Macerich
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Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. The last earnings update was 17 days ago. More info.
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MAC Share Price and Events
7 Day Returns
1 Year Returns
MAC Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Macerich (MAC) | -3.2% | -1.9% | -7.7% | -26.2% | -47% | -38.8% |
| US REITs | -0.3% | 2.4% | 3.2% | 13.8% | 11.3% | 25.6% |
| US Market | -2.1% | -4.2% | 0% | 1.3% | 33.5% | 38% |
1 Year Return vs Industry and Market
- MAC underperformed the REITs industry which returned 13.8% over the past year.
- MAC underperformed the Market in United States of America which returned 1.3% over the past year.
Value
Is Macerich undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Macerich
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Macerich.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 7 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.3% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (90.12%)) |
0.937 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.94 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.937 * 5.96%) |
8.31% |
Discounted Cash Flow Calculation for NYSE:MAC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Macerich is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Macerich is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 8.31%) |
|
|---|---|---|---|
| 2019 | 463.52 | Analyst x6 | 427.94 |
| 2020 | 492.05 | Analyst x5 | 419.40 |
| 2021 | 520.00 | Analyst x3 | 409.20 |
| 2022 | 513.70 | Analyst x1 | 373.21 |
| 2023 | 499.70 | Analyst x1 | 335.17 |
| 2024 | 504.94 | Est @ 1.05% | 312.69 |
| 2025 | 512.79 | Est @ 1.55% | 293.17 |
| 2026 | 522.56 | Est @ 1.91% | 275.82 |
| 2027 | 533.82 | Est @ 2.15% | 260.13 |
| 2028 | 546.24 | Est @ 2.33% | 245.75 |
| Present value of next 10 years cash flows | $3,352.49 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $546.24 × (1 + 2.73%) ÷ (8.31% – 2.73%) |
$10,047.46 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $10,047.46 ÷ (1 + 8.31%)10 |
$4,520.33 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $3,352.49 + $4,520.33 |
$7,872.83 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $7,872.83 / 151.65 |
$52.09 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $52.09 |
| Current discount | Discount to share price of
$40.41
= -1 x ($40.41 - $52.09) / $52.09 |
22.4% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Macerich's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Macerich's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Macerich's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Macerich's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $0.71 |
| NYSE:MAC Share Price ** | NYSE (2019-05-24) in USD | $40.41 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.62x |
| United States of America Market PE Ratio | Median Figure of 3,082 Publicly-Listed Companies | 17.36x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Macerich.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:MAC Share Price ÷ EPS (both in USD) = 40.41 ÷ 0.71 |
56.9x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Macerich is overvalued based on earnings compared to the US REITs industry average.
- Macerich is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Macerich's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 56.9x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts |
-17%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 2.39x |
| United States of America Market PEG Ratio | Median Figure of 2,120 Publicly-Listed Companies | 1.5x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 56.9x ÷ -17% |
-3.34x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Macerich earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Macerich's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $20.20 |
| NYSE:MAC Share Price * | NYSE (2019-05-24) in USD | $40.41 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.86x |
| United States of America Market PB Ratio | Median Figure of 5,207 Publicly-Listed Companies | 1.8x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:MAC Share Price ÷ Book Value per Share (both in USD) = 40.41 ÷ 20.20 |
2x |
* Primary Listing of Macerich.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Macerich is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess Macerich's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Macerich has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Macerich expected to perform in the next 1 to 3 years based on estimates from 7 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Macerich's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
- Macerich's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
- Macerich's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:MAC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts | -17% |
| NYSE:MAC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts | -0.4% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.7% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.7% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 25 | |||
| 2022-12-31 | 38 | |||
| 2021-12-31 | 920 | 71 | 3 | |
| 2020-12-31 | 886 | 423 | 58 | 4 |
| 2019-12-31 | 863 | 538 | 64 | 3 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 1,018 | 348 | 100 |
| 2018-12-31 | 1,030 | 344 | 59 |
| 2018-09-30 | 1,043 | 334 | 80 |
| 2018-06-30 | 1,044 | 361 | 24 |
| 2018-03-31 | 1,049 | 379 | 43 |
| 2017-12-31 | 1,057 | 386 | 145 |
| 2017-09-30 | 1,060 | 398 | 150 |
| 2017-06-30 | 1,066 | 400 | 146 |
| 2017-03-31 | 1,080 | 412 | 165 |
| 2016-12-31 | 1,085 | 430 | 516 |
| 2016-09-30 | 1,131 | 458 | 893 |
| 2016-06-30 | 1,204 | 487 | 913 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
All data from Macerich Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 0.17 | 0.17 | 0.17 | 1.00 |
| 2022-12-31 | 0.27 | 0.27 | 0.27 | 1.00 |
| 2021-12-31 | 0.49 | 0.70 | 0.30 | 3.00 |
| 2020-12-31 | 0.39 | 0.51 | 0.28 | 6.00 |
| 2019-12-31 | 0.43 | 0.44 | 0.41 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.71 |
| 2018-12-31 | 0.42 |
| 2018-09-30 | 0.57 |
| 2018-06-30 | 0.17 |
| 2018-03-31 | 0.30 |
| 2017-12-31 | 1.02 |
| 2017-09-30 | 1.05 |
| 2017-06-30 | 1.02 |
| 2017-03-31 | 1.14 |
| 2016-12-31 | 3.52 |
| 2016-09-30 | 5.97 |
| 2016-06-30 | 5.95 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Macerich's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Macerich has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Macerich performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Macerich's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- Macerich's 1-year earnings growth exceeds its 5-year average (135.9% vs -34.5%)
- Macerich's earnings growth has exceeded the US REITs industry average in the past year (135.9% vs 16%).
