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Supplemental Financial Information
For the three and nine months ended September 30, 2008
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 | 4-5 | |
Supplemental FFO information | 4 | |
Capital expenditures | 5 | |
Operational data | 6-9 | |
Sales per square foot | 6 | |
Occupancy | 7 | |
Rent | 8 | |
Cost of occupancy | 9 | |
Balance sheet information | 10-16 | |
Summarized balance sheet information | 10 | |
Debt summary | 11 | |
Outstanding debt by maturity | 12-13 | |
2008 Summary of financing activity | 14 | |
2009 Summary of financing plan | 15 | |
2010 Summary of financing plan | 16 | |
Development Pipeline Forecast | 17 |
This supplemental financial information should be read in connection with the Company's third quarter 2008 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date November 4, 2008) as certain disclosures, definitions and reconciliations in such announcement have not been included in this supplemental financial information.
The Macerich Company
Supplemental Financial and Operating Information
Overview
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").
As of September 30, 2008, the Operating Partnership owned or had an ownership interest in 72 regional shopping centers and 19 community shopping centers aggregating approximately 77 million square feet of gross leasable area ("GLA"). These 91 regional and community shopping centers are referred to hereinafter as the "Centers", unless the context requires otherwise.
The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").
All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
This document contains information that constitutes forward-looking statements and includes information regarding expectations regarding the Company's refinancing, development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions; adverse changes in the real estate markets; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up. Real estate development, redevelopment and expansion activities are also subject to risks relating to the inability to obtain, or delays in obtaining, all necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K/A for the year ended December 31, 2007 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.
1
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
| Period Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9/30/2008 | 12/31/2007 | 12/31/2006 | 12/31/2005 | |||||||||
| dollars in thousands except per share data | ||||||||||||
Closing common stock price per share | $ | 63.65 | $ | 71.06 | $ | 86.57 | $ | 67.14 | |||||
52 week high | $ | 93.45 | $ | 103.59 | $ | 87.10 | $ | 71.22 | |||||
52 week low | $ | 51.52 | $ | 69.44 | $ | 66.70 | $ | 53.10 | |||||
Shares outstanding at end of period | |||||||||||||
Class A participating convertible preferred units | — | 2,855,393 | 2,855,393 | 2,855,393 | |||||||||
Class A non-participating convertible preferred units | 193,164 | 219,828 | 287,176 | 287,176 | |||||||||
Series A cumulative convertible redeemable preferred stock | — | 3,067,131 | 3,627,131 | 3,627,131 | |||||||||
Common shares and partnership units | 88,509,581 | 84,864,600 | 84,767,432 | 73,446,422 | |||||||||
Total common and equivalent shares/units outstanding | 88,702,745 | 91,006,952 | 91,537,132 | 80,216,122 | |||||||||
Portfolio capitalization data | |||||||||||||
Total portfolio debt, including joint ventures at pro rata | $ | 7,926,638 | $ | 7,507,559 | $ | 6,620,271 | $ | 6,863,690 | |||||
Equity market capitalization | 5,645,930 | 6,466,954 | 7,924,369 | 5,385,710 | |||||||||
Total market capitalization | $ | 13,572,568 | $ | 13,974,513 | $ | 14,544,640 | $ | 12,249,400 | |||||
Leverage ratio (%)(a) | 58.40 | % | 53.7 | % | 45.5 | % | 56.0 | % | |||||
Floating rate debt as a percentage of total market capitalization | 12.3 | % | 8.0 | % | 9.5 | % | 13.0 | % | |||||
Floating rate debt as a percentage of total debt | 21.08 | % | 14.8 | % | 20.8 | % | 35.7 | % |
- (a)
- Debt as a percentage of total market capitalization
Portfolio Capitalization at September 30, 2008
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 Participating Convertible Preferred Units ("PCPUs") | Class A Non-Participating Convertible Preferred Units ("NPCPUs") | Series A Cumulative Convertible Redeemable Preferred Stock | Total Common and Equivalent Shares/ Units | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance as of December 31, 2007 | 12,552,837 | 72,311,763 | 2,855,393 | 219,828 | 3,067,131 | 91,006,952 | |||||||||||||
Redemption of PCPUs in exchange for the distribution of interests in properties | (2,855,393 | ) | (2,855,393 | ) | |||||||||||||||
Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share or unit-based plans | 6,821 | 219,107 | 225,928 | ||||||||||||||||
Balance as of March 31, 2008 | 12,559,658 | 72,530,870 | — | 219,828 | 3,067,131 | 88,377,487 | |||||||||||||
Conversion of partnership units to common shares | (48,625 | ) | 48,625 | — | — | — | — | ||||||||||||
Conversion of partnership units to cash | (6,397 | ) | — | — | — | — | (6,397 | ) | |||||||||||
Conversion of NPCPUs to common shares | — | 9,999 | — | (9,999 | ) | — | — | ||||||||||||
Conversion of preferred stock to common shares | — | 2,022,860 | — | — | (2,022,860 | ) | — | ||||||||||||
Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share- or unit-based plans | — | 11,640 | — | — | — | 11,640 | |||||||||||||
Balance as of June 30, 2008 | 12,504,636 | 74,623,994 | — | 209,829 | 1,044,271 | 88,382,730 | |||||||||||||
Conversion of partnership units to common shares | (75,385 | ) | 75,385 | — | — | — | — | ||||||||||||
Conversion of partnership units to cash | (5,537 | ) | — | — | — | — | (5,537 | ) | |||||||||||
Conversion of NPCPUs to common shares | — | 16,665 | — | (16,665 | ) | — | — | ||||||||||||
Conversion of preferred stock to common shares | — | 1,044,271 | — | (1,044,271 | ) | — | |||||||||||||
Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share or unit based plans | — | 325,552 | — | — | — | 325,552 | |||||||||||||
Balance as of September 30, 2008 | 12,423,714 | 76,085,867 | — | 193,164 | — | 88,702,745 | |||||||||||||
3
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental Funds from Operations ("FFO") Information(a)
| As of September 30, | ||||||
---|---|---|---|---|---|---|---|
| 2008 | 2007 | |||||
Straight line rent receivable | $ | 60.8 | $ | 56.4 |
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | |||||||||
| dollars in millions | ||||||||||||
Lease termination fees | $ | 4.0 | $ | 5.1 | $ | 8.8 | $ | 11.6 | |||||
Straight line rental income | $ | 3.0 | $ | 4.1 | $ | 7.8 | $ | 8.9 | |||||
Gain on sales of undepreciated assets | $ | 0.6 | $ | 0.1 | $ | 3.6 | $ | 0.8 | |||||
Amortization of acquired above- and below-market leases (SFAS 141) | $ | 4.7 | $ | 4.0 | $ | 13.2 | $ | 11.5 | |||||
Amortization of debt premiums | $ | 2.7 | $ | 3.2 | $ | 8.2 | $ | 10.6 | |||||
Interest capitalized | $ | 11.9 | $ | 10.4 | $ | 28.7 | $ | 26.0 |
- (a)
- All joint venture amounts included at pro rata.
