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As Of Filer Filing For·On·As Docs:Size Issuer Agent 7/23/15 Macerich Co 8-K:2,7,9 7/23/15 3:2.2M Merrill Corp/New/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 16K 2: EX-99.1 Miscellaneous Exhibit HTML 135K 3: EX-99.2 Miscellaneous Exhibit HTML 883K
Supplemental Financial Information
For the three and six months ended June 30, 2015
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 |
1-3 | |
Overview |
1 | |
Capital Information and Market Capitalization |
2 | |
Changes in Total Common and Equivalent Shares/Units |
3 | |
Financial Data |
4-9 |
|
Unaudited Pro Rata Statement of Operations |
5-6 | |
Notes to Unaudited Pro Rata Statement of Operations |
7 | |
Unaudited Pro Rata Balance Sheet |
8 | |
2015 Guidance Range |
9 | |
Supplemental FFO Information |
10 | |
Capital Expenditures |
11 | |
Operational Data |
12-27 |
|
Sales Per Square Foot |
12 | |
Sales Per Square Foot by Property Ranking |
13-17 | |
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 |
||
Debt Summary |
28 | |
Outstanding Debt by Maturity Date |
29-30 | |
Development Pipeline |
31-33 |
|
Corporate Information |
34 |
This Supplemental Financial Information should be read in connection with the Company's second quarter 2015 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date July 23, 2015) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.
The Macerich Company
Supplemental Financial and Operating Information
Overview
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").
As of June 30, 2015, the Operating Partnership owned or had an ownership interest in 51 regional shopping centers and eight community/power shopping centers aggregating approximately 55 million square feet of gross leasable area ("GLA"). These 59 centers (which include any related office space) are referred to hereinafter as the "Centers", unless the context requires otherwise.
On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. The mortgage on this property was non-recourse. Great Northern Mall has been excluded from certain Non-GAAP operating measures as of June 30, 2015 and December 31, 2014 as indicated in this document.
The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").
All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
This document contains information 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, 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, 2014, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.
1
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
|
Period Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
6/30/2015 | 12/31/2014 | 12/31/2013 | |||||||
|
dollars in thousands, except per share data |
|||||||||
Closing common stock price per share |
$ | 74.60 | $ | 83.41 | $ | 58.89 | ||||
52 week high |
$ | 95.93 | $ | 85.55 | $ | 72.19 | ||||
52 week low |
$ | 62.62 | $ | 55.21 | $ | 55.13 | ||||
Shares outstanding at end of period |
||||||||||
Class A non-participating convertible preferred units |
138,759 | 145,839 | 184,304 | |||||||
Common shares and partnership units |
169,089,718 | 168,721,053 | 150,673,110 | |||||||
| | | | | | | | | | |
Total common and equivalent shares/units outstanding |
169,228,477 | 168,866,892 | 150,857,414 | |||||||
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Portfolio capitalization data |
||||||||||
Total portfolio debt, including joint ventures at pro rata |
$ | 7,394,650 | $ | 7,050,437 | $ | 6,037,219 | ||||
Equity market capitalization |
12,624,444 | 14,085,187 | 8,883,993 | |||||||
| | | | | | | | | | |
Total market capitalization |
$ | 20,019,094 | $ | 21,135,624 | $ | 14,921,212 | ||||
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Leverage ratio(a) |
36.9 | % | 33.4 | % | 40.5 | % |
Portfolio Capitalization at June 30, 2015
2
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
|
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Partnership Units |
Company Common Shares |
Class A Non-Participating Convertible Preferred Units |
Total Common and Equivalent Shares/ Units |
|||||||||
Balance as of December 31, 2014 |
10,519,057 | 158,201,996 | 145,839 | 168,866,892 | |||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Conversion of partnership units to common shares |
(72,176 | ) | 79,256 | (7,080 | ) | — | |||||||
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans |
132,605 | 211,743 | — | 344,348 | |||||||||
| | | | | | | | | | | | | |
Balance as of March 31, 2015 |
10,579,486 | 158,492,995 | 138,759 | 169,211,240 | |||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Conversion of partnership units to cash |
(2,289 | ) | — | (2,289 | ) | ||||||||
Conversion of partnership units to common shares |
(300 | ) | 300 | — | — | ||||||||
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans |
— | 19,526 | — | 19,526 | |||||||||
| | | | | | | | | | | | | |
Balance as of June 30, 2015 |
10,576,897 | 158,512,821 | 138,759 | 169,228,477 | |||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
3
On the following pages, the Company presents its unaudited pro rata statement of operations and unaudited pro rata balance sheet reflecting the Company's proportionate ownership of each asset in its portfolio. The Company also reconciles net income attributable to the Company to funds from operations ("FFO") and FFO-diluted for the three and six months ended June 30, 2015.
4
THE MACERICH COMPANY
UNAUDITED PRO RATA STATEMENT OF OPERATIONS
(Dollars in thousands)
|
|
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Three Months Ended June 30, 2015 | |||||||||||||||
|
Consolidated | Non- Controlling Interests (1) |
Company's Consolidated Share |
Company's Share of Joint Ventures(2) |
Company's Total Share |
|||||||||||
Revenues: |
||||||||||||||||
Minimum rents |
$ | 193,131 | $ | (7,662 | ) | $ | 185,469 | $ | 34,595 | $ | 220,064 | |||||
Percentage rents |
2,576 | (19 | ) | 2,557 | 1,361 | 3,918 | ||||||||||
Tenant recoveries |
105,592 | (4,827 | ) | 100,765 | 15,301 | 116,066 | ||||||||||
Other income |
15,321 | (541 | ) | 14,780 | 3,407 | 18,187 | ||||||||||
Management Companies' revenues |
6,174 | — | 6,174 | — | 6,174 | |||||||||||
| | | | | | | | | | | | | | | | |
Total revenues |
322,794 | (13,049 | ) | 309,745 | 54,664 | 364,409 | ||||||||||
| | | | | | | | | | | | | | | | |
Expenses: |
||||||||||||||||
Shopping center and operating expenses |
93,877 | (3,747 | ) | 90,130 | 18,280 | 108,410 | ||||||||||
Management Companies' operating expenses |
20,239 | — | 20,239 | — | 20,239 | |||||||||||
REIT general and administrative expenses |
7,550 | — | 7,550 | — | 7,550 | |||||||||||
Costs related to unsolicited takeover offer |
11,423 | — | 11,423 | — | 11,423 | |||||||||||
Depreciation and amortization |
119,333 | (3,745 | ) | 115,588 | 18,658 | 134,246 | ||||||||||
Interest expense |
54,896 | (2,354 | ) | 52,542 | 8,771 | 61,313 | ||||||||||
Loss on extinguishment of debt, net |
1,609 | — | 1,609 | — | 1,609 | |||||||||||
| | | | | | | | | | | | | | | | |
Total expenses |
308,927 | (9,846 | ) | 299,081 | 45,709 | 344,790 | ||||||||||
Equity in income of unconsolidated joint ventures |
9,094 | — | 9,094 | (9,094 | ) | — | ||||||||||
Co-venture expense |
(2,813 | ) | 2,813 | — | — | — | ||||||||||
Income tax benefit |
