Macerich Announces an 18% Increase in AFFO per Share and Increased Earnings Guidance

SANTA MONICA, Calif., Aug. 5, 2013 /PRNewswire/ -- The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended June 30, 2013 which included adjusted funds from operations ("AFFO")  diluted of $130.4 million or $.87 per share-diluted compared to $106.2 million or $.74 per share-diluted for the quarter ended June 30, 2012.   Net income attributable to the Company was $219.0 million or $1.57 per share-diluted for the quarter ended June 30, 2013 compared to net income attributable to the Company for the quarter ended June 30, 2012 of $133.4 million or $1.00 per share-diluted.  A description and reconciliation of FFO per share-diluted and AFFO per share-diluted to EPS-diluted is included in the financial tables accompanying this press release.

Recent Highlights

  • Mall tenant annual sales per square foot increased 6.2% for the year ended June 30, 2013 to $545 compared to $513 for the year ended June 30, 2012.
  • The releasing spreads for the year ended June 30, 2013 were up 14.2%.
  • Mall portfolio occupancy was 93.8% at June 30, 2013 compared to 92.7% at June 30, 2012.
  • AFFO per share-diluted was $.87, up 18% compared to the quarter ended June 30, 2012.
  • Fashion Outlets of Chicago opened on August 1st.  The 526,000 square foot center was 93% occupied on opening day.
  • During the quarter the Company sold five assets with its pro rata share of the gross sales proceeds totaling over $465 million.

Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "It was a very strong quarter for us.  Our operating fundamentals continued their upward trend with significant occupancy gains, continued tenant sales growth and a solid same center net operating income increase.  In addition, we successfully continued executing our strategy of refining our portfolio with the sale of five non-core assets during the quarter."

Developments:

Fashion Outlets of Chicago, a 526,000 square foot fashion outlet center near O'Hare International Airport, opened on August 1, 2013.  The $211 million project opened with 93% of the tenants in occupancy on opening day.   The anchors are Last Call by Neiman Marcus, Bloomingdale's The Outlet Store, Saks Fifth Avenue Off 5th and Forever 21.  The anchors are joined by such stellar fashion retailers as Longchamp, Brunello Cucinelli, Prada, Gucci, Armani, Halston, Michael Kors, Coach, Coach Men's, Tory Burch and many others.

At Tysons Corner Center, a 2.1 million square foot super regional mall, the Company is building a mixed-use densification which will add 1.4 million square feet to one of the country's premier retail centers. The Tysons expansion includes a 19-story office tower; a 500,000 square foot, 30-story, 430 unit luxury residential tower; and a 17-story, 300-room Hyatt Regency hotel.  The office building is currently over 60% leased.  The project is scheduled to open in 2014. 

Disposition Activity:

During the quarter, the Company continued the refinement of its portfolio with the sale of five non-core assets.  The assets sold were: the Redmond Town Center office building, Green Tree Mall in Clarksville, Indiana, Northridge Mall in Salinas, California, Rimrock Mall in Billings, Montana and Kitsap Mall in Silverdale, Washington.  The average annual sales per-square-foot for these malls was $389.  The Company's pro rata share of the total gross sales proceeds was $468 million.  In addition, on August 1, the Company sold the retail component of Redmond Town Center and its pro rata share of the sales proceeds was approximately $63.6 million.

Equity and Financing Activity:

During the quarter, concurrent with the Company's inclusion into the S&P 500 Index, the Company sold 2,456,956 shares of common equity at an average sales price of $70.42 per share.  The common stock was sold under its at-the-market ("ATM") program.  The net proceeds were $171.2 million and were used to pay down debt.

The Company has committed to an $850 million refinancing of the debt on the Tysons Corner super regional mall.  The new fixed rate 10 year loan has an interest rate of 4.10%.  The loan will close on August 30 and will pay off the existing $299.5 million loan that has a 4.78% interest rate.  The Company owns 50% of the center and its $275 million share of excess loan proceeds will be used to pay down debt.

