REIT Macerich drops on second stock offering in a month
BUZZ-REIT Macerich drops on second stock offering in a month ** Shopping center REIT Macerich's MAC.N shares down 2% before the bell to $24.58 after latest follow-on priced
** Santa Monica, California-based MAC late Mon announced 14 mln shares at $23.90 for deal size of ~$334.6 mln as part of forward sale
** Offering priced at 4.7% to stock's last sale
** MAC enters into one-year forward sale agreements with lead bookrunner Goldman Sachs, and joint bookrunners Deutsche Bank, JP Morgan and Morgan Stanley
** Upon future settlement of agreements, MAC intends to use net proceeds to fund acquisition opportunities and for general corporate purposes
** MAC last month announced $403 mln stock offering at $21 to repay credit facility used to fund acquisition of Annapolis Mall
** At Mon close, MAC stock up 36% YTD
** The REIT has ~283.6 mln shares outstanding
** Avg rating of 16 analysts is "buy"; median PT $24, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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