The Macerich Company
(NYSE:MAC)

Macerich 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 consisti...

Website: http://www.macerich.com

Founded: 1964

Full Time Employees: 723

Sector: Real Estate

Industry: REIT-Retail

REIT

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-06-30	2004-03-31	2003-09-30	2003-06-30

revenues:
leasing revenue	225,976,000	245,160,000	237,232,000	232,725,000	235,647,000	257,392,000	203,448,000	197,961,000	191,652,000	220,020,000	197,305,000	192,653,000	199,045,000	212,952,000	195,594,000	188,590,000	203,412,000	213,890,000	197,135,000	196,987,000	179,535,000	185,342,000	175,506,000	168,754,000	210,721,000	222,584,000	214,260,000	211,022,000	211,008,000
other	9,019,000	10,104,000	10,623,000	11,130,000	8,656,000	8,565,000	9,689,000	10,781,000	8,902,000	10,717,000	13,403,000	11,686,000	9,054,000	8,193,000	7,503,000	8,081,000	6,327,000	8,476,000	8,215,000	11,855,000	5,321,000	5,647,000	4,334,000	3,003,000	9,258,000	7,825,000	6,889,000	7,831,000	5,334,000	19,751,000	13,520,000	12,889,000	13,809,000	15,335,000	11,701,000	13,519,000	15,264,000	16,343,000	12,048,000	17,789,000	13,148,000	18,669,000	14,477,000	15,321,000	13,003,000	20,588,000	10,614,000	10,594,000	10,430,000	14,472,000	11,006,000		6,388,500	8,756,000	9,287,000	7,511,000	9,443,000	6,250,000	6,795,000	5,436,000	11,036,000	5,078,000	8,750,000	3,972,000	12,175,000	7,877,000
management companies	6,543,000	6,440,000	5,407,000	5,938,000	4,921,000	7,719,000	7,087,000	6,779,000	8,229,000	7,951,000	7,444,000	8,035,000	6,755,000	7,080,000	7,607,000	7,420,000	6,405,000	7,037,000	6,787,000	6,631,000	5,568,000	3,654,000	6,004,000	6,830,000	6,973,000	11,432,000	9,978,000	9,119,000	10,180,000	11,390,000	11,052,000	10,496,000	10,542,000	11,439,000	10,056,000	10,003,000	11,896,000	10,539,000	8,983,000	11,325,000	8,617,000	9,184,000	5,271,000	6,174,000	5,625,000	8,733,000	8,352,000	8,776,000	8,121,000	8,999,000	10,742,000		6,898,750	9,242,000	9,599,000	8,754,000	8,023,000	7,369,000	7,257,000	6,921,000	11,441,000	5,277,000
total revenues	241,538,000	261,704,000	253,262,000	249,793,000	249,224,000	273,676,000	220,224,000	215,521,000	208,783,000	238,688,000	218,152,000	212,374,000	214,854,000	228,225,000	210,704,000	204,091,000	216,144,000	229,403,000	212,137,000	215,473,000	190,424,000	194,643,000	185,844,000	178,587,000	226,952,000	241,841,000	231,127,000	227,972,000	226,522,000	246,874,000	242,198,000	234,545,000	236,734,000	256,743,000	242,451,000	247,423,000	247,045,000	272,000,000	253,367,000	259,904,000	256,000,000	320,758,000	326,262,000	322,794,000	318,335,000	322,909,000	263,492,000	254,337,000	264,512,000	256,568,000	266,556,000		162,860,250	223,984,000	215,788,000	211,671,000	212,106,000	207,834,000	212,656,000		337,763,000	151,379,000	252,320,000	123,668,000	347,878,000	232,670,000
yoy	-3.08%	-4.37%	15.00%	15.90%	19.37%	14.66%	0.95%	1.48%	-2.83%	4.58%	3.53%	4.06%	-0.60%	-0.51%	-0.68%	-5.28%	13.51%	17.86%	14.15%	20.65%	-16.10%	-19.52%	-19.59%	-21.66%	0.19%	-2.04%	-4.57%	-2.80%	-4.31%	-3.84%	-0.10%	-5.20%	-4.17%	-5.61%	-4.31%	-4.80%	-3.50%	-15.20%	-22.34%	-19.48%	-19.58%	-0.67%	23.82%	26.92%	20.35%	25.86%	-1.15%		62.42%	14.55%	23.53%		-23.22%	7.77%	1.47%		-37.20%	37.29%	-15.72%		-2.91%	-34.94%
qoq	-7.71%	3.33%	1.39%	0.23%	-8.93%	24.27%	2.18%	3.23%	-12.53%	9.41%	2.72%	-1.15%	-5.86%	8.32%	3.24%	-5.58%	-5.78%	8.14%	-1.55%	13.15%	-2.17%	4.73%	4.06%	-21.31%	-6.16%	4.64%	1.38%	0.64%	-8.24%	1.93%	3.26%	-0.92%	-7.79%	5.89%	-2.01%	0.15%	-9.17%	7.35%	-2.52%	1.52%	-20.19%	-1.69%	1.07%	1.40%	-1.42%	22.55%	3.60%	-3.85%	3.10%	-3.75%			-27.29%	3.80%	1.94%	-0.21%	2.06%	-2.27%			123.12%	-40.01%	104.03%	-64.45%	49.52%
expenses:
shopping center and operating expenses	83,251,000	81,564,000	79,755,000	79,848,000	85,163,000	87,107,000	75,128,000	70,446,000	74,187,000	71,614,000	76,358,000	69,948,000	70,487,000	72,542,000	74,694,000	69,728,000	72,920,000	80,510,000	70,696,000	67,655,000	76,155,000	64,674,000	64,680,000	57,133,000	70,725,000	68,523,000	69,328,000	64,092,000	69,604,000	62,787,000	72,101,000	68,072,000	74,510,000	72,663,000	75,598,000	71,032,000	75,897,000	78,079,000	76,310,000	73,910,000	79,324,000	89,324,000	94,950,000	93,877,000	101,664,000	95,922,000	85,352,000	81,865,000	90,376,000	80,862,000	86,184,000		52,806,000	73,831,000	68,774,000	68,622,000	70,958,000	69,430,000	66,461,000	69,538,000	106,521,000	47,788,000	90,369,000	42,836,000	122,215,000	81,243,000
leasing expenses	13,809,000	14,148,000	10,635,000	10,624,000	11,219,000	7,493,500	9,862,000	9,590,000	10,522,000	6,720,000	8,777,000	8,447,000	9,656,000	6,115,750	8,704,000	8,148,000	7,611,000	4,500,750	6,200,000	6,637,000	5,166,000	4,905,500	5,544,000	6,653,000	7,425,000	5,586,000	7,162,000	7,677,000	7,505,000
management companies' operating expenses	22,385,000	21,819,000	20,171,000	21,871,000	20,783,000	24,567,000	18,843,000	19,450,000	19,199,000	17,208,000	16,513,000	17,439,000	18,900,000	16,557,000	16,553,000	17,746,000	16,945,000	16,565,000	14,601,000	15,021,000	14,843,000	19,879,000	13,031,000	16,442,000	16,224,000	16,575,000	15,514,000	15,692,000	19,014,000	22,719,000	21,526,000	20,966,000	38,323,000	23,342,000	22,046,000	26,216,000	28,517,000	22,839,000	23,285,000	24,299,000	27,900,000	24,621,000	21,012,000	20,239,000	26,468,000	23,239,000	21,508,000	20,896,000	22,772,000	24,458,000	23,036,000
reit general and administrative expenses	8,026,000	9,201,000	6,928,000	7,798,000	7,612,000	7,496,000	6,010,000	6,996,000	7,643,000	7,546,000	5,910,000	8,802,000	6,980,000	7,082,000	6,779,000	6,441,000	6,862,000	7,691,000	7,599,000	6,679,000	8,087,000	7,687,000	7,589,000	8,242,000	6,821,000	5,799,000	5,285,000	4,589,000	6,961,000	5,746,000	5,439,000	4,956,000	8,019,000	7,032,000	5,287,000	7,458,000	8,463,000	4,977,000	6,930,000	7,681,000	8,629,000	7,210,000	6,688,000	7,550,000	8,422,000	12,073,000	5,339,000	5,123,000	6,877,000	9,100,000	5,955,000		2,944,250	1,992,000	4,412,000	5,373,000	2,551,000	3,292,000	3,698,000	3,420,000	6,517,000	2,652,000	5,294,000	3,024,000	8,832,000	6,020,000
depreciation and amortization	83,076,000	85,117,000	90,904,000	88,500,000	92,562,000	81,454,000	73,299,000	71,676,000	68,351,000	69,765,000	70,755,000	70,388,000	71,453,000	73,559,000	72,739,000	72,458,000	72,856,000	79,638,000	75,465,000	77,630,000	78,396,000	78,507,000	78,605,000	80,294,000	82,213,000	84,086,000	82,787,000	82,385,000	81,468,000	86,828,000	81,803,000	78,868,000	79,937,000	85,968,000	83,147,000	83,243,000	83,073,000	89,391,000	86,976,000	85,190,000	86,931,000	107,035,000	117,486,000	119,333,000	120,618,000	112,517,000	89,741,000	87,801,000	88,657,000	84,469,000	91,346,000		44,416,250	60,171,000	60,404,000	57,087,000	55,843,000	59,411,000	61,949,000	57,182,000	90,413,000	36,969,000	69,568,000	34,301,000	73,517,000	48,489,000
interest expense	67,500,000																																																									70,522,000
total expenses	278,047,000	281,693,000	281,092,000	280,566,000	286,413,000	268,520,000	240,241,000	217,923,000	232,092,000	192,881,000	231,693,000	229,728,000	216,899,000	237,118,000	232,099,000	227,710,000	229,055,000	234,772,000	215,904,000	228,536,000	236,543,000	186,574,000	206,633,000	188,798,000	191,482,000	230,239,000	194,875,000	211,544,000	223,260,000	224,565,000	225,796,000	231,146,000	253,424,000	233,894,000	229,343,000	230,270,000	237,251,000	238,007,000	228,200,000	232,275,000	246,135,000	276,117,000	295,328,000	308,927,000	321,785,000	303,645,000	249,789,000	241,485,000	255,378,000	237,923,000	259,183,000		161,161,750	213,884,000	214,370,000	216,392,000	213,962,000	214,780,000
equity in loss of unconsolidated joint ventures	-9,866,000			-475,000	-799,000	7,692,000	-74,931,000	-56,837,000	-73,276,000				-61,810,000
income tax benefit	2,641,000	473,000	710,000	188,000	822,000	879,000	-545,000	-258,000	1,224,000	655,000	-1,672,000	-371,000	1,882,000	258,000	166,000	670,000		2,504,000	-107,000	-7,107,000	-2,238,000	-237,000	-1,106,000	1,524,000	266,000	114,000	-678,000	-679,000	-346,000	1,805,000	-466,000	-684,000	2,949,000	-15,772,000	-2,869,000	-437,000	3,484,000	2,014,000	-905,000	-514,000	-1,317,000	1,146,000	859,000	283,000	935,000	510,000	689,000	2,898,000	172,000	-571,000	543,000		119,500		787,000	120,000			533,000
gain on sale or write down of assets	6,840,000	-26,311,000	-72,634,000	-10,484,000		-233,347,000	-16,605,000	324,996,000	-36,085,000	706,000	-149,287,000	10,279,000	3,779,000	931,000	1,405,000	-1,091,000	6,453,000	-17,616,000	118,566,000			-7,196,000	11,786,000			3,597,000	-131,000			-31,311,000	46,516,000	-9,518,000	-37,512,000	5,212,000	-11,854,000	-477,000	49,565,000	-10,702,000	-19,321,000	10,915,000	434,456,000	385,326,000	-3,342,000		935,000																				11,983,000
net income	-36,894,000	-18,366,000	-89,995,000	-41,544,000	-51,153,000	-219,620,000	-112,098,000	265,499,000	-131,446,000	66,466,000	-271,965,000	-14,406,000	-58,194,000	3,462,000	-13,502,000	-17,687,000	-37,354,000	-25,004,000	112,959,000	-4,062,000	-67,730,000	-204,844,000	-22,622,000	-26,727,000	8,731,000	29,739,000	50,025,000	13,947,000	8,843,000	13,246,000	81,241,000	8,866,000	-34,381,000	38,584,000	19,228,000	29,052,000	74,809,000	40,834,000	13,196,000	49,434,000	451,375,000	444,185,000	36,314,000	15,746,000	26,667,000	1,530,558,000	38,744,000	17,986,000	19,644,000	150,789,000	40,825,000		13,066,750	24,007,000	19,570,000	8,688,000	53,167,000	31,642,000	13,423,000	10,338,000	31,812,000	20,498,000	39,654,000	20,328,000	100,186,000	58,390,000
yoy	-27.88%	-91.64%	-19.72%	-115.65%	-61.08%	-430.42%	-58.78%	-1942.98%	125.88%	1819.87%	1914.26%	-18.55%	55.79%	-113.85%	-111.95%	335.43%	-44.85%	-87.79%	-599.33%	-84.80%	-875.74%	-788.81%	-145.22%	-291.63%	-1.27%	124.51%	-38.42%	57.31%	-125.72%	-65.67%	322.51%	-69.48%	-145.96%	-5.51%	45.71%	-41.23%	-83.43%	-90.81%	-63.66%	213.95%	1592.64%	-70.98%	-6.27%	-12.45%	35.75%	915.03%	-5.10%		50.34%	528.10%	108.61%		-75.42%	-24.13%	45.79%	-15.96%	67.13%	54.37%	-66.15%	-49.14%	-68.25%	-64.89%
qoq	100.88%	-79.59%	116.63%	-18.78%	-76.71%	95.92%	-142.22%	-301.98%	-297.76%	-124.44%	1787.86%	-75.24%	-1780.94%	-125.64%	-23.66%	-52.65%	49.39%	-122.14%	-2880.87%	-94.00%	-66.94%	805.51%	-15.36%	-406.12%	-70.64%	-40.55%	258.68%	57.72%	-33.24%	-83.70%	816.32%	-125.79%	-189.11%	100.67%	-33.82%	-61.17%	83.20%	209.44%	-73.31%	-89.05%	1.62%	1123.18%	130.62%	-40.95%	-98.26%	3850.44%	115.41%	-8.44%	-86.97%	269.35%			-45.57%	22.67%	125.25%	-83.66%	68.03%	135.73%	29.84%	-67.50%	55.20%	-48.31%	95.07%	-79.71%	71.58%
net income margin %	-15.27%	-7.02%	-35.53%	-16.63%	-20.52%	-80.25%	-50.90%	123.19%	-62.96%	27.85%	-124.67%	-6.78%	-27.09%	1.52%	-6.41%	-8.67%	-17.28%	-10.90%	53.25%	-1.89%	-35.57%	-105.24%	-12.17%	-14.97%	3.85%	12.30%	21.64%	6.12%	3.90%	5.37%	33.54%	3.78%	-14.52%	15.03%	7.93%	11.74%	30.28%	15.01%	5.21%	19.02%	176.32%	138.48%	11.13%	4.88%	8.38%	473.99%	14.70%	7.07%	7.43%	58.77%	15.32%	NaN%	8.02%	10.72%	9.07%	4.10%	25.07%	15.22%	6.31%	Infinity%	9.42%	13.54%	15.72%	16.44%	28.80%	25.10%