283 | — | 283 | — | 283 | |||||||||||
(Loss) gain on sale or write down of assets, net |
(4,671 | ) | — | (4,671 | ) | 139 | (4,532 | ) | ||||||||
Loss on remeasurement of assets |
(14 | ) | — | (14 | ) | — | (14 | ) | ||||||||
| | | | | | | | | | | | | | | | |
Net income |
15,746 | (390 | ) | 15,356 | — | 15,356 | ||||||||||
Less net income attributable to noncontrolling interests |
1,351 | (390 | ) | 961 | — | 961 | ||||||||||
| | | | | | | | | | | | | | | | |
Net income attributable to the Company |
$ | 14,395 | $ | — | $ | 14,395 | $ | — | $ | 14,395 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Reconciliation of net income attributable to the Company to FFO (3): |
||||||||||||||||
Net income attributable to the Company |
$ | 14,395 | $ | — | $ | 14,395 | ||||||||||
Equity in income of unconsolidated joint ventures |
(9,094 | ) | 9,094 | — | ||||||||||||
Adjustments to reconcile net income to FFO—basic and diluted: |
||||||||||||||||
Noncontrolling interests in the Operating Partnership |
961 | — | 961 | |||||||||||||
Loss (gain) on sale or write down of assets, net |
4,671 | (139 | ) | 4,532 | ||||||||||||
Loss on remeasurement of assets |
14 | — | 14 | |||||||||||||
Gain on sale of undepreciated assets, net |
— | 142 | 142 | |||||||||||||
Depreciation and amortization of all property |
115,588 | 18,658 | 134,246 | |||||||||||||
Depreciation on personal property |
(2,870 | ) | (427 | ) | (3,297 | ) | ||||||||||
| | | | | | | | | | | | | | | | |
Total FFO—Basic and diluted |
123,665 | 27,328 | 150,993 | |||||||||||||
Loss on extinguishment of debt, net |
1,609 | — | 1,609 | |||||||||||||
Costs related to unsolicited takeover offer |
11,423 | — | 11,423 | |||||||||||||
| | | | | | | | | | | | | | | | |
Total FFO—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer |
$ | 136,697 | $ | 27,328 | $ | 164,025 | ||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
5
THE MACERICH COMPANY
UNAUDITED PRO RATA STATEMENT OF OPERATIONS
(Dollars in thousands)
|
|
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Six Months Ended June 30, 2015 | |||||||||||||||
|
Consolidated | Non- Controlling Interests(1) |
Company's Consolidated Share |
Company's Share of Joint Ventures(2) |
Company's Total Share |
|||||||||||
Revenues: |
||||||||||||||||
Minimum rents |
$ | 383,892 | $ | (15,391 | ) | $ | 368,501 | $ | 67,331 | $ | 435,832 | |||||
Percentage rents |
5,824 | (135 | ) | 5,689 | 2,129 | 7,818 | ||||||||||
Tenant recoveries |
211,290 | (9,579 | ) | 201,711 | 31,125 | 232,836 | ||||||||||
Other income |
28,324 | (1,040 | ) | 27,284 | 7,152 | 34,436 | ||||||||||
Management Companies' revenues |
11,799 | — | 11,799 | — | 11,799 | |||||||||||
| | | | | | | | | | | | | | | | |
Total revenues |
641,129 | (26,145 | ) | 614,984 | 107,737 | 722,721 | ||||||||||
| | | | | | | | | | | | | | | | |
Expenses: |
||||||||||||||||
Shopping center and operating expenses |
195,541 | (8,225 | ) | 187,316 | 38,889 | 226,205 | ||||||||||
Management Companies' operating expenses |
46,707 | — | 46,707 | — | 46,707 | |||||||||||
REIT general and administrative expenses |
15,972 | — | 15,972 | — | 15,972 | |||||||||||
Costs related to unsolicited takeover offer |
24,995 | — | 24,995 | — | 24,995 | |||||||||||
Depreciation and amortization |
239,951 | (7,536 | ) | 232,415 | 34,269 | 266,684 | ||||||||||
Interest expense |
108,182 | (4,742 | ) | 103,440 | 17,350 | 120,790 | ||||||||||
Gain on extinguishment of debt, net |
(636 | ) | — | (636 | ) | — | (636 | ) | ||||||||
| | | | | | | | | | | | | | | | |
Total expenses |
630,712 | (20,503 | ) | 610,209 | 90,508 | 700,717 | ||||||||||
Equity in income of unconsolidated joint ventures |
17,368 | — | 17,368 | (17,368 | ) | — | ||||||||||
Co-venture expense |
(4,943 | ) | 4,943 | — | — | — | ||||||||||
Income tax benefit |
1,218 | — | 1,218 | — | 1,218 | |||||||||||
(Loss) gain on sale or write down of assets, net |
(3,736 | ) | (112 | ) | (3,848 | ) | 139 | (3,709 | ) | |||||||
Gain on remeasurement of assets |
22,089 | — | 22,089 | — | 22,089 | |||||||||||
| | | | | | | | | | | | | | | | |
Net income |
42,413 | (811 | ) | 41,602 | — | 41,602 | ||||||||||
Less net income attributable to noncontrolling interests |
3,407 | (811 | ) | 2,596 | — | 2,596 | ||||||||||
| | | | | | | | | | | | | | | | |
Net income attributable to the Company |
$ | 39,006 | $ | — | $ | 39,006 | $ | — | $ | 39,006 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Reconciliation of net income attributable to the Company to FFO (3): |
||||||||||||||||
Net income attributable to the Company |
$ | 39,006 | $ | — | $ | 39,006 | ||||||||||
Equity in income of unconsolidated joint ventures |
(17,368 | ) | 17,368 | — | ||||||||||||
Adjustments to reconcile net income to FFO—basic and diluted: |
||||||||||||||||
Noncontrolling interests in the Operating Partnership |
2,596 | — | 2,596 | |||||||||||||
Loss (gain) on sale or write down of assets, net |
3,848 | (139 | ) | 3,709 | ||||||||||||
Gain on remeasurement of assets |
(22,089 | ) | — | (22,089 | ) | |||||||||||
Gain on sale of undepreciated assets, net |
944 | 142 | 1,086 | |||||||||||||
Depreciation and amortization of all property |
232,415 | 34,269 | 266,684 | |||||||||||||
Depreciation on personal property |
(5,780 | ) | (685 | ) | (6,465 | ) | ||||||||||
| | | | | | | | | | | | | | | | |
Total FFO—Basic and diluted |
233,572 | 50,955 | 284,527 | |||||||||||||
Gain on extinguishment of debt, net |
(636 | ) | — | (636 | ) | |||||||||||
Costs related to unsolicited takeover offer |
24,995 | — | 24,995 | |||||||||||||
| | | | | | | | | | | | | | | | |
Total FFO—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer |
$ | 257,931 | $ | 50,955 | $ | 308,886 | ||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
6
The Macerich Company
Notes to Unaudited Pro Rata Statement of Operations
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 REITs. 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.
Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with a detailed discussion of FFO and a reconciliation of FFO and FFO-diluted to net income attributable to the Company. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.
7
THE MACERICH COMPANY
UNAUDITED PRO RATA BALANCE SHEET
(All Dollars in thousands)
|
|
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of June 30, 2015 | |||||||||||||||
|
Consolidated | Non- Controlling Interests(1) |
Company's Consolidated Share |
Company's Share of Joint Ventures(2) |
Company's Total Share |
|||||||||||
ASSETS: |
||||||||||||||||
Property, net (3) |
$ | 11,046,427 | $ | (325,765 | ) | $ | 10,720,662 | $ | 2,093,322 | $ | 12,813,984 | |||||
Cash and cash equivalents |
110,326 | (10,207 | ) | 100,119 | 42,368 | 142,487 | ||||||||||
Restricted cash |
12,005 | — | 12,005 | 455 | 12,460 | |||||||||||
Tenant and other receivables, net |
118,398 | (19,538 | ) | 98,860 | 27,058 | 125,918 | ||||||||||
Deferred charges and other assets, net |
731,857 | (6,645 | ) | 725,212 | 63,095 | 788,307 | ||||||||||
Due from affiliates |
78,007 | 235 | 78,242 | (801 | ) | 77,441 | ||||||||||
Investments in unconsolidated joint ventures |
1,263,356 | — | 1,263,356 | (1,263,356 | ) | — | ||||||||||
| | | | | | | | | | | | | | | | |
Total assets |
