I Remain Cautiously Optimistic On Macerich

Summary

• Since my article on The Macerich Company one year ago, its price has risen and fallen back to its previous level.
• However, MAC is in a much stronger position, and operational improvements and deleveraging have both seen successful initial results.
• MAC should also be well-positioned to deal with rising inflation, interest rates, and a potential recession.
• Using NAV and FFO methods, MAC has an upside of over 140%, with two very strong catalysts.
• However, given management, debt levels, and a potential recession, MAC still remains a high-risk, high-reward investment.

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Setting The Stage

In 2021, I covered The Macerich Company (NYSE:MAC) over two articles, with an in-depth analysis on why Macerich’s strong class-A mall portfolio makes it a solid company that will withstand the COVID

Analyst’s Disclosure:I/we have a beneficial long position in the shares of SPG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.