SANTA MONICA, Calif., Aug. 7 /PRNewswire-FirstCall/ -- The Macerich
Company (NYSE:MAC) today announced results of operations for the
quarter ended June 30, 2008 which included total funds from
operations ("FFO") diluted of $103.2 million or $1.16 per diluted
share, up 11.5% compared to $1.04 per diluted share for the quarter
ended June 30, 2007. For the six months ended June 30, 2008,
FFO-diluted was $199.2 million compared to $177.1 million for the
six months ended June 30, 2007. Net income available to common
stockholders for the quarter ended June 30, 2008 was $18.8 million
or $.25 per share-diluted compared to $10.9 million or $.15 per
share-diluted for the quarter ended June 30, 2007. For the six
months ended June 30, 2008, net income available to common
stockholders was $114.4 million or $1.55 per share- diluted
compared to $14.4 million or $.20 per share-diluted for the six
months ended June 30, 2007. The Company's definition of FFO is in
accordance with the definition provided by the National Association
of Real Estate Investment Trusts ("NAREIT"). A reconciliation of
net income to FFO and net income per common share-diluted ("EPS")
to FFO per share-diluted is included in the financial tables
accompanying this press release. Recent Highlights: * During the
quarter, Macerich signed 370,000 square feet of specialty store
leases (up 7.9% from the second quarter of 2007) with average
initial rents of $45.51 per square foot. Starting base rent on new
lease signings was 26.5% higher than the expiring base rent. * Mall
tenant sales per square foot for the trailing twelve month period
increased to $468 for the quarter ended June 30, 2008 compared to
$458 for the quarter ended June 30, 2007. * Portfolio occupancy at
June 30, 2008 was 92.9% compared to 93.2% at June 30, 2007. On a
same center basis, occupancy was 92.8% at June 30, 2008 compared to
93.1% at June 30, 2007. * Same center net operating income for the
quarter was up 3.35% compared to the same period in 2007. * FFO per
share-diluted increased 11.5% compared to the second quarter of
2007. * Since May, the Company has closed on over $1.0 billion in
financings. Those six financing transactions have generated
proceeds in excess of the maturing loans of over $600 million.
Commenting on results, Arthur Coppola president and chief executive
officer of Macerich stated, "In light of the economy, we are
pleased with the continuing strong fundamentals with occupancy
levels near 93%, strong releasing spreads and solid same center
growth in net operating income. In addition, we had a tremendous
amount of financing activity which generated substantial liquidity
and further strengthened our balance sheet. The majority of our
redevelopment effort is on The Oaks and Santa Monica Place, both of
which saw significant progress during the quarter." Redevelopment
and Development Activity The expansion of The Oaks, a 1.1 million
square-foot super regional mall in Thousand Oaks, California,
continues on schedule toward a multi-phased opening beginning with
a 138,000-square-foot Nordstrom Department Store slated to open on
September 5, 2008. New additions to the center's interior retail
lineup include the first-to-markets Bare Escentuals, Fruits and
Passions, kate spade, Marciano and Teavana. Construction on the
two-level, open-air retail, dining and entertainment venue,
anchored by Muvico Entertainment, Devon Seafood Grill, Ruth Chris's
Steakhouse and Lazy Dog Cafe and a complete interior renovation
continues toward a phased opening beginning Fall 2008. On July 15,
Macerich announced plans for a new 122,000-square-foot Nordstrom
that will debut as an additional anchor for Santa Monica Place, a
regional shopping center under redevelopment in affluent Santa
Monica, California. Nordstrom will replace a vacant anchor space
acquired as a result of the Federated merger. Projected to re-open
in Fall 2009, construction on the project is well underway and the
roof has been removed, setting the stage for the center's
transformation into a sophisticated, urban, open-air environment.
Vertical construction of an approximately 160,000-square-foot
luxury wing expansion at Scottsdale Fashion Square is underway and
on schedule for a projected opening of phase-I of the project in
Fall 2009. Anchored by a first- to-market 60,000-square-foot
Barneys New York, the expansion will introduce up to 100,000 square
feet of luxury shops and restaurants on Scottsdale Road. New
retailers inside the center include A/X Armani Exchange, Bare
Escentuals, Bottega Veneta, Metropark, Puma and Socrati. On July
15, plans were announced to expand the existing Nordstrom footprint
at Broadway Plaza, the Company's high-performing asset in Walnut
Creek, California. Previously announced was the addition of luxury
department store Neiman-Marcus. The entitlement process for the new
anchor addition is anticipated to be complete in late 2008.