4
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures
| For the Nine Months Ended 9/30/2008 | Year Ended 12/31/2007 | Year Ended 12/31/2006 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
| dollars in millions | ||||||||||
Consolidated Centers | |||||||||||
Acquisitions of property and equipment | $ | 75.9 | $ | 387.9 | $ | 580.5 | |||||
Development, redevelopment and expansions of Centers | 382.6 | 545.9 | 184.3 | ||||||||
Renovations of Centers | 5.2 | 31.1 | 51.4 | ||||||||
Tenant allowances | 10.0 | 28.0 | 27.0 | ||||||||
Deferred leasing charges | 17.8 | 21.6 | 21.6 | ||||||||
Total | $ | 491.5 | $ | 1,014.5 | $ | 864.8 | |||||
Joint Venture Centers(a) | |||||||||||
Acquisitions of property and equipment | $ | 266.4 | $ | 24.8 | $ | 28.7 | |||||
Development, redevelopment and expansions of Centers | 30.1 | 33.5 | 48.8 | ||||||||
Renovations of Centers | 2.5 | 10.5 | 8.1 | ||||||||
Tenant allowances | 5.2 | 15.1 | 13.8 | ||||||||
Deferred leasing charges | 3.5 | 4.2 | 4.3 | ||||||||
Total | $ | 307.7 | $ | 88.1 | $ | 103.7 | |||||
- (a)
- All joint venture amounts at pro rata.
5
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Sales Per Square Foot(a)
| Wholly Owned Centers | Joint Venture Centers | Total Centers | |||||||
---|---|---|---|---|---|---|---|---|---|---|
9/30/2008(b) | $ | 442 | $ | 483 | $ | 463 | ||||
12/31/2007(c) | $ | 453 | $ | 488 | $ | 472 | ||||
12/31/2006 | $ | 435 | $ | 470 | $ | 452 | ||||
12/31/2005 | $ | 395 | $ | 440 | $ | 417 |
- (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 for regional malls.
- (b)
- Due to tenant sales reporting timelines, the data presented is as of August 31, 2008.
- (c)
- Due to tenant sales reporting timelines, the data presented is as of November 30, 2007. Sales per square foot were $472 after giving effect to the Rochester Redemption, including The Shops at North Bridge and excluding the Community/Specialty Centers.
6
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy
Period Ended | Wholly Owned Centers(a) | Joint Venture Centers(a) | Total Centers(a) | |||||||
---|---|---|---|---|---|---|---|---|---|---|
9/30/2008 | 92.2 | % | 93.3 | % | 92.8 | % | ||||
12/31/2007 | 92.8 | % | 94.0 | % | 93.5 | % | ||||
12/31/2006 | 93.0 | % | 94.2 | % | 93.6 | % | ||||
12/31/2005 | 93.2 | % | 93.8 | % | 93.5 | % |
- (a)
- Occupancy data excludes space under development and redevelopment.
7
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Rent
| Average Base Rent PSF(a) | Average Base Rent PSF on Leases Commencing During the Period(b) | Average Base Rent PSF on Leases Expiring(c) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Wholly Owned Centers | |||||||||||
9/30/2008 | $ | 41.15 | $ | 43.23 | $ | 35.14 | |||||
12/31/2007 | $ | 38.49 | $ | 43.23 | $ | 34.21 | |||||
12/31/2006 | $ | 37.55 | $ | 38.40 | $ | 31.92 | |||||
12/31/2005 | $ | 34.23 | $ | 35.60 | $ | 30.71 | |||||
Joint Venture Centers | |||||||||||
9/30/2008 | $ | 41.71 | $ | 48.67 | $ | 37.61 | |||||
12/31/2007 | $ | 38.72 | $ | 47.12 | $ | 34.87 | |||||
12/31/2006 | $ | 37.94 | $ | 41.43 | $ | 36.19 | |||||
12/31/2005 | $ | 36.35 | $ | 39.08 | $ | 30.18 |
- (a)
- Average base rent per square foot is based on Mall and Freestanding Store GLA for spaces 10,000 square feet and under, occupied as of the applicable date, for each of the Centers owned by the Company. Leases for Tucson La Encantada and the expansion area of Queens Center were excluded for Year 2005. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2007 and the nine months ended September 30, 2008. Leases for Santa Monica Place were excluded for the nine months ended September 30, 2008.
- (b)
- The average base rent per square foot on lease signings commencing during the period represents the actual rent to be paid during the first twelve months for tenants 10,000 square feet and under. Lease signings for Tucson La Encantada and the expansion area of Queens Center were excluded for Year 2005. Lease signings for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2007 and the nine months ended September 30, 2008. Lease signings for Santa Monica Place were excluded for the nine months ended September 30, 2008.
