MACERICH CO

MAC ·Real Estate, REIT - Diversified, United States

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Profit Margins

Gross Margin Operating Margin Net Margin

Period	Gross Margin	Operating Margin	Net Margin
Jun 2009	—	-7.1%	-10.8%
Sep 2009	—	-8.6%	72.2%
Mar 2010	—	-12.7%	-3.5%
Jun 2010	—	-8.4%	-0.2%
Sep 2010	—	-6.8%	4.4%
Dec 2010	—	—	11.8%
Mar 2011	—	-15.2%	0.0%
Jun 2011	—	-4.1%	-10.6%
Sep 2011	—	-1.3%	6.7%
Dec 2011	—	—	78.2%
Mar 2012	—	-11.4%	-6.3%
Jun 2012	—	-10.2%	78.1%
Sep 2012	—	-1.8%	24.1%
Dec 2012	—	—	76.0%
Mar 2013	—	-0.5%	9.3%
Jun 2013	—	0.3%	95.5%
Sep 2013	—	3.0%	15.8%
Dec 2013	—	—	51.4%
Mar 2014	—	3.5%	7.4%
Jun 2014	—	5.1%	7.1%
Sep 2014	—	5.2%	14.7%
Dec 2014	—	—	442.6%
Mar 2015	—	-1.1%	8.4%
Jun 2015	—	4.3%	4.9%
Sep 2015	—	9.5%	11.1%
Dec 2015	—	—	129.4%
Mar 2016	—	3.9%	176.3%
Jun 2016	—	10.6%	19.0%
Sep 2016	—	9.9%	5.2%
Dec 2016	—	—	13.7%
Mar 2017	—	4.0%	30.3%
Jun 2017	—	6.9%	11.7%
Sep 2017	—	5.4%	7.9%
Dec 2017	—	—	12.8%
Mar 2018	—	-7.1%	-14.5%
Jun 2018	—	1.4%	3.8%
Sep 2018	—	6.8%	33.5%
Dec 2018	—	—	4.8%
Mar 2019	—	1.4%	3.9%
Jun 2019	—	7.2%	6.1%
Sep 2019	—	15.7%	21.6%
Dec 2019	—	—	11.1%
Mar 2020	—	15.6%	3.8%
Jun 2020	—	-5.7%	-15.0%
Sep 2020	—	-11.2%	-11.9%
Dec 2020	—	—	-97.8%
Mar 2021	—	-24.2%	-33.4%
Jun 2021	—	-6.1%	-5.5%
Sep 2021	—	-1.8%	50.3%
Mar 2022	—	-6.0%	-17.2%
Jun 2022	—	-11.6%	-7.5%
Sep 2022	—	-10.2%	-7.2%
Mar 2023	—	-1.0%	-27.3%
Jun 2023	—	-8.2%	-7.0%
Sep 2023	—	-6.2%	-120.4%
Mar 2024	—	-11.2%	-60.7%
Jun 2024	—	-1.1%	116.9%
Sep 2024	—	-9.1%	-49.1%
Mar 2025	—	-14.9%	-20.1%
Jun 2025	—	-12.3%	-16.4%
Sep 2025	—	-11.0%	-34.5%
Mar 2026	—	-15.1%	-15.0%
Jun 2026	—	-11.1%	-10.8%

What the wise do in the beginning, fools do in the end.