Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today that Moody’s Investors Service upgraded Equity One, Inc.’s senior unsecured credit rating to Baa2 with a stable outlook which compares to the previous rating of Baa3 with a positive outlook.
“We are pleased that Moody’s has recognized the improvement in our operating fundamentals, portfolio quality and geographic diversification. During a period of significant portfolio transformation, we demonstrated a commitment to improving our coverage levels, reducing our leverage and enhancing our liquidity,” said Jeff Olson, CEO.
ABOUT EQUITY ONE, INC.
As of September 30, 2012, our consolidated property portfolio comprised 167 properties, including 143 retail properties and five non-retail properties totaling approximately 16.7 million square feet of gross leasable area, or GLA, 12 development or redevelopment properties with approximately 2.5 million square feet of GLA upon completion, and seven land parcels. As of September 30, 2012, our core portfolio was 91.9% leased and included national, regional and local tenants. Additionally, we had joint venture interests in 19 retail properties and two office buildings totaling approximately 2.8 million square feet of GLA.