UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For the
fiscal year ended December 31, 2008
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OR
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o
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For the
transition period from
to
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Commission
file number
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A.
Full
title of the plan and the address of the plan, if different from that of the
issuer named below:
The Macerich Property
Management Company 401(k) Profit Sharing Plan
B.
Name
of issuer of the securities held pursuant to the plan and the address of its
principal executive office:
The Macerich Company
401 Wilshire Boulevard, Suite 700
Santa Monica, California 90401
REQUIRED
INFORMATION
The Macerich Property Management Company 401(k) Profit
Sharing Plan (the Plan) is subject to the Employee Retirement Income Security
Act of 1974 (ERISA). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K,
the financial statements and schedules of the Plan for the fiscal year ended December 31,
2008, which have been prepared in accordance with the financial reporting
requirements of ERISA, are filed herewith and incorporated herein by this
reference.
The written consent of Windes & McClaughry,
Accountancy Corporation with respect to the annual financial statements of the
Plan is filed as Exhibit 23.1 to this Annual Report.
SIGNATURES
The Plan.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf on this 25th day of June 2009, by
the undersigned hereunto duly authorized.
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THE MACERICH PROPERTY MANAGEMENT
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COMPANY 401(K) PROFIT SHARING PLAN
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By:
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/s/ Stephen L. Spector, Trustee
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Stephen L. Spector, Trustee
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By:
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/s/ Scott W. Kingsmore, Trustee
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Scott W. Kingsmore, Trustee
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By:
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/s/ Stephanie Corcoran, Trustee
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Stephanie Corcoran, Trustee
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EXHIBIT INDEX
(a)
Exhibits
Number
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Description
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23.1
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Consent of Independent
Registered Public Accounting Firm, Windes & McClaughry, Accountancy
Corporation
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32
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Section 906
Certification of Scott W. Kingsmore, Chief Executive Officer and Stephanie P.
Corcoran, Chief Financial Officer of the Plan
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THE MACERICH
PROPERTY MANAGEMENT COMPANY
401(k) PROFIT SHARING PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 2008
WITH
INDEPENDENT AUDITORS REPORT
AND SUPPLEMENTARY INFORMATION
INDEX TO FINANCIAL STATEMENTS
Report of Independent Registered
Public Accounting Firm
To
the Administrative Committee of
The
Macerich Property Management Company 401(k) Profit Sharing Plan:
We
have audited the accompanying statements of net assets available for benefits
of The Macerich Property Management Company 401(k) Profit Sharing Plan
(the Plan) as of December 31, 2008 and 2007, and the related statement of
changes in net assets available for benefits for the year ended December 31,
2008. These financial statements are the responsibility of the Plans
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Plans internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of The Macerich
Property Management Company 401(k) Profit Sharing Plan as of December 31,
2008 and 2007, and the changes in its net assets available for benefits for the
year ended December 31, 2008 in conformity with accounting principles
generally accepted in the United States of America.
Our
audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets
(held at year end) is presented for purposes of additional analysis and is not
a required part of the basic financial statements but is supplementary
information required by the Department of Labors Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974. This supplementary information is the responsibility of the Plans
management. The supplemental schedule has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Windes & McClaughry Accountancy Corporation
Long
Beach, California
June 24,
2009
1
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2008 AND 2007
ASSETS
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December 31,
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2008
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2007
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INVESTMENTS
, at fair value
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Registered
Investment Companies
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$
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39,993,379
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$
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52,772,868
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Common/Collective
Trust
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4,730,742
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5,324,762
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Macerich
Company Common Stock Fund
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1,387,746
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2,060,154
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Participant
Loans
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9,986
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25,164
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46,121,853
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60,182,948
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RECEIVABLES
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Employer
Contribution
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195,776
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Total
Assets
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$
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46,317,629
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$
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60,182,948
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NET
ASSETS REFLECTING INVESTMENTS,
at
fair value
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$
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46,317,629
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$
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60,182,948
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Adjustment
from fair value to contract value for fully benefit-responsive investment
contract
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389,808
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52,488
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NET
ASSETS AVAILABLE FOR BENEFITS
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$
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46,707,437
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$
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60,235,436
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The accompanying notes
are an integral part of these financial statements.
