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Equity One Reports Second Quarter 2013 Operating Results

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, 2013.

Highlights of the quarter and recent activity include:
  • Generated Recurring Funds From Operations (FFO) of $0.31 per diluted share for the quarter, an 11% increase compared to the same period of 2012 and $0.63 per diluted share for the six months ended June 30, 2013, a 15% increase compared to the same period of 2012
  • Generated FFO of $0.28 per diluted share for the quarter, consistent with the same period of 2012 and $0.60 per diluted share for the six months ended June 30, 2013, an 11% increase compared to the same period of 2012
  • Increased same property net operating income by 3.1% as compared to the second quarter of 2012 and 3.1% as compared to the six months ended June 30, 2012
  • Core occupancy was 91.5%, a 30 basis point decrease as compared to June 30, 2012 and March 31, 2013
  • On a same property basis, occupancy decreased 50 basis points to 91.4% as compared to June 30, 2012, and 20 basis points to 91.5% as compared to March 31, 2013
  • Executed 120 new leases, renewals, and options totaling 486,247 square feet at an average rent spread of 12.5% on a same space basis
  • Increased average base rents to $15.35 per square foot, up 2.0% as compared to March 31, 2013 and up 8.1% as compared to June 30, 2012
  • Sold 24 non-core assets for $196 million year-to-date, including twelve properties for $96 million since April 1, 2013, and entered into contracts to sell an additional seven non-core assets for $57 million
  • Closed on $81 million of investments in properties within our core markets in three separate transactions:
    • Acquired two of the seven Westwood Complex parcels in Bethesda, Maryland for $37 million
    • Modified the Food Emporium lease at 1175 Third Avenue in New York City providing for significant economic enhancements in exchange for $25 million
    • Acquired the remaining 40% interest in Southbury Green and Danbury Green Shopping Centers for $19 million
  • Updated 2013 Recurring FFO guidance to a new range of $1.20 to $1.23 per diluted share which compares to previous guidance of $1.19 to $1.23 per diluted share

“We are very pleased with our results this quarter. Our upgraded portfolio has produced 3% or better same property NOI growth for four consecutive quarters, and our earnings growth is benefiting from our development and redevelopment projects, our acquisitions, and reductions in general and administrative expenses. We continue to make substantial progress on our capital recycling plan to dispose of non-core assets with approximately $253 million of properties currently sold or under executed contracts,” said Jeff Olson, CEO.

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