The Macerich Company (MAC): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Summary:
Macerich's third-quarter 2014 FFO per share missed the Zacks Consensus Estimate by a penny. Nevertheless, the figure exceeded the year-ago quarter figure by $0.02 per share. Results were attributable to improving mall tenant annual sales and same centers net operating income (NOI). Macerich also raised its full-year 2014 FFO per share guidance and announced a 4.8% hike in its quarterly dividend rate. Notably, the company has been fine-tuning its portfolio for the past two years. Going forward, we believe that Macerich's premium operating portfolio promises better growth prospects. Increasing mall tenant annual sales per square foot and re-leasing spreads would pave the way for a robust top-line. Also, improving consumer confidence is expected to drive demand for retail goods. Hence, amid lower supply of new properties, steadily rising demand for retail real estates is emerging as the sector's growth driver. Yet, the company's geographic concentration of assets, stiff competition and an anticipated rise in interest rates remain the potential headwinds.


Overview:

Incepted in 1994 and headquartered in Santa Monica, CA, The Macerich Company is a retail real estate investment trust (REIT) that owns, acquires, leases, manages, develops and redevelops regional and community shopping centers in high barrier-to-entry U.S. markets. The company operates through its limited partnership, The Macerich Partnership, L.P., in which it holds a majority stake.

Macerich primarily focuses on the attractive, densely populated markets of the U.S. Currently, the company has a substantial number of retail properties in California, Arizona, Chicago and Greater New York Metro. The company's real estate ownership spans 56 million square feet and mainly includes 52 regional shopping centers.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




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