$ | 13,360,376 | $ | (361,920 | ) | $ | 12,998,456 | $ | 962,141 | $ | 13,960,597 | |||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY: |
||||||||||||||||
Mortgage notes payable |
$ | 5,837,192 | $ | (233,167 | ) | $ | 5,604,025 | $ | 893,617 | $ | 6,497,642 | |||||
Bank and other notes payable |
902,016 | (5,008 | ) | 897,008 | — | 897,008 | ||||||||||
Accounts payable and accrued expenses |
109,396 | (2,022 | ) | 107,374 | 33,685 | 141,059 | ||||||||||
Other accrued liabilities |
528,407 | (25,390 | ) | 503,017 | 61,696 | 564,713 | ||||||||||
Distributions in excess of investment in unconsolidated joint ventures |
26,857 | — | 26,857 | (26,857 | ) | — | ||||||||||
Co-venture obligation |
71,861 | (71,861 | ) | — | — | — | ||||||||||
| | | | | | | | | | | | | | | | |
Total liabilities |
7,475,729 | (337,448 | ) | 7,138,281 | 962,141 | 8,100,422 | ||||||||||
| | | | | | | | | | | | | | | | |
Commitments and contingencies |
||||||||||||||||
Equity: |
||||||||||||||||
Stockholders' equity: |
||||||||||||||||
Common stock |
1,585 | — | 1,585 | — | 1,585 | |||||||||||
Additional paid-in capital |
5,076,726 | — | 5,076,726 | — | 5,076,726 | |||||||||||
Retained earnings |
415,017 | — | 415,017 | — | 415,017 | |||||||||||
| | | | | | | | | | | | | | | | |
Total stockholders' equity |
5,493,328 | — | 5,493,328 | — | 5,493,328 | |||||||||||
Noncontrolling interests |
391,319 | (24,472 | ) | 366,847 | — | 366,847 | ||||||||||
| | | | | | | | | | | | | | | | |
Total equity |
5,884,647 | (24,472 | ) | 5,860,175 | — | 5,860,175 | ||||||||||
| | | | | | | | | | | | | | | | |
Total liabilities and equity |
$ | 13,360,376 | $ | (361,920 | ) | $ | 12,998,456 | $ | 962,141 | $ | 13,960,597 | |||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
8
The Macerich Company
2015 Guidance Range (Unaudited)
|
|
|||
---|---|---|---|---|
|
Year 2015 Guidance |
|
||
Earnings Expectations: |
||||
Earnings per share—diluted(a) |
$0.92 - $1.00 |
|
||
Plus: real estate depreciation and amortization |
$3.05 | |||
Less: gain on sale of dispositions |
$0.11 | |||
| | | | |
FFO per share—diluted(a) |
$3.86 - $3.94 | |||
| | | | |
| | | | |
| | | | |
Underlying Assumptions to 2015 Guidance |
|
|
||
Cash Same Center NOI Growth(b) |
5.50% - 6.00% |
|
||
Acquisitions(c) |
$150 million | |||
Assumed dispositions |
$0 |
|
|
|||
---|---|---|---|---|
|
|
Year 2015 FFO / Share Impact |
||
Lease termination income |
$10 million | $0.06 | ||
Capitalized interest |
$14 million | $0.08 | ||
Bad debt expense |
($5 million) | $(0.03) | ||
Dilutive impact on 2015 of assets sold in 2014 |
($17 million) | $(0.10) |
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2015 | 2014 | 2015 | 2014 | |||||||||
|
dollars in millions |
||||||||||||
Lease termination income |
$ | 2.8 | $ | 0.5 | $ | 5.4 | $ | 2.9 | |||||
Straight-line rental income |
$ | 2.5 | $ | 1.5 | $ | 4.0 | $ | 2.5 | |||||
Gain on sales of undepreciated assets |
$ | 0.1 | $ | 0.1 | $ | 1.1 | $ | 0.1 | |||||
Amortization of acquired above and below-market leases |
$ | 4.8 | $ | 1.5 | $ | 9.2 | $ | 3.2 | |||||
Amortization of debt premiums |
$ | 5.5 | $ | 1.2 | $ | 12.4 | $ | 2.5 | |||||
Interest capitalized |
$ | 5.2 | $ | 6.1 | $ | 9.9 | $ | 11.0 |
10
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures
|
For the Six Months Ended 6/30/15 |
For the Six Months Ended 6/30/14 |
Year Ended 12/31/14 |
Year Ended 12/31/13 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
dollars in millions |
||||||||||||
Consolidated Centers |
| | | | |||||||||
Acquisitions of property and equipment |
$ | 43.4 | $ | 45.6 | $ | 97.9 | $ | 591.6 | |||||
Development, redevelopment, expansions and renovations of Centers |
| 79.0 | | 57.7 | | 197.9 | | 164.4 | |||||
Tenant allowances |
14.2 | 9.8 | 30.5 | 20.9 | |||||||||
Deferred leasing charges |
| 16.9 | | 12.3 | | 26.6 | | 23.9 | |||||
| | | | | | | | | | | | | |
Total |
$ | 153.5 | $ | 125.4 | $ | 352.9 | $ | 800.8 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Unconsolidated Joint Venture Centers(a) |
| | | | |||||||||
Acquisitions of property and equipment |
$ | 151.7 | $ | 0.8 | $ | 158.8 | $ | 8.2 | |||||
Development, redevelopment, expansions and renovations of Centers |
| 66.7 | | 103.8 | | 201.8 | | 118.8 | |||||
Tenant allowances |
1.1 | 1.5 | 4.8 | 8.1 | |||||||||
Deferred leasing charges |
| 1.4 | | 1.6 | | 3.0 | | 3.3 | |||||
| | | | | | | | | | | | | |
Total |
$ | 220.9 | $ | 107.7 | $ | 368.4 | $ | 138.4 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
11
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 |
|||
---|---|---|---|---|---|---|
06/30/2015(b) |
$586 | $800 | $623 | |||
06/30/2014 |
$491 | $724 | $567 | |||
12/31/2014(b) |
$556 | $724 | $587 | |||
12/31/2013(c) |
$488 | $717 | $562 | |||
12/31/2012 |
$463 | $629 | $517 | |||
12/31/2011 |
$417 | $597 | $489 |
12
The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Portfolio 2015 Forecast Pro Rata Real Estate NOI (e) |
% of Portfolio 2016 Forecast Pro Rata Real Estate NOI (f) |
||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
Sales Per Square Foot | Occupancy | Same Center NOI Growth(c) | Cost of Occupancy for the Trailing 12 Months Ended 6/30/15 (d) |
||||||||||||||||||||||||||||||||||||
Count
|
Properties | 6/30/2015 (a) |
12/31/2014 (a) |
6/30/2014 (a) |
6/30/2015 (b) |
6/30/2014 (b) |
Six Months Ended June 30, 2015 |
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
|
| Group 1: Top 10 | | | | | | | | | | | | | ||||||||||||||||||||||||||||
1 |
Queens Center |
$ |
1,142 |
$ |
1,088 |
$ |
1,059 |
96.2 |
% |
95.1 |
% |
|||||||||||||||||||||||||||||||
|
2 | | Washington Square | $ | 1,118 | $ | 1,012 | $ | 1,061 | | 97.7 | % | | 92.7 | % | | | | | | | | | | | | | | ||||||||||||||
3 |
Corte Madera, Village at |
$ |
1,316 |
$ |
957 |
$ |
933 |
97.3 |
% |
98.1 |
% |
|||||||||||||||||||||||||||||||
|
4 | | North Bridge, The Shops at | $ | 851 | $ | 870 | $ | 882 | | 100.0 | % | | 99.0 | % | | | | | | | | | | | | | | ||||||||||||||
5 |
Biltmore Fashion Park |
$ |
864 |
$ |
865 |
$ |
891 |
97.0 |
% |
98.2 |
% |
|||||||||||||||||||||||||||||||
|
6 | | Tysons Corner Center | $ | 856 | $ | 821 | $ | 822 | | 98.2 | % | | 98.0 | % | | | | | | | | | | | | | | ||||||||||||||
7 |
Santa Monica Place |
$ |
809 |
$ |
754 |
$ |
741 |
92.2 |
% |
90.1 |
% |
|||||||||||||||||||||||||||||||
|
8 | | Tucson La Encantada | $ | 763 | $ | 733 | $ | 738 | | 92.0 | % | | 91.2 | % | | | | | | | | | | | | | | ||||||||||||||
9 |
Scottsdale Fashion Square |
$ |
748 |
$ |
732 |
$ |
695 |
96.8 |
% |
94.1 |
% |
|||||||||||||||||||||||||||||||
|
10 | | Broadway Plaza(g) | | n/a | | n/a | | n/a | | n/a | | n/a | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Top 10: |
$ |
924 |
$ |
864 |
$ |
861 |
97.0 |
% |
95.6 |
% |
13.5 |
% |
27.0 |
% |
28.1 |
% |
|||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Group 2: Top 11-20 | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
11 |
Los Cerritos Center |
$ |
764 |
$ |
720 |
$ |
681 |
98.5 |
% |
98.7 |
% |
|||||||||||||||||||||||||||||||
|
12 | | Kings Plaza Shopping Center | $ | 690 | $ | 673 | $ | 678 | | 92.9 | % | | 92.1 | % | | | | | | | | | | | | | | ||||||||||||||
13 |
Arrowhead Towne Center |
$ |
710 |
$ |
673 |
$ |
665 |
96.5 |
% |
92.4 |
% |
|||||||||||||||||||||||||||||||
|
