The Macerich Company Income 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
Rental Revenue	950.76	850.45	809.02	800.55	787.55
Property Management Fees	22.71	29.81	30.19	28.51	26.02
Other Revenue	67.59	19.03	17.2	36.45	54.39
Total Revenue	1,041	899.3	856.41	865.51	867.96
Revenue Growth (YoY	15.76%	5.01%	-1.05%	-0.28%	14.36%
Property Expenses	457.6	430.27	394.89	390.35	380.88
Selling, General & Administrative	31.54	28.15	29.24	27.16	30.06
Depreciation & Amortization	357.08	294.78	282.36	291.61	311.13
Total Operating Expenses	846.22	753.19	706.49	709.13	722.07
Operating Income	194.84	146.11	149.92	156.38	145.9
Interest Expense	-283.54	-231.25	-197.13	-216.85	-196.4
Interest & Investment Income	-	11.26	24.21	-	3.72
EBT Excluding Unusual Items	-88.7	-73.88	-23	-60.47	-46.78
Gain (Loss) on Sale of Investments	8.87	-178.45	-129.28	-11.6	-4.84
Gain (Loss) on Sale of Assets	-123.42	38.96	-134.52	7.7	75.74
Other Unusual Items	-	14.4	8.21	-	-1.01
Pretax Income	-203.25	-198.97	-278.59	-64.37	23.11
Income Tax Expense	-2.19	-1.3	-0.49	0.71	6.95
Earnings From Continuing Operations	-201.06	-197.67	-278.1	-65.08	16.16
Minority Interest in Earnings	3.91	3.55	4.03	-0.99	-1.9
Net Income	-197.15	-194.12	-274.07	-66.07	14.26
Preferred Dividends & Other Adjustments	0.77	0.91	0.87	0.86	0.85
Net Income to Common	-197.92	-195.03	-274.94	-66.92	13.41
Basic Shares Outstanding	254	222	216	215	198
Diluted Shares Outstanding	254	222	216	215	198
Shares Change (YoY)	14.59%	2.92%	0.24%	8.56%	35.45%
EPS (Basic)	-0.78	-0.88	-1.28	-0.31	0.07
EPS (Diluted)	-0.78	-0.88	-1.28	-0.31	0.07
Dividend Per Share	0.680	0.680	0.680	0.620	0.600
Dividend Growth	-	-	9.68%	3.33%	-61.29%
Operating Margin	18.71%	16.25%	17.51%	18.07%	16.81%
Profit Margin	-19.01%	-21.69%	-32.10%	-7.73%	1.54%
EBITDA	558.64	446.68	446.31	458.86	470.3
EBITDA Margin	53.66%	49.67%	52.11%	53.02%	54.18%
D&A For Ebitda	363.8	300.58	296.39	302.48	324.4
EBIT	194.84	146.11	149.92	156.38	145.9
EBIT Margin	18.71%	16.25%	17.51%	18.07%	16.81%
Funds From Operations (FFO)	396.97	365.34	413.21	437.53	423.2
FFO Per Share	1.50	1.58	1.84	1.96	2.03
Adjusted Funds From Operations (AFFO)	396.97	365.34	413.21	437.53	423.2
AFFO Per Share	1.50	1.58	1.84	1.96	2.03
FFO Payout Ratio	43.80%	40.75%	35.49%	30.47%	27.96%
Effective Tax Rate	-	-	-	-	30.06%
Revenue as Reported	1,014	918.2	884.07	859.16	847.44

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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