UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) August 9, 2010
THE MACERICH COMPANY
(Exact Name of Registrant as Specified in Charter)
MARYLAND (State or Other Jurisdiction of Incorporation) |
1-12504 (Commission File Number) |
95-4448705 (IRS Employer Identification No.) |
401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (310) 394-6000
N/A
(Former Name or Former Address, if Changed Since Last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
The Company issued a press release on August 9, 2010 announcing results of operations for the Company for the quarter ended June 30, 2010 and such press release is furnished as Exhibit 99.1 hereto.
The press release included as an exhibit with this report is being furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.
ITEM 7.01 REGULATION FD DISCLOSURE.
On August 9, 2010, the Company made available on its website a financial supplement containing financial and operating information of the Company ("Supplemental Financial Information") for the three and six months ended June 30, 2010 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.
The Supplemental Financial Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:
(a), (b) and (c) Not applicable.
(d) Exhibits.
Exhibit Index attached hereto and incorporated herein by reference.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed by the undersigned, hereunto duly authorized, in the City of Santa Monica, State of California, on August 9, 2010.
THE MACERICH COMPANY | ||||
By: |
THOMAS E. O'HERN |
|||
/s/ THOMAS E. O'HERN Senior Executive Vice President, Chief Financial Officer and Treasurer |
3
EXHIBIT NUMBER |
NAME
|
||
---|---|---|---|
99.1 | Press Release dated August 9, 2010 | ||
99.2 |
Supplemental Financial Information for the three and six months ended June 30, 2010 |
4
PRESS RELEASE
For: |
THE MACERICH COMPANY |
|
Press Contact: |
Arthur Coppola, Chairman and Chief Executive Officer |
|
|
or |
|
|
Thomas E. O'Hern, Senior Executive Vice President, Chief Financial Officer and Treasurer |
|
|
(310) 394-6000 |
MACERICH ANNOUNCES QUARTERLY RESULTS
Santa Monica, CA (8/09/10)The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended June 30, 2010 which included total funds from operations ("FFO") diluted of $77.5 million or $.57 per share-diluted, compared to $.67 per share-diluted for the quarter ended June 30, 2009. Net loss available to common stockholders for the quarter ended June 30, 2010 was $.4 million or $.01 per share-diluted compared to net loss available to common stockholders of $21.7 million or $.29 per share-diluted for the quarter ended June 30, 2009. The Company's definition of FFO is in accordance with the definition provided by the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net loss to FFO and net loss per common share-diluted ("EPS") to FFO per share-diluted is included in the financial tables accompanying this press release.
Recent Highlights:
Commenting on the quarter and recent events, Arthur Coppola chairman and chief executive officer of Macerich stated, "We saw very solid and improving results for the quarter. We had strong occupancy gains, positive same center NOI growth and positive releasing spreads. In addition we continue to see improvement in the capital markets and we have been able to capitalize on that with some very attractive financings.
We are also very pleased with last Friday's grand opening of the new Santa Monica Place. Many of the world's best retail brands are there, drawn by the outstanding quality of this project and the rare opportunity to locate in the highly desirable community of Santa Monica. The strong leasing demand for this project demonstrates that retailers will respond to a project with vision, location and top-quality execution even during challenging economic times."
Redevelopment Update
On August 6, 2010, Macerich celebrated the grand opening of the new Santa Monica Place, a 524,000 square-foot, three-level, open-air retail and dining destination just two blocks from the beach. Bloomingdale's, a majority of retailers and the third-level Dining Deck opened as Macerich debuted the new Santa Monica Place. The project is 92% leased and 97% committed, with Nordstrom and Tory Burch opening August 27th, Tiffany & Co. slated to open September 2010 and The Market at Santa Monica Place planned for the first half of 2011. Retailers that opened alongside Bloomingdale's include Louis Vuitton, Barneys Co-op, Nike, CB2, Ted Baker, Betsey Johnson, Disney, Hugo Boss, Michael Kors, Juicy Couture and Kitson LA. Photos and more information on the grand opening can be found at: http://www.macerich.com/FileManager/Corporate/News/Macerich/smp_grand_opening_8-6-10.pdf.
On May 7, a relocated and expanded 138,000-square-foot Nordstrom and 35,000 square feet of new small shop space opened at Los Cerritos Center, Macerich's high-performing, super-regional shopping center in Southern California. The project is 100% leased and new retailers include True Religion, Love Culture, MAC Cosmetics, Foreign Exchange, Carlton Hair and Vision Shoes.
Financing Activity
Transactions completed or committed to in 2010 total over $640 million. Recent activity includes:
The Company has arranged a $114 million refinancing of Stonewood Center. The new loan is a seven year fixed rate loan with an interest rate of 4.6%. This transaction will pay off the old loan of $71 million with an interest rate of 7.41%.
The Company has also agreed to a $250 million loan on Danbury Fair Mall. The new loan has a fixed interest rate of 5.50% and has a ten year maturity. It will pay off the existing loan of $160 million with a 7.51% interest rate which was scheduled to mature in 2011.
Upon completion of the above transactions, the Company will have only $118 million of remaining loan maturities for 2010.
Dividend
On July 29, 2010, the Board of Directors of the Company declared a quarterly cash dividend of $.50 per share of common stock. The dividend is payable on September 8, 2010 to stockholders of record at the close of business on August 20, 2010.
Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich now owns approximately 73 million square feet of gross leaseable area consisting primarily of interests in 71 regional malls. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.
Investor Conference Call
The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investing Section) and through CCBN at www.earnings.com. The call begins today, August 9, 2010 at 10:30 AM Pacific Time. To listen to the call, please go to any of these web sites at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investing Section) will be available for one year after the call.
The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investing Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.
Note: This release contains statements that constitute forward-looking statements. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and
involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates and terms, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2009 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.
