The Company in a Nutshell
- Founded in 1972, MAC now focused on “Class A malls” which should retain most of their customers.
- The REIT still face ecommerce headwinds.
- With the stock price drop in 2019, MAC looks like a “false good idea.”
- We do not cover Macerich at the moment.
Date Reviewed | N/A |
Company Name | Macerich Co |
Symbol | MAC |
Sector | Real Estate |
Industry | REIT - Retail |
Beta | 2.518 |
PRO Rating | 3 |
Dividend Safety | 2 |
Business Model
The Macerich Company is a fully integrated, self-managed and self-administered real estate investment trust. The Company conducts its operations through The Macerich Partnership, L.P. (the Operating Partnership). The Company is focused on the acquisition, leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company, through its operating partnership, owns ownership interests in approximately 45 million square feet of gross leasable area (GLA) consisting primarily of interests in 42 regional retail centers, three community/power shopping centers and one redevelopment property. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, including Macerich Property Management Company, LLC, Macerich Management Company, Macerich Arizona Partners LLC, Macerich Arizona Management LLC, MACW Mall Management, Inc., and MACW Property Management, LLC.
Current price | 17.27 |
ROE | -10.35 % |
ROIC | 0.00 % |
Shareholder Yield | 1.15 % |
5-Yr Total Return | -26.30 % |
1-Yr Total Return | 46.60 % |
Next Earnings Date | 10-29-24 |
Latest Quarter Information
What the CEO said:
No comments available.
What we say:
08-28-2024, For the second quarter, MAC's FFO was $0.39 and net income attributable to shareholders was $1.16 per diluted share. The portfolio occupancy came in at 93.3% (+0.7% YoY) and its same-center NOI increased by 1.4% Y/Y. During Q2, MAC signed leases for 0.75M SF of space. MAC ended the quarter with ~$612M in liquidity including $465M of available capacity on its $650M RCF. MAC disclosed its Path Forward Plan in 2Q'24 and will focus on reducing its Net Debt to AEBITDA leverage to a low-to-mid 6x range over the next 3-4 years.
Investment Thesis
Dividend Triangle
5-Yr Rev. Growth | -1.65 % |
5-Yr EPS Growth | 0.00 % |
5-Yr Div Growth | -25.55 % |
Potential Risks
Debt/Equity | 1.75 |
Financial Debt to EBITDA (TTM) | 9.85 |
Current Ratio (Quarterly) | 0.00 |
Credit Score | 4 |
Dividend Growth Perspective
Dividend ($) | 0.68 |
Dividend Yield Fwd | 4.05 % |
Dividend Frequency | Quarterly |
Average 5-Yr Yield | 4.90 % |
Payout Ratio (%) | 0.00 |
Cash Payout Ratio (%) | 55.50 |
DGR 1-Yr | 0.00 |
DGR 3-Yr | -16.05 |
DGR 5-Yr | -25.55 |
DGR Streak | |
Chowder Score | -21.50 |
Next DVD PMT | 09-09-24 |
Valuation
(Data for `ddm_recent_annual_dividend` field are missing to build DDM tables)
Video Tutorial: How to Read the Stock Cards DDM Valuation
Market Cap | 4 B |
PE Ratio | 0.00 |
Fwd PE | 716.55 |
Price to Book Ratio | 1.45 |
DDM Valuation | N/A |
Average 5-Yr PE | 63.52 |
Value Score | 32 |
- All financial metrics are updated weekly.
- The DSR PRO rating and Dividend Safety Score are updated quarterly.
- The analysis (investment thesis, risk potential, dividend growth perspective and DDM calculation) is reviewed every 6 months.
- The PDF format includes only comments (no metrics) and is reviewed every 6 months.