Macerich (MAC) - 80% dividend cut or 50% increase?

The Macerich Company (MAC) has declared a cash dividend of $0.15/share for the third quarter, representing an 80% decrease from the prior year but a 50% improvement over the $0.10 cash dividend for the prior quarter.  The third quarter dividend is payable on September 8, 2020.  On a YTD basis, MAC has declared a total of $1.00/share in cash dividends, down 55% from 2019.  Based on the latest dividend declaration, MAC's current dividend yield is 7.5%.

Macerich has scheduled its 2Q'20 earnings call for Tuesday, August 11, at which time the company may provide insight into taxable income for the full year.

The Macerich Company owns and manages a portfolio of 47 regional malls and five community centers concentrated in California (28% of NOI), Phoenix (16%), and the NYC / Washington D.C. corridor (39%). MAC is a member of the S&P 500 and had a consolidated market capitalization of approximately $6.7 billion as of March 31, 2020.