Macerich (NYSE: MAC) reported Q4 EPS of $0.19, $0.01 better than the analyst estimate of $0.18. Revenue for the quarter came in at $241.84 million versus the consensus estimate of $224.95 million.

Results and Highlights:

• Mall tenant annual sales per square foot for the portfolio increased by 10.3% to $801 for the twelve months ended December 31, 2019, compared to $726 for the twelve months ended December 31, 2018.
• Mall portfolio occupancy was 94.0% at December 31, 2019, compared to 93.8% at September 31, 2019 and 95.4% at December 31, 2018.
• Leasing volumes remain strong, with 2019 volume up nearly 20% over 2018 volume.
• Average rent per square foot increased 3.3% to $61.06 at December 31, 2019, compared to $59.09 at December 31, 2018.
• During 2019, the Company completed over $2 billion of financings at an average interest rate of 4.0% and an average maturity of 9.3 years, yielding $560 million of excess loan proceeds and liquidity at the Company's share.

"We are pleased by a solid fourth quarter, culminating a year which met our earnings expectations, despite continued retail headwinds. Sales productivity within the portfolio is strong, and we continue to experience an improving leasing environment with annual leasing transactions and square footage up significantly compared to 2018," said the Company's Chief Executive Officer, Thomas O\'Hern. "We are encouraged by the early success of our recently opened Fashion District Philadelphia, as well as the accretive opportunities to re-purpose former Sears locations with mixed-use and other high traffic generating tenants."

GUIDANCE:

Macerich sees FY2020 EPS of $0.33-$0.43, versus the consensus of $0.36.

For earnings history and earnings-related data on Macerich (MAC) click here.