8-K
MACERICH CO MD false 0000912242 0000912242 2020-02-06 2020-02-06

 

 

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) February 6, 2020

 

THE MACERICH COMPANY

(Exact Name of Registrant as Specified in Charter)

 

MARYLAND

 

1-12504

 

95-4448705

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(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):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbol(s)

 

Name of each exchange

on which registered

Common stock of The Macerich Company, $0.01 par value per share

 

MAC

 

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

 


ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The Company issued a press release on February 6, 2020 (the “Press Release”) announcing results of operations for the Company for the quarter ended December 31, 2019 and such Press Release is furnished as Exhibit 99.1 hereto.

On February 6, 2020, 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 twelve months ended December 31, 2019 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.

The Press Release and Supplemental Financial Information included as exhibits with this report are being furnished pursuant to Item 2.02 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.

The Press Release and Supplemental Financial Information included as exhibits with this report are 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


EXHIBIT INDEX

EXHIBIT

NUMBER

   

NAME

         
 

99.1

   

Press Release dated February 6, 2020

         
 

99.2

   

Supplemental Financial Information for the three and twelve months ended December 31, 2019

         
 

104

   

Cover Page Interactive Data File (embedded within the Inline XBRL document).

3


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

THE MACERICH COMPANY

             

 

                            

 

 

By: Scott W. Kingsmore

             

February 6, 2020

Date

 

 

 

/s/ Scott W. Kingsmore

Executive Vice President,

Chief Financial Officer

and Treasurer

4

EX-99.1

Exhibit 99.1

PRESS RELEASE

 

 

For:   

THE MACERICH COMPANY

MACERICH ANNOUNCES QUARTERLY RESULTS

 

SANTA MONICA, CA, February 6, 2020. The Macerich Company (NYSE: MAC) today announced results of operations for the quarter ended December 31, 2019, which included net income attributable to the Company of $26.9 million or $.19 per share-diluted for the quarter ended December 31, 2019 compared to net income of $11.7 million or $.08 per share-diluted attributable to the Company for the quarter ended December 31, 2018. For the fourth quarter 2019, funds from operations (“FFO”)-diluted, excluding financing expense in connection with Chandler Freehold, was $148.1 million or $.98 per share-diluted compared to $165.7 million or $1.09 per share-diluted for the quarter ended December 31, 2018. A description and reconciliation of earnings per share (“EPS”)-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold is included within the financial tables accompanying this press release.

Results and Highlights:

 

   

Mall tenant annual sales per square foot for the portfolio increased by 10.3% to $801 for the twelve months ended December 31, 2019, compared to $726 for the twelve months ended December 31, 2018.

 

   

Mall portfolio occupancy was 94.0% at December 31, 2019, compared to 93.8% at September 31, 2019 and 95.4% at December 31, 2018.

 

   

Leasing volumes remain strong, with 2019 volume up nearly 20% over 2018 volume.

 

   

Average rent per square foot increased 3.3% to $61.06 at December 31, 2019, compared to $59.09 at December 31, 2018.

 

   

During 2019, the Company completed over $2 billion of financings at an average interest rate of 4.0% and an average maturity of 9.3 years, yielding $560 million of excess loan proceeds and liquidity at the Company’s share.

“We are pleased by a solid fourth quarter, culminating a year which met our earnings expectations, despite continued retail headwinds. Sales productivity within the portfolio is strong, and we continue to experience an improving leasing environment with annual leasing transactions and square footage up significantly compared to 2018,” said the Company’s Chief Executive Officer, Thomas O’Hern. “We are encouraged by the early success of our recently opened Fashion District Philadelphia, as well as the accretive opportunities to re-purpose former Sears locations with mixed-use and other high traffic generating tenants.”

Development/Redevelopment:

The recently opened Fashion District Philadelphia continues to experience strong leasing momentum, with Primark among many others, recently added to a tenant roster that includes Century 21, Burlington, Industrious, H&M, Nike, AMC Theaters, Round One, City Winery, Wonderspaces, Candytopia, Ulta, Kate Spade New York, Sephora, A/X Armani, DSW Shoes, American Eagle/Aerie, Hollister, Columbia Sportswear, Guess Factory and Skechers. With additional tenant openings scheduled throughout 2020 and early 2021, the financial contributions from this asset are expected to continue to escalate over the next several quarters. Located in Center City and spanning four levels across three city blocks, and with an immediate connection to multiple forms of mass transit within the concourse level of the property, Fashion District represents a unique and diverse consolidation of retail, entertainment and co-working uses that is unrivaled within downtown Philadelphia.

 

1


Construction continues at the joint venture owned One Westside. The entirety of this 584,000 square foot, Class A creative office campus in West Los Angeles will be occupied by Google, which is expected in the third quarter of 2022. Estimated remaining project costs for this coveted, well-located real estate are approximately $80 million at the Company’s 25% pro-rata share.

Financing Activity:

On December 3, 2019, the Company closed a $540.0 million loan on Kings Plaza in Brooklyn, NY. The new loan bears interest at a fixed rate of 3.62% and matures on January 1, 2030. The proceeds were used to refinance an existing $427.4 million loan and to repay a portion of the Company’s revolving line of credit.

On December 18, 2019, the Company’s joint venture at One Westside closed a $414.6 million construction loan with a bank syndicate. The loan bears interest at LIBOR + 1.70%, which will reduce to LIBOR + 1.50% upon achieving certain conditions, and matures on December 18, 2024. This loan is expected to fund the Company’s share of the remaining obligations to complete the adaptive re-use redevelopment of this former regional mall.

2020 Earnings Guidance:

The Company is providing its 2020 guidance for estimated EPS – diluted and FFO per share-diluted. A reconciliation of estimated EPS-diluted to FFO per share-diluted follows:

 

     Year 2020 Guidance  

EPS-diluted

   $ 0.33 - $0.43  

Plus: real estate depreciation and amortization

     3.15 - 3.15  

Less: gain on sale of depreciable assets

     0.08 - 0.08  
  

 

 

 

FFO per share-diluted

   $ 3.40 - $3.50  
  

 

 

 

More details of the guidance assumptions are included in the Company’s Form 8-K supplemental financial information.

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 currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years (2015 – 2019). 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 (Investors Section). The call begins on February 6, 2020 at 10:00 AM Pacific Time. To listen to the call, please go to the website 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 (Investors Section) will be available for one year after the call.

 

2


The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investors 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 which can be identified by the use of words, such as “expects,” “anticipates,” “assumes,” “projects,” “estimated” and “scheduled” and similar expressions that do not relate to historical matters. 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, as well as national, regional and local 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, terms and payments, 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 or other acts of violence 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, 2018, 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)

##

 

3


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  
    2019     2018     2019     2018  

Revenues:

       

Leasing revenue (a)

  $ 222,584     $ 224,619     $ 858,874     $ 883,996  

Other income

    7,825       10,865       27,879       32,875  

Management Companies’ revenues

    11,432       11,390       40,709       43,480  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    241,841       246,874       927,462       960,351  
 

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

       

Shopping center and operating expenses

    68,523       62,787       271,547       277,470  

Management Companies’ operating expenses

    16,575       19,686       66,795       91,910  

Leasing expenses (a)

    7,267       3,033       29,611       11,624  

REIT general and administrative expenses

    5,799       5,746       22,634       24,160  

Costs related to shareholder activism

    —         —         —         19,369  

Depreciation and amortization

    84,086       86,828       330,726       327,436  

Interest expense (b)

    47,989       46,485       138,254       182,962  

Loss on extinguishment of debt

    —         —         351       —    
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    230,239       224,565       859,918       934,931  
 

 

 

   

 

 

   

 

 

   

 

 

 

Equity in income of unconsolidated joint ventures

    14,426       20,443       48,508       71,773  

Income tax benefit (expense)

    114       1,805       (1,589     3,604  

Gain (loss) on sale or write down of assets, net

    3,597       (31,311     (11,909     (31,825
 

 

 

   

 

 

   

 

 

   

 

 

 

Net income

    29,739       13,246       102,554       68,972  

Less net income attributable to noncontrolling interests

    2,848       1,497       5,734       8,952  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to the Company

  $ 26,891     $ 11,749     $ 96,820     $ 60,020  
 

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares outstanding—basic

    141,384       141,208       141,340       141,142  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

    151,800       151,581       151,755       151,502  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

    151,800       151,581       151,755       151,504  
 

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share (“EPS”)—basic

  $ 0.19     $ 0.08     $ 0.68     $ 0.42  
 

 

 

   

 

 

   

 

 

   

 

 

 

EPS—diluted

  $ 0.19     $ 0.08     $ 0.68     $ 0.42  
 

 

 

   

 

 

   

 

 

   

 

 

 

Dividend declared per share

  $ 0.75     $ 0.75     $ 3.00     $ 2.97  
 

 

 

   

 

 

   

 

 

   

 

 

 

FFO—basic and diluted (c) (d)

  $ 152,939     $ 170,030     $ 606,662     $ 573,285  
 

 

 

   

 

 

   

 

 

   

 

 

 

FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold (c) (d)

  $ 148,144     $ 165,657     $ 536,961     $ 564,436  
 

 

 

   

 

 

   

 

 

   

 

 

 

FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold, loss on extinguishment of debt and costs related to shareholder activism (c) (d)

  $ 148,144     $ 165,657     $ 537,312     $ 583,805  
 

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—basic and diluted (c) (d)

  $ 1.01     $ 1.12     $ 4.00     $ 3.78  
 

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold (c) (d)

  $ 0.98     $ 1.09     $ 3.54     $ 3.73  
 

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold, loss on extinguishment of debt and costs related to shareholder activism (c) (d)

  $ 0.98     $ 1.09     $ 3.54     $ 3.85  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

4


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

 

(a)

In accordance with the adoption of ASC Topic 842, “Leases” (“ASC 842”) effective January 1, 2019, the Company is required to present all revenues related to its leases as a single line item. In addition, ASC 842 requires that the Company present lease revenues net of the Company’s provision for bad debts (See the Company’s Form 8-K supplemental financial information for further detail of the components of leasing revenue). For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and the leasing portion of other revenues for the three and twelve months ended December 31, 2018. For the three and twelve months ended December 31, 2018, the Company’s provision for bad debts is included in shopping center and operating expenses.