Earnings and Revenue History
All data from Macerich Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 1,017.73 | 100.27 | 23.10 | |
| 2018-12-31 | 1,029.80 | 58.91 | 24.16 | |
| 2018-09-30 | 1,043.19 | 80.01 | 25.45 | |
| 2018-06-30 | 1,043.90 | 23.56 | 25.29 | |
| 2018-03-31 | 1,049.26 | 42.50 | 27.80 | |
| 2017-12-31 | 1,057.44 | 145.37 | 28.24 | |
| 2017-09-30 | 1,060.44 | 149.75 | 26.19 | |
| 2017-06-30 | 1,065.66 | 146.14 | 27.83 | |
| 2017-03-31 | 1,079.66 | 164.78 | 28.05 | |
| 2016-12-31 | 1,085.02 | 516.22 | 28.22 | |
| 2016-09-30 | 1,131.31 | 893.19 | 30.45 | |
| 2016-06-30 | 1,203.64 | 912.94 | 30.21 | |
| 2016-03-31 | 1,261.40 | 882.10 | 30.08 | |
| 2015-12-31 | 1,321.51 | 486.07 | 29.87 | |
| 2015-09-30 | 1,323.29 | 1,500.18 | 34.73 | |
| 2015-06-30 | 1,267.45 | 1,502.52 | 33.38 | |
| 2015-03-31 | 1,204.40 | 1,504.24 | 30.96 | |
| 2014-12-31 | 1,160.24 | 1,497.47 | 29.41 | |
| 2014-09-30 | 1,122.38 | 61.36 | 26.44 | |
| 2014-06-30 | 1,135.36 | 72.50 | 27.06 | |
| 2014-03-31 | 1,205.27 | 131.98 | 28.63 | |
| 2013-12-31 | 1,188.18 | 129.76 | 27.77 | |
| 2013-09-30 | 1,099.80 | 329.66 | 22.64 | |
| 2013-06-30 | 1,029.88 | 324.22 | 21.74 | |
| 2013-03-31 | 901.83 | 249.86 | 20.70 | |
| 2012-12-31 | 870.28 | 273.63 | 20.41 | |
| 2012-09-30 | 1,082.67 | 268.96 | 20.47 | |
| 2012-06-30 | 1,073.40 | 244.69 | 19.90 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Macerich has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Macerich used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- Macerich has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Macerich's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Macerich has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Macerich's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Macerich's finances.
The net worth of a company is the difference between its assets and liabilities.
