Equity One Reports First Quarter 2010 Operating
Results
May 05, 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 months ended March
31, 2010.
During the first quarter the company:
l Reported first quarter FFO of $0.24 per diluted share
l Reported core occupancy of 90.3%, unchanged from December 31, 2009
l Increased its ownership of DIM Vastgoed, N.V. to 93.0%
l Completed a public offering and concurrent private placement of 5.4 million shares of its common stock in a
bought transaction with net proceeds of approximately $98.9 million
l Repaid four mortgage loans totaling $31.5 million with a weighted average interest rate of 8.6%
l Acquired four properties for an aggregate purchase price of $42.7 million
Subsequent to March 31, 2010, the company:
l Acquired Veranda Shoppes for $11.7 million, a 44,888 square foot Publix anchored shopping center located
in Plantation, FL
l Acquired additional shares of DIM Vastgoed, N.V. increasing its ownership to 95.5% of DIM’s issued and
outstanding ordinary shares
“We are pleased with the progress we have made on several of our strategic objectives,” said Jeff Olson, Chief
Executive Officer. “Our operating teams performed very well this quarter as occupancy and same property NOI
were relatively flat compared to the fourth quarter of 2009. We made measurable progress on our acquisition goals
and have now invested $78 million year to date in eight transactions. We are excited that we have been able to
upgrade the quality of our portfolio while increasing the geographic diversification of our income and asset base in an
accretive manner.”
Financial Highlights
In the first quarter 2010, Equity One generated Funds From Operations (FFO) of $20.8 million, or $0.24 per
diluted share, as compared to FFO for the same period in 2009 of $57.9 million, or $0.75 per dilut