EX-99.2 3 d786458dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

 

LOGO

Supplemental Financial Information

For the three and nine months ended September 30, 2019

 

 

LOGO

The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

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

 

     Page No.  

Corporate Overview

      1-4  

Overview

      1-2  

Capital Information and Market Capitalization

      3  

Changes in Total Common and Equivalent Shares/Units

      4  

Financial Data

      5-11  

Consolidated Statements of Operations (Unaudited)

      5  

Consolidated Balance Sheet (Unaudited)

      6  

Non-GAAP Pro Rata Financial Information (Unaudited)

      7-9  

2019 Guidance Range

      10  

Supplemental FFO Information

      11  

Capital Expenditures

      12  

Operational Data

      13-27  

Sales Per Square Foot

      13  

Sales Per Square Foot by Property Ranking

      14-17  

Occupancy

      18  

Average Base Rent Per Square Foot

      19  

Cost of Occupancy

      20  

Percentage of Net Operating Income by State

      21  

Property Listing

      22-25  

Joint Venture List

      26-27  

Debt Tables

      28-30  

Debt Summary

      28  

Outstanding Debt by Maturity Date

      29-30  

Development Pipeline

      31-32  

Corporate Information

      33  

This Supplemental Financial Information should be read in connection with the Company’s third quarter 2019 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on 8-K, event date October 31, 2019) 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.

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, 2019, 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.

A recognized leader in sustainability, Macerich has earned Nareit’s prestigious “Leader in the Light” award every year from 2014-2018. For the fifth straight year in 2019 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments.

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

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

The Company presents certain measures in this Exhibit on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.

This document contains information constituting forward-looking statements and includes expectations regarding the Company’s future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors

 

1

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, 2018, 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.

 

2

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

 

     Period Ended  
     9/30/2019     12/31/2018     12/31/2017  
     dollars in thousands, except per share data  

Closing common stock price per share

    $ 31.59     $ 43.28     $ 65.68  

52 week high

    $ 55.54     $ 69.73     $ 73.34  

52 week low

    $ 27.54     $ 40.90     $ 52.12  

Shares outstanding at end of period

       

Class A non-participating convertible preferred units

      90,619       90,619       90,619  

Common shares and partnership units

      151,785,806       151,655,147       151,253,557  
  

 

 

    

 

 

    

 

 

  

Total common and equivalent shares/units outstanding

      151,876,425       151,745,766       151,344,176  
  

 

 

    

 

 

    

 

 

  

Portfolio capitalization data

       

Total portfolio debt, including joint ventures at pro rata

    $ 7,976,440     $ 7,850,669     $ 7,692,719  

Equity market capitalization

      4,797,776       6,567,557       9,940,285  
  

 

 

    

 

 

    

 

 

  

Total market capitalization

    $ 12,774,216     $ 14,418,226     $ 17,633,004  
  

 

 

    

 

 

    

 

 

  

Debt as a percentage of total market capitalization

      62.4 %      54.5 %      43.6 % 

Portfolio Capitalization at September 30, 2019

 

 

LOGO

 

3

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, 2018

      10,433,435       141,221,712        90,619        151,745,766  

Conversion of partnership units to cash

      (590 )      —          —          (590 ) 

Conversion of partnership units to common shares

      (21,000 )      21,000        —          —    

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

      3,407       90,074        —          93,481  
  

 

 

    

 

 

     

 

 

     

 

 

  

Balance as of March 31, 2019

      10,415,252       141,332,786        90,619        151,838,657  
  

 

 

    

 

 

     

 

 

     

 

 

  

Conversion of partnership units to cash

      (244 )      —          —          (244 ) 

Conversion of partnership units to common shares

      —         —          —          —    

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

      508       31,782        —          32,290  
  

 

 

    

 

 

     

 

 

     

 

 

  

Balance as of June 30, 2019

      10,415,516       141,364,568        90,619        151,870,703  
  

 

 

    

 

 

     

 

 

     

 

 

  

Conversion of partnership units to cash

      (435 )      —          —          (435 ) 

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

      —         6,157        —          6,157  
  

 

 

    

 

 

     

 

 

     

 

 

  

Balance as of September 30, 2019

      10,415,081       141,370,725        90,619        151,876,425  
  

 

 

    

 

 

     

 

 

     

 

 

  

 

4

The Macerich Company

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands)

 

     For the Three
Months Ended
September 30, 2019		     For the Nine
Months Ended
September 30, 2019		  

Revenues:

     

Leasing revenue

    $ 214,260     $ 636,290  

Other income

      6,889       20,054  

Management Companies’ revenues

      9,978       29,277  
  

 

 

    

 

 

  

Total revenues

      231,127       685,621  
  

 

 

    

 

 

  

Expenses:

     

Shopping center and operating expenses

      69,328       203,024  

Management Companies’ operating expenses

      15,514       50,220  

Leasing expenses

      7,162       22,344  

REIT general and administrative expenses

      5,285       16,835  

Depreciation and amortization

      82,787       246,640  

Interest expense

      14,799       90,265  

Loss on extinguishment of debt

      —         351  
  

 

 

    

 

 

  

Total expenses

      194,875       629,679  

Equity in income of unconsolidated joint ventures

      14,582       34,082  

Income tax expense

      (678 )      (1,703 ) 

Loss on sale or write down of assets, net

      (131 )      (15,506 ) 
  

 

 

    

 

 

  

Net income

      50,025       72,815  

Less net income attributable to noncontrolling interests

      3,654       2,886  
  

 

 

    

 

 

  

Net income attributable to the Company

    $ 46,371     $ 69,929  
  

 

 

    

 

 

  

 

5

The Macerich Company

Consolidated Balance Sheet (Unaudited)

As of September 30, 2019

(Dollars in thousands)

 

ASSETS:

   

Property, net (a)

    $ 6,664,106  

Cash and cash equivalents

      98,309  

Restricted cash

      8,959  

Tenant and other receivables, net

      129,729  

Right-of-use assets, net

      150,656  

Deferred charges and other assets, net

      277,799  

Due from affiliates

      9,627  

Investments in unconsolidated joint ventures

      1,436,788  
  

 

 

  

Total assets

    $ 8,775,973  
  

 

 

  

LIABILITIES AND EQUITY:

   

Mortgage notes payable

    $ 4,294,633  

Bank and other notes payable

      749,769  

Accounts payable and accrued expenses

      61,348  

Lease liabilities

      116,683  

Other accrued liabilities

      253,882  

Distributions in excess of investments in unconsolidated joint ventures

      112,326  

Financing arrangement obligation

      279,563  
  

 

 

  

Total liabilities

      5,868,204  
  

 

 

  

Commitments and contingencies

   

Equity:

   

Stockholders’ equity:

   

Common stock

      1,413  

Additional paid-in capital

      4,581,551  

Accumulated deficit

      (1,864,807 ) 

Accumulated other comprehensive loss

      (10,946 ) 
  

 

 

  

Total stockholders’ equity

      2,707,211  

Noncontrolling interests

      200,558  
  

 

 

  

Total equity

      2,907,769  
  

 

 

  

Total liabilities and equity

    $ 8,775,973  
  

 

 

  

 

(a)

Includes construction in progress of $204,172.

