Macerich (MAC) Financials

$16.53 -0.53 (-3.11%)

Closing price 03:59 PM Eastern

Extended Trading

$16.68 +0.15 (+0.93%)

As of 05:51 PM Eastern

Annual Income Statements for Macerich

This table shows Macerich's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	488	517	146	60	97	-230	14	-66	-274	-194
Consolidated Net Income / (Loss)	523	555	162	69	103	-245	16	-65	-278	-198
Net Income / (Loss) Continuing Operations	523	555	162	69	103	-245	58	-21	-233	-154
Total Pre-Tax Income	108	97	63	25	68	13	-27	-22	58	3.48
Total Revenue	1,076	878	822	777	789	710	889	687	757	742
Net Interest Income / (Expense)	-212	-164	-172	-183	-138	-76	0.00	-217	-173	-220
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	212	164	172	183	138	76	0.00	217	173	220
Total Non-Interest Income	1,288	1,041	994	960	927	786	889	904	930	962
Other Non-Interest Income	1,200	637	922	884	927	740	889	904	930	962
Total Non-Interest Expense	990	781	759	752	722	698	916	709	698	739
Other Operating Expenses	435	434	424	425	391	378	604	418	424	458
Depreciation Expense	464	348	335	327	331	320	311	292	282	295
Other Special Charges	-1.49	-1.71	0.00	0.00	0.35	0.00	1.01	0.00	-8.21	-14
Income Tax Expense	-3.22	0.72	16	-3.60	1.59	-0.45	6.95	0.71	-0.49	-1.30
Other Gains / (Losses), net	412	459	114	40	37	-258	91	2.44	-291	-158
Net Income / (Loss) Attributable to Noncontrolling Interest	35	38	16	8.95	5.73	-15	1.90	0.99	-4.03	-3.55
Basic Earnings per Share	$3.08	$3.52	$1.02	$0.42	$0.68	($1.58)	$0.07	($0.31)	($1.28)	($0.88)
Weighted Average Basic Shares Outstanding	157.92M	146.60M	141.88M	141.14M	141.34M	146.23M	198.07M	215.03M	215.55M	221.85M
Diluted Earnings per Share	$3.08	$3.52	$1.02	$0.42	$0.68	($1.58)	$0.07	($0.31)	($1.28)	($0.88)
Weighted Average Diluted Shares Outstanding	158.06M	146.71M	141.91M	141.14M	141.34M	146.23M	198.07M	215.03M	215.55M	221.85M
Weighted Average Basic & Diluted Shares Outstanding	158.30M	146.90M	143.30M	141.16M	141.30M	154.77M	214.52M	215.03M	215.72M	252.50M
Cash Dividends to Common per Share	$4.63	$2.75	$2.87	$2.97	$3.00	$1.55	$0.60	$0.62	$0.68	$0.68

This table shows Macerich's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-15	1.69	-59	-15	-263	62	-127	252	-108	-211
Consolidated Net Income / (Loss)	-14	3.46	-58	-14	-272	66	-131	265	-112	-220
Net Income / (Loss) Continuing Operations	-2.13	25	-48	-3.27	-261	79	-120	276	-101	-209
Total Pre-Tax Income	-10	13	8.43	-6.22	-2.36	58	-12	8.07	-8.84	16
Total Revenue	169	191	186	169	176	226	168	186	174	214
Net Interest Income / (Expense)	-53	-59	-39	-55	-53	-25	-52	-40	-57	-71
Total Interest Expense	53	59	39	55	53	25	52	40	57	71
Total Non-Interest Income	222	250	225	224	229	251	220	226	231	285
Other Non-Interest Income	222	263	225	193	197	314	220	198	203	341
Total Non-Interest Expense	179	178	177	175	178	167	180	178	183	198
Other Operating Expenses	107	104	106	105	108	106	112	106	110	131
Depreciation Expense	73	74	71	70	71	70	68	72	73	81
Income Tax Expense	-0.17	-0.26	-1.88	0.37	1.67	-0.66	-1.22	0.26	0.55	-0.88
Other Gains / (Losses), net	7.73	12	-58	3.32	-257	20	-109	268	-92	-226
Net Income / (Loss) Attributable to Noncontrolling Interest	1.69	1.77	0.54	0.56	-9.42	4.29	-4.72	13	-3.91	-8.41
Basic Earnings per Share	($0.07)	-	($0.27)	($0.07)	($1.22)	$0.28	($0.59)	$1.16	($0.50)	($0.95)
Weighted Average Basic Shares Outstanding	215.13M	215.03M	215.29M	215.46M	215.63M	215.55M	216.04M	216.18M	218.42M	221.85M
Diluted Earnings per Share	($0.07)	-	($0.27)	($0.07)	($1.22)	$0.28	($0.59)	$1.16	($0.50)	($0.95)
Weighted Average Diluted Shares Outstanding	215.13M	215.03M	215.29M	215.46M	215.63M	215.55M	216.04M	216.18M	218.42M	221.85M
Weighted Average Basic & Diluted Shares Outstanding	214.78M	215.03M	215.10M	215.26M	215.45M	215.72M	215.75M	215.99M	225.53M	252.50M