The Company has arranged an extension and rate reduction on its $1.5 billion unsecured line of credit.  The new facility has an August 6, 2018 maturity date and the interest rate, at the Company's current leverage level, was reduced to 1.50% over LIBOR, down from 2.00% over LIBOR.  This facility can be expanded to $2.0 billion at the Company's election.

2013 Earnings Guidance:

Management is increasing its previously issued estimated 2013 FFO per share-diluted guidance range by $.03 per share to $3.38 to $3.48.

A reconciliation of estimated EPS to FFO per share -diluted follows:



Estimated EPS range:

$2.11  to   $2.21

Less: estimated Gain on asset sales

-1.56  to   -1.56

Plus:  Real estate depreciation and amortization

 2.83   to    2.83

Estimated range for FFO per share-diluted

$3.38   to   $3.48

Included in the above FFO per share guidance is an increase in the assumption of same center net operating income to 3.75% to 4.25%.  Also included is a reduction in lease termination revenue to $3 million from the previous estimate of $7 million.  No further asset sales, above the $532 million mentioned above, are assumed in this guidance.

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns approximately 61 million square feet of real estate consisting primarily of interests in 58 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in California, Arizona, Chicago, Greater New York Metro and Washington, DC. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

Investor Conference Call

The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call.  The call will be available on The Macerich Company's website at www.macerich.com (Investing Section) and through CCBN at www.earnings.com.  The call begins Tuesday, August 6, 2013 at 11:00 AM Central Time. To listen to the call, please go to any of these websites at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investing Section) will be available for one year after the call. 

The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investing Section.  It will also be furnished to the SEC as part of a Current Report on Form 8-K.

Note:  This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as  "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected.  Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors.  The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2012, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

 

 (See attached tables)


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)















Results of Operations:








Results before 

Impact of 

Results after 


Discontinued Operations (a)

Discontinued Operations (a)

Discontinued Operations (a)


For the Three Months 

For the Three Months 

For the Three Months 


Ended June 30,

Ended June 30,

Ended June 30,


Unaudited

Unaudited


2013

2012

2013

2012

2013

2012

Minimum rents 

$150,761

$ 120,186

($3,769)

($7,574)

$146,992

$112,612

Percentage rents   

2,798

2,872

24

(247)

2,822

2,625

Tenant recoveries

87,307

66,013

(1,943)

(4,388)

85,364

61,625

Management Companies' revenues

10,301

9,657

-

-

10,301

9,657

Other income

11,733

9,736

(235)

(598)

11,498

9,138

     Total revenues

262,900

208,464

(5,923)

(12,807)

256,977

195,657








Shopping center and operating  expenses 

84,743

66,791

(2,237)

(4,759)

82,506

62,032

Management Companies' operating  expenses 

22,816

23,734

-

-

22,816

23,734

REIT general and administrative expenses 

6,693

5,655

-

-

6,693

5,655

Depreciation and amortization 

93,984

73,003

(1,651)

(3,834)

92,333

69,169

Interest expense  

54,439

45,068

-

(1,771)

54,439

43,297

Gain on extinguishment of debt, net

(1,943)

(120,356)

-

120,356

(1,943)

-

     Total expenses

260,732

93,895

(3,888)

109,992

256,844

203,887

Equity in income of unconsolidated joint ventures 

92,201

18,691

-

-

92,201

18,691

Co-venture expense (b)

(2,138)

(1,304)

-

-

(2,138)

(1,304)

Income tax benefit 

1,477

3,075

-

-

1,477

3,075

Gain (loss) on remeasurement, sale or write down of assets, net

141,108

9,512

(141,906)

(11,040)

(798)

(1,528)

     Income from continuing operations

234,816

144,543

(143,941)

(133,839)

90,875

10,704








Discontinued operations:







