Macerich Announces Pricing of Public Offering of Common Stock
Rhea-AI Summary
Macerich (NYSE: MAC) priced an underwritten public offering of 14,000,000 common shares at $23.90 per share via forward sale agreements with several banks. Forward purchasers or affiliates will borrow and sell these shares now, with physical settlement by June 16, 2027.
Macerich granted underwriters a 30-day option for up to 2,100,000 additional shares. The company will not initially receive proceeds and plans to use future net proceeds for acquisitions and general corporate purposes, potentially holding funds in short-term interest-bearing accounts until needed.
Positive
- Ability to issue up to 14,000,000 shares at a set price of $23.90 via forward sale
- Additional capacity through 30-day option for up to 2,100,000 more shares
- Forward structure aligns cash receipt timing with funding needs through June 16, 2027
- Planned use of future net proceeds for acquisitions and general corporate purposes
Negative
- Potential issuance of up to 16,100,000 new shares including the underwriters’ option
- Company will not initially receive any cash proceeds from the offering
- Forward sale overhang may persist until final settlement by June 16, 2027
News Market Reaction – MAC
In the Jun 16 session, MAC declined 5.34%, reflecting a notable negative market reaction. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. Trading volume was elevated at 2.7x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Equity offering priced | Positive | +2.8% | Upsized 19.2M-share offering at $21 to repay revolver and fund growth. |
| May 11 | Equity offering launched | Positive | +2.8% | Commencement of 16M-share offering with 2.4M-share underwriter option. |
| Nov 26 | Upsized equity raise | Positive | +3.0% | 20M-share upsized deal at $19.75 to repay $478M 9% mortgage. |
| Nov 25 | Equity offering announced | Positive | +3.0% | 18M-share offering plus 2.7M option to refinance high-cost loan. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent common stock offerings have historically been followed by modest positive price reactions, suggesting the market has often viewed Macerich’s equity raises as supportive of balance sheet or strategic goals.
Over the past months, Macerich has repeatedly used common stock offerings to fund balance sheet and strategic actions. In November 2024, an upsized equity offering around $395 million was directed to repay a high-rate $478 million mortgage. In May 2026, another upsized deal of 19.2 million shares at $21.00 targeted revolver repayment tied to the Annapolis Mall acquisition. These offering-related headlines, all tagged "offering," saw 1-day moves clustered around +2.8–3.0%, providing a clear historical backdrop for today’s forward-based stock sale.
Key Terms
underwritten public offering financial
forward sale agreements financial
prospectus supplement regulatory
registration statement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
SANTA MONICA, Calif., June 15, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”) announced today that it has priced an underwritten public offering of 14,000,000 shares of common stock at a price to public of
Goldman Sachs & Co. LLC is serving as the lead bookrunner and representative of the underwriters of the offering. Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, BMO Capital Markets, TD Securities and Scotiabank are also serving as joint bookrunning managers for the offering.
The Company is entering 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 (the "forward purchasers"), with respect to 14,000,000 shares of the Company's common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell an aggregate of 14,000,000 shares of the common stock that will be delivered in the offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by the Company occurring no later than June 16, 2027 an aggregate of 14,000,000 shares of its common stock to the forward purchasers or their affiliates in exchange for cash proceeds per share equal to the applicable forward sale price at the time of such settlement, subject to certain adjustments as provided in the forward sale agreements.
The Company has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock. If the underwriters exercise such option, the Company expects to enter into additional forward sale agreements with the forward purchasers in respect of the number of shares sold by the forward purchasers or their respective affiliates in connection with the exercise of such option.
The offering is expected to close on June 17, 2026 subject to customary closing conditions.
The Company will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates in the offering. The Company intends to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to fund future acquisition opportunities and for general corporate purposes. Pending such use, the Company may invest the net proceeds in short-term, interest-bearing deposit accounts.
Selling common stock through the forward sale agreements enables the Company to set the price of such shares upon the pricing of the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company until a time closer to the funding requirements described above.
Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at Prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any such offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.
About the Company
Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers.
Forward-Looking Information
Information set forth in this press release contains “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect the Company’s expectations regarding future events and plans, including, but not limited to, statements regarding the closing of the offering, the underwriters’ option to purchase additional shares of common stock and the Company’s anticipated use of net proceeds from the offering. Generally, the words “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “scheduled,” “predicts,” “may,” “will,” “should,” “could,” variations of such words and similar expressions identify forward-looking statements. The forward-looking statements are based on information currently available to us and involve a number of known and unknown assumptions, risks, uncertainties and other factors, which may be difficult to predict and beyond the control of the Company, which could cause actual results to differ materially from those contained in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the Company’s ability to close the offering including that the closing of the aforementioned offering is subject to, among other things, standard closing conditions and customary rights of the underwriters to terminate the underwriting agreement due to any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions; the actual use of proceeds therefrom; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained in this press release whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.
INVESTOR CONTACT: Investor Relations, IR@macerich.com
