Macerich Announces Fourth Quarter Results And Earnings Guidance For 2013
Macerich Announces Fourth Quarter Results And Earnings Guidance For 2013
PR Newswire
SANTA MONICA, Calif., Feb. 6, 2013
SANTA MONICA, Calif., Feb. 6, 2013 /PRNewswire/ -- The Macerich Company (NYSE
Symbol: MAC) today announced results of operations for the quarter ended
December 31, 2012 which included funds from operations ("FFO") diluted of
$132.6 million or $.90 per share-diluted compared to $118.8 million or $.83
per share-diluted for the quarter ended December 31, 2011. Adjusted FFO
("AFFO") diluted was $.90 per share-diluted for the quarter ended December 31,
2012 compared to $.87 per share-diluted for the quarter ended December 31,
2011. Net income attributable to the Company was $174.2 million or $1.27 per
share-diluted for the quarter ended December 31, 2012 compared to net income
attributable to the Company for the quarter ended December 31, 2011 of $163.1
million or $1.23 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:
o Mall tenant annual sales per square foot increased 5.7% to $517 for the
year ended December 31, 2012 compared to $489 for the year ended December
31, 2011.
o The releasing spreads for the year ended December 31, 2012 were up 15.4%.
o Mall portfolio occupancy was 93.8% at December 31, 2012 compared to 92.7%
at December 31, 2011.
o AFFO per share-diluted for the year was $3.18, a 10.4% increase over 2011.
o During the quarter, the Company completed over $1.2 billion of financings
with an average term of over eight years and an average interest rate of
3.4%.
Commenting on the quarter, Arthur Coppola chairman and chief executive officer
of Macerich stated, "It was another good quarter with improving fundamentals
highlighted by strong leasing, occupancy gains and continued tenant sales
growth. In addition, during the quarter we saw very positive leasing progress
on our two major developments, Fashion Outlets of Chicago and Tysons Corner.
We were also pleased with our recent capital activity including the
acquisition of Kings Plaza and Green Acres Mall and the completion of four
major financings which significantly extended our maturity schedule and
reduced our floating rate debt."
Developments:
Construction continues at Fashion Outlets of Chicago, a 526,000 square foot
fashion outlet center near O'Hare International Airport scheduled for
completion in August 2013. The center is anchored by Bloomingdale's Outlet,
Saks Off Fifth, Neiman Marcus Last Call and Forever 21. The project is
currently 87% leased with deals in process for another 10%.
At Tysons Corner, adjacent to the Company's 2.1 million square foot super
regional mall, the Company is building a mixed use project which includes a
524,000 square foot office building, a 430 key luxury residential tower and a
300 room Hyatt Regency hotel. The office tower has a signed lease of 188,000
square feet with Intelsat who has the option to take up to 217,000 square feet
in total. The office building is scheduled to open in mid-2014.
Financing Activity:
During the quarter, the Company closed on over $1.2 billion of financings (at
its pro rata share). The financings are summarized below:
Prior Loan (in New Loan (in 000's)
000's)
MAC Loan Balance Interest Balance Balance Interest Term Maturity
Property Ownership Closing @ Rate @ 100% @ Rate in Date
Date Pro-Rata Pro-Rata years
Kings 100.00% 11/28/2012 - - 500,000 500,000 3.44% 7 12/03/19
Plaza
Deptford 100.00% 12/5/2012 172,500 5.41% 205,000 205,000 3.73% 10.3 04/03/23
Mall
Queens 51.00% 12/24/2012 161,905 7.30% 600,000 306,000 3.49% 12 01/01/25
Center
Santa
Monica 100.00% 12/28/2012 - - 240,000 240,000 2.94% 5 01/03/18
Place
Total 334,405 1,545,000 1,251,000 3.40% 8.4
Acquisition Activity:
On November 28, 2012, the Company closed on the $756 million acquisition of
Kings Plaza. The Company has placed a $500 million, seven year fixed rate
loan on the property. The loan has an interest rate of 3.44%. The mall
tenants' annual sales per square foot are $680. Kings Plaza is anchored by
Macy's, Lowe's and Sears and is the only enclosed super regional mall in
Brooklyn, New York. The center is currently 96% occupied and has a tenant
line-up that includes Aeropostale, American Eagle, Armani Exchange, Forever
21, H&M, MAC, Pink, Swarovski and Victoria's Secret.
On January 25, 2013, the Company closed on the acquisition of Green Acres
Mall. Green Acres Mall is a 1.8 million square foot super regional mall
located in Valley Stream, New York. Green Acres is anchored by Macy's, Macy's
Men's, Sears, Kohl's, jcpenney, BJ's Wholesale Club and Walmart. The
purchase price was $500 million. The acquisition was funded with a $325
million, eight-year, loan with a fixed interest rate of 3.43%. The balance of
the purchase price was funded from cash on hand, and from the Company's line
of credit. The mall is 94% occupied and the mall tenants' annual sales per
square foot exceed $535.
