MAC MACERICH CO

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 3/4 quarters. Q3 2018: $40M, Q2 2018: $49M, Q1 2018: $133M, Q3 2017: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $40M vs trailing avg $61M (-34%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Buyback $221M / FCF $63M = 351% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 0 shares = 0.0% of 252,925,496 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

64 open-market purchases by 13 insiders

• Murphy Devin Ignatius () bought 7,000 shares at $16.40 on 2025-03-14
• Hsieh Jackson (President and CEO) bought 56,000 shares at $17.75 on 2025-03-04
• Volk Kenneth (EVP, Business Development) bought 5,000 shares at $15.40 on 2024-05-10
• Kingsmore Scott W (Chief Financial Officer) bought 6,000 shares at $16.06 on 2024-05-09
• Menard Ann C (Chief Legal Officer/Secretary) bought 4,865 shares at $15.40 on 2024-05-08
• Healey Doug J (Senior EVP, Head of Leasing) bought 7,500 shares at $15.20 on 2024-05-07
• Hsieh Jackson (President and CEO) bought 140,000 shares at $14.26 on 2024-05-06
• Kingsmore Scott W (Chief Financial Officer) bought 4,000 shares at $7.54 on 2022-09-26
• Volk Kenneth (EVP, Business Development) bought 10,000 shares at $7.58 on 2022-09-26
• COPPOLA EDWARD C (President) bought 50,000 shares at $7.98 on 2022-09-23

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $12M, sold $504M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 41.7x more than bought. 2 C-suite officers among sellers

• Zecchini Christopher J (Chief Accounting Officer) sold 9,500 shares on 2025-08-15
• COPPOLA EDWARD C (President) sold 50,000 shares on 2024-02-20
• Zecchini Christopher J (Chief Accounting Officer) sold 2,000 shares on 2022-11-29
• Zecchini Christopher J (Chief Accounting Officer) sold 2,000 shares on 2022-09-20
• Zecchini Christopher J (Chief Accounting Officer) sold 3,000 shares on 2021-09-27
• Zecchini Christopher J (Chief Accounting Officer) sold 2,500 shares on 2021-06-18
• Zecchini Christopher J (Chief Accounting Officer) sold 1,500 shares on 2019-11-18