In accordance with ASC 842, the Company has expensed all leasing costs that were not incremental and contingent to the execution of new leases or lease renewals. For comparison purposes, the Company has reclassified leasing expenses for the three and twelve months ended December 31, 2018 that were previously included in Management Companies’ operating expenses.

 

(b)

The Company accounts for its investment in the Chandler Fashion Center and Freehold Raceway Mall (“Chandler Freehold”) joint venture as a financing arrangement. As a result, the Company has included in interest expense (i) a credit of $5,662 and $76,640 to adjust for the change in the fair value of the financing arrangement obligation during the three and twelve months ended December 31, 2019, respectively; and a credit of $5,946 and $15,225 to adjust for the change in fair value of the financing arrangement obligation during the three and twelve months ended December 31, 2018, respectively, (ii) distributions of $2,027 and $7,184 to its partner representing the partner’s share of net income for the three and twelve months ended December 31, 2019, respectively; and $2,502 and $9,079 to its partner representing the partner’s share of net income for the three and twelve months ended December 31, 2018, respectively and (iii) distributions of $867 and $6,939 to its partner in excess of the partner’s share of net income for the three and twelve months ended December 31, 2019, respectively; and distributions of $1,573 and $6,376 to its partner in excess of the partner’s share of net income for the three and twelve months ended December 31, 2018, respectively.

 

(c)

The Macerich Partnership, L.P. (the “Operating Partnership” or the “OP”) has operating partnership units (“OP units”). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

 

(d)

The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles (“GAAP”) measures. The National Association of Real Estate Investment Trusts (“Nareit”) defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

Beginning in the first quarter of 2018, the Company revised its definition of FFO so that FFO excluded the impact of the financing expense in connection with Chandler Freehold. Beginning in the third quarter of 2019, the Company now presents a separate non-GAAP measure—FFO excluding financing expense in connection with Chandler Freehold. The Company has revised the FFO presentation for the three and twelve months ended December 31, 2018 to conform to the current presentation. The Company accounts for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any

 

5


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excludes the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income.

The Company also presents FFO excluding financing expense in connection with Chandler Freehold, loss on extinguishment of debt and costs related to shareholder activism.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other real estate investment trusts (“REITs”). In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold, non-routine costs associated with extinguishment of debt and costs related to shareholder activism provide useful supplemental information regarding the Company’s performance as they show a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s results. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities.

The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.

 

6


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 financing expense in connection with Chandler Freehold, loss on extinguishment of debt and costs related to shareholder activism (d):

 

     For the Three Months
Ended December 31,
    For the Twelve Months
Ended December 31,
 
     Unaudited     Unaudited  
     2019     2018     2019     2018  

Net income attributable to the Company

   $ 26,891     $ 11,749     $ 96,820     $ 60,020  

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

     1,980       863       7,131       4,407  

(Gain) loss on sale or write down of consolidated assets, net

     (3,597     31,311       11,909       31,825  

Add: gain on undepreciated asset sales from consolidated assets

     3,214       1,469       3,829       4,884  

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

     547       —         (2,822     580  

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

     81       21       462       (2,993

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

     —         293       —         666  

Depreciation and amortization on consolidated assets

     84,086       86,828       330,726       327,436  

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

     (4,057     (3,847     (15,124     (14,793

Depreciation and amortization on unconsolidated joint ventures (pro rata)

     48,058       44,922       189,728       174,952  

Less: depreciation on personal property

     (4,264     (3,579     (15,997     (13,699
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     152,939       170,030       606,662       573,285  

Financing expense in connection with Chandler Freehold

     (4,795     (4,373     (69,701     (8,849
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted

     148,144       165,657       536,961       564,436  

Loss on extinguishment of debt

     —         —         351       —    

Costs related to shareholder activism

     —         —         —         19,369  
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, loss on extinguishment of debt and costs related to shareholder activism—diluted

   $ 148,144     $ 165,657     $ 537,312     $ 583,805  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

7


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

Reconciliation of EPS to FFO per share—diluted (d):

 

     For the Three Months
Ended December 31,
    For the Twelve Months
Ended December 31,
 
     Unaudited     Unaudited  
         2019             2018             2019             2018      

EPS—diluted

   $ 0.19     $ 0.08     $ 0.68     $ 0.42  

Per share impact of depreciation and amortization of real estate

     0.82       0.82       3.23       3.13  

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

     0.00       0.22       0.09       0.23  
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—basic and diluted

   $ 1.01     $ 1.12     $ 4.00     $ 3.78  

Per share impact of financing expense in connection with Chandler Freehold.

     (0.03     (0.03     (0.46     (0.05
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold

   $ 0.98     $ 1.09     $ 3.54     $ 3.73  

Per share impact of loss on extinguishment of debt

     —         —         —         —    

Per share impact of costs related to shareholder activism

     —         —         —         0.12  
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold, loss on extinguishment of debt and costs related to shareholder activism

   $ 0.98     $ 1.09     $ 3.54     $ 3.85  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Net income attributable to the Company to Adjusted EBITDA:

 

     For the Three Months
Ended December 31,
    For the Twelve Months
Ended December 31,
 
     Unaudited     Unaudited  
     2019     2018     2019     2018  

Net income attributable to the Company

   $ 26,891     $ 11,749     $ 96,820     $ 60,020  

Interest expense—consolidated assets

     47,989       46,485       138,254       182,962  

Interest expense—unconsolidated joint ventures (pro rata)

     27,560       27,357       106,534       108,914  

Depreciation and amortization—consolidated assets

     84,086       86,828       330,726       327,436  

Depreciation and amortization—unconsolidated joint ventures (pro rata)

     48,058       44,922       189,728       174,952  

Noncontrolling interests in the OP

     1,980       863       7,131       4,407  

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

     (9,755     (9,460     (35,977     (36,388

Loss on extinguishment of debt

     —         —         351       —    

(Gain) loss on sale or write down of assets, net—consolidated assets

     (3,597     31,311       11,909       31,825  

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

     81       21       462       (2,993

Add: Noncontrolling interests share of gain (loss) on sale or write down of consolidated joint ventures, net

     547       —         (2,822     580  

Income tax (benefit) expense

     (114     (1,805     1,589       (3,604

Distributions on preferred units

     100       100       401       398  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (e)

   $ 223,826     $ 238,371     $ 845,106     $ 848,509  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

8


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

Reconciliation of Adjusted EBITDA to Net Operating Income (“NOI”) and to NOI—Same Centers:    

 

     For the Three Months
Ended December 31,
    For the Twelve Months
Ended December 31,
 
     Unaudited     Unaudited  
     2019     2018     2019     2018  

Adjusted EBITDA (e)

   $ 223,826     $ 238,371     $ 845,106     $ 848,509  

REIT general and administrative expenses

     5,799       5,746       22,634       24,160  

Costs related to shareholder activism

     —         —         —         19,369  

Management Companies’ revenues

     (11,432     (11,390     (40,709     (43,480

Management Companies’ operating expenses

     16,575       19,686       66,795       91,910  

Leasing expenses, including joint ventures at pro rata

     8,150       3,033       33,320       11,624  

Straight-line and above/below market adjustments

     (7,099     (6,837     (30,637     (32,068
  

 

 

   

 

 

   

 

 

   

 

 

 

NOI—All Centers

     235,819       248,609       896,509       920,024  

NOI of non-Same Centers

     (3,984     (14,124     (22,402     (44,353
  

 

 

   

 

 

   

 

 

   

 

 

 

NOI—Same Centers (f)

     231,835       234,485       874,107       875,671  

Lease termination income of Same Centers

     (432     (3,074     (5,741     (12,955
  

 

 

   

 

 

   

 

 

   

 

 

 

NOI—Same Centers, excluding lease termination income (f)

   $ 231,403     $ 231,411     $ 868,366     $ 862,716  
  

 

 

   

 

 

   

 

 

   

 

 

 

NOI—Same Centers percentage change, excluding lease termination income (f)

     0.00       0.65  
  

 

 

     

 

 

   

 

(e)

Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company’s operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

 

(f)

The Company presents Same Center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same Center NOI is calculated using total Adjusted EBITDA and eliminating the impact of the management companies’ revenues and operating expenses, leasing expenses (including joint ventures at pro rata), the Company’s general and administrative expenses, costs related to shareholder activism and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers.

