Macerich plans on selling $100M to $150M worth of property this year as it seeks to pay down the debt that weighs on its balance sheet after more than a decade of rough seas for retailers.

The shopping mall REIT posted a $211.2M loss for the fourth quarter, down from a $62M profit a year earlier.

Macerich has nearly $300M in debt maturing this year and more than $1B maturing in 2026. The company last year defaulted on a nearly $300M loan on Santa Monica Place, a mall in its hometown, and is in talks with its lenders regarding the property's future.

During an earnings call Thursday, company executives talked about plans to right the ship, including some actions already taken.

“We have a very clear idea of what we need to accomplish,” Macerich CEO Jackson Hsieh told investors. “I’m confident of what we can do.”

The company sold The Oaks shopping center in Southern California in December for $157M and used the proceeds to repay a $148M loan on the property that was set to mature next year.

But it is holding on to other assets. The company landed a $525M refinance on Queens Center in New York. The new loan replaced an existing $600M loan and has a five-year term and fixed interest rate of 5.37%.

Macerich had previously announced a plan to reduce its debt by $2B. Company leadership identified $350M to $400M in properties Macerich plans to sell or give back over the next year or two in pursuit of this goal, according to Chief Financial Officer Daniel Swanstrom.

Once achieved, that would bring the company to 60% of its goal. The remaining 40% would be fulfilled by the sale of Wilton Mall in New York, which is expected within the next year, and the sale of $500M in various properties, including freestanding retail and land.

Macerich beat revenue expectations, as its total revenue for the fourth quarter increased to $273.7M from $238.7M the same time last year. Analysts expected revenue of $235.4M. It matched funds from operations expectations at 47 cents per share.