MACERICH CO
Cash Flow Statement
| Line Item | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $161.7M | $554.8M | $522.9M | $1.61B | $449.0M | $366.4M | $169.1M | $25.2M |
| Depreciation & Amortization | $341.3M | $355.4M | $471.3M | $387.8M | $383.0M | $322.7M | $282.6M | $260.3M |
| Depreciation | $277.9M | $277.3M | $355.0M | $289.2M | $269.8M | $216.4M | $189.6M | — |
| Amortization | — | — | $69.5M | $52.7M | $53.1M | $32.5M | $13.2M | $14.9M |
| Stock-Based Compensation | $30.8M | $33.3M | $28.4M | $29.5M | $24.2M | $12.3M | $12.3M | $14.8M |
| Net Cash from Operating Activities | $386.4M | $429.5M | $555.0M | $400.7M | $422.0M | $351.3M | $237.3M | $200.4M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $179.0M | $454.1M | $-101.0M | $-255.8M | $271.9M | $-963.4M | $-212.1M | $-142.2M |
| Financing Activities | ||||||||
| Dividends Paid | $443.8M | $779.3M | $787.1M | $385.7M | $355.5M | $326.2M | $296.9M | $226.0M |
| Stock Repurchases | $221.4M | $800.0M | $400.1M | $0 | $0 | — | — | — |
| Net Cash from Financing Activities | $-566.3M | $-867.5M | $-452.3M | $-129.7M | $-690.0M | $610.6M | $-403.6M | $294.1M |
| Net Change in Cash | $-3.0M | $7.5M | $1.6M | $15.2M | $3.9M | $-1.5M | $-378.4M | $352.4M |
| Free Cash Flow | — | — | — | — | — | — | — | — |
Obvious prospects for physical growth in a business do not translate into obvious profits for investors.