income tax benefit (expense)

     1,805       (15,772     3,604       (15,594

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

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

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     13,246       38,584       68,972       161,673  

Less net income attributable to noncontrolling interests

     1,497       5,833       8,952       15,543  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to the Company

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

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares outstanding—basic

     141,208       140,952       141,142       141,877  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding, assuming full conversion of OP Units (b)

     151,581       151,180       151,502       152,293  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding—Funds From Operations (“FFO”)—diluted (b)

     151,581       151,213       151,504       152,329  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share (“EPS”)—basic

   $ 0.08     $ 0.23     $ 0.42     $ 1.02  
  

 

 

   

 

 

   

 

 

   

 

 

 

EPS—diluted

   $ 0.08     $ 0.23     $ 0.42     $ 1.02  
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividend declared per share

   $ 0.75     $ 0.74     $ 2.97     $ 2.87  
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO—basic (b) (c)

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

 

 

   

 

 

   

 

 

   

 

 

 

FFO—diluted (b) (c)

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

 

 

   

 

 

   

 

 

   

 

 

 

FFO—diluted, excluding costs related to shareholder activism (b) (c)

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

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—basic (b) (c)

   $ 1.09     $ 1.03     $ 3.73     $ 3.83  
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—diluted (b) (c)

   $ 1.09     $ 1.03     $ 3.73     $ 3.83  
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share, excluding costs related to shareholder activism—diluted (b) (c)

   $ 1.09     $ 1.03     $ 3.85     $ 3.83  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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