Goldman Sachs Acts as Sole Book Running Manager, Pricing Offering at Low End of $23.90-$24.90 Range
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Goldman Sachs is acting as sole book running manager for the offering. The deal priced at low end of $23.90-$24.90 range.
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Analyst Views on MAC
Wall Street analysts forecast MAC stock price to fall
10 Analyst Rating
5 Buy
4 Hold
1 Sell
Moderate Buy
Current: 23.000
Low
18.00
Averages
19.80
High
23.00
Current: 23.000
Low
18.00
Averages
19.80
High
23.00
About MAC
The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). As an owner, operator, and developer of retail real estate in United States markets, the Company’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. The Company is developing and managing properties that serve as community cornerstones. It owns interests in approximately 39 retail centers. Its properties include Arrowhead Towne Center, Danbury Fair, Desert Sky Mall, Eastland Mall, Fashion District Philadelphia, Fashion Outlets of Chicago, The Village at Corte Madera, Washington Square, Vintage Faire Mall, Broadway Plaza, Superstition Springs Center, Crabtree, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Macerich Company Prices Public Offering of 14M Shares
- Offering Size and Price: The Macerich Company priced its public offering at $23.90 per share for 14 million common shares, expected to close on June 17, 2026, indicating a strategic move in capital markets.
- Forward Sale Agreement Structure: The offering is structured through forward sale agreements rather than immediate issuance, reflecting the company's cautious approach to liquidity management, with settlement anticipated by June 16, 2027.
- Underwriter Selection: Macerich entered into forward sale agreements with major financial institutions including Goldman Sachs, Deutsche Bank, J.P. Morgan, and Morgan Stanley, enhancing its market credibility and laying the groundwork for future financing.
- Use of Proceeds and Market Reaction: Although the offering will not provide immediate cash flow, Macerich plans to use future proceeds for acquisition opportunities and general corporate purposes; however, the stock price fell about 4% post-announcement, indicating market caution regarding this financing method.
See More
Macerich Company Prices Public Offering of 14 Million Shares
- Offering Size: Macerich Company has announced a public offering of 14 million shares at a price of $23.90 per share, expected to close on June 17, 2026, which will provide funding for future acquisition opportunities.
- Underwriter Lineup: Goldman Sachs serves as the lead underwriter, with Deutsche Bank, J.P. Morgan, and Morgan Stanley among the joint bookrunning managers, reflecting strong market confidence in the company's stock.
- Forward Sale Agreements: The company has entered into forward sale agreements with multiple financial institutions, expecting to deliver shares by June 16, 2027, although it will not initially receive any proceeds from the sales, aiding in liquidity optimization.
- Additional Option: The underwriters have a 30-day option to purchase an additional 2.1 million shares, and if exercised, the company will enter into further agreements with forward purchasers, enhancing capital flexibility.
See More
Macerich Launches Public Offering of 14 Million Shares
- Public Offering Initiation: Macerich has announced the commencement of a public offering of 14 million shares of common stock, resulting in a 4.22% decline in share price to $24.03 during after-hours trading on Monday, indicating market caution regarding this financing move.
- Forward Sale Agreement Details: The issuance is linked to a forward sale agreement with Goldman Sachs and its affiliates, with forward purchasers expected to borrow and sell 14 million shares to underwriters, highlighting the company's strategic approach to capital market financing.
- Underwriter Option: Macerich intends to grant underwriters a 30-day option to purchase up to 2.1 million shares of common stock, a strategy that may provide the company with additional financial flexibility to address future acquisition opportunities.
- Planned Use of Proceeds: Although the company will not initially receive any proceeds from this offering, any future proceeds from the settlement of the forward sale agreements are intended for funding future acquisition opportunities and general corporate purposes, reflecting the company's proactive stance on business expansion.
See More
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- Net Operating Income Outlook: The company expects its pro forma net operating income to reach between $950 million and $990 million by 2028, assuming a compound annual growth rate of 5.8% to 7.2% from 2026 to 2028, providing a stable revenue foundation to support its long-term strategy.
- Occupancy Rate Improvement Plan: Macerich's
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- Offering Size: The Macerich Company priced an underwritten public offering of 19.2 million shares at $21.00 per share, expecting gross proceeds of approximately $403.2 million, which reflects a positive market response and provides essential funding for future capital operations.
- Underwriter Option: The company granted underwriters a 30-day option to purchase an additional 2.88 million shares, a strategy that not only enhances financial flexibility but also secures future capital needs, demonstrating the company's keen awareness of market dynamics.
- Clear Use of Proceeds: The net proceeds from this offering will be used to repay borrowings under the company’s revolving credit facility, primarily utilized for the acquisition of Annapolis Mall, as well as for general corporate purposes, including acquiring additional properties and funding strategic leasing capital investments, indicating a proactive approach to business expansion.
- Market Reaction: Following the public offering announcement, Macerich's stock traded 3% lower in pre-market hours on Tuesday, reflecting a cautious market sentiment towards the new share issuance, which may impact investor confidence in the short term.
