MACERICH CO MAC Cash Flow

Macerich co (MAC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
8,731	29,739	50,025	13,947	8,843	13,246	81,241	8,866	-34,381	38,584	19,228	29,052	74,809	40,834	13,196	49,434	451,375	444,185	36,314	15,746	26,667	1,530,558	38,744	17,985	19,644	150,789	40,825	234,815	22,530	186,295	47,275	144,542	-11,723	175,640	14,255	-20,911	91	25,758	9,468	55	-6,861
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on extinguishment of debt, net
0	0	0	0	-351	0	0	0	0	-	-	-	-	0	5,284	0	-3,575	878	-27	-1,609	2,245	-121	-47	0	-358	-506	-5	1,943	0	-	-	-	-	-1,618	0	32	101	-	-	-	-
Loss on sale or write down of assets, net
-36,703	3,597	-131	-9,059	-6,316	-31,311	46,516	-9,518	-37,512	5,212	-11,854	-477	49,565	-10,702	-19,321	10,915	434,456	385,326	-3,342	-4,671	935	74,944	9,561	-9,454	-1,611	-90,336	8,249	-798	4,828	-11,204	21,969	-1,528	19,497	-26,165	1,040	1,288	1,800	-	-	-	-
Gain on remeasurement of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-14	22,103	1,423,136	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on disposition of assets, net from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	152,269	-7,767	141,906	6	-24,760	-257	131,396	-55,568	-20,685	343	-35,754	-2,237	-	-	-	-
Depreciation and amortization
83,827	85,721	84,575	84,138	83,233	88,644	83,620	80,894	81,524	87,482	84,577	84,665	84,551	91,844	88,424	86,914	88,176	108,639	119,155	121,108	122,418	114,020	93,391	89,805	90,569	97,069	94,502	95,966	95,465	88,310	77,567	75,841	81,002	73,811	71,480	69,349	68,003	68,534	66,450	63,362	61,906
Amortization of premium on mortgage notes payable
-229	-233	-232	-230	-234	-233	-233	-228	-235	-478	-939	-934	-926	-966	-1,019	-1,013	-1,050	-2,341	-5,509	-5,479	-6,903	-4,850	-1,352	-1,352	-1,352	-1,320	-1,038	-2,023	-2,441	-2,261	-276	-485	1,422	2,067	2,420	2,326	2,247	1,437	711	376	416
Amortization of share and unit-based plans
4,224	2,277	2,322	1,914	5,519	4,723	3,554	8,087	11,003	5,640	5,507	5,847	13,805	5,645	5,635	5,568	16,440	4,738	4,422	4,739	14,468	4,246	4,378	4,334	16,505	10,294	5,133	5,080	3,700	3,374	3,440	2,712	2,798	2,860	2,854	4,203	2,371	3,628	4,238	4,162	2,804
Straight-line rent and amortization of above and below market leases
-243	-1,562	-4,995	-4,802	-2,650	-2,277	-4,223	-4,670	-2,531	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Straight-line rent adjustment
-	-	-	-	-	-	-	-	-	-	-2,958	-2,660	-1,884	-1,788	-946	-1,593	-910	-2,680	-2,849	-1,277	-386	-1,385	-1,342	-1,607	-1,491	-1,786	-2,350	-2,290	-1,561	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of above and below-market leases
-	-	-	-	-	-	-	-	-	-	674	-1,275	193	-3,700	-4,937	-2,535	-1,643	-2,605	-4,121	-5,118	-4,666	-3,353	-3,011	-1,222	-1,497	-1,981	-1,703	-1,418	-1,624	-	-	-	-	-	-	-	-	-	-	-	-
Provision for doubtful accounts
913	915	2,934	2,007	1,826	876	1,188	1,245	1,354	508	448	2,040	1,318	1,126	169	1,372	919	932	610	1,826	1,330	510	22	3,058	372	919	648	1,827	756	1,129	618	761	821	837	858	1,117	400	934	998	746	1,683
Income tax (benefit) expense
-266	-114	678	679	346	-1,805	466	684	-2,949	15,772	2,869	437	-3,484	-2,014	905	514	1,317	-1,146	-859	-283	-935	-510	-689	-2,898	-172	571	-542	-1,478	-243	-2,000	-934	-3,075	1,850	-299	-1,565	-1,768	-2,478	-3,950	-2,662	-1,375	-1,215
Equity in income of unconsolidated joint ventures
9,698	14,426	14,582	7,257	12,243	20,443	18,789	15,669	16,872	28,774	23,993	16,936	15,843	19,404	11,261	14,616	11,660	16,979	10,817	9,094	8,274	16,019	16,935	13,903	13,769	22,103	35,161	92,201	18,115	10,657	19,315	18,691	30,618	219,156	20,039	25,207	30,275	27,621	19,687	15,762	16,459
Co-venture expense