- (c)
- The average base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for all tenant leases 10,000 square feet and under expiring during the year. Leases for Tucson La Encantada and the expansion area of Queens Center were excluded for Year 2005. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2007 and the nine months ended September 30, 2008. Leases for Santa Monica Place were excluded for the nine months ended September 30, 2008.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
| For Years Ended December 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||||||||
Wholly Owned Centers | ||||||||||||
Minimum rents | 8.0 | % | 8.1 | % | 8.3 | % | ||||||
Percentage rents | 0.4 | % | 0.4 | % | 0.5 | % | ||||||
Expense recoveries(a) | 3.8 | % | 3.7 | % | 3.6 | % | ||||||
Total | 12.2 | % | 12.2 | % | 12.4 | % | ||||||
| For Years Ended December 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||||||||
Joint Venture Centers | ||||||||||||
Minimum rents | 7.3 | % | 7.2 | % | 7.4 | % | ||||||
Percentage rents | 0.5 | % | 0.6 | % | 0.5 | % | ||||||
Expense recoveries(a) | 3.2 | % | 3.1 | % | 3.0 | % | ||||||
Total | 11.0 | % | 10.9 | % | 10.9 | % | ||||||
- (a)
- Represents real estate tax and common area maintenance charges.
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Summarized Balance Sheet Information
| September 30, 2008 | December 31, 2007 | ||||||
---|---|---|---|---|---|---|---|---|
Cash and cash equivalents | $ | 48,822 | $ | 85,273 | ||||
Investment in real estate, net(a) | 6,404,703 | 6,187,473 | ||||||
Investment in unconsolidated entities(b) | 1,012,329 | 785,643 | ||||||
Total assets | 8,074,670 | 7,937,097 | ||||||
Mortgage and notes payable | 6,033,809 | 5,762,958 | ||||||
Pro rata share of debt on unconsolidated entities | 1,959,642 | $ | 1,820,411 |
- (a)
- Includes construction in process on wholly owned assets of $724,954 at September 30, 2008 and $442,670 at December 31, 2007.
- (b)
- The Company's pro rata share of construction in process on unconsolidated entities was $85,898 at September 30, 2008 and $68,627 at December 31, 2007.
10
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)
| As of September 30, 2008 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed Rate | Variable Rate(a) | Total | ||||||||
| dollars in thousands | ||||||||||
Consolidated debt | $ | 4,494,923 | $ | 1,472,073 | $ | 5,966,996 | |||||
Unconsolidated debt | 1,761,003 | 198,639 | 1,959,642 | ||||||||
Total debt | $ | 6,255,926 | $ | 1,670,712 | $ | 7,926,638 | |||||
Weighted average interest rate | 5.65 | % | 4.53 | % | 5.42 | % | |||||
Weighted average maturity (years) | 3.31 |
- (a)
- Excludes swapped floating rate debt. Swapped debt is included in the fixed debt category.
11
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date (at Company's pro rata share)
| As of September 30, 2008 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Center/Entity (dollars in thousands) | Maturity Date | Effective Interest Rate (a) | Fixed | Floating | Total Debt Balance (a) | |||||||||||
I. Consolidated Assets: | ||||||||||||||||
Queens Center | 03/01/09 | 7.11 | % | $ | 89,333 | $ | — | $ | 89,333 | |||||||
South Plains Mall | 03/01/09 | 8.29 | % | 57,987 | — | 57,987 | ||||||||||
Carmel Plaza | 05/01/09 | 8.18 | % | 25,922 | — | 25,922 | ||||||||||
Paradise Valley Mall | 05/01/09 | 5.89 | % | 20,507 | — | 20,507 | ||||||||||
Northridge Mall | 07/01/09 | 4.94 | % | 80,030 | — | 80,030 | ||||||||||
Wilton Mall | 11/01/09 | 4.79 | % | 43,121 | — | 43,121 | ||||||||||
Macerich Partnership Term Loan (b) | 04/26/10 | 6.50 | % | 448,125 | — | 448,125 | ||||||||||
Macerich Partnership Line of Credit (c) | 04/26/10 | 6.23 | % | 400,000 | — | 400,000 | ||||||||||
Vintage Faire Mall | 09/01/10 | 7.91 | % | 63,601 | — | 63,601 | ||||||||||
Santa Monica Place | 11/01/10 | 7.79 | % | 78,186 | — | 78,186 | ||||||||||
Valley View Center | 01/01/11 | 5.81 | % | 125,000 | — | 125,000 | ||||||||||
Danbury Fair Mall | 02/01/11 | 4.64 | % | 171,570 | — | 171,570 | ||||||||||
Shoppingtown Mall | 05/11/11 | 5.01 | % | 43,449 | — | 43,449 | ||||||||||
Capitola Mall | 05/15/11 | 7.13 | % | 37,966 | — | 37,966 | ||||||||||
Freehold Raceway Mall | 07/07/11 | 4.68 | % | 173,248 | — | 173,248 | ||||||||||
Pacific View | 08/31/11 | 7.25 | % | 81,205 | — | 81,205 | ||||||||||
Pacific View | 08/31/11 | 7.00 | % | 6,556 | — | 6,556 | ||||||||||
Rimrock Mall | 10/01/11 | 7.56 | % | 42,328 | — | 42,328 | ||||||||||
