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NORTH MIAMI BEACH-North Miami Beach, FL-based Equity One Inc., which owns, develops and operates neighborhood and community shopping centers, reported a 60.7% increase in funds from operations for the quarter ended March 31. Funds from operations, a key measure of an REIT’s success, were $17.3 million in the quarter, compared with $10.7 million for the same quarter in 2002. Net income for the 2003 quarter was $12.3 million or 26 cents per diluted share, down from $13.3 million or 44 cents per diluted share in the comparable quarter in 2002.

The first quarter 2003 results include a loss on debt extinguishment of $623,000 or 1 cent per diluted share. The first quarter 2002 results include a gain on property disposal of $6.1 million, or 20 cents per diluted share. Total revenue increased from $25.8 million in last year’s first quarter to $38.6 million in the first quarter of this year–a 49.9% hike.

Equity One merged with Atlanta-based IRT Property Co. in February. At the end of the first quarter, the company owned 179 properties in 12 states.

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