-	-	-	-	-	-	-	-	-	-2,479	-3,150	-4,123	-3,877	-3,875	-3,006	-3,212	-3,289	-3,907	-2,954	-2,813	-2,130	-3,315	-2,143	-2,212	-1,820	-2,632	-2,053	-2,138	-2,041	-2,061	-2,067	-1,303	-1,092	-2,027	-1,281	-1,202	-1,296	-2,547	-269	-1,993	-1,384
Distributions of income from unconsolidated joint ventures
0	90	384	342	118	295	995	514	155	463	0	0	0	1,641	1,124	2,448	2,035	1,841	2,700	0	0	-	-	-	-	0	516	-516	8,538	14,465	6,796	3,442	4,444	1,805	5,232	3,062	2,679	9,566	6,549	937	3,582
Change in fair value of financing arrangement obligation
48,384	5,663	39,455	17,257	14,265	5,946	4,893	8,768	-4,382	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables
-11,673	14,612	5,603	6,581	-16,867	16,491	11,297	-2,177	-11,699	7,346	4,563	3,356	-8,757	9,955	1,691	625	-4,686	5,471	3,612	6,845	-17,836	10,940	12,382	-2,149	-8,817	9,796	4,310	-3,842	-4,782	1,218	11,036	8,205	-17,905	1,291	6,460	-2,415	-2,685	9,528	3,144	-18,957	-3,648
Other assets
-1,037	13,495	-10,610	15,952	-9,284	-1,296	-9,819	14,149	-11,473	16,157	-9,397	10,272	-12,618	13,933	-9,830	6,187	9,743	-8,660	-9,566	8,644	-4,310	8,583	7,498	-2,023	1,536	-673	3,686	-1,682	-9,092	40,208	-18,888	-6,166	1,940	5,423	-3,211	-3,654	9,523	-11,760	23,081	-2,448	16,656
Due from affiliates
4,766	-3,470	-1,378	-3,898	-5,148	-2,489	4,395	-1,399	2,512	978	-361	1,350	12,015	-1,254	-10,399	6,793	-11,123	8,781	469	-1,575	-650	480	2,230	633	-1,573	-2,167	1,552	-450	799	-3,027	4,023	-1,419	1,604	-867	-909	-3,403	2,073	1,925	-934	-238	-188
Accounts payable and accrued expenses
15,937	-13,342	12,170	-7,780	8,715	-8,851	2,447	-8,994	13,239	-17,085	13,265	-6,287	4,285	-2,470	8,944	-9,237	-6,166	-6,784	-4,986	-10,562	18,318	-903	15,865	-23,134	8,049	-11,102	14,008	-18,726	15,073	-2,842	11,434	2,989	1,849	-25,104	16,860	-6,442	2,889	-1,794	12,994	-31,447	11,659
Other accrued liabilities
-49,759	28,012	6,559	10,113	-18,334	10,316	-10,673	8,976	-17,893	13,292	-9,254	3,952	-17,792	-4,244	-24,437	3,892	2,562	1,394	-5,096	3,950	450	-5,393	6,035	6,213	-31,590	-11,215	39,203	-8,853	-24,817	31,737	792	-20,474	-17,148	15,078	712	-22,589	2,698	-3,760	2,139	-36,799	18,838
Net cash provided by operating activities
49,700	83,180	106,899	66,238	98,840	97,150	82,311	69,882	94,968	86,539	109,623	87,523	102,704	98,447	111,378	99,840	119,869	141,305	140,772	110,749	162,130	103,800	106,334	92,661	97,911	93,179	146,069	75,244	107,543	95,117	111,581	58,377	86,221	56,800	90,625	48,312	41,548	73,610	54,039	7,869	64,917
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties
26,406	61,886	48,607	28,042	28,256	47,764	34,473	49,610	49,242	69,585	30,155	27,590	33,013	58,485	45,566	46,670	60,895	63,849	76,273	42,055	90,157	55,662	47,293	52,879	29,578	0	71,700	50,241	36,741	57,927	24,548	44,630	15,105	-4,353	-27,983	55,273	35,995	8,160	63,266	-814	67,191
Acquisition of properties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	26,250	0	0	15,233	0	23,662	0	22,577	470,000	990,926	0	0	70,925	-	-	-	-	-	-	-	-
Property improvements
1,845	0	3,109	9,178	8,827	23,284	15,437	12,453	4,968	7,382	17,675	12,400	4,350	23,225	10,371	8,956	5,311	18,794	17,690	12,996	3,855	34,343	17,778	9,805	4,792	29,931	10,703	148	10,901	20,808	21,720	1,939	1,187	-	-	-	-	-	-	-	-
Proceeds from repayment of notes receivable
0	3,028	222	221	65,348	214	211	416	202	6,445	9	407	212	316	200	2,229	932	465	459	457	452	1,656	3,169	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	13,330	0	0	0	12,500	-	-	-	-	-	-	-	-
Proceeds from maturities of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	23,080	590	99	590	99	590	99	-	-	-	-	-	-	-	-
Deferred leasing costs
