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Macerich(MAC) - 2020 Q1 - Quarterly Report
2020-05-11 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) Maryland 95-4448705 (State or other juris ...
Macerich(MAC) - 2019 Q4 - Annual Report
2020-02-25 18:13
Property Ownership and Development - As of December 31, 2019, the Operating Partnership owned or had an ownership interest in 52 shopping centers, comprising approximately 51 million square feet of gross leasable area (GLA) [12] - The joint venture in Fashion District Philadelphia opened the first phase of redevelopment, with a total project cost estimated between $400.0 million and $420.0 million, of which the Company's pro rata share is estimated at $200.0 million to $210.0 million [23] - The joint venture with Hudson Pacific Properties is redeveloping One Westside into 584,000 square feet of creative office space, with total project costs estimated between $500.0 million and $550.0 million [25] - The Company anticipates spending between $130.0 million to $160.0 million to redevelop several Sears stores, with $22.4 million funded at its pro rata share as of December 31, 2019 [27] - The Company has a 50/50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets, with a total incurred cost of $71.7 million as of December 31, 2019 [26] - The Company has developed a fully integrated real estate organization with in-house expertise across various disciplines to optimize operations and tenant mix [38] Financial Performance - Total revenues for 2019 were $927.462 million, a decrease of 3.4% from $960.351 million in 2018 [173] - Net income attributable to the Company for 2019 was $96.820 million, compared to $60.020 million in 2018, representing a 61.1% increase [173] - The Company reported leasing revenue of $858.874 million in 2019, down from $883.996 million in 2018, a decline of 2.5% [173] - Funds from operations (FFO) attributable to common stockholders for 2019 were $536.961 million, a decrease from $564.436 million in 2018 [174] - The Company’s total assets decreased to $8.854 billion in 2019 from $9.027 billion in 2018, a decline of 1.9% [174] - The Company declared distributions of $3.00 per common share in 2019, compared to $2.97 in 2018, reflecting a 1.0% increase [174] Leasing and Tenant Information - For the year ended December 31, 2019, approximately 73% of total rents were derived from Mall Stores and Freestanding Stores under 10,000 square feet, while 27% came from Big Box and Anchor tenants [48] - The average base rent per square foot for Mall Stores and Freestanding Stores under 10,000 square feet was $58.76 in 2019, an increase from $56.82 in 2018 [51] - The average base rent per square foot for Big Box and Anchor tenants was $16.51 in 2019, compared to $15.29 in 2018 [52] - The average base rent per square foot on leases executed during 2019 was $53.29 for Mall Stores and Freestanding Stores under 10,000 square feet [51] - The top three tenants by total rents as of December 31, 2019, were L Brands, Inc. (2.9%), H & M Hennes & Mauritz AB (2.3%), and Foot Locker, Inc. (2.2%) [48] Debt and Financing - Total outstanding loan indebtedness as of December 31, 2019, was $8.1 billion, including $5.2 billion of consolidated debt and $3.2 billion of pro rata share of mortgages and other notes payable on unconsolidated joint ventures [111] - The company is required to use a significant portion of cash flow to service debt, limiting available cash for other business opportunities [111] - The total mortgage debt for consolidated centers amounts to $4,392,599,000 as of December 31, 2019 [155] - The total mortgage debt for unconsolidated joint venture centers is $3,040,712,000 [156] - The effective interest rates for fixed-rate mortgages range from 3.34% to 5.53%, with an average rate of approximately 4.18% [156] Market and Economic Conditions - The company faces competition from numerous owners and developers of retail-oriented real estate, which may affect property acquisition prices and tenant leasing [45] - A significant percentage of the Company's Centers are located in California and Arizona, making them sensitive to local economic conditions [82] - The bankruptcy of significant tenants, such as Sears and Forever 21, could adversely affect the Company's financial condition and results of operations [85] - Inflation poses risks, including increased interest rates affecting floating-rate debt and tenant sales, which could impact rent obligations [109] Regulatory and Compliance Issues - Qualification as a REIT is critical, and failure to maintain this status could reduce funds available for distributions to stockholders [134] - The company must distribute 90% of its annual taxable income to stockholders, which