04:53 PM EST, 11/25/2024 (MT Newswires) -- Macerich ( MAC ) said late Monday it launched a public offering of 18 million common shares.

The company expects to grant a 30-day overallotment option to the underwriters to acquire up to 2.7 million additional shares.

Macerich ( MAC ) said it plans to use the net proceeds of the offering, along with cash on hand, to repay the $478 million mortgage loan secured by its Washington Square property, among other things.

The company's shares were down 2.2% in after-hours activity.