Macerich Co Stock Research

Market Summary

USD9.67+0.18

Delayed

1.90%

MAC Alerts

Big jump in Earnings (Y/Y)

MAC Stock Price

MAC RSI Chart

MAC Valuation

Market Cap

2.1B

Price/Earnings (Trailing)

-31.5

Price/Sales (Trailing)

2.42

Price/Free Cashflow

6.17

MAC Price/Sales (Trailing)

MAC Profitability

Return on Equity

-2.31%

Return on Assets

-0.82%

Free Cashflow Yield

16.22%

MAC Fundamentals

MAC Revenue

Revenue (TTM)

859.2M

Revenue Y/Y

-0.51%

Revenue Q/Q

8.32%

MAC Earnings

Earnings (TTM)

-66.1M

Earnings Y/Y

109.89%

Earnings Q/Q

111.12%

Price Action

52 Week Range

7.4016.67

(Low)(High)

Last 7 days

2.6%

Last 30 days

-20.6%

Last 90 days

-16.2%

Trailing 12 Months

-32.0%

MAC Financial Health

Debt/Equity

1.49

Debt/Cashflow

0.08

MAC Investor Care

Dividend Yield

6.41%

Dividend/Share (TTM)

0.62

Shares Dilution (1Y)

0.21%

Diluted EPS (TTM)

-0.31

Peers (Alternatives to Macerich)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	50.2B	4.2B	-2.35%	-20.22%	11.54	12	22.43%	122.66%
DLR	27.4B	4.7B	-9.47%	-29.05%	72.46	5.83	5.96%	-77.90%
EQR	21.3B	2.7B	-11.76%	-35.76%	27.37	7.83	11.91%	-41.71%
ARE	20.3B	2.6B	-21.74%	-37.73%	38.87	7.83	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.5B	1.1B	-13.55%	-20.86%	19.52	7	12.95%	47.42%
KRG	4.1B	802.0M	-10.44%	-10.34%	-328.19	5.17	114.83%	84.36%
VNO	2.7B	1.8B	-31.24%	-68.21%	-7.75	1.49	13.26%	-296.88%
MAC	2.1B	859.2M	-20.61%	-32.01%	-31.5	2.42	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	1.28%	15.34%	22.69	4.57	3.35%	1705.32%
SLG	1.4B	826.7M	-42.64%	-73.33%	-18.35	1.73	-2.04%	-117.36%
AIV	1.0B	190.3M	-5.44%	-3.78%	11.34	5.49	12.08%	1950.56%
PGRE	909.5M	740.4M	-18.64%	-60.18%	-24.99	1.23	1.87%	-78.85%

Financials for Macerich

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-0.1%	859	860	862	873	847
S&GA Expenses	-2.2%	27.00	28.00	29.00	29.00	30.00
Costs and Expenses	0.3%	926	924	907	908	916
Interest Expenses	7.8%	217	201	189	191	193
Net Income	22.1%	-66.07	-84.83	37.00	41.00	14.00
Net Income Margin	22.0%	-0.08*	-0.10*	0.05*	0.02*	-
Free Cahsflow	-6.2%	338	360	289	300	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	0.3%	8,094	8,069	8,114	8,210	8,346
Cash Equivalents	-8.8%	100	110	106	128	112
Liabilities	1.1%	5,145	5,091	5,058	5,106	5,170
Long Term Debt	-2.3%	4,260	4,361	4,415	4,424	-
Shareholder's Equity	-1.2%	2,866	2,899	3,056	3,104	3,047
Retained Earnings	-1.3%	-2,643	-2,608	-2,560	-2,513	-2,443
Additional Paid-In Capital	0.0%	5,506	5,505	5,500	5,494	5,488
Shares Outstanding	0.0%	215	215	215	215	215
Minority Interest	5.9%	84.00	79.00	115	121	129

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-6.2%	338	360	289	300	286
Share Based Compensation	4.8%	18.00	17.00	16.00	15.00	14.00
Cashflow From Investing	-105.5%	-1.40	25.00	181	208	235
Cashflow From Financing	18.2%	-321	-393	-574	-1,474	-837
Dividend Payments	0.3%	186	186	152	158	143

Risks for MAC

What is the probability of a big loss on MAC?

