Macerich Declares The Quarterly Dividend On Its Common Shares

Rhea-AI Summary

The Macerich Company (NYSE: MAC) has declared a quarterly cash dividend of $.15 per share, payable on September 8, 2020. Stockholders of record by August 19, 2020, will receive this dividend. The decision to reduce the dividend is aimed at preserving liquidity amid economic uncertainties due to the COVID-19 pandemic. CEO Thomas O'Hern stated that the Board will reassess the dividend policy quarterly. Macerich operates 47 regional shopping centers, focusing on high-demand markets across the United States.

Positive

• Quarterly cash dividend of $.15 per share announced.
• Liquidity preservation in response to economic uncertainty.

Negative

• Dividend reduction indicates financial caution amid the COVID-19 pandemic.

SANTA MONICA, Calif., July 24, 2020 /PRNewswire/ -- The Board of Directors of the Macerich Company (NYSE: MAC) declared a quarterly cash dividend of $.15 per share of common stock.  The dividend is payable on September 8, 2020 to stockholders of record at the close of business on August 19, 2020. "The Board's decision to reduce the dividend allows us to preserve liquidity and financial flexibility in the continued uncertain economic environment resulting from the COVID-19 pandemic. The Board will continue to re-evaluate the Company's prospective dividend policy each quarter," said Thomas O'Hern, Chief Executive Officer.

Macerich, is a fully integrated self-managed and self-administered real estate investment trust (REIT), which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor.  A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years 2015 – 2019. Additional information about Macerich can be obtained from the Company's website at www.Macerich.com.

 

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SOURCE Macerich Company

FAQ

What is the dividend amount declared by MAC?

The Macerich Company declared a quarterly cash dividend of $.15 per share.

When will the dividend for MAC be paid?

The dividend will be payable on September 8, 2020.

What is the record date for the MAC dividend?

The record date for the dividend is August 19, 2020.

Why did MAC reduce its dividend?

The reduction is to preserve liquidity and financial flexibility due to economic uncertainties from the COVID-19 pandemic.

How often does MAC reassess its dividend policy?

Macerich will re-evaluate its dividend policy each quarter.