Rising Rates and Industry Headwinds Could Be a Dangerous Combo for Macerich's Future
A mediocre finish to the year coupled with lackluster guidance and rising rates caused the continued slump in Macerich’s stock price, settling below $60 per share after a rough start to the year. We’ve been outspokenly bearish on physical retail REITs for the past several months, and we view the unexpectedly sharp rise in Treasuries as particularly dangerous for this asset class. While some other REITs we cover can rely on operating cash flows to fund a good portion of development and redevelopm...
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