(See
attached tables)
##
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
|
Results before Discontinued Operations(a) |
Impact of Discontinued Operations(a) |
Results after Discontinued Operations(a) |
|||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Three Months Ended June 30, |
For the Three Months Ended June 30, |
For the Three Months Ended June 30, |
|||||||||||||||||
|
Unaudited | Unaudited | ||||||||||||||||||
|
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||
Minimum rents |
$ | 102,509 | $ | 123,504 | 1 | $ | (2,935 | ) | $ | 102,510 | $ | 120,569 | ||||||||
Percentage rents |
3,108 | 2,686 | | (17 | ) | 3,108 | 2,669 | |||||||||||||
Tenant recoveries |
57,259 | 62,530 | | (765 | ) | 57,259 | 61,765 | |||||||||||||
Management Companies' revenues |
12,117 | 9,345 | | | 12,117 | 9,345 | ||||||||||||||
Other income |
6,887 | 7,850 | | (23 | ) | 6,887 | 7,827 | |||||||||||||
Total revenues |
181,880 | 205,915 | 1 | (3,740 | ) | 181,881 | 202,175 | |||||||||||||
Shopping center and operating expenses |
56,731 |
67,565 |
(21 |
) |
(1,653 |
) |
56,710 |
65,912 |
||||||||||||
Management Companies' operating expenses |
24,466 | 18,872 | | | 24,466 | 18,872 | ||||||||||||||
Income tax benefit |
(1,375 | ) | (380 | ) | | | (1,375 | ) | (380 | ) | ||||||||||
Depreciation and amortization |
59,913 | 63,740 | | (1,438 | ) | 59,913 | 62,302 | |||||||||||||
REIT general and administrative expenses |
3,642 | 4,648 | | | 3,642 | 4,648 | ||||||||||||||
Interest expense |
52,238 | 71,914 | | | 52,238 | 71,914 | ||||||||||||||
(Loss) gain on early extinguishment of debt |
(489 | ) | 7,127 | | | (489 | ) | 7,127 | ||||||||||||
Gain (loss) on sale or write down of assets |
510 | (25,605 | ) | 72 | 26,995 | 582 | 1,390 | |||||||||||||
Co-venture interests(b) |
(1,993 | ) | | | | (1,993 | ) | | ||||||||||||
Equity in income of unconsolidated joint ventures |
15,762 | 14,556 | | | 15,762 | 14,556 | ||||||||||||||
Income (loss) income from continuing operations |
55 |
(24,366 |
) |
94 |
26,346 |
149 |
1,980 |
|||||||||||||
Discontinued operations: |
||||||||||||||||||||
Loss on sale or write down of assets |
| | (72 | ) | (26,995 | ) | (72 | ) | (26,995 | ) | ||||||||||
(Loss) income from discontinued operations |
| | (22 | ) | 649 | (22 | ) | 649 | ||||||||||||
Total loss from discontinued operations |
| | (94 | ) | (26,346 | ) | (94 | ) | (26,346 | ) | ||||||||||
Net income (loss) |
55 | (24,366 | ) | | | 55 | (24,366 | ) | ||||||||||||
Less net (loss) income attributable to noncontrolling interests |
495 | (2,630 | ) | | | 495 | (2,630 | ) | ||||||||||||
Net loss attributable to the Company |
(440 | ) | (21,736 | ) | | | (440 | ) | (21,736 | ) | ||||||||||
Less preferred dividends |
| | | | | | ||||||||||||||
Net loss available to common stockholders |
$ | (440 | ) | $ | (21,736 | ) | | | $ | (440 | ) | $ | (21,736 | ) | ||||||
Average number of shares outstandingbasic |
123,446 |
77,270 |
123,446 |
77,270 |
||||||||||||||||
Average shares outstanding, assuming full conversion of OP Units(c) |
135,495 | 88,970 | 135,495 | 88,970 | ||||||||||||||||
Average shares outstandingFunds From Operations ("FFO")diluted(c) |
135,495 | 88,970 | 135,495 | 88,970 | ||||||||||||||||
Per share (loss) incomediluted before discontinued operations |
| | $ | (0.01 | ) | $ | 0.01 | |||||||||||||
Net loss per sharebasic |
$ | (0.01 | ) | $ | (0.29 | ) | $ | (0.01 | ) | $ | (0.29 | ) | ||||||||
Net loss per sharediluted(c) |
$ | (0.01 | ) | $ | (0.29 | ) | $ | (0.01 | ) | $ | (0.29 | ) | ||||||||
Dividend declared per share |
$ | 0.50 | $ | 0.60 | $ | 0.50 | $ | 0.60 | ||||||||||||
FFObasic(c)(d) |
$ | 77,466 | $ | 59,920 | $ | 77,466 | $ | 59,920 | ||||||||||||
FFOdiluted(c)(d) |
$ | 77,466 | $ | 59,920 | $ | 77,466 | $ | 59,920 | ||||||||||||
FFO per sharebasic(c)(d) |
$ | 0.57 | $ | 0.67 | $ | 0.57 | $ | 0.67 | ||||||||||||
FFO per sharediluted(c)(d) |
$ | 0.57 | $ | 0.67 | $ | 0.57 | $ | 0.67 | ||||||||||||
1
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
|
Results before Discontinued Operations(a) |
Impact of Discontinued Operations(a) |
Results after Discontinued Operations(a) |
|||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Six Months Ended June 30, |
For the Six Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||||
|
Unaudited | Unaudited | ||||||||||||||||||
|
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||
Minimum rents |
$ | 204,485 | $ | 250,976 | 5 | $ | (7,198 | ) | $ | 204,490 | $ | 243,778 | ||||||||
Percentage rents |
6,095 | 5,487 | | (17 | ) | 6,095 | 5,470 | |||||||||||||
Tenant recoveries |
118,268 | 127,441 | | (1,530 | ) | 118,268 | 125,911 | |||||||||||||
Management Companies' revenues |
22,339 | 17,885 | | | 22,339 | 17,885 | ||||||||||||||
Other income |
12,804 | 14,904 | | (50 | ) | 12,804 | 14,854 | |||||||||||||
Total revenues |
363,991 | 416,693 | 5 | (8,795 | ) | 363,996 | 407,898 | |||||||||||||