 

6

The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

 

     For the Three Months
Ended September 30, 2019		     For the Nine Months
Ended September 30, 2019		  
     Noncontrolling
Interests of
Consolidated
Joint Ventures (a)		     Company’s Share
of Unconsolidated
Joint Ventures		     Noncontrolling
Interests of
Consolidated
Joint Ventures (a)		     Company’s Share
of Unconsolidated
Joint Ventures		  

Revenues:

         

Leasing revenue

    $ (12,316 )    $ 114,210     $ (37,950 )    $ 341,218  

Other income

      (468 )      6,863       (680 )      20,710  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      (12,784 )      121,073       (38,630 )      361,928  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses:

         

Shopping center and operating expenses

      (3,674 )      34,352       (10,791 )      103,482  

Leasing expenses

      (140 )      1,125       (513 )      3,339  

Depreciation and amortization

      (3,746 )      45,465       (11,067 )      141,670  

Interest expense

      (4,997 )      25,552       (15,155 )      78,974  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      (12,557 )      106,494       (37,526 )      327,465  

Equity in income of unconsolidated joint ventures

      —         (14,582 )      —         (34,082 ) 

Loss on sale or write down of assets, net

      —         3       3,369       (381 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (income) loss

      (227 )      —         2,265       —    

Less net (income) loss attributable to noncontrolling interests

      (227 )      —         2,265       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

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, 2019  
     Noncontrolling
Interests of
Consolidated
Joint Ventures (a)		     Company’s Share
of Unconsolidated
Joint Ventures		  

ASSETS:

     

Property, net (b)

    $ (339,595 )    $ 4,507,566  

Cash and cash equivalents

      (9,953 )      101,748  

Restricted cash

      (184 )      5,766  

Tenant and other receivables, net

      (5,259 )      64,396  

Right-of-use assets, net

      (798 )      61,353  

Deferred charges and other assets, net

      (3,205 )      151,764  

Due from affiliates

      390       (2,858 ) 

Investments in unconsolidated joint ventures, at equity

      —         (1,436,788 ) 
  

 

 

    

 

 

  

Total assets

    $ (358,604 )    $ 3,452,947  
  

 

 

    

 

 

  

LIABILITIES AND EQUITY:

     

Mortgage notes payable

    $ (359,048 )    $ 3,083,119  

Bank and other notes payable

      (1,514 )      209,481  

Accounts payable and accrued expenses

      (2,528 )      65,119  

Lease liabilities

      (3,105 )      61,388  

Other accrued liabilities

      (5,630 )      146,166  

Distributions in excess of investments in unconsolidated joint ventures

      —         (112,326 ) 

Financing arrangement obligation

      (279,563 )      —    
  

 

 

    

 

 

  

Total liabilities

      (651,388 )      3,452,947  
  

 

 

    

 

 

  

Equity:

     

Stockholders’ equity

      293,949       —    

Noncontrolling interests

      (1,165 )      —    
  

 

 

    

 

 

  

Total equity

      292,784       —    
  

 

 

    

 

 

  

Total liabilities and equity

    $ (358,604 )    $ 3,452,947  
  

 

 

    

 

 

  

 

(a)

Represents the Company’s partners’ share of consolidated joint ventures.

(b)

This includes $7,366 of construction in progress relating to the Company’s partners’ share from consolidated joint ventures and $321,731 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, 2019  
     Consolidated     Non-
Controlling
Interests (a)		     Company’s
Consolidated
Share 		    Company’s
Share of
Unconsolidated
Joint Ventures 		    Company’s
Total
Share		  

Revenues:

           

Minimum rents

   

$

142,311

 

  

$

(8,079

) 

  

$

134,232

 

  

$

80,626

 

  

$

214,858

 

Percentage rents

   

 

3,902

 

  

 

(104

) 

  

 

3,798

 

  

 

2,802

 

  

 

6,600

 

Tenant recoveries

   

 

64,770

 

  

 

(4,014

) 

  

 

60,756

 

  

 

28,918

 

  

 

89,674

 

Other

   

 

6,211

 

  

 

(169

) 

  

 

6,042

 

  

 

2,569

 

  

 

8,611

 

Less: Bad debt expense

   

 

(2,934

) 

  

 

50

 

  

 

(2,884

) 

  

 

(705

) 

  

 

(3,589

) 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total leasing revenue

   

$

214,260

 

  

$

(12,316

) 

  

$

201,944

 

  

$

114,210

 

  

$

316,154

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     For the Nine Months Ended September 30, 2019  
     Consolidated     Non-
Controlling
Interests (a)		     Company’s
Consolidated
Share 		    Company’s
Share of
Unconsolidated
Joint Ventures 		    Company’s
Total
Share		  

Revenues:

           

Minimum rents

   

$

426,071

 

  

$

(24,759

) 

  

$

401,312

 

  

$

242,651

 

  

$

643,963

 

Percentage rents

   

 

8,350

 

  

 

(211

) 

  

 

8,139

 

  

 

5,124

 

  

 

13,263

 

Tenant recoveries

   

 

190,696

 

  

 

(12,183

) 

  

 

178,513

 

  

 

88,811

 

  

 

267,324

 

Other

   

 

17,940

 

  

 

(1,088

) 

  

 

16,852

 

  

 

6,939

 

  

 

23,791

 

Less: Bad debt expense

   

 

(6,767

) 

  

 

291

 

  

 

(6,476

) 

  

 

(2,307

) 

  

 

(8,783

) 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total leasing revenue

   

$

636,290

 

  

$

(37,950

) 

  

$

598,340

 

  

$

341,218

 

  

$

939,558

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Represents the Company’s partners’ share of consolidated joint ventures.

