EX-99.2 3 a2220498zex-99_2.htm EX-99.2
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Exhibit 99.2

GRAPHIC

Supplemental Financial Information
For the three and six months ended June 30, 2014

GRAPHICS



The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

        All information included in this supplemental financial package is unaudited, unless otherwise indicated.

 
  Page No.
 
   

Corporate Overview

  1-3

Overview

  1

Capital Information and Market Capitalization

  2

Changes in Total Common and Equivalent Shares/Units

  3

Financial Data

 

4-9

Unaudited Pro Rata Statement of Operations

  5-6

Notes to Unaudited Pro Rata Statement of Operations

  7

Unaudited Pro Rata Balance Sheet

  8

Supplemental FFO Information

  9

Capital Expenditures

  10

Operational Data

 

11-26

Sales Per Square Foot

  11

Sales Per Square Foot by Property Ranking

  12-16

Occupancy

  17

Average Base Rent Per Square Foot

  18

Cost of Occupancy

  19

Percentage of Net Operating Income by State

  20

Property Listing

  21-24

Joint Venture List

  25-26

Debt Tables

 

27-29

Debt Summary

  27

Outstanding Debt by Maturity Date

  28-29

Development Pipeline

 

30-45

Development Pipeline Forecast

  30-32

Development Pipeline Information

  33-45

Corporate Information

 

46

        This Supplemental Financial Information should be read in connection with the Company's second quarter 2014 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date July 23, 2014) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.



The Macerich Company

Supplemental Financial and Operating Information

Overview

        The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

        As of June 30, 2014, the Operating Partnership owned or had an ownership interest in 52 regional shopping centers and nine community/power shopping centers aggregating approximately 55 million square feet of gross leasable area ("GLA"). These 61 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

        The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").

        All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

        This document contains information constituting forward-looking statements and includes expectations regarding the Company's future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing, operating expenses, and competition; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up; the inability to obtain, or delays in obtaining, all necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations; and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities or other acts of violence which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2013, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

1



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

                     
 
  Period Ended  
 
  6/30/2014   12/31/2013   12/31/2012  
 
  dollars in thousands, except per share data
 

Closing common stock price per share

  $ 66.75   $ 58.89   $ 58.30  

52 week high

  $ 68.28   $ 72.19   $ 62.83  

52 week low

  $ 55.13   $ 55.13   $ 49.67  

Shares outstanding at end of period

                   

Class A non-participating convertible preferred units

    184,304     184,304     184,304  

Common shares and partnership units

    151,018,255     150,673,110     147,601,848  
               

Total common and equivalent shares/units outstanding

    151,202,559     150,857,414     147,786,152  
               
               

Portfolio capitalization data

   
 
   
 
   
 
 

Total portfolio debt, including joint ventures at pro rata

  $ 6,196,550   $ 6,037,219   $ 6,620,507  

Equity market capitalization

    10,092,771     8,883,993     8,615,933  
               

Total market capitalization

  $ 16,289,321   $ 14,921,212   $ 15,236,440  
               
               

Leverage ratio(a)

    38.0 %   40.5 %   43.5 %

(a)
Debt as a percentage of total market capitalization.

Portfolio Capitalization at June 30, 2014

GRAPHIC

2



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

 
 
 
  Partnership
Units
  Company
Common
Shares
  Class A
Non-Participating
Convertible
Preferred Units
  Total
Common
and
Equivalent
Shares/
Units
 

Balance as of December 31, 2013

    9,939,427     140,733,683     184,304     150,857,414  

Conversion of partnership units to cash

    (3,445 )           (3,445 )

Conversion of partnership units to common shares

    (63,000 )   63,000          

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

    246,471     82,701         329,172  
                   

Balance as of March 31, 2014

    10,119,453     140,879,384     184,304     151,183,141  

Conversion of partnership units to cash

    (285 )           (285 )

Conversion of partnership units to common shares

    (8,333 )   8,333          

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

        19,703         19,703  
                   

Balance as of June 30, 2014

    10,110,835     140,907,420     184,304     151,202,559  
                   
                   

3


        On the following pages, the Company presents its unaudited pro rata statement of operations and unaudited pro rata balance sheet reflecting the Company's proportionate ownership of each asset in its portfolio. The Company also reconciles net income attributable to the Company to funds from operations ("FFO") and FFO-diluted for the three and six months ended June 30, 2014.

4



THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

 
   
 
 
  For the Three Months Ended June 30, 2014  
 
  Consolidated   Non-
Controlling
Interests(1)
  Company's
Consolidated
Share
  Company's
Share of
Joint
Ventures(2)
  Company's
Total
Share
 

Revenues:

                               

Minimum rents

  $ 149,220   $ (9,904 ) $ 139,316   $ 48,062   $ 187,378  

Percentage rents

    2,372     (228 )   2,144     1,950     4,094  

Tenant recoveries

    83,375     (5,792 )   77,583     23,369     100,952  

Management Companies' revenues            

    8,776         8,776         8,776  

Other income

    10,594     (639 )   9,955     5,483     15,438  
                       

Total revenues

    254,337     (16,563 )   237,774     78,864     316,638  
                       

Expenses:

                               

Shopping center and operating expenses

    81,865     (5,418 )   76,447     25,159     101,606  

Management Companies' operating expenses

    20,896         20,896         20,896  

REIT general and administrative expenses

    5,123         5,123         5,123  

Depreciation and amortization

    87,801     (5,387 )   82,414     19,952     102,366  

Interest expense

    45,800     (2,763 )   43,037     16,540     59,577  
                       

Total expenses

    241,485     (13,568 )   227,917     61,651     289,568  

Equity in income of unconsolidated joint ventures

    13,903         13,903     (13,903 )    

Co-venture expense

    (2,212 )   2,212              

Income tax benefit

    2,898         2,898         2,898  

Loss on remeasurement, sale or write down of assets, net

    (9,455 )   39     (9,416 )   (3,310 )   (12,726 )
                       

Net income

    17,986     (744 )   17,242         17,242  

Less net income attributable to noncontrolling interests

    1,898     (744 )   1,154         1,154  
                       

Net income attributable to the Company

  $ 16,088   $   $ 16,088   $   $ 16,088  
                       
                       

