X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORTH MIAMI BEACH, FL-Locally based Equity One Inc. posted 25% higher funds from operations in the second quarter year over year, at $29.1 million. The retail REIT’s results include gains of $3.5 million from early debt payoffs, plus $3.6 million from the sale of outparcels.

Through this year’s first half, Equity One reported a 56% gain in FFO to $87.1 million. Part of the gain comes from its first-quarter acquisition of a controlling stake of DIM Vastgoed NV.

Equity One’s second-quarter net income was cut in half from a year earlier, to $15.4 million, attributable to the $18-million sale of seven properties to Global Retail Investors. For the year to date, net income rose 18% to $59.2 million.

Occupancy for Equity One’s core portfolio was 90.7% for the second quarter, down nearly two percentage points over the past year, with 40 new leases totaling 116,214 square feet executed at an average rental rate of $17.11 per square foot, a 2.1% increase. It renewed 72 leases for 191,873 square feet for the quarter for an average rent decline of 1.8% to $13.90 per square foot.

Equity One owns 167 shopping centers totaling 19 million square feet nationwide, including 80 in Florida. It also has joint-venture interests in 12 other shopping centers.

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?

GlobeSt. NET LEASE Spring 2021Event

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

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.