The Macerich Company (NYSE: MAC) priced an underwritten public offering of 19.2 million shares of common stock at $21.00 per share, generating expected gross proceeds of approximately $403.2 million, the company announced May 11.

The real estate investment trust increased the offering size from a previously announced 16 million shares. Underwriters received a 30-day option to purchase up to 2.88 million additional shares. The offering is expected to close May 13, subject to customary closing conditions.

Macerich plans to use net proceeds to repay borrowings under its revolving credit facility, which funded the acquisition of Annapolis Mall. The company will also allocate funds for general corporate purposes, including additional property acquisitions and strategic leasing capital investments at Annapolis Mall.

Goldman Sachs & Co. LLC serves as lead bookrunner and representative of the underwriters. Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, BMO Capital Markets, TD Securities and Scotiabank are joint bookrunning managers.

The Santa Monica-based company operates as a fully integrated real estate investment trust focused on retail properties in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington corridor. Macerich owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers.