Company Quick10K Filing
Macerich
Price32.31 EPS1
Shares141 P/E63
MCap4,568 P/FCF17
Net Debt-107 EBIT165
TEV4,460 TEV/EBIT27
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-06-18
8-K 2020-05-12
8-K 2020-03-16
8-K 2020-02-06
8-K 2019-10-31
8-K 2019-08-01
8-K 2019-06-07
8-K 2019-05-02
8-K 2019-04-24
8-K 2019-02-07
8-K 2019-01-31
8-K 2018-12-31
8-K 2018-10-31
8-K 2018-08-01
8-K 2018-06-21
8-K 2018-05-17
8-K 2018-05-02
8-K 2018-04-20
8-K 2018-04-19
8-K 2018-03-29
8-K 2018-02-05
8-K 2018-01-31
8-K 2018-01-24

MAC 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 formofltipunitawardagr.htm
EX-31.1 mac-2020031x10qexhibit.htm
EX-31.2 mac-20200331x10qexhibi.htm
EX-32.1 mac-20200331x10qexhibi1.htm

Macerich Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.61.30.90.60.2-0.12012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No. 1-12504
THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)
Maryland95-4448705
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification Number)
401 Wilshire Boulevard,Suite 700,Santa Monica,California90401
(Address of principal executive office)(Zip Code)
(310) 394-6000
 (Registrant's telephone number, including area code)
N/A
 (Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.01 Par ValueMACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated FilerNon-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        No
Number of shares outstanding as of May 8, 2020 of the registrant's common stock, par value $0.01 per share: 141,534,987 shares




THE MACERICH COMPANY
FORM 10-Q
INDEX
Part IFinancial Information 
Part IIOther Information 

2

Table of Contents

THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)
(Unaudited)
March 31,
2020
December 31,
2019
ASSETS:  
Property, net$6,558,075  $6,643,513  
Cash and cash equivalents652,354  100,005  
Restricted cash10,753  14,211  
Tenant and other receivables, net133,589  144,035  
Right-of-use assets, net143,637  148,087  
Deferred charges and other assets, net250,648  277,866  
Due from affiliates9,766  6,157  
Investments in unconsolidated joint ventures1,540,826  1,519,697  
Total assets$9,299,648  $8,853,571  
LIABILITIES AND EQUITY:  
Mortgage notes payable$4,384,680  $4,392,599  
Bank and other notes payable1,478,006  817,377  
Accounts payable and accrued expenses66,991  51,027  
Lease liabilities115,899  114,201  
Other accrued liabilities197,040  265,595  
Distributions in excess of investments in unconsolidated joint ventures107,156  107,902  
Financing arrangement obligation225,516  273,900  
Total liabilities6,575,288  6,022,601  
Commitments and contingencies
Equity:  
Stockholders' equity:  
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,572,289 and 141,407,650 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
1,416  1,414  
Additional paid-in capital4,590,709  4,583,911  
Accumulated deficit(2,042,688) (1,944,012) 
Accumulated other comprehensive loss(15,446) (9,051) 
Total stockholders' equity2,533,991  2,632,262  
Noncontrolling interests190,369  198,708  
Total equity2,724,360  2,830,970  
Total liabilities and equity$9,299,648  $8,853,571  
   The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
 For the Three Months Ended March 31,
 20202019
Revenues:  
Leasing revenue$210,721  $211,008  
Other9,258  5,334  
Management Companies6,973  10,180  
Total revenues226,952  226,522  
Expenses:  
Shopping center and operating expenses70,725  69,604  
Leasing expenses7,425  7,505  
Management Companies' operating expenses16,224  19,014  
REIT general and administrative expenses6,821  6,961  
Depreciation and amortization82,213  81,468  
183,408  184,552  
Interest (income) expense:  
Related parties(44,243) (10,447) 
Other52,317  48,804  
8,074  38,357  
Loss on extinguishment of debt, net  351  
Total expenses191,482  223,260  
Equity in income of unconsolidated joint ventures9,698  12,243  
Income tax benefit (expense)266  (346) 
Loss on sale or write down of assets, net(36,703) (6,316) 
Net income8,731  8,843  
Less net income attributable to noncontrolling interests1,209  1,019  
Net income attributable to the Company$7,522  $7,824  
Earnings per common share—attributable to common stockholders:  
Basic$0.05  $0.05  
Diluted$0.05  $0.05  
Weighted average number of common shares outstanding:  
Basic141,437,000  141,262,000  
Diluted141,437,000  141,262,000  
   The accompanying notes are an integral part of these consolidated financial statements.
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THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 For the Three Months Ended March 31,
 20202019
Net income$8,731  $8,843  
Other comprehensive loss:
Interest rate cap/swap agreements(6,395) (2,045) 
Comprehensive income2,336  6,798  
Less net income attributable to noncontrolling interests1,209  1,019  
Comprehensive income attributable to the Company$1,127  $5,779  
   The accompanying notes are an integral part of these consolidated financial statements.