 

9

EX-99.2

Exhibit 99.2

 

 

LOGO

Supplemental Financial Information

For the three and twelve months ended December 31, 2019

 

 

LOGO


The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

All information included in this supplemental financial package is unaudited, unless otherwise indicated.

 

     Page No.  

Corporate Overview

     1-4  

Overview

     1-2  

Capital Information and Market Capitalization

     3  

Changes in Total Common and Equivalent Shares/Units

     4  

Financial Data

     5-11  

Consolidated Statements of Operations (Unaudited)

     5  

Consolidated Balance Sheet (Unaudited)

     6  

Non-GAAP Pro Rata Financial Information (Unaudited)

     7-9  

2020 Guidance Range

     10  

Supplemental FFO Information

     11  

Capital Expenditures

     12  

Operational Data

     13-27  

Sales Per Square Foot

     13  

Sales Per Square Foot by Property Ranking

     14-17  

Occupancy

     18  

Average Base Rent Per Square Foot

     19  

Cost of Occupancy

     20  

Percentage of Net Operating Income by State

     21  

Property Listing

     22-25  

Joint Venture List

     26-27  

Debt Tables

     28-30  

Debt Summary

     28  

Outstanding Debt by Maturity Date

     29-30  

Development Pipeline

     31-32  

Corporate Information

     33  

This Supplemental Financial Information should be read in connection with the Company’s fourth quarter 2019 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on 8-K, event date February 6, 2020) 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 shopping centers located in the United States in many of the country’s most attractive, densely populated markets with significant presence on the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, the Company has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years 2015 – 2019.

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 December 31, 2019, the Operating Partnership owned or had an ownership interest in 51 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 47 regional shopping centers and five community/power shopping centers. These 52 centers (which include any related office space) 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.

The Company presents certain measures in this Exhibit on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.

This document contains information constituting forward-looking statements and includes expectations regarding the Company’s future operational results as well as 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, 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, terms and payments,

 

1


interest rate fluctuations, availability, terms and cost of financing, operating expenses, and competition; 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; 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 or other acts of violence 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, 2018, 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.

 

2


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

 

     Period Ended  
     12/31/2019     12/31/2018     12/31/2017  
     dollars in thousands, except per share data  

Closing common stock price per share

   $ 26.92     $ 43.28     $ 65.68  

52 week high

   $ 47.05     $ 69.73     $ 73.34  

52 week low

   $ 25.53     $ 40.90     $ 52.12  

Shares outstanding at end of period

      

Class A non-participating convertible preferred units

     90,619       90,619       90,619  

Common shares and partnership units

     151,892,138       151,655,147       151,253,557  
  

 

 

   

 

 

   

 

 

 

Total common and equivalent shares/units outstanding

     151,982,757       151,745,766       151,344,176  
  

 

 

   

 

 

   

 

 

 

Portfolio capitalization data

      

Total portfolio debt, including joint ventures at pro rata

   $ 8,074,867     $ 7,850,669     $ 7,692,719  

Equity market capitalization

     4,091,376       6,567,557       9,940,285  
  

 

 

   

 

 

   

 

 

 

Total market capitalization

   $ 12,166,243     $ 14,418,226     $ 17,633,004  
  

 

 

   

 

 

   

 

 

 

Debt as a percentage of total market capitalization

     66.4     54.5     43.6

Portfolio Capitalization at December 31, 2019

 

 

LOGO

 

3


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
     Total
Common
and
Equivalent
Shares/
Units
 

Balance as of December 31, 2018

     10,433,435       141,221,712        90,619        151,745,766  

Conversion of partnership units to cash

     (590     —          —          (590

Conversion of partnership units to common shares

     (21,000     21,000        —          —    

Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans

     3,407       90,074        —          93,481  
  

 

 

   

 

 

    

 

 

    

 

 

 

Balance as of March 31, 2019

     10,415,252       141,332,786        90,619        151,838,657  
  

 

 

   

 

 

    

 

 

    

 

 

 

Conversion of partnership units to cash

     (244     —          —          (244

Conversion of partnership units to common shares

     —         —          —          —    

Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans

     508       31,782        —          32,290  
  

 

 

   

 

 

    

 

 

    

 

 

 

Balance as of June 30, 2019

     10,415,516       141,364,568        90,619        151,870,703  
  

 

 

   

 

 

    

 

 

    

 

 

 

Conversion of partnership units to cash

     (435     —          —          (435

Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans

     —         6,157        —          6,157  
  

 

 

   

 

 

    

 

 

    

 

 

 

Balance as of September 30, 2019

     10,415,081       141,370,725        90,619        151,876,425  
  

 

 

   

 

 

    

 

 

    

 

 

 

Conversion of partnership units to cash

     (575     —          —          (575

Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans

     69,982       36,925        —          106,907  
  

 

 

   

 

 

    

 

 

    

 

 

 

Balance as of December 31, 2019

     10,484,488       141,407,650        90,619        151,982,757  
  

 

 

   

 

 

    

 

 

    

 

 

 

 

4


The Macerich Company

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands)

 

     For the Three
Months Ended
December 31, 2019
     For the Twelve
Months Ended
December 31, 2019
 

Revenues:

     

Leasing revenue

   $ 222,584      $ 858,874  

Other income

     7,825        27,879  

Management Companies’ revenues

     11,432        40,709  
  

 

 

    

 

 

 

Total revenues

     241,841        927,462  
  

 

 

    

 

 

 

Expenses:

     

Shopping center and operating expenses

     68,523        271,547  

Management Companies’ operating expenses

     16,575        66,795  

Leasing expenses

     7,267        29,611  

REIT general and administrative expenses

     5,799        22,634  

Depreciation and amortization

     84,086        330,726  

Interest expense

     47,989        138,254  

Loss on extinguishment of debt

     —          351  
  

 

 

    

 

 

 

Total expenses

     230,239        859,918  

Equity in income of unconsolidated joint ventures

     14,426        48,508  

Income tax benefit (expense)

     114        (1,589

Gain (loss) on sale or write down of assets, net

     3,597        (11,909
  

 

 

    

 

 

 

Net income

     29,739        102,554  

Less net income attributable to noncontrolling interests

     2,848        5,734  
  

 

 

    

 

 

 

Net income attributable to the Company

   $ 26,891      $ 96,820  
  

 

 

    

 

 

 

 

5


The Macerich Company

Consolidated Balance Sheet (Unaudited)

As of December 31, 2019

(Dollars in thousands)

ASSETS:

  

Property, net (a)

   $ 6,643,513  

Cash and cash equivalents

     100,005  

Restricted cash

     14,211  

Tenant and other receivables, net

     144,035  

Right-of-use assets, net

     148,087  

Deferred charges and other assets, net

     277,866  

Due from affiliates

     6,157  

Investments in unconsolidated joint ventures

     1,519,697  
  

 

 

 

Total assets

   $ 8,853,571  
  

 

 

 

LIABILITIES AND EQUITY:

  

Mortgage notes payable

   $ 4,392,599  

Bank and other notes payable

     817,377  

Accounts payable and accrued expenses

     51,027  

Lease liabilities

     114,201  

Other accrued liabilities

     265,595  

Distributions in excess of investments in unconsolidated joint ventures

     107,902  

Financing arrangement obligation

     273,900  
  

 

 

 

Total liabilities

     6,022,601  
  

 

 

 

Commitments and contingencies

  

Equity:

  

Stockholders’ equity:

  

Common stock

     1,414  

Additional paid-in capital

     4,583,911  

Accumulated deficit

     (1,944,012

Accumulated other comprehensive loss

     (9,051
  

 

 

 

Total stockholders’ equity

     2,632,262  

Noncontrolling interests

     198,708  
  

 

 

 

Total equity

     2,830,970  
  

 

 

 

Total liabilities and equity

   $ 8,853,571  
  

 

 

 

 

(a)

Includes construction in progress of $126,165.

 

6


The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

 

     For the Three Months
Ended December 31, 2019
    For the Twelve Months
Ended December 31, 2019
 
     Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
    Company’s Share
of Unconsolidated
Joint Ventures
    Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
    Company’s Share
of Unconsolidated
Joint Ventures
 

Revenues:

        

Leasing revenue

   $ (13,584   $ 126,928     $ (51,534   $ 468,146  

Other income

     (73     6,314       (753     27,024  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     (13,657     133,242       (52,287     495,170  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

        

Shopping center and operating expenses

     (3,450     42,103       (14,241     145,585  

Leasing expenses

     (131     1,014       (644     4,353  

Depreciation and amortization

     (4,057     48,058       (15,124     189,728  

Interest expense

     (5,698     27,560       (20,853     106,534  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     (13,336     118,735       (50,862     446,200  

Equity in income of unconsolidated joint ventures

     —         (14,426     —         (48,508

Gain/loss on sale or write down of assets, net

     (547     (81     2,822       (462
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (income) loss

     (868     —         1,397       —    

Less net (income) loss attributable to noncontrolling interests

     (868     —         1,397       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to the Company

   $ —       $ —       $ —       $ —    
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

Represents the Company’s partners’ share of consolidated joint ventures.

