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One of Country Club Plaza’s owners announce 'impairment charge' on district

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Posted at 2:20 PM, Feb 26, 2024

KANSAS CITY, Mo. — Macerich, one of the two companies in a joint venture that owns the Country Club Plaza in Kansas City, Missouri, announced an "impairment charge" in its 2023 annual report.

In a filing Monday with the Securities and Exchange Commission, the Santa Monica, California-based real estate investment trust announced an impairment charge of $101 million on the Country Club Plaza.

The company blamed an increase in its net loss in part on the impairment charge from the Country Club Plaza.

LINK | Read Macerich’s report

Macerich and Plaza joint partner Taubman Realty Group said last May the non-resource property loan default in the amount of $295.2 million.

The group acquired the Plaza as part of a 2016 transaction.

In the annual report released Monday, Macerich said the joint venture — of which Macerich controls 50.1 percent — is still in negotiations with the lender on the terms of the non-recourse loan.

A non-recourse loan allows the lender to foreclose only on the collateral, not on the value of the loan.

Last October, multiple sources said a Dallas-based developer was interested in acquiring the Country Club Plaza. Kansas City, Missouri, Mayor Quinton Lucas visited the developer at a December meeting in Dallas.