This table details how cash moves in and out of Macerich's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	1.60	16	-0.89	6.20	-35	368	-316	14	9.16	-13
Net Cash From Operating Activities	555	430	386	344	355	125	286	338	296	283
Net Cash From Continuing Operating Activities	555	430	386	344	355	125	286	338	296	283
Net Income / (Loss) Continuing Operations	523	555	162	69	103	-245	16	-65	-278	-198
Consolidated Net Income / (Loss)	523	555	162	69	103	-245	16	-65	-278	-198
Provision For Loan Losses	4.70	3.59	4.31	4.66	7.68	44	-6.39	-0.66	-2.70	6.15
Depreciation Expense	471	355	341	335	338	326	324	302	296	306
Amortization Expense	-37	-17	-13	-15	-15	-24	-7.69	-1.27	0.52	10
Non-Cash Adjustments to Reconcile Net Income	-413	-425	-68	-29	-98	132	-85	42	261	141
Changes in Operating Assets and Liabilities, net	5.46	-43	-41	-20	21	-108	44	60	18	18
Net Cash From Investing Activities	-101	454	179	176	-112	-203	235	-1.40	53	20
Net Cash From Continuing Investing Activities	-101	454	179	176	-112	-203	235	-1.40	53	20
Purchase of Property, Leasehold Improvements and Equipment	-	-	-160	-181	-167	-45	-78	-42	-78	-109
Purchase of Investment Securities	-778	-690	-159	-237	-274	-156	-117	-159	-202	-278
Divestitures	-	-	-	0.00	0.00	5.81	-	0.00	0.00	49
Sale and/or Maturity of Investments	649	728	262	87	74	17	339	71	39	282
Other Investing Activities, net	41	416	236	508	254	-25	91	128	294	76
Net Cash From Financing Activities	-452	-868	-566	-514	-278	446	-837	-322	-339	-316
Net Cash From Continuing Financing Activities	-452	-868	-566	-514	-278	446	-837	-322	-339	-316
Issuance of Debt	4,081	3,201	1,430	415	1,796	664	520	277	719	1,225
Issuance of Common Equity	-	-	-	-	0.00	0.00	830	0.00	0.00	657
Repayment of Debt	-3,299	-2,452	-1,220	-470	-1,569	-36	-2,022	-408	-871	-2,030
Payment of Dividends	-811	-797	-548	-454	-502	-180	-143	-186	-159	-161
Other Financing Activities, Net	-12	-19	-7.52	0.55	-3.18	-2.29	-22	-4.61	-28	-6.94
Cash Interest Paid	231	154	168	192	210	199	204	180	192	186

This table details how cash moves in and out of Macerich's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	6.53	16	25	-21	23	-18	35	-43	48	-52
Net Cash From Operating Activities	170	53	81	58	107	49	61	67	100	55
Net Cash From Continuing Operating Activities	170	53	81	58	107	49	61	67	100	55
Net Income / (Loss) Continuing Operations	-14	3.46	-58	-14	-272	66	-131	265	-112	-220
Consolidated Net Income / (Loss)	-14	3.46	-58	-14	-272	66	-131	265	-112	-220
Provision For Loan Losses	-0.71	0.93	-1.02	-0.62	-0.23	-0.83	2.92	1.51	0.14	1.58
Depreciation Expense	75	76	75	74	74	73	71	74	76	84
Amortization Expense	-0.84	-2.09	0.82	-1.20	0.42	0.47	3.58	0.88	2.38	3.17
Non-Cash Adjustments to Reconcile Net Income	1.91	1.93	49	6.39	261	-56	114	-282	96	214
Changes in Operating Assets and Liabilities, net	107	-28	15	-6.47	43	-33	0.85	7.31	38	-28
Net Cash From Investing Activities	-4.47	-48	118	-59	-27	20	-27	-56	66	37
Net Cash From Continuing Investing Activities	-4.47	-48	118	-59	-27	20	-27	-56	66	37
Purchase of Property, Leasehold Improvements and Equipment	-6.96	-14	-20	-13	-19	-26	-26	-24	-28	-31
Purchase of Investment Securities	-51	-59	-28	-91	-32	-51	-20	-75	-26	-157
Divestitures	-	-	-	-	-	-	-	-	-	42
Sale and/or Maturity of Investments	-3.23	23	5.02	23	6.46	4.32	0.01	13	109	160
Other Investing Activities, net	56	1.91	161	22	18	94	19	22	11	24
Net Cash From Financing Activities	-159	12	-174	-20	-57	-87	0.67	-54	-118	-145
Net Cash From Continuing Financing Activities	-159	12	-174	-20	-57	-87	0.67	-54	-118	-145
Issuance of Debt	105	147	420	80	184	35	270	20	110	825
Repayment of Debt	-193	-93	-539	-57	-191	-84	-226	-33	-336	-1,435
Payment of Dividends	-70	-40	-42	-39	-39	-39	-39	-41	-40	-41
Other Financing Activities, Net	-0.87	-2.33	-13	-3.47	-11	0.49	-4.27	-0.14	-0.76	-1.77
Cash Interest Paid	45	45	48	46	45	51	49	43	44	51

This table presents Macerich's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	11,236	9,958	9,606	9,027	8,854	9,184	8,346	8,094	7,514	8,567
Cash and Due from Banks	87	94	91	103	100	465	112	100	95	90
Restricted Cash	41	50	52	47	14	17	55	81	95	88
Trading Account Securities	1,533	1,774	1,710	1,493	1,520	1,341	1,318	1,224	853	655
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	84	68	82	85	6.16	1.61	0.00	3.30	4.76	1.84
Premises and Equipment, Net	8,797	7,357	7,109	6,786	6,644	6,695	6,284	6,128	5,900	7,097
Deferred Acquisition Cost	564	478	449	390	278	307	255	247	263	370
Other Assets	130	137	113	123	292	358	322	310	302	266
Total Liabilities & Shareholders' Equity	11,236	9,958	9,606	9,027	8,854	9,184	8,346	8,094	7,514	8,567
Total Liabilities	6,164	5,531	5,638	5,838	6,023	6,739	5,170	5,145	4,986	5,725
Other Short-Term Payables	412	61	58	59	51	69	59	-	64	88
Long-Term Debt	5,261	4,966	5,170	5,361	5,484	6,173	4,647	4,547	4,328	4,993
Other Long-Term Liabilities	491	504	409	418	488	497	463	598	594	644
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,071	4,427	3,968	3,188	2,831	2,445	3,176	2,949	2,528	2,842
Total Preferred & Common Equity	4,715	4,106	3,682	2,950	2,632	2,257	3,047	2,866	2,447	2,756
Total Common Equity	4,715	4,106	3,682	2,950	2,632	2,257	3,047	2,866	2,447	2,756
Common Stock	4,928	4,595	4,512	4,569	4,585	4,605	5,491	5,508	5,512	6,163
Retained Earnings	-213	-489	-830	-1,614	-1,944	-2,340	-2,444	-2,643	-3,064	-3,407
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-0.04	-4.47	-9.05	-8.21	-0.02	0.63	-0.95	-0.03
Noncontrolling Interest	356	321	286	238	199	188	129	84	81	86