 

7


The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

 

     As of December 31, 2019  
     Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
    Company’s Share
of Unconsolidated
Joint Ventures
 

ASSETS:

    

Property, net (b)

   $ (337,063   $ 4,559,013  

Cash and cash equivalents

     (9,376     77,110  

Restricted cash

     (2,151     7,412  

Tenant and other receivables, net

     (5,406     74,749  

Right-of-use assets, net

     (780     61,150  

Deferred charges and other assets, net

     (3,135     144,307  

Due from affiliates

     17       (2,506

Investments in unconsolidated joint ventures, at equity

     —         (1,519,697
  

 

 

   

 

 

 

Total assets

   $ (357,894   $ 3,401,538  
  

 

 

   

 

 

 

LIABILITIES AND EQUITY:

    

Mortgage notes payable

   $ (359,125   $ 3,040,712  

Bank and other notes payable

     —         183,304  

Accounts payable and accrued expenses

     (2,243     74,332  

Lease liabilities

     (3,087     61,566  

Other accrued liabilities

     (5,070     149,526  

Distributions in excess of investments in unconsolidated joint ventures

     —         (107,902

Financing arrangement obligation

     (273,900     —    
  

 

 

   

 

 

 

Total liabilities

     (643,425     3,401,538  
  

 

 

   

 

 

 

Equity:

    

Stockholders’ equity

     289,152       —    

Noncontrolling interests

     (3,621     —    
  

 

 

   

 

 

 

Total equity

     285,531       —    
  

 

 

   

 

 

 

Total liabilities and equity

   $ (357,894   $ 3,401,538  
  

 

 

   

 

 

 

 

(a)

Represents the Company’s partners’ share of consolidated joint ventures.

(b)

This includes $9,404 of construction in progress relating to the Company’s partners’ share from consolidated joint ventures and $368,967 of construction in progress relating to the Company’s share from unconsolidated joint ventures.

 

8


The Macerich Company

Non-GAAP Pro Rata Schedule of Leasing Revenue (Unaudited)

(Dollars in thousands)

 

     For the Three Months Ended December 31, 2019  
     Consolidated     Non-
Controlling
Interests (a)
    Company’s
Consolidated
Share
    Company’s
Share of
Unconsolidated
Joint Ventures
    Company’s
Total
Share
 

Revenues:

          

Minimum rents

  

$

140,853

 

 

$

(8,502

 

$

132,351

 

 

$

84,974

 

 

$

217,325

 

Percentage rents

  

 

12,476

 

 

 

(464

 

 

12,012

 

 

 

6,266

 

 

 

18,278

 

Tenant recoveries

  

 

60,570

 

 

 

(4,018

 

 

56,552

 

 

 

32,123

 

 

 

88,675

 

Other

  

 

9,600

 

 

 

(564

 

 

9,036

 

 

 

4,346

 

 

 

13,382

 

Less: Bad debt expense

  

 

(915

 

 

(36

 

 

(951

 

 

(781

 

 

(1,732

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total leasing revenue

  

$

222,584

 

 

$

(13,584

 

$

209,000

 

 

$

126,928

 

 

$

335,928

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     For the Twelve Months Ended December 31, 2019  
     Consolidated     Non-
Controlling
Interests (a)
    Company’s
Consolidated
Share
    Company’s
Share of
Unconsolidated
Joint Ventures
    Company’s
Total

Share
 

Revenues:

          

Minimum rents

  

$

566,924

 

 

$

(33,261

 

$

533,663

 

 

$

327,625

 

 

$

861,288

 

Percentage rents

  

 

20,826

 

 

 

(675

 

 

20,151

 

 

 

11,390

 

 

 

31,541

 

Tenant recoveries

  

 

251,266

 

 

 

(16,201

 

 

235,065

 

 

 

120,934

 

 

 

355,999

 

Other

  

 

27,540

 

 

 

(1,652

 

 

25,888

 

 

 

11,285

 

 

 

37,173

 

Less: Bad debt expense

  

 

(7,682

 

 

255

 

 

 

(7,427

 

 

(3,088

 

 

(10,515

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total leasing revenue

  

$

858,874

 

 

$

(51,534

 

$

807,340

 

 

$

468,146

 

 

$

1,275,486

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Represents the Company’s partners’ share of consolidated joint ventures.

 

9


The Macerich Company

2020 Guidance Range (Unaudited)

The Company is providing its 2020 guidance for estimated EPS-diluted and Funds from Operations (“FFO”) per share-diluted. A reconciliation of estimated EPS-diluted to FFO per share-diluted follows:

 

     Year 2020
Guidance
 

Earnings per share-diluted

     $0.33 - $0.43  

Plus: real estate depreciation and amortization

     $3.15 - $3.15  

Less: Gain on sale of depreciable assets

     $0.08 - $0.08  
  

 

 

 

FFO per share-diluted

     $3.40 - $3.50  
  

 

 

 
  

Underlying Assumptions to 2020 Guidance

  

Cash Same Center Net Operating Income (“NOI”) Growth(a)

  

Excluding lease termination income

     0.50% - 1.00%  

 

     Year 2020
($ millions)(b)
     Year 2020
FFO / Share
Impact

Lease termination income

     $7      $0.05

Capitalized interest

     $25      $0.16

Bad debt expense

     ($7)      ($0.05)

Dilutive impact of assets sold in 2020, net proceeds $300 million

     ($4)      ($0.03)

Straight-line rental income

     $13      $0.09

Amortization of acquired above and below-market leases (net-revenue)

     $9      $0.06

Interest expense(c)

     $295              

 

(a)

Excludes non-cash items of straight-line and above/below market adjustments to minimum rents.

(b)

All joint venture amounts included at pro rata.

(c)

This amount represents the Company’s pro rata share of interest expense, excluding any financing expense in connection with Chandler Freehold.

 

10


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

 

     As of December 31,              
         2019             2018                  
     dollars in millions              

Straight-line rent receivable

   $ 127.5     $ 113.8      
     For the
Three Months Ended
December 31,
    For the
Twelve Months Ended
December 31,
 
         2019             2018             2019             2018      
     dollars in millions  

Lease termination income

   $ 0.4     $ 3.1     $ 5.7     $ 13.1  

Straight-line rental income

   $ 5.5     $ 4.4     $ 16.0     $ 18.6  

Business development and parking income (b)

   $ 21.2     $ 19.4     $ 66.0     $ 62.2  

Gain (loss) on sales or write down of undepreciated assets

   $ 3.2     $ 1.8     $ 3.8     $ 5.6  

Amortization of acquired above and below-market leases (net revenue)

   $ 1.6     $ 2.5     $ 14.7     $ 13.5  

Amortization of debt premiums

   $ 0.2     $ 0.2     $ 0.9     $ 0.9  

Bad debt expense (c)

   $ 1.7     $ 1.2     $ 10.5     $ 6.2  

Leasing expenses

   $ 8.1     $ 3.0     $ 33.3     $ 11.6  

Interest capitalized

   $ 6.1     $ 6.5     $ 28.8     $ 27.4  

Chandler Freehold financing arrangement (d):

        

Distributions equal to partners’ share of net income

   $ 2.0     $ 2.5     $ 7.2     $ 9.1  

Distributions in excess of partners’ share of net income (e)

     0.9       1.6       6.9       6.4  

Fair value adjustment (e)

     (5.7     (5.9     (76.6     (15.2
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Chandler Freehold financing arrangement (income) expense (d)

   $ (2.8   $ (1.8   $ (62.5   $ 0.3  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

All joint venture amounts included at pro rata.

(b)

Included in leasing revenue and other income.

(c)

Included in leasing revenue for the three and twelve months ended December 31, 2019 and included in shopping center and operating expenses for the three and twelve months ended December 31, 2018.

(d)

Included in interest expense.

(e)

The Company presents FFO excluding the expenses related to changes in fair value of the financing arrangement and the payments to such joint venture partner less than or in excess of their pro rata share of net income.

