- The Macerich Company is a REIT that owns, manages and develops regional malls and community and power shopping centers. MAC owns 52 retail centers containing 55 million sq. ft. of leasable area.
- MAC is an excellently managed REIT with a first class portfolio of retail assets. The stock is trading at $65/share, 18.5 times 2014 FFO and yields 3.8%.
- We like MAC, however, are not recommending the stock at the current elevated price, due to the significant premium to NAV and price at approximately a 4.2% cap rate.