Shopping center and operating expenses |
117,663 |
138,346 |
(133 |
) |
(3,010 |
) |
117,530 |
135,336 |
||||||||||||
Management Companies' operating expenses |
46,653 | 42,302 | | | 46,653 | 42,302 | ||||||||||||||
Income tax benefit |
(2,590 | ) | (1,181 | ) | | | (2,590 | ) | (1,181 | ) | ||||||||||
Depreciation and amortization |
119,128 | 128,651 | | (2,874 | ) | 119,128 | 125,777 | |||||||||||||
REIT general and administrative expenses |
11,160 | 9,906 | | | 11,160 | 9,906 | ||||||||||||||
Interest expense |
107,649 | 141,852 | | 4 | 107,649 | 141,856 | ||||||||||||||
(Loss) gain on early extinguishment of debt |
(489 | ) | 29,601 | | | (489 | ) | 29,601 | ||||||||||||
Gain (loss) on sale or write down of assets |
511 | (24,849 | ) | 71 | 27,012 | 582 | 2,163 | |||||||||||||
Co-venture interests(b) |
(3,377 | ) | | | | (3,377 | ) | | ||||||||||||
Equity in income of unconsolidated joint ventures |
32,221 | 30,482 | | | 32,221 | 30,482 | ||||||||||||||
(Loss) income from continuing operations |
(6,806 |
) |
(7,949 |
) |
209 |
24,097 |
(6,597 |
) |
16,148 |
|||||||||||
Discontinued operations: |
||||||||||||||||||||
Loss on sale or write down of assets |
| | (71 | ) | (27,012 | ) | (71 | ) | (27,012 | ) | ||||||||||
(Loss) income from discontinued operations |
| | (138 | ) | 2,915 | (138 | ) | 2,915 | ||||||||||||
Total loss from discontinued operations |
| | (209 | ) | (24,097 | ) | (209 | ) | (24,097 | ) | ||||||||||
Net loss |
(6,806 | ) | (7,949 | ) | | | (6,806 | ) | (7,949 | ) | ||||||||||
Less net loss attributable to noncontrolling interests |
(9 | ) | (229 | ) | | | (9 | ) | (229 | ) | ||||||||||
Net loss attributable to the Company |
(6,797 | ) | (7,720 | ) | | | (6,797 | ) | (7,720 | ) | ||||||||||
Less preferred dividends |
| | | | | | ||||||||||||||
Net loss available to common stockholders |
$ | (6,797 | ) | $ | (7,720 | ) | | | $ | (6,797 | ) | $ | (7,720 | ) | ||||||
Average number of shares outstandingbasic |
110,271 |
77,082 |
110,271 |
77,082 |
||||||||||||||||
Average shares outstanding, assuming full conversion of OP Units(c) |
122,379 | 88,759 | 122,379 | 88,759 | ||||||||||||||||
Average shares outstandingFunds From Operations ("FFO")diluted(c) |
122,379 | 88,759 | 122,379 | 88,759 | ||||||||||||||||
Per share (loss) incomediluted before discontinued operations |
| | $ | (0.08 | ) | $ | 0.15 | |||||||||||||
Net loss per sharebasic |
$ | (0.08 | ) | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.12 | ) | ||||||||
Net loss per sharediluted(c) |
$ | (0.08 | ) | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.12 | ) | ||||||||
Dividend declared per share |
$ | 1.10 | $ | 1.40 | $ | 1.10 | $ | 1.40 | ||||||||||||
FFObasic(c)(d) |
$ | 149,063 | $ | 162,760 | $ | 149,063 | $ | 162,760 | ||||||||||||
FFOdiluted(c)(d) |
$ | 149,063 | $ | 162,760 | $ | 149,063 | $ | 162,760 | ||||||||||||
FFO per sharebasic(c)(d) |
$ | 1.22 | $ | 1.83 | $ | 1.22 | $ | 1.83 | ||||||||||||
FFO per sharediluted(c)(d) |
$ | 1.22 | $ | 1.83 | $ | 1.22 | $ | 1.83 | ||||||||||||
2
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
3
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Pro rata share of unconsolidated joint ventures:
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Unaudited | Unaudited | ||||||||||||
|
2010 | 2009 | 2010 | 2009 | ||||||||||
Revenues: |
||||||||||||||
Minimum rents |
$ | 73,350 | $ | 64,941 | $ | 147,401 | $ | 131,977 | ||||||
Percentage rents |
1,757 | 1,458 | 3,653 | 2,855 | ||||||||||
Tenant recoveries |
35,751 | 31,822 | 73,065 | 63,877 | ||||||||||
Other |
4,636 | 3,213 | 8,819 | 6,648 | ||||||||||
Total revenues |
115,494 | 101,434 | 232,938 | 205,357 | ||||||||||
Expenses: |
||||||||||||||
Shopping center and operating expenses |
40,231 | 35,195 | 82,047 | 71,174 | ||||||||||
Interest expense |
31,293 | 25,797 | 62,385 | 51,299 | ||||||||||
Depreciation and amortization |
28,753 | 25,908 | 56,208 | 52,409 | ||||||||||
Total operating expenses |
100,277 | 86,900 | 200,640 | 174,882 | ||||||||||
Gain on sale or write down of assets |
428 | 3 | 366 | 11 | ||||||||||
Loss on early extinguishment of debt |
| | (689 | ) | | |||||||||
Equity in income (loss) of joint ventures |
117 | 19 | 246 | (4 | ) | |||||||||
Net income |
$ | 15,762 | $ | 14,556 | $ | 32,221 | $ | 30,482 | ||||||
4
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net loss to FFO(d):
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Unaudited | Unaudited | |||||||||||||
|
2010 | 2009 | 2010 | 2009 | |||||||||||
Net lossavailable to common stockholders |
$ | (440 | ) | $ | (21,736 | ) | $ | (6,797 | ) | $ | (7,720 | ) | |||
Adjustments to reconcile net loss to FFObasic |
|||||||||||||||
Noncontrolling interests in OP |
52 | (3,293 | ) | (746 | ) | (1,169 | ) | ||||||||
(Gain) loss on sale or write down of consolidated assets |
(510 | ) | 25,605 | (511 | ) | 24,849 | |||||||||
plus gain on undepreciated asset salesconsolidated assets |
| 1,143 | | 2,497 | |||||||||||
