Macerich entered the pandemic with far too much debt. Macerich recently closed its second major asset sale of 2021, furthering its debt reduction efforts. Management wants to avoid repeating its prior mistakes by maintaining a more conservative balance sheet. Not only did the pandemic crush the mall REIT's near-term financial results, but it also forced Macerich to issue hundreds of millions of dollars of new stock to shore up its balance sheet, diluting existing shareholders. The COVID-19 pandemic proved very costly for Macerich ( NYSE:MAC).
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