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Macerich Announces Quarterly Results And 2015 Earnings Guidance

SANTA MONICA, Calif., Feb. 4, 2015 /PRNewswire/ -- The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended December 31, 2014 which included funds from operations ("FFO")  diluted of $158.8  million or $.99 per share-diluted compared to $140.6  million or $.94  per share-diluted for the quarter ended December 31, 2013.  Included in the 2014 fourth quarter results is a loss on early extinguishment of debt of $9.1 million or $.06 per share related to the payoff of two high coupon mortgage loans.  Net income attributable to the Company was $1.4 billion or $9.51 per share-diluted for the quarter ended December 31, 2014 compared to net income attributable to the Company for the quarter ended December 31, 2013 of $144.9 million or $1.03 per share-diluted. Included in net income in the 2014 fourth quarter and year to date results is a $1.4 billion or $8.88 per share gain on remeasurement resulting from the buyout of partner interests in five malls during the quarter.   A description and reconciliation of FFO 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 for the portfolio increased 4.4% for the year ended December 31, 2014 to $587 compared to $562 for the year ended December 31, 2013.    On a same center basis, annual sales per square foot have increased to $587 for 2014, up from $574 for 2013.
  • The releasing spreads for the year ended December 31, 2014 were up 22%.
  • Mall portfolio occupancy was 95.8% at December 31, 2014 compared to 94.6% at December 31, 2013. 
  • During the quarter the Company increased its' interest in Fashion Outlets of Chicago to 100%.
  • During the quarter the Company increased its ownership in five top super regional malls to 100% through a $1.8 billion acquisition of its partners' 49% interest in exchange for common stock and assumption of debt.

Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "Our solid leasing momentum continued into year-end, with additional occupancy gains and accelerating releasing spreads.  In addition, we continued to execute on our deep pipeline of value-add redevelopment and expansion projects while also completing a number of significant transactions which further improved the quality and growth prospects of our portfolio. In particular, we are very pleased to have increased our ownership of five top super regional malls through a common stock for asset exchange with our long-time joint venture partner the Ontario Teachers' Pension Plan Board."

Developments:
At Tysons Corner Center, the Company's 2.1 million square foot super regional mall, construction continues on the multifamily and hotel components of this mixed use project which will add 1.4 million square feet to one of the country's premier retail centers. The Tysons expansion includes a 527,000 square foot office tower with major tenants Intelsat and Deloitte which opened in August. The office building is currently over 80% leased.  A 30-story, 430-unit luxury residential tower; and a 300-room Hyatt Regency hotel are under construction with completion slated in early 2015. 

At Broadway Plaza, in Walnut Creek, California, a major redevelopment, including a 235,000 square foot expansion, is underway.  This 774,000 square foot mall (pre-expansion) is anchored by Macy's, Nordstrom and Neiman Marcus. The expansion will open in phases starting in fall 2015.

At both Los Cerritos Center and Scottsdale Fashion Square, expansions are underway to add a Dick's Sporting Goods store and a Harkins Theatre.  Both projects are planned for completion in the second half of 2015.

Financing:
In December, the Company paid off a $156.2 million, 6.76% interest rate loan on Fresno Fashion Fair and a $98 million, 5.8% interest rate loan on Vintage Faire Mall.  The Company incurred prepayment penalties totaling $9.1 million related to these early debt extinguishments.   The Company has arranged a $280 million, eleven year fixed rate loan on Vintage Faire Mall.  The interest rate is 3.49% and the transaction is expected to close in March, 2015.

Acquisitions:
In November, 2014 the Company closed on the acquisition of its joint venture partner's 49% interest in Queens Center, Washington Square, Los Cerritos Center, Stonewood Center and Lakewood Center from a wholly-owned subsidiary of the Ontario Teachers' Pension Plan Board.  Total consideration was approximately $1.8 billion (USD), including the assumption of $672 million of property-level debt.  The balance was funded through the direct issuance to a wholly-owned subsidiary of the Ontario Teachers' Pension Plan Board of approximately 17.1 million shares of Macerich common stock, representing a 10.9% common ownership stake in the Company. 

Also in November, the Company closed on the acquisition of joint venture partner AWE Talisman's 40% interest in Fashion Outlets of Chicago for $70 million.  With this purchase, Macerich now owns 100% of the recently-developed, 529,000 square foot center which was completed in August 2013 and, as of December 31, 2014, was 94.4% occupied with annual tenant sales of $651 per square foot. 

