Supplemental Financial Information
For the three months ended March 31, 2012
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 | |
Average base rent per square foot | 8 | |
Cost of occupancy | 9 | |
Balance Sheet Information | 10-13 | |
Consolidated Balance Sheets of the Company as of March 31, 2012 and December 31, 2011 (unaudited) | 10 | |
Debt summary | 11 | |
Outstanding debt by maturity date | 12 | |
Top Ten Tenants | 14 |
This supplemental financial information should be read in connection with the Company's first quarter 2012 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date May 2, 2012) 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 March 31, 2012, the Operating Partnership owned or had an ownership interest in 65 regional shopping centers and 11 community shopping centers aggregating approximately 65 million square feet of gross leasable area ("GLA"). These 76 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.
On December 31, 2011, the Company and its joint venture partner reached an agreement for the distribution and conveyance of interests in SDG Macerich Properties, L.P., a Delaware limited partnership ("SDG Macerich") that owned 11 regional malls in a 50/50 partnership. Six of the eleven assets were distributed to the Company on December 31, 2011. Macerich received 100% ownership of Eastland Mall in Evansville, Indiana, Lake Square Mall in Leesburg, Florida, NorthPark Mall in Davenport, Iowa, SouthPark Mall in Moline, Illinois, Southridge Mall in Des Moines, Iowa, and Valley Mall in Harrisonburg, Virginia (collectively referred to herein as the "SDG Acquisition Properties").
As of December 1, 2011, the Prescott Gateway non-recourse loan was in maturity default. The Company is negotiating with the loan servicer. The outcome is uncertain at this time.
On July 15, 2010, a court-appointed receiver assumed operational control of Valley View Center and responsibility for managing all aspects of the property. Valley View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date. Consequently, Valley View Center has been excluded from the Debt Summary and Outstanding Debt by Maturity Date as of March 31, 2012. Furthermore, Valley View Center has been excluded from certain Non-GAAP operating measures in 2010, 2011 and 2012 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.
1
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
| | Period Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| | 3/31/2012 | 12/31/2011 | 12/31/2010 | |||||||
| | dollars in thousands, except per share data | |||||||||
Closing common stock price per share | $ | 57.75 | $ | 50.60 | $ | 47.37 | ||||
52 week high | $ | 58.09 | $ | 56.50 | $ | 49.86 | ||||
52 week low | $ | 38.64 | $ | 38.64 | $ | 29.30 | ||||
Shares outstanding at end of period | ||||||||||
Class A non-participating convertible preferred units | 208,640 | 208,640 | 208,640 | |||||||
Common shares and partnership units | 144,012,888 | 143,178,521 | 142,048,985 | |||||||
Total common and equivalent shares/units outstanding | 144,221,528 | 143,387,161 | 142,257,625 | |||||||
Portfolio capitalization data | ||||||||||
Total portfolio debt, including joint ventures at pro rata(a) | $ | 5,970,323 | $ | 5,903,805 | $ | 5,854,780 | ||||
Equity market capitalization | 8,328,793 | 7,255,390 | 6,738,744 | |||||||
Total market capitalization | $ | 14,299,116 | $ | 13,159,195 | $ | 12,593,524 | ||||
Leverage ratio(b) | 41.8 | % | 44.9 | % | 46.5 | % | ||||
- (a)
- Excludes Valley View Center.
- (b)
- Debt as a percentage of market capitalization.
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, 2011 | 11,025,077 | 132,153,444 | 208,640 | 143,387,161 | |||||||||
Conversion of partnership units to cash | (195 | ) | — | — | (195 | ) | |||||||
Conversion of partnership units to common shares | (23,351 | ) | 23,351 | — | — | ||||||||
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans | 285,000 | 549,562 | — | 834,562 | |||||||||
Balance as of March 31, 2012 | 11,286,531 | 132,726,357 | 208,640 | 144,221,528 | |||||||||
3
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental Funds from Operations ("FFO") Information(a)
| | |||||||
|---|---|---|---|---|---|---|---|
| | As of March 31, | ||||||
| | 2012 | 2011 | |||||
Straight line rent receivable | $ | 73.7 | $ | 73.0 | |||
| | |||||||
|---|---|---|---|---|---|---|---|
| | For the Three Months Ended March 31, | ||||||
| | 2012 | 2011 | |||||
| | dollars in millions | ||||||
Lease termination fees | $ | 2.9 | $ | 2.1 | |||
Straight line rental income | $ | 1.1 | $ | (0.3 | ) | ||
Gain on sales of undepreciated assets | $ | — | $ | 0.6 | |||
Amortization of acquired above- and below-market leases | $ | 3.5 | $ | 2.9 | |||
Amortization of debt (discounts)/premiums | $ | (1.1 | ) | $ | (2.1 | ) | |
Interest capitalized | $ | 3.9 | $ | 4.5 | |||
- (a)
- All joint venture amounts included at pro rata.
