2014 Q2 Form 10-Q Financial Statement

#000091224214000010 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $254.3M $245.9M
YoY Change 3.44% 32.87%
Cost Of Revenue $102.8M $101.5M
YoY Change 1.28% 21.85%
Gross Profit $151.6M $144.4M
YoY Change 4.99% 34.7%
Gross Profit Margin 59.61% 58.73%
Selling, General & Admin $5.100M $6.700M
YoY Change -23.88% 17.54%
% of Gross Profit 3.36% 4.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $89.80M $95.90M
YoY Change -6.36% 26.52%
% of Gross Profit 59.23% 66.41%
Operating Expenses $92.90M $95.20M
YoY Change -2.42% 31.31%
Operating Profit $58.70M $49.20M
YoY Change 19.31% 41.79%
Interest Expense $45.80M $50.38M
YoY Change -9.08% 16.35%
% of Operating Profit 78.02% 102.39%
Other Income/Expense, Net -$2.200M -$2.100M
YoY Change 4.76% 61.54%
Pretax Income $15.10M $89.90M
YoY Change -83.2% 866.67%
Income Tax -$2.898M -$1.477M
% Of Pretax Income -19.19% -1.64%
Net Earnings $17.99M $234.8M
YoY Change -92.34% 62.45%
Net Earnings / Revenue 7.07% 95.5%
Basic Earnings Per Share $0.11 $1.57
Diluted Earnings Per Share $0.11 $1.57
COMMON SHARES
Basic Shares Outstanding 140.9M shares 139.4M shares
Diluted Shares Outstanding 141.0M shares 139.5M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.00M $47.00M
YoY Change 21.28% -47.78%
Cash & Equivalents $56.50M $46.94M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $127.0M $127.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $184.0M $174.0M
YoY Change 5.75% -9.38%
LONG-TERM ASSETS
Property, Plant & Equipment $7.556B $7.779B
YoY Change -2.87% 30.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $797.0M $949.7M
YoY Change -16.08% -15.27%
Other Assets $100.0M $119.0M
YoY Change -15.97% 27.96%
Total Long-Term Assets $8.878B $9.376B
YoY Change -5.31% 24.37%
TOTAL ASSETS
Total Short-Term Assets $184.0M $174.0M
Total Long-Term Assets $8.878B $9.376B
Total Assets $9.062B $9.550B
YoY Change -5.11% 23.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.00M $72.00M
YoY Change -6.94% 24.14%
Accrued Expenses $307.0M $320.0M
YoY Change -4.06% 18.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $567.0M
YoY Change -100.0% -25.79%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $374.0M $959.0M
YoY Change -61.0% -12.18%
LONG-TERM LIABILITIES
Long-Term Debt $4.760B $4.624B
YoY Change 2.94% 40.04%
Other Long-Term Liabilities $338.0M $289.0M
YoY Change 16.96% 45.23%
Total Long-Term Liabilities $5.098B $4.913B
YoY Change 3.77% 40.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $374.0M $959.0M
Total Long-Term Liabilities $5.098B $4.913B
Total Liabilities $5.472B $6.215B
YoY Change -11.96% 35.31%
SHAREHOLDERS EQUITY
Retained Earnings -$689.5M
YoY Change
Common Stock $3.927B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.238B $3.335B
YoY Change
Total Liabilities & Shareholders Equity $9.062B $9.550B
YoY Change -5.11% 23.53%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $17.99M $234.8M
YoY Change -92.34% 62.45%
Depreciation, Depletion And Amortization $89.80M $95.90M
YoY Change -6.36% 26.52%
Cash From Operating Activities $92.70M $75.30M
YoY Change 23.11% 28.94%
INVESTING ACTIVITIES
Capital Expenditures -$25.00M -$22.70M
YoY Change 10.13% -63.21%
Acquisitions
YoY Change
Other Investing Activities -$127.5M $358.8M
YoY Change -135.54% 154.65%
Cash From Investing Activities -$152.5M $336.1M
YoY Change -145.37% 324.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 51.40M -433.3M
YoY Change -111.86% 56.37%
NET CHANGE
Cash From Operating Activities 92.70M 75.30M
Cash From Investing Activities -152.5M 336.1M
Cash From Financing Activities 51.40M -433.3M
Net Change In Cash -8.400M -21.90M
YoY Change -61.64% -84.3%
FREE CASH FLOW
Cash From Operating Activities $92.70M $75.30M
Capital Expenditures -$25.00M -$22.70M
Free Cash Flow $117.7M $98.00M
YoY Change 20.1% -18.4%

Facts In Submission

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us-gaap Income Loss From Equity Method Investments
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:bold;text-decoration:none;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company commenced operations effective with the completion of its initial public offering on March&#160;16, 1994. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company was the sole general partner of, and held a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">93%</font><font style="font-family:inherit;font-size:10pt;"> ownership interest in, The Macerich Partnership,&#160;L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company,&#160;LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners&#160;LLC, a single member Arizona limited liability company, Macerich Arizona Management&#160;LLC, a single member Delaware limited liability company, Macerich Partners of Colorado&#160;LLC, a Colorado limited liability company, MACW Mall Management,&#160;Inc., a New York corporation, and MACW Property Management,&#160;LLC, a single member New York limited liability company. All </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">seven</font><font style="font-family:inherit;font-size:10pt;"> of the management companies are collectively referred to herein as the "Management Companies."</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All references to the Company in this Quarterly Report on Form&#160;10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.</font></div></div>
