2021 Q1 Form 10-Q Financial Statement

#000091224221000007 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $190.4M $227.0M
YoY Change -16.1% 0.19%
Cost Of Revenue $96.20M $94.40M
YoY Change 1.91% -1.77%
Gross Profit $94.30M $132.6M
YoY Change -28.88% 1.69%
Gross Profit Margin 49.52% 58.43%
Selling, General & Admin $8.100M $6.800M
YoY Change 19.12% -2.86%
% of Gross Profit 8.59% 5.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.81M $83.83M
YoY Change -3.6% 0.71%
% of Gross Profit 85.7% 63.22%
Operating Expenses $86.50M $89.00M
YoY Change -2.81% 0.68%
Operating Profit $7.800M $43.60M
YoY Change -82.11% 3.81%
Interest Expense $53.90M $8.074M
YoY Change 567.53% -78.95%
% of Operating Profit 690.97% 18.52%
Other Income/Expense, Net
YoY Change
Pretax Income -$65.50M $8.500M
YoY Change -870.59% -7.61%
Income Tax $2.238M -$266.0K
% Of Pretax Income -3.13%
Net Earnings -$63.60M $8.731M
YoY Change -828.48% -1.27%
Net Earnings / Revenue -33.4% 3.85%
Basic Earnings Per Share -$0.40 $0.05
Diluted Earnings Per Share -$0.40 $0.05
COMMON SHARES
Basic Shares Outstanding 158.6M shares 141.4M shares
Diluted Shares Outstanding 158.6M shares 141.4M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.084B $652.0M
YoY Change 66.26% 487.39%
Cash & Equivalents $1.084B $652.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $233.0M $143.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.317B $795.0M
YoY Change 65.66% 244.16%
LONG-TERM ASSETS
Property, Plant & Equipment $6.635B $6.702B
YoY Change -1.0% -2.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.356B $1.541B
YoY Change -11.97% 0.83%
Other Assets $96.00M $42.00M
YoY Change 128.57% -44.0%
Total Long-Term Assets $8.353B $8.505B
YoY Change -1.79% -3.05%
TOTAL ASSETS
Total Short-Term Assets $1.317B $795.0M
Total Long-Term Assets $8.353B $8.505B
Total Assets $9.670B $9.300B
YoY Change 3.98% 3.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.00M $67.00M
YoY Change -11.94% 13.56%
Accrued Expenses $262.0M $261.0M
YoY Change 0.38% -18.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $321.0M $328.0M
YoY Change -2.13% -13.23%
LONG-TERM LIABILITIES
Long-Term Debt $6.163B $6.106B
YoY Change 0.93% 13.6%
Other Long-Term Liabilities $188.0M $142.0M
YoY Change 32.39% -13.41%
Total Long-Term Liabilities $6.351B $6.248B
YoY Change 1.65% 12.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $321.0M $328.0M
Total Long-Term Liabilities $6.351B $6.248B
Total Liabilities $6.672B $6.575B
YoY Change 1.48% 11.11%
SHAREHOLDERS EQUITY
Retained Earnings -$2.427B -$2.043B
YoY Change 18.79% 19.12%
Common Stock $5.266B $4.592B
YoY Change 14.67% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.834B $2.534B
YoY Change
Total Liabilities & Shareholders Equity $9.670B $9.300B
YoY Change 3.98% 3.3%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$63.60M $8.731M
YoY Change -828.48% -1.27%
Depreciation, Depletion And Amortization $80.81M $83.83M
YoY Change -3.6% 0.71%
Cash From Operating Activities $52.22M $49.70M
YoY Change 5.07% -49.72%
INVESTING ACTIVITIES
Capital Expenditures -$8.700M -$1.800M
YoY Change 383.33% -79.55%
Acquisitions
YoY Change
Other Investing Activities $82.40M -$39.60M
YoY Change -308.08% -621.05%
Cash From Investing Activities $73.74M -$41.41M
YoY Change -278.07% 3288.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $597.0M $0.00
YoY Change
Debt Paid & Issued, Net $23.99M $8.676M
YoY Change 176.46% -97.82%
Cash From Financing Activities $542.5M $540.6M
YoY Change 0.34% -682.27%
NET CHANGE
Cash From Operating Activities $52.22M $49.70M
Cash From Investing Activities $73.74M -$41.41M
Cash From Financing Activities $542.5M $540.6M
Net Change In Cash $668.4M $548.9M
YoY Change 21.77% 11397.51%
FREE CASH FLOW
Cash From Operating Activities $52.22M $49.70M
Capital Expenditures -$8.700M -$1.800M
Free Cash Flow $60.92M $51.50M
YoY Change 18.29% -52.16%

