Exhibit 99.2
Supplemental Financial Information
For the three and twelve months ended December 31, 2016
The Macerich Company
Supplemental Financial and Operating Information
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
| Page No. | ||||
Corporate Overview | 1-4 | |||
Overview | 1-2 | |||
Capital Information and Market Capitalization | 3 | |||
Changes in Total Common and Equivalent Shares/Units | 4 | |||
Financial Data | 5-11 | |||
Consolidated Statements of Operations (Unaudited) | 5 | |||
Consolidated Balance Sheet (Unaudited) | 6 | |||
Non-GAAP Pro Rata Financial Information (Unaudited) | 7-8 | |||
2017 Guidance Range | 9 | |||
Supplemental FFO Information | 10 | |||
Capital Expenditures | 11 | |||
Operational Data | 12-26 | |||
Sales Per Square Foot | 12 | |||
Sales Per Square Foot by Property Ranking | 13-16 | |||
Occupancy | 17 | |||
Average Base Rent Per Square Foot | 18 | |||
Cost of Occupancy | 19 | |||
Percentage of Net Operating Income by State | 20 | |||
Property Listing | 21-24 | |||
Joint Venture List | 25-26 | |||
Debt Tables | 27-29 | |||
Debt Summary | 27 | |||
Outstanding Debt by Maturity Date | 28-29 | |||
Development Pipeline | 30 | |||
Top Ten Tenants | 31 | |||
Corporate Information | 32 | |||
This Supplemental Financial Information should be read in connection with the Company’s fourth quarter 2016 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on8-K, event date February 6, 2017) 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 December 31, 2016, the Operating Partnership owned or had an ownership interest in 50 regional shopping centers and seven community/power shopping centers aggregating approximately 56 million square feet of gross leasable area (“GLA”). These 57 centers (which include any related office space) are referred to hereinafter as the “Centers”, unless the context requires otherwise.
As of December 31, 2016, the Company was under contract to sell Cascade Mall and Northgate Mall and subsequently sold these two centers on January 18, 2017. Consequently, Cascade Mall and Northgate Mall have been excluded from all Non-GAAP operating data in 2016, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.
The Company is a self-administered and self-managed real estate investment trust (“REIT”) and conducts all of its operations through the Operating Partnership and the Company’s management companies (collectively, the “Management Companies”).
All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
The Company presents certain measures in this Exhibit on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.
This document contains information constituting forward-looking statements and includes expectations regarding the Company’s future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective
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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 andlease-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 onForm 10-K for the year ended December 31, 2015, 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.
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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
| Period Ended | ||||||||||||
| 12/31/2016 | 12/31/2015 | 12/31/2014 | ||||||||||
| dollars in thousands, except per share data | ||||||||||||
Closing common stock price per share | $ | 70.84 | $ | 80.69 | $ | 83.41 | ||||||
52 week high | $ | 94.51 | $ | 95.93 | $ | 85.55 | ||||||
52 week low | $ | 66.00 | $ | 71.98 | $ | 55.21 | ||||||
Shares outstanding at end of period | ||||||||||||
Class Anon-participating convertible preferred units | 90,619 | 138,759 | 145,839 | |||||||||
Common shares and partnership units | 154,567,331 | 165,260,655 | 168,721,053 | |||||||||
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Total common and equivalent shares/units outstanding | 154,657,950 | 165,399,414 | 168,866,892 | |||||||||
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Portfolio capitalization data | ||||||||||||
Total portfolio debt, including joint ventures at pro rata | $ | 7,548,481 | $ | 7,010,306 | $ | 7,050,437 | ||||||
Equity market capitalization | 10,955,969 | 13,346,079 | 14,085,187 | |||||||||
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Total market capitalization | $ | 18,504,450 | $ | 20,356,385 | $ | 21,135,624 | ||||||
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Leverage ratio(a) | 40.8 | % | 34.4 | % | 33.4 | % | ||||||
| (a) | Debt as a percentage of total market capitalization. |
Portfolio Capitalization at December 31, 2016
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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, 2015 | 10,855,669 | 154,404,986 | 138,759 | 165,399,414 | ||||||||||||
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Conversion of partnership units to cash | (377 | ) | — | — | (377 | ) | ||||||||||
Conversion of partnership units to common shares | (157,529 | ) | 157,529 | — | — | |||||||||||
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans | 154,686 | 86,202 | — | 240,888 | ||||||||||||
Repurchase of common shares under the Accelerated Stock Purchase Plan | — | (5,192,802 | ) | — | (5,192,802 | ) | ||||||||||
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Balance as of March 31, 2016 | 10,852,449 | 149,455,915 | 138,759 | 160,447,123 | ||||||||||||
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Conversion of partnership units to common shares | (20,614 | ) | 20,614 | — | — | |||||||||||
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans | — | 27,601 | — | 27,601 | ||||||||||||
Repurchase of common shares under the Accelerated Stock Purchase Plan | — | (4,826,047 | ) | — | (4,826,047 | ) | ||||||||||
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Balance as of June 30, 2016 | 10,831,835 | 144,678,083 | 138,759 | 155,648,677 | ||||||||||||
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Conversion of partnership units to common shares | (243,963 | ) | 243,963 | — | — | |||||||||||
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans | — | 35,753 | — | 35,753 | ||||||||||||
Repurchase of common shares under the Accelerated Stock Purchase Plan | — | (1,104,162 | ) | — | (1,104,162 | ) | ||||||||||
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Balance as of September 30, 2016 | 10,587,872 | 143,853,637 | 138,759 | 154,580,268 | ||||||||||||
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Conversion of partnership units to common shares | (65,000 | ) | 113,140 | (48,140 | ) | — | ||||||||||
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans | 59,423 | 18,259 | — | 77,682 | ||||||||||||
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Balance as of December 31, 2016 | 10,582,295 | 143,985,036 | 90,619 | 154,657,950 | ||||||||||||
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The Macerich Company
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands)
| For the Three Months Ended December 31, 2016 | For the Twelve Months Ended December 31, 2016 | |||||||
Revenues: | ||||||||
Minimum rents | $ | 158,781 | $ | 616,295 | ||||
Percentage rents | 11,623 | 20,902 | ||||||
Tenant recoveries | 74,714 | 305,282 | ||||||
Other income | 16,343 | 59,328 | ||||||
Management Companies’ revenues | 10,539 | 39,464 | ||||||
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Total revenues | 272,000 | 1,041,271 | ||||||
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Expenses: | ||||||||
Shopping center and operating expenses | 78,079 | 307,623 | ||||||
Management Companies’ operating expenses | 22,839 | 98,323 | ||||||
REIT general and administrative expenses | 4,977 | 28,217 | ||||||
Depreciation and amortization | 89,391 | 348,488 | ||||||
Interest expense | 42,721 | 163,675 | ||||||
Gain on extinguishment of debt, net | — | (1,709 | ) | |||||
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Total expenses | 238,007 | 944,617 | ||||||
Equity in income of unconsolidated joint ventures | 19,404 | 56,941 | ||||||