 

9

The Macerich Company

2019 Guidance Range (Unaudited)

The Company is re-affirming its guidance for FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and is revising its previous estimate of EPS-diluted guidance to reflect its current expectation for 2019. A reconciliation of estimated EPS-diluted to FFO per share-diluted follows:

 

     Year 2019
Guidance		  

Earnings per share—diluted

      $0.64 - $0.72  

Plus: real estate depreciation and amortization

      $3.20 - $3.20  

Plus: loss on sale or write-down of depreciable assets

      $0.09 - $0.09  
  

 

 

  

FFO per share—diluted

      $3.93 - $4.01

Less: Impact of financing expense in connection with Chandler Freehold

      $0.43 - $0.43
  

 

 

  

FFO per share—diluted, excluding financing expense in connection with Chandler Freehold

    $ 3.50 - $3.58  
  

 

 

  
  

Underlying Assumptions to 2019 Guidance

   

Cash Same Center Net Operating Income (“NOI”) Growth(a)

   

Excluding lease termination income

      0.5% - 1.0%  

 

     Year 2019
($ millions)(b)		      Year 2019
FFO / Share
Impact

Lease termination income

      $6      $0.04

Capitalized interest

      $30      $0.20

Bad debt expense

      ($10)      ($0.07)

Dilutive impact on 2019 of assets sold in 2018

      ($4)      ($0.03)

Straight-line rental income

      $15      $0.10

Amortization of acquired above and below-market leases (net-revenue)

      $15      $0.10

Leasing expenses(c)

      $34      $0.22

Interest expense(d)

      $294              

 

(a)

Excludes non-cash items of straight-line and above/below market adjustments to minimum rents.

(b)

All joint venture amounts included at pro rata.

(c)

In conjunction with the adoption of the new lease accounting standard, ASC 842, Leases (“ASC 842”), the Company estimates it will incur uncapitalized leasing expenses in 2019 of approximately $34 million. The Company incurred approximately $12 million of uncapitalized leasing expenses in 2018 prior to adoption of ASC 842. Therefore, the incremental impact of adopting ASC 842 is estimated at approximately $22 million.

(d)

This amount represents the Company’s pro rata share of interest expense, excluding any financing expense in connection with Chandler Freehold.

 

10

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

 

     As of September 30,              
         2019             2018                  
     dollars in millions              

Straight-line rent receivable

    $ 122.1     $ 109.5      
     For the
Three Months Ended
September 30,		     For the
Nine Months Ended
September 30,		  
         2019             2018             2019             2018      
     dollars in millions  

Lease termination income

    $ 1.4     $ 4.6     $ 5.3     $ 10.0  

Straight-line rental income

    $ 4.5     $ 5.6     $ 10.5     $ 14.2  

Business development and parking income (b)

    $ 16.4     $ 15.2     $ 44.9     $ 42.8  

Gain (loss) on sales or write down of undepreciated assets

    $ 0.1     $ 4.2     $ 0.6     $ 3.8  

Amortization of acquired above and below-market leases (net revenue)

    $ 4.4     $ 2.8     $ 13.1     $ 11.0  

Amortization of debt premiums

    $ 0.2     $ 0.2     $ 0.7     $ 0.7  

Bad debt expense (c)

    $ 3.6     $ 1.4     $ 8.8     $ 5.0  

Leasing expenses

    $ 8.1     $ 2.6     $ 25.2     $ 8.6  

Interest capitalized

    $ 8.8     $ 7.0     $ 22.7     $ 20.9  

Chandler Freehold financing arrangement (d):

         

Distributions equal to partners’ share of net income

    $ 1.3     $ 2.1     $ 5.2     $ 6.6  

Distributions in excess of partners’ share of net income (e)

      2.1       1.8       6.1       4.8  

Fair value adjustment (e)

      (39.5 )      (4.9 )      (71.0 )      (9.3 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total interest (income) expense (d)

    $ (36.1 )    $ (1.0 )    $ (59.7 )    $ 2.1  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 2019 and included in shopping center and operating expenses for the three and nine months ended September 30, 2018.

(d)

Included in interest expense.

(e)

The Company presents FFO excluding the expenses related to changes in fair 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.

 

11

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures(a)

 

     For the Nine
Months Ended		      Year Ended
12/31/18 		     Year Ended
12/31/17		  
     9/30/2019      9/30/2018  
    

dollars in millions

  

Consolidated Centers

            

Acquisitions of property, building improvement and equipment

    $ 19.3      $ 31.1      $ 53.4      $ 38.2  

Development, redevelopment, expansions and renovations of Centers

   

 

83.1

 

     
 128.6
  
      173.3        152.1  

Tenant allowances

      14.8        9.1        12.6        11.5  

Deferred leasing charges

      2.0        13.8        17.3        26.5  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 119.2      $ 182.6      $ 256.6      $ 228.3  
  

 

 

     

 

 

     

 

 

     

 

 

  

Unconsolidated Joint Venture Centers

            

Acquisitions of property, building improvement and equipment

    $ 7.8      $ 8.8      $ 15.7      $ 16.0  

Development, redevelopment, expansions and renovations of Centers

      152.9        103.6        145.9        121.8  

Tenant allowances

      6.9        4.6        8.7        6.8  

Deferred leasing charges

      2.7        6.8        10.9        6.2  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 170.3      $ 123.8      $ 181.2      $ 150.8  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

All joint venture amounts at pro rata.

 

12

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		  

09/30/2019

    $ 639      $ 1,009      $ 800  

09/30/2018

    $ 607      $ 842      $ 707  

12/31/2018

    $ 612      $ 882      $ 726  

12/31/2017

    $ 584      $ 765      $ 660  

 

(a)

Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months 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 redevelopment.

 

LOGO

 

13

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 

     Sales per square foot      Occupancy     Cost of Occupancy
for the trailing
12 months
Ended 9/30/2019
(c)		     % of Portfolio
2019 Forecast
Pro Rata
Real Estate NOI
(d)		  

Properties

    9/30/2019
(a)		      12/31/2018
(a)		      9/30/2018
(a)		      9/30/2019
(b)		     12/31/2018
(b)		     9/30/2018
(b)		  

Group 1: Top 10

                    

Broadway Plaza

    $ 2,330      $ 1,752      $ 1,425        95.5 %      99.4 %      99.4 %     

Corte Madera, Village at

    $ 2,232      $ 2,166      $ 1,800        97.7 %      94.4 %      95.6 %     

Queens Center

    $ 1,554      $ 1,506      $ 1,506        98.7 %      99.7 %      99.4 %     

Washington Square

    $ 1,528      $ 1,261      $ 1,168        95.7 %      98.8 %      97.0 %     

Scottsdale Fashion Square

    $ 1,472      $ 1,159      $ 1,032        92.2 %      92.1 %      92.5 %     

Kierland Commons

    $ 1,440      $ 1,137      $ 973        98.8 %      97.8 %      98.6 %     

North Bridge, The Shops at

    $ 1,028      $ 881      $ 846        82.8 %      98.2 %      98.0 %     

Los Cerritos Center

    $ 1,002      $ 1,003      $ 988        96.6 %      96.5 %      96.3 %     

Tysons Corner Center

    $ 973      $ 986      $ 983        95.5 %      96.8 %      95.7 %     

Country Club Plaza

      n/a        n/a        n/a        n/a       n/a       n/a      
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Top 10:

