8-K
Macerich Co (MAC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 5, 2020
THE MACERICH COMPANY
(Exact Name of Registrant as Specified in Charter)
| MARYLAND | 1-12504 | 95-4448705 |
|---|---|---|
| (State or Other Jurisdiction<br> <br>of Incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (310) 394-6000
N/A
(Former Name or Former Address, if Changed Since Last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common stock of The Macerich Company, $0.01 par value per share | MAC | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
|---|
The Company issued a press release on November 5, 2020 (the “Press Release”) announcing results of operations for the Company for the quarter ended September 30, 2020 and such Press Release is furnished as Exhibit 99.1 hereto.
On November 5, 2020, the Company made available on its website a financial supplement containing financial and operating information of the Company (“Supplemental Financial Information”) for the three and nine months ended September 30, 2020 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.
The Press Release and Supplemental Financial Information included as exhibits with this report are being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.
| ITEM 7.01 | REGULATION FD DISCLOSURE. |
|---|
The Press Release and Supplemental Financial Information included as exhibits with this report are being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
|---|
Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:
(a), (b) and (c) Not applicable.
(d) Exhibits.
Exhibit Index attached hereto and incorporated herein by reference.
2
EXHIBIT INDEX
| EXHIBIT<br> <br>NUMBER | NAME |
|---|---|
| 99.1 | Press Release dated November 5, 2020 |
| 99.2 | Supplemental Financial Information for the three and nine months ended September 30, 2020 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE MACERICH COMPANY | |
|---|---|
| By: Scott W. Kingsmore | |
| November 5, 2020<br> <br>Date | /s/ Scott W. Kingsmore<br> <br>Senior Executive Vice President,<br> <br>Chief Financial Officer<br> <br>and Treasurer |
4
EX-99.1
Exhibit 99.1
PRESS RELEASE
MACERICH ANNOUNCES QUARTERLY RESULTS
SANTA MONICA, CA, November 5, 2020. The Macerich Company (NYSE: MAC, the “Company”) today announced results of operations for the quarter ended September 30, 2020, which included net loss attributable to the Company of $22.2 million or $0.15 per share-diluted for the quarter ended September 30, 2020 compared to net income of $46.4 million or $0.33 per share-diluted attributable to the Company for the quarter ended September 30, 2019. For the third quarter 2020, funds from operations (“FFO”)-diluted, excluding financing expense in connection with Chandler Freehold was $83.4 million or $0.52 per share-diluted compared to $133.2 million or $0.88 per share-diluted for the quarter ended September 30, 2019. A description and reconciliation of earnings per share (“EPS”)-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt is included within the financial tables accompanying this press release.
Results and Highlights:
| • | All properties in the portfolio have resumed operations as of October 7, 2020. |
|---|---|
| • | Rent collections continued to improve, with collection rates increasing to approximately 81% in October of 2020<br>and 80% in the third quarter of 2020, up from approximately 61% in the second quarter of 2020. |
| --- | --- |
| • | Mall portfolio occupancy, including closed centers, was 90.8% at September 30, 2020, compared to 91.3% at<br>June 30, 2020. |
| --- | --- |
| • | Mall tenant annual sales per square foot for the portfolio was $718 for the twelve months ended<br>September 30, 2020, compared to $800 for the twelve months ended September 30, 2019. This sales metric excludes the period of COVID-19 closure for each tenant. |
| --- | --- |
| • | Average rent per square foot increased 1.8% to $62.29 at September 30, 2020, compared to $61.16 at<br>September 30, 2019. |
| --- | --- |
“We are a major employer and tax generator within all of our markets, and our properties are home to thousands of small businesses. After seven months of partial closures, we are pleased to finally have our entire portfolio open and operational. The reopening of our malls enabled us to deliver sequential improvement in rent collections and continued progress in our negotiations with retailers,” said the Company’s Chief Executive Officer, Tom O’Hern. “Looking ahead, we are confident that our high quality portfolio in strong gateway markets will continue to be coveted as the retail community reestablishes its foundation amidst the ongoing COVID-19 pandemic. We are partnering with our tenants to prepare for what will be a very unique holiday season and shopping environment. We will remain vigilant managing our properties to prioritize the health and safety of our shoppers, employees, tenants and service providers, and to adhere to CDC and to local and state jurisdictional mandates relating to COVID-19.”
1
Operational and Liquidity Update:
With the reopening of three indoor malls in Los Angeles County on October 7, all of the Company’s properties are now open and operational**.**During the third quarter, in addition to several development openings described later, the Company celebrated numerous new retail store openings, including among others:
| • | Adidas and Tory Burch Outlet at Fashion Outlets of Niagara |
|---|---|
| • | Amazon Books and Tempur-Pedic at FlatIron Crossing |
| --- | --- |
| • | Madewell and West Elm at La Encantada |
| --- | --- |
| • | Amazon 4-Star, Capital One Café, Golden Goose, Indochino,<br>Levi’s and Warby Parker at Scottsdale Fashion Square |
| --- | --- |
| • | Warby Parker at Twenty Ninth Street |
| --- | --- |
| • | Aerie at Vintage Faire Mall |
| --- | --- |
Excluding the Company’s three indoor Los Angeles County assets, which only recently opened, approximately 93% of the square footage that was open prior to COVID-19 is now open and operating. Cash receipts continued to improve, increasing to approximately 80% in the third quarter of 2020 from approximately 61% in the second quarter of 2020. As of November 2, 2020, the Company has collected approximately 81% of rent for October. With continued improvement in operating cash flow, liquidity also continued to improve. Cash and cash equivalents increased from $573 million at June 30, 2020 to $630 million as of September 30, 2020.
Redevelopment:
While the Company has reduced its planned 2020 development expenditures by approximately $100 million, work continues to progress on selected projects. Notably:
| • | One Westside in Los Angeles, a 584,000 square foot creative office redevelopment continues on schedule with a<br>planned delivery to Google in early 2022 |
|---|---|
| • | Restoration Hardware Gallery opened at The Village at Corte Madera in Corte Madera, CA |
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| • | Comcast, Dick’s Sporting Goods (“Dick’s”) and Round One opened within the majority of the<br>former Sears store at Deptford Mall in Deptford, NJ |
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| • | Dick’s opened within a portion of the former Sears store at Vintage Faire Mall in Modesto, CA<br> |
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| • | Dick’s opened in a newly expanded footprint within a portion of the former Forever 21 store at Danbury Fair<br>in Danbury, CT |
| --- | --- |
| • | Saratoga Hospital opened within the former Sears store at Wilton Mall in Saratoga Springs, NY.<br> |
| --- | --- |
Financing Activity:
The Company’s joint venture has secured a commitment for a $95 million loan on Tysons Vita, the residential tower at Tysons Corner. This 10-year loan will bear interest at a fixed interest rate of 3.30%, and is expected to close in November. This loan will provide incremental liquidity to the Company of approximately $47.0 million at the Company’s share.
The Company has secured an extension of the $191.0 million loan on Danbury Fair to April 1, 2021. The loan amount and interest rate are unchanged following that extension.
The Company has agreed to terms with the lender of the $103.9 million loan on Fashion Outlets of Niagara, and anticipates closing soon on a three-year extension to October 2023. The Company expects that the loan amount and interest rate will remain unchanged following that extension.
2
Dividend:
The Company’s Board declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on December 3, 2020 to stockholders of record at the close of business on November 9, 2020.
About Macerich:
Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years (2015 – 2019). Additional information about Macerich can be obtained from the Company’s website at www.Macerich.com.
Investor Conference Call:
The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company’s website at www.macerich.com (Investors Section). The call begins on November 5, 2020 at 10:00 AM Pacific Time. To listen to the call, please go to the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.
The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investors Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.
Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as “expects,” “anticipates,” “assumes,” “projects,” “estimated” and “scheduled” and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, and acquisitions and dispositions; the adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.
