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MAC Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT), 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 on the West Coast and in Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has earned CDP A List status for five years and achieved the GRESB Green Star rating in the North American Retail Sector for six consecutive years, 2015-2020.

MAC stock data

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Calendar

24 Feb 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Macerich earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 482.66M 482.66M 482.66M 482.66M 482.66M 482.66M
Cash burn (monthly) 19.71M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 67.87M n/a n/a n/a n/a n/a
Cash remaining 414.79M n/a n/a n/a n/a n/a
Runway (months of cash) 21.0 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Mar 21 Zecchini Christopher J Common Stock Grant Aquire A No No 0 3,403 0 13,960
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 25.75 850,000 21.89M 0
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 24.93 400,000 9.97M 850,000
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 22.75 372,230 8.47M 1,250,000
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 22.03 706,959 15.57M 1,622,230
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 21.21 4,080,364 86.54M 2,329,189
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 20.26 6,201,597 125.64M 6,409,553
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 19.09 4,951,814 94.53M 12,611,150
27 Jan 21 Ontario Teachers Pension Plan Board Common Stock, par value $0.01 per share Sell Dispose S Yes No 19.25 7,000,000 134.75M 17,562,964
1 Jan 21 Kingsmore Scott W LTIP Units Common Stock Grant Aquire A No No 0 44,517 0 66,245

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

97.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 273 266 +2.6%
Opened positions 53 39 +35.9%
Closed positions 46 43 +7.0%
Increased positions 89 79 +12.7%
Reduced positions 84 100 -16.0%
13F shares
Current Prev Q Change
Total value 1.76B 845.65M +107.9%
Total shares 145.8M 124.52M +17.1%
Total puts 10.76M 3.07M +250.2%
Total calls 3.9M 2.64M +47.7%
Total put/call ratio 2.8 1.2 +137.1%
Largest owners
Shares Value Change
Ontario Teachers Pension Plan Board 24.56M $262.09M 0.0%
BLK Blackrock 21.01M $224.19M +16.2%
Vanguard 17.82M $190.19M +9.6%
Passive Investment Trust 10.18M $76.01M NEW
STT State Street 7.28M $77.67M +2.1%
GIC Private 5M $53.35M NEW
Smead Capital Management 4.98M $53.16M -5.2%
FIL 3.56M $38.02M +233.5%
NTRS Northern Trust 2.95M $31.49M -5.8%
LGEN Legal & General 2.59M $27.68M +9.2%
Largest transactions
Shares Bought/sold Change
Passive Investment Trust 10.18M +10.18M NEW
GIC Private 5M +5M NEW
BLK Blackrock 21.01M +2.93M +16.2%
FIL 3.56M +2.49M +233.5%
Heitman Real Estate Securities 0 -1.98M EXIT
Norges Bank 1.95M +1.95M NEW
Vanguard 17.82M +1.56M +9.6%
JPM JPMorgan Chase & Co. 2.27M +1.48M +186.7%
Arrowstreet Capital, Limited Partnership 0 -1.43M EXIT
Renaissance Technologies 0 -945.17K EXIT

Financial report summary

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Management Discussion
  • Leasing revenue decreased by $118.6 million, or 13.8%, from 2019 to 2020. The decrease in leasing revenue is attributed to decreases of $116.7 million from the Same Centers, $2.7 million from the Redevelopment Properties and $0.5 million from the Disposition Property offset in part by $1.3 million from the JV Transition Centers. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income and the provision for bad debts. The amortization of above and below-market leases decreased from $5.2 million in 2019 to $2.1 million in 2020. The amortization of straight-line rents increased from $10.5 million in 2019 to $24.8 million in 2020. Lease termination income increased from $4.7 million in 2019 to $8.3 million in 2020. Provision for bad debts increased from $7.7 million in 2019 to $44.3 million in 2020. The increase in bad debt expense is a result of the Company assessing collectability by tenant and determining that it was no longer probable that substantially all leasing revenue would be collected from certain tenants, which includes tenants that have declared bankruptcy, tenants at risk of filing bankruptcy or other tenants where collectability was no longer probable. The decrease in leasing revenue and increase in bad debt at the Same Centers is primarily the result of COVID-19 (See "Other Transactions and Events" in Management's Overview and Summary).
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