$MAC
Macerich Co

2022 Q2 Form 10-Q Financial Statement

#000091224222000014 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $204.1M $216.1M $229.4M
YoY Change -5.28% 13.51% 17.86%
Cost Of Revenue $95.62M $97.48M $103.9M
YoY Change -48.45% 1.33% 15.33%
Gross Profit $108.5M $118.7M $125.5M
YoY Change -50.79% 25.84% 20.09%
Gross Profit Margin 53.15% 54.9% 54.7%
Selling, General & Admin $6.441M $6.862M $7.691M
YoY Change -56.38% -15.28% -0.12%
% of Gross Profit 5.94% 5.78% 6.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.09M $75.67M $82.95M
YoY Change -8.21% -6.36% 4.21%
% of Gross Profit 69.22% 63.77% 66.1%
Operating Expenses $78.90M $79.72M $87.33M
YoY Change -53.8% -7.84% 1.31%
Operating Profit $29.57M $38.95M $38.16M
YoY Change -40.42% 399.36% 108.55%
Interest Expense -$46.84M $51.86M -$48.06M
YoY Change -185.29% -3.78% 135.57%
% of Operating Profit -158.39% 133.15% -125.92%
Other Income/Expense, Net
YoY Change
Pretax Income -$18.36M -$35.56M -$27.51M
YoY Change -70.6% -45.72% -86.56%
Income Tax -$670.0K $1.799M -$2.504M
% Of Pretax Income
Net Earnings -$15.38M -$37.18M -$17.07M
YoY Change 278.73% -41.54% -91.03%
Net Earnings / Revenue -7.54% -17.2% -7.44%
Basic Earnings Per Share -$0.07 -$0.17
Diluted Earnings Per Share -$71.56K -$0.17 -$79.72K
COMMON SHARES
Basic Shares Outstanding 214.6M shares 214.8M shares 213.0M shares
Diluted Shares Outstanding 215.0M shares 214.8M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.4M $128.2M $112.5M
YoY Change -45.17% -88.17% -75.82%
Cash & Equivalents $106.4M $128.2M $112.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $165.5M $163.8M $211.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $271.9M $292.1M $323.8M
YoY Change -29.39% -77.82% -54.13%
LONG-TERM ASSETS
Property, Plant & Equipment $6.305B $6.356B $6.395B
YoY Change -3.71% -4.21% -6.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.247B $1.263B $1.318B
YoY Change -9.02% -6.87% -1.72%
Other Assets $74.75M $77.95M $77.92M
YoY Change -17.6% -18.8% 62.34%
Total Long-Term Assets $7.842B $7.918B $8.022B
YoY Change -5.04% -5.21% -5.38%
TOTAL ASSETS
Total Short-Term Assets $271.9M $292.1M $323.8M
Total Long-Term Assets $7.842B $7.918B $8.022B
Total Assets $8.114B $8.210B $8.346B
YoY Change -6.12% -15.1% -9.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.89M $58.01M $59.23M
YoY Change 4.61% -1.68% -14.16%
Accrued Expenses $241.6M $244.2M $258.3M
YoY Change 0.27% -6.78% -14.2%
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 $295.5M $302.2M $317.8M
YoY Change 1.04% -5.84% -14.11%
LONG-TERM LIABILITIES
Long-Term Debt $4.578B $4.613B $4.662B
YoY Change -9.03% -25.14% -24.67%
Other Long-Term Liabilities $184.2M $190.5M $189.8M
YoY Change -3.82% 1.33% 5.45%
Total Long-Term Liabilities $4.762B $4.804B $4.852B
YoY Change -8.84% -24.36% -23.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $295.5M $302.2M $317.8M
Total Long-Term Liabilities $4.762B $4.804B $4.852B
Total Liabilities $5.173B $5.106B $5.170B
YoY Change -6.23% -23.47% -23.29%
SHAREHOLDERS EQUITY
Retained Earnings -$2.513B -$2.444B
YoY Change 3.57% 4.45%
Common Stock $5.496B $5.491B
YoY Change 4.36% 19.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.941B $2.983B $3.047B
YoY Change
Total Liabilities & Shareholders Equity $8.114B $8.210B $8.346B
YoY Change -6.12% -15.1% -9.13%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$15.38M -$37.18M -$17.07M
YoY Change 278.73% -41.54% -91.03%
Depreciation, Depletion And Amortization $75.09M $75.67M $82.95M
YoY Change -8.21% -6.36% 4.21%
Cash From Operating Activities $49.98M $65.44M $74.73M
YoY Change -17.84% 25.33% 25.18%
INVESTING ACTIVITIES
Capital Expenditures -$10.69M -$7.022M -$2.615M
YoY Change 44.27% -19.29% -48.73%
Acquisitions
YoY Change
Other Investing Activities $14.85M $53.98M -$18.54M
YoY Change -61.58% -34.5% -75.25%
Cash From Investing Activities $4.163M $46.95M -$21.16M
YoY Change -86.67% -36.32% -73.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$70.00K
YoY Change -100.01%
Debt Paid & Issued, Net $53.24M
YoY Change 121.95%
Cash From Financing Activities -79.87M -$95.19M -59.72M
YoY Change -91.85% -117.55% 53.91%
NET CHANGE
Cash From Operating Activities 49.98M $65.44M 74.73M
Cash From Investing Activities 4.163M $46.95M -21.16M
Cash From Financing Activities -79.87M -$95.19M -59.72M
Net Change In Cash -25.73M $17.21M -6.139M
YoY Change -97.1% -97.43% -89.61%
FREE CASH FLOW
Cash From Operating Activities $49.98M $65.44M $74.73M
Capital Expenditures -$10.69M -$7.022M -$2.615M
Free Cash Flow $60.66M $72.47M $77.35M
YoY Change -11.09% 18.95% 19.37%