less: net loss attributable to noncontrolling interests	-544,000				-1,030,000												-172,000
net loss attributable to the company	-36,350,000				-50,123,000				-126,728,000	-84,061,000	-262,547,000	-14,964,000	-58,733,000			-15,384,000	-37,182,000			-11,765,000
loss per common share—attributable to common stockholders:
basic	-140				-200				-590	-390	-1,220	-70	-270			-70	-170			-60
diluted	-140				-200				-590	-390	-1,220	-70	-270			-70	-170			-60
weighted-average number of common shares outstanding:
basic	258,028,000,000		254,130,000,000	253,085,000,000	252,992,000,000	221,845,000,000	218,420,000,000	216,180,000,000	216,036,000,000	215,548,000,000	215,632,000,000	215,457,000,000	215,291,000,000	215,031,000,000	215,134,000,000	214,990,000,000	214,819,000,000	198,070,000,000	213,214,000,000	205,757,000,000	158,580,000,000	146,232,000,000	149,626,000,000	144,102,000,000	141,437,000,000	141,340,000,000	141,368,000,000	141,344,000,000	141,262,000,000	141,142,000,000	141,196,000,000	141,137,000,000	141,024,000,000	141,877,000,000	141,299,000,000	141,695,000,000	143,596,000,000	146,599,000,000	143,923,000,000	146,644,000,000	151,984,000,000	157,916,000,000	158,517,000,000	158,501,000,000	158,336,000,000	143,144,000,000	140,916,000,000	140,894,000,000	140,767,000,000	139,598,000,000	140,712,000,000			71,674,000,000	71,528,000,000	71,669,000,000	71,479,000,000	71,458,000,000	68,738,000	59,247,000,000
diluted	258,028,000,000		254,130,000,000	253,085,000,000	252,992,000,000	221,845,000,000	218,420,000,000	216,180,000,000	216,036,000,000	215,548,000,000	215,632,000,000	215,457,000,000	215,291,000,000	215,031,000,000	215,134,000,000	214,990,000,000	214,819,000,000	198,070,000,000	213,214,000,000	205,757,000,000	158,580,000,000	146,232,000,000	149,626,000,000	144,102,000,000	141,437,000,000	141,340,000,000	141,368,000,000	141,344,000,000	141,262,000,000	141,144,000,000	141,196,000,000	141,137,000,000	141,050,000,000	141,913,000,000	141,310,000,000	141,728,000,000	143,655,000,000	146,711,000,000	144,036,000,000	146,769,000,000	152,103,000,000	158,060,000,000	158,634,000,000	158,633,000,000	158,544,000,000	143,291,000,000	141,060,000,000	141,036,000,000	140,817,000,000	139,680,000,000	140,773,000,000			84,529,000,000	84,552,000,000	85,034,000,000	85,021,000,000	85,023,000,000	82,518,000	73,660,000,000
expenses: - sum		211,849,000	208,393,000	208,641,000	217,339,000	211,990,000	183,142,000	178,158,000	179,902,000	175,676,000	178,313,000	175,024,000	177,476,000	177,947,000	179,469,000	174,521,000	177,194,000	191,239,000	174,561,000	173,622,000	182,647,000	176,316,000	169,449,000	168,764,000	183,408,000	182,250,000	180,076,000	174,435,000																252,422,000	270,744,000
interest expense:
related parties								-15,701,000	4,439,000	-24,197,000	3,418,000	5,980,000	-9,407,000	11,367,000	6,473,000	8,892,000	8,002,000	-283,000	-7,708,000	2,954,000	1,319,000	-42,729,000	-15,502,000	-32,807,000	-44,243,000	-2,768,000	-36,059,000	-13,243,000	-10,447,000	-1,598,000	1,074,000	-2,762,000	10,169,000	2,164,000	2,175,000	2,181,000	2,211,000	2,221,000	2,224,000	2,256,000	2,272,000	2,387,000	2,690,000	2,709,000	2,729,000	4,065,000	3,671,000	3,690,000	3,708,000	3,727,000	3,745,000		2,408,500	3,772,000	3,213,000	2,651,000	2,730,000		2,698,000	2,548,000	4,392,000	2,032,000	2,269,000	1,017,000	4,261,000	2,831,000
interest expense: - sum		69,844,000	72,699,000	71,925,000	69,074,000	70,933,000	57,099,000	39,765,000	52,190,000	25,413,000	53,380,000	54,704,000	39,423,000	59,171,000	52,630,000	53,189,000	51,861,000	43,533,000	40,336,000	54,914,000	53,896,000	10,258,000	37,184,000	20,034,000	8,074,000	47,989,000	14,799,000	37,109,000																54,896,000	53,286,000
equity in income of unconsolidated joint ventures		27,461,000	9,759,000							19,298,000	-107,465,000	-6,960,000		11,166,000	6,322,000	6,353,000	-29,097,000	-4,523,000	-1,733,000	20,035,000	1,910,000	-10,050,000	-12,513,000	-14,173,000	9,698,000	14,426,000	14,582,000	7,257,000	12,243,000	20,443,000	18,789,000	15,669,000	16,872,000	28,774,000	23,993,000	16,936,000	15,843,000	19,404,000	11,261,000	14,616,000	11,660,000	16,979,000	10,817,000	9,094,000	8,274,000	16,019,000	16,935,000	13,903,000	13,769,000	22,103,000	35,161,000		13,032,000	18,648,000	18,997,000	14,483,000	18,490,000	17,861,000	21,016,000		27,584,000	11,246,000
less: net income attributable to noncontrolling interests		-1,076,000	-2,635,000	-639,000		1,216,250	-3,909,000	13,492,000	-4,718,000	-2,080,250	-9,418,000	558,000	539,000	-196,000	1,691,000	-2,303,000
net income attributable to the company		-44,597,250	-87,360,000	-40,905,000		4,272,500	-108,189,000	252,007,000						1,689,000	-15,193,000			-17,070,000	106,702,000		-63,604,000	-190,418,000	-22,191,000	-25,116,000	7,522,000	26,891,000	46,371,000	15,734,000	7,824,000	11,749,000	74,028,000	7,816,000	-33,573,000	32,751,000	17,498,000	26,638,000	69,243,000	37,128,000	13,730,000	45,222,000	420,915,000	414,959,000	33,597,000	14,395,000	24,611,000	1,429,221,000	35,914,000	16,088,000	17,819,000	144,878,000	38,123,000
income per common share—attributable to common stockholders:
basic		-177.5	-340	-160		20	-500	1,160						-80	-70			40	500
diluted		-177.5	-340	-160		20	-500	1,160						-80	-70			40	500
loss on sale or write down of assets					-13,987,000															-3,927,000	-21,283,000			-3,867,000	-36,703,000			-9,059,000	-6,316,000															-4,671,000
loss on extinguishment of debt																			1,007,000										351,000															1,609,000					358,000
income tax expense																	-1,799,000
less net income attributable to noncontrolling interests																		-7,934,000	6,257,000	7,703,000	-4,126,000	-14,426,000	-431,000		1,209,000	2,848,000	3,654,000	-1,787,000	1,019,000	1,497,000	7,213,000	1,050,000	-808,000	5,833,000	1,730,000	2,414,000	5,566,000	3,706,000	-534,000	4,212,000	30,460,000	29,226,000	2,717,000	1,351,000	2,056,000	101,337,000	2,830,000	1,898,000	1,825,000	5,911,000	2,702,000
earnings per common share—attributable to common stockholders:
basic																					-400	-1,300	-150	-180	50	190	330	110	50	80	520	50	-240	230	120	190	480	270	90	310	2,770	115	210	90	150
diluted																					-400	-1,300	-150	-180	50	190	330	110	50	80	520	50	-240	230	120	190	480	270	90	310	2,760	112.5	210	90	150
less net loss attributable to noncontrolling interests																								-1,611,000
costs related to shareholder activism																																19,369,000
interest income:
minimum rents																														144,310,000	146,256,000	142,883,000	142,407,000	150,591,000	144,991,000	152,893,000	145,555,000	158,781,000	154,018,000	152,448,000	151,048,000	181,528,000	194,183,000	193,131,000	190,761,000	182,323,000	150,395,000	149,220,000	151,633,000	139,488,000	150,638,000		95,064,000	130,371,000	125,901,000	123,985,000	122,419,000	125,929,000	129,763,000	122,252,000	207,968,000	93,036,000	155,903,000	75,947,000	214,419,000	145,167,000
percentage rents																														10,845,000	3,325,000	1,515,000	1,884,000	10,340,000	2,806,000	2,060,000	1,918,000	11,623,000	3,871,000	2,394,000	3,014,000	13,877,000	5,992,000	2,576,000	3,248,000	15,055,000	4,072,000	2,372,000	2,853,000	12,203,000	4,137,000		2,905,000	4,992,000	2,862,000	3,767,000	4,866,000	2,754,000	2,929,000	5,285,000	5,830,000	2,774,000	4,827,000	2,427,000	5,041,000	2,971,000
tenant recoveries																														60,578,000	68,045,000	66,762,000	68,092,000	69,038,000	72,897,000	68,948,000	72,412,000	74,714,000	74,447,000	75,948,000	80,173,000	97,500,000	106,339,000	105,592,000	105,698,000	96,210,000	90,059,000	83,375,000	91,475,000	81,406,000	90,033,000		51,604,000	70,623,000	68,139,000	67,654,000	67,355,000	65,532,000	65,912,000	65,529,000	101,488,000	45,214,000	82,840,000	41,322,000	116,243,000	76,655,000
co-venture expense																																		-2,479,000	-3,150,000	-4,123,000	-3,877,000	-3,875,000	-3,006,000	-3,212,000	-3,289,000	-3,907,000	-2,954,000	-2,813,000	-2,130,000	-3,315,000	-2,144,000	-2,212,000	-1,820,000	-2,632,000	-2,053,000
gain on extinguishment of debt																																										-152,250	27,000			101,250	46,000
earnings per common share—net income attributable to common stockholders:
basic																					-400	-1,300	-150	-180	50	190	330	110	50	80	520	50	-240	230	120	190	480	270	90	310	2,770	115	210	90	150
diluted																					-400	-1,300	-150	-180	50	190	330	110	50	80	520	50	-240	230	120	190	480	270	90	310	2,760	112.5	210	90	150
costs related to unsolicited takeover offer																																											209,000	11,423,000	13,572,000
(gain) loss on extinguishment of debt																																							-5,284,000
gain on remeasurement of assets																																												-14,000	22,103,000
gain on early extinguishment of debt																																									3,575,000									-484,500	6,000
loss on early extinguishment of debt																																													-2,245,000
gain on remeasurement, sale or write down of assets																																														-376,000	9,561,000	-9,455,000	-1,611,000	-32,645,000	1,763,000
income from continuing operations																																														1,530,558,000	38,744,000	17,986,000	19,644,000	4,900,000	42,787,000		15,116,750	27,745,000	23,454,000	9,265,000	15,738,000	10,156,000	13,949,000	11,022,000	35,564,000	23,422,000	47,537,000	24,619,000	1,320	890
discontinued operations:
gain on the disposition of assets																																																		35,157,750	-1,281,000
income from discontinued operations																																																		106,000	-681,000		15,000	237,000		179,000	116,000	304,000	934,000	722,000	1,745,000	978,000	274,000	82,000	1,332,000
total income from discontinued operations																																																		145,889,000	-1,962,000						46,330,000			722,000
earnings per common share attributable to company—basic:
discontinued operations																																																		970	-10						550	310	10	10	30	20	10		360	40
net income attributable to common stockholders																																														9,970	250	110	130	1,040	270
earnings per common share attributable to company—diluted:
management companies’ operating expenses																																																					13,545,500	17,908,000	18,519,000	17,755,000	14,455,000	12,125,000	14,714,000	11,748,000	23,338,000	10,538,000
minority interest in consolidated joint ventures
