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Macerich Co MAC Stock Quote

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Morningstar‘s Stock Analysis MAC

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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INVESTOR

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INVESTOR

Economic Moat

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Capital Allocation

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Interest Rates, Not Inflation, Drive the Relative Performance of the REIT Sector

Kevin Brown, CFA Senior Analyst

Analyst Note

| Kevin Brown, CFA |

With the United States experiencing historically high inflation growth, many investors are wondering if real estate provides a natural hedge against inflation and if the REIT sector should therefore outperform the broader equity market. Many REITs in our coverage have reported rent and revenue growth at or near historic peaks over the past several quarters, with inflation being one of the largest reasons for the high growth. Given this and some historical evidence that REITs outperformed in the 1970s and early 1980s when inflation was similarly high, some investors are questioning why REITs have not outperformed in 2022.

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Key Statistics MAC

Company Profile MAC

Business Description

The Macerich Company is an S&P 500 company that invests in premium mall assets. The company owns 29 regional malls in its consolidated portfolio and 19 regional malls in its unconsolidated portfolio along with six power centers and six other real estate assets. The company's total portfolio has 47.6 million square feet of gross leasable area and averaged $801 sales per square foot over the 12 months prior to the pandemic, with the consolidated portfolio averaging $646 sales per square foot and the unconsolidated portfolio averaging $998 sales per square foot.

Contact
401 Wilshire Boulevard, Suite 700
Santa Monica, CA, 90401
T +1 310 394-6000
Industry REIT - Retail
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 640

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