MACERICH CO MAC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 24.10 2026-10-23
Market cap $6.83B 2026-06-30 share count
52-week range 16.03 - 26.68

Valuation FY2025 figures against the last close

P/S6.7x
P/E—
P/FCF21.2x
EV/EBITDA—
Dividend yield2.8%
Diluted EPS-0.78

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.78-0.88-1.28-0.310.07-1.580.680.421.023.52
EPS, diluted -0.78-0.88-1.28-0.310.07-1.580.680.421.023.52
Shares, diluted (wtd. avg.) 254.2M221.8M215.5M215.0M198.1M146.2M141.3M141.1M141.9M146.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 1B Net income, FY2016: 554.8M Revenue, FY2017: 993.7M Net income, FY2017: 161.7M Revenue, FY2018: 960.4M Net income, FY2018: 69M Revenue, FY2019: 927.5M Net income, FY2019: 96.8M Revenue, FY2020: 786M Net income, FY2020: -230.2M Revenue, FY2021: 847.4M Net income, FY2021: 14.3M Revenue, FY2022: 859.2M Net income, FY2022: -66.1M Revenue, FY2023: 884.1M Net income, FY2023: -274.1M Revenue, FY2024: 918.2M Net income, FY2024: -195M Revenue, FY2025: 1B Net income, FY2025: -197.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.04B $993.7M $960.4M $927.5M $786.0M $847.4M $859.2M $884.1M $918.2M $1.01B
Gross profit — — — — — — — — — —
Net income $554.8M $161.7M $69.0M $96.8M -$230.2M $14.3M -$66.1M -$274.1M -$195.0M -$197.1M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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