Equity One Reports Second Quarter 2010
Operating Results
August 04, 2010 04:04 PM Eastern Daylight 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 six months ended
June 30, 2010.
During the second quarter the company:
l Reported quarterly FFO of $0.25 per diluted share and FFO for the first six months of $0.49 per diluted
share
l Reported core occupancy of 90.1%, down 20 basis points from March 31, 2010
l Reported same property net operating income of -0.6% as compared to the second quarter 2009 and a
sequential increase of 0.4% as compared to the first quarter of this year
l Executed a contract to acquire Capital and Counties USA, Inc. (Capital & Counties) in a joint venture
transaction valued at $600 million
l Bought additional shares of DIM Vastgoed N.V. (DIM) increasing its ownership to approximately 96.1% as
of June 30, 2010
l Acquired Veranda Shoppes in Plantation, FL for $11.7M
l Paid off five mortgages aggregating $29.7M with a weighted average interest rate of 8.05%.
l Closed on the sale of three outparcels totaling $2.5M, recognizing a gain of $1.9M ($.02/share)
“We are pleased with our second quarter results and the relative stability in our portfolio despite a challenging leasing
environment. We have now realized positive sequential same property net operating income growth for the second
consecutive quarter,” said Jeff Olson, Chief Executive Officer. “We continued to take big steps pursuant to our
acquisition strategy and are very excited about the improved quality, diversification, and value creation opportunities
within our asset base.”
Financial Highlights
In the second quarter 2010, Equity One generated Funds From Operations (FFO) of $23.1 million, or $0.25 per
diluted share, as compared to FFO for the same period in 2009 of $29.1 million, or $0.34 per diluted share. The
second quarter 2010 FFO results