BUZZ-REIT Macerich drops on second stock offering in a month

Federal Agricultural Mortgage Corporation Class C
Goldman Sachs Group, Inc.
Macerich Company

Federal Agricultural Mortgage Corporation Class C

AGM

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Goldman Sachs Group, Inc.

GS

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Macerich Company

MAC

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** Shopping center REIT Macerich's MAC.N shares down 2% before the bell to $24.58 after latest follow-on priced

** Santa Monica, California-based MAC late Mon announced 14 mln shares at $23.90 for deal size of ~$334.6 mln as part of forward sale

** Offering priced at 4.7% to stock's last sale

** MAC enters into one-year forward sale agreements with lead bookrunner Goldman Sachs, and joint bookrunners Deutsche Bank, JP Morgan and Morgan Stanley

** Upon future settlement of agreements, MAC intends to use net proceeds to fund acquisition opportunities and for general corporate purposes

** MAC last month announced $403 mln stock offering at $21 to repay credit facility used to fund acquisition of Annapolis Mall

** At Mon close, MAC stock up 36% YTD

** The REIT has ~283.6 mln shares outstanding

** Avg rating of 16 analysts is "buy"; median PT $24, per LSEG


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