Reconciliation of net income attributable to the Company to FFO(3):

                               

Net income attributable to the Company

              $ 16,088   $   $ 16,088  

Equity in income of unconsolidated joint ventures

                (13,903 )   13,903      

Adjustments to reconcile net income to FFO—basic and diluted:

                               

Noncontrolling interests in the Operating Partnership

                1,154         1,154  

Loss on remeasurement, sale or write down of assets, net

                9,416     3,310     12,726  

Gain on sale of undepreciated assets, net

                122     2     124  

Depreciation and amortization of all property

                82,414     19,952     102,366  

Depreciation on personal property

                (2,412 )   (221 )   (2,633 )
                           

Total FFO—Basic and diluted

              $ 92,879   $ 36,946   $ 129,825  
                           
                           

5



THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

 
   
 
 
  For the Six Months Ended June 30, 2014  
 
  Consolidated   Non-
Controlling
Interests(1)
  Company's
Consolidated
Share
  Company's
Share of
Joint
Ventures(2)
  Company's
Total
Share
 

Revenues:

                               

Minimum rents

  $ 300,852   $ (19,819 ) $ 281,033   $ 96,529   $ 377,562  

Percentage rents

    5,222     (423 )   4,799     2,940     7,739  

Tenant recoveries

    174,850     (11,997 )   162,853     47,574     210,427  

Management Companies' revenues      

    16,897         16,897         16,897  

Other income

    21,024     (1,251 )   19,773     10,201     29,974  
                       

Total revenues

    518,845     (33,490 )   485,355     157,244     642,599  
                       

Expenses:

                               

Shopping center and operating expenses

    172,225     (11,775 )   160,450     52,219     212,669  

Management Companies' operating expenses

    43,677         43,677         43,677  

REIT general and administrative expenses

    12,006         12,006         12,006  

Depreciation and amortization

    176,457     (10,846 )   165,611     40,327     205,938  

Interest expense

    92,138     (5,495 )   86,643     33,654     120,297  

Loss on extinguishment of debt, net      

    358         358         358  
                       

Total expenses

    496,861     (28,116 )   468,745     126,200     594,945  

Equity in income of unconsolidated joint ventures

    27,672         27,672     (27,672 )    

Co-venture expense

    (4,032 )   4,032              

Income tax benefit

    3,070         3,070         3,070  

Loss on remeasurement, sale or write down of assets, net

    (11,065 )   39     (11,026 )   (3,372 )   (14,398 )
                       

Net income

    37,629     (1,303 )   36,326         36,326  

Less net income attributable to noncontrolling interests

    3,722     (1,303 )   2,419         2,419  
                       

Net income attributable to the Company

  $ 33,907   $   $ 33,907   $   $ 33,907  
                       
                       

Reconciliation of net income attributable to the Company to FFO(3):

                               

Net income attributable to the Company

              $ 33,907   $   $ 33,907  

Equity in income of unconsolidated joint ventures

                (27,672 )   27,672      

Adjustments to reconcile net income to FFO—basic and diluted:

                               

Noncontrolling interests in the Operating Partnership

                2,419         2,419  

Loss on remeasurement, sale or write down of assets

                11,026     3,372     14,398  

Gain on sale of undepreciated assets, net

                122         122  

Depreciation and amortization of all property

                165,611     40,327     205,938  

Depreciation on personal property

                (4,968 )   (432 )   (5,400 )
                           

Total FFO—Basic and diluted

              $ 180,445   $ 70,939   $ 251,384  
                           
                           

6



The Macerich Company

Notes to Unaudited Pro Rata Statement of Operations

(1)
This represents the non-owned portion of consolidated joint ventures.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

(3)
The Company uses FFO in addition to net income to report its operating and financial results and considers FFO 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 Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real 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 joint ventures are calculated to reflect FFO on the same basis.

    FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. The Company believes FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other REITs.

    Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with a detailed discussion of FFO and a reconciliation of FFO and FFO-diluted to net income attributable to the Company. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

7



THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)

 
   
 
 
  As of June 30, 2014  
 
  Consolidated   Non-
Controlling
Interests(1)
  Company's
Consolidated
Share
  Company's
Share of
Joint
Ventures(2)
  Company's
Total
Share
 

ASSETS:

                               

Property, net(3)

  $ 7,556,064   $ (482,630 ) $ 7,073,434   $ 2,205,720   $ 9,279,154  

Cash and cash equivalents

    56,500     (10,211 )   46,289     82,913     129,202  

Restricted cash

    15,423     (403 )   15,020     7,079     22,099  

Tenant and other receivables, net

    97,900     (27,175 )   70,725     28,477     99,202  

Deferred charges and other assets, net

    506,778     (13,424 )   493,354     56,406     549,760  

Loans to unconsolidated joint ventures

    3,396         3,396         3,396  

Due from affiliates

    29,192     319     29,511     (1,998 )   27,513  

Investments in unconsolidated joint ventures

    797,010         797,010     (797,010 )    
                       

Total assets

  $ 9,062,263   $ (533,524 ) $ 8,528,739   $ 1,581,587   $ 10,110,326  
                       
                       

LIABILITIES AND EQUITY:

                               

Mortgage notes payable

  $ 4,373,389   $ (296,617 ) $ 4,076,772   $ 1,738,919   $ 5,815,691  

Bank and other notes payable

    386,718     (5,859 )   380,859         380,859  

Accounts payable and accrued expenses

    66,652     (5,384 )   61,268     30,919     92,187  

Other accrued liabilities

    306,899     (28,255 )   278,644     72,822     351,466  

Distributions in excess of investment in unconsolidated joint ventures

    261,073         261,073     (261,073 )    

Co-venture obligation

    76,854     (76,854 )            
                       

Total liabilities

    5,471,585     (412,969 )   5,058,616     1,581,587     6,640,203  
                       

Commitments and contingencies

                               

Equity:

                               

Stockholders' equity:

                               

Common stock

    1,409         1,409         1,409  

Additional paid-in capital

    3,925,713         3,925,713         3,925,713  

Accumulated deficit

    (689,497 )       (689,497 )       (689,497 )
                       

Total stockholders' equity

    3,237,625         3,237,625         3,237,625  

Noncontrolling interests

    353,053     (120,555 )   232,498         232,498  
                       

Total equity

    3,590,678     (120,555 )   3,470,123         3,470,123  
                       

Total liabilities and equity

  $ 9,062,263   $ (533,524 ) $ 8,528,739   $ 1,581,587   $ 10,110,326  
                       
                       

(1)
This represents the non-owned portion of the consolidated joint ventures.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

(3)
Includes construction in progress of $268,970 from the Company's consolidated share and $286,761 from its pro rata share of unconsolidated joint ventures.

