MACERICH CO
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-197.1M | $-194.1M | $-274.1M | $-66.1M | $14.3M | $-230.2M | $96.8M | $69.0M |
| Depreciation & Amortization | $368.1M | $305.9M | $296.4M | $302.5M | $324.4M | $326.1M | $337.7M | $334.7M |
| Depreciation | $293.3M | $269.0M | $265.1M | $271.5M | $282.2M | $287.9M | $287.8M | $275.2M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $18.2M | $12.1M | $13.2M | $17.6M | $14.3M | $13.8M | $12.0M | $27.4M |
| Net Cash from Operating Activities | $321.6M | $283.4M | $295.5M | $337.5M | $286.4M | $124.8M | $355.2M | $344.3M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-325.3M | $19.8M | $52.5M | $-1.4M | $235.0M | $-202.8M | $-112.0M | $176.3M |
| Financing Activities | ||||||||
| Dividends Paid | $188.2M | $161.3M | $159.3M | $186.3M | $143.4M | $179.9M | $474.5M | $453.6M |
| Stock Repurchases | — | — | — | — | — | — | $0 | $0 |
| Net Cash from Financing Activities | $199.2M | $-316.1M | $-338.9M | $-321.9M | $-837.0M | $446.5M | $-278.2M | $-514.4M |
| Net Change in Cash | $195.5M | $-12.8M | $9.2M | $14.2M | $-315.7M | $368.4M | $-35.1M | $6.2M |
| Free Cash Flow | — | — | — | — | — | — | — | — |
People calculate too much and think too little.