- Macerich's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Macerich's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Macerich Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 3,085.27 | 5,503.86 | 111.02 |
| 2018-12-31 | 3,188.43 | 5,365.36 | 102.71 |
| 2018-09-30 | 3,287.93 | 5,257.41 | 93.48 |
| 2018-06-30 | 3,315.18 | 5,357.22 | 92.45 |
| 2018-03-31 | 3,408.59 | 5,301.93 | 118.18 |
| 2017-12-31 | 3,968.00 | 5,170.26 | 91.04 |
| 2017-09-30 | 4,037.09 | 5,050.43 | 71.09 |
| 2017-06-30 | 4,160.68 | 4,987.51 | 87.13 |
| 2017-03-31 | 4,273.90 | 4,902.41 | 92.30 |
| 2016-12-31 | 4,427.17 | 4,965.90 | 94.05 |
| 2016-09-30 | 4,490.51 | 4,894.10 | 84.18 |
| 2016-06-30 | 4,577.10 | 4,912.51 | 73.14 |
| 2016-03-31 | 5,029.87 | 4,658.97 | 106.51 |
| 2015-12-31 | 5,071.24 | 5,260.75 | 86.51 |
| 2015-09-30 | 5,814.22 | 6,826.16 | 93.01 |
| 2015-06-30 | 5,884.65 | 6,739.21 | 110.33 |
| 2015-03-31 | 5,973.57 | 6,474.35 | 118.16 |
| 2014-12-31 | 6,039.85 | 6,292.40 | 84.91 |
| 2014-09-30 | 3,539.05 | 4,930.54 | 58.48 |
| 2014-06-30 | 3,590.68 | 4,760.11 | 56.50 |
| 2014-03-31 | 3,663.12 | 4,611.13 | 64.93 |
| 2013-12-31 | 3,718.72 | 4,582.73 | 69.72 |
| 2013-09-30 | 3,654.77 | 4,763.55 | 62.11 |
| 2013-06-30 | 3,677.77 | 5,191.07 | 46.94 |
| 2013-03-31 | 3,356.59 | 5,707.79 | 68.81 |
| 2012-12-31 | 3,416.25 | 5,261.37 | 65.79 |
| 2012-09-30 | 3,285.71 | 3,789.51 | 76.55 |
| 2012-06-30 | 3,137.78 | 4,066.76 | 89.80 |
- Macerich's level of debt (178.4%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (126% vs 178.4% today).
- Debt is not well covered by operating cash flow (6.3%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 1.8x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Macerich's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Macerich has a total score of 0/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Macerich's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Macerich
shares you are expected to receive
$148
in your first year as a dividend.
Dividend Amount
- Macerich's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
- Macerich's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2008 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 3.07 | 2.00 |
| 2022-12-31 | 3.05 | 2.00 |
| 2021-12-31 | 3.12 | 5.00 |
| 2020-12-31 | 3.08 | 14.00 |
| 2019-12-31 | 3.01 | 9.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-25 | 3.000 | 7.292 |
| 2019-01-31 | 3.000 | 6.940 |
| 2018-10-25 | 3.000 | 6.327 |
| 2018-07-26 | 2.960 | 5.318 |
| 2018-04-27 | 2.960 | 5.211 |
| 2018-01-26 | 2.960 | 5.036 |
| 2017-10-24 | 2.960 | 4.702 |
| 2017-08-04 | 2.840 | 5.123 |
| 2017-04-20 | 2.840 | 4.810 |
| 2017-02-09 | 2.840 | 4.344 |
| 2016-10-21 | 2.840 | 4.071 |
| 2016-07-22 | 2.720 | 3.325 |
| 2016-04-26 | 2.720 | 3.391 |
| 2016-01-29 | 2.720 | 3.472 |
| 2015-10-23 | 2.720 | 3.422 |
| 2015-07-24 | 2.600 | 3.324 |
| 2015-04-24 | 2.600 | 3.249 |
| 2015-01-30 | 2.600 | 3.040 |
| 2014-10-23 | 2.600 | 3.297 |
| 2014-07-24 | 2.480 | 3.797 |
| 2014-04-25 | 2.480 | 3.744 |
| 2014-01-30 | 2.480 | 4.063 |
| 2013-10-24 | 2.480 | 4.251 |
| 2013-08-07 | 2.320 | 4.033 |
| 2013-04-26 | 2.320 | 3.596 |
| 2013-02-01 | 2.320 | 3.673 |
| 2012-10-25 | 2.320 | 4.021 |
| 2012-07-27 | 2.200 | 3.750 |
| 2012-04-27 | 2.200 | 3.782 |
| 2012-01-27 | 2.200 | 3.910 |
| 2011-10-27 | 2.200 | 4.379 |
| 2011-07-29 | 2.000 | 4.351 |
| 2011-04-29 | 2.000 | 3.812 |
| 2011-02-03 | 2.000 | 4.100 |
| 2010-10-29 | 2.000 | 4.305 |
| 2010-07-30 | 2.000 | 4.700 |
| 2010-04-30 | 2.000 | 4.946 |
| 2010-02-05 | 2.400 | 6.311 |
| 2009-10-30 | 2.400 | 7.534 |
| 2009-07-31 | 2.400 | 8.568 |
| 2009-06-17 | 2.400 | 13.836 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Macerich's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.2x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (185.2x coverage).