    $ 1,349      $ 1,164      $ 1,087        93.9 %      95.5 %      95.2 %      10.6 %      32.3 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Group 2: Top 11-20

                    

Tucson La Encantada

    $ 921      $ 856      $ 868        95.4 %      97.0 %      93.3 %     

Arrowhead Towne Center

    $ 897      $ 808      $ 788        98.5 %      97.2 %      96.4 %     

Fresno Fashion Fair

    $ 859      $ 750      $ 737        90.5 %      95.2 %      95.7 %     

Fashion Outlets of Chicago

    $ 844      $ 839      $ 830        99.6 %      98.0 %      98.0 %     

Santa Monica Place

    $ 792      $ 808      $ 812        94.4 %      93.4 %      90.7 %     

Chandler Fashion Center

    $ 740      $ 715      $ 702        95.6 %      97.6 %      94.3 %     

Twenty Ninth Street

    $ 739      $ 712      $ 711        96.3 %      97.1 %      97.2 %     

Kings Plaza Shopping Center

    $ 735      $ 701      $ 701        98.9 %      97.9 %      97.9 %     

Vintage Faire Mall

    $ 714      $ 709      $ 707        97.2 %      97.3 %      97.6 %     

Biltmore Fashion Park

    $ 693      $ 670      $ 1,113        89.4 %      91.0 %      93.0 %     
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Top 11-20:

    $ 795      $ 759      $ 771        96.1 %      96.6 %      95.8 %      12.2 %      25.5 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

14

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 

     Sales per square foot      Occupancy     Cost of Occupancy
for the trailing
12 months
Ended 9/30/2019
(c)		     % of Portfolio
2019 Forecast
Pro Rata
Real Estate NOI
(d)		  

Properties

    9/30/2019
(a)		      12/31/2018
(a)		      9/30/2018
(a)		      9/30/2019
(b)		     12/31/2018
(b)		     9/30/2018
(b)		  

Group 3: Top 21-30

                    

Stonewood Center

    $ 688      $ 665      $ 663        93.7 %      91.9 %      94.0 %     

Oaks, The

    $ 677      $ 654      $ 652        92.3 %      88.9 %      88.7 %     

Danbury Fair Mall

    $ 657      $ 627      $ 621        92.8 %      96.1 %      95.1 %     

Freehold Raceway Mall

    $ 654      $ 639      $ 641        96.7 %      97.8 %      97.7 %     

Green Acres Mall

    $ 647      $ 638      $ 651        96.4 %      98.0 %      97.7 %     

SanTan Village Regional Center

    $ 642      $ 588      $ 581        95.0 %      98.1 %      95.9 %     

FlatIron Crossing

    $ 586      $ 579      $ 579        95.3 %      97.2 %      96.8 %     

Victor Valley, Mall of

    $ 582      $ 565      $ 559        98.3 %      98.1 %      99.2 %     

Inland Center

    $ 554      $ 541      $ 533        91.9 %      97.0 %      97.0 %     

Deptford Mall

    $ 533      $ 525      $ 530        93.5 %      97.4 %      98.1 %     
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Top 21-30:

    $ 628      $ 608      $ 607        94.9 %      96.2 %      95.9 %      13.5 %      25.1 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Group 4: Top 31-40

                    

Lakewood Center

    $ 525      $ 491      $ 490        98.0 %      97.0 %      97.1 %     

La Cumbre Plaza

    $ 514      $ 488      $ 481        85.6 %      80.7 %      86.2 %     

South Plains Mall

    $ 505      $ 474      $ 461        88.4 %      92.0 %      91.9 %     

Pacific View

    $ 470      $ 450      $ 441        80.6 %      91.3 %      91.4 %     

Valley River Center

    $ 457      $ 453      $ 452        92.9 %      95.7 %      94.0 %     

West Acres

    $ 451      $ 467      $ 462        98.3 %      97.2 %      98.3 %     

Superstition Springs Center

    $ 407      $ 366      $ 365        93.0 %      96.8 %      96.6 %     

Eastland Mall

    $ 365      $ 360      $ 357        90.7 %      94.9 %      96.0 %     

Desert Sky Mall

    $ 351      $ 346      $ 336        98.7 %      99.1 %      98.8 %     

Fashion Outlets of Niagara Falls USA

    $ 333      $ 340      $ 344        92.2 %      93.9 %      92.4 %     
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Top 31-40:

    $ 434      $ 420      $ 417        92.7 %      94.7 %      94.8 %      13.2 %      13.1 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Top 40:

    $ 829      $ 753      $ 732        94.3 %      95.7 %      95.4 %      11.7 %      96.0 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

15

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 

     Sales per square foot      Occupancy      Cost of Occupancy
for the trailing
12 months
Ended 9/30/2019
(c)		      % of Portfolio
2019 Forecast
Pro Rata
Real Estate NOI
(d)		  

Properties

    9/30/2019
(a)		      12/31/2018
(a)		      9/30/2018
(a)		      9/30/2019
(b)		      12/31/2018
(b)		      9/30/2018
(b)		  

Group 5: 41-45

                        

NorthPark Mall

                        

SouthPark Mall

                        

Towne Mall

                        

Valley Mall

                        

Wilton Mall

                        
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Total 41-45:

    $ 295      $ 286      $ 284        87.5 %       90.8 %       90.7 %       10.7 %    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Centers under Redevelopment

                        

Fashion District Philadelphia (e) (f)

                        

Paradise Valley Mall (e)

                        

47 REGIONAL SHOPPING CENTERS

    $ 800      $ 726      $ 707        93.8 %       95.4 %       95.1 %       11.7 %       98.3 % 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Community / Power Centers and various other assets

                           1.7 % 
                    

 

 

     

 

 

  

TOTAL ALL PROPERTIES

                        11.7 %       100.0 % 
                    

 

 

     

 

 

  

 

16

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 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. Properties are ranked by Sales per square foot as of September 30, 2019.

(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 2019 Forecast Pro Rata Real Estate NOI is based on guidance assumptions provided on October 31, 2019, see page 10. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company’s forward-looking statements disclosure on pages 1 and 2 for factors that may affect the information provided in this column.

(e)

These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces. Accordingly, the Sales per square foot and Occupancy during the periods of redevelopment are not included.

(f)

On September 19, 2019, the Company’s joint venture opened Fashion District Philadelphia in downtown Philadelphia.