Dispositions:
In October, the Company sold South Towne Center in Sandy, Utah for $205 million.  This 1.2 million square foot mall had annual tenant sales of $344 per square foot. 

Also, during the quarter, the Company sold its 67.5% interest in Camelback Colonnade, a community center in Phoenix, Arizona.   The Company's proceeds from this transaction totaled $61.2 million.  These transactions increased the Company's 2014 dispositions of non-core assets to $360 million.

2015 Earnings Guidance:
Management is providing diluted EPS and FFO per share guidance for 2015.

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


2015  range

Diluted EPS  

$1.28  - $1.38

Plus: real estate depreciation and amortization

2.52  -   2.52

Less: gain on sale of dispositions

   . 00        .00

Diluted FFO per share  

$3.80    $3.90



Details of the guidance assumptions are included in the Company's Form 8-K supplemental financial information.                                           

Macerich, an S&P 500 company, currently celebrating 20 years of trading on the NYSE, 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 54 million square feet of real estate consisting primarily of interests in 51 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,  and the Greater New York Metro area. 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).  The call begins Thursday, February 5, 2015 at 10:30 AM Pacific Time. To listen to the call, please go to the website 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, 2013, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this 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 December 31,

Ended December 31,

Ended December 31,


Unaudited

Unaudited

Unaudited


2014

2013

2014

2013

2014

2013

Minimum rents 

$182,323

$159,967

$0

($4,349)

$182,323

$155,618

Percentage rents   

15,055

13,107

-

(561)

15,055

12,546

Tenant recoveries

96,210

92,138

-

(2,223)

96,210

89,915

Management Companies' revenues

8,733

9,001

-

-

8,733

9,001

Other income

20,588

15,249

-

(192)

20,588

15,057

     Total revenues

322,909

289,462

0

(7,325)

322,909

282,137








Shopping center and operating  expenses 

95,922

91,643

-

(2,482)

95,922

89,161

Management Companies' operating  expenses 

23,239

24,459

-

-

23,239

24,459

REIT general and administrative expenses 

12,073

9,099

-

-

12,073

9,099

Depreciation and amortization 

112,517

95,061

-

(1,929)

112,517

93,132

Interest expense  

50,748

49,941

-

(2,353)

50,748

47,588

Loss on early extinguishment of debt, net

9,146

655

-

(149)

9,146

506

     Total expenses

303,645

270,858

-

(6,913)

303,645

263,945

Equity in income of unconsolidated joint ventures 

16,019

22,103

-

-

16,019

22,103

Co-venture expense (b)

(3,315)

(2,633)

-

-

(3,315)

(2,633)

Income tax benefit (expense)

510

(572)

-

-

510

(572)

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

74,944

98,423

-

(152,418)

74,944

(53,995)

Gain on remeasurement of assets

1,423,136

14,864

-

-

1,423,136

14,864

     Income from continuing operations

1,530,558

150,789

0

(152,830)

1,530,558

(2,041)








Discontinued operations:







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

-

-

-

152,269

-

152,269

     Income from discontinued operations

-

-

-

561

-

561

     Total income from discontinued operations

-

-

-

152,830

-

152,830








Net income 

1,530,558

150,789

-

-

1,530,558

150,789

Less net income attributable to noncontrolling interests

101,337

5,911

-

-

101,337

5,911

Net income attributable to the Company

$1,429,221

$144,878

$0

$0

$1,429,221

$144,878








Average number of shares outstanding - basic

149,924

140,724



149,924

140,724

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

160,026

150,348



160,026

150,348

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

160,241

150,375



160,241

150,375








Per share income - diluted before discontinued operations





$9.51

$0.01

Net income per share-basic 

$9.52

$1.03



$9.52

$1.03

Net income per share - diluted  

$9.51

$1.03



$9.51

$1.03

Dividend declared per share 

$0.65

$0.62



$0.65

$0.62

FFO - basic  (c) (d)

$158,848

$140,624



$158,848

$140,624

FFO - diluted (c) (d)

$158,848

$140,624



$158,848

$140,624

FFO - excluding early extinguishment of debt - diluted (c) (d)

$167,994

$141,279



$167,994

$141,279

FFO per share - basic   (c) (d)

$0.99

$0.94



$0.99

$0.94

FFO per share - diluted  (c) (d)

$0.99

$0.94



$0.99

$0.94

FFO per share excluding early extinguishment of debt - diluted  (c) (d)

$1.05

$0.94



$1.05

$0.94















 