Broadway Plaza is a 697,984-square- foot open-air regional shopping
center in the East Bay/San Francisco area. Financing Activity
Subsequent to the first quarter, the Company has closed on six
transactions with its pro rata share of the financings being $1.045
billion which generated excess proceeds above the prior loans of
over $600 million. The excess proceeds were used to pay down the
Company's line of credit. On May 6, 2008, the Company closed on a
$100 million financing of The Mall of Victor Valley, a regional
mall in Victorville, California, at an initial rate of 4.32%. Some
of the loan proceeds paid off the former loan of approximately $51
million with an interest rate of 5.25%. This floating rate loan has
an initial term of three years extendable to five years. On June 5,
2008, Westside Pavilion, a 740,000 square foot regional mall in Los
Angeles was refinanced with a new $175 million five year loan with
an initial interest rate of 4.45%. Some of the loan proceeds paid
off the former loan of $91.6 million with an interest rate of
6.74%. On June 13, 2008, the Company closed on a $150 million loan
on the recently opened SanTan Village regional shopping center. The
floating rate loan has an initial three year term, extendable to
five years. The initial funding was approximately $117 million at
an initial interest rate of 4.73%. Approximately $33 million of
additional proceeds will be distributed as the remaining
construction costs are incurred. On July 10, 2008, a $170 million,
6.76% seven year fixed rate loan was placed on Fresno Fashion Fair,
a super regional mall in Fresno, California. A portion of the
proceeds were used to pay off the previous loan of $63.1 million
bearing interest at 6.52%. On July 11, 2008, the Company placed a
$300 million combination construction -- permanent loan on The
Oaks, a super regional mall in Thousand Oaks, California. The
initial funding was $220 million at an interest rate of 4.29%.
Approximately $48 million of additional proceeds will be
distributed upon completion of the construction and another $30
million upon stabilization. This floating rate loan has an initial
term of three years. Additionally, on July 31, 2008, the Company
closed on a $150 million, seven year, 6.11% fixed interest rate
loan secured by Broadway Plaza. A portion of the proceeds were used
to pay off the current loan of $59 million (with a 6.68% interest
rate). The Company owns 50% of this joint venture. Upon completion
of these financings, the Company has less than $100 million of
remaining maturities for 2008. 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 86% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 77 million square
feet of gross leaseable area consisting primarily of interests in
72 regional malls. Additional information about The Macerich
Company can be obtained from the Company's web site at
http://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 http://www.macerich.com/ (Investing
section) and through CCBN at http://www.earnings.com/. The call
begins today, August 7, 2008 at 10:30 AM Pacific Time. To listen to
the call, please go to any of these web sites at least 15 minutes
prior to the call in order to register and download audio software
if needed. An online replay at http://www.macerich.com/ (Investing
section) will be available for one year after the call. The Company
will publish a supplemental financial information package which
will be available at http://www.macerich.com/ in the Investing
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. 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,
including the Annual Report on Form 10-K/A for the year ended
December 31, 2007, 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. (See attached
tables) THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS) Results of Operations: Results before
Impact of Results after SFAS 144 (e) SFAS 144 (e) SFAS 144 (e) For
the Three For the Three For the Three Months Ended Months Ended
Months Ended June 30, June 30, June 30, Unaudited Unaudited 2008
2007 2008 2007 2008 2007 Minimum rents $130,673 $125,920 ($7,069)
($11,136) $123,604 $114,784 Percentage rents 2,954 2,919 - (81)
2,954 2,838 Tenant recoveries 67,067 67,995 (1,421) (7,345) 65,646