981	1,021	1,355	682	8,848	4,977	5,469	4,939	13,384	6,610	5,492	8,286	11,267	6,748	6,628	7,339	7,359	9,105	6,669	8,360	9,768	8,617	5,630	7,307	6,465	5,895	5,005	5,884	10,885	9,739	6,573	5,579	8,723	7,320	7,841	8,388	10,406	7,421	4,671	8,934	9,271
Distributions from unconsolidated joint ventures
21,693	30,538	144,461	49,911	41,439	-4,693	93,269	29,734	418,333	41,812	55,418	56,206	114,528	32,690	102,453	127,052	181,900	38,997	20,317	33,230	13,096	22,534	22,306	11,163	22,219	21,379	376,567	115,394	104,708	104,849	145,871	46,825	24,697	21,802	133,103	22,852	37,894	32,546	24,247	28,319	32,230
Contributions to unconsolidated joint ventures
33,870	103,535	52,380	33,895	63,093	2,179	104,043	34,027	40,990	37,206	29,029	24,710	26,593	26,145	21,373	32,242	350,668	89,380	24,439	279,083	33,284	78,658	149,647	79,750	28,566	31,126	24,156	16,482	26,134	47,845	6,595	32,910	8,008	5,510	7,735	78,267	63,839	2,680	5,885	2,811	5,312
Collections of loans to unconsolidated joint ventures, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,361	35	-22	-618	-20	13	617	-21	-11	69	-103	695	-1,766	502	7	357	3,877	-1,480	-2,787	-389
Proceeds from sale of assets
0	4,275	230	0	1,015	2,847	55,966	25,613	1,450	86,823	840	-18	167,649	27,559	992	95,059	600,665	635,243	10,215	0	1,440	268,773	25,936	900	24,514	89,018	12,000	309,000	6,059	6,016	46	107,465	23,180	10,705	1,380	90	4,785	-	-	-	-
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,365	2,764	849	30,342	-441	-707	1,694	-3,804	-1,302	-385	-1,035	-17,646	-46,494	-5,868	-530	9,050	2,874	-9,470	3,710	-3,403	-10,142	5,596	5,425	-8,668	37,629	-818	1,672
Net cash used in investing activities
-41,409	-128,601	39,462	-21,665	-1,222	-79,836	-9,976	-45,266	311,401	14,297	-26,084	-16,391	207,166	-40,060	9,342	126,369	358,415	450,735	-93,639	-308,100	-150,020	86,608	-167,600	-152,548	-22,251	37,409	354,937	336,137	-456,616	-1,054,851	83,775	79,189	-71,487	-27,570	12,744	-123,917	-73,343	-29,719	-88,684	27,836	-51,605
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable
660,000	720,000	100,000	551,000	425,000	120,000	100,000	75,000	120,000	920,000	210,000	100,000	200,000	485,000	120,000	470,000	2,126,138	2,280,000	234,997	750,003	815,671	623,979	279,312	167,673	133,982	332,911	146,350	358,380	1,735,123	1,612,566	345,000	480,000	755,885	325,000	160,000	145,000	127,000	315,287	262,087	151,192	198,948
Payments on mortgages, bank and other notes payable
8,676	550,990	171,539	447,202	397,358	12,104	57,372	12,695	387,643	795,289	145,020	15,492	263,927	412,926	94,996	216,875	1,713,094	2,021,585	142,538	445,521	674,569	623,981	107,528	17,346	104,225	356,127	538,310	870,332	1,286,303	558,619	622,026	670,191	521,054	176,594	109,739	92,821	248,215	330,901	251,267	791,808	194,185
Deferred financing costs
0	4,838	0	1,956	965	0	97	46	132	5,914	2,554	-110	142	1,762	6,843	52	1,927	6,645	100	1,584	3,476	141	523	53	550	913	5,550	902	4,601	10,469	1,639	1,117	1,883	1,372	605	15,804	1,195	3,260	1,336	3,768	2,492
Proceeds from finance lease
4,115	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of finance deposits, net of refunds received
0	-	-	-	4,820	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on finance leases
290	0	1,194	0	278	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of finance deposits
0	-	-	-	4,820	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of debt extinguishment costs
-	-	-	-	-	-	-	-	-	-	-	-	-	2,391	0	0	12,028	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of stock issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	304	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock repurchases
