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Front of Book Blueline.Qxd THE MACERICH COMPANY Trans formation ANNUAL REPORT 97 MACERICH TRANSFORMS OPPORTUNITIES INTO GROWTH DIVIDEND PAID PER SHARE TOTAL REVENUES IN MILLIONS $1.78 $221.2 $1.66 $1.70 $155.1 $.87 $102.5 $86.0 94 95 96 97 94 95 96 97 The Company has The 37% compounded increased its dividend annual growth rate in each year since becoming total revenue reflects the a public company. Company’s acquisition success. FFO PER SHARE, QUARTERLY $0.61 $0.53 $0.54 $0.48 $0.49 $0.51 $0.47 $0.45 $0.46 $0.42 $0.43 $0.40 $0.41 $0.37 $0.38 $0.34 94 94 94 94 95 95 95 95 96 96 96 96 97 97 97 97 Quarters 1-4 1994 Quarters 1-4 1995 Quarters 1-4 1996 Quarters 1-4 1997 Funds from Operations (FFO) per share have increased for 11 consecutive quarters, tes- timony to the Company’s commitment to per share growth. Great Falls Fargo Billings Rapid City Sioux Falls Sioux City Des Moines Sandy Cedar Rapids Greeley Davenport Boulder Reno Moline Colorado Springs Antioch San Rafael Grand Junction Modesto Walnut Creek Capitola Fresno Oklahoma City Downey Ventura Lakewood Panorama City Santa Ana Marina del Rey Dallas Manhattan Beach Huntington Beach MACERICH PROPERTY LOCATIONS Antioch, California Cedar Rapids, Iowa Des Moines, Iowa Grand Junction, Colorado County East Mall Lindale Mall SouthRidge Mall Mesa Mall 488,883 square feet 691,940 square feet 993,875 square feet 851,354 square feet Billings, Montana Clarksville, Indiana Downey, California Great Falls, Montana Rimrock Mall Green Tree Mall Stonewood Mall Great Falls Marketplace 581,688 square feet 782,687 square feet 927,218 square feet 143,570 square feet Boulder, Colorado Colorado Springs, Colorado Evansville, Indiana Great Falls, Montana Crossroads Mall The Citadel Eastland Mall Holiday Village Mall 809,004 square feet 1,044,852 square feet 1,085,280 square feet 491,711 square feet Boulder, Colorado Dallas, Texas Fargo, North Dakota Greeley, Colorado Boulder Plaza Valley View Center West Acres Mall Greeley Mall 158,997 square feet 1,519,453 square feet 908,841 square feet 585,044 square feet Capitola, California Davenport, Iowa Fresno, California Harrisonburg, Virginia Capitola Mall NorthPark Mall Fresno Fashion Fair Valley Mall 585,340 square feet 1,066,818 square feet 881,394 square feet 482,348 square feet Huntington Beach, California Huntington Center 683,382 square feet Queens Media Clarksville Harrisonburg Salisbury The Company’s portfolio, built entirely through Evansville Richmond acquisition and redevelopment, is primarily comprised of dominant regional malls. Leesburg Lakewood, California Modesto, California Rapid City, South Dakota San Rafael, California Lakewood Mall Vintage Faire Mall Rushmore Mall The Mall At Northgate 1,804,489 square feet 1,051,458 square feet 837,255 square feet 744,020 square feet Leesburg, Florida Moline, Illinois Reno, Nevada Santa Ana, California Lake Square Mall South Park Mall Parklane Mall Bristol Center 560,671 square feet 1,034,542 square feet 448,727 square feet 165,682 square feet Manhattan Beach, California Oklahoma City, Oklahoma Richmond, Virginia Sioux City, Iowa Manhattan Village Crossroads Mall Chesterfield Towne Center Southern Hills Mall 551,685 square feet 1,112,470 square feet 817,290 square feet 752,588 square feet Marina del Rey, California Panorama City, California Salisbury, Maryland Sioux Falls, South Dakota Villa Marina Marketplace Panorama Mall Centre At Salisbury Empire Mall 448,517 square feet 369,742 square feet 883,791 square feet 1,334,557 square feet Media, Pennsylvania Queens, New York Sandy, Utah Ventura, California Granite Run Mall Queens Center South Towne Center Buenaventura Mall 1,036,359 square feet 625,677 square feet 1,240,143 square feet 801,277 square feet Walnut Creek, California Broadway Plaza 679,427 square feet DEAR FELLOW SHAREHOLDERS THE REGIONAL MALL Transformation is the act of change. Our Company’s core business is the transformation of strong regional shopping centers into stronger and more profitable dominant franchise properties. INDUSTRY IN PARTICULAR In this, our fifth year as a public company, we pause to reflect upon our history, how we have performed, IS ONE THAT REQUIRES and what we anticipate our prospects to be in the years ahead. AN INTEGRATION OF The real estate business in general is undergoing a major transformation. There has been a major shift of the ownership of real estate from private ownership to public vehicles through real estate investment DEVELOPMENT SKILLS, trusts (REITs). In 1997, total ownership of real estate by publicly traded REITs increased by approximately $45 billion to a total in excess of $145 billion. For the first time, REITs now own more real estate than MANAGEMENT, LEASING, pension funds. This global change will continue for the foreseeable future in most real estate investment types, and will definitely continue in the regional mall industry, as public REITs acquire and consolidate MARKETING, AND PROPERTY the ownership of regional malls from the hands of