Macerich Declares a 13.3% Quarterly Dividend Increase on Its Common Shares

Rhea-AI Summary

The Board of Directors of Macerich (NYSE: MAC) has approved a quarterly cash dividend increase to $0.17 per share from $0.15, effective December 2, 2022, for stockholders on record by November 9, 2022. This increase reflects the company’s resilient business model and strong operating cash flow, according to CEO Tom O'Hern. Macerich aims to maintain a conservative Funds from Operations (FFO) payout ratio while resuming regular dividend increases. The company operates high-quality retail properties primarily in California and other attractive U.S. markets.

Positive

• Quarterly cash dividend increased from $0.15 to $0.17 per share.
• Demonstrates strong operating cash flow and resilient business model.
• Positive leasing environment supporting growth.
• Goal to resume regular dividend increases indicates confidence.

Negative

• None.

SANTA MONICA, Calif., Oct. 28, 2022 /PRNewswire/ -- The Board of Directors of the Macerich Company (NYSE: MAC) approved a quarterly cash dividend increase of $0.17 per share of common stock from $0.15 per share. The dividend is payable on December 2, 2022 to stockholders of record at the close of business on November 9, 2022.

"Our decision to increase our dividend is reflective of our resilient business model and strong operating cash flow position," said Tom O'Hern, Chief Executive Officer of Macerich. "We continue to see a healthy leasing environment, and the strength and quality of our portfolio has allowed us to attract a wide variety of uses to our A-quality properties, while returning capital to our shareholders through this increased dividend."

Although there is no certainty, the Company's goal is to resume a regular cadence of dividend increases while maintaining a conservative Funds from Operations (FFO) payout ratio.

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.

Developing and managing properties that serve as community cornerstones, Macerich currently owns 48 million square feet of real estate consisting primarily of interests in 44 regional town centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 GRESB ranking for the North American retail sector for eight years (2015-2022). For more information, please visit www.Macerich.com.

 

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SOURCE Macerich Company

FAQ

What is the new dividend amount for MAC shareholders?

The new quarterly dividend amount for Macerich (MAC) shareholders is $0.17 per share.

When will the MAC dividend be paid?

The MAC dividend will be paid on December 2, 2022.

What is the record date for the MAC dividend?

The record date for the MAC dividend is November 9, 2022.

How often does Macerich pay dividends?

Macerich typically pays dividends on a quarterly basis.

What influences the dividend payout for MAC?

The dividend payout is influenced by the company's operating cash flow and Funds from Operations (FFO) payout ratio.