Company Quick10K Filing
Macerich
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 141 $4,552
10-Q 2019-11-05 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-02-25 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-01 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-23 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-04 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-23 Annual: 2014-12-31
10-Q 2014-11-03 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-05-05 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-04 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-06 Quarter: 2013-03-31
10-K 2013-02-22 Annual: 2012-12-31
10-Q 2012-11-05 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-07 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-10-31 Earnings, Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-06-07 Shareholder Vote
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-04-24 Amend Bylaw, Exhibits
8-K 2019-02-07 Earnings, Regulation FD, Exhibits
8-K 2019-01-31 Officers
8-K 2018-12-31 Officers, Exhibits
8-K 2018-10-31 Earnings, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Regulation FD, Exhibits
8-K 2018-06-21 Shareholder Vote
8-K 2018-05-17 Amend Bylaw, Exhibits
8-K 2018-05-02 Earnings, Regulation FD, Exhibits
8-K 2018-04-20 Officers, Exhibits
8-K 2018-04-19 Officers, Exhibits
8-K 2018-03-29 Officers, Exhibits
8-K 2018-02-05 Earnings, Regulation FD, Exhibits
8-K 2018-01-31 Officers
8-K 2018-01-24 Regulation FD
MAC 2019-09-30
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 mac-9302019xexhibit101.htm
EX-10.2 mac-9302019xexhibit102.htm
EX-10.3 mac-9302019xexhibit103.htm
EX-31.1 mac-9302019xexhibit311.htm
EX-31.2 mac-9302019xexhibit312.htm
EX-32.1 mac-9302019xexhibit321.htm

Macerich Earnings 2019-09-30

MAC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BXMT 4,848 14,565 10,789 0 0 305 743 14,173 19.1 2%
PSB 4,826 2,057 80 316 0 239 339 4,785 0% 14.1 12%
HIW 4,701 4,743 2,419 356 0 140 472 4,687 0% 9.9 3%
FR 4,638 3,265 1,580 414 0 148 321 6,037 0% 18.8 5%
ESRT 4,582 4,156 2,208 729 0 98 366 4,776 0% 13.1 2%
MAC 4,552 8,944 5,975 944 0 117 618 4,404 0% 7.1 1%
LSI 4,519 4,035 1,969 561 0 210 390 6,355 0% 16.3 5%
REXR 4,408 3,265 901 237 0 51 164 4,986 0% 30.4 2%
HR 4,246 3,429 1,659 456 0 32 258 5,681 0% 22.0 1%
EGP 4,223 2,295 1,286 314 0 46 180 4,223 0% 23.5 2%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No. 1-12504
THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)
Maryland95-4448705
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification Number)
401 Wilshire Boulevard,Suite 700,Santa Monica,California90401
(Address of principal executive office, including zip code)(Zip Code) 
(310) 394-6000
 (Registrant's telephone number, including area code)
N/A
 (Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.01 Par ValueMACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated FilerNon-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        No
Number of shares outstanding as of November 5, 2019 of the registrant's common stock, par value $0.01 per share: 141,265,383 shares




THE MACERICH COMPANY
FORM 10-Q
INDEX
Part IFinancial Information 
Part IIOther Information 


2

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)
(Unaudited)
September 30,
2019
December 31,
2018
ASSETS:  
Property, net$6,664,106  $6,785,776  
Cash and cash equivalents98,309  102,711  
Restricted cash8,959  46,590  
Tenant and other receivables, net129,729  123,492  
Right-of-use assets, net150,656  —  
Deferred charges and other assets, net277,799  390,403  
Due from affiliates9,627  85,181  
Investments in unconsolidated joint ventures1,436,788  1,492,655  
Total assets$8,775,973  $9,026,808  
LIABILITIES AND EQUITY:  
Mortgage notes payable$4,294,633  $4,073,916  
Bank and other notes payable749,769  908,544  
Accounts payable and accrued expenses61,348  59,392  
Lease liabilities116,683  —  
Other accrued liabilities253,882  303,051  
Distributions in excess of investments in unconsolidated joint ventures112,326  114,988  
Financing arrangement obligation279,563  378,485  
Total liabilities5,868,204  5,838,376  
Commitments and contingencies
Equity:  
Stockholders' equity:  
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,370,725 and 141,221,712 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
1,413  1,412  
Additional paid-in capital4,581,551  4,567,643  
Accumulated deficit(1,864,807) (1,614,357) 
Accumulated other comprehensive loss(10,946) (4,466) 
Total stockholders' equity2,707,211  2,950,232  
Noncontrolling interests200,558  238,200  
Total equity2,907,769  3,188,432  
Total liabilities and equity$8,775,973  $9,026,808  
   The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2019201820192018
Revenues:  
Leasing revenue$214,260  $224,251  $636,290  $659,377  
Other6,889  6,895  20,054  22,010  
Management Companies9,978  11,052  29,277  32,090  
Total revenues231,127  242,198  685,621  713,477  
Expenses:  
Shopping center and operating expenses69,328  72,101  203,024  214,683  
Leasing expenses7,162  2,565  22,344  8,591  
Management Companies' operating expenses15,514  18,961  50,220  72,224  
REIT general and administrative expenses5,285  5,439  16,835  18,414  
Costs related to shareholder activism      19,369  
Depreciation and amortization82,787  81,803  246,640  240,608  
180,076  180,869  539,063  573,889  
Interest (income) expense:  
Related parties(36,059) 1,074  (59,749) 8,481  
Other50,858  43,853  150,014  127,996  
14,799  44,927  90,265  136,477  
Loss on extinguishment of debt, net    351    
Total expenses194,875  225,796  629,679  710,366  
Equity in income of unconsolidated joint ventures14,582  18,789  34,082  51,330  
Income tax (expense) benefit(678) (466) (1,703) 1,799  
(Loss) gain on sale or write down of assets, net(131) 46,516  (15,506) (514) 
Net income50,025  81,241  72,815  55,726  
Less net income attributable to noncontrolling interests3,654  7,213  2,886  7,455  
Net income attributable to the Company$46,371  $74,028  $69,929  $48,271  
Earnings per common share—attributable to common stockholders:  
Basic$0.33  $0.52  $0.49  $0.34  
Diluted$0.33  $0.52  $0.49  $0.34  
Weighted average number of common shares outstanding:  
Basic141,368,000  141,196,000  141,325,000  141,120,000  
Diluted141,368,000  141,196,000  141,325,000  141,125,000  
   The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2019201820192018
Net income50,025  81,241  $72,815  $55,726  
Other comprehensive income:
Interest rate cap/swap agreements(154) 175  (6,480) 184  
Comprehensive income49,871  81,416  66,335  55,910  
Less net income attributable to noncontrolling interests3,654  7,213  2,886  7,455  
Comprehensive income attributable to the Company$46,217  $74,203  $63,449  $48,455  
   The accompanying notes are an integral part of these consolidated financial statements.




