<SEC-DOCUMENT>0001104659-13-036594.txt : 20130711
<SEC-HEADER>0001104659-13-036594.hdr.sgml : 20130711
<ACCEPTANCE-DATETIME>20130502160741
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-13-036594
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MACERICH CO
		CENTRAL INDEX KEY:			0000912242
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				954448705
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		401 WILSHIRE BLVD
		STREET 2:		STE 700
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401
		BUSINESS PHONE:		3103946000

	MAIL ADDRESS:	
		STREET 1:		401 WILSHIRE BLVD SUITE 700
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401
</SEC-HEADER>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;2, 2013</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mr.&nbsp;Kevin Woody</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accounting Branch Chief</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">RE:&#160;&#160;&#160;&#160; The Macerich Company</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2012</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Filed February&nbsp;22, 2013</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">File No.&nbsp;001-12504</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Mr.&nbsp;Woody:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We are writing in response to your letter dated April&nbsp;4, 2013, setting forth the comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) on the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2012 (the &#147;Form&nbsp;10-K&#148;) of The Macerich Company (the &#147;Company&#148;).&#160; For your convenience, your comments are restated in italics prior to the Company&#146;s responses to the comments below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Form&nbsp;10-K for the year ended December&nbsp;31, 2012</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Item 1.&#160; Business, page&nbsp;3</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Lease Expirations, page&nbsp;13</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">1.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In future Exchange Act periodic reports, please expand your disclosure of your leasing activities for the reported period to include a discussion of the volume of new or renewed leases, tenant improvement costs, and leasing commissions. These should be presented on a per square foot basis. Also, please compare new rents on new and renewed leases to prior rent based on effective rent. In addition, to the extent you have material lease expirations in the next year, please include disclosure regarding the relationship of rents on expiring leases to market rents.</i></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company hereby confirms that it will expand its disclosure in future filings beginning with its Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2013.&#160; This expanded disclosure will include a discussion of the volume of new or renewed leases, the relationship between new rents on new and renewed leases to prior rents and, where applicable, average tenant improvement costs, leasing commissions and tenant concessions. This information will be presented on a per square foot basis.&#160; However, the Company respectfully objects to the presentation of current market rents. The Company has not previously disclosed, or otherwise provided to investors in its press releases or other public communications, information regarding market rents within its portfolio.&#160; Quantification of market rents is an unreliable exercise due to the inherent imprecision, incompleteness and variability of available data.&#160; Such an exercise could lead investors to develop potentially misleading metrics with respect to the past or future performance of the Company. Given qualitative and competitive differences, not only for individual properties within the same sub-markets, but even for individual spaces within the same property, the comparability of market rents at other properties is, in many instances, an unreliable basis for benchmarking expiring leases at the Company&#146;s properties. Furthermore, any determination of market rents must be based on leasing information obtained from third parties, including brokers and tenants, which is hard to verify and for which the Company can provide no assurance as to accuracy or completeness. In addition, the Company&#146;s disclosure of estimated market rents may be harmful to the Company in future lease negotiations with prospective tenants.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mr.&nbsp;Kevin Woody</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;2, 2013</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 2<a name="PB_2_162002_7056"></a></font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Item 15. Exhibits and Financial Statement Schedules, page&nbsp;67</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">(a)&nbsp;Financial Statements of the Company</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Notes to Consolidated Financial Statements, page&nbsp;77</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">2. Summary of Significant Accounting Policies, page&nbsp;77</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Capitalization of Costs, page&nbsp;78</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="3" face="Times New Roman" style="font-size:11.5pt;font-style:italic;">2.&#160;&#160; We are unable to locate your disclosure indicating the amount of indirect costs capitalized consistent with your response dated June&nbsp;26, 2012. Please advise.</font></i></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Consistent with the Company&#146;s response dated June&nbsp;26, 2012, the Company has provided more detail regarding its capitalization policies.&#160; In the &#147;Capitalization of Costs&#148; section that was added on page&nbsp;78 of its Form&nbsp;10-K in response to the Staff&#146;s previous comment, the Company provided detailed disclosure on its capitalization policies including disclosure on the capitalization of direct and indirect costs and the allocation of capitalized indirect costs between development and redevelopment activities.&#160; The Company has not disclosed the amount of indirect costs capitalized during the fiscal year given that such costs were immaterial (less than $2.0 million).&#160; To the extent that the Company determines that its capitalized indirect costs are material in future periods, the Company will disclose the amount of such indirect capitalized costs.</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company hereby acknowledges that: the Company is responsible for the adequacy and accuracy of the disclosure in the filing, Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mr.&nbsp;Kevin Woody</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;2, 2013</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 3<a name="PB_3_162016_5335"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you have any questions, please feel free to contact me at (310) 899-6331.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Macerich Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">/s/ Thomas E. O&#146;Hern</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Thomas E. O&#146;Hern</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Senior Executive Vice   President, Chief Financial</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Officer and Treasurer</font></p>    </td>
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