MAC · The Macerich Company

The Macerich Company executed a public offering of 22,080,000 shares of its common stock, comprising 19,200,000 firm shares and the full exercise of the 30-day underwriter option for 2,880,000 additional shares, priced at $21.00 per share. This transaction, governed by an underwriting agreement dated May 11, 2026, with Goldman Sachs & Co. LLC as representative, was completed on May 13, 2026, under an effective Form S-3 registration statement. The net proceeds will be contributed to The Macerich Partnership, L.P., which plans to primarily repay borrowings on the revolving credit facility—originally incurred to fund the acquisition of Annapolis Mall. Remaining proceeds support general corporate purposes, including property acquisitions and strategic leasing capital investments specifically at Annapolis Mall. Pending deployment, funds may be held in short-term interest-bearing accounts. This capital raise strengthens the balance sheet by reducing debt and provides liquidity for growth initiatives, with customary indemnification provisions in the underwriting agreement. Legal opinion from Venable LLP confirms the shares are validly issued, fully paid, and non-assessable under Maryland law.