Shopping mall developer Macerich Co. said Monday that it paid off $446 million in term notes due next year.

The Santa Monica real estate investment trust said that to lower its debt it used $275 million in proceeds from joint venture sales as well as operating cash obtained by lowering its dividend and paying 90 percent of the dividend in stock.

The company said it also closed on an $85 million, three-year loan for Paradise Valley Mall in Phoenix. The loan on the previously unencumbered property can be extended up to five years and has an initial 5.5 percent interest rate.

Macerich still has $30 million in debt that matures this year, plus $269 million scheduled to mature in 2010.

Macerich shares were down 15 cents, or less than 1 percent, to $33.53 on the New York Stock Exchange.