** Shares of Macerich MAC.N down 0.8% premarket to $20.15 after overnight follow-on priced
** Santa Monica, CA-based retail real estate investment trust $(REIT)$ late Mon announced 20 mln shares at $19.75 for $395 mln gross proceeds
** Offering size boosted from 18 mln shares, priced at 2.8% discount to stock's last sale
** It plans to use net offering proceeds to help repay $478 mln mortgage loan with a fixed effective interest rate of approx 9.0%, and secured by its Washington Square property in Portland, Oregon
** Goldman Sachs leading the offering
** With ~225.5 mln shares outstanding, MAC has ~$4.6 bln market cap
** Through Mon, shares up ~32% in 2024
** Of 14 analysts covering MAC, recommendation breakdown is 1 "strong buy", 6 "hold" and 7 "sell" ratings; median PT is $16.50 - LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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