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

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Summary:
Macerich kept its winning streak alive by reporting impressive quarterly results yet again. The company's fourth-quarter 2013 adjusted FFO per share surpassed the Zacks Consensus Estimate as well as the year-ago quarter figure aided by escalation in revenues, overall portfolio occupancy and re-leasing spreads. Going forward, we believe that the company's portfolio of high quality malls positioned across the thriving U.S. markets will boost its top line. Improving consumer confidence is expected to drive demand for retail goods and hence, Macerich that provides real estate support to the retail sector, is expected to benefit. Amid lower supply of new properties, steadily rising demand is shaping up as the sector's growth driver. Apart from this, portfolio restructuring activities and its deal with Deliv bodes well. Yet, the company's geographic concentration of assets and anticipated rise in interest rates are the headwinds for this stock's growth going forward.

Overview:

The Macerich Company, which is headquartered in Santa Monica, CA, 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 markets of the U.S. 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, it has a substantial number of retail properties in California, Arizona, Chicago and Greater New York Metro. As of Dec 31, 2013, the company owned or had an ownership interest in 55 regional shopping centers and 9 community/power shopping centers aggregating approximately 57 million square feet of gross leasable area.


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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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