Prescott Gateway | 12/01/11 | 5.86 | % | 60,000 | — | 60,000 | ||||||||||
Hilton Village | 02/01/12 | 5.27 | % | 8,543 | — | 8,543 | ||||||||||
The Macerich Company—Convertible Senior Notes (d) | 03/15/12 | 3.66 | % | 943,441 | — | 943,441 | ||||||||||
Tucson La Encantada | 06/01/12 | 5.84 | % | 78,000 | — | 78,000 | ||||||||||
Chandler Fashion Center | 11/01/12 | 5.20 | % | 100,871 | — | 100,871 | ||||||||||
Chandler Fashion Center | 11/01/12 | 6.00 | % | 66,469 | — | 66,469 | ||||||||||
Towne Mall | 11/01/12 | 4.99 | % | 14,487 | — | 14,487 | ||||||||||
Deptford Mall | 01/15/13 | 5.41 | % | 172,500 | — | 172,500 | ||||||||||
Queens Center | 03/31/13 | 7.00 | % | 214,301 | — | 214,301 | ||||||||||
Greeley—Defeaseance | 09/01/13 | 6.34 | % | 27,204 | — | 27,204 | ||||||||||
FlatIron Crossing | 12/01/13 | 5.26 | % | 185,137 | — | 185,137 | ||||||||||
Great Northern Mall | 12/01/13 | 5.19 | % | 39,772 | — | 39,772 | ||||||||||
Fiesta Mall | 01/01/15 | 4.98 | % | 84,000 | — | 84,000 | ||||||||||
Fresno Fashion Fair | 08/01/15 | 6.76 | % | 169,854 | — | 169,854 | ||||||||||
Flagstaff Mall | 11/01/15 | 5.03 | % | 37,000 | — | 37,000 | ||||||||||
Valley River Center | 02/01/16 | 5.60 | % | 120,000 | — | 120,000 | ||||||||||
Salisbury, Center at | 05/01/16 | 5.83 | % | 115,000 | — | 115,000 | ||||||||||
Deptford Mall | 06/01/16 | 6.46 | % | 15,688 | — | 15,688 | ||||||||||
Chesterfield Towne Center | 01/01/24 | 9.07 | % | 54,522 | — | 54,522 | ||||||||||
Total Fixed Rate Debt for Consolidated Assets | 5.59 | % | $ | 4,494,923 | $ | — | $ | 4,494,923 | ||||||||
Twenty Ninth Street | 06/05/09 | 4.19 | % | $ | — | $ | 115,000 | $ | 115,000 | |||||||
La Cumbre Plaza | 08/09/09 | 3.87 | % | — | 30,000 | 30,000 | ||||||||||
Promenade at Casa Grande (e) | 08/16/09 | 5.02 | % | — | 49,706 | 49,706 | ||||||||||
Panorama Mall | 02/28/10 | 4.25 | % | — | 50,000 | 50,000 | ||||||||||
Macerich Partnership Line of Credit | 04/25/10 | 4.54 | % | — | 622,750 | 622,750 | ||||||||||
Cactus Power Center (f) | 03/14/11 | 4.54 | % | — | 339 | 339 | ||||||||||
Victor Valley, Mall of | 05/06/11 | 4.35 | % | — | 100,000 | 100,000 | ||||||||||
Westside Pavilion | 06/05/11 | 5.13 | % | — | 175,000 | 175,000 | ||||||||||
SanTan Village Regional Center (g) | 06/13/11 | 5.27 | % | — | 107,164 | 107,164 | ||||||||||
Oaks, The | 07/10/11 | 4.54 | % | — | 165,000 | 165,000 | ||||||||||
Oaks, The | 07/10/11 | 5.49 | % | — | 57,114 | 57,114 | ||||||||||
Total Floating Rate Debt for Consolidated Assets | 4.65 | % | $ | — | $ | 1,472,073 | $ | 1,472,073 | ||||||||
Total Debt for Consolidated Assets | 5.36 | % | $ | 4,494,923 | $ | 1,472,073 | $ | 5,966,996 | ||||||||
| | | | | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
II. Unconsolidated Assets: | ||||||||||||||||
Chandler Festival (50%) (h) | 10/01/08 | 4.37 | % | $ | 14,639 | $ | — | $ | 14,639 | |||||||
Chandler Gateway (50%) (i) | 10/01/08 | 5.19 | % | 9,265 | — | 9,265 | ||||||||||
Washington Square (51%) (j) | 02/01/09 | 6.72 | % | 48,623 | — | 48,623 | ||||||||||
Metrocenter Mall (15%) (k) | 02/09/09 | 5.34 | % | 16,800 | — | 16,800 | ||||||||||
Inland Center (50%) | 02/11/09 | 4.69 | % | 27,000 | — | 27,000 | ||||||||||
The Shops at North Bridge (50%) | 07/01/09 | 4.67 | % | 102,885 | — | 102,885 | ||||||||||
Biltmore Fashion Park (50%) | 07/10/09 | 4.70 | % | 36,989 | — | 36,989 |
12
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| As of September 30, 2008 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Center/Entity (dollars in thousands) | Maturity Date | Effective Interest Rate (a) | Fixed | Floating | Total Debt Balance (a) | |||||||||||
Redmond Office (51%) | 07/10/09 | 6.77 | % | $ | 32,035 | $ | — | $ | 32,035 | |||||||
Redmond Retail (51%) | 08/01/09 | 4.81 | % | 36,300 | — | 36,300 | ||||||||||
Corte Madera, The Village at (50.1%) | 11/01/09 | 7.75 | % | 32,214 | — | 32,214 | ||||||||||
Ridgmar (50%) | 04/11/10 | 6.11 | % | 28,700 | — | 28,700 | ||||||||||
Kitsap Mall/Place (51%) | 06/01/10 | 8.14 | % | 28,900 | — | 28,900 | ||||||||||
Cascade (51%) | 07/01/10 | 5.28 | % | 19,868 | — | 19,868 | ||||||||||
Stonewood Mall (51%) | 12/11/10 | 7.44 | % | 37,389 | — | 37,389 | ||||||||||
Arrowhead Towne Center (33.3%) | 10/01/11 | 6.38 | % | 26,150 | — | 26,150 | ||||||||||
SanTan Village Power Center (34.9%) | 02/01/12 | 5.33 | % | 15,705 | — | 15,705 | ||||||||||
NorthPark Center (50%) | 05/10/12 | 5.96 | % | 92,474 | — | 92,474 | ||||||||||