4
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures
| | | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | For the Three Months Ended 3/31/12 | For the Three Months Ended 3/31/11 | Year Ended 12/31/11 | Year Ended 12/31/10 | ||||||||||
| | dollars in millions | |||||||||||||
Consolidated Centers(a) | ||||||||||||||
Acquisitions of property and equipment | $ | 72.6 | $ | 38.0 | $ | 314.6 | $ | 12.9 | ||||||
Development, redevelopment, expansions and renovations of Centers | 15.1 | 21.2 | 88.8 | 214.8 | ||||||||||
Tenant allowances | 3.9 | 3.1 | 19.4 | 22.0 | ||||||||||
Deferred leasing charges | 8.5 | 9.5 | 29.3 | 24.5 | ||||||||||
Total | $ | 100.1 | $ | 71.8 | $ | 452.1 | $ | 274.2 | ||||||
Unconsolidated Joint Venture Centers(a) | ||||||||||||||
Acquisitions of property and equipment | $ | 0.2 | $ | 61.4 | $ | 143.4 | $ | 6.1 | ||||||
Development, redevelopment, expansions and renovations of Centers | 11.5 | 8.7 | 37.7 | 42.3 | ||||||||||
Tenant allowances | 0.8 | 1.3 | 8.4 | 8.1 | ||||||||||
Deferred leasing charges | 1.4 | 1.5 | 4.9 | 4.7 | ||||||||||
Total | $ | 13.9 | $ | 72.9 | $ | 194.4 | $ | 61.2 | ||||||
- (a)
- All joint venture amounts at pro rata.
5
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Sales Per Square Foot(a)
| | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| | Consolidated Centers | Unconsolidated Joint Venture Centers | Total Centers | |||||||
03/31/12(b)(c) | $ | 429 | $ | 614 | $ | 504 | ||||
03/31/11(b)(c) | $ | 400 | $ | 494 | $ | 449 | ||||
12/31/2011(b)(c) | $ | 417 | $ | 597 | $ | 489 | ||||
12/31/2010(b)(c)(d) | $ | 392 | $ | 468 | $ | 433 | ||||
- (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 shopping centers. Sales per square foot excludes Centers under development and redevelopment.
- (b)
- The SDG Acquisition Properties are included in Consolidated Centers at March 31, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at March 31, 2011 and December 31, 2010.
- (c)
- The sales per square foot for all periods above excludes Valley View Center.
- (d)
- The sales per square foot for Year 2010 exclude Santa Monica Place which opened in August 2010.
6
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy(a)
| | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
All Shopping Centers: Period Ended | Consolidated Centers(b)(c) | Unconsolidated Joint Venture Centers(b) | Total | |||||||
03/31/2012 | 91.8% | 92.4% | 92.1% | |||||||
03/31/2011 | 93.1% | 91.7% | 92.3% | |||||||
12/31/2011 | 92.8% | 92.3% | 92.6% | |||||||
12/31/2010 | 93.5% | 92.3% | 92.9% | |||||||
- (a)
- Occupancy is the percentage of Mall and Freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.
- (b)
- The SDG Acquisition Properties are included in Consolidated Centers at March 31, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at March 31, 2011 and December 31, 2010.
- (c)
- Occupancy of Valley View Center is excluded for all periods above.
7
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 | |||||||||||
03/31/12 | $ | 38.92 | $ | 39.95 | $ | 35.74 | |||||
03/31/11 | $ | 39.35 | $ | 36.41 | $ | 36.67 | |||||
12/31/2011(e)(f) | $ | 38.78 | $ | 38.35 | $ | 35.84 | |||||
12/31/2010(f) | $ | 37.93 | $ | 34.99 | $ | 37.02 | |||||
Unconsolidated Joint Venture Centers | |||||||||||
03/31/12 | $ | 54.98 | $ | 53.00 | $ | 44.78 | |||||
03/31/11 | $ | 47.59 | $ | 49.15 | $ | 38.54 | |||||
12/31/2011 | $ | 53.72 | $ | 50.00 | $ | 38.98 | |||||
12/31/2010(e) | $ | 46.16 | $ | 48.90 | $ | 38.39 | |||||
- (a)
- Average base rent per square foot is based on spaces 10,000 square feet and under. Centers under development and redevelopment are excluded.
