X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Equity One Inc’s second-quarter financials show no sign of the economic downturn affecting most of the country.

Total revenue for the company rose to $24 million compared to $17 million during the same quarter last year.

Funds from operations had a 73.2% increase from $6.4 million in the 2001 second quarter to $11.1 million in 2002 second quarter.

“We focused on acquisition and getting rid of vacancies for the quarter while divesting of non-core assets,” Chaim Katzman, CEO of Equity, tells Globest.com. “We weren’t really affected by the national slowdown and I’ve noticed no downturn for us.”

Equity’s net income soared from $3.7 million in 2001 second quarter to $8.4 million in this quarter. Total cost and expenses also rose to $17 million, up from $14 million in the 2001 second quarter.

“Fortunately, Equity focused on recession-resistant assets like supermarket and anchors for shopping centers, ” Katzman says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.