NorthPark Center (50%) | 05/10/12 | 8.33 | % | 41,250 | — | 41,250 | ||||||||||
NorthPark Land (50%) | 05/10/12 | 8.33 | % | 39,843 | — | 39,843 | ||||||||||
Kierland Greenway (24.5%) | 01/01/13 | 6.01 | % | 15,551 | — | 15,551 | ||||||||||
Kierland Main Street (24.5%) | 01/02/13 | 4.99 | % | 3,768 | — | 3,768 | ||||||||||
Scottsdale Fashion Square (50%) | 07/08/13 | 5.66 | % | 275,000 | — | 275,000 | ||||||||||
Tysons Corner (50%) | 02/17/14 | 4.78 | % | 166,567 | — | 166,567 | ||||||||||
Lakewood Mall (51%) | 06/01/15 | 5.43 | % | 127,500 | — | 127,500 | ||||||||||
Broadway Plaza (50%) (l) | 08/15/15 | 6.12 | % | 74,927 | — | 74,927 | ||||||||||
Eastland Mall (50%) | 06/01/16 | 5.80 | % | 84,000 | — | 84,000 | ||||||||||
Empire Mall (50%) | 06/01/16 | 5.81 | % | 88,150 | — | 88,150 | ||||||||||
Granite Run (50%) | 06/01/16 | 5.84 | % | 59,331 | — | 59,331 | ||||||||||
Mesa Mall (50%) | 06/01/16 | 5.82 | % | 43,625 | — | 43,625 | ||||||||||
Rushmore (50%) | 06/01/16 | 5.82 | % | 47,000 | — | 47,000 | ||||||||||
Southern Hills (50%) | 06/01/16 | 5.82 | % | 50,750 | — | 50,750 | ||||||||||
Valley Mall (50%) | 06/01/16 | 5.85 | % | 23,100 | — | 23,100 | ||||||||||
West Acres (19%) | 10/01/16 | 6.41 | % | 12,861 | — | 12,861 | ||||||||||
Wilshire Building (30%) | 01/01/33 | 6.35 | % | 1,844 | — | 1,844 | ||||||||||
Total Fixed Rate Debt for Unconsolidated Assets | 5.81 | % | $ | 1,761,003 | $ | — | $ | 1,761,003 | ||||||||
Kierland Tower Lofts (15%) | 12/14/08 | 5.00 | % | $ | — | $ | 1,973 | $ | 1,973 | |||||||
Washington Square (51%) | 02/01/09 | 4.49 | % | — | 16,206 | 16,206 | ||||||||||
Metrocenter Mall (15%) | 02/09/09 | 8.02 | % | — | 3,240 | 3,240 | ||||||||||
Desert Sky Mall (50%) | 03/06/09 | 3.59 | % | — | 25,750 | 25,750 | ||||||||||
NorthPark Land (50%) | 08/30/09 | 5.00 | % | — | 3,500 | 3,500 | ||||||||||
Superstition Springs Center (33.3%) | 09/09/09 | 2.87 | % | — | 22,498 | 22,498 | ||||||||||
Camelback Colonnade (75%) | 10/09/09 | 3.18 | % | — | 31,125 | 31,125 | ||||||||||
Boulevard Shops (50%) | 12/17/10 | 4.09 | % | — | 10,700 | 10,700 | ||||||||||
Chandler Village Center (50%) | 01/15/11 | 3.64 | % | — | 8,643 | 8,643 | ||||||||||
Market at Estrella Falls (35.1%) | 06/01/11 | 5.59 | % | — | 8,704 | 8,704 | ||||||||||
Los Cerritos Center (51%) | 07/01/11 | 3.20 | % | — | 66,300 | 66,300 | ||||||||||
Total Floating Rate Debt for Unconsolidated Assets | 3.62 | % | $ | — | $ | 198,639 | $ | 198,639 | ||||||||
Total Debt for Unconsolidated Assets | 5.59 | % | $ | 1,761,003 | $ | 198,639 | $ | 1,959,642 | ||||||||
Total Debt (at Company's pro rata share) | 5.42 | % | $ | 6,255,926 | $ | 1,670,712 | $ | 7,926,638 | ||||||||
Percentage to Total | 78.92 | % | 21.08 | % | 100.00 | % |
- a)
- The debt balances include the unamortized debt premiums/discounts. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and 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 above table represents the effective interest rate, including the debt premiums/discounts and loan financing costs.
- (b)
- This debt has an interest rate swap agreement which effectively fixed the interest rate from December 1, 2005 to April 25, 2010.
- (c)
- This debt has an interest rate swap agreement which effectively fixed the interest rate from September 12, 2006 to April 25, 2011.
- (d)
- These convertible senior notes were issued on 3/16/07 in an aggregate amount of $950.0 million. The above table includes the unamortized discount of $6.6 million and the annual interest rate represents the effective interest rate, including the discount.
- (e)
- This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
- (f)
- This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 52.2%.
- (g)
- This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.7%.
- (h)
- On October 1, 2008, this loan was refinanced for $29.7 million at a fixed interest rate of 6.15% maturing November 1, 2015.
- (i)
- On October 1, 2008, this loan was refinanced for $18.9 million at a fixed interest rate of 6.15% maturing November 1, 2015.
- (j)
- The Company has reached agreement on a $250 million, seven year fixed rate loan at 6.00% and expects to close the loan in 2008.
- (k)
- This debt has an interest rate swap agreement which effectively fixed the interest rate from January 15, 2005 to February 15, 2009.
- (l)
- On July 31, 2008, the joint venture replaced the existing loan on the property with a new $150.0 million loan, bearing interest at 6.11%.
