NYSE : MAC
The Macerich Company — Financial statements
Real Estate · REIT - Retail · United States
Last price 24.31 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.18B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 941.81M | 950.76M | 850.45M | 809.02M | 800.55M | 787.55M |
| Property Management Fees | 23.98M | 22.71M | 29.81M | 30.18M | 28.51M | 26.02M |
| Other Revenue | 61.62M | 67.59M | 19.03M | 17.20M | 36.45M | 54.39M |
| Total Revenue | 1.03B | 1.04B | 899.30M | 856.41M | 865.51M | 867.96M |
| Property Expenses | 463.21M | 457.60M | 430.27M | 394.89M | 390.35M | 380.88M |
| Selling, General & Administrative | 33.65M | 31.54M | 28.14M | 29.24M | 27.16M | 30.06M |
| Depreciation & Amortization | 345.31M | 357.08M | 294.78M | 282.36M | 291.61M | 311.13M |
| Total Operating Expenses | 842.18M | 846.22M | 753.19M | 706.49M | 709.13M | 722.07M |
| Operating Income | 185.24M | 194.84M | 146.11M | 149.92M | 156.38M | 145.90M |
| Interest Expense | -276.09M | -283.54M | -231.25M | -197.13M | -216.85M | -196.40M |
| Interest & Investment Income | 11.26M | 24.21M | 3.72M | |||
| EBT Excluding Unusual Items | -90.85M | -88.70M | -73.88M | -23.00M | -60.47M | -46.78M |
| Gain (Loss) on Sale of Investments | 917.00K | 8.87M | -178.45M | -129.28M | -11.60M | -4.84M |
| Gain (Loss) on Sale of Assets | -85.50M | -123.42M | 38.96M | -134.52M | 7.70M | 75.74M |
| Other Unusual Items | 14.40M | 8.21M | -1.01M | |||
| Pretax Income | -175.44M | -203.25M | -198.97M | -278.59M | -64.37M | 23.11M |
| Income Tax Expense | -3.33M | -2.19M | -1.30M | -494.00K | 705.00K | 6.95M |
| Earnings From Continuing Operations | -172.11M | -201.06M | -197.66M | -278.10M | -65.08M | 16.16M |
| Minority Interest in Earnings | 2.57M | 3.91M | 3.54M | 4.03M | -989.00K | -1.90M |
| Net Income | -169.54M | -197.15M | -194.12M | -274.06M | -66.07M | 14.26M |
| Preferred Dividends & Other Adjustments | 813.00K | 774.00K | 906.00K | 870.00K | 856.00K | 853.00K |
| Net Income to Common | -170.35M | -197.92M | -195.03M | -274.94M | -66.92M | 13.41M |
| Basic Shares Outstanding | 260.65M | 254.22M | 221.84M | 215.55M | 215.03M | 198.07M |
| Diluted Shares Outstanding | 260.65M | 254.22M | 221.84M | 215.55M | 215.03M | 198.07M |
| EPS (Basic) | -0.65 | -0.78 | -0.88 | -1.28 | -0.31 | 0.07 |
| EPS (Diluted) | -0.65 | -0.78 | -0.88 | -1.28 | -0.31 | 0.07 |
| Dividend Per Share | 0.68 | 0.68 | 0.68 | 0.68 | 0.62 | 0.60 |
| Operating Margin | 18.03% | 18.71% | 16.25% | 17.51% | 18.07% | 16.81% |
| Profit Margin | -16.58% | -19.01% | -21.69% | -32.10% | -7.73% | 1.54% |
| EBITDA | 536.66M | 558.64M | 446.68M | 446.31M | 458.86M | 470.30M |