Co-venture expense | (3,875 | ) | (13,382 | ) | ||||
Income tax benefit (expense) | 2,014 | (722 | ) | |||||
(Loss) gain on sale or write down of assets, net | (10,702 | ) | 415,348 | |||||
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Net income | 40,834 | 554,839 | ||||||
Less net income attributable to noncontrolling interests | 3,706 | 37,844 | ||||||
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Net income attributable to the Company | $ | 37,128 | $ | 516,995 | ||||
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The Macerich Company
Consolidated Balance Sheet (Unaudited)
(Dollars in thousands)
| As of December 31, 2016 | ||||
ASSETS: | ||||
Property, net(1) | $ | 7,357,310 | ||
Cash and cash equivalents | 94,046 | |||
Restricted cash | 49,951 | |||
Tenant and other receivables, net | 136,998 | |||
Deferred charges and other assets, net | 478,058 | |||
Due from affiliates | 68,227 | |||
Investments in unconsolidated joint ventures | 1,773,558 | |||
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Total assets | $ | 9,958,148 | ||
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LIABILITIES AND EQUITY: | ||||
Mortgage notes payable | $ | 4,085,418 | ||
Bank and other notes payable | 880,482 | |||
Accounts payable and accrued expenses | 61,316 | |||
Other accrued liabilities | 366,165 | |||
Distributions in excess of investments in unconsolidated joint ventures | 78,626 | |||
Co-venture obligation | 58,973 | |||
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Total liabilities | 5,530,980 | |||
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Commitments and contingencies | ||||
Equity: | ||||
Stockholders’ equity: | ||||
Common stock | 1,440 | |||
Additional paid-in capital | 4,593,229 | |||
Accumulated deficit | (488,782 | ) | ||
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Total stockholders’ equity | 4,105,887 | |||
Noncontrolling interests | 321,281 | |||
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Total equity | 4,427,168 | |||
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Total liabilities and equity | $ | 9,958,148 | ||
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| (1) | Includes construction in progress of $289,966. |
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The Macerich Company
Non-GAAP Pro Rata Financial Information (Unaudited)
(Dollars in thousands)
| For the Three Months Ended December 31, 2016 | For the Twelve Months Ended December 31, 2016 | |||||||||||||||
| Noncontrolling Interests of Consolidated Joint Ventures(1) | Company’s Share of Unconsolidated Joint Ventures | Noncontrolling Interests of Consolidated Joint Ventures(1) | Company’s Share of Unconsolidated Joint Ventures | |||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | (8,675 | ) | $ | 82,055 | $ | (33,595 | ) | $ | 312,159 | ||||||
Percentage rents | (493 | ) | 5,423 | (749 | ) | 10,954 | ||||||||||
Tenant recoveries | (4,628 | ) | 31,549 | (18,708 | ) | 122,376 | ||||||||||
Other income | (687 | ) | 8,704 | (2,225 | ) | 28,773 | ||||||||||
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Total revenues | (14,483 | ) | 127,731 | (55,277 | ) | 474,262 | ||||||||||
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Expenses: | ||||||||||||||||
Shopping center and operating expenses | (4,020 | ) | 36,783 | (15,843 | ) | 140,286 | ||||||||||
Depreciation and amortization | (3,839 | ) | 46,281 | (15,023 | ) | 179,600 | ||||||||||
Interest expense | (2,300 | ) | 25,247 | (9,303 | ) | 97,246 | ||||||||||
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Total expenses | (10,159 | ) | 108,311 | (40,169 | ) | 417,132 | ||||||||||
Equity in income of unconsolidated joint ventures | — | (19,404 | ) | — | (56,941 | ) | ||||||||||
Co-venture expense | 3,875 | — | 13,382 | — | ||||||||||||
Gain/loss on sale or write down of assets, net | (544 | ) | (16 | ) | 1,662 | (189 | ) | |||||||||
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Net income | (993 | ) | — | (64 | ) | — | ||||||||||
Less net income attributable to noncontrolling interests | (993 | ) | — | (64 | ) | — | ||||||||||
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Net income attributable to the Company | $ | — | $ | — | $ | — | $ | — | ||||||||
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| (1) | Represents the Company’s partners’ share of consolidated joint ventures. |
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The Macerich Company
Non-GAAP Pro Rata Financial Information (Unaudited)
(Dollars in thousands)
| As of December 31, 2016 | ||||||||
| Noncontrolling Interests of Consolidated Joint Ventures(1) | Company’s Share of Unconsolidated Joint Ventures | |||||||
ASSETS: | ||||||||
Property, net(2) | $ | (312,775 | ) | $ | 4,403,055 | |||
Cash and cash equivalents | (6,338 | ) | 82,738 | |||||
Restricted cash | — | 4,056 | ||||||
Tenant and other receivables, net | (18,361 | ) | 47,032 | |||||
Deferred charges and other assets, net | (5,188 | ) | 185,826 | |||||
Due from affiliates | 318 | 4,798 | ||||||
Investments in unconsolidated joint ventures, at equity | — | (1,773,558 | ) | |||||
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Total assets | $ | (342,344 | ) | $ | 2,953,947 | |||
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LIABILITIES AND EQUITY: | ||||||||
Mortgage notes payable | $ | (229,116 | ) | $ | 2,754,457 | |||
Bank and other notes payable | (2,760 | ) | 60,000 | |||||
Accounts payable and accrued expenses | (3,172 | ) | 38,045 | |||||
Other accrued liabilities | (28,978 | ) | 180,071 | |||||
Distributions in excess of investments in unconsolidated joint ventures | — | (78,626 | ) | |||||
Co-venture obligation | (58,973 | ) | — | |||||
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Total liabilities | (322,999 | ) | 2,953,947 | |||||
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Equity: | ||||||||
Stockholders’ equity | — | — | ||||||
Noncontrolling interests | (19,345 | ) | — | |||||
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Total equity | (19,345 | ) | — | |||||
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Total liabilities and equity | $ | (342,344 | ) | $ | 2,953,947 | |||
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| (1) | Represents the Company’s partners’ share of consolidated joint ventures. |
| (2) | This includes $11,866 of construction in progress relating to the Company’s partners’ share from consolidated joint ventures and $103,840 of construction in progress relating to the Company’s share from unconsolidated joint ventures. |
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The Macerich Company
2017 Guidance Range (Unaudited)
| Year 2017 Guidance | ||||
Earnings Expectations: | ||||
Earnings per share—diluted | $1.26 - $1.36 | |||
Plus: real estate depreciation and amortization | $3.05 - $3.05 | |||
Less: gain on sale of depreciated assets | ($0.41 - $0.41) | |||
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FFO per share—diluted | $3.90 - $4.00 | |||
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Underlying Assumptions to 2017 Guidance | ||||
Cash Same Center Net Operating Income (“NOI”) Growth(a) | 3.0% - 4.0% | |||
Assumed dispositions(b) | $209 million | |||
| Year 2017 FFO / Share Impact | ||||||
Lease termination income | $15 million | $0.10 | ||||
Capitalized interest | $20 million | $0.13 | ||||
Bad debt expense | ($5 million) | ($0.03) | ||||
Dilutive impact on 2017 of assets sold in 2016 and 2017 | ($12 million) | ($0.08) | ||||
Straight-line rent | $16 million | $0.10 | ||||
Amortization of acquired above and below-market leases | $16 million | $0.10 | ||||
Interest Expense | ($259 - $263 million) | ($1.67 - 1.70) | ||||
| (a) | Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income. |
| (b) | The Company sold Cascade Mall and Northgate Mall in January 2017 for $170.0 million. Also included are the anticipated proceeds from one additional non-core asset disposition that is under contract and is expected to close in the first quarter of 2017. |