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THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended March 31, 2020 and 2019
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2020141,407,650  $1,414  $4,583,911  $(1,944,012) $(9,051) $2,632,262  $198,708  $2,830,970  
Net income—  —  —  7,522  —  7,522  1,209  8,731  
Interest rate cap/swap agreements—  —  —  —  (6,395) (6,395) —  (6,395) 
Amortization of share and unit-based plans80,917  1  5,602  —  —  5,603  —  5,603  
Distributions paid ($0.75 per share)
—  —  —  (106,198) —  (106,198) —  (106,198) 
Distributions to noncontrolling interests—  —  —  —  —  —  (8,474) (8,474) 
Contributions from noncontrolling interests—  —  —  —  —  —  125  125  
Conversion of noncontrolling interests to common shares83,722  1  5,796  —  —  5,797  (5,797)   
Redemption of noncontrolling interests—  —  (1) —  —  (1) (1) (2) 
Adjustment of noncontrolling interests in Operating Partnership—  —  (4,599) —  —  (4,599) 4,599    
Balance at March 31, 2020141,572,289  $1,416  $4,590,709  $(2,042,688) $(15,446) $2,533,991  $190,369  $2,724,360  

 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2019141,221,712  $1,412  $4,567,643  $(1,614,357) $(4,466) $2,950,232  $238,200  $3,188,432  
Net income—  —  —  7,824  —  7,824  1,019  8,843  
Cumulative effect of adoption of ASC 842—  —  —  (2,203) —  (2,203) —  (2,203) 
Interest rate cap/swap agreements—  —  —  —  (2,045) (2,045) —  (2,045) 
Amortization of share and unit-based plans90,074  1  6,664  —  —  6,665  —  6,665  
Distributions declared ($0.75 per share)
—  —  —  (106,053) —  (106,053) —  (106,053) 
Distributions to noncontrolling interests—  —  —  —  —  —  (8,343) (8,343) 
Conversion of noncontrolling interests to common shares21,000  —  1,005  —  —  1,005  (1,005)   
Redemption of noncontrolling interests—  —  (15) —  —  (15) (12) (27) 
Adjustment of noncontrolling interests in Operating Partnership—  —  (697) —  —  (697) 697    
Balance at March 31, 2019141,332,786  $1,413  $4,574,600  $(1,714,789) $(6,511) $2,854,713  $230,556  $3,085,269  

