NORTH MIAMI BEACH, FL-Most, but not all of the financial indicators for locally based Equity One rose in 2005. That was the gist of the firm’s earnings call yesterday. Full-year FFO rose 9.8% to $124.8 million, compared with $113.7 million the previous year. Full-year income from continuing operations increased as well, 16.2%, to $80.7 million, versus $69.5 million for 2004. However, fourth-quarter 2005 income from continuing operations was $17.8 million, down $1.4 million from the same quarter a year ago.

Net income for the full year was also down. It totaled $92.7 million in 2005 compared with $97.8 million in 2004, and, for fourth-quarter 2005, it was $17.8 million versus $28.3 million in the same quarter the previous year. During the call, the declines were attributed to a disparity in gains on sales of real estate. During 2005, the company realized a gain of just $11.5 million from real estate sales, while it recorded a gain of $22.2 million the year before. There were no gains from the sale of real estate in fourth quarter 2005, while gains of $8.2 million were obtained during fourth quarter 2004.

Rental rates at the company’s 181 retail properties are rising. It negotiated 344 lease renewals for an aggregate of 735,729 sf during 2005 at an overall increase of 4.2% for an average of $15.16 per sf. During the year the company executed 345 new leases for an aggregate 1.4 million sf at an average rental rate of $10.18 per sf. As of Dec. 31, 2005, occupancy in the core shopping-center portfolio was 93.4%.

Citing “high occupancy levels and significant rent gains,” chairman and CEO Chaim Katzman said 2005, “set the stage for higher gains from development and investment activities and for sustained earnings growth.” He said the company was continuing to consider alternatives for its Texas portfolio, “including a possible sale or joint venture.” Six development parcels are in the pipeline, including 155 acres in Tampa, 33 acres in Huntsville, AL and 11.2 acres in Canton, GA.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.