- (b)
- Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.
- (c)
- The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.
- (d)
- The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.
- (e)
- The SDG Acquisition Properties are included in Consolidated Centers at March 31, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at March 31, 2011 and December 31, 2010.
- (f)
- The leases for Valley View Center are excluded for all periods above.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
| | | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| | For Years Ended December 31, | ||||||||
| | 2011(a)(b) | 2010(b) | |||||||
Consolidated Centers | |||||||||
Minimum rents | 8.2 | % | 8.6 | % | |||||
Percentage rents | 0.5 | % | 0.4 | % | |||||
Expense recoveries(c) | 4.1 | % | 4.4 | % | |||||
Total | 12.8 | % | 13.4 | % | |||||
| | | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| | For Years Ended December 31, | ||||||||
| | 2011 | 2010(a) | |||||||
Unconsolidated Joint Venture Centers | |||||||||
Minimum rents | 9.1 | % | 9.1 | % | |||||
Percentage rents | 0.4 | % | 0.4 | % | |||||
Expense recoveries(c) | 3.9 | % | 4.0 | % | |||||
Total | 13.4 | % | 13.5 | % | |||||
- (a)
- The SDG Acquisition properties are included as Consolidated Centers in Year 2011. These Centers are included with Unconsolidated Joint Venture Centers in Year 2010.
- (b)
- The cost of occupancy excludes Valley View Center in all periods above.
- (c)
- Represents real estate tax and common area maintenance charges.
9
The Macerich Company
Supplemental Financial and Operating Information
Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except share data)
| | March 31, 2012 | December 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||
Property, net(a) | $ | 6,090,562 | $ | 6,079,043 | ||||||
Assets held for sale | 39,405 | — | ||||||||
Cash and cash equivalents(b) | 229,260 | 67,248 | ||||||||
Restricted cash | 70,918 | 68,628 | ||||||||
Marketable securities | 24,792 | 24,833 | ||||||||
Tenant and other receivables, net | 98,181 | 109,092 | ||||||||
Deferred charges and other assets, net | 409,567 | 483,763 | ||||||||
Loans to unconsolidated joint ventures | 3,300 | 3,995 | ||||||||
Due from affiliates | 4,991 | 3,387 | ||||||||
Investments in unconsolidated joint ventures | 1,098,859 | 1,098,560 | ||||||||
Total assets | $ | 8,069,835 | $ | 7,938,549 | ||||||
LIABILITIES AND EQUITY: | ||||||||||
Mortgage notes payable: | ||||||||||
Related parties | $ | 278,347 | $ | 279,430 | ||||||
Others | 3,084,392 | 3,049,008 | ||||||||
Total | 3,362,739 | 3,328,438 | ||||||||
Bank and other notes payable | 954,646 | 877,636 | ||||||||
Liabilities on assets held for sale | 143,270 | — | ||||||||
Accounts payable and accrued expenses | 77,250 | 72,870 | ||||||||
Other accrued liabilities | 274,635 | 299,098 | ||||||||
Distributions in excess of investments in unconsolidated joint ventures | 63,190 | 70,685 | ||||||||
Co-venture obligation | 121,981 | 125,171 | ||||||||
Total liabilities | 4,997,711 | 4,773,898 | ||||||||
Commitments and contingencies | ||||||||||
Equity: | ||||||||||
Stockholders' equity: | ||||||||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 132,726,357 and 132,153,444 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively | 1,326 | 1,321 | ||||||||
Additional paid-in capital | 3,489,070 | 3,490,647 | ||||||||
Accumulated deficit | (765,674 | ) | (678,631 | ) | ||||||
Total stockholders' equity | 2,724,722 | 2,813,337 | ||||||||
Noncontrolling interests | 347,402 | 351,314 | ||||||||
Total equity | 3,072,124 | 3,164,651 | ||||||||
Total liabilities and equity | $ | 8,069,835 | $ | 7,938,549 | ||||||
- (a)
- Includes consolidated construction in process of $320,655 at March 31, 2012 and $209,732 at December 31, 2011. Does not include pro rata share of unconsolidated joint venture construction in process of $53,501 at March 31, 2012 and $61,407 at December 31, 2011.