(See attached tables)
3
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(INTHOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
| For the Three Months | For the Nine Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ended September 30, | Ended September 30, | |||||||||||
| Unaudited | Unaudited | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Revenues: | ||||||||||||
| Leasing revenue | $ | 175,506 | $ | 214,260 | $ | 554,981 | $ | 636,290 | ||||
| Other income | 4,334 | 6,889 | 16,595 | 20,054 | ||||||||
| Management Companies’ revenues | 6,004 | 9,978 | 19,807 | 29,277 | ||||||||
| Total revenues | 185,844 | 231,127 | 591,383 | 685,621 | ||||||||
| Expenses: | ||||||||||||
| Shopping center and operating expenses | 64,680 | 69,328 | 192,538 | 203,024 | ||||||||
| Management Companies’ operating expenses | 13,031 | 15,514 | 45,697 | 50,220 | ||||||||
| Leasing expenses | 5,544 | 7,162 | 19,622 | 22,344 | ||||||||
| REIT general and administrative expenses | 7,589 | 5,285 | 22,652 | 16,835 | ||||||||
| Depreciation and amortization | 78,605 | 82,787 | 241,112 | 246,640 | ||||||||
| Interest expense (a) | 37,184 | 14,799 | 65,292 | 90,265 | ||||||||
| Loss on extinguishment of debt | — | — | — | 351 | ||||||||
| Total expenses | 206,633 | 194,875 | 586,913 | 629,679 | ||||||||
| Equity in (loss) income of unconsolidated joint ventures | (12,513 | ) | 14,582 | (16,988 | ) | 34,082 | ||||||
| Income tax (expense) benefit | (1,106 | ) | (678 | ) | 684 | (1,703 | ) | |||||
| Gain (loss) on sale or write down of assets, net | 11,786 | (131 | ) | (28,784 | ) | (15,506 | ) | |||||
| Net (loss) income | (22,622 | ) | 50,025 | (40,618 | ) | 72,815 | ||||||
| Less net (loss) income attributable to noncontrolling interests | (431 | ) | 3,654 | (833 | ) | 2,886 | ||||||
| Net (loss) income attributable to the Company | ($ | 22,191 | ) | $ | 46,371 | ($ | 39,785 | ) | $ | 69,929 | ||
| Weighted average number of shares outstanding—basic | 149,626 | 141,368 | 145,071 | 141,325 | ||||||||
| Weighted average shares outstanding, assuming full conversion of OP Units (b) | 160,509 | 151,784 | 155,694 | 151,740 | ||||||||
| Weighted average shares outstanding—Funds From Operations (“FFO”)—diluted<br>(b) | 160,509 | 151,784 | 155,694 | 151,740 | ||||||||
| Earnings per share (“EPS”)—basic | ($ | 0.15 | ) | $ | 0.33 | ($ | 0.28 | ) | $ | 0.49 | ||
| EPS—diluted | ($ | 0.15 | ) | $ | 0.33 | ($ | 0.28 | ) | $ | 0.49 | ||
| Dividend paid per share | $ | 0.15 | $ | 0.75 | $ | 1.40 | $ | 2.25 | ||||
| FFO—basic and diluted (b) (c) | $ | 98,471 | $ | 170,579 | $ | 360,021 | $ | 453,723 | ||||
| FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold (b)<br>(c) | $ | 83,367 | $ | 133,242 | $ | 266,584 | $ | 388,817 | ||||
| FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold and<br>loss on extinguishment of debt (b) (c) | $ | 83,367 | $ | 133,242 | $ | 266,584 | $ | 389,168 | ||||
| FFO per share—basic and diluted (b) (c) | $ | 0.61 | $ | 1.12 | $ | 2.31 | $ | 2.99 | ||||
| FFO per share—basic and diluted, excluding financing expense in connection with Chandler<br>Freehold (b) (c) | $ | 0.52 | $ | 0.88 | $ | 1.71 | $ | 2.56 | ||||
| FFO per share—basic and diluted, excluding financing expense in connection with Chandler<br>Freehold and loss on extinguishment of debt (b) (c) | $ | 0.52 | $ | 0.88 | $ | 1.71 | $ | 2.56 |
4
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(INTHOUSANDS, EXCEPT PER SHARE AMOUNTS)
| (a) | The Company accounts for its investment in the Chandler Fashion Center and Freehold Raceway Mall<br>(“Chandler Freehold”) joint venture as a financing arrangement. As a result, the Company has included in interest expense (i) a credit of $15,502 and $96,793 to adjust for the change in the fair value of the financing arrangement<br>obligation during the three and nine months ended September 30, 2020, respectively; and a credit of $39,455 and $70,977 to adjust for the change in the fair value of the financing arrangement obligation during the three and nine months ended<br>September 30, 2019, respectively; (ii) distributions of ($398) and $885 to its partner representing the partner’s share of net (loss) income for the three and nine months ending September 30, 2020, respectively; and $1,278 and<br>$5,157 to its partner representing the partner’s share of net income for the three and nine months ended September 30, 2019, respectively; and (iii) distributions of $398 and $3,356 to its partner in excess of the partner’s share<br>of net income for the three and nine months ended September 30, 2020, respectively; and $2,118 and $6,071 to its partner in excess of the partner’s share of net income for the three and nine months ended September 30, 2019,<br>respectively. |
|---|---|
| (b) | The Macerich Partnership, L.P. (the “Operating Partnership” or the “OP”) has operating<br>partnership units (“OP units”). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number<br>of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of<br>MACWH, LP preferred and common units to the extent they are dilutive to the calculation. |
| --- | --- |
| (c) | The Company uses FFO in addition to net income to report its operating and financial results and considers FFO<br>and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles (“GAAP”) measures. The National Association of Real Estate<br>Investment Trusts (“Nareit”) defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related depreciation and amortization, impairment write-downs of real<br>estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated<br>joint ventures are calculated to reflect FFO on the same basis. |
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The Company accounts for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excludes the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income.
The Company also presents FFO excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt.
FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other real estate investment trusts (“REITs”). In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold and non-routine costs associated with extinguishment of debt provide useful supplemental information regarding the Company’s performance as they show a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s results. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities.
The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.
5
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(INTHOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of net (loss) income attributable to the Company to FFO attributable to common stockholdersand unit holders—basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt (c):
| For the Three<br><br><br>Months | For the Nine Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ended September 30, | Ended September 30, | |||||||||||
| Unaudited | Unaudited | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Net (loss) income attributable to the Company | ($ | 22,191 | ) | $ | 46,371 | ($ | 39,785 | ) | $ | 69,929 | ||
| Adjustments to reconcile net (loss) income attributable to the Company to FFO attributable to<br>common stockholders and unit holders—basic and diluted: | ||||||||||||
| Noncontrolling interests in the OP | (1,618 | ) | 3,427 | (2,912 | ) | 5,151 | ||||||
| (Gain) loss on sale or write down of consolidated assets, net | (11,786 | ) | 131 | 28,784 | 15,506 | |||||||
| Add: gain on undepreciated asset sales from consolidated assets | 12,362 | 81 | 12,402 | 615 | ||||||||
| Loss on write down of consolidated non-real estate<br>assets | (1,361 | ) | — | (4,154 | ) | — | ||||||
| Noncontrolling interests share of gain (loss) on sale or write-down of consolidated joint<br>ventures, net | 929 | — | 929 | (3,369 | ) | |||||||
| Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata),<br>net | 71 | (3 | ) | 77 | 381 | |||||||
| Depreciation and amortization on consolidated assets | 78,605 | 82,787 | 241,112 | 246,640 | ||||||||
| Less depreciation and amortization allocable to noncontrolling interests in consolidated joint<br>ventures | (3,855 | ) | (3,746 | ) | (11,472 | ) | (11,067 | ) | ||||
| Depreciation and amortization on unconsolidated joint ventures (pro rata) | 50,775 | 45,465 | 146,702 | 141,670 | ||||||||
| Less: depreciation on personal property | (3,460 | ) | (3,934 | ) | (11,662 | ) | (11,733 | ) | ||||
| FFO attributable to common stockholders and unit holders—basic and diluted | 98,471 | 170,579 | 360,021 | 453,723 | ||||||||
| Financing expense in connection with Chandler Freehold | (15,104 | ) | (37,337 | ) | (93,437 | ) | (64,906 | ) | ||||
| FFO attributable to common stockholders and unit holders, excluding financing expense in<br>connection with Chandler Freehold—basic and diluted | 83,367 | 133,242 | 266,584 | 388,817 | ||||||||
| Loss on extinguishment of debt | — | — | — | 351 | ||||||||
| FFO attributable to common stockholders and unit holders, excluding financing expense in<br>connection with Chandler Freehold and loss on extinguishment of debt—diluted | $ | 83,367 | $ | 133,242 | $ | 266,584 | $ | 389,168 |
Reconciliation of EPS to FFO per share—diluted (c):
