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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No. 1-12504
THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)
Maryland95-4448705
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification Number)
401 Wilshire Boulevard,Suite 700,Santa Monica,California90401
(Address of principal executive office)(Zip Code)
(310) 394-6000
 (Registrant's telephone number, including area code)
N/A
 (Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.01 Par ValueMACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated FilerNon-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        No
Number of shares outstanding as of August 7, 2020 of the registrant's common stock, par value $0.01 per share: 149,463,668 shares




THE MACERICH COMPANY
FORM 10-Q
INDEX
Part IFinancial Information 
Part IIOther Information 

2

Table of Contents

THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)
(Unaudited)
June 30,
2020
December 31,
2019
ASSETS:  
Property, net$6,501,519  $6,643,513  
Cash and cash equivalents497,581  100,005  
Restricted cash10,083  14,211  
Tenant and other receivables, net237,595  144,035  
Right-of-use assets, net137,679  148,087  
Deferred charges and other assets, net264,740  277,866  
Due from affiliates10,273  6,157  
Investments in unconsolidated joint ventures1,568,878  1,519,697  
Total assets$9,228,348  $8,853,571  
LIABILITIES AND EQUITY:  
Mortgage notes payable$4,377,787  $4,392,599  
Bank and other notes payable1,478,635  817,377  
Accounts payable and accrued expenses58,672  51,027  
Lease liabilities110,225  114,201  
Other accrued liabilities213,586  265,595  
Distributions in excess of investments in unconsolidated joint ventures108,275  107,902  
Financing arrangement obligation192,609  273,900  
Total liabilities6,539,789  6,022,601  
Commitments and contingencies
Equity:  
Stockholders' equity:  
Common stock, $0.01 par value, 250,000,000 shares authorized, 149,601,164 and 141,407,650 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
1,496  1,414  
Additional paid-in capital4,596,684  4,583,911  
Accumulated deficit(2,082,082) (1,944,012) 
Accumulated other comprehensive loss(13,701) (9,051) 
Total stockholders' equity2,502,397  2,632,262  
Noncontrolling interests186,162  198,708  
Total equity2,688,559  2,830,970  
Total liabilities and equity$9,228,348  $8,853,571  
   The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2020201920202019
Revenues:  
Leasing revenue$168,754  $211,022  $379,475  $422,030  
Other3,003  7,831  12,261  13,165  
Management Companies6,830  9,119  13,803  19,299  
Total revenues178,587  227,972  405,539  454,494  
Expenses:  
Shopping center and operating expenses57,133  64,092  127,858  133,696  
Leasing expenses6,653  7,677  14,078  15,182  
Management Companies' operating expenses16,442  15,692  32,666  34,706  
REIT general and administrative expenses8,242  4,589  15,063  11,550  
Depreciation and amortization80,294  82,385  162,507  163,853  
168,764  174,435  352,172  358,987  
Interest (income) expense:  
Related parties(32,807) (13,243) (77,050) (23,690) 
Other52,841  50,352  105,158  99,156  
20,034  37,109  28,108  75,466  
Loss on extinguishment of debt, net      351  
Total expenses188,798  211,544  380,280  434,804  
Equity in (loss) income of unconsolidated joint ventures(14,173) 7,257  (4,475) 19,500  
Income tax benefit (expense)1,524  (679) 1,790  (1,025) 
Loss on sale or write down of assets, net(3,867) (9,059) (40,570) (15,375) 
Net (loss) income(26,727) 13,947  (17,996) 22,790  
Less net loss attributable to noncontrolling interests(1,611) (1,787) (402) (768) 
Net (loss) income attributable to the Company$(25,116) $15,734  $(17,594) $23,558  
Earnings per common share—attributable to common stockholders:  
Basic$(0.18) $0.11  $(0.13) $0.16  
Diluted$(0.18) $0.11  $(0.13) $0.16  
Weighted average number of common shares outstanding:  
Basic144,102,000  141,344,000  142,769,000  141,303,000  
Diluted144,102,000  141,344,000  142,769,000  141,303,000  
   The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2020201920202019
Net (loss) income(26,727) 13,947  $(17,996) $22,790  
Other comprehensive income (loss):
Interest rate cap/swap agreements1,745  (4,281) (4,650) (6,326) 
Comprehensive (loss) income(24,982) 9,666  (22,646) 16,464  
Less net loss attributable to noncontrolling interests(1,611) (1,787) (402) (768) 
Comprehensive (loss) income attributable to the Company$(23,371) $11,453  $(22,244) $17,232  
   The accompanying notes are an integral part of these consolidated financial statements.




