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Development Pipeline 2008 and Beyond Development Pipeline 2008 and Beyond Tom O’Hern - EVP and CFO, Macerich Randy Brant - EVP, Real Estate, Macerich Scott Nelson - VP, Development, Macerich Bobby Williams - SVP, Development Leasing, Macerich Garrett Newland - VP, Development, Macerich 30 Development Pipeline 2008 and Beyond 2008 Guidance FFO per share range $5.00 - $5.15 – 10% increase at midpoint v. 2007 Same center NOI growth forecast 3.5% - 4.0% – Increased from 2.4% in 2007 Capital events factored in: – 43 Mervyn’s stores – Redemption of 2.9 million MAC OP units for 4 Rochester assets Occupancy neutral v. 2007 Development Pipeline 2008 and Beyond MAC Balance Sheet Total debt $7.5 billion Total equity at $61 per share $5.4 billion Total market cap $12.9 billion Debt/market cap 57% Variable debt/total market cap 15% 2008 debt maturities $527 million 2009 debt maturities $728 million 4Q07 interest service coverage 2.4X Development Pipeline 2008 and Beyond 2008 Debt Maturities 2007 Current Debt Est. New Debt Asset SPSF $ Int. Rate (millions) Fresno Fashion Fair 545 63.5 6.52 200 Westside Pavilion 481 92.0 6.74 180 Broadway Plaza 768 30.0 6.68 50 South Towne Center 433 64.0 6.66 150 SanTan Village A 0.0 0 170 The Oaks 549 B 0.0 0 200 Mall at Victor Valley 480 51.2 4.69 110 Total 1,060 Total 2008 Maturities 520 Estimated LTV 50-55% A Center opened in Oct 2007. B SPSF is 2006 figure; redevelopment began in 2007. 33 Development Pipeline 2008 and Beyond Project SF Pro Rata Project 2007 2008 2009 2010 Property % Owned Completion (millions) Cost (millions) Cost Cost Cost Cost Expansions Arrowhead Towne Center 700 33 4.3 2008 4.3 Freehold Raceway Mall 950 100 43 2007/2008 23 20 Scottsdale Fashion Square 170 50 65 2009/2010 55 9.8 ShoppingTown Mall na 100 6 2008 6 Vintage Faire Mall 600 100 27 2008/2009 23 4 Wilton Mall 850 100 3 2007 3 Redevelopments The Oaks 235 100 250 2008 250 Chesterfield Town Center na 100 14 2008 14 FlatIron Crossing 100 100 40 2009 40 Mall at Northgate 700 100 70 2009/2010 35 35 Santa Monica Place 550 100 265 2009/2010 225.3 39.75 Westside Pavilion 100 100 30 2007/2008 21 9 Renovations Danbury Fair na 100 31 2008 31 Flagstaff Mall na 100 12.5 2007/2008 8 4.5 Freehold Raceway Mall na 100 22 2007 13 9 La Cumbre Plaza na 100 22 2008/2009 11 11 1Pro rata project costs are estimated and will change from time to time. 2 All dollar costs stated in millions Development Pipeline 2008 and Beyond Project SF Pro Rata Project 2007 2008 2009 2010 Property % Owned Completion (millions) Cost (millions) Cost Cost Cost Cost Anchor Replacements Fiesta Mall 110 100 50 2009 50 Lakewood Center 160 51 7.7 2008 7.65 Valley River 700 100 9 2007 9 Washington Square 800 50 7.5 2008 7.5 Subtotal Redev 2.585 979 77 397 420.5 84.5 Ground Up Development Estrella Falls 1 88 184.8 2010 184.8 SanTan Village 1.2 90 184.5 2007/2008 103 81.5 Promenade at Casa Grande 1 51 66.3 2007/2008 33.2 33.2 2007/2008/ Marketplace at Flagstaff 0.3 100 45 34 11 2009 Estrella Falls 0.5 35 42 2008/2009 16.8 25.2 Subtotal Ground Up 5.2 612.5 170.2 142.5 115.1 184.8 Pipeline Total 7.761 1,591.48 247.15 539.43 535.60 269.30 1Pro rata project costs are estimated and will change from time to time. 2 All dollar costs stated in millions THE MACERICH PORTFOLIO Macerich’s portfolio of major properties performs at outstanding levels, the ideal platform for creating value in diverse and appealing ways: Development: An important dimension of long-term growth potential is building the right projects, in the right markets, at the right times Redevelopment: Investing in well-situated assets through expansion, redevelopment and renovation, Macerich heightens the consumer shopping experience, answers retail demand and enhances property value Mixed Use: Dynamic, high-energy mixed-use projects offer new dimensions for growth, creating strong connections between consumers and retailers SANTA MONICA PLACE Santa Monica Place is arguably one of the most important – and a very rare – opportunities for retailers in the United States today. 37 SANTA MONICA PLACE Per capita incomes are upwards of $50,997 in the primary trade area and 32% of HHI top $100,000 in the total trade area. The high growth zip code that includes downtown Santa Monica is expected to grow by 12% over the next five years. Visitors follow the locals: More than 4.7 million people from outside LA County visit Santa Monica each year. Total tourism spending exceeds an impressive $840 million per year. 88% of all Santa Monica visitors go to Third Street and the Santa Monica Pier (approximately 4.1 million people). 