2
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
STATEMENT
OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31,
2008
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
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Employer
contribution
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$
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3,038,673
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Contributions:
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Participants
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5,632,146
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Rollover
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470,458
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Investment
income:
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Dividend
and interest income
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2,069,017
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Total
Additions
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11,210,294
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DEDUCTIONS
FROM NET ASSETS ATTRIBUTED TO:
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Benefits
paid to participants
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4,325,163
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Net
depreciation in fair value of investments
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20,413,130
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Total
Deductions
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24,738,293
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NET
DECREASE IN PLAN NET ASSETS
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(13,527,999
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NET
ASSETS AVAILABLE FOR PLAN BENEFITS:
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BEGINNING
OF YEAR
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60,235,436
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END OF
YEAR
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$
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46,707,437
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The accompanying notes are
an integral part of these financial statements.
3
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO
THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE 1:
DESCRIPTION OF PLAN
The following description
of The Macerich Property Management Company 401(k) Profit Sharing Plan
(the Plan) provides only general information.
Participants and other interested parties should refer to the Plan
document for a more complete description of the Plans provisions.
General
The Plan is a defined contribution pension plan
covering eligible employees of The Macerich Property Management Company LLC and
participating affiliates (the Company, the Employer and the Plan
Administrator) as defined in the Plan document. The Plan is subject to regulation under the
Employee Retirement Income Security Act of 1974 (ERISA) and the qualification
provisions of the Internal Revenue Code (the Code).
Effective as of January 1, 2004, the Plan adopted
the Safe Harbor provisions under Sections 401(k)(12) and 401(m)(11) of the
Code. In accordance with adopting these
provisions, the Company makes matching contributions equal to 100 percent of
the first 3 percent of compensation deferred by a participant and 50 percent of
the next 2 percent of compensation deferred by a participant.
On
or about July 26, 2002, Westcor Partners, LLC and Westcor Realty Limited
Partnership (collectively, Westcor) became part of the controlled group of
the Company. Westcor maintained the
Westcor 401(k) Plan. The Westcor 401(k) Plan was merged into the
Plan. Effective as of March 28, 2005, employees who were previously
participants in Wilmorite Management Group, LLC 401(k) Plan were granted
eligibility into the Plan. Participant
balances totaling $2,787,646, were transferred into the Plan. At that time, the Plan did not allow for
participant loans, but was amended to allow these loans to be assumed by the
Plan and paid off on their original terms for the Wilmorite Management Group,
LLC 401(k) and the Westcor Partners 401(k) Plan. The Plan has loans outstanding of $9,986 at December 31,
2008.
Effective
as of January 1, 2008, the Plan was amended to: (i) permit non-spouse
beneficiaries to rollover their portion of a death benefit to which they are
entitled to an individual retirement account described in Section 408(a) or
(b) of the Code; (ii) to eliminate installment payments as an option
for the distribution of benefits; (iii) to perform annual true-up
calculations on the Safe Harbor Match Contributions; and (iv) to provide
that distributions made upon the attainment of age 59 ½ may be made from the
Participants Compensation Deferral Accounts, Employer Profit Sharing
Contributions Accounts, Safe Harbor Matching Accounts, and Rollover Accounts.
On
December 30, 2008, the Plan was amended to allow for participant loans.
4
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 1:
DESCRIPTION OF PLAN (CONTINUED)
Administration
The Company has
designated an Administrative Committee (the Committee and the
Trustees), consisting of Stephen L.
Spector, SVP General Counsel, Scott W. Kingsmore, SVP Finance, and Stephanie
Corcoran, VP Group Controller. Among
other duties, it is the responsibility of the Committee to select and monitor
the performance of investments, the Plan custodian, and to maintain certain
administrative records.
Employee
Participation and Eligibility
All employees of the
Company may become eligible to participate in the Plan, provided the employee
is twenty-one years of age, has completed one year of employment during which
at least 1,000 hours of service were provided, and is not covered by a
collective bargaining agreement as to which retirement benefits were the
subject of good faith bargaining. An
eligible employee may enter the Plan on the January 1, April 1, July 1
or October 1, following his or her satisfaction of the eligibility
requirements.
The Plan gives employees
of newly acquired entities credit for years of service earned prior to the
Companys ownership. If this credit for
prior service allows the acquisition employee to meet Plan eligibility
requirements, they are granted the option of entering the Plan on the first day
of the month following their date of hire.