13
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2008 Summary of Financing Activity (at Company's pro rata share)
Center/Entity (dollars in thousands) | Sales PSF as of 12/31/07 | Maturity Date | Total Debt Maturing in 2008 (Balance at Refinance) | Less Debt with Extension Options | Net Debt Maturing in 2008 | New Loan Proceeds | Unfunded New Loan Proceeds— construction loans | Net Proceeds Over Existing Loan | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financings completed in 2008: | |||||||||||||||||||||||||
Victor Valley | $ | 480 | Yr 2008 | $ | 51,000 | $ | — | $ | 51,000 | $ | 100,000 | $ | — | $ | 49,000 | ||||||||||
SanTan Regional Mall (84.7%) (a) | n/a | n/a | — | — | — | 99,146 | 27,964 | 127,110 | |||||||||||||||||
Westside Pavilion | $ | 481 | Yr 2008 | 91,271 | — | 91,271 | 175,000 | — | 83,729 | ||||||||||||||||
Fresno Fashion Fair | $ | 545 | Yr 2008 | 63,068 | — | 63,068 | 170,000 | — | 106,932 | ||||||||||||||||
Oaks, The (b) | n/a | n/a | — | — | — | 222,000 | 78,000 | 300,000 | |||||||||||||||||
Broadway Plaza (50%) | $ | 768 | Yr 2008 | 29,428 | — | 29,428 | 75,000 | — | 45,572 | ||||||||||||||||
Estrella Falls Marketplace (35.1%) (c) | n/a | n/a | — | — | — | — | 28,080 | 28,080 | |||||||||||||||||
Cactus Power Center (52.2%) (d) | n/a | n/a | — | — | — | — | 52,722 | 52,722 | |||||||||||||||||
Chandler Festival (50%)—closed 10/1/08 | $ | 287 | Yr 2008 | 14,639 | — | 14,639 | 14,850 | — | 211 | ||||||||||||||||
Chandler Gateway (50%)—closed 10/1/08 | $ | 396 | Yr 2008 | 9,265 | — | 9,265 | 9,450 | — | 185 | ||||||||||||||||
South Towne—closed 10/16/08 | $ | 433 | Yr 2008 | 64,000 | — | 64,000 | 90,000 | — | 26,000 | ||||||||||||||||
Village Fair North | $ | 235 | Yr 2008 | 10,880 | — | 10,880 | — | — | (10,880 | ) | |||||||||||||||
2008 maturities extended: | |||||||||||||||||||||||||
Camelback Colonnade (75%) | 10/09/09 | 31,125 | 31,125 | — | — | — | — | ||||||||||||||||||
Desert Sky (50%) | 03/06/09 | 25,750 | 25,750 | — | — | — | — | ||||||||||||||||||
La Cumbre Plaza | 08/09/09 | 30,000 | 30,000 | — | — | — | — | ||||||||||||||||||
NorthPark Land (50%) | 08/30/09 | 3,500 | 3,500 | — | — | — | — | ||||||||||||||||||
Superstition Springs Center (33%) | 09/09/09 | 22,498 | 22,498 | — | — | — | — | ||||||||||||||||||
Remaining 2008 maturities: | |||||||||||||||||||||||||
Kierland Tower Lofts (15%) (e) | 12/14/08 | 1,973 | — | 1,973 | 1,973 | — | — | ||||||||||||||||||
Total / Average | $ | 453 | $ | 448,397 | $ | 112,873 | $ | 335,524 | $ | 957,419 | $ | 186,766 | $ | 808,661 | |||||||||||
- (a)
- This is a construction loan of $150 million (Company's pro rata share is $127.1 million). The remainder is anticipated to fund in 2008 and 2009.
- (b)
- This is a construction loan of $300 million. The remainder is anticipated to fund in 2008 and 2009.
- (c)
- This is a construction loan of $101 million (Company's pro rata share is $52.7 million), to be funded as project is completed.
- (d)
- This is a construction loan of $80 million (Company's pro rata share is $28.1 million), to be funded as project is completed.
- (e)
- This loan is currently under negotiation for a two year extension.
14
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2009 Summary of Financing Plan (at Company's pro rata share)
Center/Entity (dollars in thousands) | Sales PSF as of 12/31/07 | Maturity Date | Total Debt Maturing in 2009 (Balance as of 9/30/08) | Less Debt with Extension Options | Net Debt Maturing in 2009 | Estimated New Loan Range—Low End (a) | Estimated New Loan Range—High End (a) | Estimated Net Proceeds Over Existing Loan—@ Low End of Range (a) | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2009 loans maturing: | |||||||||||||||||||||||||
Biltmore Fashion Park (50%) | $ | 821 | 07/10/09 | $ | 36,989 | $ | 36,989 | $ | 50,000 | $ | 55,000 | $ | 13,011 | ||||||||||||
Carmel Plaza | $ | 551 | 05/01/09 | 25,922 | 25,922 | 28,000 | 32,000 | 2,078 | |||||||||||||||||
Corte Madera, The Village at (50.1%) | $ | 875 | 11/01/09 | 32,214 | 32,214 | 70,000 | 75,000 | 37,786 | |||||||||||||||||
Inland Center (50%) | $ | 463 | 02/11/09 | 27,000 | 27,000 | 30,000 | 35,000 | 3,000 | |||||||||||||||||
La Cumbre Plaza | $ | 446 | 08/09/09 | 30,000 | 30,000 | 27,000 | 32,000 | (3,000 | ) | ||||||||||||||||
Northridge Mall | $ | 350 | 07/01/09 | 80,030 | 80,030 | 100,000 | 110,000 | 19,970 | |||||||||||||||||
Paradise Valley Mall | $ | 368 | 05/01/09 | 20,507 | 20,507 | 135,000 | 145,000 | 114,493 | |||||||||||||||||
Queens Center | $ | 845 | 03/01/09 | 89,333 | 89,333 | 160,000 | 170,000 | 70,667 | |||||||||||||||||
