The Macerich Company Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-389.6	-194.12	-274.07	-66.07	14.26	-230.2
Depreciation & Amortization	358.77	300.58	293.29	302.48	324.4	323.96
Other Amortization	32.93	13.06	-	-	-	-
Gain (Loss) on Sale of Assets	-17.78	-373.33	-18.97	-22.74	-143.08	68.11
Asset Writedown	348.23	334.38	153.5	15.05	67.34	163.3
Stock-Based Compensation	16.84	12.13	13.17	17.64	14.27	13.84
Income (Loss) on Equity Investments	-16.18	197.35	157.22	6.79	-15.64	27.04
Change in Accounts Receivable	-12.85	3.44	0.35	6.61	62.42	-105.95
Change in Accounts Payable	44.7	21.31	1.87	-0.38	-6.75	15.48
Change in Other Net Operating Assets	-10.98	-6.7	16.07	54.14	-11.25	-17.38
Other Operating Activities	-32.7	-30.8	-44.23	24.66	-13.23	-177.61
Operating Cash Flow	326.27	283.45	295.5	337.51	286.37	124.84
Operating Cash Flow Growth	17.38%	-4.08%	-12.45%	17.86%	129.39%	-64.85%
Acquisition of Real Estate Assets	-553.56	-338.48	-199.19	-119.34	-108.21	-68.3
Sale of Real Estate Assets	284.55	282.15	35.53	50.46	337.51	16.9
Net Sale / Acq. of Real Estate Assets	-269.01	-56.33	-163.66	-68.88	229.31	-51.41
Cash Acquisition	-	-	-	-	-	5.81
Investment in Marketable & Equity Securities	-7.49	81.03	219.7	70.59	7.08	-54.04
Other Investing Activities	-	-	3.5	-	1.3	-100
Investing Cash Flow	-281.01	19.79	52.54	-1.4	234.97	-202.85
Long-Term Debt Issued	-	1,225	719	277	520	664.12
Long-Term Debt Repaid	-	-2,030	-870.85	-408	-2,022	-35.51
Net Debt Issued (Repaid)	-262.35	-804.85	-151.85	-131	-1,502	628.61
Issuance of Common Stock	558.95	658.87	1.8	1.74	831.59	1.53
Common Dividends Paid	-168.79	-148.88	-146.63	-133.33	-118.34	-165.4
Other Financing Activities	-22.45	-21.2	-42.21	-59.35	-48.03	-18.28
Net Cash Flow	150.63	-12.82	9.16	14.17	-315.69	368.44
Cash Interest Paid	206.98	186.35	191.5	180.32	204.22	199.15
Levered Free Cash Flow	510.75	370.23	340.31	283.19	344.39	168.47
Unlevered Free Cash Flow	655.71	501.7	463.51	418.72	467.13	300.24
Change in Working Capital	20.87	18.05	18.3	60.37	44.43	-107.85

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