| For the ThreeMonthsEnded September 30, | For the NineMonthsEnded September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unaudited | Unaudited | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| EPS—diluted | ($ | 0.15 | ) | $ | 0.33 | ($ | 0.28 | ) | $ | 0.49 | ||
| Per share impact of depreciation and amortization of real estate | 0.76 | 0.79 | 2.34 | 2.41 | ||||||||
| Per share impact of loss on sale or write down of assets, net | — | — | 0.25 | 0.09 | ||||||||
| FFO per share—basic and diluted | $ | 0.61 | $ | 1.12 | $ | 2.31 | $ | 2.99 | ||||
| Per share impact of financing expense in connection with Chandler Freehold. | (0.09 | ) | (0.24 | ) | (0.60 | ) | (0.43 | ) | ||||
| FFO per share—basic and diluted, excluding financing expense in connection with Chandler<br>Freehold | $ | 0.52 | $ | 0.88 | $ | 1.71 | $ | 2.56 | ||||
| Per share impact of loss on extinguishment of debt | — | — | — | — | ||||||||
| FFO per share—basic and diluted, excluding financing expense in connection with Chandler<br>Freehold and loss on extinguishment of debt | $ | 0.52 | $ | 0.88 | $ | 1.71 | $ | 2.56 |
6
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(INTHOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net (loss) income attributable to the Company toAdjusted EBITDA:
| For the Three Months | For the Nine Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ended September 30, | Ended September 30, | |||||||||||
| Unaudited | Unaudited | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Net (loss) income attributable to the Company | ($ | 22,191 | ) | $ | 46,371 | ($ | 39,785 | ) | $ | 69,929 | ||
| Interest expense—consolidated assets | 37,184 | 14,799 | 65,292 | 90,265 | ||||||||
| Interest expense—unconsolidated joint ventures (pro rata) | 26,882 | 25,552 | 80,199 | 78,974 | ||||||||
| Depreciation and amortization—consolidated assets | 78,605 | 82,787 | 241,112 | 246,640 | ||||||||
| Depreciation and amortization—unconsolidated joint ventures (pro rata) | 50,775 | 45,465 | 146,702 | 141,670 | ||||||||
| Noncontrolling interests in the OP | (1,618 | ) | 3,427 | (2,912 | ) | 5,151 | ||||||
| Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in<br>consolidated joint ventures | (7,216 | ) | (8,743 | ) | (23,670 | ) | (26,222 | ) | ||||
| Loss on extinguishment of debt | — | — | — | 351 | ||||||||
| (Gain) loss on sale or write down of assets, net—consolidated assets | (11,786 | ) | 131 | 28,784 | 15,506 | |||||||
| Loss (gain) on sale or write down of assets, net—unconsolidated joint ventures (pro<br>rata) | 71 | (3 | ) | 77 | 381 | |||||||
| Add: Noncontrolling interests share of gain (loss) on sale or write-down of consolidated joint<br>ventures, net | 929 | — | 929 | (3,369 | ) | |||||||
| Income tax expense (benefit) | 1,106 | 678 | (684 | ) | 1,703 | |||||||
| Distributions on preferred units | 90 | 100 | 281 | 301 | ||||||||
| Adjusted EBITDA (d) | $ | 152,831 | $ | 210,564 | $ | 496,325 | $ | 621,280 |
Reconciliation of Adjusted EBITDA to Net Operating Income (“NOI”) and toNOI—Same Centers:
| For the Three Months | For the Nine Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ended September 30, | Ended September 30, | |||||||||||
| Unaudited | Unaudited | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Adjusted EBITDA (d) | $ | 152,831 | $ | 210,564 | $ | 496,325 | $ | 621,280 | ||||
| REIT general and administrative expenses | 7,589 | 5,285 | 22,652 | 16,835 | ||||||||
| Management Companies’ revenues | (6,004 | ) | (9,978 | ) | (19,807 | ) | (29,277 | ) | ||||
| Management Companies’ operating expenses | 13,031 | 15,514 | 45,697 | 50,220 | ||||||||
| Leasing expenses, including joint ventures at pro rata | 6,043 | 8,147 | 21,432 | 25,170 | ||||||||
| Straight-line and above/below market adjustments | (9,887 | ) | (8,850 | ) | (22,691 | ) | (23,538 | ) | ||||
| NOI—All Centers | 163,603 | 220,682 | 543,608 | 660,690 | ||||||||
| NOI of non-Same Centers | (2,191 | ) | (3,697 | ) | (5,929 | ) | (20,368 | ) | ||||
| NOI—Same Centers (e) | 161,412 | 216,985 | 537,679 | 640,322 | ||||||||
| Lease termination income of Same Centers | (9,050 | ) | (1,404 | ) | (12,777 | ) | (5,309 | ) | ||||
| NOI—Same Centers, excluding lease termination income (e) | $ | 152,362 | $ | 215,581 | $ | 524,902 | $ | 635,013 | ||||
| NOI—Same Centers percentage change, excluding lease termination income (e) | -29.32 | % | -17.34 | % |
7
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(INTHOUSANDS, EXCEPT PER SHARE AMOUNTS)
| (d) | Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling<br>interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted<br>EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be<br>construed as an alternative to operating income as an indicator of the Company’s operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions<br>that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies. |
|---|---|
| (e) | The Company presents Same Center NOI because the Company believes it is useful for investors to evaluate the<br>operating performance of comparable centers. Same Center NOI is calculated using total Adjusted EBITDA and eliminating the impact of the management companies’ revenues and operating expenses, leasing expenses (including joint ventures at pro<br>rata), the Company’s REIT general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers.<br> |
| --- | --- |
8
EX-99.2
Exhibit 99.2
Supplemental Financial Information
For the three and nine months ended September 30, 2020
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<br>(Unaudited) | 7-9 | |
| Supplemental FFO Information | 10 | |
| Capital Expenditures | 11 | |
| Operational Data | 12-22 | |
| Sales Per Square Foot | 12 | |
| Occupancy | 13 | |
| Average Base Rent Per Square Foot | 14 | |
| Cost of Occupancy | 15 | |
| Percentage of Net Operating Income by State | 16 | |
| Property Listing | 17-20 | |
| Joint Venture List | 21-22 | |
| Debt Tables | 23-25 | |
| Debt Summary | 23 | |
| Outstanding Debt by Maturity Date | 24-25 | |
| Development Pipeline | 26-27 | |
| Corporate Information | 28 |
This Supplemental Financial Information should be read in connection with the Company’s third quarter 2020 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on 8-K, event date November 5, 2020, as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.
The Macerich Company
Supplemental Financial and Operating Information
Overview
The Macerich Company (the “Company”) is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional shopping centers located in the United States in many of the country’s most attractive, densely populated markets with significant presence on the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, the Company has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years 2015 – 2019.
The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”).
As of September 30, 2020, the Operating Partnership owned or had an ownership interest in 51 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 47 regional shopping centers and five community/power shopping centers. These 52 centers (which include any related office space) are referred to hereinafter as the “Centers”, unless the context requires otherwise.
The Company is a self-administered and self-managed real estate investment trust (“REIT”) and conducts all of its operations through the Operating Partnership and the Company’s management companies (collectively, the “Management Companies”).
All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
The Company presents certain measures in this Exhibit on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.
This document contains information constituting forward-looking statements and includes expectations regarding the Company’s future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or the industry to differ materially from the Company’s future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. Such factors include, among others, general industry, as well as national, regional and local economic and
1
business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, and acquisitions and dispositions; the continuing adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. You are urged to carefully review the disclosures we make concerning risks and other factors that may affect our business and operating results, including those made in “Item 1A. Risk Factors” and of our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed on August 10, 2020 as well as our other reports filed with the Securities and Exchange Commission (“SEC”), which disclosures are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless required by law to do so.
2
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
| Period Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 9/30/2020 | 12/31/2019 | 12/31/2018 | |||||||
| dollars in thousands, except per share data | |||||||||
| Closing common stock price per share | $ | 6.79 | $ | 26.92 | $ | 43.28 | |||
| 52 week high | $ | 29.74 | $ | 47.05 | $ | 69.73 | |||
| 52 week low | $ | 4.81 | $ | 25.53 | $ | 40.90 | |||
| Shares outstanding at end of period | |||||||||
| Class A non-participating convertible preferred<br>units | 103,235 | 90,619 | 90,619 | ||||||
| Common shares and partnership units | 160,519,645 | 151,892,138 | 151,655,147 | ||||||
| Total common and equivalent shares/units outstanding | 160,622,880 | 151,982,757 | 151,745,766 | ||||||
