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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.

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