The Macerich Company (MAC - Free Report) , the Santa Monica, CA-based retail real estate investment trust (“REIT”) disclosed important updates to the South Plains Mall, located in Lubbock, TX. Improvements at this true destination shopping center are aimed at ensuring its persistent robust performance.
South Plains Mall is the dominant retail destination in the region, which includes over one million square feet of space for shopping, entertainment and dining. Also, the center is home to more 150 popular brands. It has been updated to give a new fresh look, new retail concepts with elevated amenities. All the three entrances of the mall have been updated. New flooring and lighting have been added to the center. Further, the mall has been refurbished with some new amenities such as center-wide Wi-Fi, soft and comfortable seating, charging stations and new restrooms.
Macerich owns, acquires, leases, manages, develops and redevelops regional and community shopping centers in high barrier-to-entry U.S. markets. For more than four decades, South Plains Mall has been a very much sought after destination for the shoppers and is a tremendous asset for the REIT. Continued investments made by Macerich in this unique property indicate the strength of this market and bolsters South Plains Mall’s position as well.
Currently, Macerich has a Zacks Rank #3 (Hold). Over the past thirty days, its current quarter FFO estimates have remained unchanged at $1.19 per share.
Some better-ranked stocks in the same space include Seritage Growth Properties (SRG - Free Report) , Duke Realty Corporation (DRE - Free Report) and DCT Industrial Trust Inc. (DCT - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Seritage Growth Properties’ current-quarter estimates have moved up 1.7% over the past one month to 59 cents.
Duke Realty’ current-quarter estimates have moved up 3.3% over the past one month to 31 cents.
Current-quarter estimates for DCT Industrial Trust remained unchanged at 56 cents over the past month.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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