Redmond Office (51%) | n/a | 07/10/09 | 32,035 | 32,035 | 35,000 | 40,000 | 2,965 | ||||||||||||||||||
Redmond Retail (51%) | $ | 382 | 08/01/09 | 36,300 | 36,300 | 35,000 | 40,000 | (1,300 | ) | ||||||||||||||||
South Plains Mall | $ | 370 | 03/01/09 | 57,987 | 57,987 | 90,000 | 100,000 | 32,013 | |||||||||||||||||
The Shops at North Bridge (50%) | $ | 843 | 07/01/09 | 102,885 | 102,885 | 125,000 | 135,000 | 22,115 | |||||||||||||||||
Wilton Mall | $ | 325 | 11/01/09 | 43,121 | 43,121 | 50,000 | 60,000 | 6,879 | |||||||||||||||||
Washington Square (51%) (b) | $ | 709 | 02/01/09 | 48,623 | 48,623 | 127,500 | 127,500 | 78,877 | |||||||||||||||||
Washington Square (51%) | 02/01/09 | 16,206 | 16,206 | — | — | (16,206 | ) | ||||||||||||||||||
2009 loans with extension options: | |||||||||||||||||||||||||
Camelback Colonnade (75%) | 10/09/09 | 31,125 | $ | 31,125 | — | — | — | — | |||||||||||||||||
Desert Sky Mall (50%) | 03/06/09 | 25,750 | 25,750 | — | — | — | — | ||||||||||||||||||
Metrocenter Mall (15%) | 02/09/09 | 3,240 | 3,240 | — | — | — | — | ||||||||||||||||||
Metrocenter Mall (15%) | 02/09/09 | 16,800 | 16,800 | — | — | — | — | ||||||||||||||||||
NorthPark Land (50%) | 08/30/09 | 3,500 | 3,500 | — | — | — | — | ||||||||||||||||||
Promenade at Casa Grande (51.3%) | 08/16/09 | 49,706 | 49,706 | — | — | — | — | ||||||||||||||||||
Superstition Springs Center (33.3%) | 09/09/09 | 22,498 | 22,498 | — | — | — | — | ||||||||||||||||||
2009 loans under negotiation for extension: | |||||||||||||||||||||||||
Twenty Ninth Street (c) | 06/05/09 | 115,000 | 115,000 | — | — | — | — | ||||||||||||||||||
Total / Average | $ | 565 | $ | 946,771 | $ | 267,619 | $ | 679,152 | $ | 1,062,500 | $ | 1,156,500 | $ | 383,348 | |||||||||||
- (a)
- This information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information provided in this table.
- (b)
- This refinancing is under contract for $250 million (Company's pro rata share is $127.5 million) for a 7 year fixed rate loan at 6.0% and is anticipated to close in Year 2008.
- (c)
- This loan is currently under negotiation for a three year extension.
15
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2010 Summary of Financing Plan (at Company's pro rata share)
Center/Entity (dollars in thousands) | Sales PSF as of 12/31/07 | Maturity Date | Total Debt Maturing in 2010 (Balance as of 9/30/08) | Less Debt with Extension Options | Net Debt Maturing in 2010 | Estimated New Loan Range—Low End (a) | Estimated New Loan Range—High End (a) | Estimated Net Proceeds Over Existing Loan—@ Low End of Range (a) | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2010 loans Maturing: | |||||||||||||||||||||||||
Camelback Colonnade (75%) | $ | 330 | 10/09/10 | $ | 31,125 | $ | 0 | $ | 31,125 | $ | 42,000 | $ | 49,000 | $ | 10,875 | ||||||||||
Metrocenter Mall (15%) | $ | 345 | 02/09/10 | 20,040 | 0 | 20,040 | 14,000 | 16,000 | (6,040 | ) | |||||||||||||||
Vintage Faire Mall | $ | 562 | 09/01/10 | 63,601 | 0 | 63,601 | 183,000 | 217,000 | 119,399 | ||||||||||||||||
Santa Monica Place | n/a | 11/01/10 | 78,186 | 0 | 78,186 | 270,000 | 309,000 | 191,814 | |||||||||||||||||
Ridgmar (50%) | $ | 323 | 04/11/10 | 28,700 | 0 | 28,700 | 31,000 | 37,000 | 2,300 | ||||||||||||||||
Kitsap Mall/Place (51%) | $ | 407 | 06/01/10 | 28,900 | 0 | 28,900 | 42,000 | 50,000 | 13,100 | ||||||||||||||||
Cascade (51%) | $ | 355 | 07/01/10 | 19,868 | 0 | 19,868 | 19,000 | 23,000 | (868 | ) | |||||||||||||||
Stonewood Mall (51%) | $ | 449 | 12/11/10 | 37,389 | 0 | 37,389 | 78,000 | 92,000 | 40,611 | ||||||||||||||||
Boulevard Shops (50%) | $ | 421 | 12/17/10 | 10,700 | 0 | 10,700 | 14,000 | 16,000 | 3,300 | ||||||||||||||||
Macerich Partnership Term Loan | n/a | 04/26/10 | 448,125 | 0 | 448,125 | 350,000 | 450,000 | (98,125 | ) | ||||||||||||||||
2010 loans with extension options: | |||||||||||||||||||||||||
Macerich Line of Credit | 04/26/10 | 1,022,750 | 1,022,750 | — | — | — | — | ||||||||||||||||||
NorthPark Land (50%) | 08/30/10 | 3,500 | 3,500 | ||||||||||||||||||||||
Panorama Mall | 02/28/10 | 50,000 | 50,000 | — | — | — | |||||||||||||||||||
Promenade at Casa Grande (51.3%) | 08/16/10 | 49,706 | 49,706 | — | — | — | — | ||||||||||||||||||
Superstition Springs Center (33.3%) | 09/09/10 | 22,498 | 22,498 | — | — | — | — | ||||||||||||||||||
Desert Sky Mall (50%) | 03/06/10 | 25,750 | 25,750 | — | — | — | — | ||||||||||||||||||
Total / Average | $ | 399 | $ | 1,940,838 | $ | 1,174,204 | $ | 766,634 | $ | 1,043,000 | $ | 1,259,000 | $ | 276,366 | |||||||||||
- (a)
- This information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information in this table.
