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United States Securities and Exchange Commission Form 10-Q the Macerich Company

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United States Securities and Exchange Commission Form 10-Q the Macerich Company QuickLinks -- Click here to rapidly navigate through this document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2008 Commission File No. 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) MARYLAND 95-4448705 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401 (Address of principal executive office, including zip code) (310) 394-6000 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. YES ☒ NO o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer o Non-accelerated filer o Smaller reporting company o (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO ☒ Number of shares outstanding as of November 4, 2008 of the registrant's common stock, par value $.01 per share: 76,112,463 shares THE MACERICH COMPANY FORM 10-Q INDEX Part I Financial Information Item 1. Financial Statements (Unaudited) 3 Consolidated Balance Sheets of the Company as of September 30, 2008 and December 31, 2007 3 Consolidated Statements of Operations of the Company for the three and nine months ended September 30, 2008 and 2007 (Restated) 4 Consolidated Statement of Common Stockholders' Equity of the Company for the nine months ended September 30, 2008 5 Consolidated Statements of Cash Flows of the Company for the nine months ended September 30, 2008 and 2007 (Restated) 6 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3. Quantitative and Qualitative Disclosures About Market Risk 56 Item 4. Controls and Procedures 57 Part II Other Information Item 1. Legal Proceedings 58 Item 1A. Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Submission of Matters to a Vote of Security Holders 59 Item 5. Other Information 59 Item 6. Exhibits 59 Signature 61 2 THE MACERICH COMPANY CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share amounts) September 30, December 31, 2008 2007 (Unaudited) ASSETS: Property, net $ 6,404,703 $6,187,473 Cash and cash equivalents 48,822 85,273 Restricted cash 63,696 68,384 Marketable securities 28,489 29,043 Tenant and other receivables, net 117,774 137,498 Deferred charges and other assets, net 393,498 386,802 Loans to unconsolidated joint ventures 456 604 Due from affiliates 4,903 5,729 Investments in unconsolidated joint ventures 1,012,329 785,643 Assets held for sale — 250,648 Total assets $ 8,074,670 $7,937,097 LIABILITIES, MINORITY INTEREST, PREFERRED STOCK AND COMMON STOCKHOLDERS' EQUITY: Mortgage notes payable: Related parties $ 308,043 $ 225,848 Others 3,284,246 3,102,422 Total 3,592,289 3,328,270 Bank and other notes payable 2,441,520 2,434,688 Accounts payable and accrued expenses 74,427 97,086 Other accrued liabilities 311,098 289,660 Preferred dividends payable 276 6,356 Total liabilities 6,419,610 6,156,060 Minority interest 283,591 547,693 Commitments and contingencies Series A cumulative convertible redeemable preferred stock, $.01 par value, 3,627,131 authorized, 0 and 3,067,131 issued and outstanding at September 30, 2008 and December 31, 2007, respectively — 83,495 Common stockholders' equity: Common stock, $.01 par value, 145,000,000 shares authorized, 76,085,867 and 72,311,763 shares issued and outstanding at September 30, 2008 and December 31, 2007, respectively 761 723 Additional paid-in capital 1,640,738 1,367,566 Accumulated deficit (246,055) (193,932) Accumulated other comprehensive loss (23,975) (24,508) Total common stockholders' equity 1,371,469 1,149,849 Total liabilities, minority interest, preferred stock and common stockholders' equity $ 8,074,670 $7,937,097 The accompanying notes are an integral part of these consolidated financial statements. 