   The accompanying notes are an integral part of these consolidated financial statements.
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THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
For the Three Months Ended March 31,
 20202019
Cash flows from operating activities:  
Net income$8,731  $8,843  
Adjustments to reconcile net income to net cash provided by operating activities:  
Loss on extinguishment of debt, net  351  
Loss on sale or write down of assets, net36,703  6,316  
Depreciation and amortization83,827  83,233  
Amortization of premium on mortgage notes payable(229) (234) 
Amortization of share and unit-based plans4,224  5,519  
Straight-line rent and amortization of above and below market leases(243) (2,650) 
Provision for doubtful accounts913  1,826  
Income tax (benefit) expense(266) 346  
Equity in income of unconsolidated joint ventures(9,698) (12,243) 
Distributions of income from unconsolidated joint ventures  118  
Change in fair value of financing arrangement obligation(48,384) (14,265) 
Changes in assets and liabilities, net of dispositions:  
Tenant and other receivables11,673  16,867  
Other assets1,037  9,284  
Due from affiliates(4,766) 5,148  
Accounts payable and accrued expenses15,937  8,715  
Other accrued liabilities(49,759) (18,334) 
Net cash provided by operating activities49,700  98,840  
Cash flows from investing activities:  
Development, redevelopment, expansion and renovation of properties(26,406) (28,256) 
Property improvements(1,845) (8,827) 
Proceeds from repayment of notes receivable  65,348  
Deferred leasing costs(981) (8,848) 
Distributions from unconsolidated joint ventures21,693  41,439  
Contributions to unconsolidated joint ventures(33,870) (63,093) 
Proceeds from sale of assets  1,015  
Net cash used in investing activities(41,409) (1,222) 
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THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
For the Three Months Ended March 31,
20202019
Proceeds from mortgages, bank and other notes payable660,000  425,000  
Payments on mortgages, bank and other notes payable(8,676) (397,358) 
Deferred financing costs  (965) 
Proceeds from finance lease4,115    
Payments on finance leases(290) (278) 
Payment of finance deposits  (4,820) 
Redemption of noncontrolling interests(2) (27) 
Contribution from noncontrolling interests125    
Dividends and distributions(114,672) (114,396) 
Net cash provided by (used in) financing activities540,600  (92,844) 
Net increase in cash, cash equivalents and restricted cash548,891  4,774  
Cash, cash equivalents and restricted cash, beginning of period114,216  149,301  
Cash, cash equivalents and restricted cash, end of period$663,107  $154,075  
Supplemental cash flow information:  
Cash payments for interest, net of amounts capitalized$52,989  $50,650  
Non-cash investing and financing transactions:  
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities$28,250  $42,539  
Conversion of Operating Partnership Units to common stock$5,797  $1,005  
The accompanying notes are an integral part of these consolidated financial statements.
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THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

1. Organization:
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.
The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of March 31, 2020, the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, 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").
The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."
All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

2. Summary of Significant Accounting Policies:
Basis of Presentation:
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.
The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs").
The Operating Partnership's consolidated VIEs included the following assets and liabilities:
March 31,
2020
December 31,
2019
Assets:  
Property, net$254,911  $254,071  
Other assets26,347  30,049  
Total assets$281,258  $284,120  
Liabilities:  
Mortgage notes payable$219,163  $219,140  
Other liabilities26,364  32,101  
Total liabilities$245,527  $251,241  
All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
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THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
2. Summary of Significant Accounting Policies: (Continued)

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:
For the Three Months Ended March 31,
20202019
Beginning of period
Cash and cash equivalents$100,005  $102,711  
Restricted cash14,211  46,590  
Cash, cash equivalents and restricted cash$114,216  $149,301  
End of period
Cash and cash equivalents$652,354  $111,022  
Restricted cash10,753  43,053  
Cash, cash equivalents and restricted cash$663,107  $154,075  

COVID-19 Pandemic:
On March 11, 2020, the novel coronavirus ("COVID-19") outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. The Company has been proactively working with all its stakeholders, including its tenants, lenders and suppliers, to mitigate the impact of the economic shut down.
COVID-19 Lease Accounting:
In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842 "Leases". Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not, to all of its lease concessions with similar characteristics and circumstances. The Company's adoption of the Q&A guidance did not have a material impact on the Company’s consolidated financial statements for the three months ended March 31, 2020.




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THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
2. Summary of Significant Accounting Policies: (Continued)

3. Earnings Per Share ("EPS"):
The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2020 and 2019 (shares in thousands):
 For the Three Months Ended March 31,
 20202019
Numerator  
Net income$8,731  $8,843  
Less net income attributable to noncontrolling interests(1,209) (1,019) 
Net income attributable to the Company7,522  7,824  
Allocation of earnings to participating securities(322) (281) 
Numerator for basic and diluted EPS—net income attributable to common stockholders$7,200  $7,543  
Denominator  
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)141,437  141,262  
EPS—net income attributable to common stockholders  
Basic and diluted$0.05  $0.05  
(1)     Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2020 and 2019, as their impact was antidilutive. Diluted EPS also excludes 10,477,827 and 10,415,190 Operating Partnership units ("OP Units") for the three months ended March 31, 2020 and 2019, respectively, as their impact was antidilutive.

4. Investments in Unconsolidated Joint Ventures:
The Company has made the following recent financings of its unconsolidated joint ventures:
On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes.
On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes.
On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project. The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is expected to fund the joint venture's remaining cost to complete the project.

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