gain on sale of assets																																																					1,045,250	147,000	2,279,000	1,752,000	538,000			10,000	1,281,000	1,308,000	781,000	27,000	22,584,000	8,794,000
income before minority interest and preferred dividends																																																					14,550,500	27,077,000	21,968,000	9,155,000	62,068,000
less: minority interest in operating partnership																																																					1,483,750	3,070,000	2,398,000	467,000	8,901,000	4,770,000
less: preferred dividends																																																					4,742,750	6,727,000	6,122,000	6,122,000	6,199,000	5,970,000	5,970,000		6,923,000	2,358,000	4,425,000	2,212,000	12,458,000	10,391,000
net income available to common stockholders																																																					8,324,000	17,280,000	13,448,000	2,566,000	46,968,000	25,672,000	7,453,000	4,064,000	24,889,000	18,140,000	35,229,000	18,116,000	87,728,000	47,999,000
earnings per common share—basic:
earnings per common share—diluted:
loss on sale of assets
earnings per common share - basic:
earnings per common share - diluted:
total from discontinued operations																																																										26,256,000	934,000		1,927,000	1,275,000	587,000	109,000
income before minority interest																																																										36,412,000	14,883,000	11,744,000	37,491,000	24,697,000	48,124,000	24,728,000	123,099,000	71,089,000
others																																																											68,452,000	68,806,000	99,883,000	40,532,000	65,819,000	32,316,000	94,586,000	64,158,000
total interest expense																																																											71,150,000	71,354,000	104,275,000	42,564,000	68,088,000	33,333,000	98,847,000	66,989,000
less: minority interest																																																											1,460,000		5,679,000	4,199,000	8,470,000	4,400,000	22,913,000	12,699,000
net income per share																																																											0.11		0.42	0.31	0.6	0.31	1.68	0.93
total revenue																																																												205,423,000
equity in income from unconsolidated joint ventures																																																												18,831,000
less minority interest																																																												1,406,000
less preferred dividends																																																												6,274,000
earnings per common share — basic
earnings per common share — diluted
weighted-average number of common shares outstanding - basic																																																													58,984,000	58,865,000	58,354,000	58,390,000	52,305,000	51,733,000
weighted-average number of common shares outstanding - diluted																																																													73,452,000	73,284,000	72,966,000	72,987,000	75,124,000	65,915,000
equity in income of unconsolidated joint ventures and the management company																																																															28,160,000	14,850,000
equity in income of unconsolidated joint ventures and the management companies																																																																	42,859,000	29,607,000
income of the operating partnership from continuing operations before minority interest																																																																	99,183,000	68,330,000
total discontinued operations																																																																	23,916,000
gain on sale of asset																																																																		2,759,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-06-30	2004-03-31	2003-09-30	2003-06-30

assets:
property	6,666,442,000	6,688,128,000	6,730,869,000	7,165,363,000	7,021,458,000	7,097,113,000	6,060,194,000	6,138,889,000	5,838,822,000	5,900,489,000	5,950,089,000	6,139,939,000	6,091,914,000	6,127,790,000	6,164,795,000	6,175,685,000	6,223,984,000	6,284,206,000	6,330,391,000	6,432,877,000	6,517,852,000	6,694,579,000	6,438,248,000	6,501,519,000	6,558,075,000	6,643,513,000	6,664,106,000	6,689,545,000	6,737,198,000	6,785,776,000	6,821,038,000	6,868,844,000	6,908,416,000	7,109,230,000	7,164,649,000	7,198,283,000	7,206,598,000	7,357,310,000	7,376,768,000	7,442,988,000	7,526,652,000	8,796,912,000	11,031,476,000	11,046,427,000	11,110,841,000	11,067,890,000	7,570,636,000	7,556,064,000	7,553,979,000	7,621,766,000	7,733,929,000			6,045,958,000	5,914,882,000	5,806,357,000	5,675,959,000	5,644,885,000	5,671,809,000	5,409,852,000	5,392,694,000	3,589,374,000	3,236,521,000	3,226,656,000	3,222,753,000	3,035,130,000
cash and cash equivalents	182,034,000	280,246,000	290,162,000	131,092,000	253,248,000	89,858,000	116,475,000	70,692,000	120,054,000	94,936,000	111,802,000	92,465,000	112,173,000	100,320,000	109,991,000	106,384,000	128,244,000	112,454,000	117,596,000	194,028,000	1,083,813,000	465,297,000	528,431,000	497,581,000	652,354,000	100,005,000	98,309,000	104,880,000	111,022,000	102,711,000	93,479,000	92,452,000	118,175,000	91,038,000	71,088,000	87,133,000	92,296,000	94,046,000	84,181,000	73,138,000	106,505,000	86,510,000	93,009,000	110,326,000	118,161,000	84,907,000	58,479,000	56,500,000	64,926,000	69,715,000	62,108,000			42,850,000	49,034,000	47,945,000	62,047,000	45,489,000	66,808,000	68,217,000	73,778,000	53,088,000	93,382,000	80,937,000	77,652,000	79,713,000
restricted cash	88,730,000	92,717,000	90,441,000	94,381,000	91,259,000	87,621,000	113,503,000	110,962,000	105,025,000	95,358,000	96,332,000	92,338,000	93,520,000	80,819,000	54,984,000	52,060,000	55,933,000	54,517,000	55,514,000	69,298,000	67,255,000	17,362,000	13,370,000	10,083,000	10,753,000	14,211,000	8,959,000	43,548,000	43,053,000	46,590,000	50,621,000	50,060,000	49,677,000	52,067,000	50,736,000	50,304,000	50,014,000	49,951,000	52,976,000	44,997,000	42,233,000	41,389,000	11,564,000	12,005,000	15,224,000	13,530,000	14,121,000	15,423,000	15,808,000	16,843,000	26,704,000			69,209,000	70,619,000	68,727,000	72,808,000	55,808,000	58,515,000	60,054,000	54,381,000	16,485,000
tenant and other receivables	125,760,000	145,721,000	129,880,000	129,215,000	127,088,000	155,350,000	130,075,000	139,358,000	142,098,000	183,478,000	152,205,000	162,004,000	160,782,000	183,593,000	170,353,000	162,310,000	159,653,000	211,361,000	175,290,000	186,254,000	227,829,000	239,194,000	234,934,000	237,595,000	133,589,000	144,035,000	129,729,000	124,051,000	104,738,000	123,492,000	105,299,000	92,143,000	94,081,000	112,653,000	111,153,000	116,089,000	112,520,000	136,998,000	126,811,000	110,670,000	113,188,000	130,002,000	123,067,000	118,398,000	113,505,000	132,026,000	107,968,000	97,900,000	100,838,000	99,497,000	94,719,000
right-of-use assets	106,484,000	108,918,000	111,813,000	114,181,000	108,830,000	111,037,000	112,367,000	114,448,000	116,567,000	118,664,000	120,410,000	122,443,000	124,134,000	126,606,000	129,025,000	129,161,000	131,547,000	110,638,000	113,068,000	114,921,000	117,388,000	118,355,000	134,663,000	137,679,000	143,637,000	148,087,000	150,656,000	153,156,000	156,260,000
deferred charges and other assets	319,033,000	343,431,000	341,915,000	372,621,000	346,419,000	369,553,000	279,280,000	284,242,000	249,583,000	263,068,000	232,103,000	245,471,000	238,191,000	247,424,000	226,341,000	238,847,000	242,890,000	254,908,000	252,021,000	270,963,000	293,790,000	306,959,000	247,127,000	264,740,000	250,648,000	277,866,000	277,799,000	300,143,000	307,667,000	390,403,000	387,449,000	403,758,000	399,153,000	449,190,000	439,495,000	452,280,000	459,824,000	478,058,000	478,024,000	488,941,000	505,164,000	587,283,000	734,373,000	731,857,000	752,702,000	759,061,000	492,697,000	506,778,000	516,277,000	533,058,000	546,582,000			323,233,000	326,465,000	334,766,000	329,440,000	337,850,000	346,152,000	371,057,000	416,450,000	252,942,000	240,710,000	223,319,000	76,913,000	66,283,000
due from affiliates	3,587,000	2,449,000	1,709,000	3,481,000	3,190,000	1,840,000	3,207,000	3,298,000	5,336,000	4,755,000	6,624,000	5,745,000	7,891,000	3,299,000	9,168,000	3,209,000	4,177,000		2,977,000	4,812,000	5,231,000	1,612,000	16,628,000	10,273,000	9,766,000	6,157,000	9,627,000	11,005,000	14,903,000	85,181,000	87,670,000	83,275,000	84,674,000	82,162,000	81,184,000	81,545,000	80,195,000	68,227,000	69,481,000	70,615,000	73,087,000	83,928,000	78,476,000	78,007,000	79,582,000	80,232,000	31,422,000	29,192,000	28,559,000	30,132,000	32,299,000			2,263,000	4,344,000	5,639,000	4,518,000	7,367,000	4,454,000	768,000		6,135,000	6,648,000	3,835,000	3,300,000
investments in unconsolidated joint ventures	699,632,000	707,075,000	727,139,000	718,917,000	728,567,000	654,667,000	775,362,000	915,817,000	785,588,000	852,764,000	918,540,000	1,034,181,000	1,088,906,000	1,224,288,000	1,204,153,000	1,246,730,000	1,263,252,000	1,317,571,000	1,365,369,000	1,370,299,000	1,356,426,000	1,340,647,000	1,569,887,000	1,568,878,000	1,540,826,000	1,519,697,000	1,436,788,000	1,517,771,000	1,528,080,000	1,492,655,000	1,465,174,000	1,381,358,000	1,360,486,000	1,709,522,000	1,688,606,000	1,696,572,000	1,710,617,000	1,773,558,000	1,753,524,000	1,766,330,000	1,844,516,000	1,532,552,000	1,278,216,000	1,263,356,000	1,006,652,000	984,132,000	927,424,000	797,010,000	724,630,000	701,483,000	706,450,000			818,723,000	987,021,000	987,435,000	1,001,051,000	995,374,000	1,074,590,000	1,072,034,000	1,061,939,000	674,492,000	609,038,000	581,958,000
total assets	8,191,702,000	8,368,685,000	8,423,928,000	8,729,251,000	8,680,059,000	8,567,039,000	7,590,463,000	7,777,706,000	7,363,073,000	7,513,512,000	7,588,105,000	7,894,586,000	7,917,511,000	8,094,139,000	8,068,810,000	8,114,386,000	8,209,680,000	8,345,655,000	8,412,226,000	8,643,452,000	9,669,584,000	9,184,005,000	9,183,288,000	9,228,348,000	9,299,648,000	8,853,571,000	8,775,973,000	8,944,099,000	9,002,921,000	9,026,808,000	9,010,730,000	9,115,217,000	9,157,273,000	9,605,862,000	9,606,911,000	9,682,206,000	9,712,064,000	9,958,148,000	9,941,765,000	9,997,679,000	10,211,345,000	11,258,576,000	13,350,181,000	13,360,376,000	13,196,667,000	13,121,778,000	9,206,108,000	9,062,263,000	9,008,391,000	9,075,250,000	9,205,527,000			7,459,960,000	7,498,814,000	7,391,217,000	7,280,523,000	7,185,246,000	7,304,366,000	7,063,037,000	7,081,428,000	4,661,984,000	4,277,108,000	4,207,064,000	4,030,833,000	3,830,091,000
liabilities and equity:
mortgage notes payable	4,850,655,000	5,068,946,000	5,076,908,000	5,229,832,000	5,232,196,000	4,894,525,000	4,342,216,000	4,373,234,000	4,098,705,000	4,136,136,000	4,166,335,000	4,174,344,000	4,203,678,000	4,240,596,000	4,259,503,000	4,361,131,000	4,414,557,000	4,423,554,000	4,432,587,000	4,518,108,000	4,534,585,000	4,560,810,000	4,373,710,000	4,377,787,000	4,384,680,000	4,392,599,000	4,294,633,000	4,305,028,000	4,162,072,000