- (b)
- Does not include pro rata share of unconsolidated joint venture cash of $67,014 at March 31, 2012 and $61,728 at December 31, 2011.
10
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)(a)
| | | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| | As of March 31, 2012 | ||||||||||
| | Fixed Rate | Floating Rate | Total | ||||||||
| | dollars in thousands | ||||||||||
Consolidated debt | $ | 2,021,868 | $ | 2,044,217 | $ | 4,066,085 | |||||
Unconsolidated debt | 1,751,806 | 152,432 | 1,904,238 | ||||||||
Total debt | $ | 3,773,674 | $ | 2,196,649 | $ | 5,970,323 | |||||
Weighted average interest rate | 5.68 | % | 2.94 | % | 4.67 | % | |||||
Weighted average maturity (years) | 3.64 | ||||||||||
- (a)
- Excludes Valley View Center.
11
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| | | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | As of March 31, 2012 | |||||||||||||||
Center/Entity (dollars in thousands) | Maturity Date | Effective Interest Rate(a) | Fixed | Floating | Total Debt Balance(a) | |||||||||||
I. Consolidated Assets: | ||||||||||||||||
Prescott Gateway(b) | 12/01/11 | 5.78 | % | $ | 60,000 | — | $ | 60,000 | ||||||||
Chandler Fashion Center(c) | 11/01/12 | 5.50 | % | 77,398 | — | 77,398 | ||||||||||
Towne Mall | 11/01/12 | 4.99 | % | 12,660 | — | 12,660 | ||||||||||
Deptford Mall | 01/15/13 | 5.41 | % | 172,500 | — | 172,500 | ||||||||||
Greeley—Defeasance | 09/01/13 | 6.34 | % | 24,646 | — | 24,646 | ||||||||||
Great Northern Mall | 12/01/13 | 5.19 | % | 37,015 | — | 37,015 | ||||||||||
Fiesta Mall | 01/01/15 | 4.98 | % | 84,000 | — | 84,000 | ||||||||||
South Plains Mall | 04/11/15 | 6.55 | % | 102,403 | — | 102,403 | ||||||||||
Fresno Fashion Fair | 08/01/15 | 6.76 | % | 162,915 | — | 162,915 | ||||||||||
Flagstaff Mall | 11/01/15 | 5.03 | % | 37,000 | — | 37,000 | ||||||||||
South Towne Center | 11/05/15 | 6.39 | % | 86,213 | — | 86,213 | ||||||||||
Valley River Center | 02/01/16 | 5.59 | % | 120,000 | — | 120,000 | ||||||||||
Salisbury, Center at | 05/01/16 | 5.83 | % | 115,000 | — | 115,000 | ||||||||||
Eastland Mall | 06/01/16 | 5.79 | % | 168,000 | — | 168,000 | ||||||||||
Valley Mall | 06/01/16 | 5.85 | % | 43,404 | — | 43,404 | ||||||||||
Deptford Mall | 06/01/16 | 6.46 | % | 14,973 | — | 14,973 | ||||||||||
Freehold Raceway Mall(c) | 01/01/18 | 4.20 | % | 116,683 | — | 116,683 | ||||||||||
Danbury Fair Mall | 10/01/20 | 5.53 | % | 243,510 | — | 243,510 | ||||||||||
Fashion Outlets of Niagara | 10/06/20 | 4.89 | % | 128,413 | — | 128,413 | ||||||||||
Tucson La Encantada | 03/01/22 | 4.23 | % | 75,135 | — | 75,135 | ||||||||||
Pacific View | 04/01/22 | 4.08 | % | 140,000 | — | 140,000 | ||||||||||
Total Fixed Rate Debt for Consolidated Assets | 5.47 | % | $ | 2,021,868 | $ | — | $ | 2,021,868 | ||||||||
Victor Valley, Mall of(d) | 05/06/13 | 2.10 | % | $ | — | $ | 97,000 | $ | 97,000 | |||||||
Westside Pavilion(d) | 06/05/13 | 2.51 | % | — | 175,000 | 175,000 | ||||||||||
SanTan Village Regional Center(d)(e) | 06/13/13 | 2.66 | % | — | 117,263 | 117,263 | ||||||||||
Oaks, The(d)(f) | 07/10/13 | 2.24 | % | — | 256,565 | 256,565 | ||||||||||
Wilton Mall | 08/01/13 | 1.25 | % | — | 40,000 | 40,000 | ||||||||||
