The Macerich Company (MAC) will cut its quarterly dividend by 33.3 percent to $0.50 per share. The company will pay a combination of cash and shares. Macerich states that given the uncertain and rapidly changing environment, 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 20% in the aggregate, or $.10 per share, with the balance payable in shares of the Company's common stock. 

The next dividend is payable on June 3, 2020 to stockholders of record at the close of business on April 22, 2020. A new annual dividend rate of $2.00 per share yields 29.2% at a stock price of $6.85. The real estate investment trust last raised its quarterly dividend by 1.4 percent to $0.75 per share in 2018.

The Macerich Company is a self-administered and self-managed real estate investment trust (REIT), which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich has significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor. The Company's properties include Danbury Fair Mall, Desert Sky Mall, Fresno Fashion Fair, NorthPark Mall, Oaks, The, Towne Mall, Valley Mall, Arrowhead Towne Center, Deptford Mall and South Plains Mall. Macerich has paid a dividend every year since 1994.