14 | | Kierland Commons | $ | 687 | $ | 671 | $ | 667 | | 97.0 | % | | 96.8 | % | | | | | | | | | | | | | | ||||||||||||||
15 |
Fashion Outlets of Chicago(h) |
$ |
719 |
$ |
651 |
n/a |
93.8 |
% |
93.6 |
% |
||||||||||||||||||||||||||||||||
|
16 | | Danbury Fair Mall | $ | 645 | $ | 643 | $ | 640 | | 99.2 | % | | 95.9 | % | | | | | | | | | | | | | | ||||||||||||||
17 |
Vintage Faire Mall |
$ |
661 |
$ |
633 |
$ |
597 |
96.4 |
% |
98.3 |
% |
|||||||||||||||||||||||||||||||
|
18 | | Chandler Fashion Center | $ | 627 | $ | 606 | $ | 590 | | 96.6 | % | | 93.7 | % | | | | | | | | | | | | | | ||||||||||||||
19 |
Twenty Ninth Street |
$ |
620 |
$ |
605 |
$ |
589 |
99.3 |
% |
99.1 |
% |
|||||||||||||||||||||||||||||||
|
20 | | Fresno Fashion Fair | $ | 617 | $ | 601 | $ | 595 | | 98.1 | % | | 97.2 | % | | | | | | | | | | | | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Top 11-20: |
$ |
675 |
$ |
647 |
$ |
631 |
96.9 |
% |
95.7 |
% |
12.5 |
% |
27.1 |
% |
27.3 |
% |
|||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
13
The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Portfolio 2015 Forecast Pro Rata Real Estate NOI (e) |
% of Portfolio 2016 Forecast Pro Rata Real Estate NOI (f) |
||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
Sales Per Square Foot | Occupancy | Same Center NOI Growth(c) | Cost of Occupancy for the Trailing 12 Months Ended 6/30/15 (d) |
||||||||||||||||||||||||||||||||||||
Count
|
Properties | 6/30/2015 (a) |
12/31/2014 (a) |
6/30/2014 (a) |
6/30/2015 (b) |
6/30/2014 (b) |
Six Months Ended June 30, 2015 |
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
|
Group 3: Top 21-30 | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
21 |
Freehold Raceway Mall |
$ |
616 |
$ |
590 |
$ |
599 |
98.0 |
% |
97.6 |
% |
|||||||||||||||||||||||||||||||
|
22 | | Green Acres Mall | $ | 616 | $ | 577 | $ | 557 | | 92.3 | % | | 94.6 | % | | | | | | | | | | | | | | ||||||||||||||
23 |
Stonewood Center |
$ |
549 |
$ |
544 |
$ |
542 |
97.8 |
% |
98.5 |
% |
|||||||||||||||||||||||||||||||
|
24 | | Fashion Outlets of Niagara Falls USA(g) | | n/a | | n/a | | n/a | | n/a | | n/a | | | | | | | | | | | | | | ||||||||||||||||
25 |
FlatIron Crossing |
$ |
545 |
$ |
532 |
$ |
533 |
92.5 |
% |
94.6 |
% |
|||||||||||||||||||||||||||||||
|
26 | | Deptford Mall | $ | 595 | $ | 526 | $ | 517 | | 93.6 | % | | 98.6 | % | | | | | | | | | | | | | | ||||||||||||||
27 |
Oaks, The |
$ |
568 |
$ |
512 |
$ |
492 |
97.8 |
% |
97.7 |
% |
|||||||||||||||||||||||||||||||
|
28 | | West Acres | $ | 512 | $ | 512 | $ | 510 | | 99.7 | % | | 99.8 | % | | | | | | | | | | | | | | ||||||||||||||
29 |
SanTan Village Regional Center |
$ |
521 |
$ |
497 |
$ |
494 |
97.7 |
% |
97.3 |
% |
|||||||||||||||||||||||||||||||
|
30 | | Victor Valley, Mall of | $ | 525 | $ | 492 | $ | 493 | | 98.1 | % | | 97.1 | % | | | | | | | | | | | | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Top 21-30: |
$ |
563 |
$ |
535 |
$ |
530 |
96.1 |
% |
97.0 |
% |
13.3 |
% |
21.4 |
% |
21.6 |
% |
|||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Group 4: Top 31-40 | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
31 |
Valley River Center |
$ |
474 |
$ |
461 |
$ |
474 |
95.7 |
% |
97.2 |
% |
|||||||||||||||||||||||||||||||
|
32 | | South Plains Mall | $ | 460 | $ | 455 | $ | 449 | | 93.2 | % | | 93.2 | % | | | | | | | | | | | | | | ||||||||||||||
33 |
Lakewood Center |
$ |
456 |
$ |
431 |
$ |
430 |
96.6 |
% |
97.2 |
% |
|||||||||||||||||||||||||||||||
|
34 | | La Cumbre Plaza | $ | 427 | $ | 417 | $ | 394 | | 94.7 | % | | 88.0 | % | | | | | | | | | | | | | | ||||||||||||||
35 |
Inland Center |
$ |
483 |
$ |
409 |
$ |
420 |
97.3 |
% |
98.6 |
% |
|||||||||||||||||||||||||||||||
|
36 | | Pacific View | $ | 420 | $ | 405 | $ | 401 | | 95.5 | % | | 95.8 | % | | | | | | | | | | | | | | ||||||||||||||
37 |
Northgate Mall |
$ |
431 |
$ |
392 |
$ |
395 |
96.4 |
% |
97.9 |
% |
|||||||||||||||||||||||||||||||
|
38 | | Eastland Mall | $ | 370 | $ | 371 | $ | 373 | | 92.8 | % | | 93.1 | % | | | | | | | | | | | | | | ||||||||||||||
39 |
Westside Pavilion(g) |
n/a |
n/a |
$ |
341 |
n/a |
95.8 |
% |
||||||||||||||||||||||||||||||||||
|
40 | | Superstition Springs Center | $ | 366 | $ | 350 | $ | 344 | | 93.1 | % | | 94.3 | % | | | | | | | | | | | | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Top 31-40: |
$ |
433 |
$ |
412 |
$ |
406 |
95.0 |
% |
95.4 |
% |
14.6 |
% |
15.6 |
% |
14.8 |
% |
|||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Total Top 40: | $ | 654 | $ | 618 | $ | 608 | | 96.3 | % | | 96.0 | % | | 6.3 | % | | 4.7 | % | | 4.6 | % | | 3.7 | % | | 13.3 | % | | 91.1 | % | | 91.8 | % | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
14
The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Portfolio 2015 Forecast Pro Rata Real Estate NOI (e) |
% of Portfolio 2016 Forecast Pro Rata Real Estate NOI (f) |
||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
Sales Per Square Foot | Occupancy | Same Center NOI Growth(c) | Cost of Occupancy for the Trailing 12 Months Ended 6/30/15 (d) |
||||||||||||||||||||||||||||||||||||
Count
|
Properties | 6/30/2015 (a) |
12/31/2014 (a) |
6/30/2014 (a) |
6/30/2015 (b) |
6/30/2014 (b) |
Six Months Ended June 30, 2015 |
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
|
Group 5: 41-50 | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
41 |
Flagstaff Mall |
$ |
354 |
$ |
340 |
$ |
314 |
70.6 |
% |
73.7 |
% |
|||||||||||||||||||||||||||||||
|
42 | | Capitola Mall | $ | 349 | $ | 334 | $ | 324 | | 85.3 | % | | 85.2 | % | | | | | | | | | | | | | | ||||||||||||||
43 |
Towne Mall |
$ |
339 |
$ |
323 |
$ |
319 |
88.6 |
% |
91.2 |
% |
|||||||||||||||||||||||||||||||
|
44 | | Cascade Mall | $ | 344 | $ | 317 | $ | 305 | | 87.3 | % | | 93.4 | % | | | | | | | | | | | | | | ||||||||||||||
45 |
NorthPark Mall |
$ |
317 |
$ |
307 |
$ |
318 |
84.9 |
% |
92.0 |
% |
|||||||||||||||||||||||||||||||
|
46 | | Desert Sky Mall | $ | 320 | $ | 302 | $ | 272 | | 97.1 | % | | 94.8 | % | | | | | | | | | | | | | | ||||||||||||||
47 |
Wilton Mall |
$ |
291 |
$ |
276 |
$ |
286 |
95.8 |
% |
92.1 |
% |
|||||||||||||||||||||||||||||||
|
48 | | Valley Mall | $ | 313 | $ | 271 | $ | 279 | | 89.8 | % | | 93.4 | % | | | | | | | | | | | | | | ||||||||||||||
49 |
SouthPark Mall(g) |
n/a |
n/a |
n/a |
n/a |
n/a |
||||||||||||||||||||||||||||||||||||
|
50 | | Paradise Valley Mall(g) | | n/a | | n/a | | n/a | | n/a | | n/a | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total 41-50: |
$ |
326 |
$ |
307 |
$ |
302 |
89.2 |
% |
90.8 |
% |
2.8 |
% |
(3.0 |
)% |
2.5 |
% |
1.0 |
% |
12.3 |
% |
6.1 |
% |
5.4 |
% |
|||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal—Regional Shopping Centers(i) | $ | 623 | $ | 587 | $ | 577 | | 95.5 | % | | 95.4 | % | | | | | | | | | | 13.3 | % | | 97.2 | % | | 97.2 | % | ||||||||||||
|
Other Properties: |
|||||||||||||||||||||||||||||||||||||||||
|
51 | | Fashion Outlets of Philadelphia at Market East(g)(j) | | n/a | | n/a | | n/a | | n/a | | n/a | | | | | | | | | | | | | | ||||||||||||||||
|
Community / Power Centers |
|||||||||||||||||||||||||||||||||||||||||
|
| Other Non-mall Assets | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
|
Subtotal—Other Properties |
2.8 |
% |
2.8 |
% |