plus non-controlling interests share of (loss) gain on sale or write down of consolidated joint ventures |
(32 | ) | 310 | (32 | ) | 310 | |||||||||
less write down of consolidated assets |
| (27,058 | ) | | (27,639 | ) | |||||||||
Loss (gain) on sale or write-down of assets from unconsolidated entities (pro rata) |
(428 | ) | (3 | ) | (366 | ) | (11 | ) | |||||||
plus gain on undepreciated asset salesunconsolidated entities (pro rata share) |
427 | 3 | 396 | 2 | |||||||||||
less write down of assetsunconsolidated entities (pro rata share) |
| | (32 | ) | | ||||||||||
Depreciation and amortization on consolidated assets |
59,913 | 63,740 | 119,128 | 128,651 | |||||||||||
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures |
(6,497 | ) | (1,064 | ) | (11,590 | ) | (2,130 | ) | |||||||
Depreciation and amortization on joint ventures (pro rata) |
28,753 | 25,908 | 56,208 | 52,409 | |||||||||||
Less: depreciation on personal property |
(3,772 | ) | (3,635 | ) | (6,595 | ) | (7,289 | ) | |||||||
Total FFObasic |
77,466 | 59,920 | 149,063 | 162,760 | |||||||||||
Additional adjustment to arrive at FFOdiluted: |
|||||||||||||||
Preferred unitsdividends |
| | | | |||||||||||
Total FFOdiluted |
$ | 77,466 | $ | 59,920 | $ | 149,063 | $ | 162,760 | |||||||
Reconciliation of EPS to FFO per diluted share:
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Unaudited | Unaudited | ||||||||||||
|
2010 | 2009 | 2010 | 2009 | ||||||||||
Earnings per sharediluted |
$ | (0.01 | ) | $ | (0.29 | ) | $ | (0.08 | ) | $ | (0.12 | ) | ||
Per share impact of depreciation and amortization of real estate |
0.58 | 0.96 | 1.30 | 1.95 | ||||||||||
FFO per sharediluted |
$ | 0.57 | $ | 0.67 | $ | 1.22 | $ | 1.83 | ||||||
5
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net loss to EBITDA:
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Unaudited | Unaudited | ||||||||||||
|
2010 | 2009 | 2010 | 2009 | ||||||||||
Net lossavailable to common stockholders |
$ | (440 | ) | $ | (21,736 | ) | $ | (6,797 | ) | $ | (7,720 | ) | ||
Interest expenseconsolidated assets |
52,238 |
71,914 |
107,649 |
141,852 |
||||||||||
Interest expenseunconsolidated entities (pro rata) |
31,293 | 25,797 | 62,385 | 51,299 | ||||||||||
Depreciation and amortizationconsolidated assets |
59,913 | 63,740 | 119,128 | 128,651 | ||||||||||
Depreciation and amortizationunconsolidated entities (pro rata) |
28,753 | 25,908 | 56,208 | 52,409 | ||||||||||
Noncontrolling interests in OP |
52 | (3,293 | ) | (746 | ) | (1,169 | ) | |||||||
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures |
(10,391 | ) | (1,471 | ) | (18,390 | ) | (2,959 | ) | ||||||
Loss (gain) on early extinguishment of debt |
489 | (7,127 | ) | 489 | (29,601 | ) | ||||||||
Loss on early extinguishment of debtunconsolidated entities (pro rata) |
| | 689 | | ||||||||||
Loss (gain) on sale or write down of assetsconsolidated assets |
(510 | ) | 25,605 | (511 | ) | 24,849 | ||||||||
Loss (gain) on sale or write down of assetsunconsolidated entities (pro rata) |
(428 | ) | (3 | ) | (366 | ) | (11 | ) | ||||||
Add: Non-controlling interests share of (loss) gain on sale of consolidated joint ventures |
(32 | ) | 310 | (32 | ) | 310 | ||||||||
Add: Non-controlling interests share of gain on sale of unconsolidated entities |
93 | | 93 | | ||||||||||
Income tax (benefit) expense |
(1,375 | ) | (380 | ) | (2,590 | ) | (1,181 | ) | ||||||
Distributions on preferred units |
208 | 171 | 416 | 415 | ||||||||||
EBITDA(e) |
$ | 159,863 | $ | 179,435 | $ | 317,625 | $ | 357,144 | ||||||
Reconciliation of EBITDA to Same CentersNet Operating Income ("NOI"):
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Unaudited | Unaudited | ||||||||||||
|
2010 | 2009 | 2010 | 2009 | ||||||||||
EBITDA(e) |
$ | 159,863 | $ | 179,435 | $ | 317,625 | $ | 357,144 | ||||||
Add: REIT general and administrative expenses |
3,642 |
4,648 |
11,160 |
9,906 |
||||||||||
Management Companies' revenues |
(12,117 | ) | (9,345 | ) | (22,339 | ) | (17,885 | ) | ||||||
Management Companies' operating expenses |
24,466 | 18,872 | 46,653 | 42,302 | ||||||||||
Lease termination income of comparable centers |
(1,295 | ) | (1,154 | ) | (2,569 | ) | (2,696 | ) | ||||||
EBITDA of non-comparable centers |
(27,852 | ) | (48,650 | ) | (56,085 | ) | (99,846 | ) | ||||||
Same CentersNOI(f) |
$ | 146,707 | $ | 143,806 | $ | 294,445 | $ | 288,925 | ||||||
6
Supplemental Financial Information
For the three and six months ended June 30, 2010
The Macerich Company
Supplemental Financial and Operating Information
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
This supplemental financial information should be read in connection with the Company's second quarter 2010 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date August 9, 2010) as certain disclosures, definitions and reconciliations in such announcement have not been included in this supplemental financial information.
