Why The Macerich Company Stock Dropped 14% in September
Shares of real estate investment trust (REIT) The Macerich Company (NYSE: MAC) fell 14% in September, according to data from S&P Global Market Intelligence. That leaves the stock off by around 75% through the first nine months of 2020. That's better than the lows witnessed during the early-year bear market, but it's hard to suggest that a 75% decline is in any way good.
Macerich is one of the largest publicly traded owners of indoor malls in the United States. Although its portfolio of 47 properties is highly concentrated in desirable locations, that hasn't meant much during the global coronavirus pandemic. The government effort to slow the spread of COVID-19 involved shutting nonessential businesses and asking people to practice social distancing. That left Macerich's malls shut down. In fact, at the end of September, it still hadn't reopened all of its malls, with three remaining shut by government mandate in California.
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Source Fool.com