bank and other notes payable	81,963,000			90,216,000		98,323,000		171,436,000	170,494,000	89,548,000	118,635,000	124,286,000	71,694,000	163,117,000	91,541,000	74,964,000	63,388,000	104,811,000	114,252,000	367,020,000	1,478,716,000	1,477,540,000	1,477,549,000	1,478,635,000	1,478,006,000	817,377,000	749,769,000	809,356,000	848,948,000	908,544,000	788,122,000	732,801,000	657,594,000	932,184,000	966,757,000	996,129,000	895,886,000	880,482,000	1,048,944,000	1,015,323,000	746,919,000	659,130,000	1,136,575,000	902,016,000	987,452,000	887,879,000	546,301,000	386,718,000	227,132,000	167,537,000	282,937,000			1,824,366,000	1,833,037,000	1,870,711,000	1,477,927,000			2,143,000,000	2,138,000,000
accounts payable and accrued expenses	129,537,000	125,210,000	128,426,000	98,800,000	94,563,000	87,540,000	79,235,000	67,703,000	60,576,000	64,194,000	73,923,000	57,001,000	59,558,000	63,107,000	65,929,000	53,889,000	58,011,000	59,228,000	58,461,000	51,514,000	59,316,000	68,825,000	71,939,000	58,672,000	66,991,000	51,027,000	61,348,000	52,894,000	59,024,000	59,392,000	61,308,000	57,880,000	67,430,000	58,412,000	69,617,000	56,596,000	63,398,000	61,316,000	62,018,000	52,836,000	64,549,000	74,398,000	92,207,000	109,396,000	114,991,000	115,406,000	89,659,000	66,652,000	89,146,000	76,941,000	85,394,000			92,523,000	85,307,000	72,995,000	74,569,000	63,556,000	71,030,000	72,645,000	59,245,000	50,293,000	43,197,000	47,469,000	48,054,000	31,511,000
lease liabilities	65,149,000	66,979,000	69,732,000	71,542,000	65,505,000	71,683,000	73,033,000	79,731,000	81,713,000	83,989,000	85,726,000	88,173,000	92,006,000	94,911,000	97,679,000	98,426,000	101,236,000	80,711,000	83,456,000	86,198,000	89,000,000	90,216,000	106,803,000	110,225,000	115,899,000	114,201,000	116,683,000	119,785,000	122,105,000
other accrued liabilities	352,648,000	386,092,000	368,006,000	369,657,000	342,492,000	379,863,000	316,162,000	311,425,000	301,645,000	334,742,000	312,236,000	310,943,000	306,916,000	318,745,000	315,393,000	214,451,000	216,935,000	254,279,000	237,392,000	236,811,000	258,029,000	298,594,000	220,651,000	213,586,000	197,040,000	265,595,000	253,882,000	253,221,000	244,649,000	303,051,000	288,780,000	292,725,000	285,447,000	325,701,000	302,082,000	322,643,000	317,212,000	366,165,000	357,650,000	372,954,000	375,023,000	403,281,000	524,055,000	528,407,000	532,170,000	568,716,000	317,515,000	306,899,000	312,188,000	363,158,000	360,408,000			250,464,000	240,647,000	241,183,000	207,447,000	200,116,000	202,915,000	225,024,000	226,354,000	121,154,000	107,915,000	133,125,000	93,074,000	77,775,000
distributions in excess of investments in unconsolidated joint ventures	199,884,000	194,388,000	199,308,000	206,389,000	201,380,000	192,680,000	190,701,000	185,437,000	183,870,000	174,786,000	195,179,000	195,098,000	196,909,000	121,093,000	126,795,000	126,359,000	130,518,000	127,608,000	129,517,000	124,779,000	119,118,000	108,381,000	106,992,000	108,275,000	107,156,000	107,902,000	112,326,000	115,426,000	116,634,000	114,988,000	115,299,000	92,216,000	93,879,000	83,486,000	88,569,000	95,131,000	96,601,000	78,626,000	77,878,000	21,221,000	20,995,000	24,457,000	24,856,000	26,857,000	28,723,000	29,957,000	253,673,000	261,073,000	254,581,000	252,192,000	257,452,000
total liabilities	5,679,836,000	5,841,615,000	5,842,380,000	6,066,436,000	5,936,136,000	5,724,614,000	5,001,347,000	5,188,966,000	5,002,458,000	4,985,911,000	5,089,733,000	5,085,549,000	5,062,097,000	5,144,790,000	5,090,665,000	5,057,993,000	5,106,176,000	5,169,506,000	5,177,435,000	5,516,506,000	6,672,279,000	6,738,745,000	6,534,751,000	6,539,789,000	6,575,288,000	6,022,601,000	5,868,204,000	5,974,729,000	5,917,652,000	5,838,376,000	5,722,801,000	5,800,042,000	5,748,688,000	5,637,863,000	5,569,817,000	5,521,531,000	5,438,167,000	5,530,980,000	5,451,257,000	5,420,578,000	5,181,475,000	6,187,337,000	7,535,965,000	7,475,729,000	7,223,102,000	7,081,929,000	5,667,055,000	5,471,585,000	5,345,271,000	5,356,533,000	5,550,757,000			5,474,270,000	5,455,702,000	5,318,556,000	5,140,851,000	5,033,819,000	5,142,313,000	5,596,053,000	5,576,335,000	3,450,970,000	3,018,670,000	2,930,968,000	2,764,865,000	2,579,160,000
commitments and contingencies
equity:
stockholders' equity:
common stock, 0.01 par value...	2,606,000	2,569,000	2,561,000	2,530,000	2,528,000	2,527,000	2,257,000	2,162,000	2,159,000	2,158,000	2,155,000	2,154,000	2,152,000	2,151,000	2,150,000	2,150,000	2,148,000	2,147,000	2,133,000	2,112,000	1,971,000	1,498,000	1,496,000	1,496,000	1,416,000	1,414,000	1,413,000	1,413,000	1,413,000	1,412,000	1,412,000	1,412,000	1,411,000	1,410,000	1,409,000	1,416,000	1,419,000	1,440,000	1,439,000	1,447,000	1,495,000	1,544,000	1,585,000	1,585,000	1,585,000	1,582,000	1,409,000	1,409,000	1,409,000	1,407,000	1,407,000									591,000
additional paid-in capital	6,293,832,000	6,224,127,000	6,223,906,000	6,167,547,000	6,161,896,000	6,160,780,000	5,666,636,000	5,515,333,000	5,512,628,000	5,509,603,000	5,519,029,000	5,518,237,000	5,511,513,000	5,506,084,000	5,505,307,000	5,500,101,000	5,493,662,000	5,488,440,000	5,467,235,000	5,438,493,000	5,263,994,000	4,603,378,000	4,600,470,000	4,596,684,000	4,590,709,000	4,583,911,000	4,581,551,000	4,578,620,000	4,574,600,000	4,567,643,000	4,563,103,000	4,558,873,000	4,549,748,000	4,510,489,000	4,503,670,000	4,521,945,000	4,530,631,000	4,593,229,000	4,581,540,000	4,613,114,000	4,841,291,000	4,926,630,000	5,087,698,000	5,076,726,000	5,064,446,000	5,041,797,000	3,930,317,000	3,925,713,000	3,920,704,000	3,906,148,000	3,901,676,000			1,630,093,000	1,624,044,000	1,618,303,000	1,709,982,000	1,704,734,000	1,703,391,000	1,046,325,000	1,043,302,000		1,027,325,000	1,028,132,000	989,033,000	848,820,000
accumulated deficit	-3,858,433,000	-3,777,816,000	-3,715,452,000	-3,584,742,000	-3,500,838,000	-3,406,786,000	-3,157,064,000	-3,012,029,000	-3,227,312,000	-3,063,789,000	-3,089,298,000	-2,790,097,000	-2,738,525,000	-2,643,094,000	-2,608,239,000	-2,560,793,000	-2,513,179,000	-2,443,696,000	-2,394,634,000	-2,469,336,000	-2,426,555,000	-2,339,619,000	-2,126,749,000	-2,082,082,000	-2,042,688,000	-1,944,012,000	-1,864,807,000	-1,805,097,000	-1,714,789,000	-1,614,357,000	-1,520,209,000	-1,489,742,000	-1,393,418,000	-830,279,000	-758,758,000	-663,805,000	-574,597,000	-488,782,000	-419,777,000	-378,389,000	-175,775,000						-740,906,000	-689,497,000	-618,277,000	-548,806,000	-606,464,000			-298,095,000
accumulated other comprehensive loss	-7,000	-9,000	-11,000	-13,000	-14,000	-34,000	-179,000	-32,000	-337,000									-24,000		-2,775,000	-5,514,000	-8,208,000	-10,889,000	-13,701,000	-15,446,000	-9,051,000	-10,946,000	-10,792,000	-6,511,000	-4,466,000		-33,000		-42,000
total stockholders' equity	2,437,998,000	2,448,871,000	2,511,004,000	2,585,322,000	2,663,572,000	2,756,487,000	2,511,650,000	2,505,434,000	2,287,138,000	2,447,020,000	2,432,442,000	2,731,396,000	2,775,892,000	2,865,773,000	2,899,231,000	2,941,474,000	2,982,638,000	3,046,867,000	3,074,734,000	2,968,494,000	2,833,896,000	2,257,049,000	2,464,328,000	2,502,397,000	2,533,991,000	2,632,262,000	2,707,211,000	2,764,144,000	2,854,713,000	2,950,232,000	3,044,448,000	3,070,510,000	3,157,760,000	3,681,578,000	3,746,321,000	3,859,556,000	3,957,453,000	4,105,887,000	4,163,202,000	4,236,172,000	4,667,011,000	4,715,414,000	5,427,976,000	5,493,328,000	5,576,537,000	5,640,120,000	3,190,820,000	3,237,625,000	3,303,836,000	3,358,749,000	3,296,619,000
noncontrolling interests	73,868,000	78,199,000	70,544,000	77,493,000	80,351,000	85,938,000	77,466,000	83,306,000	73,477,000	80,581,000	65,930,000	77,641,000	79,522,000	83,576,000	78,914,000	114,919,000	120,866,000	129,282,000	160,057,000	158,452,000	163,409,000	188,211,000	184,209,000	186,162,000	190,369,000	198,708,000	200,558,000	205,226,000	230,556,000	238,200,000	243,481,000	244,665,000	250,825,000	286,421,000	290,773,000	301,119,000	316,444,000	321,281,000	327,306,000	340,929,000	362,859,000	355,825,000	386,240,000	391,319,000	397,028,000	399,729,000	348,233,000	353,053,000	359,284,000	359,968,000	358,151,000
total equity	2,511,866,000	2,527,070,000	2,581,548,000	2,662,815,000	2,743,923,000	2,842,425,000	2,589,116,000	2,588,740,000	2,360,615,000	2,527,601,000	2,498,372,000	2,809,037,000	2,855,414,000	2,949,349,000	2,978,145,000	3,056,393,000	3,103,504,000	3,176,149,000	3,234,791,000	3,126,946,000	2,997,305,000	2,445,260,000	2,648,537,000	2,688,559,000	2,724,360,000	2,830,970,000	2,907,769,000	2,969,370,000	3,085,269,000	3,188,432,000	3,287,929,000	3,315,175,000	3,408,585,000	3,967,999,000	4,037,094,000	4,160,675,000	4,273,897,000	4,427,168,000	4,490,508,000	4,577,101,000	5,029,870,000	5,071,239,000	5,814,216,000	5,884,647,000	5,973,565,000	6,039,849,000	3,539,053,000	3,590,678,000	3,663,120,000	3,718,717,000	3,654,770,000
total liabilities and equity	8,191,702,000	8,368,685,000	8,423,928,000	8,729,251,000	8,680,059,000	8,567,039,000	7,590,463,000	7,777,706,000	7,363,073,000	7,513,512,000	7,588,105,000	7,894,586,000	7,917,511,000	8,094,139,000	8,068,810,000	8,114,386,000	8,209,680,000	8,345,655,000	8,412,226,000	8,643,452,000	9,669,584,000	9,184,005,000	9,183,288,000	9,228,348,000	9,299,648,000	8,853,571,000	8,775,973,000	8,944,099,000	9,002,921,000	9,026,808,000	9,010,730,000	9,115,217,000	9,157,273,000	9,605,862,000	9,606,911,000	9,682,206,000	9,712,064,000	9,958,148,000	9,941,765,000	9,997,679,000	10,211,345,000	11,258,576,000	13,350,181,000	13,360,376,000	13,196,667,000	13,121,778,000	9,206,108,000	9,062,263,000	9,008,391,000	9,075,250,000	9,205,527,000
financing arrangement obligation									105,455,000	102,516,000	137,699,000	135,704,000	131,336,000	143,221,000	133,825,000	128,773,000	121,531,000	118,988,000	121,770,000	132,076,000	133,515,000	134,379,000	177,107,000	192,609,000	225,516,000	273,900,000	279,563,000	319,019,000	364,220,000	378,485,000	384,431,000	389,323,000	398,091,000
accumulated other comprehensive income										-952,000	556,000	1,102,000	752,000	632,000	13,000	16,000	7,000														142,000		19,000																					-6,776,000	10,572,000		1,185,000	12,193,000	7,003,000	742,000	1,115,000	1,690,000	375,000
due to affiliates																		327,000																																											2,166,000					15,833,000
mortgage notes payable:
related parties																															167,747,000	169,038,000	170,311,000	171,569,000	172,810,000	174,037,000	175,247,000	176,442,000	177,621,000	178,785,000	179,935,000	181,318,000	282,413,000	284,641,000	286,849,000	289,039,000	265,269,000	266,658,000	268,029,000	269,381,000	270,715,000			226,745,000	227,596,000	150,432,000	152,146,000	152,938,000	153,716,000	148,972,000	147,932,000	144,782,000	125,415,000	107,777,000	115,377,000	105,779,000
