Macerich which owns 47M SF of enclosed and strip malls across the country, reported a net loss of $126.7M forcing company to sell or hand over assets to lenders

4/30/2024

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Bisnow

• Subcategory: Retail: Shopping

• Tag: Earnings | Strategy

• Company: Macerich (NYSE: MAC)

During Q1, Macerich defaulted on the $300M loan backing Santa Monica Place, an outdoor shopping mall in Southern California.
It has also reworked multiple loans so far this year, including a $155M refinance on Danbury Fair Mall in Connecticut and closing a three-year extension of the $85M loan on the Fashion Outlets of Niagara Falls in New York. It is in the process of closing an extension on a $151M loan on The Oaks in California and refinancing a $256M loan on Chandler Fashion Center in Arizona, which matures in July.