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