As Macerich battles liquidity issues, the mall owner has tapped an investment bank for assistance managing its debt.
PJT Partners, whose specialties include debt restructuring, will advise on options for a $1.5 billion revolving credit facility due in July, according to Bloomberg News.
Among other issues, Macerich, like many mall owners, is faced with pandemic-battered retailers withholding rent.
Macerich recently extended the maturities on three of its mall loans and generally saw occupancy and earnings slip across its portfolio.
Still,occupancy stood at around 90 percent at year-end, down from 94 percent, but not all tenants are current on rent. In April, near the outset of the pandemic, Macerich collected just 26 percent of rent payments.
But in the fourth quarter, collections were slightly above 2019’s figures.
The company owns 28 shopping centers concentrated in California, Illinois and New York, totaling about 25 million square feet. It also has another 18 million square feet across 21 joint ventures in regional cities where it is at least a 50 percent owner.
[Bloomberg News] — Sasha Jones