The Macerich Company: A Turnaround In Progress, But Too Many Risks For Now

Core Insights - The Macerich Company (NYSE: MAC) is being revisited for potential investment opportunities after a previous experience during the COVID-19 crash, where shares were bought at approximately $10 and sold at around $15 [1] Group 1: Investment Strategy - The investment strategy focuses on identifying Real Estate Investment Trusts (REITs) that are currently out-of-favor, utilizing fundamental economic insights to assess intrinsic value [1] - The investment horizon is long-term, emphasizing contrarian and deep-value opportunities [1] Group 2: Current Position and Future Considerations - Currently, there are no shares owned in Macerich, but there is potential interest in initiating a position if the stock approaches a P/FFO multiple of 8x or if there are improvements in deleveraging and operational execution in upcoming quarters [3]