     Gain on sale, disposition or write down of assets, net

-

-

141,906

131,396

141,906

131,396

     Income from discontinued operations

-

-

2,035

2,443

2,035

2,443

     Total income from discontinued operations

-

-

143,941

133,839

143,941

133,839








Net income 

234,816

144,543

-

-

234,816

144,543

Less net income attributable to noncontrolling interests

15,819

11,189

-

-

15,819

11,189

Net income attributable to the Company

$218,997

$133,354

$0

$0

$218,997

$133,354








Average number of shares outstanding - basic

139,372

132,768



139,372

132,768

Average shares outstanding, assuming full conversion of OP Units  (c)

149,311

144,030



149,311

144,030

Average shares outstanding - Funds From Operations ("FFO") - diluted (c) 

149,465

144,139



149,465

144,139








Per share income - diluted before discontinued operations

-

-



$0.61

$0.07

Net income per share-basic 

$1.57

$1.00



$1.57

$1.00

Net income per share - diluted  

$1.57

$1.00



$1.57

$1.00

Dividend declared per share 

$0.58

$0.55



$0.58

$0.55

FFO - basic  (c) (d)

$130,405

$226,212



$130,405

$226,212

FFO - diluted (c) (d)

$130,405

$226,212



$130,405

$226,212

FFO per share- basic   (c) (d)

$0.87

$1.57



$0.87

$1.57

FFO per share- diluted  (c) (d)

$0.87

$1.57



$0.87

$1.57

Adjusted FFO ("AFFO") per share- diluted  (c)(d)

$0.87

$0.74



$0.87

$0.74









 

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)















Results of Operations:








Results before 

Impact of 

Results after 


Discontinued Operations (a)

Discontinued Operations (a)

Discontinued Operations (a)


For the Six Months 

For the Six Months 

For the Six Months 


Ended June 30,

Ended June 30,

Ended June 30,


Unaudited

Unaudited


2013

2012

2013

2012

2013

2012

Minimum rents 

$299,917

$ 243,823

($9,210)

($17,444)

$290,707

$226,379

Percentage rents   

7,175

6,864

16

(613)

7,191

6,251

Tenant recoveries

172,631

132,785

(4,804)

(9,180)

167,827

123,605

Management Companies' revenues

20,451

20,872

-

-

20,451

20,872

Other income

25,510

20,738

(509)

(3,888)

25,001

16,850

     Total revenues

525,684

425,082

(14,507)

(31,125)

511,177

393,957








Shopping center and operating  expenses 

170,120

135,607

(5,014)

(11,045)

165,106

124,562

Management Companies' operating  expenses 

45,965

46,259

-

-

45,965

46,259

REIT general and administrative expenses 

12,717

10,174

-

-

12,717

10,174

Depreciation and amortization 

187,143

149,968

(4,007)

(9,269)

183,136

140,699

Interest expense  

108,137

92,191

2

(6,370)

108,139

85,821

Gain on extinguishment of debt, net

(1,943)

(120,012)

-

120,012

(1,943)

-

     Total expenses

522,139

314,187

(9,019)

93,328

513,120

407,515

Equity in income of unconsolidated joint ventures 

110,316

49,309

-

-

110,316

49,309

Co-venture expense (b)

(4,179)

(2,395)

-

-

(4,179)

(2,395)

Income tax benefit 

1,721

1,225

-

-

1,721

1,225

Gain (loss) on remeasurement, sale or write down of assets, net

145,942

(26,215)

(141,912)

44,184

4,030

17,969

     Income from continuing operations

257,345

132,819

(147,400)

(80,269)

109,945

52,550








Discontinued operations:







     Gain on sale, disposition or write down of assets, net

-

-

141,912

75,828

141,912

75,828

     Income from discontinued operations

-

-

5,488

4,441

5,488

4,441

     Total income from discontinued operations

-

-

147,400

80,269

147,400

80,269








Net income 

257,345

132,819

-

-

257,345

132,819

Less net income attributable to noncontrolling interests

20,256

13,533

-

-

20,256

13,533

Net income attributable to the Company

$237,089

$119,286

$0

$0

$237,089

$119,286








Average number of shares outstanding - basic

138,460

132,520



138,460

132,520

Average shares outstanding, assuming full conversion of OP Units  (c)