90.8%

Probability that Macerich stock will be more than 20% underwater in next one year

64.6%

Probability that Macerich stock will be more than 30% underwater in next one year.

51.1%

Probability that Macerich stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MAC drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Macerich was unfortunately bought at previous high price.

Drawdowns

Returns for MAC

Cumulative Returns on MAC

-12.5%

10-Year Cumulative Returns

-21.6%

7-Year Cumulative Returns

-25.4%

5-Year Cumulative Returns

21.9%

3-Year Cumulative Returns

What are the long-term rolling returns for MAC?

FIve years rolling returns for Macerich.

Annualized Returns

Which funds bought or sold MAC recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	reduced	-2.37	758,383	2,730,720	0.02%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	14.38	3,070,220	8,007,220	0.01%
2023-02-28	Voya Investment Management LLC	unchanged	-	273,101	926,101	-%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-50.05	-24,570	59,430	-%
2023-02-24	NATIXIS	sold off	-100	-1,095,000	-	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	117,000	396,000	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	42.15	21,139	43,139	-%
2023-02-21	MACQUARIE GROUP LTD	reduced	-7.27	4,277	540,277	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-0.93	3,868,510	13,419,500	0.36%
2023-02-16	GHP Investment Advisors, Inc.	unchanged	-	3,078	10,078	-%

Latest Funds Activity

Are funds buying MAC calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MAC

No. of Funds

MAC Alerts

Big jump in Earnings (Y/Y)

Macerich News

Schedule 13G FIlings of Macerich

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	15.01%	32,248,130	SC 13G/A
Feb 08, 2023	state street corp	6.21%	13,342,953	SC 13G/A
Feb 06, 2023	smead capital management, inc.	9.9%	0	SC 13G
Jan 26, 2023	blackrock inc.	14.3%	30,685,317	SC 13G/A
Jan 20, 2023	blackrock inc.	14.3%	30,685,317	SC 13G/A
Feb 11, 2022	state street corp	5.36%	11,421,422	SC 13G/A
Feb 10, 2022	vanguard group inc	14.48%	30,839,933	SC 13G/A
Jan 27, 2022	blackrock inc.	14.4%	30,642,473	SC 13G/A
Jan 26, 2022	blackrock inc.	14.4%	30,642,473	SC 13G/A
Feb 16, 2021	cohen & steers, inc.	0.00%	0	SC 13G/A

MAC Fair Value

Macerich fair value in different scenarios

The table shows the Fair Value estimates for Macerich for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	4.27 -55.84%	5.23 -45.92%	5.91 -38.88%	6.55 -32.26%	7.27 -24.82%
Current Inflation	4.21 -56.46%	5.09 -47.36%	5.71 -40.95%	6.30 -34.85%	6.95 -28.13%
Very High Inflation	4.13 -57.29%	4.91 -49.22%	5.46 -43.54%	5.98 -38.16%	6.54 -32.37%

Historical Macerich Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Macerich

View All Filings

Date Filed	Form Type	Document
Feb 24, 2023	S-8	Employee Benefits Plan
Feb 24, 2023	10-K	Annual Report
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 08, 2023	SC 13G/A	Major Ownership Report
Feb 07, 2023	8-K	Current Report
Feb 06, 2023	SC 13G	Major Ownership Report
Feb 01, 2023	8-K	Current Report
Jan 26, 2023	SC 13G/A	Major Ownership Report
Jan 23, 2023	4	Insider Trading
Jan 20, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for MAC

