Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at or call 800-767-3771 ext.  9339.

Santa Monica, Calif.-based real estate investment trust (REIT), The Macerich Company (MAC - Analyst Report) recently acquired an indoor shopping mall – Green Acres Mall – from a subsidiary of Vornado Realty Trust (VNO - Analyst Report). The acquisition, worth $500 million, was funded partly with a $325 million fixed rate loan and partly from Macerich’s cash balance and line of credit.

Positioned at Valley Stream, N.Y., Green Acres Mall spans 1.8 million square feet. The super regional mall has been serving the diverse trade area of the city, including the southeast Queens and southwest Nassau County, for more than 50 years. The mall is well connected to these major regions by major highways and expressways including Nassau Inter-County Express routes as well as two MTA New York City Transit routes.

Green Acres Mall is currently 94% anchored and boasts over 200 stores, including restaurants. With industry-leading tenants, such as AT&T Inc. (T - Analyst Report), Macy's, McDonald's Corp. (MCD - Analyst Report), J. C. Penney, Aeropostale and Kohl's, the upscale mall generates revenues per square foot of over $520 annually.

This strategic buyout is a quality addition to Macerich’s portfolio of A-class malls in some of the most attractive markets in the U.S. including Ariz., Calif., Va. and N.J. We expect the property to generate a steady source of rental revenue going forward and strengthen its top-line growth.

Macerich is scheduled to release its fourth-quarter 2012 results on Feb 6, 2013 before the opening bell. The Zacks Consensus Estimate for the company’s fourth-quarter FFO (funds from operations) currently stands at 87 cents per share.

Zacks Earnings ESP (Read: ZACKS EARNINGS ESP: A BETTER METHOD) for Macerich is +1.15% for the fourth quarter. This, along with its Zacks Rank #3 (Hold), makes us confident about a positive earnings surprise call.

Note: FFO, a widely accepted and reported measure of the performance of REITs is derived by adding depreciation, amortization and other non-cash expenses to net income.

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
DIXIE GRP IN DXYN 15.84 +7.90%
BOFI HLDG IN BOFI 85.30 +4.97%
RAMBUS INC RMBS 12.31 +4.41%
VIPSHOP HOLD VIPS 148.73 +4.35%
NETFLIX INC NFLX 345.74 +4.32%