 

17

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)

 

Regional Shopping Centers:
Period Ended

    Consolidated
Centers		     Unconsolidated
Joint Venture
Centers		     Total
Centers		  

09/30/2019

      93.4 %      94.4 %      93.8 % 

09/30/2018

      94.7 %      95.5 %      95.1 % 

12/31/2018

      95.2 %      95.6 %      95.4 % 

12/31/2017

      94.4 %      95.6 %      95.0 % 

 

(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.

 

18

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)
during the trailing
twelve months
ended		  

Consolidated Centers

         

09/30/2019

    $ 58.94      $ 55.97      $ 52.34  

09/30/2018

    $ 57.02      $ 54.43      $ 49.07  

12/31/2018

    $ 56.82      $ 54.00      $ 49.07  

12/31/2017

    $ 55.08      $ 57.36      $ 49.61  

Unconsolidated Joint Venture Centers

         

09/30/2019

    $ 65.62      $ 70.01      $ 63.80  

09/30/2018

    $ 63.45      $ 65.19      $ 58.90  

12/31/2018

    $ 63.84      $ 66.95      $ 59.49  

12/31/2017

    $ 60.99      $ 63.50      $ 55.50  

All Regional Shopping Centers

         

09/30/2019

    $ 61.16      $ 60.04      $ 55.45  

09/30/2018

    $ 59.09      $ 57.32      $ 51.71  

12/31/2018

    $ 59.09      $ 57.55      $ 51.80  

12/31/2017

    $ 56.97      $ 59.20      $ 51.39  

 

(a)

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

(b)

Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.

(c)

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

(d)

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

 

19

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 

                                                                                                        
     For the trailing
twelve months ended
September 30, 2019		    For Years Ended December 31,  
       2018          2017    

Consolidated Centers

         

Minimum rents

    9.2%      9.3%        9.5%  

Percentage rents

    0.4%      0.3%        0.3%  

Expense recoveries(a)

    3.8%      3.9%        4.2%  
  

 

   

 

 

     

 

 

  

Total

    13.4%      13.5%        14.0%  
  

 

   

 

 

     

 

 

  
     For the trailing
twelve months ended
September 30, 2019		    For Years Ended December 31,  
       2018          2017    

Unconsolidated Joint Venture Centers

         

Minimum rents

    7.1%      7.8%        8.6%  

Percentage rents

    0.3%      0.3%        0.3%  

Expense recoveries(a)

    3.1%      3.4%        3.8%  
  

 

   

 

 

     

 

 

  

Total

    10.5%      11.5%        12.7%  
  

 

   

 

 

     

 

 

  
     For the trailing
twelve months ended
September 30, 2019		    For Years Ended December 31,  
       2018          2017    

All Centers

         

Minimum rents

    8.0%      8.5%        9.0%  

Percentage rents

    0.3%      0.3%        0.3%  

Expense recoveries(a)

    3.4%      3.6%        4.0%  
  

 

   

 

 

     

 

 

  

Total

    11.7%      12.4%        13.3%  
  

 

   

 

 

     

 

 

  

 

(a)

Represents real estate tax and common area maintenance charges.

 

20

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Percentage of Net Operating Income by State

 

State

    % of Portfolio
2019 Forecast
Real Estate
Pro Rata NOI(a)		  

California

      27.5 % 

New York

      22.9 % 

Arizona

      15.9 % 

Colorado, Illinois & Missouri

      9.3 % 

Pennsylvania & Virginia

      9.1 % 

New Jersey & Connecticut

      7.3 % 

Oregon

      4.1 % 

Other(b)

      3.9 % 
  

 

 

  

Total

      100.0 % 
  

 

 

  

 

(a)

The percentage of Portfolio 2019 Forecast Pro Rata Real Estate NOI is based on guidance assumptions provided on October 31, 2019, see page 10. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company’s forward-looking statements disclosure on pages 1 and 2 for factors that may affect the information provided in this column.

(b)

“Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas.

 

21

The Macerich Company

Property Listing

September 30, 2019

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    50.1%   

Chandler Fashion Center
Chandler, Arizona

     2001/2002        —        1,318,000  
2    100%   

Danbury Fair Mall
Danbury, Connecticut

     1986/2005        2016        1,268,000  
3    100%   

Desert Sky Mall
Phoenix, Arizona

     1981/2002        2007        746,000  
4    100%   

Eastland Mall(c)
Evansville, Indiana

     1978/1998        1996        1,034,000  
5    100%   

Fashion Outlets of Chicago
Rosemont, Illinois

     2013/—        —        538,000  
6    100%   

Fashion Outlets of Niagara Falls USA
Niagara Falls, New York

     1982/2011        2014        689,000  
7    50.1%   

Freehold Raceway Mall
Freehold, New Jersey

     1990/2005        2007        1,673,000  
8    100%   

Fresno Fashion Fair
Fresno, California

     1970/1996        2006        995,000  
9    100%   

Green Acres Mall(c)
Valley Stream, New York

     1956/2013        2016        2,041,000  
10    100%   

Inland Center
San Bernardino, California

     1966/2004        2016        870,000  
11    100%   

Kings Plaza Shopping Center(c)
Brooklyn, New York

     1971/2012        2018        1,137,000  
12    100%   

La Cumbre Plaza(c)
Santa Barbara, California

     1967/2004        1989        492,000  
13    100%   

NorthPark Mall
Davenport, Iowa

     1973/1998        2001        934,000  
14    100%   

Oaks, The
Thousand Oaks, California

     1978/2002        2009        1,209,000  
15    100%   

Pacific View
Ventura, California

     1965/1996        2001        1,061,000  
16    100%   

Queens Center(c)
Queens, New York

     1973/1995        2004        964,000  
17    100%   

Santa Monica Place
Santa Monica, California

     1980/1999        2015        526,000  
18    84.9%   

SanTan Village Regional Center
Gilbert, Arizona

     2007/—        2018        1,124,000  
19    100%   

SouthPark Mall
Moline, Illinois

     1974/1998        2015        863,000  
20    100%   

Stonewood Center(c)
Downey, California

     1953/1997        1991        935,000  
21    100%   

Superstition Springs Center
Mesa, Arizona

     1990/2002        2002        918,000  
22    100%   

Towne Mall
Elizabethtown, Kentucky

     1985/2005        1989        350,000  

 

22

The Macerich Company

Property Listing

September 30, 2019

 

Count

   

Company’s

Ownership(a)

   

Name of
Center/Location

    Year of
Original
Construction/
Acquisition		      Year of Most
Recent
Expansion/
Renovation		    Total
GLA(b)		  

