The Macerich Company (NYSE: MAC) announced it has commenced an underwritten public offering of 16 million shares of common stock. The real estate investment trust also expects to grant underwriters a 30-day option to purchase up to 2.4 million additional shares.

The company plans to use net proceeds from the offering to repay borrowings under its revolving credit facility, which were used primarily to fund the acquisition of Annapolis Mall. Additional proceeds will support general corporate purposes, including acquiring additional properties and funding strategic leasing capital investments at Annapolis Mall.

Goldman Sachs & Co. LLC is serving as the lead bookrunner and representative of the underwriters for the offering. The company may invest any remaining net proceeds in short-term, interest-bearing deposit accounts pending their designated use.

Macerich operates as a fully integrated, self-managed real estate investment trust that owns, operates and develops retail real estate in densely populated U.S. markets. The company's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.

The REIT currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers. The information was disclosed in a company press release.