2013 Earnings Guidance:
Management is issuing an estimated 2013 FFO per share-diluted guidance range
of $3.32 to $3.42.
A reconciliation of estimated EPS to FFO per share -diluted
follows:
Estimated EPS range: $1.17 to $1.77
Less: estimated Gain on asset sales - .50 to - 1.00
Plus: Real estate depreciation and amortization 2.65 to 2.65
Estimated range for FFO per share-diluted $3.32 to $3.42
This guidance assumes asset sales in the range of $500 million to $1.0 billion
during mid-year 2013 with the proceeds used to pay off debt. The FFO per
share dilution from the asset sales assumption ranges from $.07 to $.14 for
2013. The above guidance range reflects same center EBITDA growth of 2.75% to
3.25%. There have been no future acquisitions factored into the guidance and
there has not been any gain or loss on early extinguishment of debt included
in the guidance estimate.|
Macerich is a fully integrated self-managed and self-administered real estate
investment trust, which focuses on the acquisition, leasing, management,
development and redevelopment of regional malls throughout the United States.
Macerich now owns approximately 65 million square feet of gross leaseable area
consisting primarily of interests in 62 regional shopping centers. 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 today, February 6, 2013 at 10:30 AM
Pacific 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 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, 2011, 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 Discontinued Discontinued
Operations (a) Operations (a) Operations (a)
For the Three Months For the Three For the Three
Months Months
Ended December 31, Ended December Ended December 31,
31,
Unaudited Unaudited
2012 2011 2012 2011 2012 2011
Minimum rents $140,157 $118,751 $0 ($5,335) $140,157 $113,416
Percentage rents 12,451 10,489 - (691) 12,451 9,798
Tenant recoveries 75,518 64,842 4 (2,853) 75,522 61,989
Management Companies' 10,505 11,942 - - 10,505 11,942
revenues
Other income 12,534 11,743 (4) (409) 12,530 11,334
Total revenues 251,165 217,767 0 (9,288) 251,165 208,479
Shopping center and 82,275 67,882 (9) (4,834) 82,266 63,048
operating expenses
Management Companies' 18,657 19,560 - - 18,657 19,560
operating expenses
Income tax benefit (1,999) (298) - - (1,999) (298)
Depreciation and 85,004 70,831 - (3,672) 85,004 67,159
amortization
REIT general and
administrative 5,187 5,237 - - 5,187 5,237
expenses
Interest expense 48,335 47,843 - (4,562) 48,335 43,281
Loss on extinguishment (32) (5,378) 32 3,929 - (1,449)
of debt, net
Gain (loss) on
remeasurement, sale or 164,025 (42,823) 40 16,653 164,065 (26,170)
write down of assets,
net
Co-venture interests (2,061) (2,027) - - (2,061) (2,027)
(b)
Equity in income of
unconsolidated joint 10,657 219,156 - - 10,657 219,156
ventures
Income from continuing 186,295 175,640 81 24,362 186,376 200,002
operations
Discontinued
operations:
(Loss) gain on
sale, disposition or - - (72) (20,582) (72) (20,582)
write down of assets,
net
Loss from
discontinued - - (9) (3,780) (9) (3,780)
operations
Total loss from
discontinued - - (81) (24,362) (81) (24,362)
operations
Net income 186,295 175,640 - - 186,295 175,640
Less net income
attributable to 12,048 12,533 - - 12,048 12,533
noncontrolling
interests
Net income
attributable to the $174,247 $163,107 $0 $0 $174,247 $163,107
Company
Average number of
shares outstanding - 136,975 132,128 136,975 132,128
basic
Average shares
outstanding, assuming 147,254 143,165 147,254 143,165
full conversion of OP
Units (c)
Average shares
outstanding - Funds 147,254 143,165 147,254 143,165
From Operations
("FFO") - diluted (c)
Per share income -
diluted before - - $1.27 $1.40
discontinued
operations
Net income per $1.27 $1.23 $1.27 $1.23
share-basic