This table presents Macerich's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	8,069	7,918	7,895	7,588	7,363	7,778	7,590
Cash and Due from Banks	110	112	92	112	120	71	116
Restricted Cash	55	94	92	96	105	111	114
Trading Account Securities	1,204	1,089	1,034	919	786	916	775
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	9.17	7.89	-	-	5.34	3.30	3.21
Premises and Equipment, Net	6,165	6,092	6,140	5,950	5,839	6,139	6,060
Deferred Acquisition Cost	226	238	245	232	250	284	279
Other Assets	299	285	284	273	259	254	242
Total Liabilities & Shareholders' Equity	8,069	7,918	7,895	7,588	7,363	7,778	7,590
Total Liabilities	5,091	5,062	5,086	5,090	5,002	5,189	5,001
Other Short-Term Payables	66	60	57	74	61	68	79
Long-Term Debt	4,485	4,407	4,434	4,423	4,375	4,545	4,342
Other Long-Term Liabilities	540	596	594	593	567	577	580
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,978	2,855	2,809	2,498	2,361	2,589	2,589
Total Preferred & Common Equity	2,899	2,776	2,731	2,432	2,287	2,505	2,512
Total Common Equity	2,899	2,776	2,731	2,432	2,287	2,505	2,512
Common Stock	5,507	5,514	5,520	5,521	5,515	5,517	5,669
Retained Earnings	-2,608	-2,739	-2,790	-3,089	-3,227	-3,012	-3,157
Accumulated Other Comprehensive Income / (Loss)	0.01	0.75	1.10	0.56	-0.34	-0.03	-0.18
Noncontrolling Interest	79	80	78	66	73	83	77