Contributions
Participants are
permitted to defer up to 50% of their compensation, as defined in the
Plan. The Company provides matching
contributions, under the Safe Harbor arrangement described above, equal to 100
percent of the first 3 percent of compensation deferred by a participant and 50
percent of the next 2 percent of compensation deferred by a participant. Participants who have attained age 50 before
the end of the Plan year are eligible to make catch-up contributions. Participants may roll over amounts
representing distributions from other qualified defined benefit or defined
contributions plans. Participants direct
the investment of their contributions into various investment options offered
by the Plan, as further discussed in Note 3.
Participant Accounts
Each participants
account is credited with the participants contribution and allocations of a)
the Companys Safe Harbor matching contribution, and b) Plan earnings, and
charged with any withdrawals or distributions requested by the participant,
investment losses, and an allocation of administrative expenses, if
applicable. Allocations are based on
participant compensation or account balances, as defined in the Plan document. The benefit to which a participant is entitled
is the benefit that can be provided from the participants vested account.
Vesting
Provisions
Participant accounts,
including salary deferrals and Safe Harbor matching contributions, are 100
percent vested at all times.
5
THE MACERICH PROPERTY MANAGEMENT COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 1:
DESCRIPTION OF PLAN (CONTINUED)
Benefit Payments
Effective as of January 1,
2008, on termination of service due to death, disability, retirement, or other
reasons a participant may receive the value of the vested interest in his or
her account as a lump-sum distribution.
The Plan also permits
distributions for hardships, as defined in the Plan document.
Forfeitures
As
of January 1, 2004, the Plan was amended to eliminate employer profit
sharing contributions. Prior to January 2004,
the Company made discretionary profit sharing contributions from the net
profits of the current year. Profit
sharing contributions were subject to a vesting schedule. Any participant who terminates employment
with the Company will forfeit the non-vested portion of his/her profit sharing
account.
At
December 31, 2008 and 2007, forfeited non-vested accounts totaled
approximately $1,000 and $80,000, respectively. Effective as of January 1,
2007, the Plan was amended to provide that forfeitures in the Plan shall be
used to reduce the Companys Safe Harbor Matching Contributions for the Plan
Year following the Plan Year in which the forfeiture occurs. In 2008, the
Companys Safe Harbor Matching Contributions were reduced by approximately
$80,000 from forfeited non-vested accounts.
Related-Party Transactions
The Plan offers common
stock in the Company, through the Macerich Company Common Stock Fund;
therefore, the Company qualifies as a party-in-interest.
Tax Status
The
Internal Revenue Service has determined and informed the Company by a letter
dated June 10, 2002, that the Plan and related trust are designed in
accordance with applicable sections of the Code. Although the Plan has been amended since
receiving the determination letter, the Plan administrator and the Plans tax
counsel believe that the Plan is designed and is currently being operated in compliance
with the applicable requirements.
Plan Expenses
All administrative
expenses of the Plan are paid by the Company or, at the election of the
Company, from the Plan trust fund. For
the year ended December 31, 2008, there were no administrative expenses
paid from the Plan trust fund. All
expenses of maintaining the Plan are paid by the Company.
6
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 2:
SIGNIFICANT ACCOUNTING POLICIES
Basis
of Accounting
The financial statements
of the Plan are prepared on the accrual basis of accounting.
As described in Financial
Accounting Standards Board Staff Position, FSP AAG INV-1 and SOP 94-4-1,
Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain
Investment Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans (the FSP), investment
contracts held by a defined-contribution plan are required to be reported at
fair value. However, contract value is the relevant measurement attribute for
that portion of the net assets available for benefits of a defined-contribution
plan attributable to fully benefit-responsive investment contracts because
contract value is the amount participants would receive if they were to
initiate permitted transactions under the terms of the plan. As required by the
FSP, the Statement of Net Assets Available for Benefits presents the fair value
of the investment contracts as well as the adjustment of the fully
benefit-responsive investment contracts from fair value to contract value. The
Statement of Changes in Net Assets Available for Benefits is prepared on a contract
value basis.
Use
of Estimates
The preparation of
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure and changes therein of contingent assets and liabilities. Actual results could differ from those
estimates.