The Macerich Company
Supplemental Financial and Operating Information
Overview
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").
As of June 30, 2010, the Operating Partnership owned or had an ownership interest in 71 regional malls and 14 community shopping centers aggregating approximately 73 million square feet of gross leasable area ("GLA"). These 85 regional malls and community shopping centers are referred to hereinafter as the "Centers", unless the context requires otherwise.
The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").
All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
This document contains information that constitutes forward-looking statements and includes information regarding expectations regarding the Company's refinancing, development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up. Real estate development, redevelopment and expansion activities are also subject to risks relating to the inability to obtain, or delays in obtaining, all necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2009 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.
1
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
|
Period Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
6/30/2010 | 12/31/2009 | 12/31/2008 | |||||||
|
dollars in thousands except per share data |
|||||||||
Closing common stock price per share |
$ | 37.32 | $ | 35.95 | $ | 18.16 | ||||
52 week high |
$ | 47.19 | $ | 38.22 | $ | 76.50 | ||||
52 week low |
$ | 13.75 | $ | 5.45 | $ | 8.31 | ||||
Shares outstanding at end of period |
||||||||||
Class A non-participating convertible preferred units |
208,640 | 205,757 | 193,164 | |||||||
Common shares and partnership units |
142,016,437 | 108,658,421 | 88,529,334 | |||||||
Total common and equivalent shares/units outstanding |
142,225,077 | 108,864,178 | 88,722,498 | |||||||
Portfolio capitalization data |
||||||||||
Total portfolio debt, including joint ventures at pro rata |
$ | 5,897,370 | $ | 6,563,706 | $ | 7,926,241 | ||||
Equity market capitalization |
5,307,840 | 3,913,667 | 1,611,201 | |||||||
Total market capitalization |
$ | 11,205,210 | $ | 10,477,373 | $ | 9,537,442 | ||||
Floating rate debt as a percentage of total debt |
17.4 |
% |
16.0 |
% |
21.9 |
% |
2
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
|
Partnership Units |
Company Common Shares |
Class A Non-Participating Convertible Preferred Units ("NPCPUs") |
Total Common and Equivalent Shares/ Units |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance as of December 31, 2009 |
11,990,731 | 96,667,690 | 205,757 | 108,864,178 | |||||||||
Conversion of partnership units to common shares |
(31,877 | ) | 31,877 | | | ||||||||
Conversion of partnership units to cash |
(8,256 | ) | | | (8,256 | ) | |||||||
Issuance of stock/partnership units from stock dividends, restricted stock issuance or other share- or unit-based plans |
282,057 | 2,059,364 | 2,883 | 2,344,304 | |||||||||
Balance as of March 31, 2010 |
12,232,655 | 98,758,931 | 208,640 | 111,200,226 | |||||||||
Conversion of partnership units to common shares |
(420,103 | ) | 423,551 | | 3,448 | ||||||||
Conversion of partnership units to cash |
(560 | ) | | (560 | ) | ||||||||
Common Stock Offering |
| 31,000,000 | | 31,000,000 | |||||||||
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans |
| 21,963 | | 21,963 | |||||||||
Balance as of June 30, 2010 |
11,811,992 | 130,204,445 | 208,640 | 142,225,077 | |||||||||
3
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental Funds from Operations ("FFO") Information(a)
|
|||||||
---|---|---|---|---|---|---|---|
|
As of June 30, | ||||||
|
2010 | 2009 | |||||
Straight line rent receivable |
$ | 69.8 | $ | 69.9 |
|
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||
|
2010 | 2009 | 2010 | 2009 | |||||||||
|
dollars in millions |
||||||||||||
Lease termination fees |
$ | 1.5 | $ | 1.3 | $ | 3.1 | $ | 3.2 | |||||
Straight line rental income |
$ | 1.6 | $ | 2.1 | $ | 1.9 | $ | 3.7 | |||||
Gain on sales of undepreciated assets |
$ | 0.4 | $ | 1.1 | $ | 0.4 | $ | 2.5 | |||||
Amortization of acquired above- and below-market leases |
$ | 2.9 | $ | 3.0 | $ | 5.8 | $ | 7.2 | |||||
Amortization of debt premiums/(discounts) |
$ | (0.9 | ) | $ | 0.4 | $ | (1.7 | ) | $ | 0.7 | |||
Interest capitalized |
$ | 8.8 | $ | 6.1 | $ | 17.8 | $ | 12.6 |
4
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures
|
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Six Months Ended 6/30/10 |
Year Ended 12/31/2009 |
Year Ended 12/31/2008 |
||||||||
|
dollars in millions |
||||||||||
Consolidated Centers(a) |