This table displays calculated financial ratios and metrics derived from Macerich's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.68%	-18.45%	-6.35%	-5.41%	1.52%	-9.98%	25.15%	-22.76%	10.18%	-1.90%
EBITDA Growth	22.56%	-16.41%	-10.07%	-11.72%	12.97%	-19.51%	-7.65%	-3.88%	27.41%	-10.11%
EBIT Growth	56.49%	12.40%	-34.92%	-59.59%	165.71%	-81.44%	-312.27%	15.95%	360.84%	-94.03%
NOPAT Growth	60.69%	8.33%	-50.68%	-38.65%	127.24%	-80.31%	-243.47%	15.95%	475.79%	-91.87%
Net Income Growth	-67.46%	6.11%	-70.86%	-57.34%	48.69%	-339.35%	106.58%	-502.64%	-327.33%	28.92%
EPS Growth	-70.53%	14.29%	-71.02%	-58.82%	61.90%	-332.35%	104.43%	-542.86%	-312.90%	31.25%
Operating Cash Flow Growth	38.49%	-22.60%	-10.04%	-10.89%	3.15%	-64.85%	129.39%	17.86%	-12.45%	-4.08%
Free Cash Flow Firm Growth	152.54%	-50.46%	-70.81%	104.53%	-51.37%	-196.56%	367.39%	-59.84%	124.46%	-239.37%
Invested Capital Growth	-16.22%	-9.09%	-2.71%	-6.44%	-2.74%	3.65%	-9.22%	-4.18%	-8.54%	14.29%
Revenue Q/Q Growth	-0.02%	-4.64%	-2.08%	-1.45%	-0.82%	-1.32%	36.11%	-25.06%	-19.35%	-19.97%
EBITDA Q/Q Growth	4.68%	-5.88%	-5.22%	2.29%	-3.20%	-8.12%	21.97%	-10.60%	14.38%	-8.12%
EBIT Q/Q Growth	41.87%	-9.92%	-15.05%	-2.08%	-13.68%	-21.98%	50.59%	-9,120.97%	364.32%	-92.41%
NOPAT Q/Q Growth	-94.04%	-24.94%	-37.95%	142.13%	-15.82%	-23.02%	50.59%	-975.37%	364.67%	-89.82%
Net Income Q/Q Growth	-67.51%	-42.10%	-1.37%	-26.87%	19.16%	-2,156.29%	109.87%	30.43%	18.47%	-323.55%
EPS Q/Q Growth	-70.41%	-39.21%	-11.30%	-25.00%	17.24%	-1,655.56%	105.56%	-10.71%	17.95%	-351.43%
Operating Cash Flow Q/Q Growth	7.25%	-9.07%	0.00%	3.18%	-3.78%	-15.83%	5.54%	-6.18%	-1.05%	1.97%
Free Cash Flow Firm Q/Q Growth	177.81%	-69.42%	-19.07%	11.50%	259.10%	-290.23%	5.45%	-29.54%	26.09%	-2,758.15%
Invested Capital Q/Q Growth	-18.26%	0.09%	0.56%	0.05%	-5.65%	-0.68%	-1.01%	0.45%	-0.94%	13.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	48.37%	49.58%	47.62%	44.44%	49.45%	44.21%	32.63%	40.60%	46.95%	43.02%
EBIT Margin	7.99%	11.01%	7.65%	3.27%	8.56%	1.76%	-2.99%	-3.26%	7.71%	0.47%
Profit (Net Income) Margin	48.59%	63.22%	19.67%	8.87%	12.99%	-34.55%	1.82%	-9.48%	-36.75%	-26.63%
Tax Burden Percent	483.81%	574.05%	257.02%	271.33%	151.83%	-1,957.59%	-60.73%	290.89%	-476.56%	-5,676.77%
Interest Burden Percent	125.69%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-2.98%	0.75%	24.79%	-14.18%	2.35%	-3.56%	0.00%	0.00%	-0.85%	-37.33%
Return on Invested Capital (ROIC)	0.78%	0.97%	0.51%	0.33%	0.78%	0.15%	-0.23%	-0.20%	0.82%	0.07%
ROIC Less NNEP Spread (ROIC-NNEP)	8.30%	9.95%	2.77%	1.09%	1.46%	-4.28%	0.42%	-1.28%	-6.77%	-4.28%
Return on Net Nonoperating Assets (RNNOA)	8.63%	10.71%	3.34%	1.60%	2.63%	-9.46%	0.80%	-1.92%	-10.98%	-7.43%
Return on Equity (ROE)	9.41%	11.68%	3.85%	1.93%	3.41%	-9.30%	0.58%	-2.12%	-10.16%	-7.36%
Cash Return on Invested Capital (CROIC)	18.43%	10.49%	3.26%	6.99%	3.56%	-3.43%	9.44%	4.07%	9.75%	-13.27%
Operating Return on Assets (OROA)	0.71%	0.91%	0.64%	0.27%	0.76%	0.14%	-0.30%	-0.27%	0.75%	0.04%
Return on Assets (ROA)	4.29%	5.24%	1.65%	0.74%	1.15%	-2.72%	0.18%	-0.79%	-3.56%	-2.46%
Return on Common Equity (ROCE)	8.77%	10.85%	3.57%	1.79%	3.16%	-8.62%	0.54%	-2.05%	-9.85%	-7.13%
Return on Equity Simple (ROE_SIMPLE)	11.09%	13.51%	4.39%	2.34%	3.90%	-10.88%	0.53%	-2.27%	-11.36%	-7.17%
Net Operating Profit after Tax (NOPAT)	89	96	47	29	66	13	-19	-16	59	4.78
NOPAT Margin	8.23%	10.93%	5.76%	3.73%	8.36%	1.83%	-2.10%	-2.28%	7.78%	0.64%
Net Nonoperating Expense Percent (NNEP)	-7.52%	-8.97%	-2.26%	-0.76%	-0.68%	4.43%	-0.64%	1.08%	7.59%	4.34%
SG&A Expenses to Revenue	8.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	92.01%	88.99%	92.35%	96.73%	91.44%	98.24%	102.99%	103.26%	92.29%	99.53%
Earnings before Interest and Taxes (EBIT)	86	97	63	25	68	13	-27	-22	58	3.48
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	521	435	391	345	390	314	290	279	355	319
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	1.57	1.67	1.45	1.10	0.59	1.05	0.76	1.30	1.63
Price to Tangible Book Value (P/TBV)	1.65	1.57	1.67	1.45	1.10	0.59	1.05	0.76	1.30	1.63
Price to Revenue (P/Rev)	7.25	7.34	7.50	5.49	3.67	1.87	3.59	3.18	4.22	6.05
Price to Earnings (P/E)	16.00	12.47	42.18	71.13	29.95	0.00	223.81	0.00	0.00	0.00
Dividend Yield	8.02%	6.13%	6.58%	9.81%	14.61%	12.93%	4.00%	6.10%	4.59%	3.41%
Earnings Yield	6.25%	8.02%	2.37%	1.41%	3.34%	0.00%	0.45%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.29	1.23	1.26	1.14	1.02	0.84	1.00	0.88	1.08	1.20
Enterprise Value to Revenue (EV/Rev)	12.35	13.21	13.96	12.50	10.73	10.14	8.77	9.66	9.79	12.66
Enterprise Value to EBITDA (EV/EBITDA)	25.52	26.63	29.33	28.13	21.70	22.95	26.89	23.79	20.86	29.41
Enterprise Value to EBIT (EV/EBIT)	154.52	119.90	182.46	382.33	125.37	574.82	0.00	0.00	126.98	2,697.82
Enterprise Value to NOPAT (EV/NOPAT)	150.04	120.80	242.60	334.85	128.39	555.03	0.00	0.00	125.91	1,964.41
Enterprise Value to Operating Cash Flow (EV/OCF)	23.94	26.98	29.70	28.23	23.84	57.74	27.24	19.65	25.08	33.14
