Equity One Reports Fourth Quarter and Year-
End 2009 Operating Results
March 04, 2010 04:18 PM Eastern Time
NORTH MIAMI BEACH, Fla.--(EON: Enhanced Online News)--Equity One, Inc. (NYSE:EQY), an owner,
developer, and operator of shopping centers, announced today its financial results for the three and twelve months
ended December 31, 2009.
Quarterly Highlights
l Fourth quarter FFO was $0.28 per diluted share compared to $0.19 per diluted share last year
l Same property NOI decreased by 2.0%
l Occupancy was 90.3%, unchanged from September 30, 2009 on a same-property basis
l Closed on $250 million of five-year, 6.25% senior notes
l Appointed as receiver of The Piers in New Port Richey, Florida
l Executed a solar energy agreement at four shopping centers in the Northeast
“Overall, we are pleased with our fourth quarter and full year performance during 2009 and believe our relative
stability reflects our focus on operating fundamentals,” said Jeff Olson, Chief Executive Officer of Equity One.
“During the year, we were able to take advantage of value enhancing transactions both in our investing activities and
on the acquisition front. We were able to close strategically important acquisitions like Westbury Plaza and the
adjacent land parcel at a time when many real estate companies were challenged by the economy.”
Subsequent to December 31, 2009, the company:
l Built an acquisition pipeline of approximately $68 million, including Copps Hill Plaza, a grocery-anchored
shopping center in Ridgefield, Connecticut, and a Publix anchored shopping center in Broward County,
Florida
l Acquired 766,573 additional shares of DIM Vastgoed, N.V. (“DIM”)
l Expanded the total commitments under Equity One’s existing line of credit by $45 million, increasing the line
capacity to $272 million
l Was appointed as receiver for The Shoppes at Lake Bryan in Hillsboro County, Florida
Financial Highlights
In the fourth quarter 2009, Equity One generated Funds From Operations (FFO) of $24.6 million