8



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

 
 
  As of June 30,
 
  2014   2013
 
  dollars in millions

Straight line rent receivable

  $71.8   $68.7

 

 
 
 
  For the
Three Months Ended
June 30,
  For the
Six Months Ended
June 30,
 
 
  2014   2013   2014   2013  
 
  dollars in millions
 

Lease termination fees

  $ 0.5   $ 0.7   $ 2.9   $ 2.1  

Straight line rental income

  $ 1.7   $ 2.2   $ 2.8   $ 3.4  

Gain on sales of undepreciated assets

  $ 0.1   $ 0.5   $ 0.1   $ 2.7  

Amortization of acquired above- and below-market leases

  $ 1.6   $ 1.9   $ 3.4   $ 4.3  

Amortization of debt premiums

  $ 1.2   $ 2.1   $ 2.5   $ 4.6  

Interest capitalized

  $ 6.1   $ 4.8   $ 11.0   $ 9.6  

(a)
All joint venture amounts included at pro rata.

9



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

 
   
 
 
  For the Six
Months Ended
6/30/14
  For the Six
Months Ended
6/30/13
  Year Ended
12/31/13
  Year Ended
12/31/12
 
 
  dollars in millions
 

Consolidated Centers

                         

Acquisitions of property and equipment

  $ 45.6   $ 534.5   $ 591.6   $ 1,313.1  

Development, redevelopment, expansions and renovations of Centers

    57.7     75.0     164.4     158.5  

Tenant allowances

    9.8     10.4     20.9     18.1  

Deferred leasing charges

    12.3     14.2     23.9     23.5  
                   

Total

  $ 125.4   $ 634.1   $ 800.8   $ 1,513.2  
                   
                   

Unconsolidated Joint Venture Centers(a)

   
 
   
 
   
 
   
 
 

Acquisitions of property and equipment

  $ 0.8   $ 2.0   $ 8.2   $ 5.1  

Development, redevelopment, expansions and renovations of Centers

    103.8     45.5     118.8     79.6  

Tenant allowances

    1.5     4.2     8.1     6.4  

Deferred leasing charges

    1.6     1.8     3.3     4.2  
                   

Total

  $ 107.7   $ 53.5   $ 138.4   $ 95.3  
                   
                   

(a)
All joint venture amounts at pro rata.

10



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Regional Shopping Center Portfolio

Sales Per Square Foot(a)

 
 
  Consolidated
Centers
  Unconsolidated
Joint Venture
Centers
  Total
Centers

06/30/2014

  $491   $724   $567

06/30/2013

  $485   $663   $545

12/31/2013

  $488   $717   $562

12/31/2012

  $463   $629   $517

12/31/2011

  $417   $597   $489

12/31/2010

  $392   $468   $433

(a)
Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and redevelopment.


Sales Per Square Foot

GRAPHIC

11


The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
   
   
   
   
   
   
   
   
   
   
  Outstanding
Debt
@ Pro Rata
($ in
thousands)
06/30/2014
(e)
 
 
   
   
  Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 06/30/2014
(c)
   
 
 
   
   
  % of Portfolio
2014 Forecast
Pro Rata NOI
(d)
 
Count
  Properties   06/30/2014
(a)
  12/31/2013
(a)
  06/30/2013
(a)
  06/30/2014
(b)
  12/31/2013
(b)
  06/30/2013
(b)
 
                                                                   
      Group 1: Top 10                                                        

 

1

 

 

 

Washington Square

 

$

1,061

 

$

1,090

 

$

956

 

 

92.7

%

 

92.2

%

 

90.4

%

 

 

 

 

 

 

 

117,779

 
  2       Queens Center   $ 1,059   $ 1,038   $ 1,043     95.1 %   98.8 %   97.3 %               306,000  

 

3

 

 

 

Biltmore Fashion Park

 

$

891

 

$

927

 

$

921

 

 

98.2

%

 

90.0

%

 

88.3

%

 

 

 

 

 

 

 

28,829

 
  4       North Bridge, The Shops at   $ 882   $ 906   $ 918     99.0 %   97.3 %   90.9 %               96,983  

 

5

 

 

 

Corte Madera, Village at

 

$

933

 

$

902

 

$

886

 

 

98.1

%

 

97.8

%

 

97.4

%

 

 

 

 

 

 

 

38,029

 
  6       Tysons Corner Center   $ 822   $ 824   $ 828     98.0 %   98.2 %   98.0 %               419,512  

 

7

 

 

 

Santa Monica Place

 

$

741

 

$

734

 

$

746

 

 

90.1

%

 

90.5

%

 

90.4

%

 

 

 

 

 

 

 

232,904

 
  8       Broadway Plaza(f)     n/a   $ 726   $ 678     n/a     87.1 %   93.6 %               68,871  

 

9

 

 

 

Tucson La Encantada

 

$

738

 

$

694

 

$

690

 

 

91.2

%

 

92.2

%

 

91.9

%

 

 

 

 

 

 

 

72,192

 
  10       Scottsdale Fashion Square   $ 695   $ 694   $ 634     94.1 %   94.5 %   92.3 %               256,223  
                                                 
      Total Top 10:   $ 861   $ 855   $ 823     95.6 %   95.0 %   93.8 %   13.9 %   22.8 %   1,637,322  
                                                 
      Group 2: Top 11-20                                                        

 

11

 

 

 

Fashion Outlets of Chicago(g)

 

 

n/a

 

 

n/a

 

 

n/a

 

 

93.6

%

 

95.4

%

 

n/a

 

 

 

 

 

 

 

 

67,823

 
  12       Kings Plaza Shopping Center   $ 678   $ 675   $ 680     92.1 %   95.9 %   95.8 %               485,674  

 

13

 

 

 

Los Cerritos Center

 

$

681

 

$

674

 

$

682

 

