Macerich Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Macerich Co. (MAC) has submitted its 2023 10-K filing, detailing its financial performance and corporate information for the fiscal year ending December 31, 2023.</b>

AI Summary

MACERICH CO (MAC) filed a Annual Report (10-K) with the SEC on February 26, 2024. The Macerich Company (MAC) filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 401 Wilshire Blvd, Suite 700, Santa Monica, CA 90401. Macerich Co. is incorporated in Maryland (MD). The filing is a 10-K report, indicating a comprehensive overview of the company's financial performance and condition.

Why It Matters

For investors and stakeholders tracking MACERICH CO, this filing contains several important signals. This 10-K filing provides investors with a detailed look at Macerich's financial health, operational performance, and strategic positioning within the real estate investment trust sector for the 2023 fiscal year. Understanding the specifics within this report is crucial for assessing the company's current market standing, potential risks, and future outlook, especially concerning its real estate portfolio and lease liabilities.

Risk Assessment

Risk Level: medium — MACERICH CO shows moderate risk based on this filing. The company operates in the real estate investment trust sector, which is subject to market fluctuations and interest rate sensitivity, as indicated by the nature of its business and the typical risks associated with REITs.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Macerich's performance and outlook in the current economic environment.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240226 — Filing Date (FILED AS OF DATE)
• 6798 — Standard Industrial Classification (SIC Code for Real Estate Investment Trusts)
• MD — State of Incorporation (State of Incorporation)

Key Players & Entities

• MACERICH CO (company) — COMPANY CONFORMED NAME
• MAC (company) — Ticker Symbol
• 10-K (document) — FORM TYPE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240226 (date) — FILED AS OF DATE
• 401 WILSHIRE BLVD STE 700 (address) — BUSINESS ADDRESS
• SANTA MONICA (location) — CITY
• CA (location) — STATE

FAQ

Industry Context

Macerich Co. operates as a Real Estate Investment Trust (REIT), focusing on owning, operating, and redeveloping retail and mixed-use properties.

Regulatory Implications

As a publicly traded company, Macerich Co. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review Macerich's detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine any disclosures related to lease liabilities and their impact on the company's financial position.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value MAC New York Stock Exchange
• $46.7 million — a total purchase price of approximately $46.7 million. These parcels are located at Chandler
• $5.6 million — p interest in Freehold Raceway Mall for $5.6 million and the assumption of its joint venture
• $23.5 m — power center in Flagstaff, Arizona, for $23.5 million, which resulted in a gain on sale
• $10.3 million — resulted in a gain on sale of assets of $10.3 million. The Company used the net proceeds to p
• $5.6 m — foot power center in Mesa, Arizona, for $5.6 million, which resulted in a gain on sale
• $1.9 million — resulted in a gain on sale of assets of $1.9 million. The Company used the net proceeds to p
• $9.5 m — Towne Mall was sold by the receiver for $9.5 million, resulting in a gain on extinguis
• $8.2 million — in a gain on extinguishment of debt of $8.2 million. On December 27, 2023, the Company's
• $700 million — roperty in Los Angeles, California, for $700 million. The existing $325 million loan on the
• $325 million — ifornia, for $700 million. The existing $325 million loan on the property was repaid, and $7
• $77.6 million — on loan on the property was repaid, and $77.6 million of net proceeds were generated at the C
• $8.1 million — its share of gain on sale of assets of $8.1 million. For the twelve months ended December
• $10.8 million — 's share of the gain on sale of land of $10.8 million. The Company used its share of the proc
• $16.4 million — are of the proceeds from these sales of $16.4 million to pay down debt and for other general

Filing Documents

• mac-20231231.htm (10-K) — 3275KB
• mac-20231231x10kex41.htm (EX-4.1) — 55KB
• mac-20231231xex211xsubsidi.htm (EX-21.1) — 23KB
• mac-20231231xex231xconsent.htm (EX-23.1) — 3KB
• mac-20231231x10kex311.htm (EX-31.1) — 10KB
• mac-20231231x10kex312.htm (EX-31.2) — 10KB
• mac-20231231x10kex321.htm (EX-32.1) — 5KB
• mac-20231231x10kex97.htm (EX-97) — 32KB
• mac-20231231_g1.jpg (GRAPHIC) — 119KB
• 0000912242-24-000026.txt (&nbsp;) — 15337KB
• mac-20231231.xsd (EX-101.SCH) — 105KB
• mac-20231231_cal.xml (EX-101.CAL) — 140KB
• mac-20231231_def.xml (EX-101.DEF) — 580KB
• mac-20231231_lab.xml (EX-101.LAB) — 1092KB
• mac-20231231_pre.xml (EX-101.PRE) — 837KB
• mac-20231231_htm.xml (XML) — 2271KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. Reserved 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56 Item 9A.

Controls and Procedures

Controls and Procedures 56 Item 9B. Other Information 58

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58 Part III Item 10. Directors , Executive Officers and Corporate Governance 58 Item 11.

Executive Compensation

Executive Compensation 58 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 58 Item 13. Certain Relationships and Related Transactions, and Director Independence 58 Item 14. Principal Accountant Fees and Services 58 Part IV Item 15. Exhibits and Financial Statement Schedule s 59 Item 16. Form 10-K Summary 59

Signatures

Signatures 110 2 PART I IMPORTANT FACTORS RELATED TO FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K of The Macerich Company (the "Company") contains or incorporates statements that constitute forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "should," "expects," "anticipates," "intends," "projects," "predicts," "plans," "believes," "seeks," "estimates," "scheduled" and variations of these words and similar expressions. Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Forward-looking statements appear in a number of places in this Form 10-K and include statements regarding, among other matters: expectations regarding the Company's growth; the Company's beliefs regarding its acquisition, redevelopment, development, leasing and operational activities and opportunities, including the performance and financial stability of its retailers; the Company's acquisition, disposition and other strategies; regulatory matters pertaining to compliance with governmental regulations; the Company's capital expenditure plans and expectations for obtaining capital for expenditures; the Company's expectations regarding income tax benefits; the Company's expectations regarding its financial condition or results of operations; and the Company's expectations for refinancing its indebtedness, entering into and servicing debt obligations and entering into joint venture arrangements. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or the industry to differ

BUSINESS

ITEM 1. BUSINESS General The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). As of December 31, 2023, the Operating Partnership owned or had an ownership interest in 43 regional town centers (including office, hotel and residential space adjacent to these shopping centers), three community/power shopping centers and one redevelopment property. These 47 regional town centers, community/power shopping centers and one redevelopment property consist of approximately 46 million square feet of gross leasable area ("GLA") and are referred to 3 herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), as set forth in "Item 2. Properties," unless the context otherwise requires. The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are owned by the Company and are collectively referred to herein as the "Management Com

View Full Filing

View this 10-K filing on SEC EDGAR