Net income per share - $1.27 $1.23 $1.27 $1.23
diluted
Dividend declared per $0.58 $0.55 $0.58 $0.55
share
FFO - basic (c) (d) $132,577 $118,783 $132,577 $118,783
FFO - diluted (c) (d) $132,577 $118,783 $132,577 $118,783
FFO per share- basic $0.90 $0.83 $0.90 $0.83
(c) (d)
FFO per share- $0.90 $0.83 $0.90 $0.83
diluted (c) (d)
Adjusted FFO ("AFFO")
per share- diluted $0.90 $0.87 $0.90 $0.87
(c)(d)
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of
Operations:
Results before Impact of Results after
Discontinued Discontinued Discontinued
Operations (a) Operations (a) Operations (a)
For the Twelve For the Twelve For the Twelve
Months Months Months
Ended December 31, Ended December 31, Ended December 31,
Unaudited Unaudited
2012 2011 2012 2011 2012 2011
Minimum rents $503,130 $453,439 ($6,422) ($24,432) $496,708 $429,007
Percentage rents 24,731 20,721 (342) (1,546) 24,389 19,175
Tenant recoveries 276,827 254,380 (3,382) (12,604) 273,445 241,776
Management 41,235 40,404 - - 41,235 40,404
Companies' revenues
Other income 46,000 34,357 (454) (1,348) 45,546 33,009
Total revenues 891,923 803,301 (10,600) (39,930) 881,323 763,371
Shopping center and 285,589 263,341 (5,058) (21,043) 280,531 242,298
operating expenses
Management
Companies' 85,610 86,587 - - 85,610 86,587
operating expenses
Income tax benefit (4,159) (6,110) - - (4,159) (6,110)
Depreciation and 307,193 269,286 (4,640) (17,211) 302,553 252,075
amortization
REIT general and
administrative 20,412 21,113 - - 20,412 21,113
expenses
Interest expense 183,148 198,025 (6,370) (18,317) 176,778 179,708
Gain (loss) on
extinguishment of 119,926 (14,517) (119,926) 3,929 - (10,588)
debt, net
Gain (loss) on
remeasurement, sale 159,575 (76,338) 45,093 54,301 204,668 (22,037)
or write down of
assets, net
Co-venture interests (6,523) (5,806) - - (6,523) (5,806)
(b)
Equity in income of
unconsolidated joint 79,281 294,677 - - 79,281 294,677
ventures
Income from
continuing 366,389 169,075 (69,365) 74,871 297,024 243,946
operations
Discontinued
operations:
Gain (loss) on
sale, disposition or - - 74,833 (58,230) 74,833 (58,230)
write down of
assets, net
Loss from
discontinued - - (5,468) (16,641) (5,468) (16,641)
operations
Total income (loss)
from discontinued - - 69,365 (74,871) 69,365 (74,871)
operations
Net income 366,389 169,075 - - 366,389 169,075
Less net income
attributable to 28,963 12,209 - - 28,963 12,209
noncontrolling
interests
Net income
attributable to the $337,426 $156,866 $0 $0 $337,426 $156,866
Company
Average number of
shares outstanding - 134,067 131,628 134,067 131,628
basic
Average shares
outstanding,
assuming full 144,937 142,986 144,937 142,986
conversion of OP
Units (c)
Average shares
outstanding - Funds
From Operations 144,937 142,986 144,937 142,986
("FFO") - diluted
(c)
Per share income -
diluted before - - $2.03 $1.70
discontinued
operations
Net income per $2.51 $1.18 $2.51 $1.18
share-basic
Net income per share $2.51 $1.18 $2.51 $1.18
- diluted
Dividend declared $2.23 $2.05 $2.23 $2.05
per share
FFO - basic (c) (d) $577,862 $399,559 $577,862 $399,559
FFO - diluted (c) $577,862 $399,559 $577,862 $399,559
(d)
FFO per share- $3.99 $2.79 $3.99 $2.79
basic (c) (d)
FFO per share- $3.99 $2.79 $3.99 $2.79
diluted (c) (d)
Adjusted FFO
("AFFO") per share- $3.18 $2.88 $3.18 $2.88
diluted (c)(d)
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
The Company has classified the results of operations on dispositions as
(a) discontinued operations for the three and twelve months ended December
31, 2012 and 2011.
(b) This represents the outside partners' allocation of net income in the
Chandler Fashion Center/Freehold Raceway Mall joint venture.
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
(c) 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.