 

98.7

%

 

97.3

%

 

94.8

%

 

 

 

 

 

 

 

97,106

 
  14       Arrowhead Towne Center   $ 665   $ 649   $ 653     92.4 %   96.8 %   94.7 %               232,388  

 

15

 

 

 

Kierland Commons

 

$

667

 

$

637

 

$

637

 

 

96.8

%

 

97.2

%

 

97.1

%

 

 

 

 

 

 

 

67,500

 
  16       Danbury Fair Mall   $ 640   $ 636   $ 644     95.9 %   96.6 %   95.5 %               231,424  

 

17

 

 

 

Freehold Raceway Mall

 

$

599

 

$

619

 

$

619

 

 

97.6

%

 

98.5

%

 

98.8

%

 

 

 

 

 

 

 

115,859

 
  18       Twenty Ninth Street   $ 589   $ 613   $ 585     99.1 %   95.7 %   95.3 %                

 

19

 

 

 

Fresno Fashion Fair

 

$

595

 

$

609

 

$

626

 

 

97.2

%

 

96.8

%

 

96.5

%

 

 

 

 

 

 

 

157,507

 
  20       Vintage Faire Mall   $ 597   $ 594   $ 592     98.3 %   99.3 %   99.9 %               98,370  
                                                 

 

 

 

Total Top 11-20:

 

$

631

 

$

632

 

$

635

 

 

96.3

%

 

97.0

%

 

96.6

%

 

13.1

%

 

27.7

%

 

1,553,651

 
                                                 

12


The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
   
   
   
   
   
   
   
   
   
   
  Outstanding
Debt
@ Pro Rata
($ in
thousands)
06/30/2014
(e)
 
 
   
   
  Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 06/30/2014
(c)
   
 
 
   
   
  % of Portfolio
2014 Forecast
Pro Rata NOI
(d)
 
Count
  Properties   06/30/2014
(a)
  12/31/2013
(a)
  06/30/2013
(a)
  06/30/2014
(b)
  12/31/2013
(b)
  06/30/2013
(b)
 
      Group 3: Top 21-30                                                        

 

21

 

 

 

Chandler Fashion Center

 

$

590

 

$

567

 

$

576

 

 

93.7

%

 

97.5

%

 

95.8

%

 

 

 

 

 

 

 

100,200

 
  22       Green Acres Mall   $ 557   $ 541   $ 546     94.6 %   93.4 %   94.3 %               316,694  

 

23

 

 

 

Fashion Outlets of Niagara Falls USA(f)

 

 

n/a

 

$

532

 

$

573

 

 

n/a

 

 

94.6

%

 

94.7

%

 

 

 

 

 

 

 

122,706

 
  24       West Acres   $ 510   $ 527   $ 546     99.8 %   99.8 %   100.0 %               11,167  

 

25

 

 

 

FlatIron Crossing

 

$

533

 

$

525

 

$

534

 

 

94.6

%

 

93.7

%

 

96.2

%

 

 

 

 

 

 

 

264,778

 
  26       Stonewood Center   $ 542   $ 522   $ 504     98.5 %   96.1 %   97.2 %               53,429  

 

27

 

 

 

Victor Valley, Mall of

 

$

493

 

$

509

 

$

484

 

 

97.1

%

 

97.0

%

 

96.9

%

 

 

 

 

 

 

 

90,000

 
  28       Deptford Mall   $ 517   $ 505   $ 502     98.6 %   96.7 %   97.0 %               214,145  

 

29

 

 

 

Oaks, The

 

$

492

 

$

502

 

$

507

 

 

97.7

%

 

97.2

%

 

96.6

%

 

 

 

 

 

 

 

212,239

 
  30       SanTan Village Regional Center   $ 494   $ 495   $ 492     97.3 %   96.7 %   96.5 %               114,791  
                                                 

 

 

 

Total Top 21-30:

 

$

527

 

$

524

 

$

531

 

 

96.4

%

 

95.9

%

 

96.2

%

 

13.5

%

 

22.6

%

 

1,500,149

 
                                                 
      Group 4: Top 31-40                                                        

 

31

 

 

 

Valley River Center

 

$

474

 

$

478

 

$

494

 

 

97.2

%

 

98.2

%

 

95.7

%

 

 

 

 

 

 

 

120,000

 
  32       South Plains Mall   $ 449   $ 468   $ 469     93.2 %   88.3 %   87.9 %               72,089  

 

33

 

 

 

Lakewood Center

 

$

430

 

$

430

 

$

424

 

 

97.2

%

 

97.5

%

 

96.2

%

 

 

 

 

 

 

 

127,500

 
  34       Inland Center   $ 420   $ 417   $ 409     98.6 %   97.9 %   97.8 %               25,000  

 

35

 

 

 

Pacific View

 

$

401

 

$

405

 

$

412

 

 

95.8

%

 

98.7

%

 

97.9

%

 

 

 

 

 

 

 

134,531

 
  36       Northgate Mall   $ 395   $ 396   $ 395     97.9 %   97.9 %   97.9 %               64,000  

 

37

 

 

 

La Cumbre Plaza

 

$

394

 

$

396

 

$

401

 

 

88.0

%

 

86.4

%

 

83.7

%

 

 

 

 

 

 

 


 
  38       Eastland Mall   $ 373   $ 395   $ 411     93.1 %   98.8 %   95.6 %               168,000  

 

39

 

 

 

South Towne Center

 

$

349

 

$

352

 

$

365

 

 

96.8

%

 

88.9

%

 

87.6

%

 

 

 

 

 

 

 


 
  40       Westside Pavilion   $ 341   $ 348   $ 363     95.8 %   94.7 %   94.7 %               150,905  
                                                 

 

 

 

Total Top 31-40:

 

$

405

 

$

410

 

$

416

 

 

95.7

%

 

95.1

%

 

93.8

%

 

14.7

%

 

15.9

%

 

862,025

 
                                                 
      Total Top 40:   $ 606   $ 607   $ 603     96.0 %   95.8 %   95.2 %   13.7 %   89.0 %   5,553,147  
                                                 
                                                 

13


The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
   
   
   
   
   
   
   
   
   
   
  Outstanding
Debt
@ Pro Rata
($ in
thousands)
06/30/2014
(e)
 