60,650 Management Companies' revenues 10,382 9,599 - - 10,382 9,599
Other income 6,775 9,356 (64) (2,903) 6,711 6,453 Total revenues
$217,851 $215,789 ( $8,554) ($21,465) $209,297 $194,324 Shopping
center and operating expenses 69,354 69,172 (2,099) (7,299) 67,255
61,873 Management Companies' operating expenses 20,529 18,519 - -
20,529 18,519 Income tax benefit (689) (787) - - (689) (787)
Depreciation and amortization 57,772 59,291 (961) (5,638) 56,811
53,653 REIT general and administrative expenses 4,135 4,412 - -
4,135 4,412 Interest expense 68,506 62,226 - (3,500) 68,506 58,726
Gain on sale or disposition of assets 376 1,183 113 1,096 489 2,279
Equity in income of unconsolidated joint ventures (c) 24,946 18,997
- - 24,946 18,997 Minority interests in consolidated joint ventures
(879) (3,602) 1 3,685 (878) 83 Income from continuing operations
22,687 19,534 (5,380) (247) 17,307 19,287 Discontinued Operations:
Loss on sale or disposition of assets - - (113) (1,124) (113)
(1,124) Income from discontinued operations - - 5,493 1,371 5,493
1,371 Income before minority interests of OP 22,687 19,534 - -
22,687 19,534 Income allocated to minority interests of OP 3,058
1,940 - - 3,058 1,940 Net income before preferred dividends 19,629
17,594 - - 19,629 17,594 Preferred dividends (a) 835 2,575 - - 835
2,575 Adjustment of minority interest due to redemption value -
4,119 - - - 4,119 Net income to common stockholders 18,794 10,900 -
- 18,794 10,900 Average number of shares outstanding - basic 73,780
71,528 73,780 71,528 Average shares outstanding, assuming full
conversion of OP Units (d) (e) 86,781 84,552 86,781 84,552 Average
shares outstanding - Funds From Operations ("FFO") - diluted (a)
(d) (e) 88,633 96,701 88,633 96,701 Per share income - diluted
before discontinued operations - - $0.19 $0.20 Net income per
share-basic $0.25 $0.15 $0.25 $0.15 Net income per share - diluted
(a) (e) $0.25 $0.15 $0.25 $0.15 Dividend declared per share $0.80
$0.71 $0.80 $0.71 FFO - basic (b) (d) $102,345 $89,409 $102,345
$89,409 FFO - diluted (a) (b) (d) (e) $103,180 $100,696 $103,180
$100,696 FFO per share - basic (b) (d) $1.19 $1.06 $1.19 $1.06 FFO
per share - diluted (a) (b) (d) (e) $1.16 $1.04 $1.16 $1.04 Results
of Operations: Results before Impact of Results after SFAS 144 (e)
SFAS 144 (e) SFAS 144 (e) For the Six For the Six For the Six
Months Ended Months Ended Months Ended June 30, June 30, June 30,
Unaudited Unaudited 2008 2007 2008 2007 2008 2007 Minimum rents
$262,760 $249,913 ($13,325) ($22,169) $249,435 $227,744 Percentage
rents 5,658 6,706 - (204) 5,658 6,502 Tenant recoveries 134,898
135,778 (2,863) (14,263) 132,035 121,515 Management Companies'
revenues 20,073 18,353 - - 20,073 18,353 Other income 13,388 16,946
(348) (3,938) 13,040 13,008 Total revenues $436,777 $427,696
($16,536) ($40,574) $420,241 $387,122 Shopping center and operating
expenses 140,307 137,849 (4,135) (13,960) 136,172 123,889
Management Companies' operating expenses 38,872 36,274 - - 38,872
36,274 Income tax benefit (388) (907) - - (388) (907) Depreciation
and amortization 118,901 115,267 (1,383) (10,235) 117,518 105,032
REIT general and administrative expenses 8,538 9,785 - - 8,538
9,785 Interest expense 139,333 129,781 - (7,035) 139,333 122,746
Loss on early extinguishment of debt - 877 - - - 877 Gain on sale
or disposition of assets 100,313 2,646 (99,150) 1,385 1,163 4,031
Equity in income of unconsolidated joint ventures (c) 47,244 33,480
- - 47,244 33,480 Minority interests in consolidated joint ventures
(1,404) (8,640) - 7,505 (1,404) (1,135) Income from continuing
operations 137,367 26,256 (110,168) (454) 27,199 25,802
Discontinued Operations: Gain (loss) on sale or disposition of
assets - - 99,150 (1,413) 99,150 (1,413) Income from discontinued
operations - - 11,018 1,867 11,018 1,867 Income before minority
interests of OP 137,367 26,256 - - 137,367 26,256 Income allocated
to minority interests of OP 19,656 2,578 - - 19,656 2,578 Net
income before preferred dividends 117,711 23,678 - - 117,711 23,678
Preferred dividends (a) 3,289 5,150 - - 3,289 5,150 Adjustment of
minority interest due to redemption value - 4,119 - - - 4,119 Net
income to common stockholders 114,422 14,409 - - 114,422 14,409
