Macerich (MAC) continues to hover around depressed levels, with an elevated dividend yield of ~11.5% and a 50%+ discount to consensus NAV. The market continues to sleep, largely affected by the ultra negative sentiment around the so-called 'retail apocalypse', enabling investors to accumulate shares on the cheap. Like volatile energy and marijuana/pot stocks, MAC also lost more than 40% of its value in 2019. However, MAC is real estate company that owns prime urban real estate in densely populated locations. Sometimes the market forgets the difference between a landlord and a retailer (inherently