Key insights
- Macerich priced a significant public offering of 14 million shares at $23.90, with forward sale agreements for future settlement. While the company aims to fund acquisitions and general corporate purposes, this dilutive offering could pressure the stock in the near term. The REIT sector may also see some negative sentiment due to this capital raise.
SANTA MONICA, Calif. - The Macerich Company (NYSE:MAC) priced an underwritten public offering of 14 million shares of common stock at $23.90 per share, according to a press release statement issued Monday.
The real estate investment trust entered into forward sale agreements with Goldman Sachs & Co. LLC, Deutsche Bank AG, London Branch, JPMorgan Chase Bank, National Association and Morgan Stanley or their affiliates. Under these agreements, the forward purchasers or their affiliates are expected to borrow and sell the 14 million shares.
The company will not initially receive proceeds from the sale. Macerich intends to deliver the shares to the forward purchasers upon physical settlement of the agreements on one or more dates specified by the company occurring no later than June 16, 2027. At settlement, the company will receive cash proceeds per share equal to the applicable forward sale price, subject to certain adjustments.
The company granted underwriters a 30-day option to purchase up to an additional 2.1 million shares. If exercised, Macerich expects to enter into additional forward sale agreements for those shares.
The offering is expected to close on June 17, 2026, subject to customary closing conditions.
Macerich stated it intends to use net proceeds from the future settlement of the forward sale agreements to fund acquisition opportunities and for general corporate purposes. The company may invest the proceeds in short-term, interest-bearing deposit accounts pending such use.
Goldman Sachs & Co. LLC serves as lead bookrunner and representative of the underwriters. Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, BMO Capital Markets, TD Securities and Scotiabank are joint bookrunning managers.
Macerich owns and operates retail real estate concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. The company currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers.For deeper insights into MAC’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available for this and 1,400+ other US equities on InvestingPro.
In other recent news, The Macerich Company announced a public offering of 14 million shares of common stock through a forward sale agreement, with Goldman Sachs & Co. LLC acting as the lead bookrunner. The company has also granted underwriters a 30-day option to purchase an additional 2.1 million shares. Mizuho raised its price target for Macerich to $24, citing the company’s recent $463 million equity raise, which was used to fund a $272 million acquisition of the Annapolis mall. In related developments, Deutsche Bank upgraded Macerich’s stock rating to Buy from Hold, raising its price target to $27. This upgrade reflects confidence in Macerich’s Path Forward Plan 3.0, which has shifted focus from a turnaround strategy to delivering core earnings growth.
KeyBanc also adjusted its price target for Macerich, increasing it to $27 from $25, while maintaining an Overweight rating. The firm noted that the Path Forward Plan 3.0 update has led to higher confidence in the company’s execution and earnings outlook. These recent developments indicate a positive reception from analysts regarding Macerich’s strategic initiatives and financial maneuvers.
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