Macerich falls on REIT's upsized $403 mln equity raise

Real estate investment trust Macerich MAC.N shares down 1.6% premarket to $21.30 after above-target follow-on priced

Santa Monica, California-based co late Mon announced 19.2 mln shares at $21 for approx $403.2 mln gross proceeds

Offering size boosted from 16 mln shares and priced at 3% discount to stock's last sale

MAC intends to use net offering proceeds to repay borrowings under credit facility, which were used primarily to fund $272 mln acquisition of Annapolis Mall, and for general corporate purposes, including acquiring additional properties

Co had ~261.4 mln shares outstanding prior to offering

Goldman Sachs lead bookrunner. Deutsche Bank, JP Morgan, Morgan Stanley, BMO, TD Securities and Scotiabank are joint bookrunners

Through Mon close, MAC stock up 17% YTD

Of 16 analysts covering the stock, recommendation breakdown is 8 "strong buy" or "buy", 5 "hold", 3 "sell"; median PT $22, according to LSEG data