 
   
   
  Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 06/30/2014
(c)
   
 
 
   
   
  % of Portfolio
2014 Forecast
Pro Rata NOI
(d)
 
Count
  Properties   06/30/2014
(a)
  12/31/2013
(a)
  06/30/2013
(a)
  06/30/2014
(b)
  12/31/2013
(b)
  06/30/2013
(b)
 
                                                                   
      Group 5: 41-52                                                        

 

41

 

 

 

Superstition Springs Center

 

$

344

 

$

345

 

$

348

 

 

94.3

%

 

96.9

%

 

96.6

%

 

 

 

 

 

 

 

68,237

 
  42       Towne Mall   $ 319   $ 331   $ 343     91.2 %   86.4 %   85.8 %               22,802  

 

43

 

 

 

Capitola Mall

 

$

324

 

$

326

 

$

329

 

 

85.2

%

 

85.3

%

 

85.4

%

 

 

 

 

 

 

 


 
  44       NorthPark Mall   $ 318   $ 313   $ 307     92.0 %   91.6 %   93.2 %                

 

45

 

 

 

Flagstaff Mall

 

$

314

 

$

310

 

$

309

 

 

73.7

%

 

78.8

%

 

81.5

%

 

 

 

 

 

 

 

37,000

 
  46       Cascade Mall   $ 305   $ 298   $ 304     93.4 %   91.5 %   91.1 %                

 

47

 

 

 

Wilton Mall

 

$

286

 

$

296

 

$

306

 

 

92.1

%

 

90.7

%

 

90.5

%

 

 

 

 

 

 

 


 
  48       Valley Mall   $ 279   $ 286   $ 284     93.4 %   95.4 %   93.9 %               41,765  

 

49

 

 

 

Desert Sky Mall

 

$

272

 

$

270

 

$

263

 

 

94.8

%

 

89.2

%

 

93.8

%

 

 

 

 

 

 

 


 
  50       Great Northern Mall   $ 239   $ 247   $ 256     93.0 %   95.5 %   95.1 %               34,993  

 

51

 

 

 

SouthPark Mall(f)

 

 

n/a

 

$

228

 

$

248

 

 

n/a

 

 

79.4

%

 

79.3

%

 

 

 

 

 

 

 


 
  52       Paradise Valley Mall(f)     n/a     n/a     n/a     n/a     n/a     n/a                  
                                                 

 

 

 

Total 41-52:

 

$

302

 

$

295

 

$

299

 

 

91.7

%

 

90.1

%

 

90.5

%

 

12.9

%

 

7.8

%

 

204,797

 
                                                 
      Total Regional Shopping Centers   $ 567   $ 565   $ 561     95.4 %   94.9 %   94.5 %   13.6 %   96.8 %   5,757,944  
                                                 

 

 

 

Total Community / Power Centers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.8

%

 

56,122

 
                                                               
      Other Non-mall Assets                                               0.4 %   1,625  
                                                             

 

 

 

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.5

%

 

100.0

%

 

5,815,691

 
                                                             
                                                             

14


The Macerich Company
Sales Per Square Foot by Property Ranking (unaudited)

Count
  Properties   Sales Per
Square Foot
12/31/2012
(a)
  Occupancy
12/31/2012
(b)
  % of Portfolio
2012
Pro Rata NOI
(h)
 
                               
      2013 Disposition Centers                    

 

1

 

 

 

Chesterfield Towne Center

 

$

361

 

 

91.9

%

 

 

 
  2       Fiesta Mall   $ 235     86.1 %      

 

3

 

 

 

Green Tree Mall

 

$

400

 

 

91.2

%

 

 

 
  4       Kitsap Mall   $ 383     92.4 %      

 

5

 

 

 

Northridge Mall

 

$

342

 

 

97.2

%

 

 

 
  6       Redmond Town Center   $ 361     89.2 %      

 

7

 

 

 

Redmond Town Center-Office

 

 

n/a

 

 

99.1

%

 

 

 
  8       Ridgmar Mall   $ 332     84.6 %      

 

9

 

 

 

Rimrock Mall

 

$

424

 

 

92.0

%

 

 

 
  10       Salisbury, Centre at   $ 311     96.3 %      
                           

 

10

 

Total 2013 Disposition Centers:

 

$

348

 

 

92.1

%

 

 

 
                           
      2014 Disposition Centers                    

 

1

 

 

 

Lake Square Mall

 

$

232

 

 

86.4

%

 

 

 

 

2

 

 

 

Rotterdam Square

 

$

232

 

 

86.1

%

 

 

 

 

3

 

 

 

Somersville Towne Center

 

$

287

 

 

84.7

%

 

 

 
                           
  3   Total 2014 Disposition Centers:   $ 244     85.9 %      
                         

 

13

 

TOTAL DISPOSITION CENTERS

 

$

333

 

 

91.2

%

 

9.8

%
                         
                         

15



The Macerich Company

Notes to Sales Per Square Foot by Property Ranking (unaudited)

Footnotes
(a)   Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under. Properties are ranked by Sales per square foot as of December 31, 2013.
(b)   Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.
(c)   Cost of Occupancy represents "Tenant Occupancy Costs" divided by "Tenant Sales". Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.
(d)   The percentage of Portfolio 2014 Forecast Pro Rata Net Operating Income ("NOI") is based on guidance reconfirmed on July 23, 2014. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(e)   Please see further disclosures for Outstanding Debt at pro rata on pages 28-29.
(f)   These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces, accordingly the Sales per square foot and Occupancy during the periods of redevelopment are not included.
(g)   Fashion Outlets of Chicago opened August 1, 2013 and is included in "Group 2: Top 11 - 20" above based on the Company's expectations for Sales per square foot at this property. See the Company's forward-looking statements disclosure on page 1 for factors that may affect this information.
(h)   The percentage of Portfolio 2012 Pro Rata NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses.

16



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)

 
 
Regional Shopping Centers:
Period Ended
  Consolidated
Centers
  Unconsolidated
Joint Venture
Centers
  Total
Centers
 

06/30/2014

    94.7%     97.0%     95.4%  

06/30/2013

    93.4%     94.7%     93.8%  

12/31/2013(b)

    93.9%     96.2%     94.6%  

12/31/2012

    93.4%     94.5%     93.8%
 

(a)
Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.