38 SANTA MONICA PLACE International visitors to Santa Monica are increasing: Each year more than 2.2 million international travelers visit this iconic, casual but hip destination. World-class accommodations include restored 1920s beach club, Hotel Casa Del Mar; Shutters on the Beach; the historic Fairmont Miramar Hotel; and the cool and tranquil Huntley Hotel. There are 35 hotels totaling over 3,600 rooms for visitors within the 8 mile radius of Santa Monica. A strong business community draws thousands to Santa Monica daily. Some 135,000 employees – 80 percent in white collar positions – work within 3 miles of the new Santa Monica Place. And, of course, we have a great deal of pride in our plans for the center because it is within a 5-minute walk of our corporate headquarters. 39 SANTA MONICA PLACE 40 SANTA MONICA PLACE 41 SANTA MONICA PLACE 42 SANTA MONICA PLACE 43 SANTA MONICA PLACE 44 SANTA MONICA PLACE 45 SANTA MONICA PLACE Scheduled to open Fall 2009 47 DANBURY FAIR Danbury Fair’s trade area is affluent – a population of 620,000 with six-figure incomes and a projected growth rate of 4.4% over the next five years. The average HHI is $114,000. During the renovation, 16 new and new-to-market retailers opened at Danbury Fair, including Abercrombie, Bare Escentuals, Clarks, Hollister, Martin + Osa and Teavana. 48 DANBURY FAIR 49 DANBURY FAIR 50 SCOTTSDALE FASHION SQUARE 60 miles Anthem 105 miles Prescott North Black Canyon The Marketplace at Flagstaff 69 40 Prescott Gateway Peoria Flagstaff Palisene 101 One Scottsdale Surprise Arrowhead Towne Center Scottsdale Prasada 60 Metrocenter Kierland Commons 51 Paradise Valley Mall 303 Biltmore Fashion Park Glendale 17 Scottsdale Fashion Square Estrella Falls Phoenix 101 10 202 Desert Sky Mall Goodyear Mesa Tempe Fiesta Mall Superstition Springs Center 60 202 Gilbert SanTan Village Chandler Fashion Center 80 miles Queen Chandler Creek 10 La Encantada 45 miles The Promenade at Casa Grande Existing Properties Under Construction Entitlements in Process 10 51 SCOTTSDALE FASHION SQUARE Home to some of the most exclusive address in metropolitan Phoenix, Scottsdale Fashion Square’s trade area reflects the wealthiest lifestyles in America with incomes in excess of $200,000, postgraduate degrees and opulent standards of living. With a population base of more than 1 million people, the trade area is project to grow by 8% through 2011. Scottsdale Fashion Square shoppers have average HHI of $94,746, well above the national benchmark. Nearly a third of households in the trade area have incomes in excess of $100,000. In 1998, Westcor brought the first Nordstrom today and it continues to be the flagship, full-line department store in the state. Bringing Nordstrom to Arizona made it possible for us to bring iconic luxury brands like Tiffany & Co., Pottery Barn, Sephora, kate spade, Burberry, Louis Vuitton and Coach to Arizona. It’s also home to the state’s only Neiman-Marcus. 52 SCOTTSDALE FASHION SQUARE In the last 12-18 months, we’ve added the following retailers: – Carolina Herrera – Barneys New York – Salvatore Ferragamo – Bottega Veneta – Michael Kors – Armani Exchange – Grand Lux Cafe 53 SCOTTSDALE FASHION SQUARE In late 2006, we announced that Barneys New York would open its first Arizona location at the center, anchoring an expansion that includes 100,000 square feet of new luxury retail space. In September 2007, we began demolition of the vacant anchor space acquired from the Federated merger as well as the demolition of the adjacent parking garage. The demolition is substantially complete and we’re underway with construction of the underground parking. 54 SCOTTSDALE FASHION SQUARE 55 SCOTTSDALE FASHION SQUARE 56 SCOTTSDALE FASHION SQUARE 57 SCOTTSDALE FASHION SQUARE 58 SCOTTSDALE FASHION SQUARE 59 SCOTTSDALE FASHION SQUARE 60 BILTMORE FASHION PARK Anchoring the eastern end of the Camelback Corridor is Biltmore Fashion Park, which is Arizona’s original open-air luxury center and the perfect complement to the mass luxury retail environment at Scottsdale Fashion Square. The center’s site at the exclusive 24th Street and Camelback Road intersection puts it in the center of Phoenix’s most affluent neighborhood, with a 10-mile trade area serves 1,286,292 people and the average HHI is $77,609. The average HHI of the Biltmore Fashion Park shopper is $100,500. In mid-February 2008, we began to move forward with the initial redevelopment of the southeastern end of this high-end retail venue to respond to retailer interest and elevate the center’s connectivity with the adjacent urban core. 61 BILTMORE FASHION PARK 62 BILTMORE FASHION PARK 63 BILTMORE FASHION PARK 64 BILTMORE FASHION PARK FIRST-TO-MARKET RETAILERS The Oceanaire Seafood Room King & Duck Roberto Botticelli Calypso Christiane Celle 65 ONE SCOTTSDALE One Scottsdale is a unique luxury retail, residential and lifestyle community created by DMB Associates and specifically designed to bring together iconic retail brands and innovative architecture at the perfect location.
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