-	-	-	-	-	-	-	-	-	0	39,688	49,190	132,550	0	0	400,000	400,018	400,144	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemption of noncontrolling interests
2	16	14	10	27	40	596	58	65	11	824	70	15	0	0	0	30	235	32	189	0	0	15	18	203	44	0	0	1,022	15	56	5	10	-	-	-	-	-	-	-	-
Contribution from noncontrolling interests
125	2,671	50	410	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-539	142	510	266	-	-	-	-	-	-	-	-
Settlement of contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	9,667	0	9,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Dividends and distributions
114,672	115,158	114,823	130,157	114,396	114,191	112,698	112,963	113,782	115,106	108,787	109,325	110,621	111,523	106,174	109,386	452,225	454,707	110,491	110,449	111,462	99,519	95,006	95,858	95,342	94,364	87,725	87,210	86,207	85,550	79,496	79,495	81,644	79,349	72,197	72,279	73,123	72,031	72,046	72,762	9,119
Distributions to co-venture partner
-	-	-	-	-	-	-	-	-	92,747	3,679	3,024	4,302	4,511	4,452	4,097	5,105	8,840	6,126	3,816	4,716	3,534	3,328	3,582	5,111	5,068	4,779	4,821	4,896	4,864	26,625	3,708	4,282	3,718	3,288	3,607	30,292	24,451	-3,493	-3,493	-3,493
Net cash provided by (used in) financing activities
540,600	52,369	-187,521	-50,220	-92,844	-12,113	-70,747	-49,956	-381,622	-79,555	-99,152	-76,005	-311,557	-39,960	-109,677	-259,576	-458,289	-598,539	-64,450	189,516	21,144	-163,980	63,245	51,461	-80,449	-122,981	-485,841	-433,252	352,094	948,974	-208,600	-277,029	147,278	-101,402	-37,178	-39,191	-225,825	-84,672	-75,647	464,787	-10,341
Net increase in cash, cash equivalents and restricted cash
548,891	6,948	-41,160	-5,647	4,774	5,201	1,588	-25,340	24,747	21,281	-15,613	-4,873	-1,687	18,427	11,043	-33,367	19,995	-6,499	-17,317	-7,835	33,254	26,428	1,979	-8,426	-4,789	7,607	15,165	-21,871	3,021	-10,760	-13,244	-139,463	162,012	-72,172	66,191	-114,796	-257,620	-40,781	-110,292	500,492	2,971
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized
52,989	53,326	51,354	54,696	50,650	49,574	49,648	46,614	46,418	43,807	41,822	42,402	40,462	40,651	40,963	40,151	32,073	52,843	58,972	59,189	60,102	50,644	39,150	49,125	47,958	38,683	43,245	59,208	53,993	26,143	59,373	48,142	40,431	47,797	43,128	36,634	48,343	58,091	47,455	48,261	58,023
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities
28,250	-10,896	-6,605	7,414	42,539	1,179	11,986	555	36,286	13,020	-794	6,788	24,712	19,707	5,600	1,290	22,887	13,266	-3,368	11,262	31,823	32,291	25,884	-12,919	37,852	17,668	603	-2,698	25,761	-4,269	13,266	13,097	4,228	-1,537	183	12,797	1,848	2,573	10,604	3,121	28,926
Accrued stock repurchase costs
-	-	-	-	-	-	-	-	-	-	-	-	8,552	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Conversion of Operating Partnership Units to common stock
5,797	0	0	0	1,005	-	-	-	-	1,602	3,399	11,158	638	1,728	7,601	11	3,108	0	0	6	1,553	1,426	0	357	627	0	0	12,010	974	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	135,666	5,400	51,500	-	-	-	-
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	997,695	1,782,455	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Note receivable issued in connection with sale of property
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	9,603	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of property in exchange for investment in unconsolidated joint venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	76,250	0	0	15,767	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	50,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Application of deposit to acquire property
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	30,000	-	-	-	-	-	-	-	-	-	-	-	-
Stock dividend
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-1	1	43,086