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 www.macerich.com.
SOURCE 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