Income/ dividend checks
We assess Macerich's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Macerich afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Macerich has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $9,355,527 |
| AGE | 62 |
| TENURE AS CEO | 0.3 years |
CEO Bio
Mr. Thomas E. O'Hern, also known as Tom, CPA, has been Director at Macerich Company since June 22, 2018 and its Chief Executive Officer since January 1, 2019. He served as the Chief Financial Officer and Treasurer of Macerich Company since July 1994 until December 2018 and its Senior Executive Vice President since September 2008 until December 2018 and served as its Chief Accounting Officer since September 2008. He served as an Executive Vice President of The Macerich Company from December 1998 to September 2008 and Senior Vice President from March 1994 to December 1998. Since the formation of The Macerich Company in September 1993 to July 1994 he served as the Chief Accounting Officer, Treasurer and Secretary. From November 1984 to March 1993, Mr. O'Hern was the Chief Financial Officer of several commercial real estate companies owning primarily retail properties. He was a Certified Public Accountant at Arthur Andersen & Co. from 1978 until 1984. Mr. O’Hern has been an Independent Director of Douglas Emmett Inc. since October 30, 2006. He serves as a Member of the Board of Director of The Abbey Company and Linux Progeny, Inc; and is a Trustee for Little Company of Mary Hospital Foundation. Mr. O’Hern serves on The USC Marshall School of Business Board of Leaders. Mr. O'Hern is a Board Member of several educational and philanthropic organizations. He holds a Bachelor's Degree from California Polytechnic University, San Luis Obispo.
CEO Compensation
- Tom's compensation has been consistent with company performance over the past year, both up more than 20%.
- Tom's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Macerich management team in years:
- The average tenure for the Macerich management team is less than 2 years, this suggests a new team.
Management Team
Tom O'Hern
CEO & Director
$9M
62
0.3 yrs
Ed Coppola
President & Director
$7M
63
10.7 yrs
Ann Menard
Executive VP
$3M
54
1.2 yrs
Doug Healey
Executive Vice President of Leasing
$982K
55
Scott Kingsmore
Executive VP
50
0.3 yrs
Chris Zecchini
Senior VP & Chief Accounting Officer
54
0.3 yrs
J. Jones
Senior VP & Chief Information Officer
Jean Wood
Vice President of Investor Relations
10.9 yrs
Marian Shafik
Senior VP of Portfolio Operations & People
Bob Beffa
Senior Vice President of Real Estate
58
Board of Directors Tenure
Average tenure and age of the Macerich board of directors in years:
- The tenure for the Macerich board of directors is about average.
Board of Directors
Steve Hash
Independent Chairman
$307K
53
0.9 yrs
Tom O'Hern
CEO & Director
$9M
62
0.9 yrs
Ed Coppola
President & Director
$7M
63
25 yrs
Dana Anderson
Vice Chairman Emeritus
83
Andrea Stephen
Independent Director
$240K
54
6.3 yrs
Steve Soboroff
Independent Director
$239K
69
5.3 yrs
Peggy Alford
Independent Director
$179K
47
1.2 yrs
Diana Laing
Independent Director
$208K
63
15.6 yrs
John Alschuler
Independent Director
$208K
70
4 yrs
Daniel Hirsch
Independent Director
$130K
44
0.9 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Macerich insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13. May 19 | Buy | Edward Coppola | Individual | 10. May 19 | 10. May 19 | 5,000 | $40.50 | $202,500 | ||
| 09. May 19 | Buy | Thomas O'Hern | Individual | 08. May 19 | 08. May 19 | 10,000 | $40.99 | $409,850 | ||
| 13. Mar 19 | Sell | Kenneth Volk | Individual | 08. Mar 19 | 08. Mar 19 | -5,000 | $42.19 | $-210,950 | ||
| 08. Feb 19 | Sell | Douglas Healey | Individual | 17. Dec 18 | 17. Dec 18 | -4,367 | $45.01 | $-196,546 | ||
| 21. Dec 18 | Buy | Daniel Hirsch | Individual | 18. Dec 18 | 18. Dec 18 | 4,500 | $44.63 | $200,826 | ||
| 14. Dec 18 | Sell | Arthur Coppola | Individual | 11. Dec 18 | 11. Dec 18 | -105,574 | $49.79 | $-5,256,593 | ||
| 09. Nov 18 | Sell | Dana Anderson | Individual | 06. Nov 18 | 06. Nov 18 | -10,000 | $51.65 | $-516,500 | ||
Management checks
We assess Macerich's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Macerich has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
What Does Macerich Company's (NYSE:MAC) Share Price Indicate?