See More
Macerich Company Prices Public Offering of 14M Shares
- Offering Size and Price: The Macerich Company priced its public offering at $23.90 per share for 14 million common shares, expected to close on June 17, 2026, indicating a strategic move in capital markets.
- Forward Sale Agreement Structure: The offering is structured through forward sale agreements rather than immediate issuance, reflecting the company's cautious approach to liquidity management, with settlement anticipated by June 16, 2027.
- Underwriter Selection: Macerich entered into forward sale agreements with major financial institutions including Goldman Sachs, Deutsche Bank, J.P. Morgan, and Morgan Stanley, enhancing its market credibility and laying the groundwork for future financing.
- Use of Proceeds and Market Reaction: Although the offering will not provide immediate cash flow, Macerich plans to use future proceeds for acquisition opportunities and general corporate purposes; however, the stock price fell about 4% post-announcement, indicating market caution regarding this financing method.
See More
Macerich Company Prices Public Offering of 14 Million Shares
- Offering Size: Macerich Company has announced a public offering of 14 million shares at a price of $23.90 per share, expected to close on June 17, 2026, which will provide funding for future acquisition opportunities.
- Underwriter Lineup: Goldman Sachs serves as the lead underwriter, with Deutsche Bank, J.P. Morgan, and Morgan Stanley among the joint bookrunning managers, reflecting strong market confidence in the company's stock.
- Forward Sale Agreements: The company has entered into forward sale agreements with multiple financial institutions, expecting to deliver shares by June 16, 2027, although it will not initially receive any proceeds from the sales, aiding in liquidity optimization.
- Additional Option: The underwriters have a 30-day option to purchase an additional 2.1 million shares, and if exercised, the company will enter into further agreements with forward purchasers, enhancing capital flexibility.
See More
Macerich Launches Public Offering of 14 Million Shares
- Public Offering Initiation: Macerich has announced the commencement of a public offering of 14 million shares of common stock, resulting in a 4.22% decline in share price to $24.03 during after-hours trading on Monday, indicating market caution regarding this financing move.
- Forward Sale Agreement Details: The issuance is linked to a forward sale agreement with Goldman Sachs and its affiliates, with forward purchasers expected to borrow and sell 14 million shares to underwriters, highlighting the company's strategic approach to capital market financing.
- Underwriter Option: Macerich intends to grant underwriters a 30-day option to purchase up to 2.1 million shares of common stock, a strategy that may provide the company with additional financial flexibility to address future acquisition opportunities.
- Planned Use of Proceeds: Although the company will not initially receive any proceeds from this offering, any future proceeds from the settlement of the forward sale agreements are intended for funding future acquisition opportunities and general corporate purposes, reflecting the company's proactive stance on business expansion.
See More
Latest Rating Changes on Wall Street
- TripAdvisor Upgrade: Wedbush upgraded TripAdvisor from neutral to outperform, citing the stock's undervaluation and expected governance transformation post-LTRIP merger, alongside activist involvement as catalysts for future growth.
- Knight-Swift Outlook: Susquehanna upgraded Knight-Swift from neutral to positive, highlighting strong earnings prospects in the trucking sector, although it noted that much of the good news is already priced in.
- Mobia Medical Coverage Initiation: Goldman Sachs initiated coverage on Mobia Medical with a buy rating and a $31 price target, indicating approximately 130% upside potential, reflecting the company's strong growth prospects in the medtech space.
- Intuit Downgrade: Goldman Sachs downgraded Intuit from neutral to sell, expressing concerns over heightened competition and noting a 46% year-to-date decline in stock price, which raises doubts about its future profitability.
See More
Macerich Updates 2028 FFO Target to $1.90
- 2028 FFO Target: Macerich announced at an industry conference that its 2028 FFO per share target is set between $1.80 and $2.00, with a midpoint of $1.90, which exceeds the average analyst estimate of $1.84, reflecting the company's confidence in future profitability.
- Net Operating Income Outlook: The company expects its pro forma net operating income to reach between $950 million and $990 million by 2028, assuming a compound annual growth rate of 5.8% to 7.2% from 2026 to 2028, providing a stable revenue foundation to support its long-term strategy.
- Occupancy Rate Improvement Plan: Macerich's
See More
Macerich Company Prices Public Offering of 19.2M Shares
- Offering Size: The Macerich Company priced an underwritten public offering of 19.2 million shares at $21.00 per share, expecting gross proceeds of approximately $403.2 million, which reflects a positive market response and provides essential funding for future capital operations.
- Underwriter Option: The company granted underwriters a 30-day option to purchase an additional 2.88 million shares, a strategy that not only enhances financial flexibility but also secures future capital needs, demonstrating the company's keen awareness of market dynamics.
- Clear Use of Proceeds: The net proceeds from this offering will be used to repay borrowings under the company’s revolving credit facility, primarily utilized for the acquisition of Annapolis Mall, as well as for general corporate purposes, including acquiring additional properties and funding strategic leasing capital investments, indicating a proactive approach to business expansion.
- Market Reaction: Following the public offering announcement, Macerich's stock traded 3% lower in pre-market hours on Tuesday, reflecting a cautious market sentiment towards the new share issuance, which may impact investor confidence in the short term.
See More
