Macerich Announces $0.17 Dividend—Market Implications on the Ex-Dividend Date of September 9

Introduction

The Macerich, a prominent player in the real estate investment trust (REIT) sector, has reaffirmed its commitment to shareholder returns by announcing a $0.17 per share cash dividend. This dividend, scheduled with an ex-dividend date of September 9, 2025, aligns with the company’s long-standing policy of distributing earnings to investors. While the REIT sector has faced volatility due to rising interest rates and shifting tenant demand, Macerich’s recent financial performance suggests a cautious but deliberate approach to its capital distribution strategy. Investors are closely watching how the market will react to this ex-dividend event, particularly in light of historical price patterns.

Dividend Overview and Context

The key metrics for understanding the impact of a dividend include the dividend per share (DPS), the ex-dividend date, and the dividend yield. The ex-dividend date is the first day the stock trades without the benefit of the next dividend, and historically, shares often experience a downward adjustment on or around this date.

Macerich’s current cash dividend of $0.17 per share, with no stock component, signals a continuation of its cash-based payout strategy. With the ex-dividend date set for September 9, 2025, investors must transact before this date to be eligible for the upcoming dividend. Given that Macerich reported a loss per share in its latest financial report, this payout is likely supported by a combination of operating cash flow and balance sheet liquidity. The ex-dividend date effect could result in a short-term price drop of approximately $0.17, though this often reverses within a few days as the market adjusts.

Backtest Analysis

The historical performance of Macerich’s stock on ex-dividend dates reveals notable patterns. According to the latest backtest, the stock has shown an average recovery duration of 5.38 days and a 73% probability of recovery within 15 days across 11 dividend events. These results suggest that Macerich’s shares tend to rebound quickly after the ex-dividend price adjustment, which may reduce short-term downside risk for investors.

The backtest was conducted using historical price data from past dividend events, with reinvestment assumptions based on dividend capture strategies. The key insight is that Macerich’s stock has demonstrated resilience, with the market typically correcting for the dividend adjustment within a short time frame. This behavior supports the use of dividend capture strategies where investors buy before the ex-dividend date and sell after the adjustment period.

Driver Analysis and Implications

Macerich’s ability to maintain its dividend despite reporting a loss in the latest financial report indicates that the payout is likely being funded from non-operating sources, such as asset sales or balance sheet liquidity. The company reported a net loss of $102.17 million, with a total loss per share of -$1.56, signaling continued pressure on operating income and profitability. However, the company’s operating revenue of $182.16 million suggests it still generates significant top-line performance, which is crucial for long-term sustainability.

Internally, Macerich’s net interest expense of $31.8 million highlights the impact of higher borrowing costs, a common challenge in the REIT sector. The company’s decision to maintain its dividend in this environment underscores its confidence in future cash flow generation and its commitment to long-term shareholder returns. Externally, rising interest rates have made REITs more sensitive to market sentiment, making dividend announcements increasingly influential for short-term price behavior.

Investment Strategies and Recommendations

For investors seeking to capitalize on Macerich’s dividend announcement:

• Short-term traders might consider a dividend capture strategy, purchasing shares before the ex-dividend date to receive the $0.17 dividend and then selling after the stock’s typical 5-day recovery period.
• Long-term investors should focus on Macerich’s broader financial health, including its cash flow from operations, net asset value, and future tenant leasing trends. Given the company’s recent losses, reinvestment of dividends into the company may be more strategic than immediate selling.
• Portfolio diversification remains key, particularly in a volatile REIT market. Investors should balance Macerich with other high-quality, income-producing assets to mitigate risk.

Conclusion & Outlook

Macerich’s $0.17 dividend on an ex-dividend date of September 9, 2025, represents a continuation of its long-standing shareholder return policy. While the company faces near-term challenges reflected in its latest financial report, its historical stock recovery pattern suggests a favorable environment for dividend capture. Investors should monitor Macerich’s upcoming earnings report and future dividend announcements for further clarity on its strategic direction.