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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
| As of December 31, | ||||||||
| 2016 | 2015 | |||||||
| dollars in millions | ||||||||
Straight-line rent receivable | $ | 84.6 | $ | 80.0 | ||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
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Lease termination income | $ | 4.0 | $ | 2.5 | $ | 21.2 | $ | 11.3 | ||||||||
Straight-line rental income | $ | 4.3 | $ | 3.5 | $ | 13.6 | $ | 11.3 | ||||||||
Gain on sales of undepreciated assets | $ | 0.8 | $ | 3.5 | $ | 3.7 | $ | 5.7 | ||||||||
Amortization of acquired above and below-market leases | $ | 7.0 | $ | 3.5 | $ | 24.7 | $ | 16.7 | ||||||||
Amortization of debt premiums | $ | 1.0 | $ | 2.1 | $ | 4.0 | $ | 20.0 | ||||||||
Interest capitalized | $ | 4.0 | $ | 4.5 | $ | 16.5 | $ | 20.0 | ||||||||
| (a) | All joint venture amounts included at pro rata. |
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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures
| Year Ended 12/31/16 | Year Ended 12/31/15 | Year Ended 12/31/14 | ||||||||||
| dollars in millions | ||||||||||||
Consolidated Centers | ||||||||||||
Acquisitions of property and equipment | $ | 56.8 | $ | 79.8 | $ | 97.9 | ||||||
Development, redevelopment, expansions and renovations of Centers | 183.2 | 218.7 | 197.9 | |||||||||
Tenant allowances | 19.2 | 30.4 | 30.5 | |||||||||
Deferred leasing charges | 24.8 | 26.8 | 26.6 | |||||||||
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Total | $ | 284.0 | $ | 355.7 | $ | 352.9 | ||||||
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Unconsolidated Joint Venture Centers(a) | ||||||||||||
Acquisitions of property and equipment | $ | 349.8 | $ | 160.0 | $ | 158.8 | ||||||
Development, redevelopment, expansions and renovations of Centers | 101.1 | 132.9 | 201.8 | |||||||||
Tenant allowances | 11.3 | 6.3 | 4.8 | |||||||||
Deferred leasing charges | 7.1 | 3.3 | 3.0 | |||||||||
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Total | $ | 469.3 | $ | 302.5 | $ | 368.4 | ||||||
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| (a) | All joint venture amounts at pro rata. |
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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Regional Shopping Center Portfolio
Sales Per Square Foot(a)
| Consolidated Centers | Unconsolidated Joint Venture Centers | Total Centers | ||||||||||
12/31/2016(b) | $ | 573 | $ | 710 | $ | 630 | ||||||
12/31/2015(c) | $ | 579 | $ | 763 | $ | 635 | ||||||
12/31/2014(d) | $ | 556 | $ | 724 | $ | 587 | ||||||
12/31/2013(e) | $ | 488 | $ | 717 | $ | 562 | ||||||
12/31/2012 | $ | 463 | $ | 629 | $ | 517 | ||||||
| (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 exclude Centers under development and redevelopment. |
| (b) | Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from sales per square foot as of December 31, 2016. |
| (c) | On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by adeed-in-lieu of foreclosure. Flagstaff Mall is excluded from sales per square foot as of December 31, 2015. |
| (d) | On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by adeed-in-lieu of foreclosure. Great Northern Mall is excluded from Sales per square foot as of December 31, 2014. |
| (e) | Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013. |
Sales Per Square Foot
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Sales Per Square Foot by Property Ranking (Unaudited)
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Occupancy | Cost of Occupancy for the trailing 12 months Ended 12/31/2016 (c) | % of Portfolio 2017 Forecast Pro Rata Real Estate NOI (d) | |||||||||||||||||||||
Properties | 12/31/2016 (a) | 12/31/2015 (a) | 12/31/2016 (b) | 12/31/2015 (b) | ||||||||||||||||||||
Group 1: Top 10 | ||||||||||||||||||||||||
Corte Madera, Village at | $ | 1,456 | $ | 1,475 | 90.1 | % | 97.9 | % | ||||||||||||||||
Queens Center | $ | 1,364 | $ | 1,134 | 98.5 | % | 98.2 | % | ||||||||||||||||
Washington Square | $ | 972 | $ | 1,125 | 99.5 | % | 98.4 | % | ||||||||||||||||
Los Cerritos Center | $ | 896 | $ | 843 | 94.9 | % | 97.2 | % | ||||||||||||||||
North Bridge, The Shops at | $ | 884 | $ | 856 | 99.3 | % | 99.8 | % | ||||||||||||||||
Tysons Corner Center | $ | 876 | $ | 851 | 98.4 | % | 98.9 | % | ||||||||||||||||
Biltmore Fashion Park | $ | 829 | $ | 835 | 98.4 | % | 99.0 | % | ||||||||||||||||
Santa Monica Place | $ | 808 | $ | 786 | 86.5 | % | 90.5 | % | ||||||||||||||||
Fashion Outlets of Chicago | $ | 772 | $ | 734 | 97.7 | % | 97.9 | % | ||||||||||||||||
Broadway Plaza (e) | n/a | n/a | n/a | n/a | ||||||||||||||||||||
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| |||||||||||||
Total Top 10: | $ | 959 | $ | 929 | 96.8 | % | 97.9 | % | 13.8 | % | 31.8 | % | ||||||||||||
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|
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| |||||||||||||
Group 2: Top11-20 | ||||||||||||||||||||||||
Arrowhead Towne Center | $ | 751 | $ | 741 | 94.7 | % | 95.4 | % | ||||||||||||||||
Tucson La Encantada | $ | 747 | $ | 767 | 94.6 | % | 94.8 | % | ||||||||||||||||
Scottsdale Fashion Square | $ | 727 | $ | 745 | 96.4 | % | 97.8 | % | ||||||||||||||||
Fresno Fashion Fair | $ | 710 | $ | 642 | 95.6 | % | 98.1 | % | ||||||||||||||||
Vintage Faire Mall | $ | 704 | $ | 677 | 95.4 | % | 96.7 | % | ||||||||||||||||
Kings Plaza Shopping Center | $ | 697 | $ | 720 | 95.2 | % | 92.3 | % | ||||||||||||||||
Kierland Commons | $ | 670 | $ | 670 | 97.6 | % | 98.3 | % | ||||||||||||||||
Chandler Fashion Center | $ | 657 | $ | 649 | 95.2 | % | 96.9 | % | ||||||||||||||||
Danbury Fair Mall | $ | 648 | $ | 633 | 95.9 | % | 97.4 | % | ||||||||||||||||
Twenty Ninth Street | $ | 638 | $ | 626 | 98.1 | % | 99.3 | % | ||||||||||||||||
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|
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|
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|
|
| |||||||||||||
Total Top11-20: | $ | 695 | $ | 685 | 96.0 | % | 96.9 | % | 13.1 | % | 25.1 | % | ||||||||||||
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| |||||||||||||
13
The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)
| Sales per square foot |
Occupancy | Cost of Occupancy for the trailing 12 months Ended 12/31/2016 (c) | % of Portfolio 2017 Forecast Pro Rata Real Estate NOI (d) | |||||||||||||||||||||
Properties | 12/31/2016 (a) | 12/31/2015 (a) | 12/31/2016 (b) | 12/31/2015 (b) | ||||||||||||||||||||
Group 3: Top21-30 | ||||||||||||||||||||||||
Country Club Plaza | n/a | n/a | n/a | n/a | ||||||||||||||||||||
Green Acres Mall | $ | 625 | $ | 643 | 93.5 | % | 93.2 | % | ||||||||||||||||
Freehold Raceway Mall | $ | 613 | $ | 610 | 97.8 | % | 98.7 | % | ||||||||||||||||
Stonewood Center | $ | 576 | $ | 544 | 94.0 | % | 98.5 | % | ||||||||||||||||
Deptford Mall | $ | 558 | $ | 580 | 95.3 | % | 95.3 | % | ||||||||||||||||
FlatIron Crossing | $ | 550 | $ | 551 | 95.1 | % | 93.7 | % | ||||||||||||||||
Victor Valley, Mall of | $ | 539 | $ | 520 | 97.8 | % | 97.9 | % | ||||||||||||||||
SanTan Village Regional Center | $ | 522 | $ | 525 | 97.5 | % | 96.5 | % | ||||||||||||||||
Oaks, The | $ | 514 | $ | 580 | 95.6 | % | 97.6 | % | ||||||||||||||||
Inland Center | $ | 489 | $ | 510 | 98.1 | % | 99.0 | % | ||||||||||||||||
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|
|
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|
| |||||||||||||
Total Top21-30: | $ | 565 | $ | 568 | 95.2 | % | 96.3 | % | 13.8 | % | 22.6 | % | ||||||||||||
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| |||||||||||||
Group 4: Top31-40 | ||||||||||||||||||||||||
Lakewood Center | $ | 482 | $ | 467 | 98.3 | % | 96.3 | % | ||||||||||||||||
West Acres | $ | 479 | $ | 501 | 98.9 | % | 99.8 | % | ||||||||||||||||
La Cumbre Plaza | $ | 469 | $ | 431 | 85.2 | % | 93.1 | % | ||||||||||||||||
Valley River Center | $ | 467 | $ | 465 | 99.0 | % | 97.4 | % | ||||||||||||||||