(b)
Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

17



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Average Base Rent Per Square Foot(a)

 
   
 
 
  Average Base Rent
PSF(b)
  Average Base Rent
PSF on Leases
Executed during the
trailing twelve
months ended(c)
  Average Base Rent
PSF on Leases
Expiring(d)
 

Consolidated Centers

                   

06/30/2014

  $ 45.41   $ 45.24   $ 40.25  

06/30/2013

  $ 43.26   $ 45.45   $ 40.16  

12/31/2013

  $ 44.51   $ 45.06   $ 40.00  

12/31/2012

  $ 40.98   $ 44.01   $ 38.00  

Unconsolidated Joint Venture Centers

   
 
   
 
   
 
 

06/30/2014

  $ 64.14   $ 76.05   $ 56.73  

06/30/2013

  $ 57.58   $ 59.15   $ 50.84  

12/31/2013

  $ 62.47   $ 63.44   $ 48.43  

12/31/2012

  $ 55.64   $ 55.72   $ 48.74  

All Regional Shopping Centers

   
 
   
 
   
 
 

06/30/2014

  $ 49.14   $ 51.33   $ 43.46  

06/30/2013

  $ 46.58   $ 48.57   $ 42.54  

12/31/2013

  $ 48.16   $ 49.09   $ 41.88  

12/31/2012

  $ 44.29   $ 46.78   $ 40.54  

(a)
Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. Centers under development and redevelopment are excluded.

(b)
Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants. Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

(c)
The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)
The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

18



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 
   
 
 
   
  For Years Ended December 31,  
 
  For the trailing
twelve months ended
June 30, 2014
 
 
  2013(a)   2012  

Consolidated Centers

                   

Minimum rents

    8.6 %   8.4 %   8.1 %

Percentage rents

    0.3 %   0.4 %   0.4 %

Expense recoveries(b)

    4.5 %   4.5 %   4.2 %
               

Total

    13.4 %   13.3 %   12.7 %
               
               

 

 
   
 
 
   
  For Years Ended December 31,  
 
  For the trailing
twelve months ended
June 30, 2014
 
 
  2013(a)   2012  

Unconsolidated Joint Venture Centers

                   

Minimum rents

    9.0 %   8.8 %   8.9 %

Percentage rents

    0.4 %   0.4 %   0.4 %

Expense recoveries(b)

    4.2 %   4.0 %   3.9 %
               

Total

    13.6 %   13.2 %   13.2 %
               
               

 

 
   
 
 
   
  For Years Ended December 31,  
 
  For the trailing
twelve months ended
June 30, 2014
 
 
  2013(a)   2012  

All Centers

                   

Minimum rents

    8.7 %   8.6 %   8.4 %

Percentage rents

    0.4 %   0.4 %   0.4 %

Expense recoveries(b)

    4.4 %   4.3 %   4.0 %
               

Total

    13.5 %   13.3 %   12.8 %
               
               

(a)
Rotterdam Square, sold January 15, 2014, is excluded for the year ended December 31, 2013.

(b)
Represents real estate tax and common area maintenance charges.

19



The Macerich Company

Percentage of Net Operating Income by State

 
   
 
State
  % of Portfolio
2014 Forecast Pro
Rata NOI(a)
 

California

    28.0 %

Arizona

    18.8 %

New York

    15.8 %

New Jersey & Connecticut

    9.2 %

Illinois, Indiana & Iowa

    8.1 %

Virginia

    5.7 %

Colorado

    5.5 %

Oregon

    3.7 %

Other(b)

    5.2 %
       

Total

    100.0 %
       
       

(a)
The percentage of Portfolio 2014 Forecast Pro Rata NOI is based on guidance reconfirmed on July 23, 2014. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. NOI also does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.

(b)
"Other" includes Kentucky, North Dakota, Texas, Utah and Washington.

20



The Macerich Company

Property Listing

June 30, 2014

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

Count
 
Company's
Ownership(a)
  Name of
Center/Location
  Year of
Original
Construction/
Acquisition
  Year of Most
Recent
Expansion/
Renovation
  Total
GLA(b)
 
 

 

CONSOLIDATED CENTERS:

             
 

1

 

100%

  Arrowhead Towne Center
Glendale, Arizona
    1993/2002     2004     1,198,000  
 

2

 

100%

  Capitola Mall(c)
Capitola, California
    1977/1995     1988     586,000  
 

3

 

100%

  Cascade Mall
Burlington, Washington
    1989/1999     1998     593,000  
 

4

 

50.1%

  Chandler Fashion Center
Chandler, Arizona
    2001/2002         1,322,000  
 

5

 

100%

  Danbury Fair Mall
Danbury, Connecticut
    1986/2005     2010     1,273,000  
 

6

 

100%

  Deptford Mall
Deptford, New Jersey
    1975/2006     1990     1,039,000  
 

7

 

100%

  Desert Sky Mall
Phoenix, Arizona
    1981/2002     2007     892,000  
 

8

 

100%

  Eastland Mall(c)
Evansville, Indiana
    1978/1998     1996     1,044,000  
 

9

 

60%

  Fashion Outlets of Chicago
Rosemont, Illinois
    2013/—         529,000  
 

10

 

100%

  Flagstaff Mall
Flagstaff, Arizona
    1979/2002     2007     347,000  
 

11

 

100%

  FlatIron Crossing
Broomfield, Colorado
    2000/2002     2009     1,435,000  
 

12

 

50.1%

  Freehold Raceway Mall
Freehold, New Jersey
    1990/2005     2007     1,674,000  
 

13

 

100%

  Fresno Fashion Fair
Fresno, California
    1970/1996     2006     969,000  
 

14

 

100%

  Great Northern Mall
Clay, New York
    1988/2005         895,000  
 

15

 

100%

  Green Acres Mall(c)
Valley Stream, New York
    1956/2013     2007     1,793,000  
 

16

 

100%

  Kings Plaza Shopping Center(c)
Brooklyn, New York
    1971/2012     2002     1,195,000  
 

17

 

100%

  La Cumbre Plaza(c)
Santa Barbara, California
    1967/2004     1989     494,000  
 

18

 

100%

  Northgate Mall
San Rafael, California
    1964/1986     2010     720,000  
 

19

 