|||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| TOTAL ALL PROPERTIES | | | | | | | | | | | | 6.3 | % | | 4.2 | % | | 4.4 | % | | 3.3 | % | | 13.2 | % | | 100.0 | % | | 100.0 | % | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
15
The Macerich Company
Sales Per Square Foot by Property Ranking (unaudited)
|
|
|
|
|
|
|
% of Portfolio 2012 Pro Rata Real Estate NOI (k) |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
Same Center NOI Growth(c) |
||||||||||||||||
|
|
|
Sales Per Square Foot 12/31/2012 (a) |
|
|||||||||||||||||
|
|
|
Occupancy 12/31/2012 (b) |
||||||||||||||||||
Count
|
Properties | 2012 | 2011 | ||||||||||||||||||
| 2013 Disposition Centers | | | | | | |||||||||||||||
1 |
Chesterfield Towne Center |
$ |
361 |
91.9 |
% |
||||||||||||||||
| 2 | | Fiesta Mall | $ | 235 | | 86.1 | % | | | | | | | |||||||
3 |
Green Tree Mall |
$ |
400 |
91.2 |
% |
||||||||||||||||
| 4 | | Kitsap Mall | $ | 383 | | 92.4 | % | | | | | | | |||||||
5 |
Northridge Mall |
$ |
342 |
97.2 |
% |
||||||||||||||||
| 6 | | Redmond Town Center | $ | 361 | | 89.2 | % | | | | | | | |||||||
7 |
Redmond Town Center-Office |
n/a |
99.1 |
% |
|||||||||||||||||
| 8 | | Ridgmar Mall | $ | 332 | | 84.6 | % | | | | | | | |||||||
9 |
Rimrock Mall |
$ |
424 |
92.0 |
% |
||||||||||||||||
| 10 | | Salisbury, Centre at | $ | 311 | | 96.3 | % | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | |
10 |
Total 2013 Disposition Centers: |
$ |
348 |
92.1 |
% |
||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | 2014 Disposition Centers | | | | | | ||||||||||||||
1 |
Camelback Colonnade |
$ |
351 |
97.7 |
% |
||||||||||||||||
| 2 | | Lake Square Mall | $ | 232 | | 86.4 | % | | | | | | | |||||||
3 |
Rotterdam Square |
$ |
232 |
86.1 |
% |
||||||||||||||||
| 4 | | Somersville Towne Center | $ | 287 | | 84.7 | % | | | | | | | |||||||
5 |
South Towne Center |
$ |
374 |
88.7 |
% |
||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| 5 | Total 2014 Disposition Centers: | $ | 314 | | 90.3 | % | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | |
2015 Disposition Center |
|||||||||||||||||||||
| 1 | | Great Northern Mall | $ | 263 | | 93.3 | % | | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | | |
1 | Total 2015 Disposition Centers | $ | 263 | 93.3 | % | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
|
16 |
TOTAL DISPOSITION CENTERS |
$ |
334 |
|
91.7 |
% |
|
0.1 |
% |
|
(5.5 |
)% |
|
12.8 |
% |
|||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
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 which 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, 2014. | |
(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) | The Company presents Same Center Net Operating Income ("NOI") Growth because the Company believes it is useful for investors to evaluate the operating performance of comparable Centers. Same Center NOI is calculated using total EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same Center NOI excludes the impact of straight-line and above/below market adjustments to minimum rents. | |
EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on remeasurement, sale or write down of assets and preferred dividends and includes joint ventures at their pro rata share. Management considers 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 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 EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies. | ||
(d) | 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. | |
(e) | The percentage of Portfolio 2015 Forecast Pro Rata Real Estate NOI is based on guidance provided on July 23, 2015, see page 9. 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 page 1 for factors that may affect the information provided in this column. | |
(f) | The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on March 31, 2015 of $1,040,000,000. 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 page 1 for factors that may affect the information provided in this column. | |
(g) | 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. | |
(h) | Fashion Outlets of Chicago opened August 1, 2013. | |
(i) | Properties sold prior to July 1, 2015 are excluded in both current and prior periods above. | |
(j) | On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania as Fashion Outlets of Philadelphia at Market East. | |
(k) | The percentage of Portfolio 2012 Pro Rata Real Estate NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and Management Company revenues and expenses. |
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 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
06/30/2015(b) |
|
95.0% |
|
98.0% |
| 95.5% | ||||
06/30/2014 |
94.7% | 97.0% | 95.4% | |||||||
12/31/2014(b) |
|
95.3% |
|
97.9% |
| 95.8% | ||||
12/31/2013(c) |
93.9% | 96.2% | 94.6% |
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(d) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Consolidated Centers |
| | | |||||||
06/30/2015(e) |
$ | 52.11 | $ | 52.79 | $ | 45.50 | ||||
06/30/2014 |
$ | 45.41 | $ | 45.24 | $ | 40.25 | ||||
12/31/2014(e) |
$ | 49.68 | $ | 49.55 | $ | 41.20 | ||||
12/31/2013(f) |
$ | 44.51 | $ | 45.06 | $ | 40.00 | ||||
Unconsolidated Joint Venture Centers |
||||||||||
06/30/2015 |
$ | 66.85 | $ | 79.94 | $ | 62.76 | ||||
06/30/2014 |
$ | 64.14 | $ | 76.05 | $ | 56.73 | ||||
12/31/2014 |
$ | 63.78 | $ | 82.47 | $ | 64.59 | ||||
12/31/2013 |
$ | 62.47 | $ | 63.44 | $ | 48.43 | ||||
All Regional Shopping Centers |
|
|
|
|||||||
06/30/2015(e) |
$ | 53.62 | $ | 55.68 | $ | 47.38 | ||||
06/30/2014 |
$ | 49.14 | $ | 51.33 | $ | 43.46 | ||||
12/31/2014(e) |
$ | 51.15 | $ | 54.48 | $ | 44.66 | ||||
12/31/2013(f) |
$ | 48.16 | $ | 49.09 | $ | 41.88 |
19
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
|
|
For Years Ended December 31, |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
For the trailing twelve months ended June 30, 2015(a) |
|||||||||
|
2014(a) | 2013(b) | ||||||||
Consolidated Centers |
| | | |||||||
Minimum rents |
8.6 | % | 8.7 | % | 8.4 | % | ||||
Percentage rents |
| 0.4 | % | | 0.4 | % | | 0.4 | % | |
Expense recoveries(c) |
4.3 | % | 4.3 | % | 4.5 | % | ||||
| | | | | | | | | | |
Total |
| 13.3 | % | | 13.4 | % | | 13.3 | % | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
|
|
For Years Ended December 31, |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
For the trailing twelve months ended June 30, 2015(a) |
|||||||||
|
2014(a) | 2013(b) | ||||||||
Unconsolidated Joint Venture Centers |
| | | |||||||
Minimum rents |
8.4 | % | 8.7 | % | 8.8 | % | ||||
Percentage rents |
| 0.4 | % | | 0.4 | % | | 0.4 | % | |
Expense recoveries(c) |
4.4 | % | 4.5 | % | 4.0 | % | ||||
| | | | | | | | | | |
Total |
| 13.2 | % | | 13.6 | % | | 13.2 | % | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
|
|
For Years Ended December 31, |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
For the trailing twelve months ended June 30, 2015(a) |
|||||||||
|
2014(a) | 2013(b) | ||||||||
All Centers |
| | | |||||||
Minimum rents |
8.5 | % | 8.7 | % | 8.6 | % | ||||
Percentage rents |
| 0.4 | % | | 0.4 | % | | 0.4 | % | |
Expense recoveries(c) |
4.3 | % | 4.3 | % | 4.3 | % | ||||
| | | | | | | | | | |
Total |
| 13.2 | % | | 13.4 | % | | 13.3 | % | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
20
The Macerich Company
