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Equity One Reports Fourth Quarter And Year End 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 twelve months ended December 31, 2012.

Highlights of the quarter and recent activity include:

  • Generated Recurring FFO of $0.30 per diluted share for the quarter and $1.14 for the year
  • Generated Funds From Operations (FFO) of $0.03 per diluted share for the quarter and $0.85 for the year
  • Increased same property net operating income for the fourth quarter by 3.5% as compared to 2011 and 3.3% for the year as compared to 2011
  • Increased core occupancy to 92.1%, up 20 basis points from September 30, 2012 and up 140 basis points from December 31, 2011
  • Increased same property occupancy to 92.2%, up 40 basis points from September 30, 2012 and 50 basis points from December 31, 2011
  • Executed 117 new leases, renewals, and options totaling 314,665 square feet at an average rent spread of 7.9%
  • Average base rents increased to $14.58 per square foot, up 4.4% as compared to December 31, 2011
  • Acquired two properties in New York City for $29.5 million and one property in San Francisco for $5.8 million
  • Acquired a 583,262 square foot shopping center in suburban Boston for $128.4 million through our joint venture with New York Common Retirement Fund
  • Sold nine non-core assets for approximately $90 million and entered into contracts to sell an additional five assets for $38.6 million
  • Issued $300 million of 3.75% unsecured senior notes due November 15, 2022 to redeem the company’s existing $250 million 6.25% unsecured notes due December 15, 2014
  • Received a credit rating upgrade from Moody’s to Baa2 stable
  • Provided guidance for 2013 Recurring FFO of $1.18 to $1.22 per diluted share

“Our fourth quarter results reflect an improved operating platform that performed well on all levels: occupancy, leasing spreads, net operating income growth, capital recycling, development and redevelopment completions, and balance sheet management,” said Jeff Olson, CEO.

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