Mall owner Macerich Co. tapped PJT Partners Inc. for help managing its debt load as pandemic-related closures and retailer bankruptcies crimp its cash flows, Bloomberg News reported. PJT, an investment bank with specialties including debt restructuring, will advise the real estate investment trust on options for a $1.5 billion revolving credit facility that comes due in July. The REIT’s shares fell more than 5% to as low as $12.66 after Bloomberg reported the hire. The stock closed at $13.15. Macerich is grappling with some of the same liquidity problems hitting mall owners across the U.S. During government-mandated closures last year, many tenants withheld rent, creating a $52 billion revenue hole for retail-related property owners as of November, according to CoStar Group Inc. The stock briefly caught the attention of online day traders, who sent shares surging to more than $22 last month in a bid to squeeze short sellers. As more retailers succumb to bankruptcy, it’s becoming increasingly difficult for landlords to fill their spaces at sustainable rents. Macerich recently extended the maturities on three of its mall loans, pushing out more than $300 million of debt until at least 2022, according to company filings.
