$MAC
MACERICH CO

2024 Q2 Form 10-Q Financial Statement

#000091224224000083 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $215.5M $208.8M
YoY Change 1.48% -2.83%
Cost Of Revenue $99.49M $103.9M
YoY Change 3.81% 4.91%
Gross Profit $116.0M $104.9M
YoY Change -0.43% -9.44%
Gross Profit Margin 53.84% 50.23%
Selling, General & Admin $6.996M $7.643M
YoY Change -20.52% 9.5%
% of Gross Profit 6.03% 7.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.41M $71.38M
YoY Change 0.14% -4.87%
% of Gross Profit 64.12% 68.06%
Operating Expenses $78.67M $75.99M
YoY Change -0.65% -3.11%
Operating Profit $37.36M $28.88M
YoY Change 0.03% -22.73%
Interest Expense -$96.60M -$125.5M
YoY Change 56.66% -418.26%
% of Operating Profit -258.55% -434.42%
Other Income/Expense, Net
YoY Change
Pretax Income $265.8M -$132.7M
YoY Change -1993.53% 120.84%
Income Tax $258.0K -$1.224M
% Of Pretax Income 0.1%
Net Earnings $252.0M -$126.7M
YoY Change -1784.09% 115.77%
Net Earnings / Revenue 116.93% -60.7%
Basic Earnings Per Share $1.16 -$0.59
Diluted Earnings Per Share $1.16 -$0.59
COMMON SHARES
Basic Shares Outstanding 215.8M shares 215.7M shares
Diluted Shares Outstanding 216.2M shares 216.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.69M $120.1M
YoY Change -23.55% 7.03%
Cash & Equivalents $70.69M $120.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $142.7M $147.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $213.3M $267.5M
YoY Change -18.01% -4.76%
LONG-TERM ASSETS
Property, Plant & Equipment $6.253B $5.955B
YoY Change -0.14% -4.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $915.8M $785.6M
YoY Change -11.45% -27.86%
Other Assets $395.2M $130.3M
YoY Change 237.89% 9.92%
Total Long-Term Assets $7.564B $7.096B
YoY Change -0.92% -7.09%
TOTAL ASSETS
Total Short-Term Assets $213.3M $267.5M
Total Long-Term Assets $7.564B $7.096B
Total Assets $7.778B $7.363B
YoY Change -1.48% -7.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.70M $60.58M
YoY Change 18.78% 1.71%
Accrued Expenses $391.2M $327.9M
YoY Change 16.55% -1.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $458.9M $388.5M
YoY Change 16.87% -1.15%
LONG-TERM LIABILITIES
Long-Term Debt $4.545B $4.385B
YoY Change 2.23% -0.77%
Other Long-Term Liabilities $185.4M $229.3M
YoY Change -24.98% -8.41%
Total Long-Term Liabilities $4.730B $4.614B
YoY Change 0.79% -1.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $458.9M $388.5M
Total Long-Term Liabilities $4.730B $4.614B
Total Liabilities $5.272B $5.002B
YoY Change 3.67% -1.18%
SHAREHOLDERS EQUITY
Retained Earnings -$3.012B -$3.227B
YoY Change 7.95% 17.85%
Common Stock $5.517B $5.515B
YoY Change -0.05% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.505B $2.287B
YoY Change
Total Liabilities & Shareholders Equity $7.778B $7.363B
YoY Change -1.48% -7.0%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $252.0M -$126.7M
YoY Change -1784.09% 115.77%
Depreciation, Depletion And Amortization $74.41M $71.38M
YoY Change 0.14% -4.87%
Cash From Operating Activities $67.43M $61.10M
YoY Change 16.28% -24.32%
INVESTING ACTIVITIES
Capital Expenditures $57.65M $7.329M
YoY Change -14.18% -50.72%
Acquisitions
YoY Change
Other Investing Activities $1.282M -$19.65M
YoY Change -83.84% -114.77%
Cash From Investing Activities -$56.37M -$26.98M
YoY Change -4.85% -122.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $225.2M
YoY Change 33.55%
Cash From Financing Activities -54.48M $667.0K
YoY Change 177.51% -100.38%
NET CHANGE
Cash From Operating Activities 67.43M $61.10M
Cash From Investing Activities -56.37M -$26.98M
Cash From Financing Activities -54.48M $667.0K
Net Change In Cash -43.42M $34.79M
YoY Change 107.87% 41.67%
FREE CASH FLOW
Cash From Operating Activities $67.43M $61.10M
Capital Expenditures $57.65M $7.329M
Free Cash Flow $9.776M $53.77M
YoY Change -206.36% -18.36%