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CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1910000 USD
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IncomeLossFromEquityMethodInvestments
9698000 USD
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863000 USD
CY2020Q1 us-gaap Liabilities Fair Value Adjustment
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CY2020Q1 us-gaap Increase Decrease Due From Affiliates
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CY2020Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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49700000 USD
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14819000 USD
CY2020Q1 mac Payments To Acquire Develop Redevelop Expansion And Renovation Real Estate
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26406000 USD
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8653000 USD
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CY2020Q1 mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021Q1 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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125000 USD
CY2020Q1 us-gaap Proceeds From Minority Shareholders
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125000 USD
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114672000 USD
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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548891000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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28250000 USD
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CY2020Q1 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
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CY2021Q1 us-gaap Nature Of Operations
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Organization:<div style="margin-bottom:8pt;margin-top:8pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of March 31, 2021, the Company was the sole general partner of and held a 95% 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").</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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."</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2021Q1 mac Number Of Real Estate Management Companies
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214000 USD
CY2020Q1 mac Undistributed Earnings Loss Allocatedto Participating Securities Basicand Diluted
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322000 USD
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CY2020Q1 mac Net Income Loss Availableto Common Stockholdersafter Allocationto Participating Securities Basicand Diluted
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7200000 USD
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CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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2694000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2021Q1 us-gaap Land
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CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2021Q1 mac Lessee Operating Lease Liability To Be Paid After Year Four
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CY2021Q1 mac Finance Lease Liability To Be Paid After Year Four
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599000 USD
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73175000 USD
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P34Y6M
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OperatingLeaseWeightedAverageDiscountRatePercent
0.077
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.037
CY2021Q1 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
141724000 USD
CY2020Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
162652000 USD
CY2021Q1 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
69874000 USD
CY2020Q4 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
74298000 USD
CY2021Q1 mac Finite Lived Intangible Asset Leasing Commissions And Legal Costs
FiniteLivedIntangibleAssetLeasingCommissionsAndLegalCosts
19517000 USD
CY2020Q4 mac Finite Lived Intangible Asset Leasing Commissions And Legal Costs
FiniteLivedIntangibleAssetLeasingCommissionsAndLegalCosts
21096000 USD
CY2021Q1 mac Finite Lived Intangible Asset Above Market Leases
FiniteLivedIntangibleAssetAboveMarketLeases
77740000 USD
CY2020Q4 mac Finite Lived Intangible Asset Above Market Leases
FiniteLivedIntangibleAssetAboveMarketLeases
80120000 USD
CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
28528000 USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
30767000 USD
CY2021Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
60834000 USD
CY2020Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
62874000 USD
CY2021Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
62208000 USD
CY2020Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
61553000 USD
CY2021Q1 mac Deferred Costs And Other Assets Gross
DeferredCostsAndOtherAssetsGross
460425000 USD
CY2020Q4 mac Deferred Costs And Other Assets Gross
DeferredCostsAndOtherAssetsGross
493360000 USD
CY2021Q1 mac Accumulated Amortization Deferred Costs And Finite Lived Intangible Assets
AccumulatedAmortizationDeferredCostsAndFiniteLivedIntangibleAssets
166635000 USD
CY2020Q4 mac Accumulated Amortization Deferred Costs And Finite Lived Intangible Assets
AccumulatedAmortizationDeferredCostsAndFiniteLivedIntangibleAssets
186401000 USD
CY2021Q1 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
293790000 USD
CY2020Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
306959000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
4534585000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
4560810000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16325000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
14085000 USD
CY2021Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1462000 USD
CY2020Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1295000 USD
CY2021Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
4466749000 USD
CY2020Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
4459797000 USD
CY2021Q1 mac Financing Arrangement Terminal Capitalization Rate
FinancingArrangementTerminalCapitalizationRate
0.0575
CY2020Q4 mac Financing Arrangement Terminal Capitalization Rate
FinancingArrangementTerminalCapitalizationRate
0.055
CY2021Q1 mac Financing Arrangement Discount Rate
FinancingArrangementDiscountRate
0.0725
CY2020Q4 mac Financing Arrangement Discount Rate
FinancingArrangementDiscountRate
0.070
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 mac Minority Interest Redemption Value Basis Number Of Trading Days
MinorityInterestRedemptionValueBasisNumberOfTradingDays
P10D
CY2021Q1 mac Minority Interest Redemption Value
MinorityInterestRedemptionValue
120767000 USD
CY2020Q4 mac Minority Interest Redemption Value
MinorityInterestRedemptionValue
117602000 USD
CY2020Q2 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
7759280 shares
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.50
CY2020Q2 mac Common Stock Cash Dividend Rate Percentage
CommonStockCashDividendRatePercentage
0.20
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2020Q2 mac Common Stock Cash Dividend Rate Percentage
CommonStockCashDividendRatePercentage
0.20
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2020Q2 mac Common Stock Cash Dividend Rate Percentage
CommonStockCashDividendRatePercentage
0.20
CY2020Q2 mac Common Stock Stock Dividend Rate Percentage
CommonStockStockDividendRatePercentage
0.80
CY2020Q2 mac Volume Weighted Average Share Price
VolumeWeightedAverageSharePrice
7.2956
CY2021Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000 USD
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000 USD
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
40915000 USD
CY2021Q1 us-gaap Construction Payable Current
ConstructionPayableCurrent
3318000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1581451 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5031000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5603000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1001000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1379000 USD
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-234000 USD
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2238000 USD
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-32000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2238000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-266000 USD
CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
28528000 USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
30767000 USD

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