Macerich Declares Reduced Dividend; Not Providing Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Tuesday, REIT Macerich Co. (MAC) said its Board of Director's declared a reduced quarterly cash dividend of $0.15 per share of common stock, 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 the Company to preserve liquidity and financial flexibility given the continued uncertain economic environment resulting from the coronavirus (COVID-19) pandemic.

The company also said it is not providing an updated outlook at this time as a result of continued uncertainties related to the ongoing COVID-19 pandemic.

The Company withdrew its previously published fiscal 2020 guidance on March 17, due to the complex and rapidly evolving circumstances surrounding the COVID-19 pandemic.

"As we look ahead, we are encouraged by the pipeline of new store openings for the remainder of 2020 and into 2021 and believe retailers will continue to prioritize store operations in highly productive town centers, positioning Macerich for success," said Thomas O'Hern, CEO.