Macerich's Tyson's Corner complex in the D.C. metro was named one of CSA's Top 10 Retail Center Experiences in 2022.
One of the nation’s biggest mall operators has issued a strong signal of post-pandemic recovery.
Reporting high leasing activity and strong cash flow, The Macerich Company has declared a $0.17 per share common stock dividend for its second quarter—a 13% increase over its previous quarter.
The Santa Monica, Calif.-based operator of 44 regional malls and town centers mostly located on the east and west coasts signed 274 new leases totaling 1.2 million sq. ft. of space and renewals in Q2, a more than 25% increase over the same quarter in 2020.
Macerich’s stock value increased by nearly 12% quarter-over-quarter and its cash flow growth is projected at 224%. Mall REITS as a whole are expected to post an estimated 27% growth for the quarter,
"Our decision to increase our dividend is reflective of our resilient business model and strong operating cash flow position," said Macerich CEO Tom O'Hern. "We continue to see a healthy leasing environment, and the strength and quality of our portfolio has allowed us to attract a wide variety of uses to our A-quality properties, while returning capital to our shareholders through this increased dividend."
Macerich’s 48 million sq. ft. of retail real estate has a heavy presence in the Pacific Northwest, the Northeast Corridor, and Phoenix and Scottsdale in Arizona—all affluent, densely populated, and growing markets.