|||||||||||
Acquisitions of property and equipment |
$ | 6.5 | $ | 11.0 | $ | 87.5 | |||||
Development, redevelopment and expansions of Centers |
89.5 | 216.6 | 446.1 | ||||||||
Renovations of Centers |
7.5 | 9.6 | 8.5 | ||||||||
Tenant allowances |
7.0 | 10.8 | 14.7 | ||||||||
Deferred leasing charges |
14.8 | 20.0 | 22.3 | ||||||||
Total |
$ | 125.3 | $ | 268.0 | $ | 579.1 | |||||
Unconsolidated Joint Venture Centers(a) |
|||||||||||
Acquisitions of property and equipment |
$ | 1.7 | $ | 5.4 | $ | 294.4 | |||||
Development, redevelopment and expansions of Centers |
15.6 | 57.0 | 60.8 | ||||||||
Renovations of Centers |
2.2 | 4.2 | 3.1 | ||||||||
Tenant allowances |
1.5 | 5.1 | 13.8 | ||||||||
Deferred leasing charges |
2.3 | 3.8 | 5.0 | ||||||||
Total |
$ | 23.3 | $ | 75.5 | $ | 377.1 | |||||
5
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Sales Per Square Foot(a)
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
Consolidated Centers | Unconsolidated Joint Venture Centers |
Total Centers | |||||||
06/30/2010 |
$ | 381 | $ | 452 | $ | 420 | ||||
12/31/2009 |
$ | 368 | $ | 440 | $ | 407 | ||||
12/31/2008 |
$ | 420 | $ | 460 | $ | 441 |
6
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Period Ended
|
Consolidated Centers Regional Malls(a) |
Unconsolidated Joint Venture Centers Regional Malls(a) |
Total Regional Malls(a) |
|||||||
06/30/2010 |
92.9 | % | 91.3 | % | 92.0 | % | ||||
12/31/2009 |
91.2 | % | 91.3 | % | 91.3 | % | ||||
12/31/2008 |
91.6 | % | 92.8 | % | 92.3 | % |
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Period Ended
|
Consolidated Centers(b) | Unconsolidated Joint Venture Centers(b) |
Total Centers(b) | |||||||
06/30/2010 |
92.6 | % | 91.2 | % | 91.8 | % | ||||
12/31/2009 |
90.7 | % | 91.4 | % | 91.1 | % | ||||
12/31/2008 |
91.3 | % | 93.1 | % | 92.3 | % |
7
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Rent
|
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
|
Average Base Rent PSF(a) |
Average Base Rent PSF on Leases Executed for the trailing twelve months ended(b) |
Average Base Rent PSF on Leases Expiring(c) |
||||||||
Consolidated Centers |
|||||||||||
06/30/2010 |
$ | 37.81 | $ | 34.60 | $ | 35.39 | |||||
12/31/2009 |
$ | 37.77 | $ | 38.15 | $ | 34.10 | |||||
12/31/2008 |
$ | 41.39 | $ | 42.70 | $ | 35.14 | |||||
Unconsolidated Joint Venture Centers |
|||||||||||
06/30/2010 |
$ | 45.98 | $ | 43.29 | $ | 37.98 | |||||
12/31/2009 |
$ | 45.56 | $ | 43.52 | $ | 37.56 | |||||
12/31/2008 |
$ | 42.14 | $ | 49.74 | $ | 37.61 |
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
|
|
||||||||
---|---|---|---|---|---|---|---|---|---|
|
For Years Ended December 31, | ||||||||
|
2009 | 2008 | |||||||
Consolidated Centers |
|||||||||
Minimum rents |
9.1 | % | 8.9 | % | |||||
Percentage rents |
0.4 | % | 0.4 | % | |||||
Expense recoveries(a) |
4.7 | % | 4.4 | % | |||||
Total |
14.2 | % | 13.7 | % | |||||
|
|
||||||||
---|---|---|---|---|---|---|---|---|---|
|
For Years Ended December 31, | ||||||||
|
2009 | 2008 | |||||||
Unconsolidated Joint Venture Centers |
|||||||||
Minimum rents |
9.4 | % | 8.2 | % | |||||
Percentage rents |
0.4 | % | 0.4 | % | |||||
Expense recoveries(a) |
4.3 | % | 3.9 | % | |||||
Total |
14.1 | % | 12.5 | % | |||||
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Summarized Balance Sheet Information
|
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
June 30, 2010 |
December 31, 2009 | December 31, 2008 |
|||||||
|
dollars in thousands |
|||||||||
Cash and cash equivalents |
$ | 596,718 | $ | 93,255 | $ | 66,529 | ||||
Pro rata cash and cash equivalents on unconsolidated centers |
$ | 60,084 | $ | 71,335 | $ | 91,103 | ||||
Investment in real estate, net (a) |
$ | 5,655,410 | $ | 5,657,939 | $ | 6,371,319 | ||||
Investment in unconsolidated centers |
$ | 1,024,413 | $ | 1,046,196 | $ | 1,094,845 | ||||
Total assets |
$ | 7,738,306 | $ | 7,252,471 | $ | 8,090,435 | ||||
Mortgage and notes payable |
$ | 3,898,770 | $ | 4,531,634 | $ | 5,940,418 | ||||
Pro rata share of debt on unconsolidated centers |
$ | 2,223,035 | $ | 2,258,738 | $ | 2,017,705 |
10
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)
|
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
|
As of June 30, 2010 | ||||||||||
|
Fixed Rate | Floating Rate(a) | Total | ||||||||
|
dollars in thousands |
||||||||||
Consolidated debt |
$ | 2,941,986 | $ | 732,349 | $ | 3,674,335 | |||||
Unconsolidated debt |
1,929,411 | 293,624 | 2,223,035 | ||||||||
Total debt |
$ | 4,871,397 | $ | 1,025,973 | $ | 5,897,370 | |||||
Weighted average interest rate |
6.14 |
% |
3.55 |
% |
5.69 |
% |
|||||
