Macerich Sells Another Asset to Continue Debt Reduction [The Motley Fool]
Macerich Company (The) (MAC)
Last macerich company (the) earnings: 2/6 07:00 am
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Source: The Motley Fool
The COVID-9 pandemic proved very costly forMacerich(NYSE:MACmall REITdiluting existing shareholdersManagement wants to avoid repeating its prior mistakes by maintaining a more conservative balance sheet. Macerich recently closed its second major asset sale of 0, furthering its debt reduction efforts.A toxic debt loadMacerich entered the pandemic with far too much debt. Including its share of joint-venture debt, the REIT had nearly $8. billion of total borrowings at the end of 09, offset by less than $00 million of cash. This put net debt at over 9. times the company's 09EBITDAMaking matters worse, the REIT had some major maturities in 00 and 0, most notably, its $. billion corporate credit line, which had a balance of more than $800 million at the end of 09. Because of the company's high leverage and the uncertainty caused by the pandemic, Macerich was unable to renew that credit facility for the same amount. Instead, it had to issue stock well below pre-pandemic levels to reduce the
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News
- Real estate, REIT opportunities in this high rate environment [Yahoo! Finance]Yahoo! Finance
- The Macerich Company (NYSE: MAC) had its price target lowered by analysts at Compass Point from $20.00 to $18.00. They now have a "buy" rating on the stock.MarketBeat
- Macerich (MAC) Stock Declines on Q1 FFO Miss, Revenues Fall Y/Y [Yahoo! Finance]Yahoo! Finance
- The Macerich Company (NYSE:MAC) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- The Macerich Company (NYSE: MAC) had its price target lowered by analysts at Mizuho from $17.00 to $14.00. They now have an "underperform" rating on the stock.MarketBeat
MAC
Earnings
- 4/30/24 - Miss
MAC
Sec Filings
- 5/10/24 - Form 4
- 5/9/24 - Form 4
- 5/9/24 - Form 10-Q
- MAC's page on the SEC website