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167537000 USD
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CY2013Q2 mac Costs And Expenses Before Interest Total
CostsAndExpensesBeforeInterestTotal
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DeferredCostsAndOtherAssetsGross
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mac Distributions Of Capital From Unconsolidated Entities And Other
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33382000 USD
mac Distributions To Co Venture Partner
DistributionsToCoVenturePartner
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mac Distributions To Co Venture Partner
DistributionsToCoVenturePartner
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mac Equity Method Investment Amortization Of Difference Between Carrying Amount And Underlying Equity
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CY2014Q2 mac Equity Method Investment Amortization Of Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentAmortizationOfDifferenceBetweenCarryingAmountAndUnderlyingEquity
855000 USD
mac Equity Method Investment Amortization Of Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentAmortizationOfDifferenceBetweenCarryingAmountAndUnderlyingEquity
2279000 USD
CY2013Q2 mac Equity Method Investment Amortization Of Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentAmortizationOfDifferenceBetweenCarryingAmountAndUnderlyingEquity
2334000 USD
mac Equity Method Investment Summarized Financial Information Cost Of Real Estate Revenue
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mac Equity Method Investment Summarized Financial Information Cost Of Real Estate Revenue
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mac Equity Method Investment Summarized Financial Information Depreciation And Amortization
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mac Equity Method Investment Summarized Financial Information Depreciation And Amortization
EquityMethodInvestmentSummarizedFinancialInformationDepreciationAndAmortization
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CY2013Q2 mac Equity Method Investment Summarized Financial Information Depreciation And Amortization
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CY2014Q2 mac Equity Method Investment Summarized Financial Information Depreciation And Amortization
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CY2014Q2 mac Equity Method Investment Summarized Financial Information Equity Or Capital Other Interests
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CY2013Q2 mac Equity Method Investment Summarized Financial Information Interest Expense
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mac Equity Method Investment Summarized Financial Information Operating Expenses
EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses
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EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses
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CY2014Q2 mac Equity Method Investment Summarized Financial Information Minimum Lease Revenue
EquityMethodInvestmentSummarizedFinancialInformationMinimumLeaseRevenue
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CY2013Q2 mac Equity Method Investment Summarized Financial Information Minimum Lease Revenue
EquityMethodInvestmentSummarizedFinancialInformationMinimumLeaseRevenue
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NetIncomeLossAvailableToCommonStockholdersAfterAllocationToParticipatingSecuritiesDiluted
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NetIncomeLossAvailableToCommonStockholdersAfterAllocationToParticipatingSecuritiesBasic
33659000 USD
CY2013Q4 mac Equity Method Investment Summarized Financial Information Other Liabilities
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mac Equity Method Investment Summarized Financial Information Other Revenue
EquityMethodInvestmentSummarizedFinancialInformationOtherRevenue
23244000 USD
