Retail REIT Macerich down after $395 mln stock offering priced

The Macerich

26/11/2024 13:40

** Shares of Macerich  MAC.N  down 0.8% premarket to $20.15
after overnight follow-on priced
** Santa Monica, CA-based retail real estate investment trust
(REIT) late Mon announced 20 mln shares at $19.75 for $395 mln
gross proceeds
    ** Offering size boosted from 18 mln shares, priced at 2.8%
discount to stock's last sale
** 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 secured by its Washington Square property in Portland,
Oregon
    ** Goldman Sachs leading the offering
    ** With ~225.5 mln shares outstanding, MAC has ~$4.6 bln
market cap
    ** Through Mon, shares up ~32% in 2024
    ** Of 14 analysts covering MAC, recommendation breakdown is
1 "strong buy", 6 "hold" and 7 "sell" ratings; median PT is
$16.50 - LSEG data

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