| Portfolio capitalization data | |||||||||
| Total portfolio debt, including joint ventures at pro rata | $ | 8,710,843 | $ | 8,074,867 | $ | 7,850,669 | |||
| Equity market capitalization | 1,090,629 | 4,091,376 | 6,567,557 | ||||||
| Total market capitalization | $ | 9,801,472 | $ | 12,166,243 | $ | 14,418,226 | |||
| Debt as a percentage of total market capitalization | 88.9 | % | 66.4 | % | 54.5 | % |
Portfolio Capitalization at September 30, 2020
3
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
| Partnership<br>Units | Company<br>Common<br>Shares | Class A<br>Non-Participating<br>Convertible<br>Preferred Units | Total<br>Common<br>and<br>Equivalent<br>Shares/<br>Units | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2019 | 10,484,488 | 141,407,650 | 90,619 | 151,982,757 | ||||||
| Conversion of partnership units to cash | (168 | ) | — | — | (168 | ) | ||||
| Conversion of partnership units to common shares | (83,722 | ) | 83,722 | — | — | |||||
| Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans | 3,408 | 80,917 | — | 84,325 | ||||||
| Balance as of March 31, 2020 | 10,404,006 | 141,572,289 | 90,619 | 152,066,914 | ||||||
| Conversion of partnership units to cash | (1,554 | ) | — | — | (1,554 | ) | ||||
| Conversion of partnership units to common shares | (82,856 | ) | 82,856 | — | — | |||||
| Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans | 570 | 186,789 | — | 187,309 | ||||||
| Issuance of stock/partnership units from stock dividends | 581,091 | 7,759,280 | 12,616 | 8,352,987 | ||||||
| Balance as of June 30, 2020 | 10,901,257 | 149,601,164 | 103,235 | 160,605,656 | ||||||
| Conversion of partnership units to cash | (1,143 | ) | — | — | (1,143 | ) | ||||
| Conversion of partnership units to common shares | (20,213 | ) | 20,213 | — | — | |||||
| Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans | 1,464 | 16,903 | — | 18,367 | ||||||
| Balance as of September 30, 2020 | 10,881,365 | 149,638,280 | 103,235 | 160,622,880 |
4
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)
| For the ThreeMonths EndedSeptember 30,2020 | For the NineMonths EndedSeptember 30,2020 | |||||
|---|---|---|---|---|---|---|
| Revenues: | ||||||
| Leasing revenue | $ | 175,506 | $ | 554,981 | ||
| Other income | 4,334 | 16,595 | ||||
| Management Companies’ revenues | 6,004 | 19,807 | ||||
| Total revenues | 185,844 | 591,383 | ||||
| Expenses: | ||||||
| Shopping center and operating expenses | 64,680 | 192,538 | ||||
| Management Companies’ operating expenses | 13,031 | 45,697 | ||||
| Leasing expenses | 5,544 | 19,622 | ||||
| REIT general and administrative expenses | 7,589 | 22,652 | ||||
| Depreciation and amortization | 78,605 | 241,112 | ||||
| Interest expense | 37,184 | 65,292 | ||||
| Total expenses | 206,633 | 586,913 | ||||
| Equity in loss of unconsolidated joint ventures | (12,513 | ) | (16,988 | ) | ||
| Income tax (expense) benefit | (1,106 | ) | 684 | |||
| Gain (loss) on sale or write down of assets, net | 11,786 | (28,784 | ) | |||
| Net loss | (22,622 | ) | (40,618 | ) | ||
| Less net loss attributable to noncontrolling interests | (431 | ) | (833 | ) | ||
| Net loss attributable to the Company | $ | (22,191 | ) | $ | (39,785 | ) |
5
TH MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS OF SEPTEMBER 30, 2020
(Dollars in thousands)
| ASSETS: | |||
|---|---|---|---|
| Property, net (a) | $ | 6,438,248 | |
| Cash and cash equivalents | 528,431 | ||
| Restricted cash | 13,370 | ||
| Tenant and other receivables, net | 234,934 | ||
| Right-of-use<br>assets, net | 134,663 | ||
| Deferred charges and other assets, net | 247,127 | ||
| Due from affiliates | 16,628 | ||
| Investments in unconsolidated joint ventures | 1,569,887 | ||
| Total assets | $ | 9,183,288 | |
| LIABILITIES AND EQUITY: | |||
| Mortgage notes payable | $ | 4,373,710 | |
| Bank and other notes payable | 1,477,549 | ||
| Accounts payable and accrued expenses | 71,939 | ||
| Lease liabilities | 106,803 | ||
| Other accrued liabilities | 220,651 | ||
| Distributions in excess of investments in unconsolidated joint ventures | 106,992 | ||
| Financing arrangement obligation | 177,107 | ||
| Total liabilities | 6,534,751 | ||
| Commitments and contingencies | |||
| Equity: | |||
| Stockholders’ equity: | |||
| Common stock | 1,496 | ||
| Additional paid-in capital | 4,600,470 | ||
| Accumulated deficit | (2,126,749 | ) | |
| Accumulated other comprehensive loss | (10,889 | ) | |
| Total stockholders’ equity | 2,464,328 | ||
| Noncontrolling interests | 184,209 | ||
| Total equity | 2,648,537 | ||
| Total liabilities and equity | $ | 9,183,288 | |
| (a) | Includes construction in progress of $81,735. | ||
| --- | --- |
6
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
| For the Three MonthsEnded September 30, 2020 | For the Nine MonthsEnded September 30, 2020 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NoncontrollingInterests ofConsolidatedJoint Ventures (a) | Company’s Shareof UnconsolidatedJoint Ventures | NoncontrollingInterests ofConsolidatedJoint Ventures (a) | Company’s Shareof UnconsolidatedJoint Ventures | |||||||||
| Revenues: | ||||||||||||
| Leasing revenue | $ | (10,563 | ) | $ | 99,227 | $ | (33,563 | ) | $ | 312,419 | ||
| Other income | (530 | ) | 2,683 | (1,677 | ) | 2,904 | ||||||
| Total revenues | (11,093 | ) | 101,910 | (35,240 | ) | 315,323 | ||||||
| Expenses: | ||||||||||||
| Shopping center and operating expenses | (3,512 | ) | 36,089 | (10,078 | ) | 103,181 | ||||||
| Leasing expenses | (107 | ) | 606 | (342 | ) | 2,152 | ||||||
| Depreciation and amortization | (3,855 | ) | 50,775 | (11,472 | ) | 146,702 | ||||||
| Interest expense | (3,361 | ) | 26,882 | (12,198 | ) | 80,199 | ||||||
| Total expenses | (10,835 | ) | 114,352 | (34,090 | ) | 332,234 | ||||||
| Equity in loss of unconsolidated joint ventures | — | 12,513 | — | 16,988 | ||||||||
| Gain/loss on sale or write down of assets, net | (929 | ) | (71 | ) | (929 | ) | (77 | ) | ||||
| Net income | (1,187 | ) | — | (2,079 | ) | — | ||||||
| Less net income attributable to noncontrolling interests | (1,187 | ) | — | (2,079 | ) | — | ||||||
| Net income attributable to the Company | $ | — | $ | — | $ | — | $ | — | ||||
| (a) | Represents the Company’s partners’ share of consolidated joint ventures. | |||||||||||
| --- | --- |
7
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
| As of September 30, 2020 | ||||||
|---|---|---|---|---|---|---|
| NoncontrollingInterests ofConsolidatedJoint Ventures (a) | Company’s Shareof UnconsolidatedJoint Ventures | |||||
| ASSETS: | ||||||
| Property, net (b) | $ | (329,413 | ) | $ | 4,533,679 | |
| Cash and cash equivalents | (11,966 | ) | 95,686 | |||
| Restricted cash | (1,693 | ) | 6,372 | |||
| Tenant and other receivables, net | (11,437 | ) | 121,101 | |||
| Right-of-use<br>assets, net | (723 | ) | 60,250 | |||
| Deferred charges and other assets, net | (3,122 | ) | 118,092 | |||
| Due from affiliates | 222 | (8,700 | ) | |||
| Investments in unconsolidated joint ventures, at equity | — | (1,569,887 | ) | |||
| Total assets | $ | (358,132 | ) | $ | 3,356,593 | |
| LIABILITIES AND EQUITY: | ||||||
| Mortgage notes payable | $ | (359,267 | ) | $ | 3,035,924 | |
| Bank and other notes payable | — | 182,927 | ||||
| Accounts payable and accrued expenses | (6,139 | ) | 72,941 | |||
| Lease liabilities | (2,767 | ) | 60,000 | |||
| Other accrued liabilities | (3,601 | ) | 111,793 | |||
| Distributions in excess of investments in unconsolidated joint ventures | — | (106,992 | ) | |||
| Financing arrangement obligation | (177,108 | ) | — | |||
| Total liabilities | (548,882 | ) | 3,356,593 | |||
| Equity: | ||||||
| Stockholders’ equity | 195,724 | — | ||||
| Noncontrolling interests | (4,974 | ) | — | |||
| Total equity | 190,750 | — | ||||
| Total liabilities and equity | $ | (358,132 | ) | $ | 3,356,593 | |
| (a) | Represents the Company’s partners’ share of consolidated joint ventures. | |||||
| --- | --- | |||||
| (b) | This includes $1,517 of construction in progress relating to the Company’s partners’ share from<br>consolidated joint ventures and $309,316 of construction in progress relating to the Company’s share from unconsolidated joint ventures. | |||||
| --- | --- |
8
THE MACERICH COMPANY
NON-GAAP PRO RATA SCHEDULE OF LEASING REVENUE (UNAUDITED)
(Dollars in thousands)
| For the Three Months Ended September 30, 2020 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Non-ControllingInterests (a) | Company’sConsolidatedShare | Company’sShare ofUnconsolidatedJoint Ventures | Company’sTotalShare | |||||||||||
| Revenues: | |||||||||||||||
| Minimum rents | $ | 122,859 | $ | (7,804 | ) | $ | 115,055 | $ | 75,262 | $ | 190,317 | ||||
| Percentage rents | 2,793 | (253 | ) | 2,540 | 2,045 | 4,585 | |||||||||
| Tenant recoveries | 55,926 | (3,168 | ) | 52,758 | 27,293 | 80,051 | |||||||||
| Other | 4,485 | (267 | ) | 4,218 | 2,117 | 6,335 | |||||||||
| Less: Bad debt expense | (10,557 | ) | 929 | (9,628 | ) | (7,490 | ) | (17,118 | ) | ||||||
| Total leasing revenue | $ | 175,506 | $ | (10,563 | ) | $ | 164,943 | $ | 99,227 | $ | 264,170 | ||||
| For the Nine Months Ended September 30, 2020 | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Non-ControllingInterests (a) | Company’sConsolidatedShare | Company’sShare ofUnconsolidatedJoint Ventures | Company’sTotalShare | |||||||||||
