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	2015 - 2019
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	2015 - 2019
Net Income	-389.6	-194.12	-274.07	-66.07	14.26	-230.2	Upgrade
Depreciation & Amortization	358.77	300.58	293.29	302.48	324.4	323.96	Upgrade
Other Amortization	32.93	13.06	-	-	-	-	Upgrade
Gain (Loss) on Sale of Assets	-17.78	-373.33	-18.97	-22.74	-143.08	68.11	Upgrade
Asset Writedown	348.23	334.38	153.5	15.05	67.34	163.3	Upgrade
Stock-Based Compensation	16.84	12.13	13.17	17.64	14.27	13.84	Upgrade
Income (Loss) on Equity Investments	-16.18	197.35	157.22	6.79	-15.64	27.04	Upgrade
Change in Accounts Receivable	-12.85	3.44	0.35	6.61	62.42	-105.95	Upgrade
Change in Accounts Payable	44.7	21.31	1.87	-0.38	-6.75	15.48	Upgrade
Change in Other Net Operating Assets	-10.98	-6.7	16.07	54.14	-11.25	-17.38	Upgrade
Other Operating Activities	-32.7	-30.8	-44.23	24.66	-13.23	-177.61	Upgrade
Operating Cash Flow	326.27	283.45	295.5	337.51	286.37	124.84	Upgrade
Operating Cash Flow Growth	17.38%	-4.08%	-12.45%	17.86%	129.39%	-64.85%	Upgrade
Acquisition of Real Estate Assets	-553.56	-338.48	-199.19	-119.34	-108.21	-68.3	Upgrade
Sale of Real Estate Assets	284.55	282.15	35.53	50.46	337.51	16.9	Upgrade
Net Sale / Acq. of Real Estate Assets	-269.01	-56.33	-163.66	-68.88	229.31	-51.41	Upgrade
Cash Acquisition	-	-	-	-	-	5.81	Upgrade
Investment in Marketable & Equity Securities	-7.49	81.03	219.7	70.59	7.08	-54.04	Upgrade
Other Investing Activities	-	-	3.5	-	1.3	-100	Upgrade
Investing Cash Flow	-281.01	19.79	52.54	-1.4	234.97	-202.85	Upgrade
Long-Term Debt Issued	-	1,225	719	277	520	664.12	Upgrade
Long-Term Debt Repaid	-	-2,030	-870.85	-408	-2,022	-35.51	Upgrade
Net Debt Issued (Repaid)	-262.35	-804.85	-151.85	-131	-1,502	628.61	Upgrade
Issuance of Common Stock	558.95	658.87	1.8	1.74	831.59	1.53	Upgrade
Common Dividends Paid	-168.79	-148.88	-146.63	-133.33	-118.34	-165.4	Upgrade
Other Financing Activities	-22.45	-21.2	-42.21	-59.35	-48.03	-18.28	Upgrade
Net Cash Flow	150.63	-12.82	9.16	14.17	-315.69	368.44	Upgrade
Cash Interest Paid	206.98	186.35	191.5	180.32	204.22	199.15	Upgrade
Levered Free Cash Flow	510.75	370.23	340.31	283.19	344.39	168.47	Upgrade
Unlevered Free Cash Flow	655.71	501.7	463.51	418.72	467.13	300.24	Upgrade
Change in Working Capital	20.87	18.05	18.3	60.37	44.43	-107.85	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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