others																														4,073,916,000	3,917,114,000	4,066,059,000	4,075,936,000	4,066,511,000	3,910,864,000	3,817,348,000	3,831,275,000	3,908,976,000	3,667,537,000	3,718,404,000	3,732,114,000	4,443,294,000	5,407,170,000	5,552,551,000	5,200,053,000	5,115,482,000	4,118,969,000	4,106,731,000	4,115,971,000	4,145,809,000	4,209,900,000			3,073,368,000	3,062,916,000	2,977,036,000	3,222,563,000	3,194,239,000	3,184,682,000		2,998,073,000	2,194,383,000	1,974,131,000	1,875,585,000	1,847,493,000	1,819,267,000
total																														4,073,916,000	4,084,861,000	4,235,097,000	4,246,247,000	4,238,080,000	4,083,674,000	3,991,385,000	4,006,522,000	4,085,418,000	3,845,158,000	3,897,189,000	3,912,049,000	4,624,612,000	5,689,583,000	5,837,192,000	5,486,902,000	5,404,521,000	4,384,238,000	4,373,389,000	4,384,000,000	4,415,190,000	4,480,615,000			3,300,113,000	3,290,512,000	3,127,468,000	3,374,709,000	3,347,177,000	3,338,398,000	3,149,345,000	3,146,005,000	2,339,165,000	2,099,546,000	1,983,362,000	1,962,870,000	1,925,046,000
assets held for sale																																143,327,000	142,611,000
co-venture obligation																																			59,118,000	59,647,000	58,548,000	58,973,000	59,609,000	61,055,000	61,940,000	63,756,000	68,689,000	71,861,000	72,864,000	75,450,000	75,669,000	76,854,000	78,224,000	81,515,000	83,951,000
accrued dividend																																										337,703,000
(accumulated deficit) retained earnings																																										-212,760,000
retained earnings																																											338,693,000	415,017,000	510,506,000	596,741,000
loans to unconsolidated joint ventures																																															3,361,000	3,396,000	3,374,000	2,756,000	2,736,000			488,000	447,000	543,000	815,000	884,000	1,187,000	4,220,000	6,476,000	6,796,000	25,709,000	25,709,000	32,592,000	33,546,000
marketable securities																																																						29,368,000	29,469,000	29,783,000	30,188,000
tenant receivables																																																						127,868,000	116,533,000	110,022,000	103,697,000	97,589,000	80,851,000	76,835,000	75,710,000	62,672,000	65,100,000	64,650,000
liabilities, preferred stock and common stockholders’ equity:
preferred stock dividends payable																																																						6,804,000	6,199,000	6,199,000				6,039,000
minority interest																																																						330,573,000	342,961,000	352,465,000	369,004,000	372,847,000	366,779,000	294,897,000	305,031,000	214,709,000	226,313,000	229,377,000	222,634,000	211,532,000
class a participating convertible preferred units																																																						213,786,000	213,786,000	213,786,000	213,786,000	213,786,000	213,786,000	213,786,000	212,668,000
class a non-participating convertible preferred units																																																						16,459,000	16,459,000	16,459,000	21,501,000	21,501,000	21,501,000	21,501,000	21,501,000
series a cumulative convertible redeemable preferred stock, .01 par value...																																																						98,934,000	98,934,000	98,934,000	98,934,000	98,934,000	98,934,000		98,934,000	98,934,000	98,934,000	98,934,000	98,934,000	98,934,000
common stockholders’ equity:
common stock, .01 par value...																																																						716,000	716,000	715,000	715,000	716,000	716,000		591,000	591,000	585,000	584,000	574,000	518,000
total common stockholders’ equity																																																						1,325,938,000	1,370,972,000	1,391,017,000	1,436,447,000	1,444,359,000	1,461,053,000	837,866,000	866,959,000	897,371,000	933,191,000	947,785,000	944,400,000
total liabilities, preferred stock and common stockholders’ equity																																																						7,459,960,000	7,498,814,000	7,391,217,000	7,280,523,000	7,185,246,000	7,304,366,000		7,081,428,000	4,661,984,000	4,277,108,000	4,207,064,000	4,030,833,000
preferred stock dividend payable																																																									6,199,000	5,970,000	5,970,000		4,565,000	2,358,000	2,212,000	2,212,000	2,067,000	5,195,000
unamortized restricted stock
bank notes payable																																																										1,417,000,000	1,524,000,000			938,000,000	765,800,000	764,800,000	658,800,000	523,800,000
assets
liabilities, preferred units, preferred stock and common stockholders’ equity
other																																																												3,000,373,000
series a cumulative convertible redeemable preferred stock, 0.01 par value value; 3,627,131 shares authorized, issued and outstanding at september 30, 2005 and december 31, 2004																																																												98,934,000
common stockholders’ equity
total liabilities, preferred units, preferred stock and common stockholders’ equity																																																												7,063,037,000
additional paid in capital																																																														1,044,924,000
tenant receivables, including accrued overage rents of 225 in 2003 and 4,846 in 2002																																																																	52,969,000
investments in unconsolidated joint ventures and the management companies																																																																	564,654,000	561,715,000
series b cumulative convertible redeemable preferred stock, .01 par value...																																																																		148,402,000
tenant receivables, including accrued overage rents of 347 in 2003 and 4,846 in 2002																																																																		53,704,000
liabilities, preferred stock and common stockholders' equity:
common stockholders' equity:
total common stockholders' equity																																																																		792,063,000
total liabilities, preferred stock and common stockholders' equity																																																																		3,830,091,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-06-30	2004-03-31	2003-09-30

cash flows from operating activities:
net loss	-36,894,000				-51,153,000				-131,446,000		-271,965,000	-14,406,000	-58,194,000			-17,687,000	-37,354,000
adjustments to reconcile net loss to net cash from operating activities:
loss on sale or write down of assets	-6,840,000	26,311,000	72,634,000	10,485,000	13,987,000	233,347,000			36,085,000	-706,000						1,091,000	-6,453,000	17,616,000	-118,566,000	3,927,000	21,283,000	39,328,000	-11,786,000	3,867,000	36,703,000	-3,597,000	131,000	9,059,000	6,316,000														3,342,000	4,671,000	-935,000
depreciation and amortization	86,015,000	87,697,000	93,988,000	91,199,000	95,219,000	84,159,000	75,927,000	74,407,000	71,382,000	72,659,000	74,399,000	74,301,000	75,035,000	76,344,000	75,377,000	75,086,000	75,673,000	82,953,000	78,847,000	81,791,000	80,812,000	79,558,000	80,749,000	81,924,000	83,827,000	85,721,000	84,575,000	84,138,000	83,233,000	88,644,000	83,620,000	80,894,000	81,524,000	87,482,000	84,577,000	84,665,000	84,551,000	91,844,000	88,424,000	86,914,000	88,176,000	108,639,000	119,155,000	121,108,000	122,418,000	93,391,000	89,805,000	90,569,000	97,069,000	63,537,000	57,944,000	54,170,000	37,653,000	35,311,000	34,301,000	25,364,000
amortization of discount on mortgage notes payable	4,163,000		7,532,000	9,120,000	9,121,000		3,838,000
amortization of share and unit-based plans	5,901,000	4,845,000	4,818,000	5,299,000	3,206,000	3,517,000	3,425,000	2,459,000	2,730,000	2,286,000	1,015,000	4,970,000	4,895,000	4,218,000	4,268,000	4,283,000	4,869,000	3,405,000	3,408,000	3,430,000	4,030,000	2,853,000	3,497,000	3,269,000	4,224,000	2,277,000	2,322,000	1,914,000	5,519,000	4,723,000	3,554,000	8,087,000	11,003,000	5,640,000	5,507,000	5,847,000	13,805,000	5,645,000	5,635,000	5,568,000	16,440,000	4,738,000	4,422,000	4,739,000	14,468,000	4,378,000	4,334,000	16,505,000	10,294,000
straight-line rent and amortization of above and below market leases	-2,152,000	-2,183,000	-2,421,000	-2,129,000	-249,000	-3,988,000	-1,461,000	-1,185,000	3,577,000	472,000	423,000	-1,196,000	823,000	-2,092,000	-843,000	75,000	1,589,000	1,738,000	1,889,000	-6,359,000	-4,959,000	-19,790,000	-5,270,000	1,596,000	-243,000	-1,562,000	-4,995,000	-4,802,000	-2,650,000
provision for doubtful accounts	1,211,000		955,000	798,000	1,558,000												567,000				3,208,000	5,002,000	10,558,000	27,777,000	913,000	915,000	2,934,000																	1,826,000	1,330,000		3,058,000	372,000
income tax benefit	-2,641,000	-473,000	-710,000	-188,000	-822,000			258,000	-1,224,000																						466,000	684,000	-2,949,000									-1,146,000	-859,000	-283,000	-935,000	-689,000	-2,898,000	-172,000	571,000
equity in loss of unconsolidated joint ventures	9,866,000	-27,461,000	-9,759,000	475,000	799,000	-7,692,000	74,931,000	56,837,000	73,276,000	-19,298,000	107,465,000	6,960,000	61,810,000	-11,166,000	-6,322,000	-6,353,000	29,097,000	4,523,000	1,733,000			10,050,000	12,513,000
changes in assets and liabilities, net of dispositions:
tenant and other receivables	25,016,000	-17,916,000	-363,000	-3,307,000	24,984,000	-34,164,000	10,265,000	-3,258,000	30,598,000	-29,462,000	9,410,000	-1,645,000	22,051,000	-12,907,000	-6,838,000	-1,743,000	28,098,000	-15,327,000	-3,420,000	28,484,000	52,684,000	18,057,000	-2,355,000	-133,322,000	11,673,000	-14,612,000	-5,603,000	-6,581,000	16,867,000	-16,491,000	-11,297,000	2,177,000	11,699,000	-7,346,000	-4,563,000	-3,356,000	8,757,000	-9,955,000	-1,691,000	-625,000	4,686,000	-5,471,000	-3,612,000	-6,845,000	17,836,000	-12,382,000	2,149,000	8,817,000	-3,595,000
other assets	14,510,000	-18,330,000	8,143,000	-2,176,000	12,975,000	-19,877,000	9,116,000	-5,906,000	474,000	-8,657,000	11,393,000	-5,281,000	8,645,000	-18,885,000	15,216,000	-9,787,000	210,000	-7,257,000	12,653,000	3,511,000	5,969,000	-4,660,000	16,021,000	-11,588,000	1,037,000	-13,495,000	10,610,000	-15,952,000	9,284,000	1,296,000	9,819,000	-14,149,000	11,473,000	-16,157,000	9,397,000	-10,272,000	12,618,000	-13,933,000	9,830,000	-6,187,000	-9,743,000	8,660,000	9,566,000	-8,644,000	4,310,000	-7,498,000	2,023,000	-1,536,000	-12,025,000	4,102,000			5,176,000		2,243,000
due from affiliates	-1,138,000	-740,000	1,772,000	-291,000	-1,350,000	1,367,000	91,000	2,038,000	-581,000		-879,000	2,146,000	-4,592,000		-5,959,000	968,000	-4,504,000		1,835,000	419,000	-3,619,000	15,013,000	-6,355,000	-507,000	-4,766,000	3,470,000	1,378,000	3,898,000	5,148,000	2,489,000	-4,395,000	1,399,000	-2,512,000	-978,000	361,000	-1,350,000	-12,015,000	1,254,000	10,399,000	-6,793,000	11,123,000	-8,781,000	-469,000	1,575,000	650,000	-2,230,000	-633,000	1,573,000	2,167,000						1,571,000