Percentage of Net Operating Income by State
|
|
|||
---|---|---|---|---|
State
|
% of Portfolio 2015 Forecast Real Estate Pro Rata NOI(a) |
|||
California |
29.8 | % | ||
New York |
18.2 | % | ||
Arizona |
16.8 | % | ||
New Jersey & Connecticut |
8.0 | % | ||
Illinois, Indiana & Iowa |
7.6 | % | ||
Pennsylvania & Virginia |
6.2 | % | ||
Oregon & Washington |
5.7 | % | ||
Colorado |
5.0 | % | ||
Other(b) |
2.7 | % | ||
| | | | |
Total |
100.0 | % | ||
| | | | |
| | | | |
| | | | |
21
The Macerich Company
Property Listing
June 30, 2015
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 |
100% |
Arrowhead Towne Center |
1993/2002 | 2004 | 1,198,000 | ||||||||||
2 |
100% |
Capitola Mall(c) |
1977/1995 | 1988 | 586,000 | ||||||||||
3 |
100% |
Cascade Mall |
1989/1999 | 1998 | 589,000 | ||||||||||
4 |
50.1% |
Chandler Fashion Center |
2001/2002 | — | 1,320,000 | ||||||||||
5 |
100% |
Danbury Fair Mall |
1986/2005 | 2010 | 1,270,000 | ||||||||||
6 |
100% |
Deptford Mall |
1975/2006 | 1990 | 1,042,000 | ||||||||||
7 |
100% |
Desert Sky Mall |
1981/2002 | 2007 | 892,000 | ||||||||||
8 |
100% |
Eastland Mall(c) |
1978/1998 | 1996 | 1,044,000 | ||||||||||
9 |
100% |
Fashion Outlets of Chicago |
2013/— | — | 528,000 | ||||||||||
10 |
100% |
Flagstaff Mall |
1979/2002 | 2007 | 347,000 | ||||||||||
11 |
100% |
FlatIron Crossing |
2000/2002 | 2009 | 1,429,000 | ||||||||||
12 |
50.1% |
Freehold Raceway Mall |
1990/2005 | 2007 | 1,668,000 | ||||||||||
13 |
100% |
Fresno Fashion Fair |
1970/1996 | 2006 | 963,000 | ||||||||||
14 |
100% |
Green Acres Mall(c) |
1956/2013 | 2007 | 1,805,000 | ||||||||||
15 |
100% |
Inland Center(c) |
1966/2004 | 2004 | 933,000 | ||||||||||
16 |
100% |
Kings Plaza Shopping Center(c) |
1971/2012 | 2002 | 1,193,000 | ||||||||||
17 |
100% |
La Cumbre Plaza(c) |
1967/2004 | 1989 | 490,000 | ||||||||||
18 |
100% |
Lakewood Center |
1953/1975 | 2008 | 2,075,000 | ||||||||||
19 |
100% |
Los Cerritos Center |
1971/1999 | 2010 | 1,287,000 | ||||||||||
20 |
100% |
Northgate Mall |
1964/1986 | 2010 | 749,000 | ||||||||||
21 |
100% |
NorthPark Mall |
1973/1998 | 2001 | 1,050,000 | ||||||||||
22 |
100% |
Oaks, The |
1978/2002 | 2009 | 1,137,000 | ||||||||||
23 |
100% |
Pacific View |
1965/1996 | 2001 | 1,021,000 | ||||||||||
24 |
100% |
Queens Center(c) |
1973/1995 | 2004 | 966,000 |
22
The Macerich Company
Property Listing
Count
|
Company's Ownership(a) |
Name of Center/Location |
Year of Original Construction/ Acquisition |
Year of Most Recent Expansion/ Renovation |
Total GLA(b) |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
25 |
100% |
Santa Monica Place |
1980/1999 | 2010 | 514,000 | ||||||||||
26 |
84.9% |
SanTan Village Regional Center |
2007/— | 2009 | 1,031,000 | ||||||||||
27 |
100% |
South Plains Mall |
1972/1998 | 1995 | 1,127,000 | ||||||||||
28 |
100% |
Stonewood Center(c) |
1953/1997 | 1991 | 932,000 | ||||||||||
29 |
100% |
Superstition Springs Center |
1990/2002 | 2002 | 1,040,000 | ||||||||||
30 |
100% |
Towne Mall |
1985/2005 | 1989 | 350,000 | ||||||||||
31 |
100% |
Tucson La Encantada |
2002/2002 | 2005 | 242,000 | ||||||||||
32 |
100% |
Twenty Ninth Street(c) |
1963/1979 | 2007 | 847,000 | ||||||||||
33 |
100% |
Valley Mall |
1978/1998 | 1992 | 507,000 | ||||||||||
34 |
100% |
Valley River Center |
1969/2006 | 2007 | 921,000 | ||||||||||
35 |
100% |
Victor Valley, Mall of |
1986/2004 | 2012 | 576,000 | ||||||||||
36 |
100% |
Vintage Faire Mall |
1977/1996 | 2008 | 1,141,000 | ||||||||||
37 |
100% |
Washington Square |
1974/1999 | 2005 | 1,444,000 | ||||||||||
38 |
100% |
Wilton Mall |
1990/2005 | 1998 | 737,000 | ||||||||||
| | | | | | | | | | | | | | | |
|
|
Total Consolidated Centers |
36,991,000 | ||||||||||||
| | | | | | | | | | | | | | | |
UNCONSOLIDATED JOINT VENTURE CENTERS: |
|||||||||||||||
39 |
50% |
Biltmore Fashion Park |
1963/2003 | 2006 | 516,000 | ||||||||||
40 |
50.1% |
Corte Madera, Village at |
1985/1998 | 2005 | 460,000 | ||||||||||
41 |
50% |
Kierland Commons |
1999/2005 | 2003 | 436,000 | ||||||||||
42 |
50% |
North Bridge, The Shops at(c) |
1998/2008 | — | 660,000 | ||||||||||
43 |
50% |
Scottsdale Fashion Square |
1961/2002 | 2009 | 1,855,000 | ||||||||||
44 |
50% |
Tysons Corner Center |
1968/2005 | 2005 | 1,962,000 | ||||||||||
45 |
19% |
West Acres |
1972/1986 | 2001 | 972,000 | ||||||||||
| | | | | | | | | | | | | | | |
|
|
Total Unconsolidated Joint Venture Centers |
6,861,000 | ||||||||||||
| | | | | | | | | | | | | | | |
23
The Macerich Company
Property Listing
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% |
Broadway Plaza(c)(d) |
1951/1985 | 1994 | 774,000 | ||||||||||
47 |
100% |
Fashion Outlets of Niagara Falls USA(e) |
1982/2011 | 2014 | 691,000 | ||||||||||
48 |
50% |
Fashion Outlets of Philadelphia at Market East(c)(d) |
1977/2014 | 1990 | 850,000 | ||||||||||
49 |
100% |
Paradise Valley Mall(e) |
1979/2002 | 2009 | 1,151,000 | ||||||||||
50 |
100% |
SouthPark Mall(e) |
1974/1998 | 1990 | 855,000 | ||||||||||
51 |
100% |
Westside Pavilion(e) |
1985/1998 | 2007 | 755,000 | ||||||||||
| | | | | | | | | | | | | | | |
|
|
Total Regional Shopping Centers |
48,928,000 | ||||||||||||
| | | | | | | | | | | | | | | |
COMMUNITY / POWER CENTERS: |
|||||||||||||||
1 |
50% |
Atlas Park, The Shops at(d) |
2006/2011 | 2013 | 374,000 | ||||||||||
2 |
50% |
Boulevard Shops(d) |
2001/2002 | 2004 | 185,000 | ||||||||||
3 |
40.1% |
Estrella Falls, The Market at(d) |
2009/— | 2009 | 249,000 | ||||||||||
4 |
100% |
Panorama Mall(e) |
1955/1979 | 2005 | 312,000 | ||||||||||
5 |
89.4% |
Promenade at Casa Grande(e) |
2007/— | 2009 | 909,000 | ||||||||||
6 |
100% |
Southridge Center(e) |
1975/1998 | 2013 | 823,000 | ||||||||||
7 |
100% |
Superstition Springs Power Center(e) |
1990/2002 | — | 206,000 | ||||||||||
8 |
100% |
The Marketplace at Flagstaff Mall(c)(e) |
2007/— | — | 268,000 | ||||||||||
| | | | | | | | | | | | | | | |
|
|
Total Community / Power Centers |
3,326,000 | ||||||||||||
| | | | | | | | | | | | | | | |
OTHER ASSETS: |
|||||||||||||||
|
100% |
Various(e)(f) |
572,000 | ||||||||||||
|
100% |
500 North Michigan Avenue(e) |
326,000 | ||||||||||||
|
50% |
Fashion Outlets of Philadelphia at Market East-Offices(c)(d) |
526,000 | ||||||||||||
|
100% |
Paradise Village Ground Leases(e) |
58,000 | ||||||||||||
|
100% |
Paradise Village Office Park II(e) |
46,000 | ||||||||||||
|
50% |
Scottsdale Fashion Square-Office(d) |
122,000 |
24
The Macerich Company
Property Listing
Count
|
Company's Ownership(a) |
Name of Center/Location |
Year of Original Construction/ Acquisition |
Year of Most Recent Expansion/ Renovation |
Total GLA(b) |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
50% |
Tysons Corner Center-Office(d) |
175,000 | ||||||||||||
|
50% |
Hyatt Regency Tysons Corner Center(d) |
290,000 | ||||||||||||
|
50% |
VITA Tysons Corner Center(d) |
510,000 | ||||||||||||
|
50% |
Tysons Tower(d) |
527,000 | ||||||||||||
| | | | | | | | | | | | | | | |
|
|
Total Other Assets |
3,152,000 | ||||||||||||
| | | | | | | | | | | | | | | |
|
|
Grand Total at June 30, 2015 |
55,406,000 | ||||||||||||
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
25
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 co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of June 30, 2015.
