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, 2012.
Highlights of the quarter and recent activity include:
- Generated Funds From Operations (FFO) of $0.28 per diluted share for the quarter and $0.54 for the six months ended June 30, 2012
- Generated Recurring FFO of $0.28 per diluted share for the quarter and $0.55 for the six months ended June 30, 2012
- Increased same property net operating income for the second quarter by 0.7% as compared to 2011 and 2.7% for the six months ended June 30, 2012 as compared to 2011
- Increased core occupancy to 91.8%, up 60 basis points from March 31, 2012
- Increased same property occupancy by 30 basis points to 91.8% from March 31, 2012
- Executed 131 new leases, renewals, and options totaling 431,596 square feet at an average rent spread of 6.5%, which included 50 new leases totaling 118,290 square feet at an average rent spread of 12.3%
- Acquired a retail development site in the Bronx, New York from the New York City Economic Development Corporation
- Entered into a contract to acquire a retail condominium in New York City for $27.5M
- Raised 2012 Recurring FFO guidance to $1.08 to $1.12 per diluted share
“We are pleased with our year to date results driven by stronger fundamentals and a robust development and redevelopment pipeline,” said Jeff Olson, CEO. “Our strategy remains concentrated on simplifying and purifying our portfolio with an intense focus on improving retail assets in urban communities.”
Financial HighlightsIn the second quarter 2012, the company generated FFO of $34.3 million, or $0.28 per diluted share, as compared to $35.1 million, or $0.29 per diluted share for the same period in 2011. Recurring FFO was $34.6 million or $0.28 per diluted share in the second quarter of 2012 as compared to $34.8 million, or $0.29 per diluted share in the second quarter of 2011.