 

11


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures(a)

 

    

Year Ended

     Year Ended
12/31/2018
     Year Ended
12/31/2017
 
     12/31/2019  
    

dollars in millions

 

Consolidated Centers

        

Acquisitions of property, building improvement and equipment

   $ 34.8      $ 53.4      $ 38.2  

Development, redevelopment, expansions and renovations of Centers

     112.3        173.3        152.1  

Tenant allowances

     18.9        12.6        11.5  

Deferred leasing charges

     3.2        17.3        26.5  
  

 

 

    

 

 

    

 

 

 

Total

   $ 169.2      $ 256.6      $ 228.3  
  

 

 

    

 

 

    

 

 

 

Unconsolidated Joint Venture Centers

        

Acquisitions of property, building improvement and equipment

   $ 12.3      $ 15.7      $ 16.0  

Development, redevelopment, expansions and renovations of Centers

     210.6        145.9        121.8  

Tenant allowances

     9.3        8.7        6.8  

Deferred leasing charges

     3.4        10.9        6.2  
  

 

 

    

 

 

    

 

 

 

Total

   $ 235.6      $ 181.2      $ 150.8  
  

 

 

    

 

 

    

 

 

 

 

(a)

All joint venture amounts at pro rata.

 

12


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Regional Shopping Center Portfolio

Sales Per Square Foot(a)

 

     Consolidated
Centers
     Unconsolidated
Joint Venture
Centers
     Total
Centers
 

12/31/2019

   $ 646      $ 998      $ 801  

12/31/2018

   $ 612      $ 882      $ 726  

12/31/2017

   $ 584      $ 765      $ 660  

 

(a)

Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and redevelopment.

 

LOGO

 

13


The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 

     Sales per square foot      Occupancy     Cost of Occupancy
for the trailing
12 months
Ended 12/31/2019
(c)
    % of Portfolio
2020 Forecast
Pro Rata
Real Estate NOI
(d)
 

Properties

   12/31/2019
(a)
     12/31/2018
(a)
     12/31/2019
(b)
    12/31/2018
(b)
 

Group 1: Top 10

              

Broadway Plaza

   $ 2,032      $ 1,752        95.9     99.4    

Corte Madera, Village at

   $ 1,879      $ 2,166        94.9     94.4    

Queens Center

   $ 1,581      $ 1,506        98.9     99.7    

Washington Square

   $ 1,550      $ 1,261        95.1     98.8    

Scottsdale Fashion Square

   $ 1,437      $ 1,159        93.2     92.1    

Kierland Commons

   $ 1,413      $ 1,137        96.5     97.8    

Los Cerritos Center

   $ 1,030      $ 1,003        98.8     96.5    

North Bridge, The Shops at

   $ 1,021      $ 881        86.3     98.2    

Tysons Corner Center

   $ 981      $ 986        93.1     96.8    

Country Club Plaza

     n/a        n/a        n/a       n/a      
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Top 10:

   $ 1,321      $ 1,164        93.8     95.5     11.0     32.6
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Group 2: Top 11-20

              

Tucson La Encantada

   $ 927      $ 856        98.0     97.0    

Arrowhead Towne Center

   $ 922      $ 808        97.1     97.2    

Fresno Fashion Fair

   $ 874      $ 750        90.4     95.2    

Fashion Outlets of Chicago

   $ 864      $ 839        97.5     98.0    

Santa Monica Place

   $ 820      $ 808        94.7     93.4    

Chandler Fashion Center

   $ 752      $ 715        95.8     97.6    

Vintage Faire Mall

   $ 745      $ 709        98.0     97.3    

Twenty Ninth Street

   $ 741      $ 712        96.6     97.1    

Kings Plaza Shopping Center

   $ 731      $ 701        99.4     97.9    

Biltmore Fashion Park

   $ 714      $ 670        93.1     91.0    
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Top 11-20:

   $ 811      $ 759        96.1     96.6     12.0     26.2
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

14


The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 

     Sales per square foot      Occupancy     Cost of Occupancy
for the trailing
12 months
Ended 12/31/2019
(c)
    % of Portfolio
2020 Forecast
Pro Rata
Real Estate NOI
(d)
 

Properties

   12/31/2019
(a)
     12/31/2018
(a)
     12/31/2019
(b)
    12/31/2018
(b)
 

Group 3: Top 21-30

              

Stonewood Center

   $ 697      $ 665        94.0     91.9    

Oaks, The

   $ 673      $ 654        92.7     88.9    

Danbury Fair Mall

   $ 658      $ 627        93.2     96.1    

Freehold Raceway Mall

   $ 657      $ 639        97.5     97.8    

SanTan Village Regional Center

   $ 652      $ 588        96.3     98.1    

Green Acres Mall

   $ 626      $ 638        96.4     98.0    

FlatIron Crossing

   $ 599      $ 579        95.9     97.2    

Victor Valley, Mall of

   $ 574      $ 565        97.0     98.1    

Inland Center

   $ 570      $ 541        93.8     97.0    

South Plains Mall

   $ 535      $ 474        88.0     92.0    
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Top 21-30:

   $ 631      $ 606        94.8     95.8     12.8     24.0
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Group 4: Top 31-40

              

Deptford Mall

   $ 533      $ 525        96.0     97.4    

Lakewood Center

   $ 522      $ 491        97.2     97.0    

La Cumbre Plaza

   $ 505      $ 488        86.8     80.7    

Pacific View

   $ 484      $ 450        85.2     91.3    

Valley River Center

   $ 457      $ 453        93.4     95.7    

West Acres

   $ 445      $ 467        98.1     97.2    

Superstition Springs Center

   $ 410      $ 366        93.9     96.8    

Eastland Mall

   $ 361      $ 360        92.5     94.9    

Desert Sky Mall

   $ 354      $ 346        98.9     99.1    

Fashion Outlets of Niagara Falls USA

   $ 342      $ 340        92.0     93.9    
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Top 31-40:

   $ 441      $ 427        94.0     95.2     14.0     12.4
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Top 40:

   $ 830      $ 753        94.6     95.7     11.8     95.2
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

15


The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 

     Sales per square foot      Occupancy      Cost of Occupancy
for the trailing
12 months
Ended 12/31/2019
(c)
     % of Portfolio
2020 Forecast
Pro Rata
Real Estate NOI
(d)
 

Properties

   12/31/2019
(a)
     12/31/2018
(a)
     9/30/2019
(b)
     12/31/2018
(b)
 

Group 5: 41-45

                 

NorthPark Mall

                 

SouthPark Mall

                 

Towne Mall

                 

Valley Mall

                 

Wilton Mall

                 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total 41-45:

   $ 290      $ 286        86.7      90.8      10.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Centers under Redevelopment

                 

Fashion District Philadelphia (e) (f)

                 

Paradise Valley Mall (e)

                 

47 REGIONAL SHOPPING CENTERS

   $ 801      $ 726        94.0      95.4      11.8      98.4
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Community / Power Centers and various other assets

                    1.6
              

 

 

    

 

 

 

TOTAL ALL PROPERTIES

                 11.8      100.0
              

 

 

    

 

 

 

 

16


The Macerich Company

Notes to Sales Per Square Foot by Property Ranking (unaudited)

Footnotes

 

(a)

Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under. Properties are ranked by Sales per square foot as of December 31, 2019.

(b)

Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.

(c)

Cost of Occupancy represents “Tenant Occupancy Costs” divided by “Tenant Sales”. Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.

(d)

The percentage of Portfolio 2020 Forecast Pro Rata Real Estate NOI is based on guidance assumptions provided on February 6, 2020, see page 10. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company’s forward-looking statements disclosure on pages 1 and 2 for factors that may affect the information provided in this column.

(e)

These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces. Accordingly, the Sales per square foot and Occupancy during the periods of redevelopment are not included.

(f)

On September 19, 2019, the Company’s joint venture opened Fashion District Philadelphia in downtown Philadelphia.

 

17


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)

 

Regional Shopping Centers:
Period Ended

   Consolidated
Centers
    Unconsolidated
Joint Venture
Centers
    Total
Centers
 

12/31/2019

     93.7     94.4     94.0

12/31/2018

     95.2     95.6     95.4

12/31/2017

     94.4     95.6     95.0

 

(a)

Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.

 

18


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Average Base Rent Per Square Foot(a)

 

     Average Base Rent
PSF(b)
     Average Base Rent
PSF on Leases
Executed during the
trailing twelve
months ended(c)
     Average Base Rent
PSF on Leases
Expiring
during the trailing
twelve months
ended(d)
 

Consolidated Centers

        

12/31/2019

   $ 58.76      $ 53.29      $ 53.20  

12/31/2018

   $ 56.82      $ 54.00      $ 49.07  

12/31/2017

   $ 55.08      $ 57.36      $ 49.61  

Unconsolidated Joint Venture Centers

        

12/31/2019

   $ 65.67      $ 73.05      $ 65.22  

12/31/2018

   $ 63.84      $ 66.95      $ 59.49  

12/31/2017

   $ 60.99      $ 63.50      $ 55.50  

All Regional Shopping Centers

        

12/31/2019

   $ 61.06      $ 59.15      $ 56.50  

12/31/2018

   $ 59.09      $ 57.55      $ 51.80  

12/31/2017

   $ 56.97      $ 59.20      $ 51.39  

 

(a)

Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. Centers under development and redevelopment are excluded.

(b)

Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.