|
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Properties
|
6/30/2015 Legal Ownership(a) |
6/30/2015 Economic Ownership(b) |
Joint Venture | 6/30/2015 Total GLA(c) |
||||||||
Atlas Park, The Shops at |
50% | 50% | WMAP, L.L.C. | 374,000 | ||||||||
Biltmore Fashion Park |
50% | 50% | Biltmore Shopping Center Partners LLC | 516,000 | ||||||||
Boulevard Shops |
50% | 50% | Propcor II Associates, LLC | 185,000 | ||||||||
Broadway Plaza |
50% | 50% | Macerich Northwestern Associates | 774,000 | ||||||||
Chandler Fashion Center(d) |
50.1% | 50.1% | Freehold Chandler Holdings LP | 1,320,000 | ||||||||
Corte Madera, Village at |
50.1% | 50.1% | Corte Madera Village, LLC | 460,000 | ||||||||
Estrella Falls, The Market at(e) |
40.1% | 40.1% | The Market at Estrella Falls LLC | 249,000 | ||||||||
Freehold Raceway Mall(d) |
50.1% | 50.1% | Freehold Chandler Holdings LP | 1,668,000 | ||||||||
Fashion Outlets of Philadelphia at Market East |
50% | 50% | Various Entities | 850,000 | ||||||||
Fashion Outlets of Philadelphia at Market East-Office |
50% | 50% | Various Entities | 526,000 | ||||||||
Kierland Commons |
50% | 50% | Kierland Commons Investment LLC | 436,000 | ||||||||
North Bridge, The Shops at |
50% | 50% | North Bridge Chicago LLC | 660,000 | ||||||||
Promenade at Casa Grande(f) |
89.4% | 89.4% | WP Casa Grande Retail LLC | 909,000 | ||||||||
SanTan Village Regional Center |
84.9% | 84.9% | Westcor SanTan Village LLC | 1,031,000 | ||||||||
Scottsdale Fashion Square |
50% | 50% | Scottsdale Fashion Square Partnership | 1,855,000 | ||||||||
Scottsdale Fashion Square-Office |
50% | 50% | Scottsdale Fashion Square Partnership | 122,000 | ||||||||
Tysons Corner Center |
50% | 50% | Tysons Corner LLC | 1,962,000 | ||||||||
Tysons Corner Center-Office |
50% | 50% | Tysons Corner Property LLC | 175,000 | ||||||||
Hyatt Regency Tysons Corner Center |
50% | 50% | Tysons Corner Property LLC | 290,000 | ||||||||
Sears Stores(g) |
50% | 50% | MS Portfolio LLC | 1,550,000 | ||||||||
VITA Tysons Corner Center |
50% | 50% | Tysons Corner Property LLC | 510,000 | ||||||||
Tysons Tower |
50% | 50% | Tysons Corner Property LLC | 527,000 | ||||||||
West Acres |
19% | 19% | West Acres Development, LLP | 972,000 |
26
its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.
27
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)
|
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
As of June 30, 2015 | |||||||||
|
Fixed Rate | Floating Rate | Total | |||||||
|
dollars in thousands |
|||||||||
Consolidated debt |
$ | 5,277,112 | $ | 1,223,921 | $ | 6,501,033 | ||||
Unconsolidated debt |
806,485 | 87,132 | 893,617 | |||||||
| | | | | | | | | | |
Total debt |
$ | 6,083,597 | $ | 1,311,053 | $ | 7,394,650 | ||||
Weighted average interest rate |
3.78 |
% |
2.02 |
% |
3.47 |
% |
||||
Weighted average maturity (years) |
5.55 |
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
|
|
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of June 30, 2015 | |||||||||||||||
Center/Entity (dollars in thousands)
|
Maturity Date | Effective Interest Rate(a) |
Fixed | Floating | Total Debt Balance(a) |
|||||||||||
I. Consolidated Assets: |
||||||||||||||||
Flagstaff Mall |
11/01/15 | 5.03 | % | $ | 37,000 | $ | — | $ | 37,000 | |||||||
Washington Square |
01/01/16 | 1.65 | % | 231,672 | — | 231,672 | ||||||||||
Valley River Center |
02/01/16 | 5.59 | % | 120,000 | — | 120,000 | ||||||||||
Prasada(b) |
03/29/16 | 5.25 | % | 5,008 | — | 5,008 | ||||||||||
Eastland Mall |
06/01/16 | 5.79 | % | 168,000 | — | 168,000 | ||||||||||
Valley Mall |
06/01/16 | 5.85 | % | 40,952 | — | 40,952 | ||||||||||
Deptford Mall |
06/01/16 | 6.46 | % | 14,144 | — | 14,144 | ||||||||||
Stonewood Center |
11/01/17 | 1.80 | % | 108,424 | — | 108,424 | ||||||||||
Freehold Raceway Mall(c) |
01/01/18 | 4.20 | % | 113,822 | — | 113,822 | ||||||||||
Santa Monica Place |
01/03/18 | 2.99 | % | 227,727 | — | 227,727 | ||||||||||
Los Cerritos Center |
07/01/18 | 1.65 | % | 202,143 | — | 202,143 | ||||||||||
Arrowhead Towne Center |
10/05/18 | 2.76 | % | 224,972 | — | 224,972 | ||||||||||
SanTan Village Regional Center(d) |
06/01/19 | 3.14 | % | 112,359 | — | 112,359 | ||||||||||
Chandler Fashion Center(c) |
07/01/19 | 3.77 | % | 100,200 | — | 100,200 | ||||||||||
Kings Plaza Shopping Center |
12/03/19 | 3.67 | % | 475,716 | — | 475,716 | ||||||||||
Danbury Fair Mall |
10/01/20 | 5.53 | % | 225,555 | — | 225,555 | ||||||||||
Fashion Outlets of Niagara Falls USA |
10/06/20 | 4.89 | % | 120,000 | — | 120,000 | ||||||||||
FlatIron Crossing |
01/05/21 | 3.90 | % | 258,146 | — | 258,146 | ||||||||||
Green Acres Mall |
02/03/21 | 3.61 | % | 310,248 | — | 310,248 | ||||||||||
Tucson La Encantada |
03/01/22 | 4.23 | % | 70,792 | — | 70,792 | ||||||||||
Pacific View |
04/01/22 | 4.08 | % | 131,843 | — | 131,843 | ||||||||||
Oaks, The |
06/05/22 | 4.14 | % | 208,113 | — | 208,113 | ||||||||||
Westside Pavilion |
10/01/22 | 4.49 | % | 148,299 | — | 148,299 | ||||||||||
Towne Mall |
11/01/22 | 4.48 | % | 22,405 | — | 22,405 | ||||||||||
Deptford Mall |
04/03/23 | 3.76 | % | 195,846 | — | 195,846 | ||||||||||
Victor Valley, Mall of |
09/01/24 | 4.00 | % | 115,000 | — | 115,000 | ||||||||||
Queens Center |
01/01/25 | 3.49 | % | 600,000 | — | 600,000 | ||||||||||
Vintage Faire |
03/06/26 | 3.55 | % | 278,726 | — | 278,726 | ||||||||||
Lakewood Center |
06/01/26 | 3.46 | % | 410,000 | — | 410,000 | ||||||||||
| | | | | | | | | | | | | | | | |
Total Fixed Rate Debt for Consolidated Assets |
3.69 | % | $ | 5,277,112 | $ | — | $ | 5,277,112 | ||||||||
| | | | | | | | | | | | | | | | |
Superstition Springs Center |
10/28/16 | 2.02 | % | $ | — | $ | 67,921 | $ | 67,921 | |||||||
Northgate Mall |
03/01/17 | 3.07 | % | — | 64,000 | 64,000 | ||||||||||
The Macerich Partnership, L.P.—Line of Credit |
08/06/18 | 1.87 | % | — | 767,000 | 767,000 | ||||||||||
The Macerich Partnership, L.P.—Term Loan |
12/08/18 | 2.53 | % | — | 125,000 | 125,000 | ||||||||||
Fashion Outlets of Chicago |
03/31/20 | 1.84 | % | — | 200,000 | 200,000 | ||||||||||
| | | | | | | | | | | | | | | | |
Total Floating Rate Debt for Consolidated Assets |
2.00 | % | $ | — | $ | 1,223,921 | $ | 1,223,921 | ||||||||
| | | | | | | | | | | | | | | | |
Total Debt for Consolidated Assets |
3.37 | % | $ | 5,277,112 | $ | 1,223,921 | $ | 6,501,033 | ||||||||
| | | | | | | | | | | | | | | | |
29
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
|
|
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of June 30, 2015 | |||||||||||||||
Center/Entity (dollars in thousands)
|
Maturity Date | Effective Interest Rate(a) |
Fixed | Floating | Total Debt Balance(a) |
|||||||||||
II. Unconsolidated Assets (At Company's pro rata share): |
||||||||||||||||
North Bridge, The Shops at (50%) |
06/15/16 | 7.52 | % | $ | 95,610 | $ | — | $ | 95,610 | |||||||
West Acres (19%) |
10/01/16 | 6.41 | % | 10,804 | — | 10,804 | ||||||||||
Corte Madera, The Village at (50.1%) |
11/01/16 | 7.27 | % | 37,485 | — | 37,485 | ||||||||||
Scottsdale Fashion Square (50%) |
04/03/23 | 3.02 | % | 250,659 | — | 250,659 | ||||||||||
Tysons Corner Center (50%) |
01/01/24 | 4.13 | % | 411,927 | — | 411,927 | ||||||||||
| | | | | | | | | | | | | | | | |
Total Fixed Rate Debt for Unconsolidated Assets |
