SPG - Why I'll Never Buy Macerich
Prior to the pandemic, I owned Simon Property Group (NYSE: SPG) and Tanger Factory Outlet Centers (NYSE: SKT) , believing that malls would survive the e-commerce threat. Then I kept Simon but shifted out of Tanger and into Federal Realty Investment Trust (NYSE: FRT) to broaden my retail exposure beyond malls.
At no point did I consider The Macerich Company (NYSE: MAC) an option, despite taking a close look at it several times. In fact, I still can't find enough to like about the real estate investment trust (REIT) to bother owning it. Here's why I'll probably never buy Macerich and why you might want to look at other options, too.
To be fair, Macerich isn't exactly a bad REIT . That becomes clear when you look at the historical productivity achieved in its focused mall portfolio, roughly $800 per square foot in sales prior to the pandemic. That's notable because the figure was up to $843 per square foot in the first quarter of 2022. In other words, it has muddled through a difficult period and come out the other side in solid shape.
For further details see:
Why I'll Never Buy Macerich