Macerich says ‘may opportunistically issue equity over time’

On the company’s earnings call, Macerich stated: “One of the key intentions of our plan is to increase the competitiveness of our cost of capital. And if the market responds, the way we expect, we may opportunistically issue equity over time to accelerate the deleveraging strategy. Based on our plan, $500M of new equity reduces leverage by two-thirds of a term. By executing on this plan, we will concentrate our portfolio in our best properties, which are thriving retail centers and will have a substantially stronger balance sheet. This will position Macerich to be offensive on acquisitions, reinvestment and select development.”