Enterprise Value to Free Cash Flow (EV/FCFF)	6.36	11.20	37.99	15.73	28.18	0.00	10.06	21.29	10.60	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.04	1.12	1.30	1.68	1.94	2.52	1.46	1.54	1.71	1.76
Long-Term Debt to Equity	1.04	1.12	1.30	1.68	1.94	2.52	1.46	1.54	1.71	1.76
Financial Leverage	1.04	1.08	1.21	1.47	1.80	2.21	1.92	1.50	1.62	1.74
Leverage Ratio	2.19	2.23	2.33	2.60	2.97	3.42	3.12	2.68	2.85	2.99
Compound Leverage Factor	2.76	2.23	2.33	2.60	2.97	3.42	3.12	2.68	2.85	2.99
Debt to Total Capital	50.92%	52.87%	56.58%	62.71%	65.95%	71.63%	59.40%	60.66%	63.13%	63.72%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	50.92%	52.87%	56.58%	62.71%	65.95%	71.63%	59.40%	60.66%	63.13%	63.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.44%	3.42%	3.13%	2.79%	2.39%	2.18%	1.65%	1.11%	1.18%	1.10%
Common Equity to Total Capital	45.64%	43.71%	40.29%	34.51%	31.66%	26.19%	38.95%	38.23%	35.69%	35.18%
Debt to EBITDA	10.11	11.41	13.21	15.52	14.05	19.65	16.02	16.31	12.18	15.63
Net Debt to EBITDA	9.86	11.08	12.85	15.09	13.76	18.11	15.44	15.66	11.65	15.08
Long-Term Debt to EBITDA	10.11	11.41	13.21	15.52	14.05	19.65	16.02	16.31	12.18	15.63
Debt to NOPAT	59.41	51.76	109.28	184.71	83.15	475.34	-249.44	-290.35	73.55	1,044.09
Net Debt to NOPAT	57.96	50.26	106.26	179.56	81.41	438.17	-240.48	-278.78	70.31	1,006.98
Long-Term Debt to NOPAT	59.41	51.76	109.28	184.71	83.15	475.34	-249.44	-290.35	73.55	1,044.09
Noncontrolling Interest Sharing Ratio	6.80%	7.13%	7.24%	7.33%	7.26%	7.33%	5.65%	3.48%	3.00%	3.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,089	1,035	302	618	300	-290	776	312	699	-975
Operating Cash Flow to CapEx	0.00%	0.00%	240.98%	190.13%	212.94%	276.43%	368.62%	800.68%	379.14%	259.29%
Free Cash Flow to Firm to Interest Expense	9.86	6.32	1.76	3.38	2.17	-3.84	0.00	1.44	4.04	-4.43
Operating Cash Flow to Interest Expense	2.62	2.62	2.25	1.88	2.57	1.65	0.00	1.56	1.71	1.29
Operating Cash Flow Less CapEx to Interest Expense	2.62	2.62	1.32	0.89	1.36	1.05	0.00	1.36	1.26	0.79
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.08	0.08	0.08	0.09	0.08	0.10	0.08	0.10	0.09
Fixed Asset Turnover	0.11	0.11	0.11	0.11	0.12	0.11	0.14	0.11	0.13	0.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,332	9,393	9,138	8,549	8,315	8,618	7,824	7,496	6,856	7,835
Invested Capital Turnover	0.10	0.09	0.09	0.09	0.09	0.08	0.11	0.09	0.11	0.10
Increase / (Decrease) in Invested Capital	-2,000	-939	-255	-589	-235	303	-794	-327	-640	979
Enterprise Value (EV)	13,287	11,589	11,477	9,719	8,468	7,208	7,802	6,633	7,410	9,394
Market Capitalization	7,799	6,446	6,164	4,269	2,900	1,329	3,192	2,184	3,191	4,493
Book Value per Share	$29.78	$28.57	$25.95	$20.92	$18.63	$15.10	$14.30	$13.34	$11.36	$12.22
Tangible Book Value per Share	$29.78	$28.57	$25.95	$20.92	$18.63	$15.10	$14.30	$13.34	$11.36	$12.22
Total Capital	10,332	9,393	9,138	8,549	8,315	8,618	7,824	7,496	6,856	7,835
Total Debt	5,261	4,966	5,170	5,361	5,484	6,173	4,647	4,547	4,328	4,993
Total Long-Term Debt	5,261	4,966	5,170	5,361	5,484	6,173	4,647	4,547	4,328	4,993
Net Debt	5,133	4,822	5,027	5,212	5,370	5,690	4,480	4,366	4,138	4,815
Capital Expenditures (CapEx)	0.00	0.00	160	181	167	45	78	42	78	109
Net Nonoperating Expense (NNE)	-434	-459	-114	-40	-37	258	-35	49	337	202
Net Nonoperating Obligations (NNO)	5,261	4,966	5,170	5,361	5,484	6,173	4,647	4,547	4,328	4,993
Total Depreciation and Amortization (D&A)	435	338	328	320	323	302	317	301	297	316
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.08	$3.52	$1.02	$0.42	$0.68	($1.58)	$0.07	($0.31)	($1.28)	($0.88)
Adjusted Weighted Average Basic Shares Outstanding	157.92M	146.60M	141.88M	141.14M	141.34M	146.23M	198.07M	215.03M	215.55M	221.85M
Adjusted Diluted Earnings per Share	$3.08	$3.52	$1.02	$0.42	$0.68	($1.58)	$0.07	($0.31)	($1.28)	($0.88)
Adjusted Weighted Average Diluted Shares Outstanding	158.06M	146.71M	141.91M	141.14M	141.34M	146.23M	198.07M	215.03M	215.55M	221.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	149.15M	143.90M	140.85M	141.16M	141.30M	154.77M	214.52M	215.03M	215.72M	252.50M
Normalized Net Operating Profit after Tax (NOPAT)	59	94	47	18	66	8.78	-18	-16	35	-7.64
Normalized NOPAT Margin	5.50%	10.74%	5.76%	2.29%	8.40%	1.24%	-2.02%	-2.28%	4.64%	-1.03%
Pre Tax Income Margin	10.04%	11.01%	7.65%	3.27%	8.56%	1.76%	-2.99%	-3.26%	7.71%	0.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.41	0.59	0.37	0.14	0.49	0.17	0.00	-0.10	0.34	0.02
NOPAT to Interest Expense	0.42	0.59	0.28	0.16	0.48	0.17	0.00	-0.07	0.34	0.02
EBIT Less CapEx to Interest Expense	0.41	0.59	-0.57	-0.85	-0.72	-0.43	0.00	-0.30	-0.11	-0.48
NOPAT Less CapEx to Interest Expense	0.42	0.59	-0.66	-0.83	-0.73	-0.43	0.00	-0.27	-0.11	-0.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	155.02%	143.73%	338.70%	657.71%	489.97%	-73.27%	887.50%	-286.31%	-57.28%	-81.60%
Augmented Payout Ratio	231.54%	287.92%	475.66%	657.71%	489.97%	-73.27%	887.50%	-286.31%	-57.28%	-81.60%

