Macerich Declares Quarterly Dividend on Common Shares of $.60 Per Share Payable 10% in Cash and 90% in Shares
July 31 2009 - 1:17PM
PR Newswire (US)
SANTA MONICA, Calif., July 31 /PRNewswire-FirstCall/ -- The Board
of Directors of The Macerich Company (NYSE:MAC) declared a
quarterly dividend of $.60 per share of common stock, consisting of
a combination of cash and shares of the Company's common stock. The
dividend is payable on September 21, 2009 to stockholders of record
at the close of business on August 12, 2009. In order to comply
with REIT taxable income distribution requirements, while retaining
capital and enhancing the Company's financial flexibility, the
Board of Directors has determined that the cash component of the
dividend (other than cash paid in lieu of fractional shares) will
not exceed 10% in the aggregate, or $.06 per share, with the
balance payable in shares of the Company's common stock. In
accordance with the provisions of IRS Revenue Procedure 2009-15,
stockholders will be asked to make an election to receive the
dividend all in cash or all in shares. To the extent that more than
10% of cash is elected in the aggregate, the cash portion will be
prorated. Stockholders who elect to receive the dividend in cash
will receive a cash payment of at least $.06 per share.
Stockholders who do not make an election will receive 10% in cash
and 90% in shares of common stock. The number of shares issued as a
result of the dividend will be calculated based on the volume
weighted average trading prices of the Company's common stock on
the New York Stock Exchange on September 9, September 10 and
September 11, 2009. The Company expects the dividend to be a
taxable dividend to stockholders, regardless of whether a
particular stockholder receives the dividend in the form of cash or
shares. The Company reserves the right to pay the dividend entirely
in cash. An information letter and election form will be mailed to
stockholders of record after the record date. The properly
completed election form to receive cash or common shares must be
received by Computershare Trust Company, N.A., the Company's
transfer agent, prior to 5:00 p.m. Eastern Time on September 8,
2009. Registered stockholders with questions regarding the dividend
election may call Computershare Trust Company, N.A. at (800)
756-8200. Stockholders who hold their shares through a bank, broker
or nominee, and have questions regarding the dividend election
should contact such bank, broker or nominee, who will also be
responsible for distributing to them the letter and election form
and submitting the election form on their behalf. Macerich is a
fully integrated self-managed and self-administered real estate
investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls
throughout the United States. The Company is the sole general
partner and owns an 87% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 76 million square
feet of gross leaseable area consisting primarily of interests in
72 regional malls. Additional information about Macerich can be
obtained from the Company's Web site at http://www.macerich.com/.
DATASOURCE: The Macerich Company CONTACT: Arthur Coppola, Chairman
and Chief Executive Officer, or Thomas O'Hern, Senior Executive
Vice President and Chief Financial Officer, both of The Macerich
Company, +1-310-394-6000 Web Site: http://www.macerich.com/
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