$MAC
Macerich Co

2021 Q4 Form 10-Q Financial Statement

#000091224221000017 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q1
Revenue $229.4M $212.1M $190.4M
YoY Change 17.86% 14.15% -16.1%
Cost Of Revenue $103.9M $91.50M $96.20M
YoY Change 15.33% 9.84% 1.91%
Gross Profit $125.5M $120.6M $94.30M
YoY Change 20.09% 17.58% -28.88%
Gross Profit Margin 54.7% 56.87% 49.52%
Selling, General & Admin $7.691M $7.599M $8.100M
YoY Change -0.12% -0.01% 19.12%
% of Gross Profit 6.13% 6.3% 8.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $82.95M $78.85M $80.81M
YoY Change 4.21% -2.3% -3.6%
% of Gross Profit 66.1% 65.36% 85.7%
Operating Expenses $87.33M $83.06M $86.50M
YoY Change 1.31% -3.53% -2.81%
Operating Profit $38.16M $37.58M $7.800M
YoY Change 108.55% 127.73% -82.11%
Interest Expense -$48.06M $40.34M $53.90M
YoY Change 135.57% 8.48% 567.53%
% of Operating Profit -125.92% 107.35% 690.97%
Other Income/Expense, Net
YoY Change
Pretax Income -$27.51M $113.1M -$65.50M
YoY Change -86.56% -625.89% -870.59%
Income Tax -$2.504M $107.0K $2.238M
% Of Pretax Income 0.09%
Net Earnings -$17.07M $106.7M -$63.60M
YoY Change -91.03% -580.83% -828.48%
Net Earnings / Revenue -7.44% 50.3% -33.4%
Basic Earnings Per Share $0.50 -$0.40
Diluted Earnings Per Share -$79.72K $0.50 -$0.40
COMMON SHARES
Basic Shares Outstanding 213.0M shares 213.2M shares 158.6M shares
Diluted Shares Outstanding 213.2M shares 158.6M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.5M $117.6M $1.084B
YoY Change -75.82% -77.73% 66.26%
Cash & Equivalents $112.5M $117.6M $1.084B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $211.4M $178.3M $233.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $323.8M $295.9M $1.317B
YoY Change -54.13% -62.07% 65.66%
LONG-TERM ASSETS
Property, Plant & Equipment $6.395B $6.443B $6.635B
YoY Change -6.14% -1.97% -1.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.318B $1.365B $1.356B
YoY Change -1.72% -13.03% -11.97%
Other Assets $77.92M $76.83M $96.00M
YoY Change 62.34% 74.61% 128.57%
Total Long-Term Assets $8.022B $8.116B $8.353B
YoY Change -5.38% -3.41% -1.79%
TOTAL ASSETS
Total Short-Term Assets $323.8M $295.9M $1.317B
Total Long-Term Assets $8.022B $8.116B $8.353B
Total Assets $8.346B $8.412B $9.670B
YoY Change -9.13% -8.4% 3.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.23M $58.46M $59.00M
