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Equity One Reports Third Quarter 2012 Operating Results

Stocks in this article: EQY

Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three and nine months ended September 30, 2012.

Highlights of the quarter and recent activity include:

  • Generated Funds From Operations (FFO) of $0.27 per diluted share for the quarter and $0.82 for the nine months ended September 30, 2012
  • Generated Recurring FFO of $0.28 per diluted share for the quarter and $0.84 for the nine months ended September 30, 2012
  • Increased same property net operating income for the third quarter by 3.6% as compared to 2011 and 3.1% for the nine months ended September 30, 2012 as compared to 2011
  • Increased core occupancy to 91.9%, up 130 basis points from September 30, 2011
  • Executed 111 new leases, renewals, and options totaling 268,652 square feet at an average rent spread of 9.5%
  • Average base rents increased to $14.48/ft, up 9.5% as compared to September 30, 2011
  • Opened The Gallery at Westbury Plaza, a 330,000 square foot center located in Nassau County, New York
  • Received all approvals to expand Serramonte Center with a new 83,000 square foot two story Dick’s Sporting Goods
  • Acquired three properties in the New York metropolitan region for $119.5 million
  • Entered into a contract to acquire a 22-acre property in Bethesda, Maryland for $140 million
  • Marketing 26 non-core assets with an approximate market value of $215 million
  • Completed a common stock offering and concurrent private placement generating proceeds of $85.6 million
  • Issued $300 million of 3.75% senior unsecured notes due November 15, 2022 to redeem existing $250 million 6.25% unsecured notes due December 15, 2014
  • Increased guidance for 2012 Recurring FFO to $1.11 to $1.13 from $1.08 to $1.12

“We are pleased with our third quarter operating results supported by favorable leasing trends, better than expected NOI growth and further execution of our portfolio strategy,” said Jeff Olson, CEO. “We continue to advance our capital recycling program and strengthen our balance sheet.”

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