NORTH MIAMI BEACH, FL-Locally based Equity One Inc. reports that 34 of its approximately 80 retail centers in Florida were affected by Hurricane Wilma. Damage to all but one, however, was minor and limited primarily to landscaping, signage and minimal roof damage, according to Doron Valero, president and COO. The exception is the 97,600-sf shopping center in Lantana, which sustained significant roof damage and remains closed.

Lantana aside, Valero says, "all of our properties are either open or ready to open pending restoration of power." By Friday, power had not yet been restored to the company's property management offices in Coral Springs and West Palm Beach, but both are ready to open. By this morning, Florida Power & Light said it had restored electricity to just over 75% of its South Florida customers, and it accelerated its projected time frame for recovery to 95% of customers to Nov. 8.

Valero estimates Equity One's "total out-of-pocket costs, net of insurance recoveries, will be approximately $1.8 million." The bulk of these costs will be expensed as common area maintenance charges or capitalized into the underlying assets. "Although we will not determine the final income statement impact until later this year," the company says in a statement, "we do not envision a change in our previously announced guidance for 2005 funds from operations."