may require borrowing or selling assets if cash flow is insufficient [142] - Compliance with the Americans with Disabilities Act (ADA) and other regulations may require significant expenditures, adversely affecting cash flows [106] - The Internal Revenue Service could challenge the company's REIT status for past periods, leading to potential tax liabilities [138] Redevelopment and Future Plans - The company is actively seeking replacement tenants for several vacant anchor sites and is considering redevelopment opportunities for these locations [66] - The company continues to evaluate redevelopment opportunities for properties with vacant spaces, aiming to enhance overall property value and tenant mix [154] - The company has ongoing redevelopment plans for properties such as One Westside, which will transform into 584,000 square feet of creative office space leased entirely to Google [154] Insurance and Risk Management - The company carries comprehensive liability and environmental insurance with specific limits, including a combined annual aggregate loss limit of $1.0 billion for terrorism insurance [67] - The company has developed an operations and maintenance plan to manage asbestos-containing materials at its Centers [68] - The company carries specific earthquake insurance with a deductible of 5% of the total insured value, subject to a combined annual aggregate loss limit of $100 million for California properties [102] - Cybersecurity risks could disrupt operations and lead to financial misstatements, impacting compliance with REIT regulations and overall business performance [104]
Macerich(MAC) - 2019 Q4 - Earnings Call Transcript
2020-02-07 02:44
The Macerich Company (NYSE:MAC) Q4 2019 Results Conference Call February 6, 2020 1:00 PM ET Company Participants Jean Wood - Vice President of Investor Relations Tom O’Hern - Chief Executive Officer Scott Kingsmore - Executive Vice President and Chief Financial Officer Doug Healey - Executive Vice President, Leasing Conference Call Participants Craig Schmidt - Bank of America Alexander Goldfarb - Piper Sandler Christy McElroy - Citi Jim Sullivan - BTIG Todd Thomas - KeyBanc Capital Markets Steve Sakwa - Eve ...
Macerich(MAC) - 2019 Q3 - Quarterly Report
2019-11-05 17:09
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) Maryland 95-4448705 (State or other j ...
Macerich(MAC) - 2019 Q3 - Earnings Call Transcript
2019-10-31 23:48
Macerich Co. (NYSE:MAC) Q3 2019 Earnings Conference Call October 31, 2019 1:00 PM ET CompanyParticipants Jean Wood - Vice President of Investor Relations Tom O'Hern - Chief Executive Officer Scott Kingsmore - Executive Vice President and Chief Financial Officer Doug Healey - Executive Vice President, Leasing Conference Call Participants Jim Sullivan - BTIG Steve Sakwa - Evercore ISI Craig Schmidt - Bank of America Christy McElroy - Citi Alexander Goldfarb - Sandler O'Neill Jeremy Metz - BMO Capital Markets ...
Macerich(MAC) - 2019 Q2 - Quarterly Report
2019-08-05 18:48
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...
Macerich(MAC) - 2019 Q2 - Earnings Call Transcript
2019-08-02 03:27
Macerich Co. (NYSE:MAC) Q2 2019 Earnings Conference Call August 1, 2019 1:00 PM ET Company Participants Jean Wood - Vice President of Investor Relations Tom O’Hern - Chief Executive Officer Scott Kingsmore - Executive Vice President and Chief Financial Officer Doug Healey - Executive Vice President, Leasing Conference Call Participants Jim Sullivan - BTIG Samir Khanal - Evercore Todd Thomas - KeyBanc Capital Markets Linda Tsai – Barclays Craig Schmidt - Bank of America Alexander Goldfarb - Sandler O'Neill ...
Macerich(MAC) - 2019 Q1 - Quarterly Report
2019-05-07 17:53
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) MARYLAND 95-4448705 (State or other juris ...
Macerich(MAC) - 2019 Q1 - Earnings Call Transcript
2019-05-04 21:18
Macerich Co. (NYSE:MAC) Q1 2019 Results Conference Call May 2, 2019 1:00 PM ET Company Participants Jean Wood - VP, IR Tom O’Hern - CEO Scott Kingsmore - EVP and CFO Doug Healey - EVP, Leasing Conference Call Participants Samir Khanal - Evercore Craig Schmidt - Bank of America Alexander Goldfarb - Sandler O'Neill Jim Sullivan - BTIG Christy McElroy - Citi Linda Tsai - Barclays Todd Thomas - KeyBanc Capital Markets Caitlin Burrows - Goldman Sachs Jeff Donnelly - Wells Fargo Jeremy Metz - BMO Capital Markets ...
Macerich(MAC) - 2018 Q4 - Annual Report
2019-02-25 17:19
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018 Commission File No. 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) MARYLAND (State or other jurisdiction of incorporation or organization) 95-4448705 (I.R.S. Employer Identification Number) 401 Wilshire Boulevard, Suite 700, Santa Monica, Califor ...