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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.

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