YoY Change -14.16% -18.8% -11.94%
Accrued Expenses $258.3M $241.8M $262.0M
YoY Change -14.2% -13.63% 0.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $317.8M $300.3M $321.0M
YoY Change -14.11% -14.69% -2.13%
LONG-TERM LIABILITIES
Long-Term Debt $4.662B $4.683B $6.163B
YoY Change -24.67% -22.53% 0.93%
Other Long-Term Liabilities $189.8M $194.0M $188.0M
YoY Change 5.45% 40.58% 32.39%
Total Long-Term Liabilities $4.852B $4.877B $6.351B
YoY Change -23.82% -21.12% 1.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $317.8M $300.3M $321.0M
Total Long-Term Liabilities $4.852B $4.877B $6.351B
Total Liabilities $5.170B $5.177B $6.672B
YoY Change -23.29% -20.77% 1.48%
SHAREHOLDERS EQUITY
Retained Earnings -$2.444B -$2.395B -$2.427B
YoY Change 4.45% 12.6% 18.79%
Common Stock $5.491B $5.469B $5.266B
YoY Change 19.23% 18.85% 14.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.047B $3.075B $2.834B
YoY Change
Total Liabilities & Shareholders Equity $8.346B $8.412B $9.670B
YoY Change -9.13% -8.4% 3.98%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q1
OPERATING ACTIVITIES
Net Income -$17.07M $106.7M -$63.60M
YoY Change -91.03% -580.83% -828.48%
Depreciation, Depletion And Amortization $82.95M $78.85M $80.81M
YoY Change 4.21% -2.3% -3.6%
Cash From Operating Activities $74.73M $98.61M $52.22M
YoY Change 25.18% 22.49% 5.07%
INVESTING ACTIVITIES
Capital Expenditures -$2.615M -$11.80M -$8.700M
YoY Change -48.73% 436.32% 383.33%
Acquisitions
YoY Change
Other Investing Activities -$18.54M $163.0M $82.40M
YoY Change -75.25% -1517.23% -308.08%
Cash From Investing Activities -$21.16M $151.2M $73.74M
YoY Change -73.55% -1203.53% -278.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $597.0M
YoY Change
Debt Paid & Issued, Net $100.1M $23.99M
YoY Change 176.46%
Cash From Financing Activities -59.72M -340.0M $542.5M
YoY Change 53.91% 942.96% 0.34%
NET CHANGE
Cash From Operating Activities 74.73M 98.61M $52.22M
Cash From Investing Activities -21.16M 151.2M $73.74M
Cash From Financing Activities -59.72M -340.0M $542.5M
Net Change In Cash -6.139M -90.22M $668.4M
YoY Change -89.61% -363.79% 21.77%
FREE CASH FLOW
Cash From Operating Activities $74.73M $98.61M $52.22M
Capital Expenditures -$2.615M -$11.80M -$8.700M
Free Cash Flow $77.35M $110.4M $60.92M
YoY Change 19.37% 33.5% 18.29%