5

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended June 30, 2020 and 2019
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at April 1, 2020141,572,289  $1,416  $4,590,709  $(2,042,688) $(15,446) $2,533,991  $190,369  $2,724,360  
Net loss(25,116) (25,116) (1,611) (26,727) 
Interest rate cap/swap agreements1,745  1,745  1,745  
Amortization of share and unit-based plans45,171  4,210  4,210  4,210  
Employee stock purchases141,568  1  851  852  852  
Distributions paid ($0.10 per share)
(14,278) (14,278) (14,278) 
Stock dividend7,759,280  78  (78) —  —  —  —  —  
Distributions to noncontrolling interests—  (1,587) (1,587) 
Conversion of noncontrolling interests to common shares82,856  1  5,879  5,880  (5,880)   
Redemption of noncontrolling interests14  14  (30) (16) 
Adjustment of noncontrolling interests in Operating Partnership(4,901) (4,901) 4,901    
Balance at June 30, 2020149,601,164  $1,496  $4,596,684  $(2,082,082) $(13,701) $2,502,397  $186,162  $2,688,559  

 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at April 1, 2019141,332,786  $1,413  $4,574,600  $(1,714,789) $(6,511) $2,854,713  $230,556  $3,085,269  
Net income (loss)—  —  —  15,734  —  15,734  (1,787) 13,947  
Interest rate cap/swap agreements—  —  —  —  (4,281) (4,281) —  (4,281) 
Amortization of share and unit-based plans4,982  —  3,373  —  —  3,373  —  3,373  
Employee stock purchases26,800  —  819  —  —  819  —  819  
Distributions declared ($0.75 per share)
—  —  —  (106,042) —  (106,042) —  (106,042) 
Distributions to noncontrolling interests—  —  —  —  —  —  (24,115) (24,115) 
Contributions from noncontrolling interests—  —  —  —  —  —  410  410  
Redemption of noncontrolling interests—  —  (5) —  —  (5) (5) (10) 
Adjustment of noncontrolling interests in Operating Partnership—  —  (167) —  —  (167) 167    
Balance at June 30, 2019141,364,568  $1,413  $4,578,620  $(1,805,097) $(10,792) $2,764,144  $205,226  $2,969,370  

The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Six Months Ended June 30, 2020 and 2019
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2020141,407,650  $1,414  $4,583,911  $(1,944,012) $(9,051) $2,632,262  $198,708  $2,830,970  
Net loss—  —  —  (17,594) —  (17,594) (402) (17,996) 
Interest rate cap/swap agreements—  —  —  —  (4,650) (4,650) —  (4,650) 
Amortization of share and unit-based plans126,088  1  9,812  —  —  9,813  —  9,813  
Employee stock purchases141,568  1  851  —  —  852  —  852  
Distributions paid ($0.85 per share)
—  —  —  (120,476) —  (120,476) —  (120,476) 
Stock dividend7,759,280  78  (78) —  —  —  —  —  
Distributions to noncontrolling interests—  —  —  —  —  —  (10,061) (10,061) 
Contributions from noncontrolling interests—  —  —  —  —  —  125  125  
Conversion of noncontrolling interests to common shares166,578  2  11,675  —  —  11,677  (11,677)   
Redemption of noncontrolling interests—  —  13  —  —  13  (31) (18) 
Adjustment of noncontrolling interests in Operating Partnership—  —  (9,500) —  —  (9,500) 9,500    
Balance at June 30, 2020149,601,164  $1,496  $4,596,684  $(2,082,082) $(13,701) $2,502,397  $186,162  $2,688,559  

 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2019141,221,712  $1,412  $4,567,643  $(1,614,357) $(4,466) $2,950,232  $238,200  $3,188,432  
Net income (loss)—  —  —  23,558  —  23,558  (768) 22,790  
Cumulative effect of adoption of ASC 842—  —  —  (2,203) —  (2,203) —  (2,203) 
Interest rate cap/swap agreements—  —  —  —  (6,326) (6,326) —  (6,326) 
Amortization of share and unit-based plans95,056  1  10,037  —  —  10,038  —  10,038  
Employee stock purchases26,800  —  819  —  —  819  —  819  
Distributions declared ($1.50 per share)
—  —  —  (212,095) —  (212,095) —  (212,095) 
Distributions to noncontrolling interests—  —  —  —  —  —  (32,458) (32,458) 
Contributions from noncontrolling interests—  —  —  —  —  —  410  410  
Conversion of noncontrolling interests to common shares21,000  —  1,005  —  —  1,005  (1,005)   
Redemption of noncontrolling interests—  —  (20) —  —  (20) (17) (37) 
Adjustment of noncontrolling interests in Operating Partnership—  —  (864) —  —  (864) 864    
Balance at June 30, 2019141,364,568