Macerich falls as REIT launches stock offering

The Macerich

25/11/2024 21:25

** Shares of Macerich  MAC.N  down 2.5% to $19.82 post-market as
retail real estate investment trust (REIT) seeks equity raise
** Santa Monica, California-based firm commences 18 mln share
offering
** It plans to use net offering proceeds to help repay $478 mln
mortgage loan with a fixed effective interest rate of approx
9.0% and which is secured by its Washington Square property in
Oregon
    ** Goldman Sachs lead bookrunner for offering
    ** MAC has ~225.5 mln shares outstanding for ~$4.6 bln
market cap
    ** Shares on Mon closed up 3% at $20.32, extending YTD gain
to ~32%

(Lance Tupper is a Reuters market analyst. The views expressed
are his own))
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))