Facts In Submission

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CY2021Q1 us-gaap Depreciation Depletion And Amortization
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CY2022Q1 us-gaap Share Based Compensation
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CY2021Q1 us-gaap Share Based Compensation
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CY2021Q1 mac Straight Line Rent Adjustments And Amortization Of Above And Below Market Leases
StraightLineRentAdjustmentsAndAmortizationOfAboveAndBelowMarketLeases
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CY2021Q1 us-gaap Provision For Doubtful Accounts
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CY2021Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Income Loss From Equity Method Investments
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CY2021Q1 us-gaap Income Loss From Equity Method Investments
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1910000 USD
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CY2021Q1 us-gaap Liabilities Fair Value Adjustment
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CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2021Q1 us-gaap Increase Decrease Due From Affiliates
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CY2021Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2021Q1 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2021Q1 us-gaap Proceeds From Collection Of Notes Receivable
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CY2021Q1 us-gaap Increase Decrease In Deferred Leasing Fees
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CY2021Q1 mac Proceeds From Collection Of Receivable In Connection With Sale Of Joint Venture Property
ProceedsFromCollectionOfReceivableInConnectionWithSaleOfJointVentureProperty
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CY2022Q1 mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
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CY2021Q1 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 Finance Lease Principal Payments
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1000 USD
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125000 USD
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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CY2021Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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25248000 USD
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CY2021Q1 us-gaap Conversion Of Stock Amount Converted1
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CY2021Q1 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q1 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 March 31, 2022, 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>
CY2022Q1 mac Number Of Real Estate Management Companies
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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223000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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214000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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214000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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CY2022Q1 us-gaap Depreciation Nonproduction
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CY2021Q1 us-gaap Depreciation Nonproduction
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2021Q4 us-gaap Deferred Rent Receivables Net
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CY2022Q1 us-gaap Variable Lease Income
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CY2022Q1 us-gaap Provision For Lease Losses
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9072000 USD
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CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
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CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Five
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CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
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120534000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling After Year Five
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60975000 USD
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62826000 USD
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70481000 USD
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72289000 USD
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0 USD

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