23

    100%   

Tucson La Encantada
Tucson, Arizona

     2002/2002      2005      246,000  

24

    100%   

Valley Mall
Harrisonburg, Virginia

     1978/1998      1992      505,000  

25

    100%   

Valley River Center
Eugene, Oregon

     1969/2006      2007      872,000  

26

    100%   

Victor Valley, Mall of
Victorville, California

     1986/2004      2012      577,000  

27

    100%   

Vintage Faire Mall
Modesto, California

     1977/1996      2008      1,138,000  

28

    100%   

Wilton Mall
Saratoga Springs, New York

     1990/2005      1998      709,000  
              

 

 

  
      Total Consolidated Centers            25,732,000  
              

 

 

  
UNCONSOLIDATED JOINT VENTURE CENTERS:

 

      

29

    60%   

Arrowhead Towne Center
Glendale, Arizona

     1993/2002      2015      1,196,000  

30

    50%   

Biltmore Fashion Park
Phoenix, Arizona

     1963/2003      2006      517,000  

31

    50%   

Broadway Plaza
Walnut Creek, California

     1951/1985      2016      926,000  

32

    50.1%   

Corte Madera, The Village at
Corte Madera, California

     1985/1998      2005      460,000  

33

    50%   

Country Club Plaza
Kansas City, Missouri

     1922/2016      2015      1,003,000  

34

    51%   

Deptford Mall
Deptford, New Jersey

     1975/2006      1990      1,040,000  

35

    51%   

FlatIron Crossing
Broomfield, Colorado

     2000/2002      2009      1,428,000  

36

    50%   

Kierland Commons
Scottsdale, Arizona

     1999/2005      2003      437,000  

37

    60%   

Lakewood Center
Lakewood, California

     1953/1975      2008      2,069,000  

38

    60%   

Los Cerritos Center
Cerritos, California

     1971/1999      2016      1,303,000  

39

    50%   

North Bridge, The Shops at(c)
Chicago, Illinois

     1998/2008      —      670,000  

40

    50%   

Scottsdale Fashion Square
Scottsdale, Arizona

     1961/2002      2019      1,839,000  

41

    60%   

South Plains Mall
Lubbock, Texas

     1972/1998      2017      1,135,000  

42

    51%   

Twenty Ninth Street(c)
Boulder, Colorado

     1963/1979      2007      845,000  

43

    50%   

Tysons Corner Center
Tysons Corner, Virginia

     1968/2005      2014      1,971,000  

44

    60%   

Washington Square
Portland, Oregon

     1974/1999      2005      1,446,000  

45

    19%   

West Acres
Fargo, North Dakota

     1972/1986      2001      668,000  
              

 

 

  
      Total Unconsolidated Joint Venture Centers            18,953,000  
              

 

 

  

 

23

The Macerich Company

Property Listing

September 30, 2019

 

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:

 

   

46

    50%   

Fashion District Philadelphia(d)(e)
Philadelphia, Pennsylvania

     1977/2014        2019        850,000  

47

    100%   

Paradise Valley Mall(f)
Phoenix, Arizona

     1979/2002        2009        1,202,000  
              

 

 

  
      Total Regional Shopping Centers            46,737,000  
              

 

 

  

COMMUNITY / POWER CENTERS:

 

      

1

    50%   

Atlas Park, The Shops at(d)
Queens, New York

     2006/2011        2013        369,000  

2

    50%   

Boulevard Shops(d)
Chandler, Arizona

     2001/2002        2004        185,000  

3

    100%   

Southridge Center(f)
Des Moines, Iowa

     1975/1998        2013        848,000  

4

    100%   

Superstition Springs Power Center(f)
Mesa, Arizona

     1990/2002        —        206,000  

5

    100%   

The Marketplace at Flagstaff(c)(f)
Flagstaff, Arizona

     2007/—        —        268,000  
              

 

 

  
      Total Community / Power Centers            1,876,000  
              

 

 

  

OTHER ASSETS:

         
   100%   

Various(f)(g)

            427,000  
   86.5%   

Estrella Falls(f)
Goodyear, Arizona

            79,000  
   50%   

Scottsdale Fashion Square-Office(d)
Scottsdale, Arizona

           124,000  
   50%   

Tysons Corner Center-Office(d)
Tysons Corner, Virginia

           174,000  
   50%   

Hyatt Regency Tysons Corner Center(d)
Tysons Corner, Virginia

           290,000  
   50%   

VITA Tysons Corner Center(d)
Tysons Corner, Virginia

           510,000  
   50%   

Tysons Tower(d)
Tysons Corner, Virginia

           529,000  

OTHER ASSETS UNDER REDEVELOPMENT:

         
   25%   

One Westside(d)(h)
Los Angeles, California

            680,000  
              

 

 

  
      Total Other Assets            2,813,000  
              

 

 

  
      Grand Total            51,426,000  
              

 

 

  

 

(a)

The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 26 and 27 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.

(c)

Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 43 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.

 

24

The Macerich Company

Property Listing

September 30, 2019

 

(d)

Included in Unconsolidated Joint Venture Centers.

(e)

On September 19, 2019, the Company’s joint venture opened Fashion District Philadelphia in downtown Philadelphia.

(f)

Included in Consolidated Centers.

(g)

The Company owns an office building and six stores located at shopping centers not owned by the Company. Of the six stores, one is leased to Kohl’s, two are vacant, and three have been leased for non-Anchor uses. With respect to the office building and three of the six stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

(h)

Construction is underway to convert former Regional Shopping Center Westside Pavilion, which closed in January 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.

 

25

The Macerich Company

Joint Venture List as of September 30, 2019

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, 2019.

 

Properties

    Legal
Ownership(a)		     Economic
Ownership(b)		    

Joint Venture

    Total GLA(c)  

Arrowhead Towne Center(d)

      60 %      60 %    New River Associates LLC      1,196,000  

Atlas Park, The Shops at

      50 %      50 %    WMAP, L.L.C.      369,000  

Biltmore Fashion Park

      50 %      50 %    Biltmore Shopping Center Partners LLC      517,000  

Boulevard Shops

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

Broadway Plaza(e)

      50 %      50 %    Macerich HHF Broadway Plaza LLC      926,000  

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      460,000  

Country Club Plaza

      50 %      50 %    Country Club Plaza KC Partners LLC      1,003,000  

Deptford Mall(d)

      51 %      51 %    Macerich HHF Centers LLC      1,040,000  

Estrella Falls

      86.5 %      86.5 %    Westcor Goodyear RSC LLC      79,000  

Fashion District Philadelphia

      50 %      50 %    Various Entities      850,000  

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      1,303,000  

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      1,839,000  

Scottsdale Fashion Square-Office

      50 %      50 %    Scottsdale Fashion Square Partnership      124,000  

Macerich Seritage Portfolio(g)

      50 %      50 %    MS Portfolio LLC      1,550,000  

South Plains Mall(d)

      60 %      60 %    Pacific Premier Retail LLC      1,135,000  

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      1,446,000  

West Acres

      19 %      19 %    West Acres Development, LLP      678,000  

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, 2019. 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.

