Macerich Files New Shelf Registration, Expands ATM Sales Agents

What Happened
The Macerich Company (MAC) filed a new automatic shelf registration statement on Form S‑3 on August 5, 2026 to replace its prior shelf (which expired August 4, 2026). As part of that filing the company also filed four prospectus supplements to continue previously announced offerings, including its "at the market" (ATM) equity offering program. Macerich amended its Equity Distribution Agreement (Amendment No. 1) to add Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. as additional sales agents for the ATM program.

Key Details

• ATM program capacity: up to $500,000,000 of Common Stock; $211,500,207 sold to date and $288,499,793 remaining available under the ATM Program.
• Other continued offerings: up to 122,595 shares related to MACWH unit redemptions/conversions; up to 148,305 shares for OP Unit redemptions; up to 13,453,613 shares for OP Unit resale redemptions.
• Use of proceeds: net proceeds from ATM sales will be contributed to the Operating Partnership in exchange for OP Units; the Operating Partnership intends to use those proceeds to repay debt and for general corporate purposes.
• The company will not receive proceeds from the MACWH prospectus, OP Unit prospectus or the Resale prospectus (those relate to redemptions/resales).

Why It Matters
Filing a new Form S‑3 and continuing the ATM program keeps Macerich's ability to raise equity capital quickly and flexibly. The remaining ATM capacity (~$288.5M) represents potential dilution if shares are sold, while proceeds routed to the Operating Partnership are intended primarily for debt reduction and general corporate use. Adding two sales agents (Morgan Stanley and Scotia) can broaden distribution capacity for future ATM placements. Retail investors should note the potential for additional share issuance and how proceeds may affect the company’s leverage and cash position.