WTRE - I Remain Cautiously Optimistic On Macerich

• 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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