private owners. OWNERSHIP ALL UNDER 1997 was an active year of consolidation from private to public ownership in the mall industry, and Macerich was a leading participant. Over the past 18 months, Macerich has acquired interests in 23 malls THE SAME ROOF totaling 20 million square feet. With the recent closing of the ERE Yarmouth portfolio acquisition, complet- TO ACHIEVE MAXIMUM ed in February 1998, we have more than tripled the square footage of our portfolio since our Company went public in March 1994. OPERATING EFFICIENCIES. By actively and opportunistically acquiring dominant, franchise regional malls, we have positioned our Company to succeed in the years ahead. Our acquired properties have performed beyond our expectation and have the characteristics of internal growth that will enable us to continue to deliver the Funds from Operations (FFO) growth per share that attracts equity investment into our Company. The transfer of ownership from the private to the public sector will continue as long as public companies offer equity investors an efficient, transparent, reliable, and profitable vehicle in which to invest in real estate. The fractionalization of functions between the pension or private investor, the leasing and property manager, and possibly even a separate asset manager resulted in less than optimum operating results from most privately owned real estate. The regional mall industry in particular is one that requires an 1 BURIED DEEP WITHIN A PIECE OF VALUABLE CARBON LIES A GLITTERING DIAMOND. MACERICH TRANSFORMS ACQUISITIONS WITH INTRINSIC VALUE INTO EVEN MORE PROFITABLE PROPERTIES. 2 AVERAGE TENANT SALES PER SQUARE FOOT $315 $290 $284 The sales productivity of the portfolio continues to improve, surpassing the $300 per square foot bench- $262 $251 mark in 1997. 93 94 95 96 97 FOR 26 YEARS, OUR SOLE integration of development skills, management, leasing, marketing, and property ownership all under the same roof to achieve maximum operating efficiencies. As an active operating business APPROACH TO THE MALL with high capital investment requirements, public mall REITs will continue to participate heavily in the consolidation of the mall industry as long as each company can maintain its vision and satisfy its BUSINESS HAS BEEN TO shareholders’ expectations. A CQUIRE DOMINANT MALLS The Macerich Company is a transformer of regional malls. For 26 years our sole approach to the mall business has been to acquire dominant malls with a franchise based upon size, productivity, or location, WITH A FRANCHISE BASED and to subsequently transform those properties through redevelopment, leasing, management, and UPON SIZE, PRODUCTIVITY, marketing into even more dominant malls. This has translated into increasing returns for our shareholders and partners. OR LOCATION, AND TO We went public in March 1994 and have since maintained our singular focus of acquiring and redevelop- SUBSEQUENTLY TRANSFORM ing dominant malls into even more profitable properties. Given the strength of our acquisitions team, our revitalized operations team, and our redevelopment THOSE PROPERTIES skills, we are confident that we can continue this singular approach to the mall business for the THROUGH REDEVELOPMENT, foreseeable future. Based upon changing opportunities, emphasis will change from one year to the next between acquisi- LEASING, MANAGEMENT, tions, operations, or redevelopment projects, and the combination of these skills has our Company well AND MARKETING INTO EVEN poised to obtain maximum results from our properties and from the opportunities that we can create. Although we have kept our niche focus, our Company has transformed itself into a significant national MORE DOMINANT MALLS. owner/operator with its foundation in acquisitions and redevelopment. By maintaining our vision and enhancing our operating skills, we are convinced that our investors will entrust us with their capital, enabling Macerich to capitalize on a wealth of acquisition and redevelopment opportunities in the future. Consolidation has occurred not only in the ownership of regional malls but also among the retailers and department stores that anchor these malls. That consolidation has led to an improved occupancy outlook and a shifting of supply and demand factors in many dominant regional malls. Being opportunistic, value- 3 THE ALCHEMY OF SUN, SOIL, AND VINTNER’S HAND TURNS PRIZED GRAPES INTO FINE WINE. TODAY’S WORLD OF RETAIL REAL ESTATE IS TRANSFORMING ITSELF, PROVIDING OPPORTUNITIES FOR MACERICH. 4 FFO PER SHARE, ANNUAL $2.19 $1.90 FFO per share has grown at a compounded $1.67 annual rate of 13%. $1.53 94 95 96 97 OUR COMPANY’S ACQUISI- added acquirers and efficient operators, our Company is well positioned to capitalize on this environment and, most importantly, to deliver upon the expectations of our shareholders. TIONS TEAM RANKS AT THE I am pleased to share with you the results of our outstanding year. TOP OF OUR INDUSTRY IN 1997 was a banner year for our Company.
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