| EBITDA Margin | 52.23% | 53.66% | 49.67% | 52.11% | 53.02% | 54.18% |
| D&A For Ebitda | 351.43M | 363.80M | 300.57M | 296.39M | 302.48M | 324.40M |
| EBIT | 185.24M | 194.84M | 146.11M | 149.92M | 156.38M | 145.90M |
| EBIT Margin | 18.03% | 18.71% | 16.25% | 17.51% | 18.07% | 16.81% |
| Funds From Operations (FFO) | 398.75M | 396.97M | 365.33M | 413.21M | 437.53M | 423.20M |
| FFO Per Share | 1.47 | 1.50 | 1.58 | 1.84 | 1.96 | 2.03 |
| Adjusted Funds From Operations (AFFO) | 396.97M | 365.33M | 413.21M | 437.53M | 423.20M | |
| AFFO Per Share | 1.50 | 1.58 | 1.84 | 1.96 | 2.03 | |
| FFO Payout Ratio | 45.01% | 43.80% | 40.75% | 35.49% | 30.47% | 27.96% |
| Effective Tax Rate | 30.06% | |||||
| Revenue as Reported | 1.01B | 1.01B | 918.20M | 884.07M | 859.16M | 847.44M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 7.01B | 6.80B | 7.21B | 6.02B | 6.25B | 6.39B |
| Cash & Equivalents | 227.03M | 280.25M | 89.86M | 94.94M | 100.32M | 112.45M |
| Accounts Receivable | 128.60M | 145.72M | 155.35M | 183.48M | 183.59M | 211.36M |
| Other Receivables | 3.11M | 2.45M | 1.84M | 4.75M | 3.30M | |
| Other Intangible Assets | 154.13M | 140.72M | 185.31M | 65.38M | 73.05M | 75.36M |
| Restricted Cash | 83.92M | 92.72M | 87.62M | 95.36M | 80.82M | 54.52M |
| Deferred Long-Term Tax Assets | 29.66M | 27.52M | 25.32M | 24.02M | 23.11M | 23.41M |
| Deferred Long-Term Charges | 43.19M | 40.17M | 41.12M | 37.34M | 30.72M | 41.01M |
| Other Long-Term Assets | 840.33M | 842.10M | 772.47M | 989.10M | 1.34B | 1.43B |
| Total Assets | 8.52B | 8.37B | 8.57B | 7.51B | 8.09B | 8.35B |
| Current Portion of Long-Term Debt | 400.19M | 500.00M | 590.98M | 612.00M | 866.10M | 879.68M |
| Current Portion of Leases | 6.45M | 12.01M | ||||
| Long-Term Debt | 4.15B | 4.57B | 4.40B | 3.72B | 3.68B | 3.77B |
| Long-Term Leases | 56.98M | 54.97M | 71.68M | 83.99M | 94.91M | 80.71M |
| Accounts Payable | 131.59M | 125.21M | 87.54M | 64.19M | 63.11M | 59.23M |
| Accrued Expenses | 306.67M | 322.98M | 302.05M | 284.39M | 259.94M | 254.28M |
| Other Current Liabilities | 199.28M | 194.39M | 192.68M | 174.79M | 121.09M | 127.94M |
| Other Long-Term Liabilities | 67.37M | 63.11M | 77.81M | 47.68M | 56.23M | |
| Total Liabilities | 5.62B | 5.84B | 5.72B | 4.99B | 5.14B | 5.17B |
| Common Stock | 2.84M | 2.57M | 2.53M | 2.16M | 2.15M | 2.15M |
| Additional Paid-In Capital | 6.76B | 6.22B | 6.16B | 5.51B | 5.51B | 5.49B |
| Retained Earnings | -3.93B | -3.78B | -3.41B | -3.06B | -2.64B | -2.44B |
| Comprehensive Income & Other | -5.00K | -9.00K | -34.00K | -952.00K | 632.00K | -24.00K |
| Total Common Equity | 2.83B | 2.45B | 2.76B | 2.45B | 2.87B | 3.05B |