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
(d) 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 twelve months ended December 31,
2012 and 2011. 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 $16.3 million. AFFO
excludes the gain on extinguishment of debt on Prescott Gateway for the
twelve months ended December 31, 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 Twelve Months
Ended December 31, Ended December 31,
Unaudited Unaudited
2012 2011 2012 2011
Net income attributable to $174,247 $163,107 $337,426 $156,866
the Company
Adjustments to reconcile net
income attributable to the
Company to FFO - basic
Noncontrolling interests 13,784 14,073 27,359 13,529
in OP
(Gain) loss on
remeasurement, sale or write (164,025) 42,823 (159,575) 76,338
down of consolidated assets,
net
plus (loss) gain on
undepreciated asset sales - (390) - (390) 2,277
consolidated assets
plus non-controlling
interests share of (loss)
gain on remeasurement, sale (1,636) (1,437) 1,899 (1,441)
or write down of
consolidated joint ventures,
net
Loss (gain) on
remeasurement, sale or write
down of assets from 9,273 (188,245) (2,019) (200,828)
unconsolidated entities (pro
rata), net
plus gain (loss) on
undepreciated asset sales - 1,163 (19) 1,163 51
unconsolidated entities (pro
rata)
Depreciation and
amortization on consolidated 85,004 70,831 307,193 269,286
assets
Less depreciation and
amortization allocable to (4,609) (4,503) (18,561) (18,022)
noncontrolling interests on
consolidated joint ventures
Depreciation and
amortization on joint 22,991 25,370 96,228 115,431
ventures (pro rata)
Less: depreciation on (3,225) (3,217) (12,861) (13,928)
personal property
Total FFO - basic 132,577 118,783 577,862 399,559
Additional adjustment to
arrive at FFO - diluted:
Preferred units - - - - -
dividends
Total FFO - diluted $132,577 $118,783 $577,862 $399,559
Additional adjustments to
arrive at AFFO - diluted
(d):
Shoppingtown Mall 25 3,179 422 3,491
Valley View Center 11 2,684 (101,105) 8,786
Prescott Gateway - - (16,296) -
Total AFFO- diluted $132,613 $124,646 $460,883 $411,836
Reconciliation of EPS to FFO
and AFFO per diluted share
(d):
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
Unaudited Unaudited
2012 2011 2012 2011
Earnings per share - diluted $1.27 $1.23 $2.51 $1.18
Per share impact of
depreciation and 0.68 0.62 2.57 2.47
amortization of real estate
Per share impact of gain
on remeasurement, sale or (1.05) (1.02) (1.09) (0.86)
write down of assets
FFO per share - diluted $0.90 $0.83 $3.99 $2.79
Per share impact -
Shoppingtown Mall, Valley 0.00 0.04 (0.81) 0.09
View Center and Prescott
Gateway
AFFO per share - diluted $0.90 $0.87 $3.18 $2.88
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
For the Three Months For the Twelve Months
Reconciliation of Net income
attributable to the Company Ended December 31, Ended December 31,
to EBITDA:
Unaudited Unaudited
2012 2011 2012 2011
Net income attributable to $174,247 $163,107 $337,426 $156,866
the Company
Interest expense - 48,335 47,843 183,148 198,025
consolidated assets
Interest expense -
unconsolidated entities (pro 21,419 32,175 97,978 123,713
rata)
Depreciation and
amortization - consolidated 85,004 70,831 307,193 269,286
assets
Depreciation and
amortization - 22,991 25,370 96,228 115,431
unconsolidated entities (pro
rata)
Noncontrolling interests 13,784 14,073 27,359 13,529
in OP
Less: Interest expense
and depreciation and
amortization allocable to (7,408) (7,446) (30,019) (29,877)
noncontrolling interests on
consolidated joint ventures
Loss (gain) on
extinguishment of debt - 32 5,378 (119,926) 14,517
consolidated entities
Gain on extinguishment of
debt - unconsolidated - (60) - (7,852)
entities (pro rata)
(Gain) loss on
remeasurement, sale or write (164,025) 42,823 (159,575) 76,338
down of assets -
consolidated assets, net
Loss (gain) on
remeasurement, sale or write
down of assets - 9,273 (188,245) (2,019) (200,828)
unconsolidated entities (pro
rata), net
Add: Non-controlling
interests share of (loss) (1,636) (1,437) 1,899 (1,441)
gain on sale of consolidated
assets, net
Income tax benefit (1,999) (298) (4,159) (6,110)
Distributions on 184 208 783 832
preferred units
EBITDA (e) $200,201 $204,322 $736,316 $722,429
Reconciliation of EBITDA to
Same Centers - Net Operating
Income ("NOI"):
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
Unaudited Unaudited
2012 2011 2012 2011
EBITDA (e) $200,201 $204,322 $736,316 $722,429
Add: REIT general and 5,187 5,237 20,412 21,113
administrative expenses
Management (10,505) (11,942) (41,235) (40,404)
Companies' revenues
Management
Companies' operating 18,657 19,560 85,610 86,587
expenses
Lease termination
income, straight-line and
above/below market (4,515) (7,214) (15,400) (23,324)
adjustments to minimum rents
of comparable centers
EBITDA of (28,479) (34,291) (119,233) (118,831)
non-comparable centers
Same Centers - NOI (f) $180,546 $175,672 $666,470 $647,570
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
(e) 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.
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
(f) 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
Website: http://www.macerich.com
Contact: Tom O'Hern, +1-310-899-6331
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