Average number of shares outstanding - basic 73,061 71,597 73,061
71,597 Average shares outstanding, assuming full conversion of OP
Units (d) (e) 88,465 84,792 88,465 84,792 Average shares
outstanding - FFO - diluted (a) (d) (e) 88,465 88,419 88,465 88,419
Per share income - diluted before discontinued operations - - $0.31
$0.25 Net income per share - basic $1.57 $0.20 $1.57 $0.20 Net
income per share - diluted (a) (e) $1.55 $0.20 $1.55 $0.20 Dividend
declared per share $1.60 $1.42 $1.60 $1.42 FFO - basic (b) (d)
$195,902 $171,902 $195,902 $171,902 FFO - diluted (a) (b) (d) (e)
$199,191 $177,052 $199,191 $177,052 FFO per share - basic (b) (d)
$2.29 $2.03 $2.29 $2.03 FFO per share - diluted (a) (b) (d) (e)
$2.25 $2.00 $2.25 $2.00 THE MACERICH COMPANY FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (a) On February 25, 1998,
the Company sold $100 million of convertible preferred stock
representing 3.627 million shares. The convertible preferred shares
can be converted on a 1 for 1 basis for common stock. The preferred
shares outstanding were assumed converted for purposes of net
income per share - diluted for the six months ended June 30, 2008.
The preferred shares outstanding were not assumed converted for the
three months ended June 30, 2008 and for all periods presented for
2007 as they would be antidilutive to the calculation. The weighted
average preferred shares outstanding are assumed converted for
purposes of FFO per share - diluted as they are dilutive to those
calculations for all periods presented. On October 18, 2007,
560,000 shares of convertible preferred stock were converted to
common shares. Additionally, on May 6, 2008 and May 8, 2008,
684,000 and 1,338,860 shares of convertible preferred stock were
converted to common shares, respectively. (b) The Company uses FFO
in addition to net income to report its operating and financial
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. NAREIT defines 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 reflect FFO on the same basis. FFO
and FFO on a fully diluted basis are useful to investors in
comparing operating and financial results between periods. This is
especially true since FFO excludes real estate depreciation and
amortization, as the Company believes real estate values fluctuate
based on market conditions rather than depreciating in value
ratably on a straight-line basis over time. FFO on a fully diluted
basis is one of the measures investors find most useful in
measuring the dilutive impact of outstanding convertible
securities. FFO does not represent cash flow from operations as
defined by GAAP, should not be considered as an alternative to net
income as defined by GAAP and is not indicative of cash available
to fund all cash flow needs. FFO as presented may not be comparable
to similarly titled measures reported by other real estate
investment trusts. Effective January 1, 2003, gains or losses on
sales of undepreciated assets and the impact of SFAS 141 have been
included in FFO. The inclusion of gains on sales of undepreciated
assets increased FFO for the three and six months ended June 30,
2008 and 2007 by $1.4 million, $3.0 million, $(0.2) million and
$0.7 million, respectively, or by $.01 per share, $0.03 per share,
$0.00 per share and $.01 per share, respectively. Additionally,
SFAS 141 increased FFO for the three and six months ended June 30,
2008 and 2007 by $3.9 million and $8.5 million, $3.5 million and
$7.5 million, respectively, or by $.04 per share, $0.10 per share,
$0.04 per share and $0.08 per share, respectively. (c) This
includes, using the equity method of accounting, the Company's
prorata share of the equity in income or loss of its unconsolidated
joint ventures for all periods presented. (d) The Macerich
Partnership, LP (the "Operating Partnership" or the "OP") has
operating partnership units ("OP units"). Each OP unit can be
converted into a share of Company common stock. Conversion of the
OP units not owned by the Company has been assumed for purposes of
calculating the FFO per share and the weighted average number of
shares outstanding. The computation of average shares for FFO -
diluted includes the effect of share and unit-based compensation
plans and convertible senior notes using the treasury stock method.
