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, 2012.
Highlights for the quarter and recent activity include:
- Generated Funds From Operations (FFO) of $0.27 per diluted share for the quarter
- Generated Recurring FFO of $0.28 per diluted share for the quarter
- Increased same property net operating income by 4.5% as compared to the first quarter 2011
- Increased core occupancy to 91.2%, up 50 basis points from December 31, 2011
- Executed 122 new leases, renewals, and options totaling 446,959 square feet at an average rent spread of 3.5%
- Acquired or placed under contract three shopping centers located in Fairfield County, Connecticut and one center located in San Francisco, California for a gross purchase price of $189.8 million
- Entered into a contract to acquire a retail development site in the Bronx, New York from the New York City Economic Development Corporation
- Sold five non-core assets for $62.1 million
- Closed a $200 million seven year unsecured term loan with an effective interest rate of 3.46% per annum
“We are pleased with the operating performance of our core business and advancements in our development and redevelopment program,” said Jeff Olson, CEO. “Our results reflect our progress in upgrading and diversifying our portfolio into high density markets including New York, San Francisco, Los Angeles, and Miami.”
Financial HighlightsIn the first quarter 2012, the company generated FFO of $33.2 million, or $0.27 per diluted share, as compared to $61.0 million, or $0.52 per diluted share for the same period in 2011. The results for the first quarter of 2011 included a non cash bargain purchase gain of $30.6 million or $0.26 per diluted share related to the acquisition of Capital and Counties, USA.