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Macerich's Retail Assets Fully Reopen Ahead of Holiday Season
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Macerich’s (MAC - Free Report) all 47 retail properties are set to fully reopen for business ahead of the commencement of this year’s holiday season as the Los Angeles County gave a nod for indoor mall re-openings from Oct 7.
The resumption of activity and reopening of malls is encouraging for Macerich, as it will help the company’s tenants generate cash flows from their business and make rent payments, thereby, boosting rent collections.
The mall landlord has been taking sufficient precautions like enhanced cleaning and sanitizing, offering masks at all properties as needed, and making wearing of masks compulsory at almost all properties in compliance with state and local requirements.
There are also implementation of social-distance queuing, path of travel, security, deliveries, and furniture placement per industry best practices and recommendations, alongside hospital-grade air filtration. This, along with large property sizes, provides ample scope to implement effective social distancing and has aided the company to reopen its properties safely.
Notably, the escalating number of coronavirus cases forced several retailers to close their stores in order to contain the spread of the virus. Some of the retailers resorted to store-hour reductions, while many others kept their e-retail operations running as consumers are now increasingly opting for online purchases.
As a result, retail REITs, including Macerich, Simon Property Group (SPG - Free Report) , Kimco Realty (KIM - Free Report) , Taubman Centers, Inc. and several others, which have already been battling store closures and bankruptcy issues, have been feeling the brunt because consumers are avoiding gathering in large public spaces. Also, with financial distress of tenants, rent collections have been adversely impacted. Therefore, the reopening of the retail sector in several parts of the United States comes as a breather for both tenants and their landlords.
Apart from this, local economies gain from strong retail activity and Macerich’s centers generate employment for an estimated 110,000 people nationwide. Furthermore, the portfolio makes $1.1 billion in sales tax revenues and $225 million in property taxes. These, in turn, support essential services, per the company’s press release.
Currently, Macerich carries a Zacks Rank #3 (Hold). However, shares of this retail REIT have depreciated 8.3% in the past six months, as against the 15.9% rally of its industry.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Macerich's Retail Assets Fully Reopen Ahead of Holiday Season
Macerich’s (MAC - Free Report) all 47 retail properties are set to fully reopen for business ahead of the commencement of this year’s holiday season as the Los Angeles County gave a nod for indoor mall re-openings from Oct 7.
The resumption of activity and reopening of malls is encouraging for Macerich, as it will help the company’s tenants generate cash flows from their business and make rent payments, thereby, boosting rent collections.
The mall landlord has been taking sufficient precautions like enhanced cleaning and sanitizing, offering masks at all properties as needed, and making wearing of masks compulsory at almost all properties in compliance with state and local requirements.
There are also implementation of social-distance queuing, path of travel, security, deliveries, and furniture placement per industry best practices and recommendations, alongside hospital-grade air filtration. This, along with large property sizes, provides ample scope to implement effective social distancing and has aided the company to reopen its properties safely.
Notably, the escalating number of coronavirus cases forced several retailers to close their stores in order to contain the spread of the virus. Some of the retailers resorted to store-hour reductions, while many others kept their e-retail operations running as consumers are now increasingly opting for online purchases.
As a result, retail REITs, including Macerich, Simon Property Group (SPG - Free Report) , Kimco Realty (KIM - Free Report) , Taubman Centers, Inc. and several others, which have already been battling store closures and bankruptcy issues, have been feeling the brunt because consumers are avoiding gathering in large public spaces. Also, with financial distress of tenants, rent collections have been adversely impacted. Therefore, the reopening of the retail sector in several parts of the United States comes as a breather for both tenants and their landlords.
Apart from this, local economies gain from strong retail activity and Macerich’s centers generate employment for an estimated 110,000 people nationwide. Furthermore, the portfolio makes $1.1 billion in sales tax revenues and $225 million in property taxes. These, in turn, support essential services, per the company’s press release.
Currently, Macerich carries a Zacks Rank #3 (Hold). However, shares of this retail REIT have depreciated 8.3% in the past six months, as against the 15.9% rally of its industry.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>