23 unchanged sentences
Recent Sales of Unregistered Securities
+Added: On November 29, 2021, the Company, as general partner of the Operating Partnership, issued 1,407,366 shares of common stock of the Company upon the redemption of 1,407,366 common partnership units of the Operating Partnership.
+Added: These shares of common stock were issued in a private placement to a limited partner of the Operating Partnership, who is an accredited investor, pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
Issuer Purchases of Equity Securities
4 unchanged sentences
(1) On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500.0 million of the Company's outstanding common shares from time to time as market conditions warrant.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following sets forth selected financial data for the Company on a historical basis.
−Removed: The following data should be read in conjunction with the consolidated financial statements (and the notes thereto) of the Company and "Management's Discussion and Analysis of Financial Condition and Results of Operations," each included elsewhere in this Form 10-K.
−Removed: All dollars and share amounts are in thousands, except per share data.
−Removed: Years Ended December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: OPERATING DATA:
−Removed: Leasing revenue (1) $ 740,323 $ 858,874 $ 883,996 $ 922,152 $ 970,119
−Removed: Other 22,242 27,879 32,875 28,116 31,688
−Removed: Management Companies 23,461 40,709 43,480 43,394 39,464
−Removed: Total revenues 786,026 927,462 960,351 993,662 1,041,271
−Removed: Shopping center and operating expenses 257,212 271,547 277,470 295,190 307,623
−Removed: Leasing expense (1) 25,191 29,611 11,624 12,420 11,127
−Removed: Management Companies' operating expenses 65,576 66,795 91,910 87,701 87,196
−Removed: REIT general and administrative expenses 30,339 22,634 24,160 28,240 28,217
−Removed: Costs related to shareholder activism (2) — — 19,369 — —
−Removed: Depreciation and amortization 319,619 330,726 327,436 335,431 348,488
−Removed: Interest expense 75,550 138,254 182,962 171,776 163,675
−Removed: Loss (gain) on extinguishment of debt, net — 351 — — (1,709)
−Removed: Total expenses 773,487 859,918 934,931 930,758 944,617
−Removed: Equity in (loss) income of unconsolidated joint ventures (27,038) 48,508 71,773 85,546 56,941
−Removed: Co-venture expense (3) — — — (13,629) (13,382)
−Removed: Income tax benefit (expense) 447 (1,589) 3,604 (15,594) (722)
−Removed: Loss on remeasurement of assets (163,298) — — — —
−Removed: (Loss) gain on sale or write down of assets, net (68,112) (11,909) (31,825) 42,446 415,348
−Removed: Net (loss) income (245,462) 102,554 68,972 161,673 554,839
−Removed: Less net (loss) income attributable to noncontrolling interests (15,259) 5,734 8,952 15,543 37,844
−Removed: Net (loss) income attributable to the Company $ (230,203) $ 96,820 $ 60,020 $ 146,130 $ 516,995
−Removed: Earnings per common share ("EPS") attributable to the Company:
−Removed: Basic $ (1.58) $ 0.68 $ 0.42 $ 1.02 $ 3.52
−Removed: Diluted (4)(5) $ (1.58) $ 0.68 $ 0.42 $ 1.02 $ 3.52
−Removed: As of December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: BALANCE SHEET DATA:
−Removed: Investment in real estate (before accumulated depreciation) $ 9,256,712 $ 8,993,049 $ 8,878,820 $ 9,127,533 $ 9,209,211
−Removed: Total assets $ 9,184,005 $ 8,853,571 $ 9,026,808 $ 9,605,862 $ 9,958,148
−Removed: Total mortgage and notes payable $ 6,038,350 $ 5,209,976 $ 4,982,460 $ 5,170,264 $ 4,965,900
−Removed: Equity (6) $ 2,445,260 $ 2,830,970 $ 3,188,432 $ 3,967,999 $ 4,427,168
−Removed: Funds from operations ("FFO") attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—diluted (7) $ 339,505 $ 536,961 $ 564,436 $ 582,878 $ 642,304
−Removed: Cash flows provided by (used in):
−Removed: Operating activities $ 124,837 $ 355,157 $ 344,311 $ 386,389 $ 429,534
−Removed: Investing activities $ (202,848) $ (112,026) $ 176,323 $ 178,988 $ 454,066
−Removed: Financing activities $ 446,454 $ (278,216) $ (514,438) $ (566,269) $ (867,502)
−Removed: Number of Centers at year end 52 52 52 55 57
−Removed: Regional Shopping Centers portfolio occupancy 89.7 % 94.0 % 95.4 % 95.0 % 95.4 %
−Removed: Weighted average number of shares outstanding—EPS basic 146,232 141,340 141,142 141,877 146,599
−Removed: Weighted average number of shares outstanding—EPS diluted (5) 146,232 141,340 141,144 141,913 146,711
−Removed: Distributions declared per common share $ 1.55 $ 3.00 $ 2.97 $ 2.87 $ 2.75
−Removed: _______________________________________________________________________________
−Removed: (1) On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842, "Leases", under the modified retrospective method.
−Removed: The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e.
−Removed: lessees and lessors).
−Removed: Upon adoption of the new standard, the Company has presented all revenues associated with leases as leasing revenue on its consolidated statements of operations.
−Removed: For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the years ended December 31, 2018, 2017 and 2016 to conform to the presentation for the years ended December 31, 2020 and 2019.
−Removed: The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables.
−Removed: The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue.
−Removed: For the years ended December 31, 2018, 2017 and 2016, the provision for bad debts is included in shopping center and operating expenses.
−Removed: The new standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease.
−Removed: Initial direct costs include the salaries and related costs for employees directly working on leasing activities.
−Removed: Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred.
−Removed: For comparison purposes, the Company has reclassified leasing costs that were included in management companies' operating expenses to leasing expenses for the years ended, December 31, 2018, 2017 and 2016 to conform to the presentation for the years ended December 31, 2020 and 2019.
−Removed: Management's Discussion and Analysis of Financial Condition and Management's Overview and Summary—Other Transactions and Events".
−Removed: (2) During the year ended December 31, 2018, the Company incurred $19.4 million in costs associated with activities related to shareholder activism.
−Removed: These costs were primarily for legal and advisory services.
−Removed: (3) On January 1, 2018, upon adoption of ASU 2014-09, "Revenue From Contracts With Customers (ASC 606)", the Company changed its accounting for Chandler Freehold from a co-venture arrangement to a financing arrangement.
−Removed: As a result, the Company no longer records co-venture expense for its partner's share of the income of Chandler Freehold.
−Removed: Under the financing arrangement, the Company recognizes interest expense on (i) the changes in fair value of the financing arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income.
−Removed: (4) Assumes the conversion of Operating Partnership units to the extent they are dilutive to the EPS computation.
−Removed: It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the EPS computation.
−Removed: (5) Includes the dilutive effect, if any, of share and unit-based compensation plans calculated using the treasury stock method and the dilutive effect, if any, of all other dilutive securities calculated using the "if converted" method.
−Removed: (6) Equity includes the noncontrolling interests in the Operating Partnership, nonredeemable noncontrolling interests in consolidated joint ventures and common and non-participating convertible preferred units of MACWH, LP.
−Removed: (7) See "Item 7.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations—Funds From Operations ("FFO")".
+Added: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.