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    Christy McElroy

    former Director and Senior Equity Research Analyst at Citigroup

    Christy McElroy is a former Director and Senior Equity Research Analyst at Citigroup, specializing in the U.S. REIT and lodging sectors with a focus on the retail REIT space. During her tenure at Citi from 2013 to 2020, she covered companies such as CBL & Associates Properties and contributed to a team consistently ranked as a top REIT equity research group in Institutional Investor and Greenwich Associates polls. McElroy launched her career as an Associate at Bear Stearns in 1999, then held senior analyst positions at Bank of America and UBS before joining Citi, and she transitioned to Senior Vice President, Capital Markets at Regency Centers in 2020. She holds a B.S. in Finance from the University of Maryland, is an active Nareit and ICSC member, and is recognized for her deep expertise and leadership in real estate capital markets.

    Christy McElroy's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership

    Christy McElroy's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q4 2019

    Question

    Christy McElroy of Citigroup inquired about the potential for debt forgiveness from restructuring talks, whether a larger debt workout is being considered, and the company's position relative to its debt covenants, specifically the interest coverage ratio.

    Answer

    CEO Stephen Lebovitz stated the primary focus is on secured debt maturities in 2020-2022 and declined to comment on specifics regarding broader restructuring or unsecured debt. CFO Farzana Khaleel added that while the interest coverage ratio has declined, the company still has sufficient room and is actively working to improve it by reducing debt levels and interest expenses.

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    Christy McElroy's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q4 2019

    Question

    Christy McElroy inquired about the potential magnitude of debt forgiveness from restructuring talks and whether a larger, comprehensive debt workout was being considered. She also asked about the company's compliance with debt covenants, particularly the debt service coverage ratio.

    Answer

    CEO Stephen Lebovitz reiterated the focus on near-term secured debt maturities but declined to quantify potential outcomes of restructuring efforts. CFO Farzana Khaleel addressed the covenant question, confirming the company has sufficient room and is actively working to improve the coverage ratio by reducing overall debt and lowering interest expenses through strategic loan payoffs.

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