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2 0 1 4 Ann U a L Re P 2014 annUaL rePort | ForM 10-K FINANCIAL HIGHLIGHTS (All amounts in thousands, except share data and per square foot amounts) oPeratinG Data 2014 2013 2012 2011 2010 Total revenues $1,105,247 $1,029,475 $797,517 $684,744 $630,977 Shopping center and operati ng expenses $353,505 $329,795 $251,923 $213,832 $195,608 Management companies’ operati ng expenses $88,424 $93,461 $85,610 $86,587 $90,414 reit general and administrati ve expenses $29,412 $27,772 $20,412 $21,113 $20,703 net income att ributable to the company $1,499,042 $420,090 $337,426 $156,866 $25,190 net income per share att ributable to common stockholders - diluted $10.45 $3.00 $2.51 $1.18 $0.19 OTHER DATA 2014 2013 2012 2011 2010 regional shopping centers portf olio occupancy 95.8% 94.6% 93.8% 92.7% 93.1% regional shopping centers portf olio sales per square foot $587 $562 $517 $489 $433 Distributi ons declared per common share $2.51 $2.36 $2.23 $2.05 $2.10 BALANCE SHEET DATA 2014 2013 2012 2011 2010 investment in real estate (before accumulated depreciati on) $12,777,882 $9,181,338 $9,012,706 $7,489,735 $6,908,507 Total assets $13,121,778 $9,075,250 $9,311,209 $7,938,549 $7,645,010 total mortgage and notes payable $6,292,400 $4,582,727 $5,261,370 $4,206,074 $3,892,070 redeemable noncontrolling interests — — — — $11,366 equity $6,039,849 $3,718,717 $3,416,251 $3,164,651 $3,187,996 Common shares outstanding 158,201,996 140,733,683 137,507,010 132,153,444 130,452,032 See “item 6 - Selected Financial Data” in our Form 10-K included herein for additi onal informati on regarding the data presented in this table. See our company’s forward-looking statements disclosure under “important Factors related to Forward-Looking Statements” in our Form 10-K included herein. 1 2 Macerich 2014 Annual Report Dear Fellow Stockholders: The year 2014 was one of major ǀalue-enhancing redeǀelopment The Gallery, which consists of progress and accomplishments opportuniƟ es. te had a number approximately 1,400,000 square for oƵr company͘ te conƟ nƵed of signiĮ cant accomplishments feet of retail space in downtown to capitalinje on opportƵniƟ es to worth noƟ ng, including͗ Philadelphia. The Gallery is further strengthen our company strategically posiƟ oned where and our growth prospects. • In Noǀember 2014, we acquired Philadelphia’s mass transit, from our joint ǀenture partner, tourism, residenƟ al populaƟ on As shown on the charts in this Ontario Teachers’ Pension Plan and employment base conǀerge. report, our company’s one-year, oard, its 4ϵ% interest in Į ǀe three-year, and Į ǀe-year total top super-regional centers in • In Noǀember 2014, we formed stockholder return outperformed exchange for common stock. We a ϱ0ͬϱ0 joint ǀenture with the FTSE NAREIT All Equity REITs now haǀe 100% ownership of >ennar CorporaƟ on, one of the Indedž and the SΘW ϱ00 Indedž oǀer these highly producƟ ǀe market- naƟ on’s leading home builders, all three periods. Our company’s dominant centers, two of which to deǀelop a ϱ00,000 square- total stockholder return was are among our company’s top foot urban outlet project that 1ϴϱй oǀer the Į ǀe years ended Į ǀe most producƟ ǀe assets on a will anchor a new community ecemďer ϯ1, 2014, represenƟ ng sales per square foot basis. at CandlesƟ ck Point in San a compounded annual return of Francisco. This deǀelopment 23%. For the past three years, • In October 2014, we acquired will be one of the largest urban funds from operaƟ ons per share- from our joint ǀenture partner a mixed-use projects in the United diluted, sales per square foot and 40% interest in Fashion Outlets States. Our inǀolǀement is solely occupancy rates of our regional of Chicago and now own 100% in the 500,000 square-foot shopping center porƞ olio haǀe of this recently deǀeloped and outlet mall. grown steadily. highly producƟ ǀe ϱ2ϵ,000 square-foot center. • We conƟ nued to strengthen During the course of 2014, we our balance sheet through conƟ nued to successfully edžecute • In July 2014, we formed a addiƟ onal long-term Į nancings our porƞ olio transformaƟ on joint ǀenture partnership at highly aƩ racƟ ǀe rates and by selling lower-quality malls with Pennsylǀania Real Estate belieǀe our balance sheet is and recycling the capital into Inǀestment Trust to redeǀelop the strongest in our company’s 2 BROADWAY PLAZA, WALNUT CREEK, CA Major expansion of market-dominant Broadway Plaza in Northern California’s East Bay is now underway – Į rst phase set to open fall 2015. 