Investment
Valuation and Income Recognition
In
compliance with the requirements of ERISA, cash and equity funds are reported
at fair value. Fair value is the price
that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The investment in the common collective trust,
which is a stable value open-end collective investment trust, is reported at
fair value and adjusted to contract value.
The investments and changes therein of the trust funds have been
reported to the Plan by the Custodian using fair value and contract value, as
indicated. Participant loans are valued
at their outstanding balances, which approximate fair value.
Purchases
and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend
date. Net appreciation includes the Plans
gains and losses on investments bought and sold as well as held during the
year.
Benefits Payable to
Former Participants
The American Institute of
Certified Public Accountants (AICPA) has issued guidelines regarding amounts
due to former Plan participants but not paid by year-end. The AICPA requires these amounts to be
classified as net assets available for Plan benefits, and not as liabilities of
the Plan. Included in net assets available
for Plan benefits at December 31, 2008, are amounts which may become
payable to participants who are not active participants of the Plan.
7
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 2:
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Significant Accounting Pronouncements
In March 2008, the
Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standards (SFAS) No. 161, Disclosure about Derivative
Instruments and Hedging Activities, which amends the disclosure requirements
of SFAS No. 133. SFAS No. 161
requires increased disclosures about derivative instruments and hedging
activities and their effects on an entitys financial position, financial
performance, and cash flows. SFAS No. 161
is effective for fiscal years beginning after November 15, 2008, with
early adoption permitted. SFAS No. 161
is not expected to have a material impact on the Plans financial statements.
In May 2008, the
FASB issued SFAS No. 162, The Hierarchy of Generally Accepted Accounting
Principles, which is intended to improve financial reporting by identifying
the sources of accounting principles and a consistent framework, or hierarchy,
for selecting accounting principles to be used in preparing financial
statements that are presented in conformity with U.S. GAAP for nongovernmental
entities. SFAS No. 162 will be
effective 60 days after U.S. Securities and Exchange Commission approves the
Public Company Accounting Oversight Boards amendments to AU section 411, The
Meaning of Present Fairly in Conformity With Generally Accepted Accounting
Principles. SFAS No. 162 is not
expected to have a material impact on the Plans financial statements.
NOTE 3:
INVESTMENTS
At December 31,
2008, the Plan allowed participants to allocate their accounts among several
investment options. These options
include numerous registered investment companies, a common/collective trust and
the Macerich Company Common Stock Fund.
Participants may change their investment elections daily for both
existing account balances and future contributions.
The Macerich Company
Common Stock Fund allows participants the ability to participate in the
ownership of their employers common stock.
Participants are directed not to allocate more than 25% of a participants
account balance and/or deferrals to this investment. For liquidity purposes, a portion of this
fund is invested in a money market account classified as a registered
investment company. Total funds invested in the common stock and money market
account is $1,313,604 and $74,142, respectively, at December 31, 2008.
8
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 3:
INVESTMENTS (CONTINUED)
The
following presents investments that represent 5 percent or more of the Plans net
assets at fair value as of December 31, 2008 and 2007:
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December 31,
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2008
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2007
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Alliance
Bernstein International Growth Fund-A
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$
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2,981,597
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$
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4,675,924
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American
EuroPacific Growth Fund-A
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4,772,322
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8,026,501
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Columbia
Acorn Fund-A
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2,895,173
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3,564,480
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Dreyfus
Basic S&P 500 Index Fund-A
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3,727,576
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4,810,745
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Eaton
Vance Large Cap Value-A
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4,551,179
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6,663,201
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Franklin
Mutual Qualified Fund-A
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3,794,923
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4,371,977
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MFS
Fixed Fund Institutional-A
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4,730,742
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5,324,762
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MFS
Government Securities Fund-A
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5,083,002
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3,983,508
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MFS
Investors Growth Stock Fund-A
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3,727,905
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5,583,395
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MFS
Research Bond Fund-A
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3,367,322
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MFS
Total Return Fund-A
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3,969,401
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UBS
US Allocation Fund-A
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4,085,821
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For the year ended December 31, 2008, net
depreciation (including gains and losses on investments bought, sold, and held
during the year) on registered investment companies was $19,057,300 and on the
Macerich Company Common Stock Fund was $1,355,830.