 

26

The Macerich Company

Joint Venture List as of September 30, 2019

 

(b)

Economic ownership represents the allocation of cash flow to the Company as of September 30, 2019, 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 September 30, 2019.

(d)

These centers have a Sears store which is owned by MS Portfolio LLC, see footnote (g) below. The GLA of the 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 Sears store at these seven centers plus the GLA of the Sears store at two wholly owned centers, Danbury Fair Mall and Vintage Faire Mall, are also aggregated into the 1,550,000 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 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 made in the following order: to the third-party partner until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.

(g)

On April 30, 2015 Sears Holdings Corporation (“Sears”) and the Company announced that they had formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. The lease arrangements between Sears and the joint venture provide the ability to create additional value through recapturing certain space leased to Sears in these properties and re-leasing that space to third-party tenants. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC.

(h)

Construction is underway to convert former Regional Shopping Center Westside Pavilion, which closed in January 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 Company contributed the existing buildings and land valued at $190.0 million to the joint venture on August 31, 2018.

 

27

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Debt Summary (at Company’s pro rata share) (a)

 

     As of September 30, 2019  
     Fixed Rate     Floating
Rate		     Total  
     (Dollars in thousands)  

Mortgage notes payable

    $ 3,868,307     $ 426,326     $ 4,294,633  

Bank and other notes payable

      403,028       346,741       749,769  
  

 

 

    

 

 

    

 

 

  

Total debt per Consolidated Balance Sheet

      4,271,335       773,067       5,044,402  

Adjustments:

       

Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures

      (360,562 )      —         (360,562 ) 
  

 

 

    

 

 

    

 

 

  

Adjusted Consolidated Debt

      3,910,773       773,067       4,683,840  

Add: Company’s share of debt from unconsolidated joint ventures

      3,038,281       254,319       3,292,600  
  

 

 

    

 

 

    

 

 

  

Total Company’s Pro Rata Share of Debt

    $ 6,949,054     $ 1,027,386     $ 7,976,440  
  

 

 

    

 

 

    

 

 

  

Weighted average interest rate

      3.94 %      3.91 %      3.93 % 

Weighted average maturity (years)

          5.04  

 

(a)

The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

 

28

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

 

    As of September 30, 2019  

Center/Entity (dollars in thousands)

  Maturity
Date		     Effective
Interest
Rate (a)		     Fixed     Floating     Total Debt
Balance (a)		  

I. Consolidated Assets:

          

Kings Plaza Shopping Center (b)

     12/03/19       3.67 %    $ 429,285     $ —       $ 429,285  

Danbury Fair Mall

     10/01/20       5.53 %      196,616       —         196,616  

Fashion Outlets of Niagara Falls USA

     10/06/20       4.89 %      107,229       —         107,229  

Green Acres Mall

     02/03/21       3.61 %      279,513       —         279,513  

Prasada (c)

     05/30/21       5.25 %      1,514       —         1,514  

The Macerich Partnership, L.P.—Line of Credit (d)(e)

     07/06/21       4.30 %      400,000       —         400,000  

Tucson La Encantada

     03/01/22       4.23 %      64,108       —         64,108  

Pacific View

     04/01/22       4.08 %      119,003       —         119,003  

Oaks, The

    06/05/22       4.14 %      188,385       —         188,385  

Towne Mall

     11/01/22       4.48 %      20,399       —         20,399  

Chandler Fashion Center (f)

     07/05/24       4.18 %      127,798       —         127,798  

Victor Valley, Mall of

     09/01/24       4.00 %      114,719       —         114,719  

Queens Center

     01/01/25       3.49 %      600,000       —         600,000  

Vintage Faire

     03/06/26       3.55 %      253,869       —         253,869  

Fresno Fashion Fair

     11/01/26       3.67 %      323,609       —         323,609  

SanTan Village Regional Center (g)

    07/01/29       4.34 %      186,067       —         186,067  

Freehold Raceway Mall (f)

     11/01/29       3.94 %      199,567       —         199,567  

Fashion Outlets of Chicago

     02/01/31       4.61 %      299,092       —         299,092  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Rate Debt for Consolidated Assets

       4.01 %    $ 3,910,773     $ —       $ 3,910,773  
   

 

 

    

 

 

    

 

 

    

 

 

  

Green Acres Commons (e)

    03/29/21       4.81 %    $ —       $ 128,696     $ 128,696  

The Macerich Partnership, L.P.—Line of Credit (d)(e)

     07/06/21       3.72 %      —         346,741       346,741  

Santa Monica Place (e)

    12/09/22       3.63 %      —         297,630       297,630  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Floating Rate Debt for Consolidated Assets

       3.87 %    $ —       $ 773,067     $ 773,067  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Debt for Consolidated Assets

       3.99 %    $ 3,910,773     $ 773,067     $ 4,683,840  
   

 

 

    

 

 

    

 

 

    

 

 

  

II. Unconsolidated Assets (At Company’s pro rata share):

 

        

FlatIron Crossing (51%)

    01/05/21       2.81 %    $ 117,310     $ —       $ 117,310  

One Westside—defeased (25%)

    10/01/22       4.77 %      33,962       —         33,962  

Washington Square Mall (60%)

    11/01/22       3.65 %      330,000       —         330,000  

Deptford Mall (51%)

    04/03/23       3.55 %      91,153       —         91,153  

Scottsdale Fashion Square (50%)

    04/03/23       3.02 %      224,786       —         224,786  

Tysons Corner Center (50%)

    01/01/24       4.13 %      375,297       —         375,297  

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 %      158,500       —         158,500  

Lakewood Center (60%)

     06/01/26       4.15 %      215,643       —         215,643  

Kierland Commons (50%)

     04/01/27       3.98 %      107,372       —         107,372  

Los Cerritos Center (60%)

    11/01/27       4.00 %      315,000       —         315,000  

Arrowhead Towne Center (60%)

    02/01/28       4.05 %      240,000       —         240,000  

North Bridge, The Shops at (50%)

    06/01/28       3.71 %      187,031       —         187,031  

Corte Madera, The Village at (50.1%)

     09/01/28       3.53 %      112,405       —         112,405  

Tysons Tower (50%)

    11/11/29       3.38 %      94,531       —         94,531  

Broadway Plaza (50%)

    04/01/30       4.19 %      224,449       —         224,449  

West Acres (19%)

    03/01/32       4.61 %      14,342       —         14,342  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Rate Debt for Unconsolidated Assets