3 THE MACERICH COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share and per share amounts) (Unaudited) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2008 2007 2008 2007 (Restated) (Restated) Revenues: Minimum rents $ 133,985 $ 118,879 $ 396,745 $ 346,623 Percentage rents 4,114 4,943 9,772 11,445 Tenant recoveries 70,059 63,294 204,977 184,809 Management Companies 10,261 9,242 30,334 27,595 Other 7,388 5,766 20,428 18,774 Total revenues 225,807 202,124 662,256 589,246 Expenses: Shopping center and operating expenses 74,098 66,574 214,382 190,463 Management Companies' operating expenses 19,014 17,908 57,886 54,182 REIT general and administrative expenses 2,881 1,992 11,419 11,777 Depreciation and amortization 66,637 54,489 185,538 159,520 162,630 140,963 469,225 415,942 Interest expense: Related parties 5,002 3,772 12,381 9,634 Other 65,304 52,566 197,258 169,450 70,306 56,338 209,639 179,084 Loss on early extinguishment of debt — — — 877 Total expenses 232,936 197,301 678,864 595,903 Minority interest in consolidated joint ventures (539) (450) (1,943) (1,585) Equity in income of unconsolidated joint ventures 19,928 18,648 67,172 52,128 Income tax benefit (provision) 362 (429) 750 478 (Loss) gain on sale or write-down of assets (5,124) 147 (3,961) 4,177 Income from continuing operations 7,498 22,739 45,410 48,541 Discontinued operations: (Loss) gain on sale of assets (54) (903) 99,096 (2,316) (Loss) income from discontinued operations (2) 2,528 303 4,395 Total (loss) income from discontinued operations (56) 1,625 99,399 2,079 Income before minority interest and preferred dividends 7,442 24,364 144,809 50,620 Less: minority interest in Operating Partnership 944 3,442 20,600 6,020 Net income 6,498 20,922 124,209 44,600 Less: preferred dividends 835 2,902 4,124 8,052 Less: adjustment of minority interest due to redemption value — (1,346) — 2,773 Net income available to common stockholders $ 5,663 $ 19,366 $ 120,085 $ 33,775 Earnings per common share—basic: Income from continuing operations $ 0.08 $ 0.24 $ 0.48 $ 0.49 Discontinued operations — 0.03 1.15 (0.02) Net income available to common stockholders $ 0.08 $ 0.27 $ 1.63 $ 0.47 Earnings per common share—diluted: Income from continuing operations $ 0.08 $ 0.24 $ 0.48 $ 0.49 Discontinued operations — 0.03 1.15 (0.02) Net income available to common stockholders $ 0.08 $ 0.27 $ 1.63 $ 0.47 Weighted average number of common shares outstanding: Basic 74,931,000 71,674,000 73,688,000 71,625,000 Diluted 87,439,000 84,529,000 86,483,000 84,706,000 The accompanying notes are an integral part of these consolidated financial statements. 4 THE MACERICH COMPANY CONSOLIDATED STATEMENT OF COMMON STOCKHOLDERS' EQUITY (Dollars in thousands, except per share data) (Unaudited) Common Stock Accumulated Total Additional Other Common Par Paid-in Accumulated Comprehensive Stockholders' Shares Value Capital Deficit Loss Equity Balance January 1, 2008 72,311,763 $723 $ 1,367,566 $ (193,932) $ (24,508) $ 1,149,849 Comprehensive loss: Net income — — — 124,209 — 124,209 Reclassification of deferred losses — — — — 285 285 Interest rate swap/cap agreements — — — — 248 248 Total comprehensive income — — — 124,209 533 124,742 Amortization of share and unit-based plans 186,917 2 15,959 — — 15,961 Exercise of stock options 362,888 4 8,568 — — 8,572 Employee stock purchases 6,494 — 363 — — 363 Distributions paid ($2.40) per share — — — (176,332) — (176,332) Preferred dividends — — (4,124) — — (4,124) Conversion of partnership units and Class A non-participating convertible preferred units to common shares 150,674 2 5,056 — — 5,058 Conversion of preferred shares to common shares 3,067,131 30 83,465 — — 83,495 Reversal of adjustments to minority interest for the redemption value of the Rochester Properties — — 172,805 — — 172,805 Adjustment to reflect minority interest on a pro rata basis for period end ownership percentage of Operating Partnership units — — (8,920) — — (8,920) Balance September 30, 2008 76,085,867 $761 $ 1,640,738 $ (246,055) $ (23,975) $ 1,371,469 The accompanying notes are an integral part of these consolidated financial statements. 5 THE MACERICH COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) For the Nine Months Ended September 30, 2008 2007 (Restated) Cash flows from operating activities: Net income available to common stockholders $ 120,085 $ 33,775 Preferred dividends 4,124 8,052 Adjustment to minority interest due to redemption value — 2,773 Net income 124,209 44,600 Adjustments to reconcile net income to net cash provided by operating activities: Loss on early extinguishment of debt — 877 Loss (gain) on sale or
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