148,532

143,741



148,532

143,741

Average shares outstanding - Funds From Operations ("FFO") - diluted (c) 

148,653

143,832



148,653

143,832








Per share income - diluted before discontinued operations

-

-



$0.72

$0.34

Net income per share-basic 

$1.71

$0.90



$1.71

$0.90

Net income per share - diluted  

$1.71

$0.90



$1.71

$0.90

Dividend declared per share 

$1.16

$1.10



$1.16

$1.10

FFO - basic  (c) (d)

$257,379

$332,385



$257,379

$332,385

FFO - diluted (c) (d)

$257,379

$332,385



$257,379

$332,385

FFO per share- basic   (c) (d)

$1.73

$2.31



$1.73

$2.31

FFO per share- diluted  (c) (d)

$1.73

$2.31



$1.73

$2.31

Adjusted FFO ("AFFO") per share- diluted  (c)(d)

$1.73

$1.50



$1.73

$1.50









 

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS  

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 







(a)

The Company has classified the results of operations on dispositions as discontinued operations for the three and six months ended June 30, 2013 and 2012.



(b)

This represents the outside partners' allocation of net income in the Chandler Fashion Center/Freehold Raceway Mall joint venture.



(c)

The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO - diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation. 



(d)

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. 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.




Adjusted FFO ("AFFO") excludes the FFO impact of Shoppingtown Mall and Valley View Center for the three and six months ended June 30, 2012. In December 2011, the Company conveyed Shoppingtown Mall to the lender by a deed-in-lieu of foreclosure. In July 2010, a court-appointed  receiver assumed operational control of  Valley View Center and responsibility for managing all aspects of the property. Valley View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date. On May 31, 2012, the Company conveyed Prescott Gateway to the lender by a deed-in-lieu of foreclosure and the debt was forgiven resulting in a gain on extinguishment of debt of $16.4 million. AFFO excludes the gain on extinguishment of debt on Prescott Gateway for the three and six months ended June 30, 2012.




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 AFFO and AFFO on a diluted basis provide useful supplemental information regarding the Company's performance as they show a more meaningful and consistent comparison of the Company's operating performance and allow investors to more easily compare the Company's results without taking into account non-cash credits and charges on properties controlled by either a receiver or loan servicer. FFO and AFFO on a diluted basis are measures investors find most useful in measuring the dilutive impact of outstanding convertible securities. FFO and AFFO do 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 are not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO and AFFO as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.

 


THE MACERICH COMPANY


FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)











Reconciliation of Net income attributable to the Company to FFO and AFFO (d):






 For the Three Months  

 For the Six Months  


 Ended June 30, 

 Ended June 30, 


 Unaudited 

 Unaudited 


2013

2012

2013

2012

Net income attributable to the Company

$218,997

$133,354

$237,089

$119,286






Adjustments to reconcile net income attributable to the Company to FFO - basic and diluted:





   Noncontrolling interests in OP

15,902

11,294

17,244

10,106

   (Gain) loss on remeasurement, sale or write down of consolidated assets, net

(141,108)

(9,512)

(145,942)

26,215

        plus (loss) gain on undepreciated asset sales - consolidated assets

(10)

-

2,238

-

        plus non-controlling interests share of (loss) gain on remeasurement, sale or write down of consolidated joint ventures, net

(9)

(17)

3,163

3,538

   (Gain) loss on remeasurement, sale or write down of assets from unconsolidated entities (pro rata), net

(73,035)

354

(73,016)

(11,157)

        plus gain on undepreciated asset sales - unconsolidated entities (pro rata)

486

-

484

-

   Depreciation and amortization on consolidated assets 

93,984

73,003

187,143

149,968

   Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

(4,603)

(4,578)

(9,137)

(9,428)

   Depreciation and amortization on joint ventures (pro rata) 

22,815

25,553

44,147

50,310

   Less: depreciation on personal property 

(3,014)

(3,239)

(6,034)

(6,453)