Pacific View | $ | 448 | $ | 448 | 94.5 | % | 95.0 | % | ||||||||||||||||
South Plains Mall | $ | 425 | $ | 452 | 90.1 | % | 93.5 | % | ||||||||||||||||
Superstition Springs Center | $ | 377 | $ | 369 | 92.9 | % | 94.1 | % | ||||||||||||||||
Eastland Mall | $ | 367 | $ | 364 | 96.3 | % | 96.8 | % | ||||||||||||||||
Fashion Outlets of Niagara Falls USA | $ | 339 | n/a | 92.9 | % | n/a | ||||||||||||||||||
Desert Sky Mall | $ | 336 | $ | 338 | 97.5 | % | 97.0 | % | ||||||||||||||||
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|
|
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|
|
| |||||||||||||
Total Top31-40: | $ | 417 | $ | 436 | 95.3 | % | 96.1 | % | 13.7 | % | 13.6 | % | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Top 40: | $ | 652 | $ | 662 | 95.8 | % | 96.8 | % | 13.6 | % | 93.1 | % | ||||||||||||
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| �� |
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| |||||||||||||
14
The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)
| Sales per square foot |
Occupancy |
Cost of Occupancy Ended 12/31/2016 | % of Portfolio 2017 Forecast Pro Rata Real Estate NOI (d) | |||||||||||||||||||||
Properties | 12/31/2016 (a) | 12/31/2015 (a) | 12/31/2016 (b) | 12/31/2015 (b) | ||||||||||||||||||||
Group 5:41-45 | ||||||||||||||||||||||||
NorthPark Mall | ||||||||||||||||||||||||
SouthPark Mall | ||||||||||||||||||||||||
Towne Mall | ||||||||||||||||||||||||
Valley Mall | ||||||||||||||||||||||||
Wilton Mall | ||||||||||||||||||||||||
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| |||||||||||||||
Total41-45: | $ | 293 | $ | 314 | 90.7 | % | 90.2 | % | 10.8 | % | ||||||||||||||
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| |||||||||||||||
Centers under Redevelopment | ||||||||||||||||||||||||
Fashion Outlets of Philadelphia (e) (f) | ||||||||||||||||||||||||
Paradise Valley Mall (e) | ||||||||||||||||||||||||
Westside Pavilion (e) | ||||||||||||||||||||||||
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| |||||||||||||
48 REGIONAL SHOPPING CENTERS (g) | $ | 630 | $ | 643 | 95.4 | % | 96.4 | % | 13.6 | % | 98.3 | % | ||||||||||||
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| |||||||||||||
Community / Power Centers and various retail assets | 1.7 | % | ||||||||||||||||||||||
|
|
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| |||||||||||||||||||||
TOTAL ALL PROPERTIES | 13.4 | % | 100.0 | % | ||||||||||||||||||||
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|
| |||||||||||||||||||||
15
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, 2016. Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from sales per square foot as of December 31, 2016. |
| (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. Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from occupancy as of December 31, 2016. |
| (c) | Cost of Occupancy represents “Tenant Occupancy Costs” divided by “Tenant Sales”. Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures. Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from cost of occupancy as of December 31, 2016. |
| (d) | The percentage of Portfolio 2017 Forecast Pro Rata Real Estate NOI is based on guidance provided on February 6, 2017, 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 pages 1 and 2 for factors that may affect the information provided in this column. |
| (e) | These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces, accordingly the Sales per square foot and Occupancy during the periods of redevelopment are not included. |
| (f) | On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania as Fashion Outlets of Philadelphia. |
| (g) | Properties sold or under contract to be sold prior to December 31, 2016 are excluded in both current and prior periods above. |
16
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy(a)
Regional Shopping Centers: | Consolidated Centers | Unconsolidated Joint Venture Centers | Total Centers | |||||||||
12/31/2016(b) | 94.8 | % | 96.2 | % | 95.4 | % | ||||||
12/31/2015(c) | 95.3 | % | 97.8 | % | 96.1 | % | ||||||
12/31/2014(d) | 95.3 | % | 97.9 | % | 95.8 | % | ||||||
| (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) | Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from occupancy as of December 31, 2016. |
| (c) | On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by adeed-in-lieu of foreclosure. Flagstaff Mall is excluded from Occupancy as of December 31, 2015. |
| (d) | On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by adeed-in-lieu of foreclosure. Great Northern Mall is excluded from Occupancy as of December 31, 2014. |
17
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 | ||||||||||||
12/31/2016(e) | $ | 53.51 | $ | 53.48 | $ | 44.77 | ||||||
12/31/2015(f) | $ | 52.64 | $ | 53.99 | $ | 49.02 | ||||||
12/31/2014(g) | $ | 49.68 | $ | 49.55 | $ | 41.20 | ||||||
Unconsolidated Joint Venture Centers | ||||||||||||
12/31/2016 | $ | 57.90 | $ | 64.78 | $ | 57.29 | ||||||
12/31/2015 | $ | 60.74 | $ | 80.18 | $ | 60.85 | ||||||
12/31/2014 | $ | 63.78 | $ | 82.47 | $ | 64.59 | ||||||
All Regional Shopping Centers | ||||||||||||
12/31/2016(e) | $ | 54.87 | $ | 56.57 | $ | 48.08 | ||||||
12/31/2015(f) | $ | 54.32 | $ | 57.41 | $ | 50.29 | ||||||
12/31/2014(g) | $ | 51.15 | $ | 54.48 | $ | 44.66 | ||||||
| (a) | Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. Centers under development and redevelopment are excluded. |
| (b) | Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants. |
| (c) | The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months. |
| (d) | The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis. |
| (e) | Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from the table above as of December 31, 2016. |
| (f) | On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by adeed-in-lieu of foreclosure. Flagstaff Mall is excluded from the table above as of December 31, 2015. |
| (g) | On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by adeed-in-lieu of foreclosure. Great Northern Mall is excluded from the table above as of December 31, 2014. |
18
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
| For Years Ended December 31, | ||||||||||||
| 2016(a) | 2015(b) | 2014(c) | ||||||||||
Consolidated Centers | ||||||||||||
Minimum rents | 9.4 | % | 9.0 | % | 8.7 | % | ||||||
Percentage rents | 0.4 | % | 0.4 | % | 0.4 | % | ||||||
Expense recoveries(d) | 4.3 | % | 4.5 | % | 4.3 | % | ||||||
|
|
|
|
|
| |||||||
Total | 14.1 | % | 13.9 | % | 13.4 | % | ||||||
|
|
|
|
|
| |||||||
| For Years Ended December 31, | ||||||||||||
| 2016 | 2015 | 2014 | ||||||||||
Unconsolidated Joint Venture Centers | ||||||||||||
Minimum rents | 8.6 | % | 8.1 | % | 8.7 | % | ||||||
Percentage rents | 0.3 | % | 0.4 | % | 0.4 | % | ||||||
Expense recoveries(d) | 3.9 | % | 4.0 | % | 4.5 | % | ||||||
|
|
|
|
|
| |||||||
Total | 12.8 | % | 12.5 | % | 13.6 | % | ||||||
|
|
|
|
|
| |||||||
| For Years Ended December 31, | ||||||||||||
| 2016(a) | 2015(b) | 2014(c) | ||||||||||
All Centers | ||||||||||||
Minimum rents | 9.0 | % | 8.7 | % | 8.7 | % | ||||||
Percentage rents | 0.3 | % | 0.4 | % | 0.4 | % | ||||||
Expense recoveries(d) | 4.1 | % | 4.3 | % | 4.3 | % | ||||||
|
|
|
|
|
| |||||||
Total | 13.4 | % | 13.4 | % | 13.4 | % | ||||||
|
|
|
|
|
| |||||||
| (a) | Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from cost of occupancy as of December 31, 2016. |
| (b) | On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by adeed-in-lieu of foreclosure. Flagstaff Mall is excluded from cost of occupancy as of December 31, 2015. |
| (c) | On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by adeed-in-lieu of foreclosure. Great Northern Mall is excluded from cost of occupancy for the year ended December 31, 2014. |
| (d) | Represents real estate tax and common area maintenance charges. |
19
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State
Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from the table below.
State | % of Portfolio 2017 Forecast Real Estate Pro Rata NOI(a) | |||
California | 27.2 | % | ||
New York | 21.2 | % | ||
Arizona | 16.4 | % | ||
Colorado, Illinois & Missouri | 9.9 | % | ||
Pennsylvania & Virginia | 8.7 | % | ||
New Jersey & Connecticut | 7.6 | % | ||
Oregon | 4.3 | % | ||
Other(b) | 4.7 | % | ||
|
| |||
Total | 100.0 | % | ||
|
| |||
| (a) | The percentage of Portfolio 2017 Forecast Pro Rata Real Estate NOI is based on guidance provided on February 6, 2017, 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 pages 1 and 2 for factors that may affect the information provided in this column. |
| (b) | “Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas. |
20
The Macerich Company
Property Listing
December 31, 2016
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from the table below.
Count | Company’s Ownership(a) | Name of | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(b) | |||||||||||
| CONSOLIDATED CENTERS: | ||||||||||||||||
| 1 | 50.1% | Chandler Fashion Center | 2001/2002 | — | 1,319,000 | |||||||||||
| 2 | 100% | Danbury Fair Mall | 1986/2005 | 2010 | 1,269,000 | |||||||||||
| 3 | 100% | Desert Sky Mall | 1981/2002 | 2007 | 890,000 | |||||||||||
| 4 | 100% | Eastland Mall(c) | 1978/1998 | 1996 | 1,044,000 | |||||||||||
| 5 | 100% | Fashion Outlets of Chicago | 2013/— | — | 538,000 | |||||||||||
| 6 | 100% | Fashion Outlets of Niagara Falls USA | 1982/2011 | 2014 | 686,000 | |||||||||||
| 7 | 50.1% | Freehold Raceway Mall | 1990/2005 | 2007 | 1,674,000 | |||||||||||
| 8 | 100% | Fresno Fashion Fair | 1970/1996 | 2006 | 963,000 | |||||||||||
| 9 | 100% | Green Acres Mall(c) | 1956/2013 | 2016 | 2,089,000 | |||||||||||
10 | 100% | Inland Center(c) | 1966/2004 | 2016 | 866,000 | |||||||||||
11 | 100% | Kings Plaza Shopping Center(c) | 1971/2012 | 2002 | 1,189,000 | |||||||||||
12 | 100% | La Cumbre Plaza(c) | 1967/2004 | 1989 | 491,000 | |||||||||||
13 | 100% | NorthPark Mall | 1973/1998 | 2001 | 1,035,000 | |||||||||||
14 | 100% | Oaks, The | 1978/2002 | 2009 | 1,191,000 | |||||||||||
15 | 100% | Pacific View | 1965/1996 | 2001 | 1,021,000 | |||||||||||
16 | 100% | Queens Center(c) | 1973/1995 | 2004 | 963,000 | |||||||||||
17 | 100% | Santa Monica Place | 1980/1999 | 2015 | 517,000 | |||||||||||
18 | 84.9% | SanTan Village Regional Center | 2007/— | 2009 | 1,057,000 | |||||||||||
19 | 100% | SouthPark Mall | 1974/1998 | 2014 | 862,000 | |||||||||||
20 | 100% | Stonewood Center(c) | 1953/1997 | 1991 | 932,000 | |||||||||||
21 | 100% | Superstition Springs Center | 1990/2002 | 2002 | 1,040,000 | |||||||||||
22 | 100% | Towne Mall | 1985/2005 | 1989 | 350,000 | |||||||||||
21
The Macerich Company
Property Listing
December 31, 2016
Count | Company’s Ownership(a) | Name of | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(b) | |||||||||
23 | 100% | Tucson La Encantada | 2002/2002 | 2005 | 243,000 | |||||||||
24 | 100% | Valley Mall | 1978/1998 | 1992 | 505,000 | |||||||||
25 | 100% | Valley River Center | 1969/2006 | 2007 | 921,000 | |||||||||
26 | 100% | Victor Valley, Mall of | 1986/2004 | 2012 | 577,000 | |||||||||
27 | 100% | Vintage Faire Mall | 1977/1996 | 2008 | 1,140,000 | |||||||||
28 | 100% | Wilton Mall | 1990/2005 | 1998 | 737,000 | |||||||||
|
| |||||||||||||
| Total Consolidated Centers | 26,109,000 | |||||||||||||
|
| |||||||||||||
| UNCONSOLIDATED JOINT VENTURE CENTERS: | ||||||||||||||
29 | 60% | Arrowhead Towne Center | 1993/2002 | 2004 | 1,197,000 | |||||||||
30 | 50% | Biltmore Fashion Park | 1963/2003 | 2006 | 517,000 | |||||||||
31 | 50.1% | Corte Madera, Village at | 1985/1998 | 2005 | 461,000 | |||||||||
32 | 50% | Country Club Plaza | 1922/2016 | 2015 | 1,004,000 | |||||||||
33 | 51% | Deptford Mall | 1975/2006 | 1990 | 1,039,000 | |||||||||
34 | 51% | FlatIron Crossing | 2000/2002 | 2009 | 1,431,000 | |||||||||
35 | 50% | Kierland Commons | 1999/2005 | 2003 | 436,000 | |||||||||
36 | 60% | Lakewood Center | 1953/1975 | 2008 | 2,064,000 | |||||||||
37 | 60% | Los Cerritos Center(c) | 1971/1999 | 2016 | 1,298,000 | |||||||||
38 | 50% | North Bridge, The Shops at(c) | 1998/2008 | — | 671,000 | |||||||||
39 | 50% | Scottsdale Fashion Square | 1961/2002 | 2015 | 1,812,000 | |||||||||
40 | 60% | South Plains Mall | 1972/1998 | 2016 | 1,127,000 | |||||||||
41 | 51% | Twenty Ninth Street(c) | 1963/1979 | 2007 | 847,000 | |||||||||
42 | 50% | Tysons Corner Center | 1968/2005 | 2005 | 1,974,000 | |||||||||
43 | 60% | Washington Square | 1974/1999 | 2005 | 1,440,000 | |||||||||
44 | 19% | West Acres | 1972/1986 | 2001 | 971,000 | |||||||||
|
| |||||||||||||
| Total Unconsolidated Joint Venture Centers | 18,289,000 | |||||||||||||
|
| |||||||||||||
22
The Macerich Company
Property Listing
December 31, 2016
Count | Company’s Ownership(a) | Name of | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(b) | |||||||||||
| REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT: | ||||||||||||||||
45 | 50% | Broadway Plaza(c)(d) | 1951/1985 | 2016 | 923,000 | |||||||||||
46 | 50% | Fashion Outlets of Philadelphia(c)(d) | 1977/2014 | ongoing | 850,000 | |||||||||||
47 | 100% | Paradise Valley Mall(e) | 1979/2002 | 2009 | 1,203,000 | |||||||||||
48 | 100% | Westside Pavilion(e) | 1985/1998 | 2007 | 755,000 | |||||||||||
|
| |||||||||||||||
| Total Regional Shopping Centers | 48,129,000 | |||||||||||||||
|
| |||||||||||||||
COMMUNITY / POWER CENTERS: |
| |||||||||||||||
1 | 50% | Atlas Park, The Shops at(d) | 2006/2011 | 2013 | 371,000 | |||||||||||
2 | 50% | Boulevard Shops(d) | 2001/2002 | 2004 | 185,000 | |||||||||||
3 | various | Estrella Falls, The Market at(d) | 2009/— | 2009 | 355,000 | |||||||||||
4 | 89.4% | Promenade at Casa Grande(e) | 2007/— | 2009 | 761,000 | |||||||||||
5 | 100% | Southridge Center(e) | 1975/1998 | 2013 | 823,000 | |||||||||||
6 | 100% | Superstition Springs Power Center(e) | 1990/2002 | — | 206,000 | |||||||||||
7 | 100% | The Marketplace at Flagstaff Mall(c)(e) | 2007/— | — | 268,000 | |||||||||||
|
| |||||||||||||||
| Total Community / Power Centers | 2,969,000 | |||||||||||||||
|
| |||||||||||||||
OTHER ASSETS: | ||||||||||||||||
| 100% | Various(e)(f) | 447,000 | ||||||||||||||
| 100% | 500 North Michigan Avenue(e) | 326,000 | ||||||||||||||
| 50% | Valencia Place at Country Club Plaza(d) | 242,000 | ||||||||||||||
| 50% | Fashion Outlets of Philadelphia-Offices(c)(d) | 526,000 | ||||||||||||||