4.36 | % | $ | 806,485 | $ | — | $ | 806,485 | ||||||||
| | | | | | | | | | | | | | | | |
Kierland Commons (50%)(e) |
01/02/18 | 2.28 | % | $ | — | $ | 66,650 | $ | 66,650 | |||||||
Boulevard Shops (50%)(e) |
12/16/18 | 2.08 | % | — | 9,867 | 9,867 | ||||||||||
Estrella Falls, The Market at (40.1%)(e) |
02/05/20 | 2.20 | % | — | 10,615 | 10,615 | ||||||||||
| | | | | | | | | | | | | | | | |
Total Floating Rate Debt for Unconsolidated Assets |
2.25 | % | $ | — | $ | 87,132 | $ | 87,132 | ||||||||
| | | | | | | | | | | | | | | | |
Total Debt for Unconsolidated Assets |
4.16 | % | $ | 806,485 | $ | 87,132 | $ | 893,617 | ||||||||
| | | | | | | | | | | | | | | | |
Total Debt |
3.47 | % | $ | 6,083,597 | $ | 1,311,053 | $ | 7,394,650 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Percentage to Total |
82.27 | % | 17.73 | % | 100.00 | % |
30
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of June 30, 2015
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) 6/30/2015 |
Expected Delivery(a) |
Stabilized Yield(a)(b)(c) |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Broadway Plaza |
Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 774,000 sf center which is currently anchored by Nordstrom, Neiman Marcus and Macy's. New space created by construction of a more efficient parking structure and the consolidation of stand-alone Macy's Men's Store into a single larger Macy's box. Phase I encompasses demolition of 80,000 sf of existing retail space and construction of 240,000 sf of new retail space for a net increase of 160,000 sf. Phase 2 involves demolition of the existing Macy's Men's building and construction of 75,000 sf of new retail space for a total increase of 235,000 sf of small stores. |
* Phase 1 : $240 * Phase 2 : $30 |
| 50 | % |
* Phase 1 : $120 * Phase 2 : $15 |
* Phase 1 : $70 * Phase 2 : $0 |
* 25% 4Q15 * 50% 2Q16 * 25% 2Q17 |
9% | ||||||
| | | | | | | | | | | | | | | |
|
Total: $270 | | Total: $135 | Total: $70 | |||||||||||
Green Acres Commons |
335,000 sf, Big Box development | $105 - $110 | 100 | % | $105 - $110 | $27 | 4Q16 | 10% | |||||||
Los Cerritos Center |
200,000 sf redevelopment, including a Dick's Sporting Goods and a Harkins Theatres | $45 | | 100 | % | $45 | $17 |
4Q15 Dick's Sporting Goods 1Q16 Harkins Theaters |
8% | ||||||
Santa Monica Place |
Movie theater addition—Adding a 48,000 sf state-of-art, 12-screen Arclight Cinemas to the third level/Dining Deck | $33 | 100 | % | $33 | $24 | 4Q15 | 8% |
31
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of June 30, 2015
In-Process Developments and Redevelopments: (continued)
Property
|
Project Type | Total Cost(a)(b) at 100% |
Ownership % |
Total Cost(a)(b) Pro Rata |
Pro Rata Capitalized Costs(b) 6/30/2015 |
Expected Delivery(a) |
Stabilized Yield(a)(b)(c) |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Scottsdale Fashion Square |
135,000 sf addition to an existing 1.8 million sf Center, including a Dick's Sporting Goods and a Harkins Theatres | $30 | | 50 | % | $15 | $12 | 3Q15 | 10% | ||||||
Tysons Corner Center |
Mixed-use expansion/densification—Constructing office—Tysons Tower (527,000 sf), multifamily (430 units) and hotel (300-room Hyatt Regency) components immediately adjacent to Tysons Corner Center, all of which will be served by the expanded METRO line (opened July 2014) and tied together by a 1.5-acre plaza | * Office: $228 * Hotel: $136 * Multifamily: $160 |
50 | % | * Office: $114 * Hotel: $68 * Multifamily: $80 |
* Office: $104 * Hotel: $66 * Multifamily: $78 |
* Office: 3Q14 * Hotel: 2Q15 * Multifamily: 2Q15 |
8% | |||||||
| | | | | | | | | | | | | | | |
|
Total: $524 | Total: $262 | Total: $248 | ||||||||||||
| | | | | | | | | | | | | | | |
Total In-Process |
| $1,007 - $1,012 | | | $595 - $600 | $398 | | | |||||||
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
32
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of June 30, 2015
Shadow Pipeline of Developments and Redevelopments(d):
Property
|
Project Type | Total Cost(a)(b) at 100% |
Ownership % |
Total Cost(a)(b) Pro Rata |
Pro Rata Capitalized Costs(b) 6/30/2015 |
Expected Delivery(a) |
Stabilized Yield(a)(b)(c) |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
500 N. Michigan Ave (contiguous to The Shops at North Bridge) |
25,000 sf redevelopment/street retail | $20 - $25 | | 100 | % | $20 -$25 | $ | 5 | | 2016 - 2017 | 10% - 12% | |||||||
Fashion Outlets of Philadelphia at Market East |
Redevelopment of The Gallery in downtown Philadelphia | $200 - $250 | (e) | 50 | % | $100 - $125 | (e) | $ | 13 | 2017 - 2018 | 8% - 10%(e) | |||||||
Fashion Outlets of San Francisco |
A 500,000 sf outlet center on the historic site of Candlestick Park | $350 | | 50.1 | % | $175 | $ | 1 | | 2018 - 2019 | 7% - 9% | |||||||
Kings Plaza Shopping Center |
Major remerchandising and redemising of Sears | $65 - $75 | 100 | % | $65 - $75 | $ | 1 | 2017 - 2018 | 7% - 8% | |||||||||
Paradise Valley Mall |
Redevelopment (size TBD) including a theater | TBD | | 100 | % | TBD | $ | 1 | | TBD | TBD | |||||||
Scottsdale Fashion Square |
Office / Residential / Retail Mixed-use development on 7.5 Acres (former Days Inn) | $250 | 50 | % | $125 | $ | 0 | 2017 - 2018 | 8% | |||||||||
Tysons Corner Center |
Mixed-use Development, Residential Tower with retail ground floor. | $165 | | 50 | % | $83 | $ | 0 | | 2018 - 2019 | 7% - 8% | |||||||
Westside Pavilion |
Redevelopment of an existing 755,000 sf Center | TBD | 100 | % | TBD | $ | 0 | TBD | TBD | |||||||||
| | | | | | | | | | | | | | | | | | |
Total Shadow Pipeline |
| $1,050 - $1,115 | | | $568 - $608 | $ | 21 | | | | ||||||||
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
33
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 2015, 2014 and 2013 and dividends per share of common stock declared and paid by quarter:
|
Market Quotation per Share |
Dividends | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Quarter Ended:
|
High | Low | Declared and Paid |
|||||||
$ | 64.47 | $ | 57.66 | $ | 0.58 | |||||
$ | 72.19 | $ | 56.68 | $ | 0.58 | |||||
$ | 66.12 | $ | 55.19 | $ | 0.58 | |||||
$ | 60.76 | $ | 55.13 | $ | 0.62 | |||||
$ | 62.41 | $ | 55.21 | $ | 0.62 | |||||
$ | 68.28 | $ | 61.66 | $ | 0.62 | |||||
$ | 68.81 | $ | 62.62 | $ | 0.62 | |||||
$ | 85.55 | $ | 63.25 | $ | 0.65 | |||||
$ | 95.93 | $ | 81.61 | $ | 0.65 | |||||
$ | 86.31 | $ | 74.51 | $ | 0.65 |
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 800-567-0169.
|
|
|
||
---|---|---|---|---|
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 800-567-0169 www.computershare.com |
Macerich Website
For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com.
Investor Relations
Jean Wood Vice President, Investor Relations Phone: 424-229-3366 jean.wood@macerich.com |
John Perry Senior Vice President, Investor Relations Phone: 424-229-3345 john.perry@macerich.com |
34
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period End: | 7/23/15 | |||
7/7/15 | ||||
7/1/15 | ||||
6/30/15 | ||||
4/30/15 | 10-K/A | |||
3/31/15 | 10-Q, 8-K | |||
12/31/14 | 10-K, 10-K/A, 11-K | |||
9/30/14 | 10-Q | |||
7/30/14 | ||||
6/30/14 | 10-Q | |||
3/31/14 | 10-Q | |||
1/15/14 | ||||
12/31/13 | 10-K, 11-K | |||
9/30/13 | 10-Q | |||
8/1/13 | 4 | |||
6/30/13 | 10-Q | |||
3/31/13 | 10-Q | |||
List all Filings |