Re: MAC +5.35%
Very nice move continues w/ this Mall REIT. I listened to a Pod cast where they discussed the legacy Mall properties and the move to mixed use. Many of the local communities are approving the move to mixed use; retail restaurants, shopping on ground floor, muti family on 2nd level & higher. Cities are creating transportation zones, subsidized too w/ tax credits.
When I look at REIT office vs Mall vs multi family vs single tenant, I like the mixed use concept. It is difficult to convert office into apartments but can be done.
For that reason, my largest REIT position is in MAC. Have a similar size in LXP as they did have a buy out offer earlier this year at $16/share that they turned down. Earnings out Thursday for LXP
Other REIT holdings include; OHI, MPW, DOC, CIO, CTO
I like this sector as these are real assets, generate growing FCF and many not levered too much. The only ones I avoid are the mREITs as mortgages come in many qualities, liquid & non-liquid, many time too much leverage. Very difficult for me to value the quality of their paper. |