| 50% | Scottsdale Fashion Square-Office(d) | 123,000 | ||||||||||||||
| 50% | Tysons Corner Center-Office(d) | 174,000 | ||||||||||||||
| 50% | Hyatt Regency Tysons Corner Center(d) | 290,000 | ||||||||||||||
| 50% | VITA Tysons Corner Center(d) | 510,000 | ||||||||||||||
| 50% | Tysons Tower(d) | 528,000 | ||||||||||||||
|
| |||||||||||||||
| Total Other Assets | 3,166,000 | |||||||||||||||
|
| |||||||||||||||
| Grand Total at December 31, 2016 | 54,264,000 | |||||||||||||||
|
| |||||||||||||||
23
The Macerich Company
Property Listing
December 31, 2016
| (a) | The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 25 and 26 regarding the legal versus economic ownership of joint venture entities. |
| (b) | Includes GLA attributable to anchors (whether owned ornon-owned) and mall and freestanding stores as of December 31, 2016. |
| (c) | Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 42 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company. |
| (d) | Included in Unconsolidated Joint Venture Centers. |
| (e) | Included in Consolidated Centers. |
| (f) | The Company owns an office building and seven stores located at shopping centers not owned by the Company. Of the seven stores, two are leased to Forever 21, one is leased to Kohl’s, one is vacant, and three have been leased for non-Anchor uses. With respect to the office building and four of the seven stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases. |
24
The Macerich Company
Joint Venture List
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, andco-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of December 31, 2016.
Properties | 12/31/2016 Legal Ownership(a) | 12/31/2016 Economic Ownership(b) | Joint Venture | 12/31/2016 Total GLA(c) | ||||||||||
Arrowhead Towne Center | 60 | % | 60 | % | New River Associates LLC | 1,197,000 | ||||||||
Atlas Park, The Shops at | 50 | % | 50 | % | WMAP, L.L.C. | 371,000 | ||||||||
Biltmore Fashion Park | 50 | % | 50 | % | Biltmore Shopping Center Partners LLC | 517,000 | ||||||||
Boulevard Shops | 50 | % | 50 | % | Propcor II Associates, LLC | 185,000 | ||||||||
Broadway Plaza | 50 | % | 50 | % | Macerich Northwestern Associates | 923,000 | ||||||||
Chandler Fashion Center(d) | 50.1 | % | 50.1 | % | Freehold Chandler Holdings LP | 1,319,000 | ||||||||
Corte Madera, Village at | 50.1 | % | 50.1 | % | Corte Madera Village, LLC | 461,000 | ||||||||
Country Club Plaza | 50 | % | 50 | % | Country Club Plaza KC Partners LLC | 1,004,000 | ||||||||
Deptford Mall | 51 | % | 51 | % | Macerich HHF Centers LLC | 1,039,000 | ||||||||
Estrella Falls | 86.6 | % | 86.6 | % | Westcor Goodyear RSC LLC | 79,000 | ||||||||
Estrella Falls, The Market at(e) | 40.1 | % | 40.1 | % | The Market at Estrella Falls LLC | 276,000 | ||||||||
Fashion Outlets of Philadelphia | 50 | % | 50 | % | Various Entities | 850,000 | ||||||||
Fashion Outlets of Philadelphia-Offices | 50 | % | 50 | % | Various Entities | 526,000 | ||||||||
FlatIron Crossing | 51 | % | 51 | % | Macerich HHF Centers LLC | 1,431,000 | ||||||||
Freehold Raceway Mall(d) | 50.1 | % | 50.1 | % | Freehold Chandler Holdings LP | 1,674,000 | ||||||||
Hyatt Regency Tysons Corner Center | 50 | % | 50 | % | Tysons Corner Hotel I LLC | 290,000 | ||||||||
Kierland Commons | 50 | % | 50 | % | Kierland Commons Investment LLC | 436,000 | ||||||||
Lakewood Center | 60 | % | 60 | % | Pacific Premier Retail LLC | 2,064,000 | ||||||||
Los Cerritos Center | 60 | % | 60 | % | Pacific Premier Retail LLC | 1,298,000 | ||||||||
North Bridge, The Shops at | 50 | % | 50 | % | North Bridge Chicago LLC | 671,000 | ||||||||
Promenade at Casa Grande(f) | 89.4 | % | 89.4 | % | WP Casa Grande Retail LLC | 761,000 | ||||||||
SanTan Village Regional Center | 84.9 | % | 84.9 | % | Westcor SanTan Village LLC | 1,057,000 | ||||||||
Scottsdale Fashion Square | 50 | % | 50 | % | Scottsdale Fashion Square Partnership | 1,812,000 | ||||||||
Scottsdale Fashion Square-Office | 50 | % | 50 | % | Scottsdale Fashion Square Partnership | 123,000 | ||||||||
Macerich Seritage Portfolio(g) | 50 | % | 50 | % | MS Portfolio LLC | 1,550,000 | ||||||||
South Plains Mall | 60 | % | 60 | % | Pacific Premier Retail LLC | 1,127,000 | ||||||||
Twenty Ninth Street | 51 | % | 51 | % | Macerich HHF Centers LLC | 847,000 | ||||||||
Tysons Corner Center | 50 | % | 50 | % | Tysons Corner LLC | 1,974,000 | ||||||||
Tysons Corner Center-Office | 50 | % | 50 | % | Tysons Corner Property LLC | 174,000 | ||||||||
Tysons Tower | 50 | % | 50 | % | Tysons Corner Property LLC | 528,000 | ||||||||
Valencia Place at Country Club Plaza | 50 | % | 50 | % | TM TRS Holding Company LLC | 242,000 | ||||||||
VITA Tysons Corner Center | 50 | % | 50 | % | Tysons Corner Property LLC | 510,000 | ||||||||
Washington Square | 60 | % | 60 | % | Pacific Premier Retail LLC | 1,440,000 | ||||||||
West Acres | 19 | % | 19 | % | West Acres Development, LLP | 971,000 | ||||||||
| (a) | This column reflects the Company’s legal ownership in the listed properties as of December 31, 2016. Legal ownership may, at times, not equal the Company’s economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal,buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. |
25
The Macerich Company
Joint Venture List
| (b) | Economic ownership represents the allocation of cash flow to the Company as of December 31, 2016, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph. |
| (c) | Includes GLA attributable to anchors (whether owned ornon-owned) and mall and freestanding stores as of December 31, 2016. |
| (d) | The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company. |
| (e) | Columns 1 and 2 reflect the Company’s indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the “MW Joint Venture”) which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members’ relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members’ relative legal ownership percentages. |
| (f) | Columns 1 and 2 reflect the Company’s total direct and indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the “MW Joint Venture”) which, in turn, is a member in the joint venture with the Company that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members’ relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members’ relative legal ownership percentages. |