NOTE 4:
FAIR VALUE MEASUREMENTS
Effective January 1,
2008, the Plan adopted SFAS No. 157, Fair Value Measurements. SFAS No. 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. SFAS No. 157
has been applied prospectively as of the beginning of the period.
SFAS No. 157 defines
fair value as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. SFAS No. 157
also establishes a fair value hierarchy which requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value. The standard
describes three levels of inputs that may be used to measure fair value:
Level
1
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Quoted prices in
active markets for identical assets or liabilities.
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Level 2
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Observable inputs other than Level 1 prices, such as
quoted prices for similar assets or liabilities; quoted prices in active
markets that are not active; or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of the
assets or liabilities.
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9
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 4:
FAIR VALUE MEASUREMENTS (CONTINUED)
Level
3
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Unobservable
inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or liabilities.
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The
registered investment companies are valued at the net asset value (NAV) of
shares held by the Plan at year end, based upon quoted market prices. The common/collective trust is valued at the
net unit value (NUV) of units held by the Plan at year end. The NUV is determined by the total value of
fund assets divided by the total number of units of the fund owned. The Macerich Company Common Stock Fund is
valued at the NAV at year end, based upon (1) the quoted market price of
the Company common stock shares held at year end, and, (2) the NAV of the
quoted market price of the money market fund shares held at year end, which
together comprise the Macerich Company Common Stock Fund. The participant loans are valued at amortized
cost, which approximates fair value.
The
following table sets forth by level, within the fair value hierarchy, the Plans
investments measured at fair value on a recurring basis, as of December 31,
2008. As required by SFAS No. 157,
an investments level within the fair value hierarchy is based on the lowest
level of any input that is significant to the fair value measurement.
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Quoted Prices in
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Active Markets
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Significant
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Significant
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for Identical
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Observable
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Unobservable
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Total
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Assets (Level 1)
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Inputs (Level 2)
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Inputs (Level 3)
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Fair Value
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Assets:
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|
|
|
|
|
|
|
|
Registered
Investment Companies
|
|
$
|
39,993,379
|
|
$
|
|
|
$
|
|
|
$
|
39,993,379
|
|
Common/Collective
Trust
|
|
|
|
|
|
4,730,742
|
|
4,730,742
|
|
Macerich
Company Common
|
|
|
|
|
|
|
|
|
|
Stock
Fund
|
|
1,387,746
|
|
|
|
|
|
1,387,746
|
|
Participant
Loans
|
|
|
|
|
|
9,986
|
|
9,986
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
41,381,125
|
|
$
|
|
|
$
|
4,740,728
|
|
$
|
46,121,853
|
|
10
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 4:
FAIR VALUE MEASUREMENTS (CONTINUED)
Level 3 Gains and Losses
The
following table sets forth a summary of changes in the fair value of the Plans
Level 3 assets for the year ended December 31, 2008.
|
|
|
|
|
|
|
|
Sales,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuances,
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
|
|
Maturities,
|
|
Transfers In
|
|
|
|
|
|
Beginning
|
|
(Depreciation)
|
|
Interest and
|
|
Settlements,
|
|
Or Out of
|
|
Ending Fair
|
|
|
|
Fair Value
|
|
of Investments
|
|
Dividends
|
|
Net
|
|
Level 3, Net
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common/Collective Trust
|
|
$
|
5,324,762
|
|
$
|
(337,321
|
)
|
$
|
204,766
|
|
$
|
(461,465
|
)
|
$
|
|
|
$
|
4,730,742
|
|
Participant Loans
|
|
25,164
|
|
|
|
|
|
(15,178
|
)
|
|
|
9,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
5,349,926
|
|
$
|
(337,321
|
)
|
$
|
204,766
|
|
$
|
(476,643
|
)
|
$
|
|
|
$
|
4,740,728
|
|
NOTE 5:
PLAN TERMINATION
Although
it has not expressed any intent to do so, the Company has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA.
NOTE 6:
CONCENTRATION OF RISK AND UNCERTAINTIES
The Plan invests in
various investment securities. Investment securities are exposed to various
risks such as interest rate, market and credit risks. Due to the level of risk
associated with certain investment securities, it is at least reasonably
possible that changes in the values of investment securities will occur in the
near term and that such changes could materially affect participants account
balances and the amounts reported in the statement of net assets available for
benefits.