mac Equity Method Investment Summarized Financial Information Other Revenue
EquityMethodInvestmentSummarizedFinancialInformationOtherRevenue
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CY2013Q2 mac Equity Method Investment Summarized Financial Information Other Revenue
EquityMethodInvestmentSummarizedFinancialInformationOtherRevenue
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EquityMethodInvestmentSummarizedFinancialInformationOtherRevenue
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EquityMethodInvestmentSummarizedFinancialInformationPercentageRent
6567000 USD
mac Equity Method Investment Summarized Financial Information Percentage Rent
EquityMethodInvestmentSummarizedFinancialInformationPercentageRent
6045000 USD
CY2014Q2 mac Equity Method Investment Summarized Financial Information Other Assets
EquityMethodInvestmentSummarizedFinancialInformationOtherAssets
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CY2014Q2 mac Equity Method Investment Summarized Financial Information Other Liabilities
EquityMethodInvestmentSummarizedFinancialInformationOtherLiabilities
213190000 USD
CY2013Q2 mac Equity Method Investment Summarized Financial Information Percentage Rent
EquityMethodInvestmentSummarizedFinancialInformationPercentageRent
3710000 USD
CY2014Q2 mac Equity Method Investment Summarized Financial Information Percentage Rent
EquityMethodInvestmentSummarizedFinancialInformationPercentageRent
3994000 USD
CY2014Q2 mac Equity Method Investment Summarized Financial Information Real Estate Investment Property Net
EquityMethodInvestmentSummarizedFinancialInformationRealEstateInvestmentPropertyNet
3546003000 USD
CY2013Q4 mac Equity Method Investment Summarized Financial Information Real Estate Investment Property Net
EquityMethodInvestmentSummarizedFinancialInformationRealEstateInvestmentPropertyNet
3435737000 USD
CY2014Q2 mac Equity Method Investment Summarized Financial Information Secured Debt
EquityMethodInvestmentSummarizedFinancialInformationSecuredDebt
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CY2013Q4 mac Equity Method Investment Summarized Financial Information Secured Debt
EquityMethodInvestmentSummarizedFinancialInformationSecuredDebt
3518215000 USD
mac Equity Method Investment Summarized Financial Information Tenant Reimbursements
EquityMethodInvestmentSummarizedFinancialInformationTenantReimbursements
95873000 USD
mac Equity Method Investment Summarized Financial Information Tenant Reimbursements
EquityMethodInvestmentSummarizedFinancialInformationTenantReimbursements
105061000 USD
CY2014Q2 mac Equity Method Investment Summarized Financial Information Tenant Reimbursements
EquityMethodInvestmentSummarizedFinancialInformationTenantReimbursements
47128000 USD
CY2013Q2 mac Equity Method Investment Summarized Financial Information Tenant Reimbursements
EquityMethodInvestmentSummarizedFinancialInformationTenantReimbursements
52871000 USD
CY2014Q2 mac Equity Method Investments Net
EquityMethodInvestmentsNet
535937000 USD
CY2013Q4 mac Equity Method Investments Net
EquityMethodInvestmentsNet
449291000 USD
CY2013Q4 mac Finite Lived Intangible Asset Above Market Leases
FiniteLivedIntangibleAssetAboveMarketLeases
118770000 USD
CY2014Q2 mac Finite Lived Intangible Asset Above Market Leases
FiniteLivedIntangibleAssetAboveMarketLeases
114493000 USD
CY2014Q2 mac Finite Lived Intangible Asset Leasing Commissions And Legal Costs
FiniteLivedIntangibleAssetLeasingCommissionsAndLegalCosts
47754000 USD
CY2013Q4 mac Finite Lived Intangible Asset Leasing Commissions And Legal Costs
FiniteLivedIntangibleAssetLeasingCommissionsAndLegalCosts
50594000 USD
mac Gain Loss On Sale Or Remeasurement Of Assets And Interests In Unconsolidated Entities
GainLossOnSaleOrRemeasurementOfAssetsAndInterestsInUnconsolidatedEntities
4030000 USD
CY2014Q2 mac Gain Loss On Sale Or Remeasurement Of Assets And Interests In Unconsolidated Entities
GainLossOnSaleOrRemeasurementOfAssetsAndInterestsInUnconsolidatedEntities
-9455000 USD
mac Gain Loss On Sale Or Remeasurement Of Assets And Interests In Unconsolidated Entities
GainLossOnSaleOrRemeasurementOfAssetsAndInterestsInUnconsolidatedEntities
-11065000 USD
CY2013Q2 mac Gain Loss On Sale Or Remeasurement Of Assets And Interests In Unconsolidated Entities
GainLossOnSaleOrRemeasurementOfAssetsAndInterestsInUnconsolidatedEntities
-798000 USD
CY2014Q2 mac Guarantee Obligations Exposure Indemnified By Third Party
GuaranteeObligationsExposureIndemnifiedByThirdParty
16770000 USD
CY2013Q4 mac Guarantee Obligations Exposure Indemnified By Third Party
GuaranteeObligationsExposureIndemnifiedByThirdParty
16770000 USD
CY2013Q2 mac Income Loss From Coventure Operations
IncomeLossFromCoventureOperations
