SANTA MONICA, CA—The Macerich Company (NYSE Symbol: MAC) has announced results of operations for the quarter ended December 31, 2012 which included funds from operations (“FFO”) diluted of $132.6 million or $.90 per share-diluted compared to $118.8 million or $.83 per share-diluted for the quarter ended December 31, 2011. Adjusted FFO (“AFFO”) diluted was $.90 per share-diluted for the quarter ended December 31, 2012 compared to $.87 per share-diluted for the quarter ended December 31, 2011. Net income attributable to the Company was $174.2 million or $1.27 per share-diluted for the quarter ended December 31, 2012 compared to net income attributable to the Company for the quarter ended December 31, 2011 of $163.1 million or $1.23 per share-diluted. A description and reconciliation of FFO per share-diluted and AFFO per share-diluted to EPS-diluted is included in the financial tables accompanying this press release.
– Mall tenant annual sales per square foot increased 5.7% to $517 for the
year ended December 31, 2012 compared to $489 for the year ended
December 31, 2011.
– The releasing spreads for the year ended December 31, 2012 were up
– Mall portfolio occupancy was 93.8% at December 31, 2012 compared to
92.7% at December 31, 2011.
– AFFO per share-diluted for the year was $3.18, a 10.4% increase over
– During the quarter, the Company completed over $1.2 billion of
financings with an average term of over eight years and an average
interest rate of 3.4%.
Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, “It was another good quarter with improving fundamentals highlighted by strong leasing, occupancy gains and continued tenant sales growth. In addition, during the quarter we saw very positive leasing progress on our two major developments, Fashion Outlets of Chicago and Tysons Corner.
We were also pleased with our recent capital activity including the acquisition of Kings Plaza and Green Acres Mall and the completion of four major financings which significantly extended our maturity schedule and reduced our floating rate debt.”
Construction continues at Fashion Outlets of Chicago, a 526,000 square foot fashion outlet center near O’Hare International Airport scheduled for completion in August 2013. The center is anchored by Bloomingdale’s Outlet, Saks Off Fifth, Neiman Marcus Last Call and Forever 21. The project is currently 87% leased with deals in process for another 10%.
At Tysons Corner, adjacent to the Company’s 2.1 million square foot super regional mall, the Company is building a mixed use project which includes a 524,000 square foot office building, a 430 key luxury residential tower and a 300 room Hyatt Regency hotel. The office tower has a signed lease of 188,000 square feet with Intelsat who has the option to take up to 217,000 square feet in total. The office building is scheduled to open in mid-2014.