With Management company expense and REIT G&A expense were down, Management company expense was down approximately $3 million to $22.5 million, and REIT G&A was down to $4.5 million compared to $7.6 million in the first quarter of last year. That was due to the first quarter of 2011 being usually high in both of those categories as there was a full years' worth of bonuses accrued in the first quarter of 2011.Subsequent to that, bonuses are accrued throughout the year with 25% of the estimated amount booked in each quarter. That change accounts for the drop in both categories for both REIT-G&A and Management company expense.
Macerich's CEO Discusses 1 2012 Results - Earnings Call Transcript
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