(c)

The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)

The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

 

19


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 

                                                                                                        
     For Years Ended December 31,  
       2019        2018          2017    

Consolidated Centers

        

Minimum rents

   9.1%      9.3%        9.5%  

Percentage rents

   0.4%      0.3%        0.3%  

Expense recoveries(a)

   3.6%      3.9%        4.2%  
  

 

  

 

 

    

 

 

 

Total

   13.1%      13.5%        14.0%  
  

 

  

 

 

    

 

 

 
     For Years Ended December 31,  
       2019        2018          2017    

Unconsolidated Joint Venture Centers

        

Minimum rents

   7.3%      7.8%        8.6%  

Percentage rents

   0.3%      0.3%        0.3%  

Expense recoveries(a)

   3.2%      3.4%        3.8%  
  

 

  

 

 

    

 

 

 

Total

   10.8%      11.5%        12.7%  
  

 

  

 

 

    

 

 

 
     For Years Ended December 31,  
       2019        2018          2017    

All Centers

        

Minimum rents

   8.1%      8.5%        9.0%  

Percentage rents

   0.3%      0.3%        0.3%  

Expense recoveries(a)

   3.4%      3.6%        4.0%  
  

 

  

 

 

    

 

 

 

Total

   11.8%      12.4%        13.3%  
  

 

  

 

 

    

 

 

 

 

(a)

Represents real estate tax and common area maintenance charges.

 

20


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Percentage of Net Operating Income by State

 

State

   % of Portfolio
2020 Forecast
Real Estate
Pro Rata NOI(a)
 

California

     26.7

New York

     23.7

Arizona

     16.1

Pennsylvania & Virginia

     10.0

Colorado, Illinois & Missouri

     8.8

New Jersey & Connecticut

     6.9

Oregon

     4.2

Other(b)

     3.6
  

 

 

 

Total

     100.0
  

 

 

 

 

(a)

The percentage of Portfolio 2020 Forecast Pro Rata Real Estate NOI is based on guidance assumptions provided on February 6, 2020, see page 10. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company’s forward-looking statements disclosure on pages 1 and 2 for factors that may affect the information provided in this column.

(b)

“Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas.

 

21


The Macerich Company

Property Listing

December 31, 2019

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

 

Count

  

Company’s

Ownership(a)

  

Name of
Center/Location

   Year of
Original
Construction/
Acquisition
     Year of Most
Recent
Expansion/
Renovation
     Total
GLA(b)
 
   CONSOLIDATED CENTERS:

 

     
1    50.1%   

Chandler Fashion Center
Chandler, Arizona

     2001/2002               1,318,000  
2    100%   

Danbury Fair Mall
Danbury, Connecticut

     1986/2005        2016        1,271,000  
3    100%   

Desert Sky Mall
Phoenix, Arizona

     1981/2002        2007        746,000  
4    100%   

Eastland Mall(c)
Evansville, Indiana

     1978/1998        1996        1,034,000  
5    100%   

Fashion Outlets of Chicago
Rosemont, Illinois

     2013/—               537,000  
6    100%   

Fashion Outlets of Niagara Falls USA
Niagara Falls, New York

     1982/2011        2014        689,000  
7    50.1%   

Freehold Raceway Mall
Freehold, New Jersey

     1990/2005        2007        1,673,000  
8    100%   

Fresno Fashion Fair
Fresno, California

     1970/1996        2006        995,000  
9    100%   

Green Acres Mall(c)
Valley Stream, New York

     1956/2013        2016        2,063,000  
10    100%   

Inland Center
San Bernardino, California

     1966/2004        2016        605,000  
11    100%   

Kings Plaza Shopping Center(c)
Brooklyn, New York

     1971/2012        2018        1,137,000  
12    100%   

La Cumbre Plaza(c)
Santa Barbara, California

     1967/2004        1989        492,000  
13    100%   

NorthPark Mall
Davenport, Iowa

     1973/1998        2001        934,000  
14    100%   

Oaks, The
Thousand Oaks, California

     1978/2002        2009        1,209,000  
15    100%   

Pacific View
Ventura, California

     1965/1996        2001        900,000  
16    100%   

Queens Center(c)
Queens, New York

     1973/1995        2004        965,000  
17    100%   

Santa Monica Place
Santa Monica, California

     1980/1999        2015        526,000  
18    84.9%   

SanTan Village Regional Center
Gilbert, Arizona

     2007/—        2018        1,124,000  
19    100%   

SouthPark Mall
Moline, Illinois

     1974/1998        2015        863,000  
20    100%   

Stonewood Center(c)
Downey, California

     1953/1997        1991        935,000  
21    100%   

Superstition Springs Center
Mesa, Arizona

     1990/2002        2002        922,000  
22    100%   

Towne Mall
Elizabethtown, Kentucky

     1985/2005        1989        350,000  

 

22


The Macerich Company

Property Listing

December 31, 2019

 

Count

  

Company’s

Ownership(a)

  

Name of
Center/Location

   Year of
Original
Construction/
Acquisition
     Year of Most
Recent
Expansion/
Renovation
   Total
GLA(b)
 

23

   100%   

Tucson La Encantada
Tucson, Arizona

     2002/2002      2005      246,000  

24

   100%   

Valley Mall
Harrisonburg, Virginia

     1978/1998      1992      505,000  

25

   100%   

Valley River Center
Eugene, Oregon

     1969/2006      2007      871,000  

26

   100%   

Victor Valley, Mall of
Victorville, California

     1986/2004      2012      577,000  

27

   100%   

Vintage Faire Mall
Modesto, California

     1977/1996      2008      984,000  

28

   100%   

Wilton Mall
Saratoga Springs, New York

     1990/2005      1998      709,000  
              

 

 

 
      Total Consolidated Centers            25,180,000  
              

 

 

 
UNCONSOLIDATED JOINT VENTURE CENTERS:

 

     

29

   60%   

Arrowhead Towne Center
Glendale, Arizona

     1993/2002      2015      1,197,000  

30

   50%   

Biltmore Fashion Park
Phoenix, Arizona

     1963/2003      2006      597,000  

31

   50%   

Broadway Plaza
Walnut Creek, California

     1951/1985      2016      927,000  

32

   50.1%   

Corte Madera, The Village at
Corte Madera, California

     1985/1998      2005      501,000  

33

   50%   

Country Club Plaza
Kansas City, Missouri

     1922/2016      2015      947,000  

34

   51%   

Deptford Mall
Deptford, New Jersey

     1975/2006      1990      1,040,000  

35

   51%   

FlatIron Crossing
Broomfield, Colorado

     2000/2002      2009      1,428,000  

36

   50%   

Kierland Commons
Scottsdale, Arizona

     1999/2005      2003      437,000  

37

   60%   

Lakewood Center
Lakewood, California

     1953/1975      2008      2,069,000  

38

   60%   

Los Cerritos Center
Cerritos, California

     1971/1999      2016      1,023,000  

39

   50%   

North Bridge, The Shops at(c)
Chicago, Illinois

     1998/2008           670,000  

40

   50%   

Scottsdale Fashion Square
Scottsdale, Arizona

     1961/2002      2019      1,835,000  

41

   60%   

South Plains Mall
Lubbock, Texas

     1972/1998      2017      1,136,000  

42

   51%   

Twenty Ninth Street(c)
Boulder, Colorado

     1963/1979      2007      845,000  

43

   50%   

Tysons Corner Center
Tysons Corner, Virginia

     1968/2005      2014      1,971,000  

44

   60%   

Washington Square
Portland, Oregon

     1974/1999      2005      1,296,000  

45

   19%   

West Acres
Fargo, North Dakota

     1972/1986      2001      691,000  
              

 

 

 
      Total Unconsolidated Joint Venture Centers            18,610,000  
              

 

 

 

 

23


The Macerich Company

Property Listing

December 31, 2019

 

Count

  

Company’s

Ownership(a)

  

Name of
Center/Location

   Year of
Original
Construction/
Acquisition
     Year of Most
Recent
Expansion/
Renovation
     Total
GLA(b)
 
REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:

 

  

46

   50%   

Fashion District Philadelphia(c)(d)(e)
Philadelphia, Pennsylvania

     1977/2014        2019        899,000  

47

   100%   

Paradise Valley Mall(f)
Phoenix, Arizona

     1979/2002        2009        1,202,000  
              

 

 

 
      Total Regional Shopping Centers            45,891,000  
              

 

 

 

COMMUNITY / POWER CENTERS:

 

     

1

   50%   

Atlas Park, The Shops at(d)
Queens, New York

     2006/2011        2013        369,000  

2

   50%   

Boulevard Shops(d)
Chandler, Arizona

     2001/2002        2004        184,000  

3

   100%   

Southridge Center(f)
Des Moines, Iowa

     1975/1998        2013        848,000  

4

   100%   

Superstition Springs Power Center(f)
Mesa, Arizona

     1990/2002               206,000  

5

   100%   

The Marketplace at Flagstaff(c)(f)
Flagstaff, Arizona

     2007/—               268,000  
              

 

 

 
      Total Community / Power Centers            1,875,000  
              

 

 

 

OTHER ASSETS:

        
   100%   

Various(f)(g)

           427,000  
   83.2%   

Estrella Falls(f)
Goodyear, Arizona

           79,000  
   50%   

Scottsdale Fashion Square-Office(d)
Scottsdale, Arizona

           124,000  
   50%   

Tysons Corner Center-Office(d)
Tysons Corner, Virginia

           174,000  
   50%   

Hyatt Regency Tysons Corner Center(d)
Tysons Corner, Virginia

           290,000  
   50%   

VITA Tysons Corner Center(d)(h)
Tysons Corner, Virginia

           510,000  
   50%   

Tysons Tower(d)
Tysons Corner, Virginia

           529,000  

OTHER ASSETS UNDER REDEVELOPMENT:

        
   25%   

One Westside(d)(i)
Los Angeles, California

           680,000  
              

 

 

 
      Total Other Assets            2,813,000  
              

 

 

 
      Grand Total            50,579,000  
              

 

 

 

 

(a)

The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 26 and 27 regarding the legal versus economic ownership of joint venture entities.

