On its previously owned 88 properties, Equity One posted $10 million, up from $8.7 million in the comparable 2001 period. But FFO per diluted share decreased 3.3% to 29 cents in 2002 from 30 cents in the 2001 quarter.

For the year ended Dec. 31, 2002, FFO increased 54.8% to $45.5 million from $29.4 million in the 2001 period. FFO per diluted share increased 6.3% to $1.36 in 2002 from $1.28 in 2001.

Net income of $7.3 million or 21 cents per diluted share was up from $5.1 million or 18 cents per diluted share in Q4 2001. Total revenue rose by 14.6% to $27.2 million from $23.7 million previously.

Equity's portfolio was 88.9% leased at year end 2002. During Q4 2002, the REIT increased its average base rent to $10.34 per sf from $10.27 per sf; renewed 45 leases which increased the average rate 3.6% to $12.98 per sf; and signed 46 new leases at an average rate of $12.88 per sf. The company's net operating income, excluding termination fees, increased 4.9% in Q4.

"Our fourth quarter and full-year results reflect the continued performance of our portfolio and our ability to add value for our shareholders," says Chaim Katzman, Equity One's chairman/CEO. "Since our acquisition of CEFUS and UIRT in September 2001, we have improved our overall occupancy by 310 basis points; increased our annual rents by $7.7 million; and furthered our concentration on supermarket-anchored shopping centers through strategic acquisitions, developments and dispositions.