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-01-19	Zecchini Christopher J	acquired	-	-	3,088	chief accounting officer
2023-01-01	COPPOLA EDWARD C	acquired	-	-	79,928	president
2022-11-29	Zecchini Christopher J	sold	-25,302	12.651	-2,000	chief accounting officer
2022-09-26	Kingsmore Scott W	bought	30,180	7.545	4,000	chief financial officer
2022-09-26	Volk Kenneth	bought	75,750	7.575	10,000	evp, business development
2022-09-23	O HERN THOMAS E	bought	99,560	7.766	12,820	chief executive officer
2022-09-23	COPPOLA EDWARD C	bought	399,000	7.98	50,000	president
2022-09-20	Zecchini Christopher J	sold	-17,484	8.742	-2,000	chief accounting officer
2022-09-19	O HERN THOMAS E	bought	99,833	8.994	11,100	chief executive officer
2022-09-19	Healey Doug J	bought	24,976	8.92	2,800	senior evp, head of leasing

About Macerich

Thomas E. O'Hern

www.macerich.com

640

Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years (2015 Ã‚â€“ 2019).

MAC Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Leasing revenue	$ 800,548	$ 787,547	$ 740,323
Total revenues	859,164	847,437	786,026
Expenses:
Leasing expense	32,670	24,838	25,191
REIT general and administrative expenses	27,164	30,056	30,339
Depreciation and amortization	291,612	311,129	319,619
Total expenses before interest	709,129	722,069	697,937
Interest expense (income):
Related parties	34,735	(3,718)	(135,281)
Other	182,116	196,397	210,831
Total interest expense	216,851	192,679	75,550
Loss on extinguishment of debt	0	1,007	0
Total expenses	925,980	915,755	773,487
Equity in (loss) income of unconsolidated joint ventures	(5,256)	15,689	(27,038)
Income tax (expense) benefit	(705)	(6,948)	447
Loss on remeasurement of assets	0	0	(163,298)
Gain (loss) on sale or write down of assets, net	7,698	75,740	(68,112)
Net (loss) income	(65,079)	16,163	(245,462)
Less net income (loss) attributable to noncontrolling interests	989	1,900	(15,259)
Net (loss) income attributable to the Company	$ (66,068)	$ 14,263	$ (230,203)
Earnings per common share attributable to common stockholders:
Basic (in dollars per share)	$ (0.31)	$ 0.07	$ (1.58)
Diluted (in dollars per share)	$ (0.31)	$ 0.07	$ (1.58)
Weighted average number of common shares outstanding:
Basic (in shares)	215,031	198,070	146,232
Diluted (in shares)	215,031	198,070	146,232
Other
Revenues:
Revenues	$ 30,104	$ 33,867	$ 22,242
Management Companies
Revenues:
Revenues	28,512	26,023	23,461
Expenses:
Operating expense	67,799	61,030	65,576
Shopping center and operating expenses
Expenses:
Operating expense	$ 289,884	$ 295,016	$ 257,212

MAC Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS:
Property, net	$ 6,127,790	$ 6,284,206
Cash and cash equivalents	100,320	112,454
Restricted cash	80,819	54,517
Tenant and other receivables, net	183,593	211,361
Right-of-use assets, net	126,606	110,638
Deferred charges and other assets, net	247,424	254,908
Due from affiliates	3,299	0
Investments in unconsolidated joint ventures	1,224,288	1,317,571
Total assets	8,094,139	8,345,655
LIABILITIES AND EQUITY:
Mortgage notes payable	4,240,596	4,423,554
Bank and other notes payable	163,117	104,811
Accounts payable and accrued expenses	63,107	59,228
Due to affiliates	0	327
Lease liabilities	94,911	80,711
Other accrued liabilities	318,745	254,279
Distributions in excess of investments in unconsolidated joint ventures	121,093	127,608
Financing arrangement obligation	143,221	118,988
Total liabilities	5,144,790	5,169,506
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at December 31, 2022 and 2021, 215,241,129 and 214,797,057 shares issued and outstanding at December 31, 2022 and 2021, respectively	2,151	2,147
Additional paid-in capital	5,506,084	5,488,440
Accumulated deficit	(2,643,094)	(2,443,696)
Accumulated other comprehensive income (loss)	632	(24)
Total stockholders' equity	2,865,773	3,046,867
Noncontrolling interests	83,576	129,282
Total equity	2,949,349	3,176,149
Total liabilities and equity	$ 8,094,139	$ 8,345,655