(b)

Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(c)

Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 42 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

 

24


The Macerich Company

Property Listing

December 31, 2019

 

(d)

Included in Unconsolidated Joint Venture Centers.

(e)

On September 19, 2019, the Company’s joint venture opened Fashion District Philadelphia in downtown Philadelphia.

(f)

Included in Consolidated Centers.

(g)

The Company owns an office building and six stores located at shopping centers not owned by the Company. Of the six stores, one is leased to Kohl’s, two are vacant, and three have been leased for non-Anchor uses. With respect to the office building and three of the six stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

(h)

This property is under contract to be sold. The Company anticipates this residential tower will be sold in the first half of 2020.

(i)

Construction is underway to convert former Regional Shopping Center Westside Pavilion, which closed in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard.

 

25


The Macerich Company

Joint Venture List as of December 31, 2019

The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and financing arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of December 31, 2019.

 

Properties

   Legal
Ownership(a)
    Economic
Ownership(b)
   

Joint Venture

   Total GLA(c)  

Arrowhead Towne Center(d)

     60     60   New River Associates LLC      1,197,000  

Atlas Park, The Shops at

     50     50   WMAP, L.L.C.      369,000  

Biltmore Fashion Park

     50     50   Biltmore Shopping Center Partners LLC      597,000  

Boulevard Shops

     50     50   Propcor II Associates, LLC      184,000  

Broadway Plaza(e)

     50     50   Macerich HHF Broadway Plaza LLC      927,000  

Chandler Fashion Center(d)(f)

     50.1     50.1   Freehold Chandler Holdings LP      1,318,000  

Corte Madera, The Village at

     50.1     50.1   Corte Madera Village, LLC      501,000  

Country Club Plaza

     50     50   Country Club Plaza KC Partners LLC      947,000  

Deptford Mall(d)

     51     51   Macerich HHF Centers LLC      1,040,000  

Estrella Falls

     83.2     83.2   Westcor Goodyear RSC LLC      79,000  

Fashion District Philadelphia

     50     50   Various Entities      899,000  

FlatIron Crossing

     51     51   Macerich HHF Centers LLC      1,428,000  

Freehold Raceway Mall(d)(f)

     50.1     50.1   Freehold Chandler Holdings LP      1,673,000  

Hyatt Regency Tysons Corner Center

     50     50   Tysons Corner Hotel I LLC      290,000  

Kierland Commons

     50     50   Kierland Commons Investment LLC      437,000  

Lakewood Center

     60     60   Pacific Premier Retail LLC      2,069,000  

Los Angeles Premium Outlets

     50     50   CAM-CARSON LLC      —    

Los Cerritos Center(d)

     60     60   Pacific Premier Retail LLC      1,023,000  

North Bridge, The Shops at

     50     50   North Bridge Chicago LLC      670,000  

SanTan Village Regional Center

     84.9     84.9   Westcor SanTan Village LLC      1,124,000  

Scottsdale Fashion Square

     50     50   Scottsdale Fashion Square Partnership      1,835,000  

Scottsdale Fashion Square-Office

     50     50   Scottsdale Fashion Square Partnership      124,000  

Macerich Seritage Portfolio(g)

     50     50   MS Portfolio LLC      1,060,000  

South Plains Mall(d)

     60     60   Pacific Premier Retail LLC      1,136,000  

Twenty Ninth Street

     51     51   Macerich HHF Centers LLC      845,000  

Tysons Corner Center

     50     50   Tysons Corner LLC      1,971,000  

Tysons Corner Center-Office

     50     50   Tysons Corner Property LLC      174,000  

Tysons Tower

     50     50   Tysons Corner Property LLC      529,000  

VITA Tysons Corner Center(h)

     50     50   Tysons Corner Property LLC      510,000  

Washington Square(d)

     60     60   Pacific Premier Retail LLC      1,296,000  

West Acres

     19     19   West Acres Development, LLP      691,000  

One Westside(i)

     25     25   HPP-MAC WSP, LLC      680,000  

 

(a)

This column reflects the Company’s legal ownership in the listed properties as of December 31, 2019. Legal ownership may, at times, not equal the Company’s economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

 

26


The Macerich Company

Joint Venture List as of December 31, 2019

 

(b)

Economic ownership represents the allocation of cash flow to the Company as of December 31, 2019, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)

Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of December 31, 2019.

(d)

These centers have a former Sears store which is owned by MS Portfolio LLC, see footnote (g) below. The GLA of the former Sears store, or tenant replacing the former Sears store, at the seven centers indicated with footnote (d) in the table above is included in Total GLA at the center level. The GLA for the former Sears store at these seven centers plus the GLA of the former Sears store at two wholly owned centers, Danbury Fair Mall and Vintage Faire Mall, are also aggregated into the 1,060,000 square feet in the MS Portfolio LLC above.

(e)

In October 2018, the Company’s joint venture partner in Broadway Plaza sold its 50% interest to a third party investor. Thereafter, the joint venture restated its governing documents and changed its name to Macerich HHF Broadway Plaza LLC.

(f)

The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.

(g)

On April 30, 2015 Sears Holdings Corporation (“Sears”) and the Company announced that they had formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC. The Company expects to create additional value through re-leasing the former Sears boxes. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. Refer to the Development Pipeline Forecast on page 32 for details of the Former Sears Redevelopments at these properties.

(h)

This property is under contract to be sold. The Company anticipates this residential tower will be sold in the first half of 2020.

(i)

Construction is underway to convert former Regional Shopping Center Westside Pavilion, which closed in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard. The Company contributed the existing buildings and land valued at $190.0 million to the joint venture on August 31, 2018.

 

27


The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Debt Summary (at Company’s pro rata share) (a)

 

     As of December 31, 2019  
     Fixed Rate     Floating
Rate
    Total  
     (Dollars in thousands)  

Mortgage notes payable

   $ 3,965,856     $ 426,743     $ 4,392,599  

Bank and other notes payable

     400,000       417,377       817,377  
  

 

 

   

 

 

   

 

 

 

Total debt per Consolidated Balance Sheet

     4,365,856       844,120       5,209,976  

Adjustments:

      

Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures

     (359,125     —         (359,125
  

 

 

   

 

 

   

 

 

 

Adjusted Consolidated Debt

     4,006,731       844,120       4,850,851  

Add: Company’s share of debt from unconsolidated joint ventures

     3,029,465       194,551       3,224,016  
  

 

 

   

 

 

   

 

 

 

Total Company’s Pro Rata Share of Debt

   $ 7,036,196     $ 1,038,671     $ 8,074,867  
  

 

 

   

 

 

   

 

 

 

Weighted average interest rate

     3.94     3.66     3.90

Weighted average maturity (years)

         5.39  

 

(a)

The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

 

28


The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

 

    As of December 31, 2019  

Center/Entity (dollars in thousands)

  Maturity
Date
    Effective
Interest
Rate (a)
    Fixed     Floating     Total Debt
Balance (a)
 

I. Consolidated Assets:

         

Danbury Fair Mall

    10/01/20       5.53   $ 194,718       —       $ 194,718  

Fashion Outlets of Niagara Falls USA

    10/06/20       4.89     106,398       —         106,398  

Green Acres Mall

    02/03/21       3.61     277,747       —         277,747  

The Macerich Partnership, L.P.—Line of Credit (b)(c)

    07/06/21       4.30     400,000       —         400,000  

Tucson La Encantada

    03/01/22       4.23     63,682       —         63,682  

Pacific View

    04/01/22       4.08     118,202       —         118,202  

Oaks, The

    06/05/22       4.14     187,142       —         187,142  

Towne Mall

    11/01/22       4.48     20,284       —         20,284  

Chandler Fashion Center (d)

    07/05/24       4.18     127,842       —         127,842  

Victor Valley, Mall of

    09/01/24       4.00     114,733       —         114,733  

Queens Center

    01/01/25       3.49     600,000       —         600,000  

Vintage Faire

    03/06/26       3.55     252,389       —         252,389  

Fresno Fashion Fair

    11/01/26       3.67     323,659       —         323,659  

SanTan Village Regional Center (e)

    07/01/29       4.34     186,138       —         186,138  

Freehold Raceway Mall (d)

