$MAC

MACERICH CO

CIK:0000912242|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Leasing revenue	$ 233,442	$ 232,725	$ 459,418	$ 468,372
Total revenues	249,707	249,793	491,245	499,017
Expenses:
Leasing expenses	13,728	10,624	27,537	21,843
REIT general and administrative expenses	9,492	7,798	17,518	15,410
Depreciation and amortization	86,217	88,500	169,293	181,062
Interest expense	66,043	71,925	133,543	140,999
Total expenses	277,430	280,566	555,477	566,979
Equity in loss of unconsolidated joint ventures	(5,237)	(475)	(15,103)	(1,274)
Income tax (expense) benefit	(495)	188	2,146	1,010
Gain (loss) on sale or write down of assets, net	6,603	(10,484)	13,443	(24,472)
Net loss	(26,852)	(41,544)	(63,746)	(92,698)
Less: net income (loss) attributable to noncontrolling interests	219	(639)	(325)	(1,669)
Net loss attributable to the Company	$ (27,071)	$ (40,905)	$ (63,421)	$ (91,029)
Loss per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.10)	$ (0.16)	$ (0.24)	$ (0.36)
Diluted (in dollars per share)	$ (0.10)	$ (0.16)	$ (0.24)	$ (0.36)
Weighted average number of common shares outstanding:
Basic (in shares)	273,715	253,085	265,916	253,039
Diluted (in shares)	273,715	253,085	265,916	253,039
Other
Revenues:
Revenue	$ 10,674	$ 11,130	$ 19,693	$ 19,786
Management Companies
Revenues:
Revenue	5,591	5,938	12,134	10,859
Expenses:
Shopping center and management companies' operating expenses	24,017	21,871	46,402	42,654
Shopping center and operating expenses
Expenses:
Shopping center and management companies' operating expenses	$ 77,933	$ 79,848	$ 161,184	$ 165,011

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (63,746)	$ (92,698)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on sale or write down of assets, net	(13,443)	24,472
Depreciation and amortization	175,245	186,418
Amortization of discount on mortgage notes payable	8,325	18,241
Amortization of share and unit-based plans	12,642	8,505
Straight-line rent and amortization of above and below market leases	(3,848)	(2,378)
Provision for doubtful accounts	3,133	2,356
Income tax benefit	(2,146)	(1,010)
Equity in loss of unconsolidated joint ventures	15,103	1,274
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	17,351	21,677
Other assets	13,436	10,799
Due from affiliates	(659)	(1,641)
Accounts payable and accrued expenses	11,754	14,439
Other accrued liabilities	(28,899)	(31,444)
Net cash provided by operating activities	144,248	159,010
Cash flows from investing activities:
Acquisitions of property	(270,111)	(266,926)
Development, redevelopment, expansion and renovation of properties	(79,257)	(59,956)
Property improvements	(53,734)	(17,544)
Deferred leasing costs	(3,790)	(2,191)
Distributions from unconsolidated joint ventures	42,606	51,839
Contributions to unconsolidated joint ventures	(44,426)	(110,323)
Proceeds from sale of assets	15,946	90,441
Net cash used in investing activities	(392,766)	(314,660)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	250,000	440,000
Payments on mortgages, bank and other notes payable	(479,945)	(134,666)
Deferred financing costs	(14,838)	(1,729)
Payments on finance leases	0	(4,408)
Proceeds (costs) from stock offerings, net	531,839	(639)
Employee stock purchases	1,104	1,251
Redemption of noncontrolling interests	(830)	0
Dividends and distributions	(100,829)	(96,165)
Net cash provided by financing activities	186,501	203,644
Net (decrease) increase in cash, cash equivalents and restricted cash	(62,017)	47,994
Cash, cash equivalents and restricted cash, beginning of period	372,963	177,479
Cash, cash equivalents and restricted cash, end of period	310,946	225,473
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	109,119	101,276
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	63,055	43,059
Conversion of Operating Partnership Units to common stock	$ 5,383	$ 118

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS:
Property, net	$ 6,909,902	$ 6,688,128
Cash and cash equivalents	227,028	280,246
Restricted cash	83,918	92,717
Tenant and other receivables, net	128,597	145,721
Right-of-use assets, net	104,026	108,918
Deferred charges and other assets, net	363,458	343,431
Due from affiliates	3,108	2,449
Investments in unconsolidated joint ventures	703,858	707,075
Total assets	8,523,895	8,368,685
LIABILITIES AND EQUITY:
Mortgage notes payable	4,848,075	5,068,946
Accounts payable and accrued expenses	131,585	125,210
Lease liabilities	63,437	66,979
Other accrued liabilities	374,040	386,092
Distributions in excess of investments in unconsolidated joint ventures	199,285	194,388
Total liabilities	5,616,422	5,841,615
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at June 30, 2026 and December 31, 2025, and 284,076,260 and 256,990,913 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,841	2,569
Additional paid-in capital	6,758,116	6,224,127
Accumulated deficit	(3,933,754)	(3,777,816)
Accumulated other comprehensive loss	(5)	(9)
Total stockholders' equity	2,827,198	2,448,871
Noncontrolling interests	80,275	78,199
Total equity	2,907,473	2,527,070
Total liabilities and equity	$ 8,523,895	$ 8,368,685