The real estate investment trust, an owner of shopping centers, is selling the shares at $29, according to an offering announcement. Macerich has granted the underwriters an option to purchase up to an additional 1.98 million shares to cover over-allotments.
The prospectus for the offering, filed with the Securities and Exchange Commission, says the net proceeds from the offering will be used to repay the REIT's lines of credit and reduce debt.
Macerich acquires, leases, manages, develops and redevelops regional malls and community shopping centers throughout the United States. Its holdings include interests in 56 regional malls, 21 community shopping centers and two development properties totaling approximately 57 million sf of gross leasable area.
Among its most recent acquistions is the portfolio of Westcor Realty Limited Partnership, the dominant owner, operator and developer of regional malls in the greater Phoenix area. Macerich in July completed acquisition of the Westcor portfolio, which includes nine regional malls with an aggregate gross leaseable area of approximately 10 million sf in Arizona and Colorado. Of these nine malls, six are super-regional malls with gross leaseable space totaling one million sf or more. In addition, the Westcor portfolio includes interests in community shopping centers totaling about four million sf, as well as rights for more than 1,000 acres of undeveloped land.
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