Promenade at Casa Grande(g) | 12/30/13 | 5.21 | % | — | 39,139 | 39,139 | ||||||||||
Paradise Valley Mall(d) | 08/31/14 | 6.30 | % | — | 83,250 | 83,250 | ||||||||||
Vintage Faire Mall | 04/27/15 | 3.53 | % | — | 135,000 | 135,000 | ||||||||||
Twenty Ninth Street | 01/18/16 | 3.08 | % | — | 107,000 | 107,000 | ||||||||||
The Macerich Partnership L.P.—Line of Credit(d) | 05/02/16 | 2.78 | % | — | 805,000 | 805,000 | ||||||||||
Northgate Mall(d) | 03/01/17 | 3.12 | % | — | 64,000 | 64,000 | ||||||||||
The Macerich Partnership L.P.—Term Loan | 12/08/18 | 2.59 | % | — | 125,000 | 125,000 | ||||||||||
Total Floating Rate Debt for Consolidated Assets | 2.87 | % | $ | — | $ | 2,044,217 | $ | 2,044,217 | ||||||||
Total Debt for Consolidated Assets | 4.17 | % | $ | 2,021,868 | $ | 2,044,217 | $ | 4,066,085 | ||||||||
12
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| | | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | As of March 31, 2012 | |||||||||||||||
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): | ||||||||||||||||
Ridgmar (50%)(h) | 04/11/12 | 7.82 | % | $ | 28,304 | $ | — | $ | 28,304 | |||||||
NorthPark Center (50%) | 05/10/12 | 6.70 | % | 126,051 | — | 126,051 | ||||||||||
NorthPark Land (50%) | 05/10/12 | 8.33 | % | 37,653 | — | 37,653 | ||||||||||
Kierland Greenway (50%) | 01/01/13 | 6.02 | % | 28,521 | — | 28,521 | ||||||||||
Kierland Main Street (50%) | 01/02/13 | 4.99 | % | 7,258 | — | 7,258 | ||||||||||
Queens Center (51%) | 03/01/13 | 7.30 | % | 164,701 | — | 164,701 | ||||||||||
Scottsdale Fashion Square (50%) | 07/08/13 | 5.66 | % | 275,000 | — | 275,000 | ||||||||||
FlatIron Crossing (25%) | 12/01/13 | 5.26 | % | 42,893 | — | 42,893 | ||||||||||
Tysons Corner Center (50%) | 02/17/14 | 4.78 | % | 154,330 | — | 154,330 | ||||||||||
Redmond Office (51%) | 05/15/14 | 7.52 | % | 29,464 | — | 29,464 | ||||||||||
Biltmore Fashion Park (50%) | 10/01/14 | 8.25 | % | 29,446 | — | 29,446 | ||||||||||
Lakewood Center (51%) | 06/01/15 | 5.43 | % | 127,500 | — | 127,500 | ||||||||||
Broadway Plaza (50%) | 08/15/15 | 6.12 | % | 71,496 | — | 71,496 | ||||||||||
Camelback Colonnade (75%) | 10/12/15 | 4.82 | % | 35,250 | — | 35,250 | ||||||||||
Chandler Gateway (50%) | 11/01/15 | 6.37 | % | 9,413 | — | 9,413 | ||||||||||
Washington Square (51%) | 01/01/16 | 6.04 | % | 122,203 | — | 122,203 | ||||||||||
North Bridge, The Shops at (50%) | 06/15/16 | 7.52 | % | 99,722 | — | 99,722 | ||||||||||
West Acres (19%) | 10/01/16 | 6.41 | % | 11,905 | — | 11,905 | ||||||||||
Corte Madera, The Village at (50.1%) | 11/01/16 | 7.27 | % | 39,120 | — | 39,120 | ||||||||||
Stonewood Center (51%) | 11/01/17 | 4.67 | % | 56,544 | — | 56,544 | ||||||||||
Los Cerritos Center (51%) | 07/01/18 | 4.50 | % | 101,042 | — | 101,042 | ||||||||||
Arrowhead Towne Center (66.7%) | 10/05/18 | 4.30 | % | 152,269 | — | 152,269 | ||||||||||
Wilshire Building (30%) | 01/01/33 | 6.35 | % | 1,721 | — | 1,721 | ||||||||||
Total Fixed Rate Debt for Unconsolidated Assets | 5.92 | % | $ | 1,751,806 | $ | — | $ | 1,751,806 | ||||||||
Pacific Premier Retail Trust (51%)(d) | 11/03/13 | 5.01 | % | $ | — | $ | 58,650 | $ | 58,650 | |||||||
