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27.04.2017 22:50
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PR Newswire
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Macerich Announces Quarterly Results
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PR Newswire
SANTA MONICA, Calif., April 27, 2017
SANTA MONICA, Calif., April 27, 2017 /PRNewswire/ -- The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2017, which included net income attributable to the Company of $69.2 million or $.48 per share-diluted for the quarter ended March 31, 2017 compared to net income attributable to the Company for the quarter ended March 31, 2016 of $420.9 million or $2.76 per share-diluted. Included in net income in the first quarter of 2016 results is a $434 million or $2.67 per share of gain, primarily from the sale of joint venture interests in four malls during that quarter. For the first quarter, 2017, funds from operations ("FFO") diluted was $133.6 million or $.87 per share-diluted compared to $141.0 million or $.87 per share-diluted for the quarter ended March 31, 2016. A description and reconciliation of EPS per share-diluted to FFO-diluted is included in the financial tables accompanying this press release.
Results and Capital Highlights
- Mall tenant annual sales per square foot for the portfolio were $639 for the year ended March 31, 2017 compared to $625 for the year ended March 31, 2016.
- The releasing spreads for the year ended March 31, 2017 were up 17.5%.
- Mall portfolio occupancy was 94.3% at March 31, 2017 compared to 95.1% at March 31, 2016.
- On January 18, 2017 the Company sold two non-core assets, Northgate Mall and Cascade Mall, for a combined purchase price of $170 million. In addition on March 17, 2017 an office building at Country Club Plaza was sold. The Company's share of the sale proceeds on the office building was $39 million.
"While portions of the retail industry undoubtedly face challenges amidst a shifting landscape, we continue to believe it is all part of an ongoing evolution of the shopper experience that the Macerich portfolio is uniquely well-positioned for," said the Company's chairman and chief executive officer, Arthur Coppola. "Furthermore, we recently took advantage of the price dislocation created by these challenges to acquire our shares at what we believe to be a significant discount to net asset value, using the proceeds from recently-completed dispositions of non-core assets."
Financing Activity
On March 16, 2017, the Company refinanced Kierland Commons and closed on a $225 million loan with a 3.97% fixed interest rate for 10 years. The prior loan was a floating rate loan of $130 million with a 2.63% interest rate at payoff.
Share Repurchase Activity:
During March, the Company repurchased and retired 2.2 million shares of its common stock. The source of funds for the $141 million in repurchase activity was primarily the sales proceeds from the sale of Northgate Mall, Cascade Mall and the office building at Country Club Plaza. The average repurchase price was $64.17.
2017 Earnings Guidance:
Management is reaffirming its previously provided diluted EPS and FFO per share guidance for 2017. A reconciliation of estimated EPS to FFO per share-diluted follows:
| | 2017 range |
| Diluted EPS | $1.26 - $1.36 |
| Plus: real estate depreciation and amortization | 3.05 - 3.05 |
| Less: gain on sale of dispositions | .41 - .41 |
| Diluted FFO per share | $3.90 - $4.00 |
More details of the guidance assumptions are included in the Company's Form 8-K supplemental financial information.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.
Investor Conference Call
The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investors Section). The call begins April 28, 2017 at 10:30 AM Pacific Time. To listen to the call, please go to the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.
The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investors Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.
Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2016, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.
(See attached tables)
| THE MACERICH COMPANY | ||
| FINANCIAL HIGHLIGHTS | ||
| (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | ||
| | | |
| | | |
| Results of Operations: | | |
| | For the Three Months | |
| | Ended March 31, | |
| | Unaudited | |
| | 2017 | 2016 |
| Revenues: | | |
| Minimum rents | $145,555 | $151,048 |
| Percentage rents | 1,918 | 3,014 |
| Tenant recoveries | 72,412 | 80,173 |
| Other income | 15,264 | 13,148 |
| Management Companies' revenues | 11,896 | 8,617 |
| | | |
| Total revenues | 247,045 | 256,000 |
| | | |
| Expenses: | | |
| Shopping center and operating expenses | 75,897 | 79,324 |
| Management Companies' operating expenses | 28,517 | 27,900 |
| REIT general and administrative expenses | 8,463 | 8,629 |
| Depreciation and amortization | 83,073 | 86,931 |
| Interest expense | 41,301 | 39,776 |
| Loss on extinguishment of debt, net | - | 3,575 |
| | | |
| Total expenses | 237,251 | 246,135 |
| | | |
| Equity in income of unconsolidated joint ventures | 15,843 | 11,660 |
| Co-venture expense (a) | (3,877) | (3,289) |
| Income tax benefit (expense) | 3,484 | (1,317) |
| Gain on sale or write down of assets, net | 49,565 | 434,456 |
| | | |
| Net income | 74,809 | 451,375 |
| Less net income attributable to noncontrolling interests | 5,566 | 30,460 |
| Net income attributable to the Company | $69,243 | $420,915 Werbung Mehr Nachrichten zur Macerich Company Aktie kostenlos abonnieren
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