    11/01/29       3.94     199,588       —         199,588  

Kings Plaza Shopping Center

    01/01/30       3.71     535,097       —         535,097  

Fashion Outlets of Chicago

    02/01/31       4.61     299,112       —         299,112  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Rate Debt for Consolidated Assets

      4.01   $ 4,006,731     $ —       $ 4,006,731  
   

 

 

   

 

 

   

 

 

   

 

 

 

Green Acres Commons (c)

    03/29/21       4.40   $ —       $ 128,926     $ 128,926  

The Macerich Partnership, L.P.—Line of Credit (b)(c)

    07/06/21       3.56     —         417,377       417,377  

Santa Monica Place (c)

    12/09/22       3.34     —         297,817       297,817  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Floating Rate Debt for Consolidated Assets

      3.61   $ —       $ 844,120     $ 844,120  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Debt for Consolidated Assets

      3.94 %    $ 4,006,731     $ 844,120     $ 4,850,851  
   

 

 

   

 

 

   

 

 

   

 

 

 

II. Unconsolidated Assets (At Company’s pro rata share):

 

       

FlatIron Crossing (51%)

    01/05/21       2.81   $ 115,976     $ —       $ 115,976  

One Westside—defeased (25%)

    10/01/22       4.77     33,758       —         33,758  

Washington Square Mall (60%)

    11/01/22       3.65     329,494       —         329,494  

Deptford Mall (51%)

    04/03/23       3.55     90,517       —         90,517  

Scottsdale Fashion Square (50%)

    04/03/23       3.02     223,190       —         223,190  

Tysons Corner Center (50%)

    01/01/24       4.13     373,024       —         373,024  

South Plains Mall (60%)

    11/06/25       4.22     120,000       —         120,000  

Twenty Ninth Street (51%)

    02/06/26       4.10     76,500       —         76,500  

Country Club Plaza (50%)

    04/01/26       3.88     157,788       —         157,788  

Lakewood Center (60%)

    06/01/26       4.15     214,660       —         214,660  

Kierland Commons (50%)

    04/01/27       3.98     106,836       —         106,836  

Los Cerritos Center (60%)

    11/01/27       4.00     315,000       —         315,000  

Arrowhead Towne Center (60%)

    02/01/28       4.05     240,000       —         240,000  

North Bridge, The Shops at (50%)

    06/01/28       3.71     187,045       —         187,045  

Corte Madera, The Village at (50.1%)

    09/01/28       3.53     112,415       —         112,415  

West Acres—Development (19%)

    10/10/29       3.72     170       —         170  

Tysons Tower (50%)

    11/11/29       3.38     94,380       —         94,380  

Broadway Plaza (50%)

    04/01/30       4.19     224,462       —         224,462  

West Acres (19%)

    03/01/32       4.61     14,250       —         14,250  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Rate Debt for Unconsolidated Assets

      3.84 %    $ 3,029,465     $ —       $ 3,029,465  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

29


The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

 

    As of December 31, 2019  

Center/Entity (dollars in thousands)

  Maturity
Date
    Effective
Interest
Rate (a)
    Fixed     Floating     Total Debt
Balance (a)
 

Atlas Park (50%) (c)

    10/28/21       4.65   $ —       $ 35,742     $ 35,742  

Fashion District Philadelphia (50%)

    01/22/23       3.69     —         149,546       149,546  

Boulevard Shops (50%)

    12/05/23       3.91     —         9,253       9,253  

One Westside—Development (25%) (c)

    12/18/24       3.71     —         10       10  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Floating Rate Debt for Unconsolidated Assets

      3.88 %    $ —       $ 194,551     $ 194,551  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Debt for Unconsolidated Assets

      3.84 %    $ 3,029,465     $ 194,551     $ 3,224,016  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Debt

      3.90 %    $ 7,036,196     $ 1,038,671     $ 8,074,867  
   

 

 

   

 

 

   

 

 

   

 

 

 

Percentage to Total

        87.14 %      12.86 %      100.00 % 

 

(a)

The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.

(b)

The revolving line of credit includes an interest rate swap that effectively converts $400 million of the outstanding balance to fixed rate debt through September 30, 2021.

(c)

The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

(d)

This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 50.1%.

(e)

This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 84.9%.

 

30


The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of December 31, 2019

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)

Incurred-to-date
12/31/2019
   

Expected
Delivery(a)

 

Stabilized
Yield(a)(b)(c)

One Westside fka Westside Pavilion
Los Angeles, CA

  Redevelopment of an existing retail center into an approximately 584,000 sf Class A creative office campus leased solely to Google  

$500 - $550(d)

  25.0%  

$125 - $138(d)

  $ 50    

Q3 2022(e)

  7.50% - 8.00%(d)

 

(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)

Includes $140 million ($35 million at the Company’s share), which is an allocable share of the total $190 million purchase price paid by the joint venture in August 2018 for the existing buildings and land.

(e)

Monthly base rent payments are anticipated to commence during the third quarter of 2022, with base rent abatements from the second through ninth month following rent commencement.

 

31


The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast (Continued)

(Dollars in millions)

as of December 31, 2019

Pipeline of Former Sears Redevelopments:

   

Project Type

   Ownership      Total Cost (a)(b)
Pro rata
   Pro rata
Capitalized Costs
12/31/2019
Incurred-to-Date(b)
     Stabilized
Yield(a)(b)(c)
  Retail Redevelopment       $75 - $90    $ 20      8.0% - 9.0%
  Mixed-Use Densification

 

   55 - 70      2      9.0% - 10.5%

(d)

  Future Phases       TBD      0      TBD
       

 

  

 

 

    
  Total      various      $130 - $160    $ 22     
       

 

  

 

 

    

 

   

Property

  

Description

   Expected Delivery(a)  
  Retail Redevelopment:   
(e)   Arrowhead Towne Center    Redevelop existing store with retail uses      TBD  
(e)   Chandler Fashion Center    Redevelop existing store for a Harkins entertainment concept and additional retail uses      Q4-2020 to 2H-2021  
(e)   Deptford Mall    Redevelop existing store for Crunch Fitness, Dick’s Sporting Goods, Round 1 and additional retail uses      Q3-2020 to 2H-2021  
(e)   South Plains Mall    Demolish box; site densification with retail and restaurants uses      TBD  
(e)   Vintage Faire Mall    Redevelop existing store for Dave & Busters, Dick’s Sporting Goods and additional retail uses      Q4-2020 to 2H-2021  
  Wilton Mall    Redevelop existing store with a medical center/medical office use      Q1-2020  
  Mixed-Use Densification:   
(e)   Los Cerritos Center    Demolish box; site densification with residential, hotel and restaurant uses      Late 2022  
(e)   Washington Square    Demolish box; site densification with hotel, entertainment and restaurant uses      Late 2021  

 

 

(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. This estimated range of incremental redevelopment costs could increase if the Company and its joint ventures decide to expand the scope as the redevelopment plans get refined.

(b)

This excludes GAAP allocations of non cash and indirect costs.

(c)

Stabilized Yield represents estimated replacement net operating income at stabilization divided by direct redevelopment costs, excluding GAAP allocations of non cash and indirect costs.

(d)

Future demand-driven development phases are possible at Los Cerritos Center and Washington Square.

(e)

These former Sears stores are owned by a 50/50 joint venture between the Company and Seritage Growth Properties.

 

32


The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange

Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2019, 2018 and 2017 and dividends per share of common stock declared and paid by quarter:

 

     Market Quotation
per Share
     Dividends  

Quarter Ended:

   High      Low      Declared
and Paid
 

March 31, 2017

   $ 73.34      $ 62.14      $ 0.71  

June 30, 2017

   $ 67.18      $ 56.06      $ 0.71  

September 30, 2017

   $ 61.55      $ 52.12      $ 0.71  

December 31, 2017

   $ 67.53      $ 52.45      $ 0.74  

March 31, 2018

   $ 69.73      $ 54.35      $ 0.74  

June 30, 2018

   $ 60.00      $ 53.55      $ 0.74  

September 30, 2018

   $ 60.95      $ 54.36      $ 0.74  

December 31, 2018

   $ 55.54      $ 40.90      $ 0.75  

March 31, 2019

   $ 47.05      $ 41.63      $ 0.75  

June 30, 2019

   $ 44.73      $ 32.04      $ 0.75  

September 30, 2019

   $ 34.15      $ 27.54      $ 0.75  

December 31, 2019

   $ 31.77      $ 25.53      $ 0.75  

Dividend Reinvestment Plan

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 877-373-6374.

 

Corporate Headquarters
The Macerich Company
401 Wilshire Boulevard, Suite 700
Santa Monica, California 90401
310-394-6000
www.macerich.com
   Transfer Agent
Computershare
P.O. Box 30170
College Station, TX 77842-3170
877-373-6374
www.computershare.com

Macerich Website

For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit macerich.com.

Investor Relations

 

Jean Wood
Vice President, Investor Relations
Phone: 424-229-3366
jean.wood@macerich.com
  

 

33