This table displays calculated financial ratios and metrics derived from Macerich's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.37%	-54.63%	13.16%	3.96%	3.84%	18.52%	-9.60%	10.32%	-0.94%	-5.44%
EBITDA Growth	-17.26%	-27.55%	30.99%	6.15%	12.33%	51.37%	-25.12%	24.62%	-4.14%	-21.43%
EBIT Growth	-263.04%	-64.03%	165.32%	48.82%	76.50%	360.37%	-240.40%	229.72%	-275.16%	-72.49%
NOPAT Growth	-263.04%	-65.73%	214.14%	48.82%	76.50%	356.26%	-180.35%	279.39%	-275.16%	-71.31%
Net Income Growth	-111.95%	113.85%	-55.79%	18.55%	-1,914.26%	1,818.76%	-125.88%	1,942.98%	58.78%	-430.42%
EPS Growth	-114.00%	0.00%	-58.82%	0.00%	-1,642.86%	0.00%	-118.52%	1,757.14%	59.02%	-439.29%
Operating Cash Flow Growth	71.96%	-29.72%	23.36%	16.03%	-36.66%	-5.98%	-24.32%	16.28%	-6.84%	11.12%
Free Cash Flow Firm Growth	-43.83%	-59.13%	-68.50%	-27.38%	24.68%	105.66%	14.94%	-68.47%	-103.05%	-237.57%
Invested Capital Growth	-5.57%	-4.18%	-5.72%	-4.96%	-7.26%	-8.54%	-7.25%	-1.52%	0.15%	14.29%
Revenue Q/Q Growth	4.36%	12.51%	-54.38%	-9.20%	4.24%	28.42%	-57.87%	10.81%	-6.40%	22.59%
EBITDA Q/Q Growth	2.38%	34.79%	-3.07%	-20.65%	8.34%	81.63%	-52.05%	32.06%	-16.66%	48.87%
EBIT Q/Q Growth	17.51%	226.81%	-33.62%	-173.71%	62.12%	2,583.82%	-120.24%	168.11%	-209.55%	282.15%
NOPAT Q/Q Growth	17.51%	284.83%	-20.43%	-142.19%	62.12%	3,688.05%	-114.01%	194.19%	-179.22%	374.43%
Net Income Q/Q Growth	23.66%	125.66%	-1,779.97%	75.24%	-1,787.86%	124.44%	-297.76%	301.98%	-142.22%	-95.92%
EPS Q/Q Growth	0.00%	0.00%	0.00%	74.07%	-1,642.86%	122.95%	-310.71%	296.61%	-143.10%	-90.00%
Operating Cash Flow Q/Q Growth	239.28%	-69.03%	53.71%	-28.17%	85.20%	-54.02%	23.72%	10.37%	48.37%	-45.15%
Free Cash Flow Firm Q/Q Growth	-15.75%	-21.50%	32.63%	-17.21%	44.65%	29.48%	-25.88%	-77.29%	-113.99%	-5,742.01%
Invested Capital Q/Q Growth	-2.08%	0.45%	-3.12%	-0.26%	-4.45%	-0.94%	-1.76%	5.91%	-2.83%	13.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	38.07%	45.61%	45.34%	39.62%	41.18%	58.25%	37.56%	44.76%	39.85%	48.40%
EBIT Margin	-5.91%	6.66%	4.54%	-3.68%	-1.34%	25.89%	-7.05%	4.33%	-5.07%	7.53%
Profit (Net Income) Margin	-7.97%	1.82%	-31.30%	-8.53%	-154.56%	29.41%	-78.21%	142.57%	-64.31%	-102.78%
Tax Burden Percent	134.75%	27.26%	-689.99%	231.72%	11,548.41%	113.63%	1,110.09%	3,291.99%	1,268.79%	-1,364.69%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	-2.03%	-22.31%	0.00%	0.00%	-1.12%	0.00%	3.20%	0.00%	-5.46%
Return on Invested Capital (ROIC)	-0.49%	0.61%	0.69%	-0.32%	-0.12%	2.76%	-0.64%	0.54%	-0.48%	0.80%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.64%	0.40%	-0.84%	-0.55%	-6.19%	2.92%	-3.45%	6.28%	-2.89%	-4.27%
Return on Net Nonoperating Assets (RNNOA)	-0.94%	0.60%	-1.26%	-0.84%	-10.07%	4.74%	-5.80%	10.45%	-4.98%	-7.42%
Return on Equity (ROE)	-1.43%	1.21%	-0.58%	-1.16%	-10.19%	7.50%	-6.45%	10.99%	-5.46%	-6.62%
Cash Return on Invested Capital (CROIC)	5.76%	4.07%	5.88%	5.18%	7.71%	9.75%	8.07%	2.26%	0.53%	-13.27%
Operating Return on Assets (OROA)	-0.66%	0.56%	0.52%	-0.43%	-0.16%	2.51%	-0.84%	0.51%	-0.62%	0.70%
Return on Assets (ROA)	-0.89%	0.15%	-3.59%	-0.99%	-18.52%	2.85%	-9.33%	16.90%	-7.86%	-9.49%
Return on Common Equity (ROCE)	-1.37%	1.17%	-0.56%	-1.12%	-9.92%	7.27%	-6.26%	10.66%	-5.30%	-6.41%
Return on Equity Simple (ROE_SIMPLE)	-3.23%	0.00%	-3.10%	-3.03%	-14.02%	0.00%	-15.36%	-2.85%	3.52%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.01	13	10	-4.35	-1.65	59	-8.29	7.81	-6.18	17
NOPAT Margin	-4.14%	6.80%	5.55%	-2.58%	-0.94%	26.18%	-4.93%	4.19%	-3.55%	7.94%
Net Nonoperating Expense Percent (NNEP)	0.14%	0.21%	1.52%	0.22%	6.07%	-0.16%	2.81%	-5.74%	2.42%	5.08%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	105.91%	93.34%	95.46%	103.68%	101.34%	74.11%	107.05%	95.67%	105.07%	92.47%
Earnings before Interest and Taxes (EBIT)	-10	13	8.43	-6.22	-2.36	58	-12	8.07	-8.84	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	65	87	84	67	72	132	63	83	69	103
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.53	0.76	0.76	0.83	0.91	1.30	1.59	1.31	1.56	1.63
Price to Tangible Book Value (P/TBV)	0.53	0.76	0.76	0.83	0.91	1.30	1.59	1.31	1.56	1.63
Price to Revenue (P/Rev)	1.67	3.18	2.27	2.44	2.36	4.22	3.98	3.54	4.21	6.05
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	49.28	0.00
Dividend Yield	8.42%	6.10%	6.55%	6.24%	6.60%	4.59%	4.04%	4.46%	3.76%	3.41%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.03%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.79	0.88	0.88	0.91	0.94	1.08	1.17	1.09	1.17	1.20
Enterprise Value to Revenue (EV/Rev)	6.47	9.66	6.90	7.09	6.93	9.79	8.61	8.33	8.73	12.66
Enterprise Value to EBITDA (EV/EBITDA)	19.01	23.79	21.36	21.82	20.92	20.86	23.51	22.08	23.29	29.41
Enterprise Value to EBIT (EV/EBIT)	23,911.72	0.00	0.00	1,346.83	517.08	126.98	206.24	147.80	176.45	2,697.82
Enterprise Value to NOPAT (EV/NOPAT)	3,314.76	0.00	0.00	965.71	513.12	125.91	207.13	147.95	172.41	1,964.41
Enterprise Value to Operating Cash Flow (EV/OCF)	16.49	19.65	18.09	18.30	21.76	25.08	28.47	27.13	29.13	33.14