It also assumes conversion of MACWH, LP preferred and common units
to the extent they are dilutive to the calculation. For the three
and six months ended June 30, 2008 and 2007, the MACWH, LP
preferred units were antidilutive to FFO. (e) In October 2001, the
FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" ("SFAS 144"). SFAS 144 addresses
financial accounting and reporting for the impairment or disposal
of long-lived assets. The Company adopted SFAS 144 on January 1,
2002. On December 17, 2007, the Company, as part of a
sale/leaseback transaction involving Mervyn's sites, identified
certain locations available for sale. The Company has classified
the results of operations from these sites as discontinued
operations. On April 25, 2005, in connection with the acquisition
of Wilmorite Holdings, L.P. and its affiliates, the Company issued
as part of the consideration participating and non-participating
convertible preferred units in MACWH, LP. The participating units
are not assumed converted for purposes of net income per share and
FFO - diluted per share for all periods presented as they would be
antidilutive to the calculation. On January 1, 2008, a subsidiary
of the Company, at the election of the holders, redeemed
approximately 3.4 million participating convertible preferred units
in exchange for the distribution of the interests in the entity
which held that portion of the Wilmorite portfolio that consisted
of Eastview Mall, Greece Ridge Center, Marketplace Mall and
Pittsford Plaza ("Rochester Properties"). This exchange is referred
to as the "Rochester Redemption." As a result of the Rochester
Redemption , the Company has classified the results of operations
from the Rochester Properties to discontinued operations and
recorded a gain of $99.3 million for the period ended March 31,
2008. THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS) Pro rata share of joint ventures: For the
Three Months For the Six Months Ended June 30, Ended June 30,
Unaudited Unaudited 2008 2007 2008 2007 Revenues: Minimum rents
$67,124 $61,985 $133,434 $123,875 Percentage rents 2,143 1,938
4,405 4,225 Tenant recoveries 31,452 28,602 64,048 57,791 Other
9,851 3,291 14,009 5,954 Total revenues $110,570 $95,816 $215,896
$191,845 Expenses: Shopping center expenses 35,988 32,807 71,913
63,395 Interest expense 25,668 23,751 51,927 48,068 Depreciation
and amortization 25,755 20,696 48,034 45,084 Total operating
expenses 87,411 77,254 171,874 156,547 Gain (loss) on sale of
assets 1,604 362 2,923 (2,020) Equity in income of joint ventures
183 73 299 202 Net income $24,946 $18,997 $47,244 $33,480
Reconciliation of Net Income to FFO (b): For the Three Months For
the Six Months Ended June 30, Ended June 30, Unaudited Unaudited
2008 2007 2008 2007 Net income - available to common stockholders
$18,794 $10,900 $114,422 $14,409 Adjustments to reconcile net
income to FFO - basic Minority interest in OP 3,058 1,940 19,656
2,578 Gain on sale or disposition of consolidated assets (376)
(1,183) (100,313) (2,646) Adjustment of minority interest due to
redemption value - 4,119 - 4,119 plus gain on undepreciated asset
sales - consolidated assets 241 (542) 574 339 plus minority
interest share of gain on sale of consolidated joint ventures 248
(488) 589 348 (Gain) loss on sale of assets from unconsolidated
entities (pro rata share) (1,604) (362) (2,923) 2,020 plus gain on
undepreciated asset sales - unconsolidated entities (pro rata
share) 1,116 350 2,436 350 plus minority interest share of gain on
sale of unconsolidated entities 487 - 487 - Depreciation and
amortization on consolidated assets (f) 57,772 59,291 118,901
115,267 Less depreciation and amortization allocable to minority
interests on consolidated joint ventures (788) (1,332) (1,361)
(2,326) Depreciation and amortization on joint ventures (pro rata)
(f) 25,755 20,696 48,034 45,084 Less: depreciation on personal
property and amortization of loan costs (f) (2,358) (3,980) (4,600)
(7,640) Total FFO - basic 102,345 89,409 195,902 171,902 Additional
adjustment to arrive at FFO - diluted Preferred stock dividends
earned 835 2,575 3,289 5,150 Convertible debt - interest expense -
