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Stock impact report

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 Check Earnings Report
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 Show less Read more
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