Total FFO - basic and diluted

$130,405

$226,212

$257,379

$332,385






Additional adjustments to arrive at AFFO - diluted (d):





    Shoppingtown Mall

-

36

-

396

    Valley View Center

-

(103,745)

-

(101,116)

    Prescott Gateway

-

(16,350)

-

(16,350)

Total AFFO- diluted

$130,405

$106,153

$257,379

$215,315











Reconciliation of EPS to FFO and AFFO per diluted share (d):






 For the Three Months  

 For the Six Months  


 Ended June 30, 

 Ended June 30, 


 Unaudited 

 Unaudited 


2013

2012

2013

2012

Earnings per share - diluted

$1.57

$1.00

$1.71

$0.90

   Per share impact of depreciation and amortization of real estate

0.73

0.63

1.45

1.28

   Per share impact of gain on remeasurement, sale or write down of assets

(1.43)

(0.06)

(1.43)

0.13

FFO per share - diluted

$0.87

$1.57

$1.73

$2.31

   Per share impact - Shoppingtown Mall, Valley View Center and Prescott Gateway 

0.00

(0.83)

0.00

(0.81)

AFFO per share - diluted

$0.87

$0.74

$1.73

$1.50






THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)












 For the Three Months  

 For the Six Months  

Reconciliation of Net income attributable to the Company to EBITDA:

 Ended June 30, 

 Ended June 30, 


 Unaudited 

 Unaudited 


2013

2012

2013

2012






Net income attributable to the Company

$218,997

$133,354

$237,089

$119,286






   Interest expense - consolidated assets

54,439

45,068

108,137

92,191

   Interest expense - unconsolidated entities (pro rata)

16,977

26,056

35,849

52,778

   Depreciation and amortization - consolidated assets

93,984

73,003

187,143

149,968

   Depreciation and amortization - unconsolidated entities (pro rata)

22,815

25,553

44,147

50,310

   Noncontrolling interests in OP

15,902

11,294

17,244

10,106

   Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

(7,447)

(7,503)

(14,741)

(15,279)

   Gain on extinguishment of debt - consolidated entities

(1,943)

(120,356)

(1,943)

(120,012)

   (Gain) loss on remeasurement, sale or write down of assets - consolidated assets, net

(141,108)

(9,512)

(145,942)

26,215

   (Gain) loss on remeasurement, sale or write down of assets - unconsolidated entities (pro rata), net

(73,035)

354

(73,016)

(11,157)

   Add: Non-controlling interests share of  (loss) gain on sale of consolidated assets, net

(9)

(17)

3,163

3,538

   Income tax benefit

(1,477)

(3,075)

(1,721)

(1,225)

   Distributions on preferred units

183

208

367

416






EBITDA   (e)

$198,278

$174,427

$395,776

$357,135
















Reconciliation of EBITDA to Same Centers - Net Operating Income ("NOI"):











 For the Three Months  

 For the Six Months  


 Ended June 30, 

 Ended June 30, 


 Unaudited 

 Unaudited 


2013

2012

2013

2012

EBITDA (e)

$198,278

$174,427

$395,776

$357,135






Add: REIT general and administrative expenses

6,693

5,655

12,717

10,174

        Management Companies' revenues

(10,301)

(9,657)

(20,451)

(20,872)

        Management Companies' operating  expenses 

22,816

23,734

45,965

46,259

        Lease termination income, straight-line and above/below market adjustments to minimum rents of comparable centers

(2,602)

(4,105)

(4,879)

(9,401)

        EBITDA of non-comparable centers

(35,052)

(18,209)

(68,904)

(36,955)






Same Centers - NOI (f)

$179,832

$171,845

$360,224

$346,340











(e)

EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on remeasurement, sale or write down of assets and preferred dividends and includes joint ventures at their pro rata share. Management considers EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.



(f)

The Company presents same center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same center NOI is calculated using total EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same center NOI excludes the impact of lease termination income, straight-line and above/below market adjustments to minimum rents.

SOURCE Macerich Company



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