accounts payable and accrued expenses	10,605,000	-8,327,000	26,404,000	4,952,000	9,487,000	3,860,000	11,743,000	3,980,000	1,723,000	-12,807,000	17,772,000	-5,033,000	1,938,000	-8,559,000	13,379,000	-5,992,000	790,000	246,000	8,434,000	-8,098,000	-7,328,000	-11,694,000	14,136,000	-2,900,000	15,937,000	-13,342,000	12,170,000	-7,780,000	8,715,000	-8,851,000	2,447,000	-8,994,000	13,239,000	-17,085,000	13,265,000	-6,287,000	4,285,000	-2,470,000	8,944,000	-9,237,000	-6,166,000	-6,784,000	-4,986,000	-10,562,000	18,318,000	15,865,000	-23,134,000	8,049,000	-11,102,000				2,538,000
other accrued liabilities	-30,245,000	18,488,000	-608,000	-2,173,000	-29,271,000	20,508,000	6,980,000	10,456,000	-31,361,000	15,846,000	5,637,000	3,339,000	-13,392,000	6,436,000	91,535,000	4,523,000	-31,480,000	15,945,000	6,340,000	-18,753,000	-31,596,000	10,109,000	6,050,000	12,022,000	-49,759,000	28,012,000	6,559,000	10,113,000	-18,334,000	10,316,000	-10,673,000	8,976,000	-17,893,000	13,292,000	-9,254,000	3,952,000	-17,792,000	-4,244,000	-24,437,000	3,892,000	2,562,000	1,394,000	-5,096,000	3,950,000	450,000	6,035,000	6,213,000	-31,590,000	6,228,000
net cash from operating activities	77,377,000	50,204,000	112,390,000	70,519,000	88,491,000	54,872,000	100,047,000	67,431,000	61,095,000	49,383,000	107,398,000	57,991,000	80,730,000	52,522,000	169,566,000	49,978,000	65,444,000	74,735,000	98,606,000	60,808,000	52,219,000	59,710,000	80,509,000	-65,082,000	49,700,000	83,180,000	106,899,000	66,238,000	98,840,000	97,150,000	82,311,000	69,882,000	94,968,000	86,539,000	109,623,000	87,523,000	102,704,000	98,447,000	111,378,000	99,840,000	107,841,000	126,726,000	140,772,000	110,749,000	162,130,000	106,334,000	92,661,000	97,911,000	93,179,000	51,591,000	97,220,000	29,960,000	57,798,000	5,809,000	75,844,000	63,215,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	77,377,000	50,204,000	112,390,000	70,519,000	88,491,000	54,872,000	100,047,000	67,431,000	61,095,000	49,383,000	107,398,000	57,991,000	80,730,000	52,522,000	169,566,000	49,978,000	65,444,000	74,735,000	98,606,000	60,808,000	52,219,000	59,710,000	80,509,000	-65,082,000	49,700,000	83,180,000	106,899,000	66,238,000	98,840,000	97,150,000	82,311,000	69,882,000	94,968,000	86,539,000	109,623,000	87,523,000	102,704,000	98,447,000	111,378,000	99,840,000	107,841,000	126,726,000	140,772,000	110,749,000	162,130,000	106,334,000	92,661,000	97,911,000	93,179,000	51,591,000	97,220,000	29,960,000	57,798,000	5,809,000	75,844,000	63,215,000
cash flows from investing activities:
development, redevelopment, expansion and renovation of properties	-30,301,000	-25,579,000	-15,475,000	-25,600,000	-34,356,000	-30,975,000	-28,030,000	-23,892,000	-26,420,000	-26,263,000	-18,954,000	-12,732,000	-19,992,000	-13,973,000	-6,955,000	-7,848,000	-13,377,000	-24,898,000	-17,228,000	-20,741,000	-14,819,000	1,260,000	-10,641,000	-9,374,000	-26,406,000	-61,886,000	-48,607,000	-28,042,000	-28,256,000	-47,764,000	-34,473,000	-49,610,000	-49,242,000	-69,585,000	-30,155,000	-27,590,000	-33,013,000	-58,485,000	-45,566,000	-46,670,000	-60,895,000	-63,849,000	-76,273,000	-42,055,000	-90,157,000	-47,293,000	-52,879,000	-29,578,000	0
property improvements	-28,667,000	-31,078,000	-17,793,000	-10,704,000	-6,840,000	-15,895,000	-19,303,000	-15,803,000	-7,329,000	-25,770,000	-13,425,000	-20,495,000	-14,872,000	-19,928,000	-15,004,000	-10,686,000	-7,022,000	-2,615,000	-11,799,000	-7,454,000	-8,653,000	-5,138,000	-2,218,000	-13,942,000	-1,845,000	0	-3,109,000	-9,178,000	-8,827,000	-23,284,000	-15,437,000	-12,453,000	-4,968,000	-7,382,000	-17,675,000	-12,400,000	-4,350,000	-23,225,000	-10,371,000	-8,956,000	-5,311,000	-18,794,000	-17,690,000	-12,996,000	-3,855,000	-17,778,000	-9,805,000	-4,792,000	-29,931,000
deposit on acquisition of property	-10,000,000
deferred leasing costs	-2,669,000	-2,231,000	-1,198,000	-629,000	-1,562,000	-1,112,000	-819,000	-1,484,000	-1,495,000	4,765,000	-8,397,000	-2,151,000	-1,217,000	-1,137,000	-1,059,000	-543,000	-372,000	-842,000	-702,000	-1,085,000	-91,000	-965,000	-666,000	-600,000	-981,000	-1,021,000	-1,355,000	-682,000	-8,848,000	-4,977,000	-5,469,000	-4,939,000	-13,384,000	-6,610,000	-5,492,000	-8,286,000	-11,267,000	-6,748,000	-6,628,000	-7,339,000	-7,359,000	-9,105,000	-6,669,000	-8,360,000	-9,768,000	-5,630,000	-7,307,000	-6,465,000	-5,895,000
distributions from unconsolidated joint ventures	17,109,000	39,227,000	21,569,000	21,123,000	30,716,000	24,683,000	11,617,000	36,756,000	20,942,000	88,753,000	26,051,000	23,891,000	162,166,000	24,051,000	36,398,000	30,795,000	40,062,000	22,972,000	24,977,000	24,637,000	21,341,000	50,249,000	4,039,000	2,446,000	21,693,000	30,538,000	144,461,000	49,911,000	41,439,000	-4,693,000	93,269,000	29,734,000	418,333,000	41,812,000	55,418,000	56,206,000	114,528,000	32,690,000	102,453,000	127,052,000	181,900,000	38,997,000	20,317,000	33,230,000	13,096,000	22,306,000	-10,113,000	43,495,000	50,451,000	24,199,000
contributions to unconsolidated joint ventures	-14,034,000	-22,364,000	-24,928,000	-13,628,000	-96,695,000	-11,959,000	-6,995,000	-17,327,000	-12,686,000	-25,580,000	-18,340,000	-24,300,000	-12,938,000	-38,755,000	-11,077,000	-12,464,000	-19,422,000	-30,269,000	-17,090,000	-13,814,000	-25,673,000	-31,848,000	-20,205,000	-46,543,000	-33,870,000	-103,535,000	-52,380,000	-33,895,000	-63,093,000	-2,179,000	-104,043,000	-34,027,000	-40,990,000	-37,206,000	-29,029,000	-24,710,000	-26,593,000	-26,145,000	-21,373,000	-32,242,000	-350,668,000	-89,380,000	-24,439,000	-279,083,000	-33,284,000	-149,647,000	-58,474,000	-49,842,000	-60,198,000
proceeds from sale of assets	13,848,000	34,852,000	34,319,000	64,745,000	25,696,000	159,790,000	109,486,000	12,861,000	11,000	821,000	6,463,000	23,226,000	5,018,000	1,690,000	17,774,000	4,909,000	26,085,000	14,496,000	173,025,000	49,659,000	100,334,000	581,000	15,984,000			4,275,000	230,000	0	1,015,000	2,847,000	55,966,000	25,613,000	1,450,000	86,823,000	840,000	-18,000	167,649,000	27,559,000	992,000	95,059,000	600,665,000	635,243,000	10,215,000	0	1,440,000	25,936,000	900,000	24,514,000	89,018,000	155,000	0	213,000	6,945,000			30,038,000
net cash from investing activities	-54,714,000	-7,173,000	-3,506,000	-231,619,000	-83,041,000	37,161,000	65,979,000	-56,373,000	-26,977,000	20,226,000	-26,602,000	-59,248,000	118,165,000	-48,052,000	-4,467,000	4,163,000	46,954,000	-21,156,000	151,183,000	31,202,000	73,739,000	-80,050,000	-13,707,000	-67,682,000	-41,409,000	-128,601,000	39,462,000	-21,665,000	-1,222,000	-79,836,000	-9,976,000	-45,266,000	311,401,000	12,966,000	-26,516,000	-16,681,000	207,103,000	-51,013,000	9,342,000	126,369,000	358,415,000	450,735,000	-93,639,000	-308,100,000	-150,020,000	-167,600,000	-152,548,000	-22,251,000	37,409,000
the macerich companyconsolidated statements of cash flows
cash flows from financing activities:
proceeds from mortgages, bank and other notes payable	100,000,000	0	159,100,000	100,000,000	340,000,000	825,000,000	110,004,000	19,996,000	270,000,000	405,000,000	184,000,000	80,000,000	50,000,000	75,000,000	105,000,000			25,000,000	0			0	0	0	660,000,000	720,000,000	100,000,000	551,000,000	425,000,000	120,000,000	100,000,000	75,000,000	120,000,000	920,000,000	210,000,000	100,000,000	200,000,000	485,000,000	120,000,000	470,000,000	2,126,138,000	2,280,000,000	234,997,000	750,003,000	815,671,000	279,312,000	167,673,000	133,982,000	332,911,000
payments on mortgages, bank and other notes payable	-221,378,000	-10,299,000	-112,360,000	-12,659,000	-122,007,000	-1,435,015,000	-330,714,000	-32,678,000	-225,244,000	-448,193,000	-188,979,000	-57,422,000	-168,664,000	-21,445,000	-191,834,000	-67,559,000	-53,237,000	-46,727,000	-341,096,000	-1,608,586,000	-23,986,000	-13,142,000	-4,692,000	-7,462,000	-8,676,000	-550,990,000	-171,539,000	-447,202,000	-397,358,000	-12,104,000	-57,372,000	-12,695,000	-387,643,000	-795,289,000	-145,020,000	-15,492,000	-263,927,000	-412,926,000	-94,996,000	-216,875,000	-1,713,094,000	-2,021,585,000	-142,538,000	-445,521,000	-674,569,000	-107,528,000	-17,346,000	-104,225,000	-356,127,000
deferred financing costs	-14,161,000	-70,000	-3,668,000	-573,000	-1,156,000	-2,592,000	-822,000	-1,098,000	-4,273,000	-100,000	-12,319,000	-3,243,000	-13,251,000	-3,680,000	-844,000			-59,000	-585,000	-18,756,000	-3,472,000	-1,738,000	-2,393,000			-4,838,000	0	-1,956,000	-965,000	0	-97,000	-46,000	-132,000	-5,914,000	-2,554,000	110,000	-142,000	-1,762,000	-6,843,000	-52,000	-1,927,000	-6,645,000	-100,000	-1,584,000	-3,476,000	-523,000	-53,000	-550,000	-913,000
payments on finance leases		0	0	0	-4,408,000	0	-4,955,000	-627,000	-615,000	1,000	-808,000	-600,000	-593,000	0	-776,000	-576,000	-571,000	-1,000	-746,000	-550,000	-552,000	0	-1,245,000	1,000	-290,000	0	-1,194,000	0	-278,000
proceeds (costs) from stock offerings	60,541,000					508,467,000
redemption of noncontrolling interests	-830,000	0								-6,000				0	0			-118,000	-59,000	0	-1,000	-1,000	-10,000	-16,000	-2,000	-16,000	-14,000	-10,000	-27,000	-40,000	-596,000	-58,000	-65,000	-11,000	-824,000	-70,000	-15,000	0	0	0	-30,000	-235,000	-32,000			-15,000	-18,000	-203,000	-44,000
dividends and distributions	-49,034,000	-46,176,000	-45,867,000	-45,732,000	-50,433,000	-41,218,000	-39,839,000	-41,031,000	-39,201,000	-39,157,000	-38,988,000	-39,333,000	-41,812,000	-39,531,000	-70,084,000	-35,399,000	-41,314,000	-38,933,000	-35,972,000	-41,872,000	-26,670,000	-24,675,000	-24,650,000	-15,865,000	-114,672,000	-115,158,000	-114,823,000	-130,157,000	-114,396,000	-114,191,000	-112,698,000	-112,963,000	-113,782,000	-115,106,000	-108,787,000	-109,325,000	-110,621,000	-111,523,000	-106,174,000	-109,386,000	-452,225,000	-454,707,000	-110,491,000	-110,449,000	-111,462,000	-95,006,000	-95,858,000	-95,342,000	-94,364,000
net cash from financing activities	-124,862,000	-50,671,000	46,246,000	42,066,000	161,578,000	-144,532,000	-117,702,000	-54,483,000	667,000	-87,449,000	-57,465,000	-19,633,000	-174,341,000	11,694,000	-158,568,000	-79,874,000	-95,192,000	-59,718,000	-340,005,000	-979,752,000	542,451,000	-38,802,000	-32,665,000	-22,679,000	540,600,000	52,369,000	-187,521,000	-50,220,000	-92,844,000	-12,113,000	-70,747,000	-49,956,000	-381,622,000	-79,555,000	-99,152,000	-76,005,000	-311,557,000	-37,569,000	-109,677,000	-259,576,000	-446,261,000	-583,960,000	-64,450,000	189,516,000	21,144,000	63,245,000	51,461,000	-80,449,000	-122,981,000	121,454,000			404,000	74,877,000	27,060,000
net increase in cash, cash equivalents and restricted cash	-102,199,000		155,130,000	-119,034,000	167,028,000		48,324,000	-43,425,000	34,785,000	-17,840,000	23,331,000	-20,890,000	24,554,000				17,206,000	-6,139,000	-90,216,000	-887,742,000	668,409,000	-59,142,000	34,137,000	-155,443,000	548,891,000	6,948,000			4,774,000	5,201,000
cash, cash equivalents and restricted cash, beginning of period	372,963,000		0	0	177,479,000		0	0	190,294,000		0	0	181,139,000		0	0	166,971,000		0	0	482,659,000		0	0	114,216,000		0	0	149,301,000		0	0	143,105,000