| Minority Interest | 80.28M | 78.20M | 85.94M | 80.58M | 83.58M | 129.28M |
| Shareholders' Equity | 2.91B | 2.53B | 2.84B | 2.53B | 2.95B | 3.18B |
| Total Liabilities & Equity | 8.52B | 8.37B | 8.57B | 7.51B | 8.09B | 8.35B |
| Total Debt | 4.91B | 5.14B | 5.06B | 4.41B | 4.64B | 4.73B |
| Net Cash (Debt) | -4.68B | -4.86B | -4.97B | -4.32B | -4.54B | -4.62B |
| Net Cash Per Share | -17.97 | -19.10 | -22.42 | -20.04 | -21.13 | -23.30 |
| Filing Date Shares Outstanding | 284.08M | 256.67M | 252.50M | 215.72M | 215.03M | 214.52M |
| Total Common Shares Outstanding | 284.08M | 256.99M | 252.93M | 215.98M | 215.24M | 214.80M |
| Book Value Per Share | 9.95 | 9.53 | 10.90 | 11.33 | 13.31 | 14.18 |
| Tangible Book Value | 2.67B | 2.31B | 2.57B | 2.38B | 2.79B | 2.97B |
| Tangible Book Value Per Share | 9.41 | 8.98 | 10.17 | 11.03 | 12.97 | 13.83 |
| Land | 1.56B | 1.54B | 1.71B | 1.39B | 1.43B | 1.44B |
| Buildings | 6.78B | 6.49B | 6.61B | 6.07B | 6.38B | 6.31B |
| Construction In Progress | 305.69M | 323.14M | 335.89M | 340.50M | 218.86M | 222.42M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -169.54M | -197.15M | -194.12M | -274.06M | -66.07M | 14.26M |
| Depreciation & Amortization | 351.43M | 363.80M | 300.57M | 296.39M | 302.48M | 324.40M |
| Other Amortization | 21.19M | 31.11M | 13.06M | |||
| Gain (Loss) on Sale of Assets | -42.48M | -28.03M | -373.33M | -18.97M | -22.74M | -143.08M |
| Asset Writedown | 127.98M | 151.45M | 334.38M | 153.50M | 15.04M | 67.34M |
| Stock-Based Compensation | 22.30M | 18.17M | 12.13M | 13.17M | 17.64M | 14.27M |
| Income (Loss) on Equity Investments | -22.12M | -35.95M | 197.35M | 157.22M | 6.79M | -15.64M |
| Change in Accounts Receivable | -928.00K | 3.40M | 3.44M | 354.00K | 6.61M | 62.42M |
| Change in Accounts Payable | 29.83M | 32.52M | 21.31M | 1.87M | -382.00K | -6.75M |
| Change in Other Net Operating Assets | -7.40M | -13.56M | -6.70M | 16.07M | 54.14M | -11.25M |
| Other Operating Activities | -8.85M | -8.79M | -30.80M | -47.33M | 24.66M | -13.23M |
| Operating Cash Flow | 306.84M | 321.60M | 283.44M | 295.50M | 337.51M | 286.37M |
| Acquisition of Real Estate Assets | -493.03M | -434.35M | -338.48M | -199.19M | -119.34M | -108.21M |
| Sale of Real Estate Assets | 85.12M | 159.61M | 282.15M | 35.53M | 50.46M | 337.51M |
| Net Sale / Acq. of Real Estate Assets | -407.91M | -274.74M | -56.33M | -163.66M | -68.88M | 229.31M |
| Investment in Marketable & Equity Securities | 11.68M | -44.98M | 81.03M | 219.70M | 70.59M | 7.08M |
| Other Investing Activities | 3.50M | 1.30M | ||||
| Investing Cash Flow | -403.44M | -325.34M | 19.79M | 52.54M | -1.40M | 234.97M |
| Long-Term Debt Issued | 599.10M | 1.23B | 719.00M | 277.00M | 520.00M | |
