The Macerich Company (MAC) will cut its quarterly dividend by another 70.0 percent to $0.15 per share in in 2020. Earlier this year the REIT had already cut its dividend by 33.3 percent to $0.50 per share, offering investors a combination of cash and shares.

The next dividend is payable on September 8, 2020 to stockholders of record at the close of business on August 19, 2020. A new annual dividend rate of $0.60 per share yields 7.5% at Friday's closing price of $7.95. Macerich last raised its quarterly dividend by 1.4 percent to $0.75 per share in 2018.

In its press release dated July 24, 2020, the company explains the new dividend cut: "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.

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.