NOTE 7: RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The
following is a reconciliation of net assets available for benefits per the
financial statements to Form 5500:
|
|
December 31,
|
|
|
|
2008
|
|
2007
|
|
Net assets available for
benefits per the financial statements
|
|
$
|
46,707,437
|
|
$
|
60,235,436
|
|
Less employer contribution
receivable
|
|
(195,776
|
)
|
|
|
|
|
|
|
|
|
Net assets available for
benefits per Form 5500
|
|
$
|
46,511,661
|
|
$
|
60,235,436
|
|
11
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
(CONTINUED)
NOTE 7: RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
(CONTINUED)
The
following is a reconciliation of contributions per the financial statements for
the year ended December 31, 2008 to Form 5500:
Employer contributions per the financial statement
|
|
$
|
3,038,673
|
|
Less current-year employer
contribution receivable
|
|
(195,776
|
)
|
|
|
|
|
Employer contribution per
Form 5500
|
|
$
|
2,842,897
|
|
NOTE 8: SUBSEQUENT EVENTS
Market
volatility of investments may substantially impact the value of such
investments at any given time. The value
of the Plans investments may have changed significantly since December 31,
2008, consistent with the significant fluctuations in market value of
securities in the overall financial market.
12
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
EIN 95-4853294 PLAN NO. 001
SUPPLEMENTARY
INFORMATION
SCHEDULE PROVIDED PURSUANT TO
THE DEPARTMENT OF LABOR RULES AND
REGULATIONS
Note:
|
Certain schedules required under the Employee
Retirement Income Security Act of 1974 have been omitted, as they are not
applicable.
|
13
THE MACERICH PROPERTY MANAGEMENT
COMPANY
401(k) PROFIT SHARING PLAN
EIN 95-4853294 PLAN NO. 001
SCHEDULE OF ASSETS (HELD AT
YEAR-END)
DECEMBER 31, 2008
|
|
|
|
Types of
|
|
Current
|
|
Identity of Issuer
|
|
Description of Investment
|
|
Investment
|
|
Value
|
|
|
|
|
|
|
|
|
|
Invesco
|
|
AIM Real Estate Fund A
|
|
RIC
|
|
$
|
1,225,215
|
|
Alliance Bernstein
Investments
|
|
Alliance Bernstein International Growth Fund A
|
|
RIC
|
|
2,981,597
|
|
Capital
|
|
American EuroPacific Growth Fund A
|
|
RIC
|
|
4,772,322
|
|
Cohen & Steers
|
|
Cohen & Steers Realty Income Fund A
|
|
RIC
|
|
245,158
|
|
Columbia
|
|
Columbia Acorn Fund A
|
|
RIC
|
|
2,895,173
|
|
Dreyfus Corp
|
|
Dreyfus Basic S&P 500 Index Fund A
|
|
RIC
|
|
3,727,576
|
|
Eaton Vance Corp.
|
|
Eaton Vance Large Cap Value A
|
|
RIC
|
|
4,551,179
|
|
Franklin
|
|
Franklin Mutual Qualified Fund A
|
|
RIC
|
|
3,794,923
|
|
Macerich*
|
|
Macerich Company Common Stock Fund
|
|
MCCSF
|
|
1,313,604
|
|
MFS
|
|
MFS Money Market Fund
|
|
RIC
|
|
74,142
|
|
MFS
|
|
MFS Fixed Fund Institutional A
|
|
CCT
|
|
5,120,550
|
|
MFS
|
|
MFS Government Securities Fund A
|
|
RIC
|
|
5,083,002
|
|
MFS
|
|
MFS Investors Growth Stock Fund A
|
|
RIC
|
|
3,727,905
|
|
MFS
|
|
MFS Research Bond Fund A
|
|
RIC
|
|
3,367,322
|
|
MFS
|
|
MFS Total Return Fund A
|
|
RIC
|
|
2,005,726
|
|
*
|
|
Participant Loans 5.01% to 5.52%
|
|
RIC
|
|
9,986
|
|
UBS
|
|
UBS US Allocation Fund A
|
|
RIC
|
|
1,616,281
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
46,511,661
|
|
*Indicates a
party-in-interest
RIC
Registered Investment Companies
CCT
Common Collective Trust
MCCSF
Macerich Company Common Stock Fund
14
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