| Revenues: | |||||||||||||||
| Minimum rents | $ | 398,206 | $ | (23,653 | ) | $ | 374,553 | $ | 238,273 | $ | 612,826 | ||||
| Percentage rents | 6,517 | (392 | ) | 6,125 | 3,667 | 9,792 | |||||||||
| Tenant recoveries | 175,527 | (10,762 | ) | 164,765 | 86,662 | 251,427 | |||||||||
| Other | 13,979 | (850 | ) | 13,129 | 5,983 | 19,112 | |||||||||
| Less: Bad debt expense | (39,248 | ) | 2,094 | (37,154 | ) | (22,166 | ) | (59,320 | ) | ||||||
| Total leasing revenue | $ | 554,981 | $ | (33,563 | ) | $ | 521,418 | $ | 312,419 | $ | 833,837 | ||||
| (a) | Represents the Company’s partners’ share of consolidated joint ventures. | ||||||||||||||
| --- | --- |
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
| As of September 30, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||||||||
| dollars in millions | ||||||||||||
| Straight-line rent receivable | $ | 135.6 | $ | 122.1 | ||||||||
| For the<br>Three Months Ended<br>September 30, | For the<br>Nine Months EndedSeptember 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2020 | 2019 | 2020 | 2019 | |||||||||
| dollars in millions | ||||||||||||
| Lease termination income | $ | 9.1 | $ | 1.4 | $ | 12.8 | $ | 5.3 | ||||
| Straight-line rental income | $ | 7.2 | $ | 4.5 | $ | 8.5 | $ | 10.5 | ||||
| Business development and parking income (b) | $ | 10.0 | $ | 16.4 | $ | 29.8 | $ | 44.9 | ||||
| Gain (loss) on sales or write down of undepreciated assets | $ | 12.4 | $ | 0.1 | $ | 12.4 | $ | 0.6 | ||||
| Amortization of acquired above and below-market leases (net revenue) | $ | 2.7 | $ | 4.4 | $ | 14.1 | $ | 13.1 | ||||
| Amortization of debt premiums | $ | 0.2 | $ | 0.2 | $ | 0.7 | $ | 0.7 | ||||
| Bad debt expense (c) | $ | 17.1 | $ | 3.6 | $ | 59.3 | $ | 8.8 | ||||
| Leasing expenses | $ | 6.0 | $ | 8.1 | $ | 21.4 | $ | 25.2 | ||||
| Interest capitalized | $ | 5.2 | $ | 8.8 | $ | 16.9 | $ | 22.7 | ||||
| Chandler Freehold financing arrangement (d): | ||||||||||||
| Distributions equal to partners’ share of net (loss) income | $ | (0.4 | ) | $ | 1.3 | $ | 0.9 | $ | 5.2 | |||
| Distributions in excess of partners’ share of net income (e) | 0.4 | 2.1 | 3.4 | 6.1 | ||||||||
| Fair value adjustment (e) | (15.5 | ) | (39.5 | ) | (96.8 | ) | (71.0 | ) | ||||
| Total Chandler Freehold financing arrangement (income) expense (d) | $ | (15.5 | ) | $ | (36.1 | ) | $ | (92.5 | ) | $ | (59.7 | ) |
| (a) | All joint venture amounts included at pro rata. | |||||||||||
| --- | --- | |||||||||||
| (b) | Included in leasing revenue and other income. | |||||||||||
| --- | --- | |||||||||||
| (c) | Included in leasing revenue for the three and nine months ended September 30, 2020 and 2019.<br> | |||||||||||
| --- | --- | |||||||||||
| (d) | Included in interest expense. | |||||||||||
| --- | --- | |||||||||||
| (e) | The Company presents Funds from Operations (“FFO”) excluding the expenses related to changes in fair<br>value of the financing arrangement and the payments to such joint venture partner less than or in excess of their pro rata share of net income. | |||||||||||
| --- | --- |
10
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures(a)
| For the Nine Months Ended | Year Ended<br>12/31/2019 | Year Ended<br>12/31/2018 | ||||||
|---|---|---|---|---|---|---|---|---|
| 9/30/2020 | 9/30/2019 | |||||||
| dollars in millions | ||||||||
| Consolidated Centers | ||||||||
| Acquisitions of property, building improvement and equipment | $ | 8.9 | $ | 19.3 | $ | 34.8 | $ | 53.4 |
| Development, redevelopment, expansions and renovations of Centers | 28.1 | 83.1 | 112.3 | 173.3 | ||||
| Tenant allowances | 8.2 | 14.8 | 18.9 | 12.6 | ||||
| Deferred leasing charges | 2.2 | 2.0 | 3.2 | 17.3 | ||||
| Total | $ | 47.4 | $ | 119.2 | $ | 169.2 | $ | 256.6 |
| Unconsolidated Joint Venture Centers | ||||||||
| Acquisitions of property, building improvement and equipment | $ | 5.9 | $ | 7.8 | $ | 12.3 | $ | 15.7 |
| Development, redevelopment, expansions and renovations of Centers | 86.5 | 152.9 | 210.6 | 145.9 | ||||
| Tenant allowances | 2.0 | 6.9 | 9.3 | 8.7 | ||||
| Deferred leasing charges | 1.2 | 2.7 | 3.4 | 10.9 | ||||
| Total | $ | 95.6 | $ | 170.3 | $ | 235.6 | $ | 181.2 |
| (a) | All joint venture amounts at pro rata. | |||||||
| --- | --- |
11
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Regional Shopping Center Portfolio
Sales Per Square Foot(a)
| ConsolidatedCenters | UnconsolidatedJoint VentureCenters | TotalCenters | ||||
|---|---|---|---|---|---|---|
| 09/30/2020(b) | $ | 617 | $ | 833 | $ | 718 |
| 09/30/2019 | $ | 639 | $ | 1,009 | $ | 800 |
| 12/31/2019 | $ | 646 | $ | 998 | $ | 801 |
| 12/31/2018 | $ | 612 | $ | 882 | $ | 726 |
| (a) | Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months<br>for tenants that have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and<br>redevelopment. | |||||
| --- | --- | |||||
| (b) | This sales metric is computed to exclude the period of COVID-19 closure for each tenant. | |||||
| --- | --- |
12
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy(a)
| Regional Shopping Centers:Period Ended | Consolidated<br>Centers | Unconsolidated<br>Joint Venture<br>Centers | Total<br>Centers | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 09/30/2020 | 90.4 | % | 91.2 | % | 90.8 | % | |||
| 09/30/2019 | 93.4 | % | 94.4 | % | 93.8 | % | |||
| 12/31/2019 | 93.7 | % | 94.4 | % | 94.0 | % | |||
| 12/31/2018 | 95.2 | % | 95.6 | % | 95.4 | % | |||
| (a) | Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period.<br>Occupancy excludes Centers under development and redevelopment, and includes any Centers that were closed as of September 30, 2020 due to COVID-19. | ||||||||
| --- | --- |
13
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot(a)
| Average Base Rent<br>PSF(b) | Average Base Rent<br>PSF on Leases<br>Executed during the<br>trailing twelve<br>monthsended(c) | Average Base Rent<br>PSF on Leases<br>Expiring<br>during the trailingtwelve monthsended(d) | ||||
|---|---|---|---|---|---|---|
| Consolidated Centers | ||||||
| 09/30/2020 | $ | 59.92 | $ | 52.56 | $ | 52.41 |
| 09/30/2019 | $ | 58.94 | $ | 55.97 | $ | 52.34 |
| 12/31/2019 | $ | 58.76 | $ | 53.29 | $ | 53.20 |
| 12/31/2018 | $ | 56.82 | $ | 54.00 | $ | 49.07 |
| Unconsolidated Joint Venture Centers | ||||||
| 09/30/2020 | $ | 66.99 | $ | 63.95 | $ | 55.26 |
| 09/30/2019 | $ | 65.62 | $ | 70.01 | $ | 63.80 |
| 12/31/2019 | $ | 65.67 | $ | 73.05 | $ | 65.22 |
| 12/31/2018 | $ | 63.84 | $ | 66.95 | $ | 59.49 |
| All Regional Shopping Centers | ||||||
| 09/30/2020 | $ | 62.29 | $ | 55.83 | $ | 53.22 |
| 09/30/2019 | $ | 61.16 | $ | 60.04 | $ | 55.45 |
| 12/31/2019 | $ | 61.06 | $ | 59.15 | $ | 56.50 |
| 12/31/2018 | $ | 59.09 | $ | 57.55 | $ | 51.80 |
| (a) | Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts<br>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,<br>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<br>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<br>rent on a cash basis. | |||||
| --- | --- |
14
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
| For the trailing<br>twelve months ended<br>September 30, 2020(a) | For Years Ended December 31, | |||
|---|---|---|---|---|
| 2019 | 2018 | |||
| Consolidated Centers | ||||
| Minimum rents | 9.1% | 9.1% | 9.3% | |
| Percentage rents | 0.4% | 0.4% | 0.3% | |
| Expense recoveries(b) | 3.7% | 3.6% | 3.9% | |
| Total | 13.2% | 13.1% | 13.5% | |
| For the trailing<br>twelve months ended<br>September 30, 2020(a) | For Years Ended December 31, | |||
| 2019 | 2018 | |||
| Unconsolidated Joint Venture Centers | ||||
| Minimum rents | 8.2% | 7.3% | 7.8% | |
| Percentage rents | 0.3% | 0.3% | 0.3% | |
| Expense recoveries(b) | 3.7% | 3.2% | 3.4% | |
| Total | 12.2% | 10.8% | 11.5% | |
| For the trailing<br>twelve months ended<br>September 30, 2020(a) | For Years Ended December 31, | |||
| 2019 | 2018 | |||
| All Centers | ||||
| Minimum rents | 8.6% | 8.1% | 8.5% | |
| Percentage rents | 0.3% | 0.3% | 0.3% | |
| Expense recoveries(b) | 3.7% | 3.4% | 3.6% | |
| Total | 12.6% | 11.8% | 12.4% | |
| (a) | The cost of occupancy metric is computed to exclude the period of COVID-19 closure for | |||
| --- | --- |
each tenant.
| (b) | Represents real estate tax and common area maintenance charges. |
|---|
15
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State
| State | % of Portfolio<br>2019<br>Real Estate<br>Pro Rata NOI(a) | ||
|---|---|---|---|
| California | 26.7 | % | |
| New York | 23.1 | % | |
| Arizona | 16.2 | % | |
| Pennsylvania & Virginia | 9.4 | % | |
| Colorado, Illinois & Missouri | 9.1 | % | |
| New Jersey & Connecticut | 7.3 | % | |
| Oregon | 4.3 | % | |
| Other(b) | 3.9 | % | |
| Total | 100.0 | % | |
| (a) | The percentage of Portfolio 2019 Real Estate Pro Rata NOI excludes lease termination revenue, straight-line and<br>above/below market adjustments to minimum rents. Portfolio 2019 Real Estate Pro Rata NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including joint ventures at<br>pro rata). | ||
| --- | --- | ||
| (b) | “Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas. | ||
| --- | --- |
16
The Macerich Company
Property Listing
September 30, 2020
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.