-2138000 USD
mac Income Loss From Coventure Operations
IncomeLossFromCoventureOperations
-4179000 USD
mac Income Loss From Coventure Operations
IncomeLossFromCoventureOperations
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CY2014Q2 mac Income Loss From Coventure Operations
IncomeLossFromCoventureOperations
-2212000 USD
CY2014Q2 mac Investments In Unconsolidated Joint Ventures
InvestmentsInUnconsolidatedJointVentures
261073000 USD
CY2013Q4 mac Investments In Unconsolidated Joint Ventures
InvestmentsInUnconsolidatedJointVentures
252192000 USD
mac Loan Maturities Expected To Be Refinanced Restructured Extended Or Paid Off Period
LoanMaturitiesExpectedToBeRefinancedRestructuredExtendedOrPaidOffPeriod
P12M
CY2014Q2 mac Management Fees And Other Revenues
ManagementFeesAndOtherRevenues
8776000 USD
CY2013Q2 mac Management Fees And Other Revenues
ManagementFeesAndOtherRevenues
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mac Management Fees And Other Revenues
ManagementFeesAndOtherRevenues
16897000 USD
mac Management Fees And Other Revenues
ManagementFeesAndOtherRevenues
20451000 USD
CY2014Q2 mac Maximum Aggregate Common Stock Offer Price
MaximumAggregateCommonStockOfferPrice
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CY2012Q3 mac Maximum Aggregate Common Stock Offer Price
MaximumAggregateCommonStockOfferPrice
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CY2014Q2 mac Minority Interest Redemption Value
MinorityInterestRedemptionValue
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CY2013Q4 mac Minority Interest Redemption Value
MinorityInterestRedemptionValue
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mac Minority Interest Redemption Value Basis Number Of Trading Days
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P10D
CY2013Q4 mac Mortgage Notes Payable Probable Recourse Amount
MortgageNotesPayableProbableRecourseAmount
77192000 USD
mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
1102000 USD
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236873000 USD
CY2013Q2 mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Basic
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218780000 USD
CY2013Q2 mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Diluted
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218780000 USD
CY2014Q2 mac Secured Debt Nonrelated Party
SecuredDebtNonrelatedParty
4106731000 USD
CY2013Q4 mac Secured Debt Nonrelated Party
SecuredDebtNonrelatedParty
4145809000 USD
mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
1371000 USD
mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Diluted
NetIncomeLossAvailableToCommonStockholdersAfterAllocationToParticipatingSecuritiesDiluted
236873000 USD
CY2014Q2 mac Mortgage Notes Payable Probable Recourse Amount
MortgageNotesPayableProbableRecourseAmount
88019000 USD
CY2014Q2 mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Basic
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15968000 USD
CY2013Q2 mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
798000 USD
CY2014Q2 mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
1177000 USD
mac Paymentsof Contingent Consideration
PaymentsofContingentConsideration
9000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000912242
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
140714194 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
mac Paymentsof Contingent Consideration
PaymentsofContingentConsideration
0 USD
CY2014Q2 mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Diluted
NetIncomeLossAvailableToCommonStockholdersAfterAllocationToParticipatingSecuritiesDiluted
15968000 USD
mac Non Cashor Part Noncash Acquisition Investmentin Unconsolidated Joint Venture
NonCashorPartNoncashAcquisitionInvestmentinUnconsolidatedJointVenture
15767000 USD
mac Non Cashor Part Noncash Acquisition Investmentin Unconsolidated Joint Venture
NonCashorPartNoncashAcquisitionInvestmentinUnconsolidatedJointVenture
0 USD
mac Number Of Real Estate Management Companies
NumberOfRealEstateManagementCompanies
7 entity
CY2012Q3 mac Percentage Of Commission To Sales Agent
PercentageOfCommissionToSalesAgent
0.02
CY2012 mac Proceeds From Issuance Of Common Stock Gross
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CY2013 mac Proceeds From Issuance Of Common Stock Gross
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mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
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315059000 USD
mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet
25414000 USD
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MACERICH CO

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