Macerich taps PJT Partners for assistance

Company needs help managing its debt load

National /
Feb.February 24, 2021 09:30 AM
Macerich CEO Thomas O'Hern and PJT Partners CEO Paul Taubman (Macerich, PJT)

Macerich CEO Thomas O’Hern and PJT Partners CEO Paul Taubman (Macerich, PJT)

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





    Related Articles

    arrow_forward_ios
    Arboretum of South Barrington and Rick Heidner (TripAdvisor, LinkedIn)
    Chicago’s Heidner takes over struggling South Barrington shopping center
    Chicago’s Heidner takes over struggling South Barrington shopping center
    Celine's Séverine Merle's with  939 North Rush Street (Google Maps, ESSEC Alumni)
    French boutique Celine coming to Chicago’s “ultra-expensive” shopping district
    French boutique Celine coming to Chicago’s “ultra-expensive” shopping district
    A photo illustration portraying the surging retail rate in Chicago (iStock)
    Chicago’s retail recovery makes strides amid highest investment sales volume in decades
    Chicago’s retail recovery makes strides amid highest investment sales volume in decades
    2731 N. Elston Ave (Google Maps, iStock) REIT, Shopping Center
    REIT buys mall from construction company for $29M
    REIT buys mall from construction company for $29M
    Silvestri Investments' Dan Silvestri and 737 North Michigan Avenue (Google Maps, Silvestri Investments, iStock)
    Mag Mile sale for $94M shows where stability lies as pricing adjusts
    Mag Mile sale for $94M shows where stability lies as pricing adjusts
    Chicago's Wicker Park (Google Maps, iStock)
    Shuttered Wicker Park bar says it was “scapegoated” by cops
    Shuttered Wicker Park bar says it was “scapegoated” by cops
    Donald Trump in front of the Trump International Hotel and Tower Chicago (Trump Organization, Getty Images, iStock)
    Cook County hikes Trump Tower property taxes
    Cook County hikes Trump Tower property taxes
    JLL's Amy Sands and Christopher Knight with 737 N. Michigan Avenue (JLL, Google Maps)
    Home to Neiman Marcus’ flagship store on Mag Mile sells
    Home to Neiman Marcus’ flagship store on Mag Mile sells
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...