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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 3 "Operating Partnership").
The business is unprofitable at the operating level (-11.42% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 10.4%, still solid. Margins contracted 7.0pp, which offsets some of the top-line progress.
Operating margin contracted 7.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.01B
▲ +10.4% YoY
Net Income (TTM)
-$183M
▼ -1.6% YoY
Op. Margin
-11.44%
▼ -7.0pp YoY
ROIC
-1.19%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$310M
▲ +13.5% YoY
Net Debt
$4.73B
Cash & Equiv.
$182M
5Y CAGR: +5.2%
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