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.