16
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
as of November 4, 2008
| | | | | | | | 2008 | 2009 | 2010 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Estimated Project Size (a) | Estimated Total Project Cost (a) | | Estimated Pro rata Project Cost (a) | Estimated Completion Date (a) | ||||||||||||||||||||||
Property | Location | Project Type | Ownership % | COST | COST | COST | |||||||||||||||||||||||
REDEVELOPMENT | |||||||||||||||||||||||||||||
Scottsdale Fashion Square | Scottsdale, AZ | Expansion—Barneys New York/Retail | 170,000 | $ | 143,000,000 | 50 | % | $ | 71,500,000 | 2009/2010 | $ | 60,775,000 | $ | 10,725,000 | |||||||||||||||
Vintage Faire Mall | Modesto, CA | Expansion—Lifestyle Village | 60,000 | $ | 27,000,000 | 100 | % | $ | 27,000,000 | 2008/2009 | $ | 23,000,000 | $ | 4,000,000 | |||||||||||||||
The Oaks | Thousand Oaks, CA | Expansion | 97,288 | $ | 250,000,000 | 100 | % | $ | 250,000,000 | 2008/2009 | $ | 200,000,000 | $ | 50,000,000 | |||||||||||||||
FlatIron Crossing | Broomfield, CO | Redevelopment—Lord & Taylor Building/Re-Tenanting | 100,000 | $ | 17,000,000 | 100 | % | $ | 17,000,000 | 2009/2010 | $ | 14,000,000 | $ | 3,000,000 | |||||||||||||||
Northgate Mall | San Rafael, CA | New Retail Development | 725,000 | $ | 79,000,000 | 100 | % | $ | 79,000,000 | 2009/2010 | $ | 50,000,000 | $ | 29,000,000 | |||||||||||||||
Santa Monica Place | Santa Monica, CA | New Mall Development | 550,000 | $ | 265,000,000 | 100 | % | $ | 265,000,000 | 2009/2010 | $ | 225,250,000 | $ | 39,750,000 | |||||||||||||||
Fiesta Mall | Mesa, AZ | Anchor Replacement—Dick's Sporting Goods/Best Buy | 110,000 | $ | 50,000,000 | 100 | % | $ | 50,000,000 | 2009 | $ | 50,000,000 | |||||||||||||||||
Lakewood Mall | Lakewood, CA | Anchor Addition—Costco | 160,000 | $ | 23,000,000 | 51 | % | $ | 11,730,000 | 2009 | $ | 11,730,000 | |||||||||||||||||
La Cumbre Plaza | Santa Barbara, CA | Renovation | $ | 22,000,000 | 100 | % | $ | 22,000,000 | 2008/2009/2010 | $ | 7,500,000 | $ | 11,800,000 | $ | 2,700,000 | ||||||||||||||
TOTAL | 1,972,288 | $ | 876,000,000 | $ | 793,230,000 | $ | 230,500,000 | $ | 477,555,000 | $ | 85,175,000 | ||||||||||||||||||
GROUND UP DEVELOPMENT | |||||||||||||||||||||||||||||
Estrella Falls | Goodyear, AZ | Regional Mall | 1,000,000 | $ | 210,000,000 | 84.2 | % | $ | 176,820,000 | 2010/2011 | $ | 88,410,000 | |||||||||||||||||
Market at Estrella Falls | Goodyear, AZ | Power Center | 500,000 | $ | 90,000,000 | 35.1 | % | $ | 31,590,000 | 2008/2009/2010 | $ | 18,900,000 | $ | 9,450,000 | $ | 3,240,000 | |||||||||||||
Prasada—Waddell Center West | Surprise, AZ | Power Center | 525,841 | $ | 58,000,000 | 50.0 | % | $ | 29,000,000 | 2010/2011 | $ | 14,500,000 | |||||||||||||||||
Prasada—Cactus Power Center | Surprise, AZ | Power Center | 683,563 | $ | 132,000,000 | 52.2 | % | $ | 68,904,000 | 2010/2011 | $ | 34,452,000 | |||||||||||||||||
TOTAL | 2,709,404 | $ | 490,000,000 | $ | 306,314,000 | $ | 18,900,000 | $ | 9,450,000 | $ | 140,602,000 | ||||||||||||||||||
GRAND TOTAL | 4,681,692 | $ | 1,366,000,000 | $ | 1,099,544,000 | $ | 249,400,000 | $ | 487,005,000 | $ | 225,777,000 |
NOTES
(a)—Much of this information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information provided in this table.
17
The Macerich Company Supplemental Financial and Operating Information Table of Contents
The Macerich Company Supplemental Financial and Operating Information Overview
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Information and Market Capitalization
Portfolio Capitalization at September 30, 2008
The Macerich Company Supplemental Financial and Operating Information (unaudited) Changes in Total Common and Equivalent Shares/Units
The Macerich Company Supplemental Financial and Operating Information (unaudited) Supplemental Funds from Operations ("FFO") Information(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Expenditures
The Macerich Company Supplemental Financial and Operating Information (unaudited) Sales Per Square Foot(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Occupancy
The Macerich Company Supplemental Financial and Operating Information (unaudited) Rent
The Macerich Company Supplemental Financial and Operating Information (unaudited) Cost of Occupancy
The Macerich Company Supplemental Financial and Operating Information (unaudited) Summarized Balance Sheet Information
The Macerich Company Supplemental Financial and Operating Information (unaudited) Debt Summary (at Company's pro rata share)
The Macerich Company Supplemental Financial and Operating Information (Unaudited) Outstanding Debt by Maturity Date (at Company's pro rata share)
The Macerich Company Supplemental Financial and Operating Information (Unaudited) Outstanding Debt by Maturity Date