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NYSE MAC 2008.Pdf Macerich 2008 Annual Report Financial Highlights Corporate Information (all amounts in thousands, except per share and per square foot amounts) 2008 2007 2006 2005 2004 Principal Outside Counsel Corporate Headquarters Stock Exchange Listing O’Melveny & Myers LLP 401 Wilshire Boulevard, Suite 700 New York Stock Exchange Los Angeles, California Santa Monica, California 90401 Symbol: MAC Operating Data 310.394.6000 The common stock of the Company is listed Total revenues $ 901,490 $ 814,314 $ 749,619 $ 660,147 $ 495,175 Independent Auditor Certifi cations and traded on the New York Stock Exchange Shopping center and operating expenses $ 287,077 $ 256,730 $ 233,669 $ 203,829 $ 146,465 Deloitte & Touche LLP under the symbol “MAC.” The common Los Angeles, California The Company submitted a Section Management companies’ operating expenses $ 77,072 $ 73,761 $ 56,673 $ 52,840 $ 44,080 stock began trading on March 10, 1994, 303A.12(a) CEO Certifi cation to the at a price of $19 per share. In 2008, the REIT general and administrative expenses $ 16,520 $ 16,600 $ 13,532 $ 12,106 $ 11,077 NYSE last year. In addition, the Company Transfer Agent Company’s shares traded at a high of fi led with the Securities and Exchange Net income (loss) available to common stockholders $ 183,316 $ 73,704 $ 217,404 $ (93,614) $ 82,493 Computershare Trust Company, N.A. $76.50 and a low of $8.31. Commission the CEO/CFO certifi cation Net income (loss) per share available to common $ 2.47 $ 1.02 $ 3.05 $ (1.57) $ 1.40 P.O. Box 43010 required under Section 302 of the Sarbanes- As of February 10, 2009, there were stockholders-diluted Providence, Rhode Island 02940-3010 Oxley Act and it is included as an exhibit 941 stock holders of record. The following www.computershare.com in our Form 10-K included herein. table shows high and low closing prices Other Data per share of common stock during each Macerich Website Dividend Reinvestment Plan quarter in 2007 and 2008 and dividends/ FFO-diluted1 $ 486,441 $ 407,927 $ 383,122 $ 336,831 $ 299,172 For an electronic version of this Stockholders may automatically reinvest distributions per share of common stock annual report, our SEC fi lings Cash distributions declared per common share $ 3.20 $ 2.93 $ 2.75 $ 2.63 $ 2.48 their dividends in additional common stock declared and paid by quarter: and documents relating to Regional mall portfolio occupancy at year-end 92.3% 93.1% 93.4% 93.3% 92.6% of the Company through the Direct Invest- corporate governance, please Market Quotation Dividends / ment Program, which also provides for per Share Distributions Average mall sales per square foot—mall and $ 441 $ 467 $ 452 $ 391 $ 361 visit www.macerich.com. Declared freestanding stores purchase by voluntary cash contributions. High Low and Paid For additional information, please contact March 31, 2007 $ 103.32 $85.76 $0.71 Computershare Trust Company, N.A. at Balance Sheet Data June 30, 2007 $ 97.69 $81.17 $0.71 800.567.0169. September 30, 2007 $ 87.58 $73.14 $0.71 Investment in real estate before $ 7,355,703 $ 7,078,802 $ 6,356,156 $ 6,017,546 $ 4,149,776 accumulated depreciation December 31, 2007 $ 92.66 $70.63 $0.80 March 31, 2008 $ 72.13 $58.91 $0.80 Total assets $ 8,090,435 $ 7,937,097 $ 7,373,676 $ 6,986,005 $ 4,637,096 June 30, 2008 $ 75.36 $62.10 $0.80 Total mortgage and notes payable $ 5,975,269 $ 5,762,958 $ 4,993,879 $ 5,424,730 $ 3,230,120 September 30, 2008 $ 67.81 $53.01 $0.80 2 Minority interest $ 266,061 $ 547,693 $ 597,156 $ 474,590 $ 221,315 December 31, 2008 $ 61.51 $ 9.85 $0.80 Common stockholders’ equity plus preferred equity $ 1,364,299 $ 1,233,344 $ 1,478,066 $ 778,612 $ 1,012,467 1 The Company uses funds from operations (“FFO”) in addition to net income to report its operating and fi nancial 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”) defi nes 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 and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to refl ect FFO on the same basis. FFO and FFO on a fully diluted basis are useful to investors in comparing operating and fi nancial results between periods. This is especially true since FFO excludes real estate depreciation and amortization as the Company believes real estate values fl uctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. FFO on a fully diluted Design: basis is one of the measures investors fi nd most useful in measuring the dilutive impact of outstanding convertible securities. FFO does not represent cash fl ow from 10% operations