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TCO - Macerich: Debunking Three Bear Theses Including Why I Want A Dividend Cut
Taubman Centers Inc.
Macerich (MAC) is a landlord of high-quality mall real estate. Whereas "Class A malls" have tenant sales psf of around $525 or over, MAC's portfolio has an average sales psf of $801, or $916 on a net operating income ('NOI') weighted basis. Malls are out of favor, but is the selloff overdone? I think so, as MAC's A-mall portfolio is selling for a dividend yield of around 12%. Many malls will not survive in the changing environment, but I think that high-quality malls will adapt and thrive. In this report, I do my