Macerich Announces a Delay in Filing of Form 10-K
March 17 2005 - 6:00AM
PR Newswire (US)
Macerich Announces a Delay in Filing of Form 10-K SANTA MONICA,
Calif., March 17 /PRNewswire-FirstCall/ -- The Macerich Company
(NYSE:MAC) today indicated that as a result of the views expressed
by the Office of the Chief Accountant of the Securities and
Exchange Commission (the "SEC") in a February 7, 2005 letter to the
American Institute of Certified Public Accountants regarding
certain operating lease and leasehold improvement accounting
issues, the Company, like many other public companies is further
evaluating its accounting practices in these areas. As a result of
this recent SEC statement relating to lease accounting and in
consultation with its auditors, Deloitte & Touche LLP (2004)
and PricewaterhouseCoopers LLP (prior to 2004), the Company has
delayed the filing of its Form 10-K to further evaluate whether any
changes are needed to its current accounting practices relating to
the initial timing of recognition of straight lined rent. The
Company has not yet made a final determination of what adjustments,
if any, may be required to its previously issued audited financial
statements. The review is expected to be completed and the Form
10-K filed by March 31, 2005. The Macerich 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. The Company is the sole general
partner and owns an 81% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 63 million square
feet of gross leaseable area consisting primarily of interests in
64 regional malls. Additional information about The Macerich
Company can be obtained from the Company's web site at
http://www.macerich.com/ Note: This release contains statements
that constitute forward-looking statements. 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, 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 and terms, interest rate fluctuations,
availability 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; governmental actions and initiatives (including
legislative and regulatory changes); environmental and safety
requirements; and terrorist activities 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, for a
discussion of such risks and uncertainties. DATASOURCE: The
Macerich Company CONTACT: Arthur Coppola, President and Chief
Executive Officer, or Thomas E. O'Hern, Executive Vice President
and Chief Financial Officer, both of The Macerich Company,
+1-310-394-6000 Web site: http://www.macerich.com/
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