| Count | Company’s<br><br><br>Ownership(a) | Name ofCenter/Location | Year ofOriginalConstruction/Acquisition | Year of MostRecentExpansion/Renovation | TotalGLA(b) | |||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED CENTERS: | ||||||||
| 1 | 50.1% | Chandler Fashion Center<br>Chandler, Arizona | 2001/2002 | ongoing | 1,318,000 | |||
| 2 | 100% | Danbury Fair Mall<br>Danbury, Connecticut | 1986/2005 | 2016 | 1,271,000 | |||
| 3 | 100% | Desert Sky Mall<br>Phoenix, Arizona | 1981/2002 | 2007 | 746,000 | |||
| 4 | 100% | Eastland Mall(c)<br>Evansville, Indiana | 1978/1998 | 1996 | 1,034,000 | |||
| 5 | 100% | Fashion Outlets of Chicago<br>Rosemont, Illinois | 2013/— | — | 537,000 | |||
| 6 | 100% | Fashion Outlets of Niagara Falls USA<br>Niagara Falls, New York | 1982/2011 | 2014 | 689,000 | |||
| 7 | 50.1% | Freehold Raceway Mall<br>Freehold, New Jersey | 1990/2005 | 2007 | 1,673,000 | |||
| 8 | 100% | Fresno Fashion Fair<br>Fresno, California | 1970/1996 | 2006 | 995,000 | |||
| 9 | 100% | Green Acres Mall(c)<br>Valley Stream, New York | 1956/2013 | 2016 | 2,063,000 | |||
| 10 | 100% | Inland Center<br>San Bernardino, California | 1966/2004 | 2016 | 605,000 | |||
| 11 | 100% | Kings Plaza Shopping Center(c)<br>Brooklyn, New York | 1971/2012 | 2018 | 1,137,000 | |||
| 12 | 100% | La Cumbre Plaza(c)<br>Santa Barbara, California | 1967/2004 | 1989 | 492,000 | |||
| 13 | 100% | NorthPark Mall<br>Davenport, Iowa | 1973/1998 | 2001 | 934,000 | |||
| 14 | 100% | Oaks, The<br>Thousand Oaks, California | 1978/2002 | 2017 | 1,209,000 | |||
| 15 | 100% | Pacific View<br>Ventura, California | 1965/1996 | 2001 | 900,000 | |||
| 16 | 100% | Queens Center(c)<br>Queens, New York | 1973/1995 | 2004 | 965,000 | |||
| 17 | 100% | Santa Monica Place<br>Santa Monica, California | 1980/1999 | 2015 | 526,000 | |||
| 18 | 84.9% | SanTan Village Regional Center<br>Gilbert, Arizona | 2007/— | 2018 | 1,124,000 | |||
| 19 | 100% | SouthPark Mall<br>Moline, Illinois | 1974/1998 | 2015 | 863,000 | |||
| 20 | 100% | Stonewood Center(c)<br>Downey, California | 1953/1997 | 1991 | 935,000 | |||
| 21 | 100% | Superstition Springs Center<br>Mesa, Arizona | 1990/2002 | 2002 | 922,000 | |||
| 22 | 100% | Towne Mall<br>Elizabethtown, Kentucky | 1985/2005 | 1989 | 350,000 |
17
The Macerich Company
Property Listing
September 30, 2020
| Count | Company’s<br><br><br>Ownership(a) | Name ofCenter/Location | Year ofOriginalConstruction/Acquisition | Year of MostRecentExpansion/Renovation | TotalGLA(b) | ||
|---|---|---|---|---|---|---|---|
| 23 | 100% | Tucson La Encantada<br>Tucson, Arizona | 2002/2002 | 2005 | 246,000 | ||
| 24 | 100% | Valley Mall<br>Harrisonburg, Virginia | 1978/1998 | 1992 | 505,000 | ||
| 25 | 100% | Valley River Center<br>Eugene, Oregon | 1969/2006 | 2007 | 871,000 | ||
| 26 | 100% | Victor Valley, Mall of<br>Victorville, California | 1986/2004 | 2012 | 577,000 | ||
| 27 | 100% | Vintage Faire Mall<br>Modesto, California | 1977/1996 | ongoing | 984,000 | ||
| 28 | 100% | Wilton Mall<br>Saratoga Springs, New York | 1990/2005 | 1998 | 709,000 | ||
| Total Consolidated Centers | 25,180,000 | ||||||
| UNCONSOLIDATED JOINT VENTURE CENTERS: | |||||||
| 29 | 60% | Arrowhead Towne Center<br>Glendale, Arizona | 1993/2002 | 2015 | 1,197,000 | ||
| 30 | 50% | Biltmore Fashion Park<br>Phoenix, Arizona | 1963/2003 | 2020 | 597,000 | ||
| 31 | 50% | Broadway Plaza<br>Walnut Creek, California | 1951/1985 | 2016 | 927,000 | ||
| 32 | 50.1% | Corte Madera, The Village at<br>Corte Madera, California | 1985/1998 | 2020 | 501,000 | ||
| 33 | 50% | Country Club Plaza<br>Kansas City, Missouri | 1922/2016 | 2015 | 947,000 | ||
| 34 | 51% | Deptford Mall<br>Deptford, New Jersey | 1975/2006 | ongoing | 1,040,000 | ||
| 35 | 51% | FlatIron Crossing<br>Broomfield, Colorado | 2000/2002 | 2009 | 1,428,000 | ||
| 36 | 50% | Kierland Commons<br>Scottsdale, Arizona | 1999/2005 | 2003 | 437,000 | ||
| 37 | 60% | Lakewood Center<br>Lakewood, California | 1953/1975 | 2008 | 2,069,000 | ||
| 38 | 60% | Los Cerritos Center<br>Cerritos, California | 1971/1999 | 2016 | 1,023,000 | ||
| 39 | 50% | North Bridge, The Shops at(c)<br>Chicago, Illinois | 1998/2008 | — | 670,000 | ||
| 40 | 50% | Scottsdale Fashion Square<br>Scottsdale, Arizona | 1961/2002 | 2019 | 1,835,000 | ||
| 41 | 60% | South Plains Mall<br>Lubbock, Texas | 1972/1998 | 2017 | 1,136,000 | ||
| 42 | 51% | Twenty Ninth Street(c)<br>Boulder, Colorado | 1963/1979 | 2007 | 845,000 | ||
| 43 | 50% | Tysons Corner Center<br>Tysons Corner, Virginia | 1968/2005 | 2014 | 1,971,000 | ||
| 44 | 60% | Washington Square<br>Portland, Oregon | 1974/1999 | 2005 | 1,296,000 | ||
| 45 | 19% | West Acres<br>Fargo, North Dakota | 1972/1986 | 2001 | 691,000 | ||
| Total Unconsolidated Joint Venture Centers | 18,610,000 |
18
The Macerich Company
Property Listing
September 30, 2020
| Count | Company’s<br><br><br>Ownership(a) | Name ofCenter/Location | Year ofOriginalConstruction/Acquisition | Year of MostRecentExpansion/Renovation | TotalGLA(b) | |||
|---|---|---|---|---|---|---|---|---|
| REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT: | ||||||||
| 46 | 50% | Fashion District Philadelphia(c)(d)(e)<br>Philadelphia, Pennsylvania | 1977/2014 | 2019 | 899,000 | |||
| 47 | 100% | Paradise Valley Mall(f)<br>Phoenix, Arizona | 1979/2002 | 2009 | 1,202,000 | |||
| Total Regional Shopping Centers | 45,891,000 | |||||||
| COMMUNITY / POWER CENTERS: | ||||||||
| 1 | 50% | Atlas Park, The Shops at(d)<br>Queens, New York | 2006/2011 | 2013 | 369,000 | |||
| 2 | 50% | Boulevard Shops(d)<br>Chandler, Arizona | 2001/2002 | 2004 | 184,000 | |||
| 3 | 100% | Southridge Center(f)<br>Des Moines, Iowa | 1975/1998 | 2013 | 848,000 | |||
| 4 | 100% | Superstition Springs Power Center(f)<br>Mesa, Arizona | 1990/2002 | — | 206,000 | |||
| 5 | 100% | The Marketplace at Flagstaff(c)(f)<br>Flagstaff, Arizona | 2007/— | — | 268,000 | |||
| Total Community / Power Centers | 1,875,000 | |||||||
| OTHER ASSETS: | ||||||||
| 100% | Various(f)(g) | — | — | 427,000 | ||||
| 83.2% | Estrella Falls(f)<br>Goodyear, Arizona | 2016 | 2016 | 79,000 | ||||
| 50% | Scottsdale Fashion Square-Office(d)<br>Scottsdale, Arizona | 1984/2002 | 2016 | 124,000 | ||||
| 50% | Tysons Corner Center-Office(d)<br>Tysons Corner, Virginia | 1999/2005 | 2012 | 174,000 | ||||
| 50% | Hyatt Regency Tysons Corner Center(d)<br>Tysons Corner, Virginia | 2015 | 2015 | 290,000 | ||||
| 50% | VITA Tysons Corner Center(d)<br>Tysons Corner, Virginia | 2015 | 2015 | 510,000 | ||||
| 50% | Tysons Tower(d)<br>Tysons Corner, Virginia | 2014 | 2014 | 529,000 | ||||
| OTHER ASSETS UNDER REDEVELOPMENT: | ||||||||
| 25% | One Westside(d)(h)<br>Los Angeles, California | 1985/1998 | ongoing | 680,000 | ||||
| Total Other Assets | 2,813,000 | |||||||
| Grand Total | 50,579,000 | |||||||
| (a) | The Company’s ownership interest in this table reflects its legal ownership interest. See<br>footnotes (a) and (b) on pages 21 and 22 regarding the legal versus economic ownership of joint venture entities. | |||||||
| --- | --- | |||||||
| (b) | Includes GLA attributable to anchors (whether owned or non-owned) and<br>mall and freestanding stores. | |||||||
| --- | --- | |||||||
| (c) | Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With<br>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. | |||||||
| --- | --- |
19
The Macerich Company
Property Listing
September 30, 2020
| (e) | On September 19, 2019, the Company’s joint venture opened Fashion District Philadelphia in downtown<br>Philadelphia. |
|---|---|
| (f) | Included in Consolidated Centers. |
| --- | --- |
| (g) | The Company owns an office building and five stores located at shopping centers not owned by the Company. Of<br>the five stores, 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 two of the five stores, the underlying land is owned in fee<br>entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases. |
| --- | --- |
| (h) | Construction is underway to convert former Regional Shopping Center Westside Pavilion, which closed in January<br>2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard.<br> |
| --- | --- |
20
The Macerich Company
Joint Venture List as of September 30, 2020
The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and financing arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of September 30, 2020.
