We will work in partnership with our tenants to collect past due rent.”The real estate giant — whose portfolio spans 47 shopping centers across the United States — announced in its first-quarter conference call yesterday that it collected only 26% of its rents for the month of April.More than 90% of Macerich’s revenues stems from leases. The company has taken several steps to preserve liquidity amid the health crisis: It has drawn the bulk of the remaining capacity on its $1.5 billion revolving line of credit, as well as reduced dividends to preserve roughly $150 million of cash. The firm has across its malls 90 stores whose tenants have filed for bankruptcy in the last year, he said.The numbers behind office leases, retail, sales and financingNet income fell sharply for the quarter and the year. (At the end of the first quarter, it had $735 million of cash on its balance sheet. SANTA MONICA, Calif., Nov. 2, 2015 /PRNewswire/ -- The Macerich Company (NYSE: MAC) today announced it has closed on the first of three joint ventures. If nothing else, the pandemic has confirmed this.”© 2020 Penske Media Corporation“While many of our retailers were compelled to close during this period, the vast majority of our leases do not abate our tenants’ obligation to pay rent,” senior EVP and CFO Scott Kingsmore said in the call. Mall owner Macerich expects more store closures in 2019 across portfolio: CEO.
Get Macerich Co (MAC:NYSE) real-time stock quotes, news and financial information from CNBC. That's a far cry from a vaccine, but if the deadly nature of COVID-19 could be tamed, consumers would likely be much more willing to go out shopping.

Macerich has also partnered with Industrious to open co-working spaces at its Scottsdale Fashion Square and Broadway Plaza malls. That said, these three retail landlords should not be viewed as interchangeable. Why Macerich and Other Mall REITs Jumped 10% Today There wasn't any specific news here, but that didn't stop investors from getting more positive about malls. That boosted stocks across the board. )“Will there be short-term disruption? Broadly speaking, the big news today was that investors were upbeat about the outlook for the economy. But looking ahead, the company expects occupancy to drop 0.5 to 1 percentage point.O’Hearn expected the impact of tenant bankruptcies to hit Macerich hardest in the first half of this year.But that didn’t solve the core problem.Macerich’s net income from September through December was down 64 percent, to $11.7 million in 2018 compared to $32.7 million the year before. For full functionality of this site it is necessary to enable JavaScript. In southwest San Francisco near San Francisco State University and championship golf courses, Brookfield Properties is redeveloping its Stonestown Galleria in … Details > Visit Website > Eastland Mall Evansville, IN. Many … Read our Cookie Policy to learn more. Details > Visit Website > Danbury Fair Danbury, CT. Once again, a big positive for the trio here. Cleaning and disinfecting entrance door handles, handrails and restrooms throughout the day. Enhanced our mall cooling systems to increase air circulation and outside air flow. However, two bits of news that helped shift investors into an upbeat mood are of particular interest to the retail REITs here.Stock Advisor launched in February of 2002.
The REIT reported sharp declines in its Q4 and 2018 net income; Sears has 21 stores in Macerich properties CARES Act & Small Business Resources. Of course, there will be,” said senior EVP and head of leasing Douglas Healey. Unique destinations in highest-barrier-to-entry U.S. markets inspire shoppers to return again and again - driving strong productivity for retailers. “As we all continue to navigate these difficult and very unprecedented times, we understand the many challenges our tenants are facing in light of COVID-19.

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