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 Twelve Months 

For the Twelve Months 

For the Twelve Months 


Ended December 31,

Ended December 31,

Ended December 31,


Unaudited

Unaudited

Unaudited


2014

2013

2014

2013

2014

2013

Minimum rents 

$633,571

$611,888

$0

($33,775)

$633,571

$578,113

Percentage rents   

24,350

24,594

-

(1,438)

24,350

23,156

Tenant recoveries

361,119

355,625

-

(17,853)

361,119

337,772

Management Companies' revenues

33,981

40,192

-

-

33,981

40,192

Other income

52,226

51,928

-

(1,686)

52,226

50,242

     Total revenues

1,105,247

1,084,227

0

(54,752)

1,105,247

1,029,475








Shopping center and operating  expenses 

353,505

349,225

-

(19,430)

353,505

329,795

Management Companies' operating  expenses 

88,424

93,461

-

-

88,424

93,461

REIT general and administrative expenses 

29,412

27,772

-

-

29,412

27,772

Depreciation and amortization 

378,716

374,425

-

(17,260)

378,716

357,165

Interest expense  

190,689

211,787

-

(14,540)

190,689

197,247

Loss (gain) on early extinguishment of debt, net

9,551

(2,684)

-

1,252

9,551

(1,432)

     Total expenses

1,050,297

1,053,986

-

(49,978)

1,050,297

1,004,008

Equity in income of unconsolidated joint ventures 

60,626

167,580

-

-

60,626

167,580

Co-venture expense (b)

(9,490)

(8,864)

-

-

(9,490)

(8,864)

Income tax benefit 

4,269

1,692

-

-

4,269

1,692

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

73,440

207,105

-

(285,162)

73,440

(78,057)

Gain on remeasurement of assets

1,423,136

51,205

-

-

1,423,136

51,205

     Income from continuing operations

1,606,931

448,959

0

(289,936)

1,606,931

159,023








Discontinued operations:







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

-

-

-

286,414

-

286,414

     Income from discontinued operations

-

-

-

3,522

-

3,522

     Total income from discontinued operations

-

-

-

289,936

-

289,936








Net income 

1,606,931

448,959

-

-

1,606,931

448,959

Less net income attributable to noncontrolling interests

107,889

28,869

-

-

107,889

28,869

Net income attributable to the Company

$1,499,042

$420,090

$0

$0

$1,499,042

$420,090








Average number of shares outstanding - basic

143,144

139,598



143,144

139,598

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

153,224

149,444



153,224

149,444

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

153,371

149,526



153,371

149,526








Per share income - diluted before discontinued operations





$10.45

$1.06

Net income per share-basic 

$10.46

$3.01



$10.46

$3.01

Net income per share - diluted  

$10.45

$3.00



$10.45

$3.00

Dividend declared per share 

$2.51

$2.36



$2.51

$2.36

FFO - basic  (c) (d)

$542,754

$527,574



$542,754

$527,574

FFO - diluted (c) (d)

$542,754

$527,574



$542,754

$527,574

FFO - excluding early extinguishment of debt - diluted (c) (d)

$552,305

$524,538



$552,305

$524,538

FFO per share - basic   (c) (d)

$3.54

$3.53



$3.54

$3.53

FFO per share - diluted  (c) (d)

$3.54

$3.53



$3.54

$3.53

FFO per share excluding early extinguishment of debt - diluted  (c) (d)

$3.60

$3.51



$3.60

$3.51















 

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)





(a)

In April 2014, the Financial Accounting Standards Board issued guidance that amends the definition of discontinued operations by limiting discontinued operations reporting to disposals that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results. Previously, the Company had reported all disposed properties that qualified as discontinued operations. The Company early adopted this accounting pronouncement in the first quarter of 2014. As a result, the Company's results of operations for all 2014 property disposals are presented within income from  continuing operations in the consolidated statements of operations.



(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. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.