| Properties | Legal<br>Ownership(a) | Economic<br>Ownership(b) | Joint Venture | Total GLA(c) | |||||
|---|---|---|---|---|---|---|---|---|---|
| Arrowhead Towne Center(d) | 60 | % | 60 | % | New River Associates LLC | 1,197,000 | |||
| Atlas Park, The Shops at | 50 | % | 50 | % | WMAP, L.L.C. | 369,000 | |||
| Biltmore Fashion Park | 50 | % | 50 | % | Biltmore Shopping Center Partners LLC | 597,000 | |||
| Boulevard Shops | 50 | % | 50 | % | Propcor II Associates, LLC | 184,000 | |||
| Broadway Plaza(e) | 50 | % | 50 | % | Macerich HHF Broadway Plaza LLC | 927,000 | |||
| Chandler Fashion Center(d)(f) | 50.1 | % | 50.1 | % | Freehold Chandler Holdings LP | 1,318,000 | |||
| Corte Madera, The Village at | 50.1 | % | 50.1 | % | Corte Madera Village, LLC | 501,000 | |||
| Country Club Plaza | 50 | % | 50 | % | Country Club Plaza KC Partners LLC | 947,000 | |||
| Deptford Mall(d) | 51 | % | 51 | % | Macerich HHF Centers LLC | 1,040,000 | |||
| Estrella Falls | 83.2 | % | 83.2 | % | Westcor Goodyear RSC LLC | 79,000 | |||
| Fashion District Philadelphia | 50 | % | 50 | % | Various Entities | 899,000 | |||
| FlatIron Crossing | 51 | % | 51 | % | Macerich HHF Centers LLC | 1,428,000 | |||
| Freehold Raceway Mall(d)(f) | 50.1 | % | 50.1 | % | Freehold Chandler Holdings LP | 1,673,000 | |||
| Hyatt Regency Tysons Corner Center | 50 | % | 50 | % | Tysons Corner Hotel I LLC | 290,000 | |||
| Kierland Commons | 50 | % | 50 | % | Kierland Commons Investment LLC | 437,000 | |||
| Lakewood Center | 60 | % | 60 | % | Pacific Premier Retail LLC | 2,069,000 | |||
| Los Angeles Premium Outlets | 50 | % | 50 | % | CAM-CARSON LLC | — | |||
| Los Cerritos Center(d) | 60 | % | 60 | % | Pacific Premier Retail LLC | 1,023,000 | |||
| North Bridge, The Shops at | 50 | % | 50 | % | North Bridge Chicago LLC | 670,000 | |||
| SanTan Village Regional Center | 84.9 | % | 84.9 | % | Westcor SanTan Village LLC | 1,124,000 | |||
| Scottsdale Fashion Square | 50 | % | 50 | % | Scottsdale Fashion Square Partnership | 1,835,000 | |||
| Scottsdale Fashion Square-Office | 50 | % | 50 | % | Scottsdale Fashion Square Partnership | 124,000 | |||
| Macerich Seritage Portfolio(g) | 50 | % | 50 | % | MS Portfolio LLC | 1,060,000 | |||
| South Plains Mall(d) | 60 | % | 60 | % | Pacific Premier Retail LLC | 1,136,000 | |||
| Twenty Ninth Street | 51 | % | 51 | % | Macerich HHF Centers LLC | 845,000 | |||
| Tysons Corner Center | 50 | % | 50 | % | Tysons Corner LLC | 1,971,000 | |||
| Tysons Corner Center-Office | 50 | % | 50 | % | Tysons Corner Property LLC | 174,000 | |||
| Tysons Tower | 50 | % | 50 | % | Tysons Corner Property LLC | 529,000 | |||
| VITA Tysons Corner Center | 50 | % | 50 | % | Tysons Corner Property LLC | 510,000 | |||
| Washington Square(d) | 60 | % | 60 | % | Pacific Premier Retail LLC | 1,296,000 | |||
| West Acres | 19 | % | 19 | % | West Acres Development, LLP | 691,000 | |||
| One Westside(h) | 25 | % | 25 | % | HPP-MAC WSP, LLC | 680,000 | |||
| (a) | This column reflects the Company’s legal ownership in the listed properties as of September 30, 2020. Legal<br>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<br>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<br>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<br>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. | ||||||||
| --- | --- |
21
The Macerich Company
Joint Venture List as of September 30, 2020
| (b) | Economic ownership represents the allocation of cash flow to the Company as of September 30, 2020, except as<br>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<br>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,<br>and the matters set forth in the preceding paragraph. |
|---|---|
| (c) | Includes GLA attributable to anchors (whether owned or non-owned) and<br>mall and freestanding stores as of September 30, 2020. |
| --- | --- |
| (d) | These centers have a former Sears store which is owned by MS Portfolio LLC, see footnote (g) below. The GLA<br>of the former Sears store, or tenant replacing the former Sears store, at the seven centers indicated with footnote (d) in the table above is included in Total GLA at the center level. The GLA for the former Sears store at these seven centers<br>plus the GLA of the former Sears store at two wholly owned centers, Danbury Fair Mall and Vintage Faire Mall, are also aggregated into the 1,060,000 square feet in the MS Portfolio LLC above. |
| --- | --- |
| (e) | In October 2018, the Company’s joint venture partner in Broadway Plaza sold its 50% interest to a third<br>party investor. Thereafter, the joint venture restated its governing documents and changed its name to Macerich HHF Broadway Plaza LLC. |
| --- | --- |
| (f) | The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are<br>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<br>unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company. |
| --- | --- |
| (g) | On April 30, 2015, Sears Holdings Corporation (“Sears”) and the Company announced that they had<br>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<br>and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC. The Company expects<br>to create additional value through re-leasing the former Sears boxes. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. Refer to the<br>Development Pipeline Forecast on page 27 for details of the Former Sears Redevelopments at these properties. |
| --- | --- |
| (h) | Construction is underway to convert former Regional Shopping Center Westside Pavilion, which closed in January<br>2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard. The<br>Company contributed the existing buildings and land valued at $190.0 million to the joint venture on August 31, 2018. |
| --- | --- |
22
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company’s pro rata share) (a)
| As of September 30, 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Fixed Rate | Floating Rate | Total | |||||||
| (Dollars in thousands) | |||||||||
| Mortgage notes payable | $ | 3,945,714 | $ | 427,996 | $ | 4,373,710 | |||
| Bank and other notes payable | 400,000 | 1,077,549 | 1,477,549 | ||||||
| Total debt per Consolidated Balance Sheet | 4,345,714 | 1,505,545 | 5,851,259 | ||||||
| Adjustments: | |||||||||
| Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint<br>ventures | (359,267 | ) | — | (359,267 | ) | ||||
| Adjusted Consolidated Debt | 3,986,447 | 1,505,545 | 5,491,992 | ||||||
| Add: Company’s share of debt from unconsolidated joint ventures | 3,005,669 | 213,182 | 3,218,851 | ||||||
| Total Company’s Pro Rata Share of Debt | $ | 6,992,116 | $ | 1,718,727 | $ | 8,710,843 | |||
| Weighted average interest rate | 3.94 | % | 2.08 | % | 3.57 | % | |||
| Weighted average maturity (years) | 4.36 | ||||||||
| (a) | The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s<br>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<br>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<br>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<br>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<br>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<br>information prepared in accordance with GAAP. | ||||||||
| --- | --- |
23
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| As of September 30, 2020 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Center/Entity (dollars in thousands) | Maturity Date | EffectiveInterestRate (a) | Fixed | Floating | Total DebtBalance (a) | ||||||
| I. Consolidated Assets: | |||||||||||
| Fashion Outlets of Niagara Falls USA (b) | 10/06/20 | 4.89 | % | $ | 103,887 | — | $ | 103,887 | |||
| Green Acres Mall | 02/03/21 | 3.61 | % | 272,402 | — | 272,402 | |||||
| Danbury Fair Mall | 04/01/21 | 5.56 | % | 191,028 | — | 191,028 | |||||
| The Macerich Partnership, L.P. - Line of Credit (c) | 07/06/21 | 4.30 | % | 400,000 | — | 400,000 | |||||
| Tucson La Encantada | 03/01/22 | 4.23 | % | 62,729 | — | 62,729 | |||||
| Pacific View | 04/01/22 | 4.08 | % | 115,745 | — | 115,745 | |||||
| Oaks, The | 06/05/22 | 4.14 | % | 186,005 | — | 186,005 | |||||
| Towne Mall | 11/01/22 | 4.48 | % | 19,935 | — | 19,935 | |||||
| Chandler Fashion Center (d) | 07/05/24 | 4.18 | % | 127,912 | — | 127,912 | |||||
| Victor Valley, Mall of | 09/01/24 | 4.00 | % | 114,777 | — | 114,777 | |||||
| Queens Center | 01/01/25 | 3.49 | % | 600,000 | — | 600,000 | |||||
| Vintage Faire | 03/06/26 | 3.55 | % | 247,915 | — | 247,915 | |||||
| Fresno Fashion Fair | 11/01/26 | 3.67 | % | 323,808 | — | 323,808 | |||||
| SanTan Village Regional Center (e) | 07/01/29 | 4.34 | % | 186,196 | — | 186,196 | |||||
| Freehold Raceway Mall (d) | 11/01/29 | 3.94 | % | 199,650 | — | 199,650 | |||||
| Kings Plaza Shopping Center | 01/01/30 | 3.71 | % | 535,285 | — | 535,285 | |||||
| Fashion Outlets of Chicago | 02/01/31 | 4.61 | % | 299,173 | — | 299,173 | |||||
| Total Fixed Rate Debt for Consolidated Assets | **** | 4.01 | % | $ | 3,986,447 | $ | — | $ | 3,986,447 | ||
| Green Acres Commons | 03/29/21 | 2.87 | % | $ | — | $ | 129,617 | $ | 129,617 | ||
| The Macerich Partnership, L.P. - Line of Credit (c) | 07/06/21 | 2.03 | % | — | 1,077,549 | 1,077,549 | |||||
| Santa Monica Place (f) | 12/09/22 | 1.75 | % | — | 298,379 | 298,379 | |||||
| Total Floating Rate Debt for Consolidated Assets | **** | 2.05 | % | $ | — | $ | 1,505,545 | $ | 1,505,545 | ||
| Total Debt for Consolidated Assets | **** | 3.47 | % | $ | 3,986,447 | $ | 1,505,545 | $ | 5,491,992 | ||
| II. Unconsolidated Assets (At Company’s pro rata share): | |||||||||||
| FlatIron Crossing (51%) | 01/05/21 | 2.81 | % | $ | 111,914 | $ | — | $ | 111,914 | ||
| One Westside - defeased (25%) | 10/01/22 | 4.77 | % | 33,140 | — | 33,140 | |||||
| Washington Square Mall (60%) | 11/01/22 | 3.65 | % | 326,111 | — | 326,111 | |||||
| Deptford Mall (51%) | 04/03/23 | 3.55 | % | 88,594 | — | 88,594 | |||||
