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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US:NYSE Investor Relations:
macerich.com/investors
Company Research
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
- The Macerich Company (NYSE: MAC) was upgraded by analysts at Mizuho from an "underperform" rating to a "neutral" rating. They now have a $22.00 price target on the stock, up previously from $14.00.MarketBeat
- 5 stocks that can snag investors a holiday deal, according to Morningstar [Business Insider]Business Insider
- Macerich Announces Pricing of Upsized Public Offering of Common StockGlobeNewswire
- Macerich Announces Commencement of Public Offering of Common StockGlobeNewswire
- New owner of Biltmore Fashion Park announces new retailers at Phoenix shopping center [Yahoo! Finance]Yahoo! Finance
MAC
Earnings
- 11/7/24 - Miss
MAC
Sec Filings
- 11/27/24 - Form 8-K
- 11/26/24 - Form 424B5
- 11/25/24 - Form 424B5
- MAC's page on the SEC website