Macerich Company (NYSE:MAC), which is in the reits business, and is based in United States, saw significant share price movement during recent months on the NYSE, rising to highs of $44.87 and falling to the lows of $40.02. … According to my valuation, the intrinsic value for the stock is $53.49, which is above what the market is valuing the company at the moment. … What’s more interesting is that, Macerich’s share price is theoretically quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value.
Simply Wall St - – Full articleShould You Invest In Macerich Company (NYSE:MAC)?
real estate investment trust (REIT) based in Santa Monica, United States. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much MAC actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation
Simply Wall St - – Full articleDid Macerich Company (NYSE:MAC) Insiders Sell Shares?
So we'll take a look at whether insiders have been buying or selling shares in Macerich Company (NYSE:MAC). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In total, Macerich insiders sold more than they bought over the last year
Simply Wall St - – Full articleShould You Be Worried About Macerich Company's (NYSE:MAC) 2.2% Return On Equity?
Our data shows Macerich has a return on equity of 2.2% for the last year. … That means that for every $1 worth of shareholders' equity, it generated $0.022 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleWhat Do Analysts Think About Macerich Company's (NYSE:MAC) Earnings Trend?
The latest earnings release Macerich Company's (NYSE:MAC) announced in December 2018a … revealed
Simply Wall St - – Full articleShould You Investigate Macerich Company (NYSE:MAC) At US$46.51?
saw a double-digit share price rise of over 10% in the past couple of months on the NYSE. … With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Let’s examine Macerich’s valuation and outlook in more detail to determine if there’s still a bargain opportunity
Simply Wall St - – Full articleMacerich Company (NYSE:MAC) Insiders Have Been Selling
So before you buy or sell Macerich Company (NYSE:MAC), you may well want to know whether insiders have been buying or selling. … That means that an insider was selling shares at around the current price of US$47.11. … We generally tread carefully if insiders have been selling on market, even if they sold slightly above the current price
Simply Wall St - – Full articleShould You Invest In Macerich Company (NYSE:MAC)?
real estate investment trust (REIT) based in Santa Monica, United States. … Funds from Operations (FFO) is a higher quality measure of MAC's earnings compared to net income … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleDoes Macerich Company's (NYSE:MAC) CEO Pay Matter?
How Does Art Coppola's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Macerich Company has a market cap of US$7.8b, and is paying total annual CEO compensation of US$13m. … As you can see, Art Coppola is paid more than the median CEO pay at companies of a similar size, in the same market
Simply Wall St - – Full articleShould You Buy Macerich Company (NYSE:MAC) Now?
received a lot of attention from a substantial price movement on the NYSE over the last few months, increasing to $60.52 at one point, and dropping to the lows of $54.75. … A question to answer is whether Macerich's current trading price of $58.82 reflective of the actual value of the? … Let’s take a look at Macerich’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleCompany Info
Description
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago, and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has earned Nareit's prestigious "Leader in the Light" award every year from 2014-2018. For the fourth straight year in 2018 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments.
Details
| Name: | Macerich Company |
| MAC | |
| Exchange: | NYSE |
| Founded: | 1965 |
| $6,107,099,935 | |
| $5,707,451,139 | |
| 151,653,835 | |
| Website: | http://www.macerich.com |
| Address: |
Macerich Company 401 Wilshire Boulevard, Suite 700, Santa Monica, California, 90401, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | MAC | Common Stock | New York Stock Exchange | US | USD | 10. Mar 1994 | |
| DB | M6G | Common Stock | Deutsche Boerse AG | DE | EUR | 10. Mar 1994 | |
| LSE | 0JX5 | Common Stock | London Stock Exchange | GB | USD | 10. Mar 1994 |
Number of employees
Current staff
Industry
| Retail REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/24 23:41 |
| End of day share price update: | 2019/05/24 00:00 |
| Last estimates confirmation: | 2019/05/20 |
| Last earnings filing: | 2019/05/07 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
