PREIT: Selling Fashion District Philadelphia May Be The Only Answer [Seeking Alpha]
Macerich Company (The) (MAC)
Last macerich company (the) earnings: 2/6 07:00 am
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Source: Seeking Alpha
Summary PREIT acknowledged last month that it won't be able to remain in compliance with its debt covenants this year. The REIT's weak balance sheet, combined with the disruption from the COVID-19 pandemic, represents an existential threat for shareholders. PREIT could likely raise $75 million-$100 million in equity and eliminate $150.5 million of debt by selling its 50% stake in Fashion District Philadelphia to joint venture partner Macerich. While Fashion District Philadelphia is a key part of management's plan to improve PREIT's portfolio quality, selling the property may be the only way to fix the balance sheet quickly. Late last month, Pennsylvania Investment Trust PEI breach some of its debt covenants The widening COVID-19 pandemic has added to the REIT's woes. With public health authorities increasingly calling for "social distancing", many malls have been forced to close. Traffic to those that remain nominally open is plunging. The pandemic will also put more stress on weaker
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News
- New owner of Biltmore Fashion Park announces new retailers at Phoenix shopping center [Yahoo! Finance]Yahoo! Finance
- Running a country or a business—leaders must ‘honor the room,' says Wharton professor [Fortune]Fortune
- The Macerich Company (NYSE: MAC) had its price target raised by analysts at Compass Point from $20.00 to $23.00. They now have a "buy" rating on the stock.MarketBeat
- Experts say mortgage rates will stay high as Trump inflation fears negate expected Fed cut [Fortune]Fortune
- Macerich Co (MAC) Q3 2024 Earnings Call Highlights: Navigating Challenges with Strategic Growth ... [Yahoo! Finance]Yahoo! Finance
MAC
Earnings
- 11/7/24 - Miss
MAC
Sec Filings
- 11/12/24 - Form 144
- 11/12/24 - Form 8-K
- 11/12/24 - Form 424B5
- MAC's page on the SEC website