$MAC
Macerich Co

2023 Q2 Form 10-Q Financial Statement

#000091224223000013 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $212.4M $214.9M
YoY Change 4.06% -0.6%
Cost Of Revenue $95.83M $99.04M
YoY Change 0.22% 1.61%
Gross Profit $116.5M $115.8M
YoY Change 7.44% -2.41%
Gross Profit Margin 54.87% 53.9%
Selling, General & Admin $8.802M $6.980M
YoY Change 36.66% 1.72%
% of Gross Profit 7.55% 6.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.30M $75.04M
YoY Change -1.05% -0.84%
% of Gross Profit 63.76% 64.79%
Operating Expenses $79.19M $78.43M
YoY Change 0.37% -1.61%
Operating Profit $37.35M $37.38M
YoY Change 26.31% -4.04%
Interest Expense -$61.66M $39.42M
YoY Change 31.66% -23.98%
% of Operating Profit -165.1% 105.47%
Other Income/Expense, Net
YoY Change
Pretax Income -$14.04M -$60.08M
YoY Change -23.54% 68.97%
Income Tax $371.0K -$1.882M
% Of Pretax Income
Net Earnings -$14.96M -$58.73M
YoY Change -2.73% 57.96%
Net Earnings / Revenue -7.05% -27.34%
Basic Earnings Per Share -$0.07 -$0.27
Diluted Earnings Per Share -$0.07 -$0.27
COMMON SHARES
Basic Shares Outstanding 215.1M shares 215.0M shares
Diluted Shares Outstanding 215.5M shares 215.3M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.47M $112.2M
YoY Change -13.08% -12.53%
Cash & Equivalents $92.47M $112.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $167.7M $168.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $260.2M $280.8M
YoY Change -4.3% -3.84%
LONG-TERM ASSETS
Property, Plant & Equipment $6.262B $6.216B
YoY Change -0.67% -2.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.034B $1.089B
YoY Change -17.05% -13.8%
Other Assets $117.0M $118.5M
YoY Change 56.47% 52.04%
Total Long-Term Assets $7.634B $7.637B
YoY Change -2.65% -3.55%
TOTAL ASSETS
Total Short-Term Assets $260.2M $280.8M
Total Long-Term Assets $7.634B $7.637B
Total Assets $7.895B $7.918B
YoY Change -2.71% -3.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.00M $59.56M
YoY Change 5.77% 2.67%
Accrued Expenses $335.6M $333.4M
YoY Change 38.9% 36.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $392.6M $393.0M
YoY Change 32.86% 30.02%
LONG-TERM LIABILITIES
Long-Term Debt $4.446B $4.419B
YoY Change -2.89% -4.22%
Other Long-Term Liabilities $247.2M $250.4M
YoY Change 34.17% 31.44%
Total Long-Term Liabilities $4.693B $4.669B
YoY Change -1.46% -2.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $392.6M $393.0M
Total Long-Term Liabilities $4.693B $4.669B
Total Liabilities $5.086B $5.062B
YoY Change -1.69% -0.86%
SHAREHOLDERS EQUITY
Retained Earnings -$2.790B -$2.739B
YoY Change 8.97%
Common Stock $5.520B $5.514B
YoY Change 0.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.731B $2.776B
YoY Change
Total Liabilities & Shareholders Equity $7.895B $7.918B
YoY Change -2.71% -3.56%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$14.96M -$58.73M
YoY Change -2.73% 57.96%
Depreciation, Depletion And Amortization $74.30M $75.04M
YoY Change -1.05% -0.84%
Cash From Operating Activities $57.99M $80.73M
YoY Change 16.03% 23.36%
INVESTING ACTIVITIES
Capital Expenditures $67.18M $14.87M
YoY Change -728.69% -311.79%
Acquisitions
YoY Change
Other Investing Activities $7.934M $133.0M
YoY Change -46.57% 146.47%
Cash From Investing Activities -$59.25M $118.2M
YoY Change -1523.2% 151.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $168.7M
YoY Change 216.82%
Cash From Financing Activities -19.63M -$174.3M
YoY Change -75.42% 83.15%
NET CHANGE
Cash From Operating Activities 57.99M $80.73M
Cash From Investing Activities -59.25M $118.2M
Cash From Financing Activities -19.63M -$174.3M
Net Change In Cash -20.89M $24.55M
YoY Change -18.82% 42.71%
FREE CASH FLOW
Cash From Operating Activities $57.99M $80.73M
Capital Expenditures $67.18M $14.87M
Free Cash Flow -$9.191M $65.86M
YoY Change -115.15% -9.12%

Facts In Submission

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PaymentsToAcquireDevelopRedevelopExpansionAndRenovationRealEstate
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CY2022Q1 mac Payments To Acquire Develop Redevelop Expansion And Renovation Real Estate
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DeferredLeasingFeesInvestingActivities
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DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther
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CY2023Q1 mac Proceeds From Collection Of Receivable In Connection With Sale Of Joint Venture Property
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CY2022Q1 mac Proceeds From Collection Of Receivable In Connection With Sale Of Joint Venture Property
ProceedsFromCollectionOfReceivableInConnectionWithSaleOfJointVentureProperty
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CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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CY2022Q1 us-gaap Payments Of Dividends Common Stock
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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24554000 usd
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17206000 usd
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205693000 usd
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184177000 usd
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CY2023Q1 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, 2023, 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>
CY2023Q1 mac Number Of Real Estate Management Companies
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CY2023Q1 us-gaap Finite Lived Intangible Asset Acquired In Place Leases
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CY2022Q4 mac Finite Lived Intangible Asset Leasing Commissions And Legal Costs
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CY2023Q1 mac Finite Lived Intangible Asset Above Market Leases
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CY2023Q1 us-gaap Interest Costs Capitalized
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CY2023Q1 us-gaap Notes Payable Fair Value Disclosure
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CY2023Q1 mac Financing Arrangement Terminal Capitalization Rate
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CY2022Q4 mac Financing Arrangement Terminal Capitalization Rate
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CY2023Q1 mac Financing Arrangement Discount Rate
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CY2022Q4 mac Financing Arrangement Discount Rate
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CY2022Q4 mac Minority Interest Redemption Value
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CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2023Q1 us-gaap Stock Repurchased During Period Shares
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CY2022Q1 us-gaap Stock Repurchased During Period Shares
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CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2023Q1 us-gaap Construction Payable Current
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2023Q1 us-gaap Current Income Tax Expense Benefit
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CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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23114000 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
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Files In Submission

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mac-20230331_pre.xml Edgar Link unprocessable
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