3 Macerich 2014 Annual Report history. As of December 31, more than 80% of the building. • Santa Monica Place – 2014, our debt to EBITDA raƟ o Further, the expanded Metro construcƟ on is underway on is a healthy 7.2x, the weighted Line and 1.5-acre plaza that the addiƟ on of a new 48,000 aǀerage term of our debt was connects the oĸ ce tower, the square-foot, 12-screen ArcLight 5.2 years and our debt to total hotel and residenƟ al tower also Cinemas. market capitalizaƟ on was the opened during the year. lowest in our history at 33.4%. • Fashion Outlets of Chicago – We conƟ nued to increase our • Fashion Outlets of Niagara the center was recognized as quarterly diǀidend during the Falls USA – we successfully ICSC’s 2014 U.S. Design and year and in December 2014, we opened the 175,000 square-foot Deǀelopment Gold recipient. increased our quarterly cash expansion in Noǀember 2014. Furthermore, it was ǀoted the diǀidend by 4.ϴ% from Ψ.ϲ2 to We were more than 90% leased 2014 Best Factory Outlet Centre Ψ.ϲ5 per share per quarter. at the opening and the center is in the World by MAPIC. receiǀing raǀe reǀiews. 2014 DEVELOPMENTS AND • Los Cerritos Center – we REDEVELOPMENTS͗ • Broadway Plaza – we made commenced construcƟ on on During 2014 we conƟ nued to make signiĮ cant progress in the a new Harkins Theatres and substanƟ al progress on the major infrastructure at Broadway Plaza Dick’s SporƟ ng Goods store and deǀelopment and redeǀelopment with the demoliƟ on of 80,000 anƟ cipate that these will both projects that will fuel our square feet of exisƟ ng retail open this year. company’s growth in the years to space as well as the demoliƟ on come. Of note during the course and complete reconstrucƟ on • ScoƩ sdale Fashion Square – we of the year͗ of one older, ineĸ cient parking commenced construcƟ on on a structure. The expanded retail 135,000 square-foot expansion • Tysons Corner – we opened component of this project will that will open this year and will the Tysons Corner oĸ ce tower reopen in phases beginning in include the addiƟ on of a Dick’s and by year-end, had leased fall 2015. SporƟ ng Goods as well as a SALES PER SQUARE FOOT* Ψ587 Ψ5ϲ2 Ψ517 Ψ489 Ψ4ϲ7 Ψ452 Ψ441 Ψ433 Ψ417 Ψ407 2005 200ϲ 2007 2008 2009 2010 2011 2012 2013 2014 *Tenants 10,000 square feet and under. 4 new state-of-the-art Harkins We belieǀe our focus on the projects as well as enhancing Theatres. following major iniƟ aƟ ǀes will play the common areas of our an important role in our ability malls to improǀe the customer • In addiƟ on to project- to conƟ nue to deliǀer enhanced experience and increase speciĮ c awards, the company ǀalue to our stockholders͗ reǀenues. conƟ nues to be recognized for its sustainability pracƟ ces. • Same-center net operaƟ ng • Capital recycling – we intend In 2014 we receiǀed the income (NOI) growth – due to to examine opportuniƟ es to Retail “Leader in the Light” the pruning of our porƞ olio and moneƟ ze assets both through award from NAREIT, honoring the reinǀestment of that capital joint ǀentures as well as superior and sustained energy into our highly producƟ ǀe disposiƟ ons and to redeploy pracƟ ces, and Macerich was core porƞ olio, we see the those proceeds into the most designated a “Global Real Estate opportunity for superior same- proĮ table ǀehicle aǀailable to us Sustainability Benchmark Green center NOI growth both this at that point in Ɵ me. Star,” an important benchmark year and in the years to come. that measures sustainability Our targeted same-center NOI • Sears joint ǀenture – we recently performance for real estate growth for the year is 4.5% entered into a joint ǀenture with porƞ olios around the world. and represents a signiĮ cant Sears for the redeǀelopment acceleraƟ on from past years. of nine Sears locaƟ ons that 2015 OVERVIEW are presently owned and As we look forward to 2015, we • Margin expansion – in addiƟ on controlled by Sears. This 50/50 see tremendous opportuniƟ es to the same-center NOI growth joint ǀenture giǀes us the right for conƟ nued growth and that we anƟ cipate, we also see to recapture 50% of GLA and/ ǀalue creaƟ on at Macerich. the opportunity to increase our or buildable square footage We belieǀe Macerich is at an operaƟ ng margins both this year from Sears while helping Sears important inŇ ecƟ on point with and next. We belieǀe there is raƟ onalize its footprint. We are outsized growth coming oǀer the an opportunity to increase our inǀesƟ ng Ψ150 million into this next seǀeral years as we reap operaƟ ng margins by at least joint ǀenture and anƟ cipate the beneĮ ts of the signiĮ cant 400 basis points oǀer the next a ϲ% Į rst-year return on our inǀestments we made in the 24 months primarily through inǀestment with opportuniƟ es transformaƟ on of our porƞ olio.
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