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







 

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)















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









 For the Three Months  

 For the Twelve Months  




 Ended December 31, 

 Ended December 31, 




 Unaudited 

 Unaudited 




2014

2013

2014

2013


Net income attributable to the Company


$1,429,221

$144,878

$1,499,042

$420,090









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






   Noncontrolling interests in OP


100,594

10,033

105,584

29,637


   Gain on sale or write down of consolidated assets, net


(74,944)

(98,423)

(73,440)

(207,105)


   Gain on remeasurement of consolidated assets


(1,423,136)

(14,864)

(1,423,136)

(51,205)


        plus gain on undepreciated asset sales - consolidated assets


477

308

1,396

2,546


        plus non-controlling interests share of gain (loss) on sale or 







           write down of consolidated joint ventures, net


185

(5,245)

146

(2,082)


   (Gain) loss on sale or write down of assets from 







                   unconsolidated entities (pro rata), net


(2,528)

(3,295)

1,237

(94,372)


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


2,621

169

2,621

602


   Depreciation and amortization on consolidated assets 


112,517

95,061

378,716

374,425


   Less depreciation and amortization allocable to noncontrolling interests







        on consolidated joint ventures


(4,419)

(5,514)

(20,700)

(19,928)


   Depreciation and amortization on joint ventures (pro rata) 


21,244

20,396

82,570

86,866


   Less: depreciation on personal property 


(2,984)

(2,880)

(11,282)

(11,900)


Total FFO - basic and diluted


$158,848

$140,624

$542,754

$527,574


   Loss (gain) on early extinguishment of debt, net - consolidated assets


9,146

655

9,551

(2,684)


   Gain on early extinguishment of debt, net - unconsolidated entities (pro rata)


-

-

-

(352)


Total FFO excluding early extinguishment of debt - diluted


$167,994

$141,279

$552,305

$524,538























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









 For the Three Months  

 For the Twelve Months  




 Ended December 31, 

 Ended December 31, 




 Unaudited 

 Unaudited 




2014

2013

2014

2013


Earnings per share - diluted


$9.51

$1.03

$10.45

$3.00


   Per share impact of depreciation and amortization of real estate


0.79

0.72

2.81

2.88


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


(9.31)

(0.81)

(9.72)

(2.35)


FFO per share - diluted


$0.99

$0.94

$3.54

$3.53


Per share impact of loss (gain) on early extinguishment of debt, net


0.06

0.00

0.06

(0.02)


FFO per share excluding early extinguishment of debt - diluted


$1.05

$0.94

$3.60

$3.51
















 



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 to EBITDA:


 Ended December 31, 

 Ended December 31, 





 Unaudited 

 Unaudited 





2014

2013

2014

2013











Net income attributable to the Company


$1,429,221

$144,878

$1,499,042

$420,090











   Interest expense - consolidated assets


50,748

49,941

190,689

211,787



   Interest expense - unconsolidated entities (pro rata)


12,165

17,330

61,971

69,224



   Depreciation and amortization - consolidated assets


112,517

95,061

378,716

374,425



   Depreciation and amortization - unconsolidated entities (pro rata)


21,244

20,396

82,570

86,866



   Noncontrolling interests in OP


100,594

10,033

105,584

29,637



   Less: Interest expense and depreciation and amortization








            allocable to noncontrolling interests on consolidated joint ventures


(6,871)

(8,387)

(31,960)

(31,397)



   Loss (gain) on early extinguishment of debt - consolidated entities


9,146

655

9,551

(2,684)



   Gain on early extinguishment of debt -unconsolidated entities (pro rata)


-

-

-

(352)



   Gain on sale or write down of assets - consolidated assets, net


(74,944)

(98,423)

(73,440)

(207,105)



   Gain on remeasurement of assets - consolidated assets


(1,423,136)

(14,864)

(1,423,136)

(51,205)



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


(2,528)

(3,295)

1,237

(94,372)



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

185

(5,245)

146

(2,082)



   Income tax (benefit) expense


(510)

572

(4,269)

(1,692)



   Distributions on preferred units


159

184

710

735



EBITDA (e)


$227,990

$208,836

$797,411

$801,875



























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 





2014

2013

2014

2013



EBITDA (e)


$227,990

$208,836

$797,411

$801,875











Add: REIT general and administrative expenses


12,073

9,099

29,412

27,772



        Management Companies' revenues


(8,733)

(9,001)

(33,981)

(40,192)



        Management Companies' operating  expenses 


23,239

24,459

88,424

93,461



        Straight-line and above/below market adjustments 








          to minimum rents of comparable centers


(3,709)

(4,109)

(9,722)

(12,961)



        EBITDA of non-comparable centers


(40,230)

(30,184)

(102,461)

(132,172)



Same Centers - NOI (f)


$210,630

$199,100

$769,083

$737,783




















(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. The Company believes that 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. The Company also cautions that 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 straight-line and above/below market adjustments to minimum rents.







 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/macerich-announces-quarterly-results-and-2015-earnings-guidance-300031031.html

SOURCE The Macerich Company

Thomas E. O'Hern, 310-394-6000