as defi ned by GAAP, should not be considered as an alternative to net income as defi ned by GAAP and is not indicative of cash available to fund all cash Methodologie fl ow needs. FFO, as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts. Net income is the most directly Printing: comparable GAAP fi nancial measure for FFO and for the reconciliation of FFO and FFO-diluted to net income, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Funds from Operations” in our Form 10-K included herein. Merrill Corporation Cert no. SCS-COC-00891 2 “Minority interest” refl ects the ownership interest in The Macerich Partnership, L.P. and other entities not owned by the REIT (Macerich). Printed on recycled paper. Macerich 2008 Annual Report To Our Stockholders: At Macerich, we are focused on what counts. Clearly, this is an retired as Chairman of the Board of Directors of the company that unprecedented economic environ ment for businesses across the he launched in 1965. On behalf of the entire board of directors as globe. Yet in this uncertain climate, we continue to believe in the merits well as Macerich, we want to thank Mace for the vision and leadership of our longstanding, conser vative approach. What matters: our strong, that has led to our success over the past 44 years, and will lead us high-quality markets and properties; Macerich’s careful approach to well into the future. Concurrent with Mace’s retirement, I was honored capital expenditures; and our enduring relationships with fi nancial to accept the role of Chairman, and Ed Coppola took on the respon- partners and national retailers. sibilities of President. This is part of our long-discussed plans of succession within the company. Even in an extraordinarily challenging year, we are pleased with the company’s performance in 2008. Strong fundamentals included Amidst continued concern about access to capital, I am pleased to growth in FFO per share-diluted to $5.50, up 19% compared to report that Macerich completed 12 successful property fi nancings $4.62 in 2007; net income available to common stockholders in in 2008 – with its pro rata share of those loans totaling nearly 2008 was $183.3 million or $2.47 per share-diluted compared to $1.3 billion. As of this writing, loan transactions completed or under $73.7 million or $1.02 per share-diluted for the previous year. way for 2009 include the recent closing of a $130 million, four-year, fi xed-rate loan on a portion of Queens Center, the recent closing of a Our focus on quality markets helped ensure that leasing activity $115 million, fl oating-rate refi nancing of Twenty Ninth Street for three remained strong for the full year in 2008, with positive re-leasing years, including extensions, and the recent closing of a two-year spreads of 24%. Overall, regional mall occupancy levels remained extension of its $54 million loan on Inland Center. In addition, the high, totaling 92.3% compared to 93.1% in 2007. While mall tenant company has secured commitments for a $205 million, seven-year, sales per square foot decreased to $441 for the year, compared to fi xed-rate refi nancing of a loan on The Shops at North Bridge, a $62 the previous year’s $467, on the whole, Macerich delivered a solid performance that held fast in spite of economic headwinds that million refi nancing of the Redmond Town Center offi ce buildings for accelerated in the fourth quarter. fi ve years and an extension of a loan on Northridge Mall for $72 million to 2011. This is all part of our carefully structured 2009 I believe our company’s steady performance in these times is due, maturity schedule, which now includes $223 million in remaining debt in part, to a culture that values stable and experienced leadership. maturities for the year – most of which are on high-quality, Earlier in 2008, Macerich’s Founder and Chairman Mace Siegel high-performing assets. 1 Macerich 2008 Annual Report The Macerich Portfolio Arizona Somersville Towne Center, Antioch New York Arrowhead Towne Center, Glendale Stonewood Center, Downey Cross County Shopping Center, Yonkers* Biltmore Fashion Park, Phoenix The Mall of Victor Valley, Victorville Great Northern Mall, Clay Boulevard Shops, Chandler The Oaks, Thousand Oaks Queens Center, Queens Camelback Colonnade, Phoenix The Village at Corte Madera, Corte Madera Rotterdam Square, Schenectady Chandler Fashion Center, Chandler Vintage Faire Mall, Modesto Shoppingtown Mall, Dewitt Chandler Festival, Chandler Westside Pavilion, Los Angeles Wilton
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