Mall Owners Take a Back Seat on the Rocky Road to Retail
Our new take on the U.S. mall real estate investment trusts incorporates numerous headwinds facing the industry. We have reduced our fair value estimates for Simon Property Group ($145), Macerich ($58), and GGP ($19.40), moved our moat ratings for all three to none from narrow, and changed our moat trend ratings to negative from stable. We've also raised our fair value uncertainty ratings to high from medium for Macerich and GGP, given those companies' smaller, less diversified portfolios and hi...Macerich is a self-administered and self-managed real estate investment trust. The company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers. The company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). The Operating Partnership owns or has an ownership interest in regional shopping centers and community/power shopping centers. The company conducts all of its operations through the Operating Partnership and its management companies, including Macerich Property Management Company, LLC and Macerich Management Company.
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