0000912242-26-000016
SEC filingThe Macerich Company reported a net loss of $197.1 million attributable to the Company for fiscal year 2025, with total revenues of $1.01 billion. The company generated $321.6 million in net cash from operating activities despite the net loss, primarily due to significant non-cash adjustments including $368.1 million in depreciation and amortization. Key financial metrics show a net loss margin of approximately 19.5% based on total revenues, with basic and diluted earnings per share both at -$1. The balance sheet remains heavily leveraged with $5.84 billion in total liabilities against $8.37 billion in total assets, resulting in a debt-to-equity ratio of approximately 2.3:1. The company maintained $280.2 million in cash and cash equivalents and paid $188.2 million in dividends and distributions during the year.
The Macerich Company reported a net loss of $197.1 million attributable to the Company for fiscal year 2025, representing a significant negative performance. Total revenues for the period were $1.01 billion, consisting primarily of $950.8 million in leasing revenue and $63.2 million in other revenues. The company reported a net loss of $201.1 million before accounting for noncontrolling interests. Despite the net loss, the company generated positive operating cash flow of $321.6 million, indicating strong cash generation from core operations. Basic and diluted earnings per share were both -$1, based on 254.2 million weighted average common shares outstanding.
Revenue analysis shows total revenues of $1.01 billion for fiscal year 2025, with leasing revenue comprising the majority at $950.8 million. Other revenues contributed $63.2 million to the total. The company's revenue structure appears concentrated in leasing activities, which is consistent with its real estate investment trust (REIT) business model. No segment breakdown or geographic mix data was provided in the available financial data, limiting detailed revenue analysis by business segment or geographic region.
The company reported negative profitability metrics for fiscal year 2025, with a net loss of $197.1 million attributable to the Company. Total expenses before interest were $846.2 million, consisting of $411.0 million in shopping center and management companies operating expenses, $46.6 million in leasing expenses, $31.5 million in REIT general and administrative expenses, and $357.1 million in depreciation and amortization. Interest expense was $283.5 million, contributing to the overall net loss position. The company recorded a loss on sale or write down of assets of $123.4 million and equity in income of unconsolidated joint ventures of $35.9 million.
The company generated $321.6 million in net cash from operating activities for fiscal year 2025, despite reporting a net loss. Key adjustments to reconcile net loss to operating cash flow included $368.1 million in depreciation and amortization, $35.9 million in equity in income of unconsolidated joint ventures, and $123.4 million in loss on sale or write down of assets. Investing activities used $325.3 million in cash, primarily for property acquisition ($266.9M) and development activities ($101.0M). Financing activities provided $199.2 million in cash, with proceeds from mortgages and notes payable of $599.1 million partially offset by payments of $257.3 million and dividends of $188.2 million. The balance sheet shows total assets of $8.37 billion, including $6.69 billion in property net and $707.1 million in investments in unconsolidated joint ventures. Total liabilities were $5.84 billion, with $5.07 billion in mortgage notes payable. Total equity was $2.53 billion, resulting in a debt-to-equity ratio of approximately 2.3:1.
No forward-looking statements, management guidance, strategic priorities, or specific risk factors were provided in the available financial data. The filing contains standard financial statements without accompanying management discussion and analysis (MD&A) section in the provided content. Investors should refer to the complete 10-K filing for comprehensive discussion of the company's outlook, strategic initiatives, and risk factors that may not be captured in the financial statement data alone.