5

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended September 30, 2019 and 2018
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at July 1, 2019141,364,568  $1,413  $4,578,620  $(1,805,097) $(10,792) $2,764,144  $205,226  $2,969,370  
Net income—  —  —  46,371  —  46,371  3,654  50,025  
Interest rate cap/swap agreements—  —  —  —  (154) (154) —  (154) 
Amortization of share and unit-based plans6,157  —  3,315  —  —  3,315  —  3,315  
Distributions declared ($0.75 per share)
—  —  —  (106,081) —  (106,081) —  (106,081) 
Distributions to noncontrolling interests—  —  —  —  —  —  (8,742) (8,742) 
Contributions from noncontrolling interests—  —  —  —  —  —  50  50  
Redemption of noncontrolling interests—  —  (6) —  —  (6) (8) (14) 
Adjustment of noncontrolling interests in Operating Partnership—  —  (378) —  —  (378) 378    
Balance at September 30, 2019141,370,725  $1,413  $4,581,551  $(1,864,807) $(10,946) $2,707,211  $200,558  $2,907,769  

 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at July 1, 2018141,184,335  $1,412  $4,558,873  $(1,489,742) $(33) $3,070,510  $244,665  $3,315,175  
Net income—  —  —  74,028  —  74,028  7,213  81,241  
Interest rate cap—  —  —  —  175  175  —  175  
Amortization of share and unit-based plans3,517  —  4,616  —  —  4,616  —  4,616  
Distributions declared ($0.74 per share)
—  —  —  (104,495) —  (104,495) —  (104,495) 
Distributions to noncontrolling interests—  —  —  —  —  —  (8,203) (8,203) 
Contributions from noncontrolling interests—  —  —  —  —  —  16  16  
Conversion of noncontrolling interests to common shares12,008      —  —        
Redemption of noncontrolling interests—  —  (402) —  —  (402) (194) (596) 
Adjustment of noncontrolling interests in Operating Partnership—  —  16  —  —  16  (16)   
Balance at September 30, 2018141,199,860  $1,412  $4,563,103  $(1,520,209) $142  $3,044,448  $243,481  $3,287,929  

   The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Dollars in thousands, except per share data)
(Unaudited)
Nine Months Ended September 30, 2019 and 2018
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2019141,221,712  $1,412  $4,567,643  $(1,614,357) $(4,466) $2,950,232  $238,200  $3,188,432  
Net income—  —  —  69,929  —  69,929  2,886  72,815  
Cumulative effect of adoption of ASC 842—  —  —  (2,203) —  (2,203) —  (2,203) 
Interest rate cap/swap agreements—  —  —  —  (6,480) (6,480) —  (6,480) 
Amortization of share and unit-based plans101,213  1  13,352  —  —  13,353  —  13,353  
Employee stock purchases26,800  —  819  —  —  819  —  819  
Distributions declared ($2.25 per share)
—  —  —  (318,176) —  (318,176) —  (318,176) 
Distributions to noncontrolling interests—  —  —  —  —  —  (41,200) (41,200) 
Contributions from noncontrolling interests—  —  —  —  —  —  460  460  
Conversion of noncontrolling interests to common shares21,000  —  1,005  —  —  1,005  (1,005)   
Redemption of noncontrolling interests—  —  (26) —  —  (26) (25) (51) 
Adjustment of noncontrolling interests in Operating Partnership—  —  (1,242) —  —  (1,242) 1,242    
Balance at September 30, 2019141,370,725  $1,413  $4,581,551  $(1,864,807) $(10,946) $2,707,211  $200,558  $2,907,769  

 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2018140,993,985  $1,410  $4,510,489  $(830,279) $(42) $3,681,578  $286,421  $3,967,999  
Net income—  —  —  48,271  —  48,271  7,455  55,726  
Cumulative effect of adoption of ASU 2014-09—  —  —  (424,859) —  (424,859) —  (424,859) 
Interest rate cap—  —  —  —  184  184  —  184  
Amortization of share and unit-based plans121,924  1  28,218  —  —  28,219  —  28,219  
Employee stock purchases17,240  —  806  —  —  806  —  806  
Distributions declared ($2.22 per share)
—