Enterprise Value to Free Cash Flow (EV/FCFF)	13.41	21.29	14.50	17.16	11.72	10.60	13.91	47.69	220.79	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.51	1.54	1.54	1.58	1.77	1.71	1.85	1.76	1.68	1.76
Long-Term Debt to Equity	1.51	1.54	1.54	1.58	1.77	1.71	1.85	1.76	1.68	1.76
Financial Leverage	1.47	1.50	1.51	1.53	1.63	1.62	1.68	1.66	1.72	1.74
Leverage Ratio	2.65	2.68	2.71	2.73	2.86	2.85	2.93	2.90	2.98	2.99
Compound Leverage Factor	2.65	2.68	2.71	2.73	2.86	2.85	2.93	2.90	2.98	2.99
Debt to Total Capital	60.09%	60.66%	60.68%	61.22%	63.90%	63.13%	64.95%	63.71%	62.65%	63.72%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	60.09%	60.66%	60.68%	61.22%	63.90%	63.13%	64.95%	63.71%	62.65%	63.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.06%	1.11%	1.10%	1.07%	0.95%	1.18%	1.09%	1.17%	1.12%	1.10%
Common Equity to Total Capital	38.85%	38.23%	38.22%	37.71%	35.15%	35.69%	33.96%	35.12%	36.24%	35.18%
Debt to EBITDA	14.38	16.31	14.75	14.65	14.24	12.18	13.09	12.96	12.49	15.63
Net Debt to EBITDA	13.85	15.66	14.06	14.04	13.57	11.65	12.42	12.45	11.83	15.08
Long-Term Debt to EBITDA	14.38	16.31	14.75	14.65	14.24	12.18	13.09	12.96	12.49	15.63
Debt to NOPAT	2,506.91	-290.35	-6,129.79	648.48	349.20	73.55	115.37	86.88	92.47	1,044.09
Net Debt to NOPAT	2,414.70	-278.78	-5,843.67	621.46	332.77	70.31	109.44	83.40	87.57	1,006.98
Long-Term Debt to NOPAT	2,506.91	-290.35	-6,129.79	648.48	349.20	73.55	115.37	86.88	92.47	1,044.09
Noncontrolling Interest Sharing Ratio	3.85%	3.48%	3.36%	3.28%	2.64%	3.00%	2.93%	2.98%	2.82%	3.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	433	340	451	374	540	700	519	118	-16	-963
Operating Cash Flow to CapEx	2,438.04%	375.88%	403.81%	455.47%	566.62%	188.03%	231.25%	282.23%	356.93%	177.15%
Free Cash Flow to Firm to Interest Expense	8.23	5.75	11.44	6.83	10.12	27.53	9.94	2.96	-0.29	-13.57
Operating Cash Flow to Interest Expense	3.22	0.89	2.05	1.06	2.01	1.94	1.17	1.70	1.75	0.77
Operating Cash Flow Less CapEx to Interest Expense	3.09	0.65	1.54	0.83	1.66	0.91	0.66	1.09	1.26	0.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.08	0.11	0.12	0.12	0.10	0.12	0.12	0.12	0.09
Fixed Asset Turnover	0.15	0.11	0.15	0.15	0.15	0.13	0.15	0.15	0.15	0.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,463	7,496	7,262	7,243	6,921	6,856	6,735	7,133	6,931	7,835
Invested Capital Turnover	0.12	0.09	0.12	0.13	0.13	0.11	0.13	0.13	0.13	0.10
Increase / (Decrease) in Invested Capital	-440	-327	-441	-378	-542	-640	-527	-110	10	979
Enterprise Value (EV)	5,930	6,633	6,383	6,604	6,499	7,410	7,854	7,739	8,096	9,394
Market Capitalization	1,531	2,184	2,103	2,276	2,218	3,191	3,631	3,293	3,906	4,493
Book Value per Share	$13.50	$13.34	$12.91	$12.70	$11.30	$11.36	$10.59	$11.61	$11.63	$12.22
Tangible Book Value per Share	$13.50	$13.34	$12.91	$12.70	$11.30	$11.36	$10.59	$11.61	$11.63	$12.22
Total Capital	7,463	7,496	7,262	7,243	6,921	6,856	6,735	7,133	6,931	7,835
Total Debt	4,485	4,547	4,407	4,434	4,423	4,328	4,375	4,545	4,342	4,993
Total Long-Term Debt	4,485	4,547	4,407	4,434	4,423	4,328	4,375	4,545	4,342	4,993
Net Debt	4,320	4,366	4,201	4,250	4,215	4,138	4,150	4,363	4,112	4,815
Capital Expenditures (CapEx)	6.96	14	20	13	19	26	26	24	28	31
Net Nonoperating Expense (NNE)	6.49	9.50	69	10	270	-7.32	123	-258	106	237
Net Nonoperating Obligations (NNO)	4,485	4,547	4,407	4,434	4,423	4,328	4,375	4,545	4,342	4,993
Total Depreciation and Amortization (D&A)	75	74	76	73	75	73	75	75	78	87
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.07)	$0.00	($0.27)	($0.07)	($1.22)	$0.28	($0.59)	$1.16	($0.50)	($0.95)
Adjusted Weighted Average Basic Shares Outstanding	215.13M	215.03M	215.29M	215.46M	215.63M	215.55M	216.04M	216.18M	218.42M	221.85M
Adjusted Diluted Earnings per Share	($0.07)	$0.00	($0.27)	($0.07)	($1.22)	$0.28	($0.59)	$1.16	($0.50)	($0.95)
Adjusted Weighted Average Diluted Shares Outstanding	215.13M	215.03M	215.29M	215.46M	215.63M	215.55M	216.04M	216.18M	218.42M	221.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	214.78M	215.03M	215.10M	215.26M	215.45M	215.72M	215.75M	215.99M	225.53M	252.50M
Normalized Net Operating Profit after Tax (NOPAT)	-7.01	8.89	5.90	-4.35	-1.65	41	-8.29	7.81	-6.18	11
Normalized NOPAT Margin	-4.14%	4.67%	3.18%	-2.58%	-0.94%	18.12%	-4.93%	4.19%	-3.55%	5.27%
Pre Tax Income Margin	-5.91%	6.66%	4.54%	-3.68%	-1.34%	25.89%	-7.05%	4.33%	-5.07%	7.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.19	0.21	0.21	-0.11	-0.04	2.30	-0.23	0.20	-0.15	0.23
NOPAT to Interest Expense	-0.13	0.22	0.26	-0.08	-0.03	2.33	-0.16	0.20	-0.11	0.24
EBIT Less CapEx to Interest Expense	-0.32	-0.02	-0.29	-0.35	-0.40	1.27	-0.73	-0.40	-0.65	-0.21
NOPAT Less CapEx to Interest Expense	-0.27	-0.02	-0.25	-0.31	-0.39	1.29	-0.67	-0.40	-0.60	-0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-198.54%	-286.31%	-217.44%	-230.84%	-46.81%	-57.28%	-44.59%	-221.67%	180.08%	-81.60%
Augmented Payout Ratio	-198.54%	-286.31%	-217.44%	-230.84%	-46.81%	-57.28%	-44.59%	-221.67%	180.08%	-81.60%

