Macerich falls on REIT's upsized $403 mln equity raise

The Macerich

12/05/2026 12:39

** Real estate investment trust Macerich MAC.N shares down 1.6% premarket to $21.30 after above-target follow-on priced

** Santa Monica, California-based co late Mon announced 19.2 mln shares at $21 for approx $403.2 mln gross proceeds

** Offering size boosted from 16 mln shares and priced at 3% discount to stock's last sale

** MAC intends to use net offering proceeds to repay borrowings under credit facility, which were used primarily to fund $272 mln acquisition of Annapolis Mall, and for general corporate purposes, including acquiring additional properties

** Co had ~261.4 mln shares outstanding prior to offering

** Goldman Sachs lead bookrunner. Deutsche Bank, JP Morgan, Morgan Stanley, BMO, TD Securities and Scotiabank are joint bookrunners

** Through Mon close, MAC stock up 17% YTD

** Of 16 analysts covering the stock, recommendation breakdown is  8 "strong buy" or "buy", 5 "hold", 3 "sell"; median PT $22, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))