Weighted average maturity (years) |
3.04 |
11
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
|
As of June 30, 2010 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Center/Entity (dollars in thousands)
|
Maturity Date | Effective Interest Rate(a) |
Fixed | Floating | Total Debt Balance(a) |
|||||||||||
I. Consolidated Assets: |
||||||||||||||||
Santa Monica Place |
11/01/10 | 7.79 | % | $ | 75,990 | $ | | $ | 75,990 | |||||||
Valley View Center |
01/01/11 | 5.81 | % | 125,000 | | 125,000 | ||||||||||
Panorama Mall(b)(c) |
02/28/11 | 6.14 | % | 50,000 | | 50,000 | ||||||||||
Danbury Fair Mall |
03/10/11 | 4.64 | % | 159,650 | | 159,650 | ||||||||||
Victor Valley, Mall of(b)(d) |
05/06/11 | 6.94 | % | 100,000 | | 100,000 | ||||||||||
Shoppingtown Mall |
05/11/11 | 5.01 | % | 40,535 | | 40,535 | ||||||||||
Capitola Mall |
05/15/11 | 7.13 | % | 34,519 | | 34,519 | ||||||||||
Westside Pavilion(b)(d) |
06/05/11 | 8.08 | % | 175,000 | | 175,000 | ||||||||||
Freehold Raceway Mall(e) |
07/07/11 | 4.68 | % | 81,345 | | 81,345 | ||||||||||
Oaks, The(b)(d) |
07/10/11 | 7.18 | % | 75,000 | | 75,000 | ||||||||||
Pacific View |
08/31/11 | 7.25 | % | 78,591 | | 78,591 | ||||||||||
Pacific View |
08/31/11 | 7.00 | % | 6,371 | | 6,371 | ||||||||||
Rimrock Mall |
10/01/11 | 7.57 | % | 41,047 | | 41,047 | ||||||||||
Prescott Gateway |
12/01/11 | 5.86 | % | 60,000 | | 60,000 | ||||||||||
Hilton Village |
02/01/12 | 5.27 | % | 8,573 | | 8,573 | ||||||||||
The Macerich CompanyConvertible Senior Notes(f) |
03/15/12 | 5.41 | % | 601,676 | | 601,676 | ||||||||||
Tucson La Encantada |
06/01/12 | 5.84 | % | 76,969 | | 76,969 | ||||||||||
Chandler Fashion Center(e) |
11/01/12 | 5.21 | % | 48,603 | | 48,603 | ||||||||||
Chandler Fashion Center(e) |
11/01/12 | 6.00 | % | 32,169 | | 32,169 | ||||||||||
Towne Mall |
11/01/12 | 4.99 | % | 13,611 | | 13,611 | ||||||||||
Deptford Mall |
01/15/13 | 5.41 | % | 172,500 | | 172,500 | ||||||||||
GreeleyDefeasance |
09/01/13 | 6.34 | % | 25,992 | | 25,992 | ||||||||||
Great Northern Mall |
12/01/13 | 5.19 | % | 38,468 | | 38,468 | ||||||||||
Fiesta Mall |
01/01/15 | 4.98 | % | 84,000 | | 84,000 | ||||||||||
South Plains Mall |
04/11/15 | 6.52 | % | 104,767 | | 104,767 | ||||||||||
Fresno Fashion Fair |
08/01/15 | 6.76 | % | 166,589 | | 166,589 | ||||||||||
Flagstaff Mall |
11/01/15 | 5.03 | % | 37,000 | | 37,000 | ||||||||||
South Towne Center |
11/05/15 | 6.39 | % | 88,299 | | 88,299 | ||||||||||
Valley River Center |
02/01/16 | 5.59 | % | 120,000 | | 120,000 | ||||||||||
Salisbury, Center at |
05/01/16 | 5.83 | % | 115,000 | | 115,000 | ||||||||||
Deptford Mall |
06/01/16 | 6.46 | % | 15,350 | | 15,350 | ||||||||||
Chesterfield Towne Center |
01/01/24 | 9.07 | % | 51,438 | | 51,438 | ||||||||||
Wilton Mall(g) |
11/01/29 | 11.08 | % | 37,934 | | 37,934 | ||||||||||
Total Fixed Rate Debt for Consolidated Assets |
6.11 | % | $ | 2,941,986 | $ | | $ | 2,941,986 | ||||||||
Promenade at Casa Grande(d)(h) |
08/16/10 | 1.80 | % | | 44,426 | 44,426 | ||||||||||
La Cumbre Plaza(d) |
12/09/10 | 2.53 | % | | 28,447 | 28,447 | ||||||||||
Twenty Ninth Street(d) |
03/25/11 | 5.45 | % | | 107,024 | 107,024 | ||||||||||
SanTan Village Regional Center(d)(i) |
06/13/11 | 3.08 | % | | 117,087 | 117,087 | ||||||||||
Oaks, The(d) |
07/10/11 | 2.40 | % | | 165,000 | 165,000 | ||||||||||
Oaks, The(d) |
07/10/11 | 2.83 | % | | 17,224 | 17,224 | ||||||||||
Paradise Valley Mall(d) |
08/31/12 | 6.30 | % | | 85,000 | 85,000 | ||||||||||
Northgate Mall(d) |
01/01/13 | 7.00 | % | | 33,141 | 33,141 | ||||||||||
Vintage Faire Mall |
04/27/15 | 3.64 | % | | 135,000 | 135,000 | ||||||||||
Total Floating Rate Debt for Consolidated Assets |
3.82 | % | $ | | $ | 732,349 | $ | 732,349 | ||||||||
Total Debt for Consolidated Assets |
5.66 | % | $ | 2,941,986 | $ | 732,349 | $ | 3,674,335 | ||||||||
12
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
|
As of June 30, 2010 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Center/Entity (dollars in thousands)
|
Maturity Date | Effective Interest Rate(a) |
Fixed | Floating | Total Debt Balance(a) |
|||||||||||
II. Unconsolidated Assets (At Company's pro rata share): |
||||||||||||||||
Stonewood Mall (51%) |
12/11/10 | 7.44 | % | $ | 36,472 | $ | | $ | 36,472 | |||||||
Inland Center (50%) |
02/11/11 | 5.56 | % | 24,385 | | 24,385 | ||||||||||
Ridgmar (50%)(d) |
04/11/11 | 7.74 | % | 28,700 | | 28,700 | ||||||||||
Arrowhead Towne Center (33.3%) |
10/01/11 | 6.38 | % | 25,108 | | 25,108 | ||||||||||
SanTan Village Power Center (34.9%) |
02/01/12 | 5.33 | % | 15,705 | | 15,705 | ||||||||||