| (g) | On April 30, 2015 Sears Holdings Corporation (“Sears”) and the Company announced that they had formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. The lease arrangements between Sears and the joint venture provide the ability to create additional value through recapturing certain space leased to Sears in these properties andre-leasing that space to third-party tenants. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC. |
26
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company’s pro rata share)(1)
| As of December 31, 2016 | ||||||||||||
| Fixed Rate | Floating Rate | Total | ||||||||||
| (Dollars in thousands) | ||||||||||||
Mortgage notes payable | $ | 3,823,018 | $ | 262,400 | $ | 4,085,418 | ||||||
Bank and other notes payable | 5,521 | 874,961 | 880,482 | |||||||||
|
|
|
|
|
| |||||||
Total debt per Consolidated Balance Sheet | 3,828,539 | 1,137,361 | 4,965,900 | |||||||||
Adjustments: | ||||||||||||
Less: Noncontrolling interests share of debt from consolidated joint ventures | (231,876 | ) | — | (231,876 | ) | |||||||
|
|
|
|
|
| |||||||
Adjusted Consolidated Debt | 3,596,663 | 1,137,361 | 4,734,024 | |||||||||
Add: Company’s share of debt from unconsolidated joint ventures | 2,645,637 | 168,820 | 2,814,457 | |||||||||
|
|
|
|
|
| |||||||
Total Company’s Pro Rata Share of Debt | $ | 6,242,300 | $ | 1,306,181 | $ | 7,548,481 | ||||||
|
|
|
|
|
| |||||||
Weighted average interest rate | 3.79 | % | 2.46 | % | 3.56 | % | ||||||
Weighted average maturity (years) | 6.3 | |||||||||||
| (1) | The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. |
27
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| As of December 31, 2016 | ||||||||||||||||||||
Center/Entity (dollars in thousands) | Maturity Date | Effective Interest Rate (a) | Fixed | Floating | Total Debt Balance (a) | |||||||||||||||
I. Consolidated Assets: | ||||||||||||||||||||
Stonewood Center | 11/01/17 | 1.80 | % | $ | 99,520 | $ | — | $ | 99,520 | |||||||||||
Freehold Raceway Mall(b) | 01/01/18 | 4.20 | % | 110,542 | — | 110,542 | ||||||||||||||
Santa Monica Place | 01/03/18 | 2.99 | % | 219,564 | — | 219,564 | ||||||||||||||
SanTan Village Regional Center(c) | 06/01/19 | 3.14 | % | 108,425 | — | 108,425 | ||||||||||||||
Chandler Fashion Center(b) | 07/01/19 | 3.77 | % | 100,117 | — | 100,117 | ||||||||||||||
Kings Plaza Shopping Center | 12/03/19 | 3.67 | % | 456,958 | — | 456,958 | ||||||||||||||
Danbury Fair Mall | 10/01/20 | 5.53 | % | 215,857 | — | 215,857 | ||||||||||||||
Fashion Outlets of Niagara Falls USA | 10/06/20 | 4.89 | % | 115,762 | — | 115,762 | ||||||||||||||
Green Acres Mall | 02/03/21 | 3.61 | % | 297,798 | — | 297,798 | ||||||||||||||
Prasada(d) | 05/30/21 | 5.25 | % | 2,761 | — | 2,761 | ||||||||||||||
Tucson La Encantada | 03/01/22 | 4.23 | % | 68,513 | — | 68,513 | ||||||||||||||
Pacific View | 04/01/22 | 4.08 | % | 127,311 | — | 127,311 | ||||||||||||||
Oaks, The | 06/05/22 | 4.14 | % | 201,235 | — | 201,235 | ||||||||||||||
Westside Pavilion | 10/01/22 | 4.49 | % | 143,881 | — | 143,881 | ||||||||||||||
Towne Mall | 11/01/22 | 4.48 | % | 21,570 | — | 21,570 | ||||||||||||||
Victor Valley, Mall of | 09/01/24 | 4.00 | % | 114,559 | — | 114,559 | ||||||||||||||
Queens Center | 01/01/25 | 3.49 | % | 600,000 | — | 600,000 | ||||||||||||||
Vintage Faire | 03/06/26 | 3.55 | % | 269,228 | — | 269,228 | ||||||||||||||
Fresno Fashion Fair | 11/01/26 | 3.67 | % | 323,062 | — | 1323,062 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Fixed Rate Debt for Consolidated Assets | 3.79 | % | $ | 3,596,663 | $ | — | $ | 3,596,663 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Northgate Mall(e) | 03/01/17 | 3.50 | % | $ | — | $ | 63,434 | $ | 63,434 | |||||||||||
Fashion Outlets of Chicago | 03/31/20 | 2.43 | % | — | 198,966 | 198,966 | ||||||||||||||
The Macerich Partnership, L.P. - Line of Credit(f) | 07/06/21 | 2.40 | % | — | 874,961 | 874,961 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Floating Rate Debt for Consolidated Assets | 2.47 | % | $ | — | $ | 1,137,361 | $ | 1,137,361 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Debt for Consolidated Assets | 3.47 | % | $ | 3,596,663 | $ | 1,137,361 | $ | 4,734,024 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| As of December 31, 2016 | ||||||||||||||||||||
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): | ||||||||||||||||||||
West Acres (19%)(g) | 02/01/17 | 6.41 | % | $ | 10,213 | $ | — | $ | 10,213 | |||||||||||
FlatIron Crossing (51%) | 01/05/21 | 2.81 | % | 131,361 | — | 131,361 | ||||||||||||||
Washington Square Mall (60%) | 11/01/22 | 3.65 | % | 330,000 | — | 330,000 | ||||||||||||||
Deptford Mall (51%) | 04/03/23 | 3.55 | % | 97,762 | — | 97,762 | ||||||||||||||
Scottsdale Fashion Square (50%) | 04/03/23 | 3.02 | % | 241,581 | — | 241,581 | ||||||||||||||
Tysons Corner Center (50%) | 01/01/24 | 4.13 | % | 398,795 | — | 398,795 | ||||||||||||||
South Plains Mall (60%) | 11/06/25 | 4.22 | % | 120,000 | — | 120,000 | ||||||||||||||
Twenty Ninth Street (51%) | 02/06/26 | 4.10 | % | 76,500 | — | 76,500 | ||||||||||||||
Country Club Plaza (50%) | 04/01/26 | 3.88 | % | 159,561 | — | 159,561 | ||||||||||||||
Lakewood Center (60%) | 06/01/26 | 4.15 | % | 225,655 | — | 225,655 | ||||||||||||||
Los Cerritos Center (60%) | 11/01/27 | 4.00 | % | 315,000 | — | 315,000 | ||||||||||||||
Arrowhead Towne Center (60%) | 02/01/28 | 4.05 | % | 240,000 | — | 240,000 | ||||||||||||||
North Bridge, The Shops at (50%) | 06/01/28 | 3.71 | % | 186,882 | — | 186,882 | ||||||||||||||
Corte Madera, The Village at (50.1%) | 09/01/28 | 3.53 | % | 112,327 | — | 112,327 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Fixed Rate Debt for Unconsolidated Assets | 3.80 | % | $ | 2,645,637 | $ | — | $ | 2,645,637 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Kierland Commons (50%)(h) | 01/02/18 | 2.78 | % | $ | — | $ | 65,273 | $ | 65,273 | |||||||||||
Boulevard Shops (50%)(f) | 12/16/18 | 2.50 | % | — | 9,557 | 9,557 | ||||||||||||||
Estrella Falls, The Market at (40.1%)(f) | 02/05/20 | 2.60 | % | — | 10,325 | 10,325 | ||||||||||||||
Atlas Park (50%)(f) | 10/28/20 | 2.98 | % | — | 23,665 | 23,665 | ||||||||||||||
Pacific Premier Retail LLC (60%) | 10/31/22 | 1.82 | % | — | 60,000 | 60,000 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Floating Rate Debt for Unconsolidated Assets | 2.44 | % | $ | — | $ | 168,820 | $ | 168,820 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Debt for Unconsolidated Assets | 3.72 | % | $ | 2,645,637 | $ | 168,820 | $ | 2,814,457 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Debt | 3.56 | % | $ | 6,242,300 | $ | 1,306,181 | $ | 7,548,481 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Percentage to Total | 82.70 | % | 17.30 | % | 100.00 | % | ||||||||||||||