Boulevard Shops (50%) | 12/16/13 | 3.31 | % | — | 10,473 | 10,473 | ||||||||||
Market at Estrella Falls (39.7%) | 06/01/15 | 3.20 | % | — | 13,309 | 13,309 | ||||||||||
Inland Center (50%) | 04/01/16 | 3.49 | % | — | 25,000 | 25,000 | ||||||||||
Superstition Springs Center (66.7%) | 10/28/16 | 2.85 | % | — | 45,000 | 45,000 | ||||||||||
Total Floating Rate Debt for Unconsolidated Assets | 3.85 | % | $ | — | $ | 152,432 | $ | 152,432 | ||||||||
Total Debt for Unconsolidated Assets | 5.75 | % | $ | 1,751,806 | $ | 152,432 | $ | 1,904,238 | ||||||||
Total Debt | 4.67 | % | $ | 3,773,674 | $ | 2,196,649 | $ | 5,970,323 | ||||||||
Percentage to Total | 63.21 | % | 36.79 | % | 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 non-recourse mortgage loan is in maturity default. The Company is negotiating with the loan servicer. The outcome is uncertain at this time.
- (c)
- The property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
- (d)
- The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.
- (e)
- The property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
- (f)
- The Company has entered into a loan commitment for a $220.0 million loan bearing an interest rate of 4.11% for ten years. This transaction is expected to close in May 2012.
- (g)
- The property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
- (h)
- On April 11, 2012, the Company's joint venture in Ridgmar replaced the existing loan on the property with a new $52.0 million loan that bears interest at LIBOR plus 2.45% and matures on April 11, 2015 with two one-year extension options.
13
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Top Ten Tenants
The following retailers (including their subsidiaries) represent the 10 largest rent payers of the Centers (excluding Valley View Center) based upon total rents in place as of December 31, 2011:
| Tenant | Primary DBA | Number of Locations in the Portfolio | % of Total Rents(1) | ||||||
|---|---|---|---|---|---|---|---|---|---|
Limited Brands, Inc. | Victoria's Secret, Bath and Body Works, Victoria's Secret Beauty, PINK | 118 | 2.4 | % | |||||
Gap Inc., The | The Gap, Old Navy, Banana Republic, Gap Kids, Gap Body, Baby Gap, The Gap Outlet | 80 | 2.3 | % | |||||
Forever 21, Inc. | Forever 21, XXI Forever | 40 | 1.9 | % | |||||
Golden Gate Capital | Express, Eddie Bauer, J. Jill, California Pizza Kitchen | 78 | 1.9 | % | |||||
Foot Locker, Inc. | Champs Sports, Foot Locker, Foot Action USA, CCS, Lady Foot Locker, Kids Foot Locker | 115 | 1.7 | % | |||||
Abercrombie & Fitch Co. | Abercrombie & Fitch, Hollister, Abercrombie | 64 | 1.4 | % | |||||
Luxottica Group S.P.A. | Sunglass Hut, LensCrafters, Oakley, Optical Shop of Aspen, Pearle Vision Center, Ilori, Sunglass Hut / Watch Station | 133 | 1.3 | % | |||||
American Eagle Outfitters, Inc. | American Eagle, Aerie, 77Kids | 53 | 1.2 | % | |||||
Nordstrom, Inc. | Nordstrom, Last Chance, Nordstrom Rack, Nordstrom Spa | 21 | 1.1 | % | |||||
AT&T Mobility LLC(2) | AT&T, Cingular Wireless, AT&T Experience Store | 30 | 1.1 | % | |||||
- (1)
- Total rents include minimum rents and percentage rents.
- (2)
- Includes AT&T Mobility office headquarters located at Redmond Town Center.
14