NorthPark Center (50%) |
05/10/12 | 5.97 | % | 89,899 | | 89,899 | ||||||||||
NorthPark Center (50%) |
05/10/12 | 8.33 | % | 40,198 | | 40,198 | ||||||||||
NorthPark Land (50%) |
05/10/12 | 8.33 | % | 38,828 | | 38,828 | ||||||||||
Kierland Greenway (24.5%) |
01/01/13 | 6.02 | % | 14,820 | | 14,820 | ||||||||||
Kierland Main Street (24.5%) |
01/02/13 | 4.99 | % | 3,666 | | 3,666 | ||||||||||
Queens Center (51%) |
03/01/13 | 7.78 | % | 65,115 | | 65,115 | ||||||||||
Queens Center (51%) |
03/01/13 | 7.00 | % | 105,600 | | 105,600 | ||||||||||
Scottsdale Fashion Square (50%) |
07/08/13 | 5.66 | % | 275,000 | | 275,000 | ||||||||||
FlatIron Crossing (25%) |
12/01/13 | 5.26 | % | 44,666 | | 44,666 | ||||||||||
Tysons Corner Center (50%) |
02/17/14 | 4.78 | % | 160,683 | | 160,683 | ||||||||||
Redmond Office (51%) |
05/15/14 | 7.52 | % | 30,849 | | 30,849 | ||||||||||
Biltmore Fashion Park (50%) |
10/01/14 | 8.25 | % | 29,856 | | 29,856 | ||||||||||
Lakewood Mall (51%) |
06/01/15 | 5.43 | % | 127,500 | | 127,500 | ||||||||||
Broadway Plaza (50%) |
08/15/15 | 6.12 | % | 73,303 | | 73,303 | ||||||||||
Chandler Festival (50%) |
11/01/15 | 6.39 | % | 14,850 | | 14,850 | ||||||||||
Chandler Gateway (50%) |
11/01/15 | 6.37 | % | 9,450 | | 9,450 | ||||||||||
Washington Square (51%) |
01/01/16 | 6.04 | % | 125,254 | | 125,254 | ||||||||||
Eastland Mall (50%) |
06/01/16 | 5.80 | % | 84,000 | | 84,000 | ||||||||||
Empire Mall (50%) |
06/01/16 | 5.81 | % | 88,150 | | 88,150 | ||||||||||
Granite Run (50%) |
06/01/16 | 5.84 | % | 57,850 | | 57,850 | ||||||||||
Mesa Mall (50%) |
06/01/16 | 5.82 | % | 43,625 | | 43,625 | ||||||||||
Rushmore (50%) |
06/01/16 | 5.82 | % | 47,000 | | 47,000 | ||||||||||
Southern Hills (50%) |
06/01/16 | 5.82 | % | 50,750 | | 50,750 | ||||||||||
Valley Mall (50%) |
06/01/16 | 5.85 | % | 22,524 | | 22,524 | ||||||||||
North Bridge, The Shops at (50%) |
06/15/16 | 7.52 | % | 101,555 | | 101,555 | ||||||||||
West Acres (19%) |
10/01/16 | 6.41 | % | 12,409 | | 12,409 | ||||||||||
Corte Madera, The Village at (50.1%) |
11/01/16 | 7.27 | % | 39,855 | | 39,855 | ||||||||||
Wilshire Building (30%) |
01/01/33 | 6.35 | % | 1,786 | | 1,786 | ||||||||||
Total Fixed Rate Debt for Unconsolidated Assets |
6.19 | % | $ | 1,929,411 | $ | | $ | 1,929,411 | ||||||||
Superstition Springs Center (33.3%)(d) |
09/09/10 | 0.72 | % | | 22,498 | 22,498 | ||||||||||
Camelback Colonnade (75%) |
10/09/10 | 1.24 | % | | 31,125 | 31,125 | ||||||||||
Kierland Tower Lofts (15%) |
11/18/10 | 3.38 | % | | 354 | 354 | ||||||||||
Boulevard Shops (50%) |
12/17/10 | 1.19 | % | | 10,700 | 10,700 | ||||||||||
Chandler Village Center (50%) |
01/15/11 | 1.43 | % | | 8,643 | 8,643 | ||||||||||
Desert Sky Mall (50%) |
03/04/11 | 1.45 | % | | 25,750 | 25,750 | ||||||||||
Market at Estrella Falls (39.8%)(d) |
06/01/11 | 2.50 | % | | 13,504 | 13,504 | ||||||||||
Los Cerritos Center (51%) |
07/01/11 | 1.23 | % | | 102,000 | 102,000 | ||||||||||
Pacific Premier Retail Trust (51%)(d) |
08/21/11 | 7.11 | % | | 79,050 | 79,050 | ||||||||||
Total Floating Rate Debt for Unconsolidated Assets |
2.86 | % | $ | | $ | 293,624 | $ | 293,624 | ||||||||
Total Debt for Unconsolidated Assets |
5.75 | % | $ | 1,929,411 | $ | 293,624 | $ | 2,223,035 | ||||||||
Total Debt |
5.69 | % | $ | 4,871,397 | $ | 1,025,973 | $ | 5,897,370 | ||||||||
Percentage to Total |
82.60 | % | 17.40 | % | 100.00 | % |
13
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The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Top Ten Tenants
The following tenants (including their subsidiaries) represent the 10 largest rent payers in the Company's portfolio (including joint ventures) based upon rents in place as of December 31, 2009.
Tenant | Primary DBA's | Number of Locations in the Portfolio |
% of Total Rents(1) | ||||||
---|---|---|---|---|---|---|---|---|---|
Gap Inc. |
Gap, Banana Republic, Old Navy | 94 | 2.5 | % | |||||
Limited Brands, Inc. |
Victoria Secret, Bath and Body | 144 | 2.4 | % | |||||
Forever 21, Inc. |
Forever 21, XXI Forever | 48 | 1.9 | % | |||||
Foot Locker, Inc. |
Footlocker, Champs Sports, Lady Footlocker | 143 | 1.7 | % | |||||
Abercrombie and Fitch Co. |
Abercrombie & Fitch, Abercrombie, Hollister | 81 | 1.6 | % | |||||
AT&T Mobility LLC(2) |
AT&T Wireless, Cingular Wireless | 29 | 1.3 | % | |||||
Luxottica Group |
Lenscrafters, Sunglass Hut | 156 | 1.3 | % | |||||
American Eagle Outfitters, Inc. |
American Eagle Outfitters | 66 | 1.3 | % | |||||
Macy's, Inc. |
Macy's, Bloomingdale's | 65 | 1.0 | % | |||||
Signet Group PLC |
Kay Jewelers, Weisfield Jewelers | 76 | 1.0 | % |
15