MACERICH CO MAC
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the
"Operating Partnership"). As of December 31, 2025, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 38 regional retail centers and the community/power shopping center consist of approximately 39 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), as set forth in "Item 2. Properties," unless the context otherwise requires.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $918.2M | $884.1M | $859.2M | $847.4M | $786.0M | $927.5M | $960.4M | $993.7M | $1.04B |
| SG&A | $31.5M | $28.1M | $29.2M | $27.2M | $30.1M | $30.3M | $22.6M | $24.2M | $28.2M | $28.2M |
| Total operating expenses | $1.13B | $958.8M | $871.2M | $926.0M | $915.8M | $773.5M | $859.9M | $934.9M | $930.8M | $944.6M |
| Interest expense | $283.5M | $220.0M | $172.9M | $216.9M | $192.7M | $75.5M | $138.3M | $183.0M | $171.8M | $163.7M |
| Pre-tax income | -$194.9M | -$193.7M | -$273.6M | -$65.4M | $21.2M | -$229.8M | $98.4M | $72.6M | $177.3M | $555.6M |
| Income tax | $2.2M | $1.3M | $494.0K | $705.0K | $6.9M | $447.0K | $1.6M | $3.6M | $15.6M | $722.0K |
| Net income | -$197.1M | -$195.0M | -$274.1M | -$66.1M | $14.3M | -$230.2M | $96.8M | $69.0M | $161.7M | $554.8M |
| EPS, basic | -0.78 | -0.88 | -1.28 | -0.31 | 0.07 | -1.58 | 0.68 | 0.42 | 1.02 | 3.52 |
| EPS, diluted | -0.78 | -0.88 | -1.28 | -0.31 | 0.07 | -1.58 | 0.68 | 0.42 | 1.02 | 3.52 |
| Shares, diluted (wtd. avg.) | $254.2M | $221.8M | $215.5M | $215.0M | $198.1M | $146.2M | $141.3M | $141.1M | $141.9M | $146.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $280.2M | $89.9M | $94.9M | $100.3M | $112.5M | $465.3M | $100.0M | $102.7M | $91.0M | $94.0M |
| Other intangibles | — | — | — | — | $35.6M | $48.1M | $32.4M | $46.2M | $59.9M | $84.0M |
| Total assets | $8.37B | $8.57B | $7.51B | $8.09B | $8.35B | $9.18B | $8.85B | $9.03B | $9.61B | $9.96B |
| Long-term debt | $5.07B | $4.89B | $4.14B | $4.24B | $4.42B | $4.56B | — | — | — | — |
| Total liabilities | $5.84B | $5.72B | $4.99B | $5.14B | $5.17B | $6.74B | $6.02B | $5.84B | $5.64B | $5.53B |
| Retained earnings | -$3.78B | -$3.41B | -$3.06B | -$2.64B | -$2.44B | -$2.34B | -$1.94B | -$1.61B | -$830.3M | -$488.8M |
| Total equity | $2.45B | $2.76B | $2.53B | $2.95B | $3.18B | $2.45B | $2.83B | $3.19B | $3.97B | $4.43B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $321.6M | $283.4M | $295.5M | $337.5M | $286.4M | $124.8M | $355.2M | $344.3M | $386.4M | $429.5M |
| Depreciation and amortisation | $368.1M | $305.9M | $296.4M | $302.5M | $324.4M | $326.1M | $337.7M | $334.7M | $341.3M | $355.4M |
| Stock-based compensation | $18.2M | $12.1M | $13.2M | $17.6M | $14.3M | $13.8M | $12.0M | $27.4M | $30.8M | $33.3M |
| Investing cash flow | -$325.3M | $19.8M | $52.5M | -$1.4M | $235.0M | -$202.8M | -$112.0M | $176.3M | $179.0M | $454.1M |
| Financing cash flow | $199.2M | -$316.1M | -$338.9M | -$321.9M | -$837.0M | $446.5M | -$278.2M | -$514.4M | -$566.3M | -$867.5M |
| Dividends paid | $188.2M | $161.3M | $159.3M | $186.3M | $143.4M | $179.9M | $474.5M | $453.6M | $443.8M | $779.3M |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $221.4M | $800.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170447.
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