       3.84 %    $ 3,038,281     $ —       $ 3,038,281  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

29

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

    As of September 30, 2019  

Center/Entity (dollars in thousands)

  Maturity
Date		     Effective
Interest
Rate (a)		     Fixed     Floating     Total Debt
Balance (a)		  

Atlas Park (50%) (e)

    10/28/21       5.06 %    $ —       $ 35,595     $ 35,595  

Pacific Premier Retail LLC (60%) (h)

     10/31/22       3.29 %      —         60,000       60,000  

Fashion District Philadelphia (50%)

    01/22/23       4.10 %      —         149,481       149,481  

Boulevard Shops (50%)

    12/05/23       4.22 %      —         9,243       9,243  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Floating Rate Debt for Unconsolidated Assets

       4.05 %    $ —       $ 254,319     $ 254,319  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Debt for Unconsolidated Assets

       3.85 %    $ 3,038,281     $ 254,319     $ 3,292,600  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Debt

      3.93 %    $ 6,949,054     $ 1,027,386     $ 7,976,440  
   

 

 

    

 

 

    

 

 

    

 

 

  

Percentage to Total

        87.12 %      12.88 %      100.00 % 

 

(a)

The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.

(b)

The Company has agreed to terms to replace the existing loan on the property with a new ten-year loan of $555.0 million that bears fixed interest at 3.67%. The loan is expected to close in the fourth quarter of 2019.

(c)

This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 50.0%. On October 7, 2019, this loan was paid off.

(d)

The revolving line of credit includes an interest rate swap that effectively converts $400 million of the outstanding balance to fixed rate debt through September 30, 2021.

(e)

The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

(f)

This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 50.1%.

(g)

This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 84.9%.

(h)

The Company’s joint venture repaid this loan on October 29, 2019.

 

30

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of September 30, 2019

In-Process Developments and Redevelopments:

 

Property

  

Project Type

  

Total Cost(a)(b)
at 100%

  

Ownership
%

  

Total Cost(a)(b)
Pro Rata

   Pro Rata
Capitalized Costs(b)
Incurred-to-date
9/30/2019		    

Expected
Delivery(a)

  

Stabilized
Yield(a)(b)(c)

Scottsdale Fashion Square
Scottsdale, AZ

   Redevelopment of former Barneys anchor into a flagship Apple store and an Industrious co-working space; 80,000 sf exterior expansion with restaurants and Equinox leading into a luxury wing   $140 - $160   50.0%   $70 - $80   $ 36     2019   6 - 6.5%

One Westside fka Westside Pavilion
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)

   $ 46    

Q3 2022(e)

   7.75% - 8.25%(d)
   

 

    

 

  

 

 

      

Total In-Process

    

$640 - $710

    

$195 - $218

   $ 82      
   

 

    

 

  

 

 

      

 

(a)

Much of this information is estimated and may change from time to time. See the Company’s forward-looking disclosure on pages 1 and 2 for factors that may affect the information provided in this table

(b)

This excludes GAAP allocations of non cash and indirect costs.

(c)

Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non cash and indirect costs.

(d)

Includes $140 million ($35 million at the Company’s share), which is an allocable share of the total $190 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 abatements from the second through ninth month following rent commencement.

 

31

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast (Continued)

(Dollars in millions)

as of September 30, 2019

Pipeline of Former Sears Redevelopments:

   

Project Type

    Ownership      Total Cost (a)(b)
Pro rata		    Pro rata
Capitalized Costs
9/30/2019
Incurred-to-Date(b)		      Stabilized
Yield(a)(b)(c)
  Retail Redevelopment       $75 - $90    $ 7      8.0% - 9.0%
  Mixed-Use Densification

 

    55 - 70      1      9.0% - 10.5%

(d)

   Future Phases       TBD      0      TBD
       

 

   

 

 

     
  Total      various      $130 - $160    $ 8     
       

 

   

 

 

     

 

   

Property

   

Description

    Expected Delivery(a)  
  Retail Redevelopment:   
(e)   Arrowhead Towne Center    Redevelop existing store with retail uses      TBD  
(e)   Chandler Fashion Center    Redevelop existing store for a Harkins entertainment concept and additional retail uses      Q4-2020 to 2H-2021  
(e)   Deptford Mall    Redevelop existing store for Dick’s Sporting Goods, Round 1 and additional retail uses      Q4-2020 to 1H-2021  
(e)   South Plains Mall    Demolish box; site densification with retail and restaurants uses      TBD  
(e)   Vintage Faire Mall    Redevelop existing store for Dave & Busters and additional retail uses      Q4-2020 to 2H-2021  
  Wilton Mall    Redevelop existing store with a medical center/medical office use      Q1-2020  
  Mixed-Use Densification:   
(e)   Los Cerritos Center    Demolish box; site densification with residential, hotel and restaurant uses      Late 2022  
(e)   Washington Square    Demolish box; site densification with hotel, entertainment and restaurant uses      Late 2021  

 

 

(a)

Much of this information is estimated and may change from time to time. See the Company’s forward-looking disclosure on pages 1 and 2 for factors that may affect the information provided in this table. This estimated range of incremental redevelopment costs could increase if the Company and its joint ventures decide to expand the scope as the 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 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.

(e)

These former Sears stores are owned by a 50/50 joint venture between the Company and Seritage Growth Properties.

 

    

Note: The following Sears leases in the Company’s portfolio were assumed by the new owner of Sears and are part of the Sears go-forward plan: Danbury Fair Mall, Freehold Raceway Mall, Green Acres Mall, Stonewood Center and The Mall of Victor Valley. The Danbury Fair Mall and Freehold Raceway Mall stores are owned by a 50/50 joint venture between the Company and Seritage Growth Properties. The Sears store at Paradise Valley has been closed, however the lease was assumed by the new owner of Sears.

 

32

The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange

Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2019, 2018 and 2017 and dividends per share of common stock declared and paid by quarter:

 

     Market Quotation
per Share		      Dividends  

Quarter Ended:

    High      Low      Declared
and Paid		  

March 31, 2017

    $ 73.34      $ 62.14      $ 0.71  

June 30, 2017

    $ 67.18      $ 56.06      $ 0.71  

September 30, 2017

    $ 61.55      $ 52.12      $ 0.71  

December 31, 2017

    $ 67.53      $ 52.45      $ 0.74  

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  

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
The Macerich Company
401 Wilshire Boulevard, Suite 700
Santa Monica, California 90401
310-394-6000
www.macerich.com		    Transfer Agent
Computershare
P.O. Box 30170
College Station, TX 77842-3170
877-373-6374
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
Vice President, Investor Relations
Phone: 424-229-3366
jean.wood@macerich.com		   

 

33