cash, cash equivalents and restricted cash, end of period	270,764,000		155,130,000	-119,034,000	344,507,000		48,324,000	-43,425,000	225,079,000		23,331,000	-20,890,000	205,693,000		6,531,000	-25,733,000	184,177,000		-90,216,000	-887,742,000	1,151,068,000		34,137,000	-155,443,000	663,107,000		-41,160,000	-5,647,000	154,075,000		1,588,000	-25,340,000	167,852,000
supplemental cash flow information:
cash payments for interest, net of amounts capitalized	56,345,000	51,669,000	54,977,000	51,566,000	49,710,000	50,728,000	44,114,000	42,796,000	48,707,000	51,345,000	45,469,000	46,310,000	48,376,000	44,773,000	44,815,000	44,270,000	46,463,000	42,747,000	47,990,000	52,443,000	61,041,000	61,155,000	37,755,000	47,248,000	52,989,000	53,326,000	51,354,000	54,696,000	50,650,000	49,574,000	49,648,000	46,614,000	46,418,000	43,807,000	41,822,000	42,402,000	40,462,000	40,651,000	40,963,000	40,151,000	32,073,000	52,843,000	58,972,000	59,189,000	60,102,000	39,150,000	49,125,000	47,958,000	41,285,000	79,215,000
non-cash investing and financing transactions:
accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	63,681,000	7,593,000	6,937,000	-5,839,000	48,898,000	13,031,000	-3,233,000	-3,558,000	43,244,000	8,342,000	-348,000	5,671,000	34,526,000	800,000	11,194,000	4,459,000	18,881,000	-2,000	-4,097,000	-2,870,000	25,248,000	10,827,000	-2,015,000	-7,686,000	28,250,000	-10,896,000	-6,605,000	7,414,000	42,539,000	1,179,000	11,986,000	555,000	36,286,000	13,020,000	-794,000	6,788,000	24,712,000	19,707,000	5,600,000	1,290,000	22,887,000	13,266,000	-3,368,000	11,262,000	31,823,000	25,884,000	-12,919,000	37,852,000	17,668,000
conversion of operating partnership units to common stock	5,233,000	1,189,000	5,644,000	0	118,000	0	5,238,000			4,601,000				0	622,000			26,589,000	0	0	22,218,000	0	409,000	5,880,000	5,797,000	0	0			0	0			1,602,000	3,399,000	11,158,000	638,000	1,728,000	7,601,000	11,000	3,108,000	0	0	6,000	1,553,000
gain on extinguishment of debt
amortization of net discount on mortgage notes payable
provision for (recovery of) doubtful accounts						1,581,000	140,000	1,509,000	2,923,000
change in fair value of financing arrangement obligation						0	0	-16,734,000	2,939,000	-29,596,000	1,995,000	4,368,000	-11,885,000	9,396,000	5,052,000	7,242,000	2,543,000	-2,782,000	-10,306,000	-1,439,000	-863,000	-42,729,000	-15,502,000	-32,907,000	-48,384,000	-5,663,000	-39,455,000	-17,257,000	-14,265,000	-5,946,000	-4,893,000	-8,768,000	4,382,000
distributions of income from unconsolidated joint ventures										0	0	0	280,000	666,000	481,000			0								90,000	384,000	342,000	118,000	295,000	995,000	514,000	155,000					1,641,000	1,124,000	2,448,000	2,035,000	1,841,000				709,000			0	772,000
changes in assets and liabilities, net of acquisitions and dispositions:
acquisition of property
proceeds from collection of notes receivable
cash and restricted cash acquired from acquisition of previously unconsolidated joint venture
derecognition of cash previously held by a consolidated joint venture to an unconsolidated joint venture						0	0
payment on finance arrangement obligation																										0	-1,000
proceeds from share and unit-based plans						826,000	0			777,000	0			781,000	0			753,000	0			679,000	0			700,000	0			764,000	0			882,000	0			863,000	0			767,000	0			0			630,000
contributions from noncontrolling interests														600,000
net increase in cash and cash equivalents and restricted cash
cash and cash equivalents and restricted cash at beginning of year
cash and cash equivalents and restricted cash at end of year
non-cash investing and financing activities:
derecognition of previously consolidated property and related liabilities to investment in unconsolidated joint venture						0	0
assets acquired from unconsolidated joint ventures
liabilities assumed from unconsolidated joint ventures
mortgage note payable assumed by buyer
net income			-89,995,000				-112,098,000							3,462,000				-25,004,000			-67,730,000	-204,844,000	-22,622,000	-26,727,000	8,731,000	29,739,000	50,025,000	13,947,000	8,843,000	13,246,000	81,241,000	8,866,000	-34,381,000	38,584,000	19,228,000	29,052,000	74,809,000	40,834,000	13,196,000	49,434,000	451,375,000	444,185,000	36,314,000	15,746,000	26,667,000	38,744,000	17,985,000	19,644,000	150,789,000	13,423,000	10,339,000	11,314,000	20,498,000	19,326,000	20,328,000	41,796,000
adjustments to reconcile net income to net cash from operating activities:
acquisitions of property			0				23,000				0																																0	0	-26,250,000	0
cash acquired from acquisition of unconsolidated joint ventures							0
proceeds from stock offerings
employee stock purchases			0
assets acquired from unconsolidated joint venture							0			0	0
liabilities assumed from unconsolidated joint venture							0
costs from stock offerings				-221,000	-418,000						-322,000	-56,000	-21,000
income tax expense						-879,000				-655,000	1,672,000	371,000	-1,882,000	-258,000	-166,000	-670,000	1,799,000	-2,504,000	107,000	7,107,000	2,238,000	237,000	1,106,000	-1,524,000	-266,000	-114,000	678,000	679,000	346,000									-2,014,000	905,000	514,000	1,317,000
proceeds from collection of receivable in connection with sale of joint venture property														0	0	0	21,000,000
gain on sale or write down of assets												-10,279,000	-3,779,000																	31,311,000	-46,516,000	9,518,000	37,512,000	-5,212,000	11,854,000	477,000	-49,565,000				-434,456,000
loss on extinguishment of debt																		0								0	0	0	351,000															1,609,000	-2,245,000		0	358,000
recovery of doubtful accounts										-826,000	-226,000				-709,000
due (from) to affiliates
(costs) proceeds from stock offerings
receivable in connection with sale of joint venture property
(recovery of) provision for doubtful accounts													-1,023,000					-2,121,000	1,638,000
lease liabilities recorded in connection with right-of-use assets																	24,929,000
loss on remeasurement of assets
amortization of net premium on mortgage notes payable																																		-478,000	-939,000	-934,000	-926,000	-966,000	-1,019,000	-1,013,000	-1,050,000	-2,341,000	-5,509,000	-5,479,000	-6,903,000	-1,352,000	-1,352,000	-1,352,000
loan to previously unconsolidated joint venture
proceeds from finance lease																						0	0	0	4,115,000
assets acquired from previously unconsolidated joint venture
liabilities assumed from previously unconsolidated joint venture
property distribution from unconsolidated joint venture
proceeds from repayment of notes receivable																			0	0	1,300,000						222,000	221,000	65,348,000	214,000	211,000	416,000	202,000	6,445,000	9,000	407,000	212,000
net (costs) proceeds from stock offerings															-32,000	-50,000	-70,000
net decrease in cash, cash equivalents and restricted cash															6,531,000
contribution from noncontrolling interests																			4,000	-1,000	125,000		325,000	0	125,000		50,000																0
accrued receivable of net proceeds from stock offering																				-26,508,000	41,137,000
due to/from affiliates
amortization of premium on mortgage notes payable																							-231,000	-235,000	-229,000		-232,000	-230,000	-234,000		-233,000	-228,000	-235,000
net proceeds from stock offerings																			38,449,000	194,418,000	597,007,000																												-19,000
equity in income of unconsolidated joint ventures																					-1,910,000				-9,698,000	-14,426,000	-14,582,000	-7,257,000	-12,243,000	-20,443,000	-18,789,000	-15,669,000	-16,872,000	-28,774,000	-23,993,000	-16,936,000	-15,843,000	-19,404,000	-11,261,000	-14,616,000	-11,660,000	-16,979,000	-10,817,000	-9,094,000	-8,274,000	-16,935,000	-13,903,000	-13,769,000	-22,103,000
payment of finance deposits, net of refunds received
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture
disposition of property in exchange for investments in unconsolidated joint ventures																														-11,128,000
payment on financing arrangement obligation
stock dividend
payment of finance deposits																													-4,820,000
co-venture expense																																		2,479,000	3,150,000	4,123,000	3,877,000	3,875,000	3,006,000	3,212,000	3,289,000	3,907,000	2,954,000	2,813,000	2,130,000	2,143,000	2,212,000	1,820,000	2,632,000
stock repurchases																																		0	-39,688,000	-49,190,000	-132,550,000	0	0	-400,000,000	-400,018,000
distributions to co-venture partner																																		-92,747,000	-3,679,000	-3,024,000	-4,302,000	-4,511,000	-4,452,000	-4,097,000	-5,105,000	-8,840,000	-6,126,000	-3,816,000	-4,716,000	-3,328,000	-3,582,000	-5,111,000	-5,068,000
mortgage notes payable assumed in exchange for investments in unconsolidated joint ventures																																							0	0	997,695,000
benefit from doubtful accounts																													1,826,000	876,000	1,188,000	1,245,000	1,354,000	508,000	448,000	2,040,000	1,318,000	1,126,000	169,000	1,372,000	919,000	932,000							919,000
straight-line rent adjustment																														-2,792,000	-3,544,000	-2,736,000	-2,683,000	-1,095,000	-2,958,000	-2,660,000	-1,884,000	-1,788,000	-946,000	-1,593,000	-910,000	-2,680,000	-2,849,000	-1,277,000	-386,000	-1,342,000	-1,607,000	-1,491,000
amortization of above and below-market leases																														515,000	-679,000	-1,934,000	152,000	-556,000	674,000	-1,275,000	193,000	-3,700,000	-4,937,000	-2,535,000	-1,643,000	-2,605,000	-4,121,000	-5,118,000	-4,666,000	-3,011,000	-1,222,000	-1,497,000
income tax (benefit) expense																																			2,869,000	437,000	-3,484,000
payment of debt extinguishment costs
settlement of contingent consideration																																						0
mortgage notes payable settled by deed-in-lieu of foreclosure
net increase in cash and cash equivalents																																	24,747,000				-1,750,000	9,865,000	11,043,000	-33,367,000	19,995,000	-6,499,000	-17,317,000	-7,835,000	33,254,000			-4,789,000	7,607,000
accrued stock repurchase costs																																					8,552,000
gain on remeasurement of assets																																										0	0	14,000	-22,103,000
acquisition of properties
restricted cash																																		-1,331,000	-432,000	-290,000	-63,000	3,025,000	-10,365,000	-2,764,000	-849,000	-30,342,000	441,000	707,000	-1,694,000	1,302,000	385,000	1,035,000	17,646,000
purchase of noncontrolling interest																																										0
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
accrued dividend
acquisition of property in exchange for investment in unconsolidated joint venture																																										0	0	0	76,250,000	0
assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures
gain on early extinguishment of debt																																							-5,284,000	0	-8,453,000
net decrease in cash and cash equivalents																																			-16,045,000											1,979,000
cash and cash equivalents, beginning of period																																			0	0	94,046,000		0	0	86,510,000		0	0	84,907,000	0	0	69,715,000		155,113,000		0	72,114,000	0	47,160,000	0
cash and cash equivalents, end of period																																			-16,045,000	-5,163,000	92,296,000		11,043,000	-33,367,000	106,505,000		-17,317,000	-7,835,000	118,161,000	1,979,000	-8,426,000	64,926,000		66,808,000		20,690,000	53,088,000	12,445,000	80,937,000	-2,061,000
mortgage note payable settled by deed-in-lieu of foreclosure																																											0
loss on early extinguishment of debt																																																		1,782,000				0	405,000
(gain) loss on early extinguishment of debt
cash acquired from acquisitions
proceeds from note receivable
issuance of notes receivable																																																	0
collections of loans to unconsolidated joint ventures
payment of stock issuance costs																																													-304,000
acquisition of property by issuance of common stock
acquisition of properties by assumption of mortgage note payable and other accrued liabilities																																																	147,206,000
mortgage notes payable settled in deed-in-lieu of foreclosure
mortgage notes payable assumed by buyers in sales of properties
note receivable issued in connection with sale of property
acquisition of property in exchange for settlement of notes receivable
contingent consideration in acquisition of property
(gain) loss on sale or write down of assets																																							19,321,000
proceeds from notes receivable																																							200,000	2,229,000	932,000		459,000	457,000	452,000
assumption of mortgage note payable from unconsolidated joint venture																																											0	0	50,000,000
gain on disposition of assets, net from discontinued operations
proceeds from maturities of marketable securities																																																	0
payment of contingent consideration
application of deposit to acquire property																																																	0
(gain) loss on extinguishment of debt
loans to unconsolidated joint ventures
notes receivable issued in connection with sale of property																																														0	0	9,603,000
gain on remeasurement, sale or write down of assets																																																	32,645,000
gain on the disposition of assets, net from discontinued operations
collections on notes receivable
collection of/loans to unconsolidated joint ventures																																														35,000	-22,000	-618,000
contingent consideration paid																																														-9,667,000	0	-9,000,000
assumption of mortgage note payable and other liabilities from unconsolidated joint ventures
conversion of noncontrolling interests to common shares																																														0	357,000	627,000
loss on remeasurement, sale or write down of assets																																															9,454,000	1,611,000
non-cash transactions:
(gain) loss on disposition of assets, net from discontinued operations
amortization of net (premium) discount on mortgages, bank and other notes payable																																																	-1,320,000
redemption of redeemable non-controlling interests
collections of/loans to unconsolidated joint ventures
repurchase of convertible senior notes
exercise of stock warrants
mortgage notes payable assumed by buyers in sale of properties
property distributed from unconsolidated joint venture
contribution of development rights from noncontrolling interests
net income available to common stockholders																																																		7,453,000
preferred dividends																																																		5,970,000	6,274,000	4,565,000	2,358,000	2,213,000	2,212,000	2,067,000
gain on sale of assets																																																		502,000
gain on sale of assets of discontinued operations
amortization of net premium on mortgage and bank and other notes payable
minority interest in operating partnership
minority interest in consolidated joint ventures
changes in assets and liabilities, net of acquisitions:
tenant receivables																																																		8,337,000	-1,123,000	992,000	6,044,000	-493,000	3,158,000
acquisitions of property, development, redevelopment and property improvements
issuance of note receivable
purchase of marketable securities
maturities of marketable securities
repayments of loans to unconsolidated joint ventures
proceeds from mortgages and bank and other notes payable
payments on mortgages and bank and other notes payable
purchase of capped calls
repurchase of common stock
net proceeds from stock offering																																																		746,809,000
dividends to preferred stockholders / preferred unit holders
net decrease in cash
increase in other accrued liabilities and additional paid-in capital recorded upon adoption of fin 48
acquisition of property by assumption of mortgage note payable
reclassification from other accrued liabilities to additional paid-in capital recorded upon adoption of sfas no. 123
(gain) loss on sale of assets
loss on sale of discontinued operations
proceeds from share-based plans
reclassification from other accrued liabilities to additional paid-in capital upon adoption of sfas no. 123																																																		6,000,000
discontinued operations gain on sale of assets
amortization of share-based plans																																																		2,479,000
acquisitions of property and property improvements
deferred leasing charges
proceeds from mortgages and bank notes payable																																																		312,845,000
payments on mortgages and bank notes payable
acquisition of property by issuance of bank notes payable																																																			0
acquisition of property by assumption of mortgage notes payable
acquisition of property by issuance of convertible preferred units and common units																																																			1,119,000
minority interest in the operating partnership
dividends to preferred stockholders / preferred unitholders
net increase in cash																																																						12,445,000	33,777,000	-2,061,000
minority interest																																																		1,460,000	1,406,000	1,480,000	4,199,000	4,070,000	4,400,000	10,214,000
acquisitions of unconsolidated joint ventures
repayments from (loans to) unconsolidated joint ventures																																																		228,000
proceeds from exercise of common stock options																																																		26,000
amortization of restricted stock grants
equity in income from unconsolidated joint ventures
total adjustments																																																			86,881,000	18,646,000	37,300,000	-13,517,000	55,516,000	21,419,000
acquisition of property and property improvements
development, redevelopment and expansion of centers
renovations of centers
tenant improvements
deferred lease charges
distributions of capital from unconsolidated joint ventures
contributions of capital to unconsolidated joint ventures
repayment of loans to unconsolidated joint ventures
distributions to minority interest holders
proceeds from mortgages and other notes payable
payments on mortgages and other notes payable
exercise of common stock options and employee stock purchases
dividends to preferred stockholders
cash and cash equivalents at beginning of period
cash and cash equivalents at end of period
supplemental cash flow information
cash payment for interest, net of amount capitalized
non-cash transactions
net income-available to common stockholders																																																				6,749,000	18,140,000		18,116,000	39,729,000
amortization of net premium on trust deed notes payable
distributions on investment from unconsolidated joint ventures
due to affiliates
tenant allowances
distributions of investment from unconsolidated joint ventures
contributions to joint ventures
acquisitions of joint ventures
repayments from unconsolidated joint ventures
proceeds from mortgages and notes payable																																																				-65,499,000	234,300,000	122,516,000	201,902,000	55,538,000
payments on mortgages and notes payable
exercise of common stock options																																																						304,000	6,847,000
cash payment for interest, net of amounts capitalized																																																				57,068,000	41,663,000	35,771,000	28,992,000	32,137,000
acquisition of property by assumption of debt
amortization of net premium on trust deed note payable
distributions from joint ventures																																																					14,228,000	16,618,000	17,399,000	10,525,000
equity in income of unconsolidated joint ventures and the management company
changes in assets and liabilities, net of acquisitions / dispositions:
other liabilities																																																							17,058,000	21,410,000
payments received from (loans to) unconsolidated joint ventures
reclassification from investments in joint ventures to property																																																								0
reclassification from property to investments in joint ventures																																																								0
reclassification from debt to investments in joint ventures																																																								0
loans to (payments received from) unconsolidated joint ventures																																																							3,528,000
amortization of net (premium) discount on trust deed note payable
preferred stock dividend payable
equity in income of unconsolidated joint ventures and the management companies
net proceeds from equity offerings
acquisition of property by issuance of operating partnership units
acquisition of property by assumption of joint venture debt																																																								0
cash flows from operating activities
changes in assets and liabilities, net of acquisitions/dispositions:
cash flows from investing activities
cash flows from financing activities

The Macerich Company(NYSE:MAC)

The Macerich Company
(NYSE:MAC)