Macerich Stock Offering
Macerich Prices 14 Million Common Stock Shares at $23.90 to Fund Future Acquisitions
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Macerich (NYSE: MAC) priced a new public offering of 14,000,000 shares at $23.90 per share on June 16, 2026, according to GlobeNewswire. The mall landlord plans to use the proceeds to fund future acquisitions and general corporate needs, with the deal set to close on June 17.
The offering is structured as a forward sale agreement — meaning Macerich locks in today's price but does not receive the cash until it settles the contracts, up to one year later. Shares fell roughly 4.22% to $24.03 in after-hours trading on June 15 after the deal was first announced, GlobeNewswire reported.
Forward Sale Structure Lets Macerich Lock In Price Now
Goldman Sachs, Deutsche Bank, JPMorgan, and Morgan Stanley are acting as forward purchasers. Their affiliates will borrow and sell the 14 million shares to underwriters now. Macerich then settles the contracts and receives cash when it needs it — no later than June 16, 2027, according to Benzinga.
This structure lets the company match cash receipts with actual acquisition timing. Goldman Sachs is the lead bookrunner, joined by Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, BMO Capital Markets, TD Securities, and Scotiabank, AP News reported.
Annapolis Mall Deal Signals Macerich's Shift to Offense
The offering follows a busy acquisition push. In May 2026, Macerich bought Annapolis Mall for $272 million — a 1.5 million-square-foot Class A center — funded with cash and its credit line. CEO Jackson Hsieh called it "exactly the kind of acquisition we said we would pursue" with a "clear path to durable NOI growth," according to GlobeNewswire.
Just days before that deal closed, Macerich raised $403 million by selling 19.2 million shares at $21.00 each in May. The June offering suggests the company is already eyeing its next target. Management's updated "Path Forward Plan v3.0" projects 2028 Funds From Operations — a key REIT profit measure — of $1.80 to $2.00 per share, per Benzinga.
Analysts Split Between Growth Story and Overvaluation Risk
The consensus among 17 analysts remains a "Buy." Keybanc raised its price target from $25 to $27 on June 10, citing leasing momentum. Deutsche Bank also lifted its target to $27. Macerich reported portfolio sales of $899 per square foot in Q1 2026 — a record high — and occupancy of 93.4%, according to Benzinga.
Not everyone is bullish. Goldman Sachs holds a "Sell" rating with a $19 price target, focusing on risks tied to retail concentration. Quantitative platforms InvestingPro and GuruFocus flagged the stock as potentially overvalued, citing a fair value of roughly $21.63 and a financial strength rating of just 3 out of 10 due to the company's debt load.
Macerich Still Carries Heavy Debt Despite Progress
Macerich's net debt-to-EBITDA ratio — a measure of how much debt a company holds relative to earnings — stood at roughly 7.76x in mid-2026. The company is targeting 6.0x by 2028, according to research cited by Benzinga. The company's market cap sits between $7.1 billion and $7.4 billion following the latest offering.
Macerich also carries a $120 to $140 million "Signed-Not-Open" revenue pipeline — leases signed but not yet generating rent. The successful opening of those tenants is critical for hitting 2028 FFO targets. The company pays a quarterly dividend of $0.17 per share, yielding roughly 2.7% to 3.2%, according to AP News.
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