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Macerich (NYSE: MAC) 4Q18 Results: Results Meet/Beat Estimates, 2019 FFO Guidance Below Consensus

Executive Summary

  • Macerich reported adjusted 4Q18 FFOPS of $1.09, in line with the consensus estimate. Revenues were $246.9 million, beating the $244.1 million consensus estimate but down 3.8% year over year.
  • Mall tenant sales per square foot increased 10% to $726 in the year, and same-center operating income grew 4.2% in Q4.
  • The company guided for 2019 adjusted FFO of $3.65-3.73, below the $3.77 consensus estimate.

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