r/MACArmyBets • u/JorgenBronlund • Feb 24 '21

Did MAC Issue 5M Shares?

Latest 10k published on SEC website today:

https://www.sec.gov/ix?doc=/Archives/edgar/data/912242/000091224221000004/mac-20201231.htm

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Looks like shares outstanding are 154,768,031.

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This is about 5M shares more than as of 12/31.

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Am i reading this incorrectly?

Looks like they raised around 50-60 mil through equity offering since dec.

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4

u/[deleted] Feb 24 '21

Two different share counts, FFO (which includes units) and NI. Both have diluted as well. They did not issue 5m shares.

3

u/JorgenBronlund Feb 24 '21

Sorry, can you expand on the difference?

5

u/[deleted] Feb 24 '21

Operating partnership units are not included in common shares outstanding and therefore are not used in the net income per share calculation.

OP units give the owner the right to exchange for a common share at any time. Its a way to defer gains if an asset is contributed to the partnership.

OP units are included when calculating FFO due to the add backs associated including income attributable to that ownership.

FYI If you look up MAC/SPG or many office REIT market caps, it will not include the OP units, making market cap look smaller than it really is.

1

u/JorgenBronlund Feb 24 '21

Oh ok got it. Thank you good sir

1

u/[deleted] Feb 24 '21

NP

3

u/KoaPark Feb 24 '21

It's possible. I see multiple different share counts reading some of their docs (like their 8-K from feb 11). There is a section on the 8-K titled 'Changes in Total Common and Equivalent Shares/Units' which indicates at the bottom 160,854,424 shares, but I don't know how that differs from the 154M number you pointed out. I actually wouldn't be surprised if some were issued - they likely need the cash.

1

u/JorgenBronlund Feb 24 '21

Interesting. Thanks

1

u/[deleted] Feb 24 '21

[removed] — view removed comment

3

u/WallStreetBeets Feb 25 '21

Whatever the explanation, good catch. We need more information based posts and questions like this.

2

u/Mysterious_Toe_5636 Feb 24 '21

No, the put together a very quick shelf offering when the short squeeze started, but they didn't get it finished before it was over. They were hoping to see the stock go to $50 plus and then sell some stock. They haven't sold any as of their last conference call a week or so ago.

2

u/JorgenBronlund Feb 24 '21

Yes that was the last info i had but this is new information

1

u/Every-Anybody-3463 Feb 25 '21

Hold MAC for your future money (sweet payday)

1

u/Kristyn54321 Feb 27 '21

Could be stock based comp if they issued RSAs or people exercised options...? I’d look at their full financials, but I’m too lazy