The Macerich Company (NYSE:MAC) Q4 2014 Earnings Conference Call - Final Transcript

Feb 05, 2015 • 01:30 pm ET

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The Macerich Company (NYSE:MAC) Q4 2014 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Good day, ladies and gentlemen. Thank you for standing-by. Welcome to The Macerich Company Fourth Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct the question-and-answer session. Instructions will be provided at that time for you to queue up for questions.I would like to remind everyone that this conference is being recorded and would like to now turn the conference over to Jean Wood, Vice President of Investor Relations. Please go ahead.

Executive
Jean Wood

Thank you, everyone for joining us today on our fourth quarter 2014 earnings call. During the course of this call, management will be making forward-looking statements, which are subject to uncertainties and risk associated with our business and industry. For a more detailed description of these risks, please refer to the Company's press release and SEC filings.During this call, we will discuss certain non-GAAP financial measures as defined by the SEC's Regulation G.

The reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included in the press release and the supplemental 8-K filings for the quarter, which is posted in the Investors section of the Company's Web site at www.macerich.com.Joining us today are Art Coppola, CEO and Chairman; Tom O'Hern, Senior Executive Vice President and Chief Financial Officer; and Robert Perlmutter, Executive Vice President, Leasing and John Perry, Senior Vice President, Investor Relations.With that, I would like to turn the call over to Tom.

Executive
Tom O'Hern

Thanks, Jean. Welcome, it's been a couple of months since we saw most of you at our Investor Day on November 18th in Santa Monica, with some great acquisitions leading into that Investor Day and with many of our management team members presenting on a variety of topics including development project status. We'll be updating much of that information for you today as well as our view on 2015.Consistent with past practice, we will be limiting this call to one hour. If we run out of time and you still have questions, please do not hesitate to call me or John Perry or Jean.So it was another very strong quarter for us across the board, we continue to see strong operating results, leasing spreads were good and leasing volumes were very significant.

We signed leases on 516,000 square feet of space that compared to 330,000 square feet in the fourth quarter of 2013. The releasing spreads were positive 22%, mall occupancy was at 95.8%, that's up 125 basis points from a year ago looking at that stat on a same-center basis we're up 70 basis points from 95.1% at 12/31/13.Temporary occupancy was 5.1% of that occupancy, compared to 5.8% at December 31st

Executive
Tom O'Hern

of last year to, it's down about 70 basis points from year ago, but we still have a lot of progress to make on that front and that will continue to be a focus for us. Average mall store base rents are now over $50 a foot, they increase to $51.15 up 6% from $48.16