8,712 - - Total FFO - diluted $103,180 $100,696 $199,191 $177,052
(f) In 2008, amortization of loan costs is included in interest
expense. Reconciliation of EPS to FFO per diluted share: For the
Three Months For the Six Months Ended June 30, Ended June 30,
Unaudited Unaudited 2008 2007 2008 2007 Earnings per share -
diluted $0.25 $0.15 $1.55 $0.20 Per share impact of depreciation
and amortization of real estate 0.92 0.88 1.88 1.77 Per share
impact of (gain) loss on sale or disposition of depreciated assets
0.00 (0.03) (1.16) (0.01) Per share impact of preferred stock not
dilutive to EPS (0.01) (0.01) (0.02) (0.01) Per share impact of
adjustment of minority interest due to redemption value - 0.05 -
0.05 FFO per share - diluted $1.16 $1.04 $2.25 $2.00 THE MACERICH
COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE
AMOUNTS) Reconciliation of Net Income to EBITDA: For the Three
Months For the Six Months Ended June 30, Ended June 30, Unaudited
Unaudited 2008 2007 2008 2007 Net income - available to common
stockholders $18,794 $10,900 $114,422 $14,409 Interest expense
68,506 62,226 139,333 129,781 Interest expense - unconsolidated
entities (pro rata) 25,668 23,751 51,927 48,068 Depreciation and
amortization - consolidated assets 57,772 59,291 118,901 115,267
Depreciation and amortization - unconsolidated entities (pro rata)
25,755 20,696 48,034 45,084 Minority interest 3,058 1,940 19,656
2,578 Adjustment of minority interest due to redemption value -
4,119 - 4,119 Less: Interest expense and depreciation and
amortization allocable to minority interests on consolidated joint
ventures (1,191) (1,766) (1,950) (3,201) Loss on early
extinguishment of debt - - - 877 Gain on sale or disposition of
assets - consolidated assets (376) (1,183) (100,313) (2,646) (Gain)
loss on sale of assets - unconsolidated entities (pro rata) (1,604)
(362) (2,923) 2,020 Add: Minority interest share of gain on sale of
consolidated joint ventures 248 (488) 589 348 Add: Minority
interest share of gain on sale of unconsolidated entities 487 - 487
- Income tax benefit (689) (787) (388) (907) Distributions on
preferred units 264 3,547 540 7,094 Preferred dividends 835 2,575
3,289 5,150 EBITDA (g) $197,527 $184,459 $391,604 $368,041
Reconciliation of EBITDA to Same Centers - Net Operating Income
("NOI"): For the Three Months For the Six Months Ended June 30,
Ended June 30, Unaudited Unaudited 2008 2007 2008 2007 EBITDA (g)
$197,527 $184,459 $391,604 $368,041 Add: REIT general and
administrative expenses 4,135 4,412 8,538 9,785 Management
Companies' revenues (10,382) (9,599) (20,073) (18,353) Management
Companies' operating expenses 20,529 18,519 38,872 36,274 Lease
termination income of comparable centers (2,264) (2,130) (4,787)
(5,483) EBITDA of non- comparable centers (38,607) (30,256)
(71,110) (57,949) Same Centers - NOI (h) $170,938 $165,405 $343,044
$332,315 (g) EBITDA represents earnings before interest, income
taxes, depreciation, amortization, minority interest, extraordinary
items, gain (loss) on sale of assets and preferred dividends and
includes joint ventures at their pro rata share. Management
considers EBITDA to be an appropriate supplemental measure to net
income because it helps investors understand the ability of the
Company to incur and service debt and make capital expenditures.
EBITDA should not be construed as an alternative to operating
income as an indicator of the Company's operating performance, or
to cash flows from operating activities (as determined in
accordance with GAAP) or as a measure of liquidity. EBITDA, as
presented, may not be comparable to similarly titled measurements
reported by other companies. (h) The Company presents same-center
NOI because the Company believes it is useful for investors to
evaluate the operating performance of comparable centers.
Same-center NOI is calculated using total EBITDA and subtracting
out EBITDA from non-comparable centers and eliminating the
management companies and the Company's general and administrative
expenses. Same center NOI excludes the impact of straight-line and
SFAS 141 adjustments to minimum rents. 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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