$MAC
Macerich Co

2014 Q1 Form 10-Q Financial Statement

#000091224214000006 Filed on May 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $264.5M $243.3M
YoY Change 8.71% 29.79%
Cost Of Revenue $113.1M $101.8M
YoY Change 11.1% 19.62%
Gross Profit $151.4M $141.6M
YoY Change 6.92% 25.09%
Gross Profit Margin 57.24% 58.2%
Selling, General & Admin $6.900M $6.000M
YoY Change 15.0% 33.33%
% of Gross Profit 4.56% 4.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.57M $95.47M
YoY Change -5.13% 17.86%
% of Gross Profit 59.82% 67.42%
Operating Expenses $95.60M $93.00M
YoY Change 2.8% 22.37%
Operating Profit $55.80M $48.60M
YoY Change 14.81% 30.65%
Interest Expense $46.34M $49.68M
YoY Change -6.73% 16.83%
% of Operating Profit 83.04% 102.22%
Other Income/Expense, Net -$1.800M -$2.000M
YoY Change -10.0% 81.82%
Pretax Income $19.50M $19.70M
YoY Change -1.02% -54.92%
Income Tax -$172.0K -$243.0K
% Of Pretax Income -0.88% -1.23%
Net Earnings $19.64M $22.53M
YoY Change -12.81% -292.19%
Net Earnings / Revenue 7.43% 9.26%
Basic Earnings Per Share $0.13 $0.13
Diluted Earnings Per Share $0.13 $0.13
COMMON SHARES
Basic Shares Outstanding 140.8M shares 137.5M shares
Diluted Shares Outstanding 140.8M shares 137.6M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.00M $69.00M
YoY Change -5.8% -69.87%
Cash & Equivalents $64.93M $68.81M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $129.0M $131.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $194.0M $200.0M
YoY Change -3.0% -39.76%
LONG-TERM ASSETS
Property, Plant & Equipment $7.554B $7.933B
YoY Change -4.78% 30.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $724.6M $945.9M
YoY Change -23.4% -15.84%
Other Assets $98.00M $126.0M
YoY Change -22.22% -14.29%
Total Long-Term Assets $8.814B $9.563B
YoY Change -7.83% 23.58%
TOTAL ASSETS
Total Short-Term Assets $194.0M $200.0M
Total Long-Term Assets $8.814B $9.563B
Total Assets $9.008B $9.763B
YoY Change -7.73% 20.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.00M $89.00M
YoY Change 0.0% 15.58%
Accrued Expenses $312.0M $326.0M
YoY Change -4.29% 18.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $797.0M
YoY Change -100.0% -16.54%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $401.0M $1.212B
YoY Change -66.91% -7.27%
LONG-TERM LIABILITIES
Long-Term Debt $4.611B $4.911B
YoY Change -6.11% 46.03%
Other Long-Term Liabilities $333.0M $283.0M
YoY Change 17.67% -13.72%
Total Long-Term Liabilities $4.944B $5.194B
YoY Change -4.81% 40.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $401.0M $1.212B
Total Long-Term Liabilities $4.944B $5.194B
Total Liabilities $5.345B $6.406B
YoY Change -16.56% 19.85%
SHAREHOLDERS EQUITY
Retained Earnings -$618.3M -$701.4M
YoY Change -11.86%
Common Stock $3.922B $3.718B
YoY Change 5.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.304B $3.017B
YoY Change
Total Liabilities & Shareholders Equity $9.008B $9.763B
YoY Change -7.73% 20.98%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $19.64M $22.53M
YoY Change -12.81% -292.19%
Depreciation, Depletion And Amortization $90.57M $95.47M
YoY Change -5.13% 17.86%
Cash From Operating Activities $97.91M $107.5M
YoY Change -8.96% 24.73%
INVESTING ACTIVITIES
Capital Expenditures -$4.800M -$480.9M
YoY Change -99.0% 566.99%
Acquisitions
YoY Change
Other Investing Activities -$17.50M $24.30M
YoY Change -172.02% 3950.0%
Cash From Investing Activities -$22.25M -$456.6M
YoY Change -95.13% 538.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$80.45M $352.1M
YoY Change -122.85% 139.07%
NET CHANGE
Cash From Operating Activities $97.91M $107.5M
Cash From Investing Activities -$22.25M -$456.6M
Cash From Financing Activities -$80.45M $352.1M
Net Change In Cash -$4.789M $3.021M
YoY Change -258.52% -98.14%
FREE CASH FLOW
Cash From Operating Activities $97.91M $107.5M
Capital Expenditures -$4.800M -$480.9M
Free Cash Flow $102.7M $588.4M
YoY Change -82.55% 271.68%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:bold;text-decoration:none;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company commenced operations effective with the completion of its initial public offering on March&#160;16, 1994. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company was the sole general partner of, and held a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">93%</font><font style="font-family:inherit;font-size:10pt;"> ownership interest in, The Macerich Partnership,&#160;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").</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company,&#160;LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners&#160;LLC, a single member Arizona limited liability company, Macerich Arizona Management&#160;LLC, a single member Delaware limited liability company, Macerich Partners of Colorado&#160;LLC, a Colorado limited liability company, MACW Mall Management,&#160;Inc., a New York corporation, and MACW Property Management,&#160;LLC, a single member New York limited liability company. All </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">seven</font><font style="font-family:inherit;font-size:10pt;"> of the management companies are collectively referred to herein as the "Management Companies."</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All references to the Company in this Quarterly Report on Form&#160;10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.</font></div></div>
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--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000912242
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
140692507 shares
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
MACERICH CO

Files In Submission

Name View Source Status
0000912242-14-000006-index-headers.html Edgar Link pending
0000912242-14-000006-index.html Edgar Link pending
0000912242-14-000006.txt Edgar Link pending
0000912242-14-000006-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mac-20140331.xml Edgar Link completed
mac-20140331.xsd Edgar Link pending
mac-20140331_cal.xml Edgar Link unprocessable
mac-20140331_def.xml Edgar Link unprocessable
mac-20140331_lab.xml Edgar Link unprocessable
mac-20140331_pre.xml Edgar Link unprocessable
mac-3312014exhibit101servi.htm Edgar Link pending
mac-3312014exhibit102perfo.htm Edgar Link pending
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mac-3312014exhibit104fully.htm Edgar Link pending
mac-3312014x10q.htm Edgar Link pending
mac-3312014xexhibit311q120.htm Edgar Link pending
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report.css Edgar Link pending
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