Facts In Submission

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dei Document Type
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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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MACERICH CO
dei Entity Incorporation State Country Code
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MD
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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401 Wilshire Boulevard,
dei Entity Address Address Line2
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Suite 700,
dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei Security12b Title
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dei Trading Symbol
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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 town centers 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 September 30, 2021, the Company was the sole general partner of and held a 96% 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>
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0 USD
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CY2020Q3 us-gaap Variable Lease Income
VariableLeaseIncome
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us-gaap Variable Lease Income
VariableLeaseIncome
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us-gaap Variable Lease Income
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CY2021Q3 mac Provision Recovery For Lease Losses
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ProvisionRecoveryForLeaseLosses
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mac Provision Recovery For Lease Losses
ProvisionRecoveryForLeaseLosses
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mac Provision Recovery For Lease Losses
ProvisionRecoveryForLeaseLosses
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CY2021Q3 us-gaap Lease Income
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us-gaap Lease Income
LeaseIncome
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CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Two
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230173000 USD
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LessorOperatingLeasePaymentsToBeReceivedRollingYearFive
184369000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received After Rolling Year Five
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us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2021Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseRightOfUseAssetAmortization
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CY2021Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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FinanceLeaseInterestExpense
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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FinanceLeaseInterestExpense
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CY2020Q3 us-gaap Lease Cost
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us-gaap Lease Cost
LeaseCost
12923000 USD
us-gaap Lease Cost
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CY2021Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
2450000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2020Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
10785000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2021Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
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14558000 USD
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2762000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2043000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8746000 USD
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
344000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6471000 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
3085000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6513000 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6796000 USD
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 USD
CY2021Q3 mac Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
115828000 USD
CY2021Q3 mac Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
116660000 USD
CY2020Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
155503000 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
18026000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2020Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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CY2021Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
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3497000 USD
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94375000 USD
CY2020Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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OperatingLeaseLiability
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FinanceLeaseLiability
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OperatingLeaseLiability
73839000 USD
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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P35Y10M24D
CY2021Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P34Y6M
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P1Y1M6D
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FinanceLeaseWeightedAverageDiscountRatePercent
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140245000 USD
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DeferredCostsLeasingGross
162652000 USD
CY2021Q3 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
66472000 USD
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FiniteLivedIntangibleAssetAcquiredInPlaceLeases
74298000 USD
CY2021Q3 mac Finite Lived Intangible Asset Leasing Commissions And Legal Costs
FiniteLivedIntangibleAssetLeasingCommissionsAndLegalCosts
17810000 USD
CY2020Q4 mac Finite Lived Intangible Asset Leasing Commissions And Legal Costs
FiniteLivedIntangibleAssetLeasingCommissionsAndLegalCosts
21096000 USD
CY2021Q3 mac Finite Lived Intangible Asset Above Market Leases
FiniteLivedIntangibleAssetAboveMarketLeases
75183000 USD
CY2020Q4 mac Finite Lived Intangible Asset Above Market Leases
FiniteLivedIntangibleAssetAboveMarketLeases
80120000 USD
CY2021Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
21315000 USD
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DeferredTaxAssetsLiabilitiesNet
30767000 USD
CY2021Q3 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
62658000 USD
CY2020Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
62874000 USD
CY2021Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
41946000 USD
CY2020Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
61553000 USD
CY2021Q3 mac Deferred Costs And Other Assets Gross
DeferredCostsAndOtherAssetsGross
425629000 USD
CY2020Q4 mac Deferred Costs And Other Assets Gross
DeferredCostsAndOtherAssetsGross
493360000 USD
CY2021Q3 mac Accumulated Amortization Deferred Costs And Finite Lived Intangible Assets
AccumulatedAmortizationDeferredCostsAndFiniteLivedIntangibleAssets
173608000 USD
CY2020Q4 mac Accumulated Amortization Deferred Costs And Finite Lived Intangible Assets
AccumulatedAmortizationDeferredCostsAndFiniteLivedIntangibleAssets
186401000 USD
CY2021Q3 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
252021000 USD
CY2020Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
306959000 USD
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
4432587000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
4560810000 USD
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
13640000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
14085000 USD
CY2021Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3102000 USD
CY2020Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1313000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
6812000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3969000 USD
CY2021Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
4349238000 USD
CY2020Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
4459797000 USD
CY2021Q3 mac Financing Arrangement Terminal Capitalization Rate
FinancingArrangementTerminalCapitalizationRate
0.0575
CY2020Q4 mac Financing Arrangement Terminal Capitalization Rate
FinancingArrangementTerminalCapitalizationRate
0.055
CY2021Q3 mac Financing Arrangement Discount Rate
FinancingArrangementDiscountRate
0.0725
CY2020Q4 mac Financing Arrangement Discount Rate
FinancingArrangementDiscountRate
0.070
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
mac Minority Interest Redemption Value Basis Number Of Trading Days
MinorityInterestRedemptionValueBasisNumberOfTradingDays
P10D
CY2021Q3 mac Minority Interest Redemption Value
MinorityInterestRedemptionValue
171749000 USD
CY2020Q4 mac Minority Interest Redemption Value
MinorityInterestRedemptionValue
117602000 USD
CY2020Q2 us-gaap Common Stock Dividends Shares
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7759280 shares
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
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0.50
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0.20
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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0.10
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0.20
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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0.10
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0.20
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7.2956
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100142000 USD
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40915000 USD
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2920000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1581451 shares
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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4318000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4123000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13681000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13936000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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910000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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626000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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2813000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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2946000 USD
CY2021Q3 us-gaap Current Income Tax Expense Benefit
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0 USD
CY2020Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-439000 USD
CY2021Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
107000 USD
CY2020Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1106000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9452000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
107000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1106000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9452000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-684000 USD
CY2021Q3 us-gaap Deferred Tax Assets Liabilities Net
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21315000 USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
30767000 USD
CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD

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