A total of 45 U.S. malls with $3 billion of property debt have seen their values deeply slashed by at least 70% during the pandemic from their most recent financing.
New York’s biggest shopping center, Destiny USA, a lakeside mega mall that helped transform Syracuse’s formerly polluted and downtrodden industrial Oil City neighborhood 30 years ago, has seen its share of ups and downs.
Including Destiny USA, a total of 45 U.S. malls with $3 billion of property debt have seen their values deeply slashed by at least 70% during the pandemic from their most recent financing, according to a list complied for MarketWatch by CRED iQ. “In terms of mall loans, more loans are seeing values drop by at least 50% since the loans were originated,” Knee said, in a phone interview. “The problem is these loans are most likely going to be liquidated.”
Several requests for comment to developer and borrower Pyramid Management Group, which owns Destiny USA, weren’t returned. See: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal Increased mall foot traffic heading into the fall and improved balance sheets also are reasons why the stock price of several REITs have rallied this year, even if they still lag over a two-year time frame.Shares of mall giant Simon were up almost 70% Wednesday on the year, versus a near 75% jump for Macerich Co.’s MAC, +3.18% stock. During the same stretch, the S&P 500 index SPX, +0.25% advanced almost 21%, while the Dow Jones Industrial Average DJIA, +0.42% rose 16.
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