Financials Breakdown Chart

Key Financial Trends

Positive factors for Macerich (NYSE: MAC) in recent years include:

Q2 2024 showed a strong net income of $265.5 million, a significant positive swing compared to losses in subsequent quarters, showing potential for earnings recovery.
Total revenue generally increased from Q4 2022 ($190.7M) to Q4 2023 ($226M), showing some top-line growth.
Operating cash flow remained positive in all quarters analyzed, with Q3 2024 operating cash flow at $100 million and Q4 2024 at $54.9 million, indicating solid cash generation capability.
Steady dividend per share payments of $0.17 each quarter throughout 2023 and 2024 provide income stability for shareholders.
Long-term liabilities remained relatively steady between 2022 and 2024, indicating no significant increase in long-term debt burden.

Neutral factors that warrant monitoring:

Depreciation expense remains consistently high at roughly $70-$84 million per quarter, reflecting significant investment in fixed assets.
Cash and due from banks fluctuated between $70 million and $120 million, showing liquidity but with some variability quarter to quarter.
Trading account securities holdings varied, peaking above $1.2 billion in some quarters and decreasing afterward, reflecting changes in investment portfolio.
Share count remains stable around approximately 215 to 220 million shares outstanding, indicating little dilution.

Negative factors impacting the company:

Macerich posted consistent quarterly net losses throughout 2023 and 2024 except Q2 2024, culminating in a net loss of $211.2 million in Q4 2024, which indicates ongoing challenges in profitability.
Heavy interest expenses increased from around $25 million in Q4 2023 to over $70 million in Q4 2024, pressuring net income with net interest expense recorded as a large drag on results.
Large negative "Other Gains / (Losses), net" entries in Q3 and Q4 2024 (-$92 million and -$226 million respectively) contributed substantially to losses, suggesting impairment or significant one-time charges.
Net cash used in financing activities was consistently negative, with heavy debt repayments exceeding debt issuances, indicating possible efforts to reduce leverage but resulting in cash outflows.
Total pre-tax income turned negative in most quarterly periods of 2023 and 2024, reflecting operational challenges despite steady revenues.
Retained earnings remain deeply negative (over -$3 billion), underscoring cumulative past losses impacting shareholders' equity.

Summary: Macerich has demonstrated some positive cash flow generation and stable dividends, but ongoing net losses driven by high interest expenses and significant other losses are weighing on profitability. The company’s operating cash flows remain positive, which is encouraging, but investors should be cautious due to increased financial costs and recurring quarterly losses, especially in the latter half of 2024. The fluctuations in trading securities and investment activities suggest active portfolio management. Continued attention to debt levels, interest expense, and asset valuations will be important moving forward.

10/10/25 07:51 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Macerich's Financials

When does Macerich's financial year end?

According to the most recent income statement we have on file, Macerich's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Macerich's net income changed over the last 9 years?

Macerich's net income appears to be on a downward trend, with a most recent value of -$197.67 million in 2024, falling from $522.91 million in 2015. The previous period was -$278.10 million in 2023. See where experts think Macerich is headed by visiting Macerich's forecast page.

How has Macerich's revenue changed over the last 9 years?

Over the last 9 years, Macerich's total revenue changed from $1.08 billion in 2015 to $742.27 million in 2024, a change of -31.0%.

How much debt does Macerich have?

Macerich's total liabilities were at $5.72 billion at the end of 2024, a 14.8% increase from 2023, and a 7.1% decrease since 2015.

How much cash does Macerich have?

In the past 9 years, Macerich's cash and equivalents has ranged from $86.51 million in 2015 to $465.30 million in 2020, and is currently $89.86 million as of their latest financial filing in 2024.

How has Macerich's book value per share changed over the last 9 years?

Over the last 9 years, Macerich's book value per share changed from 29.78 in 2015 to 12.22 in 2024, a change of -59.0%.

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This page (NYSE:MAC) was last updated on 10/10/2025 by MarketBeat.com Staff

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Macerich (MAC) Financials

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Macerich (MAC) Financials

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