Net income for Equity One also doubled last year, to $83.8 million from $35 million in 2008. The company also reports that occupancy at its 168 centers, totaling 19 million square feet, remained relatively stable over the year at just above 90%.

"Overall, we are pleased with our fourth-quarter and full-year performance during 2009 and believe our relative stability reflects our focus on operating fundamentals," Jeff Olson, Equity One CEO, stated in a release. "During the year, we were able to take advantage of value-enhancing transactions both in our investing activities and on the acquisition front."

During the fourth quarter, Equity One purchased the 398,602-square-foot Westbury Plaza shopping center in Westbury, NY for $103.7 million, along with an adjacent 22 acres for $24.5 million. Olson said the company was able to close such strategically important acquisitions at a time when many real estate firms were challenged by the economy.

Equity One built an acquisition pipeline of approximately $68 million last year, including two grocery-anchored shopping centers in Ridgefield, CT and Broward County, FL. It also bought 766,573 additional shares of DIM Vastgoed NV, a Dutch investment company in which Equity One already has a controlling stake.

The company plans to buy between $150 million and $200 million worth of assets, either in distress or troubled portfolios. It is also considering expanding its core beyond grocery centers to lifestyle and regional malls.