Macerich taps PJT Partners for assistance

Company needs help managing its debt load

National /
Feb.February 24, 2021 10:30 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
    Dollar General CEO Todd Vasos (Retail Industry Leaders Association, iStock)
    Dollar General thrives amid retail apocalypse
    Dollar General thrives amid retail apocalypse
    (Getty, iStock)
    McDonald’s to shutter hundreds of Walmart outposts
    McDonald’s to shutter hundreds of Walmart outposts
    The vacancy rate for regional and superregional malls is at an all-time high. (Getty)
    Mall vacancy rate hits all-time high
    Mall vacancy rate hits all-time high
    Crystal Mall in Waterford, CT; Prizm Outlets in Primm, Nevada; and Louis Joliet Mall in Louis Joliet, Illinois (Facebook, Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
    Rock-bottom prices: 11 malls whose valuations have tanked
    Rock-bottom prices: 11 malls whose valuations have tanked
    (iStock/Illustration by Alexis Manrodt for The Real Deal)
    Retail spending falls in February, but here come stimulus checks
    Retail spending falls in February, but here come stimulus checks
    AMC CEO Adam Aron (Getty, iStock)
    AMC reopens 90% of U.S. theaters
    AMC reopens 90% of U.S. theaters
    Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
    Coming attraction: Movie theaters reopen in New York, San Fran
    Coming attraction: Movie theaters reopen in New York, San Fran
    Restaurants and bars accounted for a majority of the gains in February (iStock)
    Leisure, hospitality big winners in February job gains
    Leisure, hospitality big winners in February job gains
    arrow_forward_ios

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

    Loading...