| (a) | The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs. |
| (b) | This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 50.1%. |
| (c) | This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 84.9%. |
| (d) | This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 50.0%. |
| (e) | On January 18, 2017, the loan was paid off in connection with the sale of the property. |
| (f) | The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates. |
| (g) | On February 1, 2017, the Company’s joint venture closed on a $80 million refinance loan bearing a fixed interest rate of 4.61% and maturing on February 1, 2032. |
| (h) | The Company’s joint venture entered into a loan commitment for a $225 million refinance loan bearing a fixed interest rate of 3.95% for ten years. This transaction is expected to close within the first quarter of 2017. |
29
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December 31, 2016
In-Process Developments and Redevelopments:
Property | Project Type | Total Cost(a)(b) | Ownership | Total Cost(a)(b) | Pro Rata Capitalized Costs(b) 12/31/2016 | Expected | Stabilized Yield(a)(b)(c) | |||||||||
Fashion Outlets of Philadelphia | Redevelopment of The Gallery in downtown Philadelphia | $305 - $365(d) | 50% | $153 - $183(d) | $47 | 2018 | 8%(d) | |||||||||
Kings Plaza Shopping Center | 250,000 sf redevelopment of existing Sears store, anchored by Primark | $95 - $100 | 100% | $95 - $100 | $10 | 2018 | 4%(e) | |||||||||
|
|
| ||||||||||||||
TotalIn-Process | $400 - $465 | $248 - $283 | $57 | |||||||||||||
|
|
| ||||||||||||||
Shadow Pipeline of Developments and Redevelopments(f):
Property | Project Type | Total Cost(a)(b) at 100% | Ownership % | Total Cost(a)(b) Pro Rata | Pro Rata Capitalized Costs(b) 12/31/2016 | Expected Delivery(a) | Stabilized Yield(a)(b)(c) | |||||||||||||||||
Fashion Outlets of San Francisco | A 500,000 sf outlet center on the historic site of Candlestick Park | $ | 350 | 50.1 | % | $ | 175 | $ | 3 | 2018 - 2019 | 7% - 9% | |||||||||||||
Paradise Valley Mall | Redevelopment (size TBD) including a theater | TBD | 100 | % | TBD | $ | 1 | TBD | TBD | |||||||||||||||
Westside Pavilion | Redevelopment of an existing 755,000 sf Center | TBD | 100 | % | TBD | $ | 2 | TBD | TBD | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Shadow Pipeline | $ | 350 | $ | 175 | $ | 6 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| (a) | Much of this information is estimated and may change from time to time. See the Company’s forward-looking disclosure on pages 1 and 2 for factors that may affect the information provided in this table. |
| (b) | This excludes GAAP allocations of non cash and indirect costs. |
| (c) | Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non cash and indirect costs. |
| (d) | This reflects incremental project costs and income subsequent to the Company’s $106.8 million investment in July 2014. Total Costs are net of $25 million of approved public financing grants that will be a reduction of costs. |
| (e) | The Sears lease has been terminated. The 4% yield represents an incremental return over Sears former annual rent. The yield would increase to 8% without including any offsetting rent impact from Sears. |
| (f) | This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Average returns are expected to be 7% to 9%. There is no certainty that the Company will develop or redevelop any or all of these potential projects. |
30
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Top Ten Tenants
The following retailers (including their subsidiaries) represent the 10 largest rent payers in the Centers based upon total rents in place as of December 31, 2016. Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from the table below.
Tenant | Primary DBAs | Number of Locations in the Portfolio | % of Total Rents | |||||||
L Brands, Inc. | Victoria’s Secret, Bath and Body Works, PINK | 94 | 2.7 | % | ||||||
Forever 21, Inc. | Forever 21, XXI Forever, Love21 | 34 | 2.5 | % | ||||||
Foot Locker, Inc. | Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Foot Action, House of Hoops SIX:02 and others | 93 | 1.9 | % | ||||||
Gap, Inc., The | Athleta, Banana Republic, Gap, Gap Kids, Old Navy and others | 57 | 1.9 | % | ||||||
Signet Jewelers | Gordon’s Jewelers, Jared Jewelry, Kay Jewelers, Piercing Pagoda, Rogers Jewelers, Shaw’s Jewelers, Weisfield Jewelers, Zales | 102 | 1.6 | % | ||||||
Dick’s Sporting Goods, Inc. | Dick’s Sporting Goods, Chelsea Collective | 15 | 1.5 | % | ||||||
H & M Hennes & Mauritz AB | H & M | 24 | 1.5 | % | ||||||
Golden Gate Capital | Payless ShoeSource, Eddie Bauer, California Pizza Kitchen, PacSun | 78 | 1.2 | % | ||||||
American Eagle Outfitters, Inc. | American Eagle Outfitters, aerie | 36 | 1.1 | % | ||||||
Sears Holdings Corporation | Sears | 22 | 1.0 | % | ||||||
31
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 2016, 2015 and 2014 and dividends per share of common stock declared and paid by quarter:
| Market Quotation per Share | Dividends | |||||||||||
Quarter Ended: | High | Low | Declared and Paid | |||||||||
March 31, 2014 | $ | 62.41 | $ | 55.21 | $ | 0.62 | ||||||
June 30, 2014 | $ | 68.28 | $ | 61.66 | $ | 0.62 | ||||||
September 30, 2014 | $ | 68.81 | $ | 62.62 | $ | 0.62 | ||||||
December 31, 2014 | $ | 85.55 | $ | 63.25 | $ | 0.65 | ||||||
March 31, 2015 | $ | 95.93 | $ | 81.61 | $ | 0.65 | ||||||
June 30, 2015 | $ | 86.31 | $ | 74.51 | $ | 0.65 | ||||||
September 30, 2015 | $ | 81.52 | $ | 71.98 | $ | 0.65 | ||||||
December 31, 2015 | $ | 86.29 | $ | 74.55 | $ | 2.68 | (a) | |||||
March 31, 2016 | $ | 82.88 | $ | 72.99 | $ | 2.68 | (a) | |||||
June 30, 2016 | $ | 85.39 | $ | 71.82 | $ | 0.68 | ||||||
September 30, 2016 | $ | 94.51 | $ | 78.76 | $ | 0.68 | ||||||
December 31, 2016 | $ | 80.54 | $ | 66.00 | $ | 0.71 | ||||||
| (a) | Includes a special dividend of $2.00 per common share paid on December 8, 2015. Separately, the Company also paid a special dividend of $2.00 per common share on January 6, 2016. |
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. at800-567-0169.
| 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 |
32