100%

  NorthPark Mall
Davenport, Iowa
    1973/1998     2001     1,050,000  
 

20

 

100%

  Oaks, The
Thousand Oaks, California
    1978/2002     2009     1,138,000  
 

21

 

100%

  Pacific View
Ventura, California
    1965/1996     2001     1,021,000  
 

22

 

100%

  Santa Monica Place
Santa Monica, California
    1980/1999     2010     475,000  
 

23

 

84.9%

  SanTan Village Regional Center
Gilbert, Arizona
    2007/—     2009     1,006,000  
 

24

 

100%

  South Plains Mall
Lubbock, Texas
    1972/1998     1995     1,128,000  

21



The Macerich Company

Property Listing

June 30, 2014

Count
 
Company's
Ownership(a)
  Name of
Center/Location
  Year of
Original
Construction/
Acquisition
  Year of Most
Recent
Expansion/
Renovation
  Total
GLA(b)
 
 

25

 

100%

  South Towne Center
Sandy, Utah
    1987/1997     1997     1,278,000  
 

26

 

100%

  Superstition Springs Center
Mesa, Arizona
    1990/2002     2002     1,082,000  
 

27

 

100%

  Towne Mall
Elizabethtown, Kentucky
    1985/2005     1989     350,000  
 

28

 

100%

  Tucson La Encantada
Tucson, Arizona
    2002/2002     2005     243,000  
 

29

 

100%

  Twenty Ninth Street(c)
Boulder, Colorado
    1963/1979     2007     849,000  
 

30

 

100%

  Valley Mall
Harrisonburg, Virginia
    1978/1998     1992     505,000  
 

31

 

100%

  Valley River Center
Eugene, Oregon
    1969/2006     2007     925,000  
 

32

 

100%

  Victor Valley, Mall of
Victorville, California
    1986/2004     2012     579,000  
 

33

 

100%

  Vintage Faire Mall
Modesto, California
    1977/1996     2008     1,126,000  
 

34

 

100%

  Westside Pavilion
Los Angeles, California
    1985/1998     2007     755,000  
 

35

 

100%

  Wilton Mall
Saratoga Springs, New York
    1990/2005     1998     736,000  
                             
 

 

 

  Total Consolidated Centers           32,244,000  
                             
 

UNCONSOLIDATED JOINT VENTURE CENTERS:

       
 

36

 

50%

  Biltmore Fashion Park
Phoenix, Arizona
    1963/2003     2006     516,000  
 

37

 

50.1%

  Corte Madera, Village at
Corte Madera, California
    1985/1998     2005     441,000  
 

38

 

50%

  Inland Center(c)
San Bernardino, California
    1966/2004     2004     933,000  
 

39

 

50%

  Kierland Commons
Scottsdale, Arizona
    1999/2005     2003     434,000  
 

40

 

51%

  Lakewood Center
Lakewood, California
    1953/1975     2008     2,066,000  
 

41

 

51%

  Los Cerritos Center
Cerritos, California
    1971/1999     2010     1,235,000  
 

42

 

50%

  North Bridge, The Shops at(c)
Chicago, Illinois
    1998/2008         670,000  
 

43

 

51%

  Queens Center(c)
Queens, New York
    1973/1995     2004     968,000  
 

44

 

50%

  Scottsdale Fashion Square
Scottsdale, Arizona
    1961/2002     2009     1,723,000  
 

45

 

51%

  Stonewood Center(c)
Downey, California
    1953/1997     1991     932,000  
 

46

 

50%

  Tysons Corner Center(c)
McLean, Virginia
    1968/2005     2005     1,956,000  
 

47

 

51%

  Washington Square
Portland, Oregon
    1974/1999     2005     1,442,000  
 

48

 

19%

  West Acres
Fargo, North Dakota
    1972/1986     2001     971,000  
                             
 

 

 

  Total Unconsolidated Joint Venture Centers     14,287,000  
                             

22



The Macerich Company

Property Listing

June 30, 2014

Count
 
Company's
Ownership(a)
  Name of
Center/Location
  Year of
Original
Construction/
Acquisition
  Year of Most
Recent
Expansion/
Renovation
  Total
GLA(b)
 
 

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:

       
 

49

 

50%

  Broadway Plaza(c)(d)
Walnut Creek, California
    1951/1985     1994     776,000  
 

50

 

100%

  Fashion Outlets of Niagara Falls USA(e)
Niagara Falls, New York
    1982/2011     2009     518,000  
 

51

 

100%

  Paradise Valley Mall(e)
Phoenix, Arizona
    1979/2002     2009     1,151,000  
 

52

 

100%

  SouthPark Mall(e)
Moline, Illinois
    1974/1998     1990     810,000  
                             
 

 

 

  Total Regional Shopping Centers           49,786,000  
                             
 

COMMUNITY / POWER CENTERS:

             
 

1

 

50%

  Atlas Park, The Shops at(d)
Queens, New York
    2006/2011     2013     327,000  
 

2

 

50%

  Boulevard Shops(d)
Chandler, Arizona
    2001/2002     2004     185,000  
 

3

 

67.5%

  Camelback Colonnade(e)
Phoenix, Arizona
    1961/2002     1994     619,000  
 

4

 

39.7%

  Estrella Falls, The Market at(d)
Goodyear, Arizona
    2009/—     2009     242,000  
 

5

 

100%

  Panorama Mall(e)
Panorama, California
    1955/1979     2005     312,000  
 

6

 

89.4%

  Promenade at Casa Grande(e)
Casa Grande, Arizona
    2007/—     2009     909,000  
 

7

 

100%

  Southridge Center(e)
Des Moines, Iowa
    1975/1998     2013     809,000  
 

8

 

100%

  Superstition Springs Power Center(e)
Mesa, Arizona
    1990/2002         206,000  
 

9

 

100%

  The Marketplace at Flagstaff Mall(c)(e)
Flagstaff, Arizona
    2007/—         268,000  
                             
 

 

 

  Total Community / Power Centers     3,877,000  
                             
 

OTHER ASSETS:

                   
 

 

100%

  Various(e)(f)                 897,000  
 

 

100%

  500 North Michigan Avenue(e)
Chicago, Illinois
                323,000  
 

 

50%

  Atlas Park, The Shops at-Office(d)
Queens, New York
                49,000  
 

 

100%

  Paradise Village Ground Leases(e)
Phoenix, Arizona
                58,000  
 

 

100%

  Paradise Village Office Park II(e)
Phoenix, Arizona
                46,000  
 

 

50%

  Scottsdale Fashion Square-Office(d)
Scottsdale, Arizona
                123,000  
 

 

50%

  Tysons Corner Center-Office(c)(d)
McLean, Virginia
                173,000  
 

 

30%

  Wilshire Boulevard(d)
Santa Monica, California
                40,000  
                             
 

 

 

  Total Other Assets           1,709,000  
                             
 

 

 

  Grand Total at June 30, 2014           55,372,000  
                             
                             

23



The Macerich Company

Property Listing

June 30, 2014


(a)
The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 25-26 regarding the legal versus economic ownership of joint venture entities.