| Scottsdale Fashion Square (50%) | 04/03/23 | 3.02 | % | 220,184 | — | 220,184 | |||||
| Tysons Corner Center (50%) | 01/01/24 | 4.13 | % | 367,965 | — | 367,965 | |||||
| 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 | % | 156,204 | — | 156,204 | |||||
| Lakewood Center (60%) | 06/01/26 | 4.15 | % | 211,684 | — | 211,684 | |||||
| Kierland Commons (50%) | 04/01/27 | 3.98 | % | 105,640 | — | 105,640 | |||||
| Los Cerritos Center (60%) | 11/01/27 | 4.00 | % | 315,000 | — | 315,000 |
24
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| As of September 30, 2020 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Center/Entity (dollars in thousands) | Maturity Date | EffectiveInterestRate (a) | Fixed | Floating | Total DebtBalance (a) | |||||||||
| Arrowhead Towne Center (60%) | 02/01/28 | 4.05 | % | 240,000 | — | 240,000 | ||||||||
| North Bridge, The Shops at (50%) | 06/01/28 | 3.71 | % | 187,086 | — | 187,086 | ||||||||
| Corte Madera, The Village at (50.1%) | 09/01/28 | 3.53 | % | 112,415 | — | 112,415 | ||||||||
| West Acres - Development (19%) | 10/10/29 | 3.72 | % | 389 | — | 389 | ||||||||
| Tysons Tower (50%) | 11/11/29 | 3.38 | % | 94,426 | — | 94,426 | ||||||||
| Broadway Plaza (50%) | 04/01/30 | 4.19 | % | 224,501 | — | 224,501 | ||||||||
| West Acres (19%) | 03/01/32 | 4.61 | % | 13,916 | — | 13,916 | ||||||||
| Total Fixed Rate Debt for Unconsolidated Assets | **** | 3.84 | % | $ | 3,005,669 | **** | $ | — | **** | $ | 3,005,669 | **** | ||
| Atlas Park (50%) | 10/28/21 | 3.11 | % | $ | — | $ | 36,183 | $ | 36,183 | |||||
| Fashion District Philadelphia (50%) | 01/22/23 | 2.16 | % | — | 149,788 | 149,788 | ||||||||
| Boulevard Shops (50%) | 12/05/23 | 2.33 | % | — | 9,572 | 9,572 | ||||||||
| One Westside - Development (25%) (f) | 12/18/24 | 2.19 | % | — | 17,639 | 17,639 | ||||||||
| Total Floating Rate Debt for Unconsolidated Assets | **** | 2.33 | % | $ | — | **** | $ | 213,182 | **** | $ | 213,182 | **** | ||
| Total Debt for Unconsolidated Assets | **** | 3.74 | % | $ | 3,005,669 | **** | $ | 213,182 | **** | $ | 3,218,851 | **** | ||
| Total Debt | **** | 3.57 | % | $ | 6,992,116 | **** | $ | 1,718,727 | **** | $ | 8,710,843 | **** | ||
| Percentage to Total | **** | 80.27 | % | **** | 19.73 | % | **** | 100.00 | % | |||||
| (a) | The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt<br>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<br>related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs. | |||||||||||||
| --- | --- | |||||||||||||
| (b) | The Company has agreed to terms with the lender of the $103.9 million loan on Fashion Outlets Niagara, and<br>anticipates closing on a three-year extension to October 2023. The Company expects that the loan amount and interest rate will remain unchanged following that extension. | |||||||||||||
| --- | --- | |||||||||||||
| (c) | The revolving line of credit includes an interest rate swap that effectively converts $400 million of the<br>outstanding balance to fixed rate debt through September 30, 2021. | |||||||||||||
| --- | --- | |||||||||||||
| (d) | This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro<br>rata share of 50.1%. | |||||||||||||
| --- | --- | |||||||||||||
| (e) | This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro<br>rata share of 84.9%. | |||||||||||||
| --- | --- | |||||||||||||
| (f) | The maturity date assumes that all available extension options are fully exercised and that the Company and/or<br>its affiliates do not opt to refinance the debt prior to these dates. | |||||||||||||
| --- | --- |
25
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
asof September 30, 2020
In-Process Developments and Redevelopments:
| Property | Project Type | Total Cost(a)(b)at 100% | Ownership% | Total Cost(a)(b)Pro Rata | Pro RataCapitalized Costs(b)<br>Incurred-to-date<br>9/30/2020 | ExpectedDelivery(a) | StabilizedYield(a)(b)(c) | |
|---|---|---|---|---|---|---|---|---|
| One Westside fka Westside Pavilion<br>Los Angeles, CA | Redevelopment of an existing retail center into an approximately 584,000 sf Class A creative office campus leased solely to Google | $500 - $550(d) | 25.0% | $125 - $138(d) | $ | 70 | Q3 2022(e) | 7.50% - 8.00%(d) |
| (a) | Much of this information is estimated and may change from time to time. See the Company’s forward-looking<br>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<br>excluding GAAP allocations of non cash and indirect costs. | |||||||
| --- | --- | |||||||
| (d) | Includes $140 million ($35 million at the Company’s share), which is an allocable share of the total $190<br>million purchase price paid by the joint venture in August 2018 for the existing buildings and land. | |||||||
| --- | --- | |||||||
| (e) | Monthly base rent payments are anticipated to commence during the third quarter of 2022, with base rent<br>abatements from the second through ninth month following rent commencement. | |||||||
| --- | --- |
26
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast (Continued)
(Dollars in millions)
asof September 30, 2020
Pipeline of Former Sears Redevelopments:
| Project Type | Ownership | Total Cost (a)(b)Pro rata | ProrataCapitalized Costs9/30/20Incurred-to-Date(b) | Stabilized<br>Yield(a)(b)(c) | |||
|---|---|---|---|---|---|---|---|
| Retail Redevelopment | $75 - $90 | $ | 33 | 8.0% - 9.0% | |||
| Mixed-Use Densification | 55 - 70 | 4 | 9.0% - 10.5% | ||||
| (d) | Future Phases | TBD | 0 | TBD | |||
| Total | various | $130 - $160 | $ | 37 | |||
| Property | Description | Delivered/ExpectedDelivery(e) | |||||
| --- | --- | --- | --- | --- | |||
| Retail Redevelopment: | |||||||
| (f) | Arrowhead Towne Center | Redevelop existing store with retail uses | TBD | ||||
| (f) | Chandler Fashion Center | Redevelop existing store for a Harkins entertainment concept and additional retail uses | TBD | ||||
| (f) | Deptford Mall | Redevelop existing store for:<br><br><br>Dick’s Sporting Goods<br><br><br>Round 1<br> <br>additional retail<br>uses | Q3-2020<br> <br>Q4-2020<br><br><br>TBD | ||||
| (f) | South Plains Mall | Demolish box; site densification with retail and restaurants uses | TBD | ||||
| (f) | Vintage Faire Mall | Redevelop existing store for: | |||||
| Dick’s Sporting Goods | Q4-2020 | ||||||
| Dave & Busters and additional retail uses | TBD | ||||||
| Wilton Mall | Redevelop existing store with a medical center/medical office use | Q1-2020 | |||||
| Mixed-Use Densification: | |||||||
| (f) | Los Cerritos Center | Demolish box; site densification with residential, hotel and restaurant uses | TBD | ||||
| (f) | Washington Square | Demolish box; site densification with hotel, entertainment and restaurant uses | TBD | ||||
| (a) | Much of this information is estimated and may change from time to time. See the Company’s forward-looking<br>disclosure on pages 1 and 2 for factors that may affect the information provided in this table. This estimated range of incremental redevelopment costs could increase if the Company and its joint ventures decide to expand the scope as the<br>redevelopment plans get refined. | ||||||
| --- | --- | ||||||
| (b) | This excludes GAAP allocations of non cash and indirect costs. | ||||||
| --- | --- | ||||||
| (c) | Stabilized Yield represents estimated replacement net operating income at stabilization divided by direct<br>redevelopment costs, excluding GAAP allocations of non cash and indirect costs. | ||||||
| --- | --- | ||||||
| (d) | Future demand-driven development phases are possible at Los Cerritos Center and Washington Square.<br> | ||||||
| --- | --- | ||||||
| (e) | Given the uncertainties resulting from the COVID-19 pandemic, the expected delivery dates for many of these<br>projects are not currently determinable. | ||||||
| --- | --- | ||||||
| (f) | These former Sears stores are owned by a 50/50 joint venture between the Company and Seritage Growth Properties.<br> | ||||||
| --- | --- |
27
The Macerich Company
Corporate Information
Stock ExchangeListing
New York Stock Exchange
Symbol: MAC
The following table shows high and low sales prices per share of common stock during each quarter in 2020, 2019 and 2018 and dividends per share of common stock declared and paid by quarter:
| Market Quotationper Share | Dividends | ||||||
|---|---|---|---|---|---|---|---|
| Quarter Ended: | High | Low | Declared<br>and Paid | ||||
| March 31, 2018 | $ | 69.73 | $ | 54.35 | $ | 0.74 | |
| June 30, 2018 | $ | 60.00 | $ | 53.55 | $ | 0.74 | |
| September 30, 2018 | $ | 60.95 | $ | 54.36 | $ | 0.74 | |
| December 31, 2018 | $ | 55.54 | $ | 40.90 | $ | 0.75 | |
| March 31, 2019 | $ | 47.05 | $ | 41.63 | $ | 0.75 | |
| June 30, 2019 | $ | 44.73 | $ | 32.04 | $ | 0.75 | |
| September 30, 2019 | $ | 34.15 | $ | 27.54 | $ | 0.75 | |
| December 31, 2019 | $ | 31.77 | $ | 25.53 | $ | 0.75 | |
| March 31, 2020 | $ | 26.98 | $ | 5.49 | $ | 0.75 | |
| June 30, 2020 | $ | 13.18 | $ | 4.81 | $ | 0.50 | ^(a)^ |
| September 30, 2020 | $ | 9.24 | $ | 6.55 | $ | 0.15 | |
| (a) | The dividend of $0.50 per share of the Company’s common stock declared on March 16, 2020, consisted of a<br>combination of 80% shares of common stock and 20% in cash. | ||||||
| --- | --- |
Dividend Reinvestment Plan
Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 877-373-6374.
| Corporate Headquarters <br>The Macerich Company<br>401 Wilshire Boulevard, Suite 700<br>Santa Monica, California<br>90401<br>310-394-6000<br>www.macerich.com | Transfer Agent <br>Computershare<br>P.O. Box 30170<br>College Station, TX 77842-3170<br>877-373-6374<br>www.computershare.com |
|---|
Macerich Website
For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit macerich.com.
Investor Relations
| Jean Wood<br>Vice President, Investor Relations<br>Phone: 424-229-3366<br>jean.wood@macerich.com |
|---|
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