| Long-Term Debt Repaid | -261.73M | -2.03B | -870.85M | -408.00M | -2.02B | |
| Net Debt Issued (Repaid) | -193.50M | 337.37M | -804.85M | -151.84M | -131.00M | -1.50B |
| Issuance of Common Stock | 587.22M | 55.53M | 658.87M | 1.80M | 1.74M | 831.59M |
| Common Dividends Paid | -179.47M | -173.88M | -148.88M | -146.63M | -133.33M | -118.34M |
| Other Financing Activities | -32.17M | -19.79M | -21.20M | -42.21M | -59.35M | -48.03M |
| Net Cash Flow | 85.47M | 195.48M | -12.81M | 9.15M | 14.17M | -315.69M |
| Levered Free Cash Flow | 388.90M | 421.87M | 370.23M | 343.41M | 283.19M | 344.39M |
| Unlevered Free Cash Flow | 540.25M | 567.98M | 501.70M | 466.61M | 418.72M | 467.13M |
| Cash Interest Paid | 215.76M | 207.92M | 186.34M | 191.50M | 180.32M | 204.22M |
| Change in Working Capital | 21.51M | 22.35M | 18.05M | 18.30M | 60.37M | 44.43M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.19B | 4.73B | 4.89B | 3.32B | 2.42B | 3.68B |
| Enterprise Value | 11.87B | 9.65B | 9.27B | 7.79B | 6.97B | 8.48B |
| Last Close Price | 24.34 | 18.03 | 18.73 | 13.93 | 9.56 | 13.97 |
| Price/FFO Ratio | 17.03 | 12.02 | 11.85 | 7.57 | 4.89 | 6.87 |
| Price/AFFO Ratio | 12.04 | 11.89 | 7.57 | 4.89 | 6.87 | |
| PE Ratio | 274.52 | |||||
| PS Ratio | 7.00 | 4.54 | 5.44 | 3.88 | 2.80 | 4.24 |
| PB Ratio | 2.45 | 1.87 | 1.72 | 1.31 | 0.82 | 1.16 |
| P/OCF Ratio | 23.43 | 14.70 | 17.25 | 11.25 | 7.18 | 12.86 |
| EV/Sales Ratio | 11.56 | 9.27 | 10.30 | 9.09 | 8.06 | 9.77 |
| EV/EBITDA Ratio | 22.13 | 17.28 | 20.75 | 17.45 | 15.20 | 18.02 |
| EV/EBIT Ratio | 64.10 | 49.55 | 63.43 | 51.95 | 44.60 | 58.09 |
| Debt / Equity Ratio | 1.69 | 2.03 | 1.78 | 1.75 | 1.57 | 1.49 |
| Debt / EBITDA Ratio | 8.91 | 8.97 | 11.02 | 9.60 | 9.80 | 9.75 |
| Net Debt / Equity Ratio | 1.61 | 1.92 | 1.75 | 1.71 | 1.54 | 1.45 |
| Net Debt / EBITDA Ratio | 8.73 | 8.69 | 11.14 | 9.68 | 9.90 | 9.81 |
| Asset Turnover | 0.12 | 0.12 | 0.11 | 0.11 | 0.10 | 0.10 |
| Quick Ratio | 0.27 | 0.37 | 0.21 | 0.25 | 0.22 | 0.24 |
| Current Ratio | 0.33 | 0.45 | 0.28 | 0.33 | 0.28 | 0.29 |
| Return on Equity (ROE) | -6.18% | -7.49% | -7.36% | -10.15% | -2.12% | 0.57% |
| Return on Assets (ROA) | 1.34% | 1.44% | 1.14% | 1.20% | 1.19% | 1.04% |
| Return on Invested Capital (ROIC) | 2.42% | 2.50% | 1.97% | 2.06% | 2.02% | 1.23% |
| Earnings Yield | -2.69% | -4.17% | -3.97% | -8.24% | -2.73% | 0.39% |
| Dividend Yield | 2.79% | 3.70% | 3.52% | 4.42% | 5.51% | 3.50% |
| Payout Ratio | 829.70% | |||||
| Buyback Yield / Dilution | -8.47% | -14.59% | -2.92% | -0.24% | -8.56% | -35.45% |
| Total Shareholder Return | -5.67% | -10.90% | 0.60% | 4.18% | -3.05% | -31.95% |