Executive Summary

• The real estate investment company Macerich reported 4Q15 funds from operations (FFO) of $187.3 million, up 17.9% year over year.
• Diluted FFO EPS increased by 13.1%, to $1.12 from $0.99 in the prior year period, beating the consensus estimate of $1.06 and representing an EPS growth of 13.1% year over year.
• The company had revenue of $320.7 million for the quarter, down 0.7% year-over-year, missing the consensus estimate of $333.3 million
• Macerich expects continued growth in 2016 despite challenging macroeconomic conditions. It expects FFO of $4.05–$4.15 a share, above the consensus estimate of $4.03.