The Macerich Company Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-197.15	-194.12	-274.07	-66.07	14.26
Depreciation & Amortization	363.8	300.58	296.39	302.48	324.4
Other Amortization	31.11	13.06	-	-	-
Gain (Loss) on Sale of Assets	-28.03	-373.33	-18.97	-22.74	-143.08
Asset Writedown	151.45	334.38	153.5	15.05	67.34
Stock-Based Compensation	18.17	12.13	13.17	17.64	14.27
Income (Loss) on Equity Investments	-35.95	197.35	157.22	6.79	-15.64
Change in Accounts Receivable	3.4	3.44	0.35	6.61	62.42
Change in Accounts Payable	32.52	21.31	1.87	-0.38	-6.75
Change in Other Net Operating Assets	-13.56	-6.7	16.07	54.14	-11.25
Other Operating Activities	-8.79	-30.8	-47.33	24.66	-13.23
Operating Cash Flow	321.6	283.45	295.5	337.51	286.37
Operating Cash Flow Growth	13.46%	-4.08%	-12.45%	17.86%	129.39%
Acquisition of Real Estate Assets	-434.35	-338.48	-199.19	-119.34	-108.21
Sale of Real Estate Assets	159.61	282.15	35.53	50.46	337.51
Net Sale / Acq. of Real Estate Assets	-274.74	-56.33	-163.66	-68.88	229.31
Investment in Marketable & Equity Securities	-44.98	81.03	219.7	70.59	7.08
Other Investing Activities	-	-	3.5	-	1.3
Investing Cash Flow	-325.34	19.79	52.54	-1.4	234.97
Long-Term Debt Issued	599.1	1,225	719	277	520
Long-Term Debt Repaid	-261.73	-2,030	-870.85	-408	-2,022
Net Debt Issued (Repaid)	337.37	-804.85	-151.85	-131	-1,502
Issuance of Common Stock	55.53	658.87	1.8	1.74	831.59
Common Dividends Paid	-173.88	-148.88	-146.63	-133.33	-118.34
Other Financing Activities	-19.79	-21.2	-42.21	-59.35	-48.03
Net Cash Flow	195.48	-12.82	9.16	14.17	-315.69
Cash Interest Paid	207.92	186.35	191.5	180.32	204.22
Levered Free Cash Flow	421.87	370.23	343.41	283.19	344.39
Unlevered Free Cash Flow	567.98	501.7	466.61	418.72	467.13
Change in Working Capital	22.35	18.05	18.3	60.37	44.43

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.