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MAC - Macerich: This High-Yield REIT Will Return To Growth If Not In 2020
Macerich Company
Macerich (MAC) is one of the many mall REITs that has faced severe selling pressure due to the upheaval sweeping across the retail industry. Adjusted FFO per share peaked in 2016 at $4.07. Since then, a series of asset sales and bankruptcies of major tenants have caused adjusted FFO per share to plunge to an estimated $3.50-$3.58 in 2019.
Macerich's share price peaked above $90 in early 2015, shortly before the REIT turned down a takeover offer from Simon Property Group valued at $95.50. (Macerich said that the offer undervalued it.) Since then,