(b)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of June 30, 2014.

(c)
Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 48 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

(d)
Included in Unconsolidated Joint Venture Centers.

(e)
Included in Consolidated Centers.

(f)
The Company owns a portfolio of 14 stores located at shopping centers not owned by the Company. Of these 14 stores, four have been leased to Forever 21, one has been leased to Kohl's, one has been leased to Burlington Coat Factory, and eight have been leased for non-Anchor usage. With respect to nine of the 14 stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining five stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

24



Joint Venture List

        The following table sets forth certain information regarding the Centers and other operating properties that are not wholly-owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of June 30, 2014.

 
 
Properties
  6/30/2014
Legal
Ownership(a)
  6/30/2014
Economic
Ownership(b)
  Joint Venture   6/30/2014
Total GLA(c)
 

Atlas Park, The Shops at

    50 %   50 % WMAP, L.L.C.     327,000  

Atlas Park, The Shops at-Office

    50 %   50 % WMAP, L.L.C.     49,000  

Biltmore Fashion Park

    50 %   50 % Biltmore Shopping Center Partners LLC     516,000  

Boulevard Shops

    50 %   50 % Propcor II Associates, LLC     185,000  

Broadway Plaza

    50 %   50 % Macerich Northwestern Associates     776,000  

Camelback Colonnade(d)

    67.5 %   67.5 % Camelback Colonnade Associates LLC     619,000  

Chandler Fashion Center(e)

    50.1 %   50.1 % Freehold Chandler Holdings LP     1,322,000  

Corte Madera, Village at

    50.1 %   50.1 % Corte Madera Village, LLC     441,000  

Estrella Falls, The Market at(f)

    39.7 %   39.7 % The Market at Estrella Falls LLC     242,000  

Fashion Outlets of Chicago(g)

    60 %   60 % Fashion Outlets of Chicago LLC     529,000  

Freehold Raceway Mall(e)

    50.1 %   50.1 % Freehold Chandler Holdings LP     1,674,000  

Inland Center

    50 %   50 % WM Inland LP     933,000  

Kierland Commons

    50 %   50 % Kierland Commons Investment LLC     434,000  

Lakewood Center

    51 %   51 % Pacific Premier Retail LP     2,066,000  

Los Cerritos Center

    51 %   51 % Pacific Premier Retail LP     1,235,000  

North Bridge, The Shops at

    50 %   50 % North Bridge Chicago LLC     670,000  

Promenade at Casa Grande(h)

    89.4 %   89.4 % WP Casa Grande Retail LLC     909,000  

Queens Center

    51 %   51 % Queens JV LP     968,000  

SanTan Village Regional Center

    84.9 %   84.9 % Westcor SanTan Village LLC     1,006,000  

Scottsdale Fashion Square

    50 %   50 % Scottsdale Fashion Square Partnership     1,723,000  

Scottsdale Fashion Square-Office

    50 %   50 % Scottsdale Fashion Square Partnership     123,000  

Stonewood Center

    51 %   51 % Pacific Premier Retail LP     932,000  

Tysons Corner Center

    50 %   50 % Tysons Corner LLC     1,956,000  

Tysons Corner Center-Office

    50 %   50 % Tysons Corner Property LLC     173,000  

Washington Square

    51 %   51 % Pacific Premier Retail LP     1,442,000  

West Acres

    19 %   19 % West Acres Development, LLP     971,000  

Wilshire Boulevard

    30 %   30 % Wilshire Building—Tenants in Common     40,000  

(a)
This column reflects the Company's legal ownership in the listed properties as of June 30, 2014.
Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

(b)
Economic ownership represents the allocation of cash flow to the Company as of June 30, 2014, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company's economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of June 30, 2014.

(d)
Cash flow from operations is distributed 67.5% to the Company and 32.5% to the third-party members. Distributions from capital event proceeds are also made at these percentages such that the members receive a defined return of and return on agreed capital. Thereafter any excess capital event proceeds are distributed 52.5% to the Company and 47.5% to the third-party members.

25


(e)
The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; and, thereafter, 35% to the third-party partner and 65% to the Company.

(f)
Columns 1 and 2 reflect the Company's indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages. In addition, the Company has executed a joint and several guaranty of the mortgage for the property with its third-party partner. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.

(g)
After the third anniversary of substantial completion of the development, the Company in its sole discretion may elect to purchase the interest of the other member based on a net operating income formula using a 6.5% capitalization rate, less any unpaid debt on the property. In addition, the Company has executed a guaranty of the mortgage for the property. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.

(h)
Columns 1 and 2 reflect the Company's total direct and indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages.

26



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

 
   
 
 
  As of June 30, 2014  
 
  Fixed Rate   Floating Rate   Total  
 
  dollars in thousands
 

Consolidated debt

  $ 3,792,571   $ 665,060   $ 4,457,631  

Unconsolidated debt

    1,623,053     115,866     1,738,919  
               

Total debt

  $ 5,415,624   $ 780,926   $ 6,196,550  

Weighted average interest rate

   
4.36

%
 
2.43

%
 
4.11

%

Weighted average maturity (years)

                5.4  

27



The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

 
   
 
 
  As of June 30, 2014  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a)
  Fixed   Floating   Total Debt
Balance(a)
 

I. Consolidated Assets:

                               

Great Northern Mall

    01/01/15     6.54 % $ 34,993   $   $ 34,993  

South Plains Mall