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
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 retail 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, 2024, 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>
CY2024Q1 mac Number Of Real Estate Management Companies
NumberOfRealEstateManagementCompanies
7 entity
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
94936000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
100320000 usd
CY2023Q4 us-gaap Restricted Cash Current
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95358000 usd
CY2022Q4 us-gaap Restricted Cash Current
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80819000 usd
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2024Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-131446000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-58194000 usd
CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4718000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
539000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
186000 usd
CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
186000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
225000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
225000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-126914000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-58958000 usd
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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216036000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
216036000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
215291000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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215291000 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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615000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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120000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2024Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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8540875000 usd
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CY2024Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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2702053000 usd
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64759000 usd
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67064000 usd
CY2024Q1 us-gaap Impairment Of Real Estate
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36085000 usd
CY2023Q1 us-gaap Impairment Of Real Estate
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3779000 usd
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7267000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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4824000 usd
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102058000 usd
CY2023Q4 us-gaap Deferred Rent Receivables Net
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105260000 usd
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144715000 usd
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140506000 usd
CY2024Q1 us-gaap Variable Lease Income
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49860000 usd
CY2023Q1 us-gaap Variable Lease Income
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2923000 usd
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CY2024Q1 us-gaap Lease Cost
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3892000 usd
CY2023Q1 us-gaap Lease Cost
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CY2024Q1 mac Lessee Operating Lease Liability Payments Due In Rolling Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsDueInRollingRemainderOfFiscalYear
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
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11914000 usd
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2024Q1 mac Lessee Operating Lease Liability Payments Due After Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFour
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CY2024Q1 mac Finance Lease Liability Payments Due In Rolling After Year Four
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CY2024Q1 mac Finite Lived Intangible Asset Above Market Leases
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24024000 usd
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CY2024Q1 mac Deferred Costs And Other Assets Gross
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391374000 usd
CY2024Q1 mac Accumulated Amortization Deferred Costs And Finite Lived Intangible Assets
AccumulatedAmortizationDeferredCostsAndFiniteLivedIntangibleAssets
128010000 usd
CY2023Q4 mac Accumulated Amortization Deferred Costs And Finite Lived Intangible Assets
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CY2024Q1 us-gaap Deferred Costs And Other Assets
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CY2023Q4 us-gaap Deferred Costs And Other Assets
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CY2024Q1 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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23333000 usd
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CY2024Q1 us-gaap Interest Costs Capitalized
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4844000 usd
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CY2023Q4 mac Financing Arrangement Discount Rate
FinancingArrangementDiscountRate
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CY2023Q4 mac Joint Venture Ownership Percent
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CY2024Q1 mac Minority Interest Redemption Value
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CY2023Q4 mac Minority Interest Redemption Value
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12539000 usd
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0.4509
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3046000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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1077000 usd
CY2024Q1 us-gaap Current Income Tax Expense Benefit
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CY2023Q1 us-gaap Current Income Tax Expense Benefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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Files In Submission

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0000912242-24-000083-index.html Edgar Link pending
0000912242-24-000083.txt Edgar Link pending
0000912242-24-000083-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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mac-20240331.htm Edgar Link pending
mac-20240331.xsd Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
mac-20240331_def.xml Edgar Link unprocessable
mac-20240331_cal.xml Edgar Link unprocessable
mac-20240331_lab.xml Edgar Link unprocessable
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mac-20240331_htm.xml Edgar Link completed
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