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Macerich (MAC)

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.

Company profile

Ticker
MAC
Exchange
CEO
Thomas O'Hern
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
801-GALLERY ASSOCIATES, L.P. • 801-GALLERY C-3 ASSOCIATES, L.P. • 801-GALLERY GP, LLC • 801 MARKET VENTURE GP LLC • AM TYSONS LLC • BILTMORE SHOPPING CENTER PARTNERS LLC • BROOKLYN KINGS PLAZA LLC • CAM-CARSON LLC • COOLIDGE HOLDING LLC • CORTE MADERA VILLAGE, LLC ...
IRS number
954448705

MAC stock data

Analyst ratings and price targets

Last 3 months

Calendar

8 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 158.44M 158.44M 158.44M 158.44M 158.44M 158.44M
Cash burn (monthly) 8.58M 8.74M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 14.13M 14.4M n/a n/a n/a n/a
Cash remaining 144.31M 144.04M n/a n/a n/a n/a
Runway (months of cash) 16.8 16.5 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
30 Jun 22 Coppola Edward C Common Stock Buy Acquire P No No 8.75 60,000 525K 575,739
15 Jun 22 Hernandez Enrique JR Phantom Stock Units Common Stock Grant Acquire A No No 0 15,889.2 0 15,889.2
13 Jun 22 Hern Thomas E O Common Stock Buy Acquire P No No 9.49 25,000 237.25K 162,880
10 Jun 22 Coppola Edward C Common Stock Buy Acquire P No No 10.284 40,000 411.36K 515,739
87.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 288 303 -5.0%
Opened positions 35 27 +29.6%
Closed positions 50 40 +25.0%
Increased positions 113 101 +11.9%
Reduced positions 98 120 -18.3%
13F shares Current Prev Q Change
Total value 1.68B 3.02B -44.4%
Total shares 187.94M 195.72M -4.0%
Total puts 1.85M 2.68M -30.9%
Total calls 1.44M 1.71M -15.9%
Total put/call ratio 1.3 1.6 -17.9%
Largest owners Shares Value Change
Vanguard 30.85M $268.73M +1.6%
BLK Blackrock 30.03M $261.56M +1.5%
Smead Capital Management 14.38M $125.22M +7.0%
STT State Street 12.95M $112.77M +0.3%
JPM JPMorgan Chase & Co. 7.47M $65.04M -25.5%
Passive Investment Trust 7.35M $95.55M 0.0%
GIC Private 5M $53.35M 0.0%
Geode Capital Management 4.27M $37.23M -1.8%
Epoch Investment Partners 3.87M $33.75M +21.1%
NTRS Northern Trust 3.61M $31.47M -6.8%
Largest transactions Shares Bought/sold Change
Aew Capital Management L P 0 -4.55M EXIT
JPM JPMorgan Chase & Co. 7.47M -2.55M -25.5%
Zimmer Partners 0 -2.43M EXIT
MS Morgan Stanley 3.41M +1.6M +88.7%
LGEN Legal & General 0 -1.5M EXIT
Aqr Capital Management 2.77M +1.41M +103.8%
PRU Prudential Financial 3.44M -1.34M -28.1%
Parametric Portfolio Associates 0 -1.16M EXIT
Two Sigma Investments 228.19K -1.14M -83.3%
Smead Capital Management 14.38M +944.21K +7.0%

Financial report summary

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Risks
  • We invest primarily in shopping centers, which are subject to a number of significant risks that are beyond our control.
  • A significant percentage of our Centers are geographically concentrated and, as a result, are sensitive to local economic and real estate conditions.
  • We are in a competitive business.
  • If Anchors or other significant tenants experience a downturn in their business, close or sell stores or declare bankruptcy, our financial condition and results of operations could be adversely affected.
  • Our real estate acquisition, development and redevelopment strategies may not be successful.
  • Excess space at our properties could materially and adversely affect us.
  • Real estate investments are relatively illiquid and we may be unable to sell properties at the time we desire and on favorable terms.
  • Our real estate assets may be subject to impairment charges.
  • Possible environmental liabilities could adversely affect us.
  • We face risks associated with climate change.
  • Some of our properties are subject to potential natural or other disasters.
  • Uninsured or underinsured losses could adversely affect our financial condition.
  • Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that could adversely affect our cash flows.
  • Possible terrorist activity or other acts or threats of violence and threats to public safety could adversely affect our financial condition and results of operations.
  • Inflation may adversely affect our financial condition and results of operations.
  • We have substantial debt that could affect our future operations.
  • We are obligated to comply with financial and other covenants that could affect our operating activities.
  • We depend on external financings for our growth and ongoing debt service requirements.
  • The discontinuation of LIBOR and the replacement of LIBOR with an alternative reference rate may adversely affect our borrowing costs and could impact our business and results of operations.
  • Certain individuals have substantial influence over the management of both us and the Operating Partnership, which may create conflicts of interest.
  • Outside partners in Joint Venture Centers result in additional risks to our stockholders.
  • Our holding company structure makes us dependent on distributions from the Operating Partnership.
  • An ownership limit and certain of our Charter and bylaw provisions could inhibit a change of control or reduce the value of our common stock.
  • Certain provisions of Maryland law could inhibit a change in control or reduce the value of our common stock.
  • The tax consequences of the sale of some of the Centers and certain holdings of the principals may create conflicts of interest.
  • If we were to fail to qualify as a REIT, we would have reduced funds available for distributions to our stockholders.
  • Complying with REIT requirements might cause us to forego otherwise attractive opportunities.
  • Complying with REIT requirements may force us to borrow or take other measures to make distributions to our stockholders.
  • We may face risks in connection with Section 1031 Exchanges.
  • If our Operating Partnership fails to maintain its status as a partnership for tax purposes, we would face adverse tax consequences.
  • Legislative or regulatory action could adversely affect our stockholders.
  • Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.
  • The price of our common stock has and may continue to fluctuate significantly, which may make it difficult for our stockholders to resell their shares when they want or at prices they find attractive.
  • We face risks associated with and have been the target of security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
Management Discussion
  • Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including the Redevelopment Properties and the Disposition Properties (as defined below).
  • For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes include those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”) and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the
  • entirety of both periods of the comparison. Accordingly, the Same Centers consist of all consolidated Centers, excluding the Redevelopment Properties and the Disposition Properties, for the periods of comparison.

Content analysis

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New words: accredited, chain, investor, modest, Northbridge, row, spanning, successfully, supply
Removed: accelerating, extremely, garage, opened, parking