Macerich has the best malls in the country, with strong and growing operational metrics compared to peers.
We believe recent declines in operational metrics stemming from retailer bankruptcies should be resolved within a few years.
While the high debt load is a concern for many investors, we believe this level of debt is warranted for a high-quality REIT like Macerich.
Our calculations show that Macerich is heavily undervalued, and insider buys just confirms this point.
After the recent bull market brought most stocks to new highs, we decided to look in other places for investment ideas, ultimately settling on the mall REIT sector, especially with many of these REITs at