The combined real estate investment trusts have retained the Equity One name. Now Equity One owns 180 properties of approximately 18.4 million sf in 12 states, and is one of the largest neighborhood shopping center owners in the southern United States.
"The combination of Equity One and IRT will create an unequaled shopping center platform in the southern United States, with particular emphasis on fast-growing, urban markets in Florida, Texas and Georgia," Chaim Katzman, chairman and CEO of Equity One, says in a statement. "We believe that the combined company will realize meaningful benefits in its leasing, management and capital markets activities, and provide superior returns for our stockholders."
Equity One president Doron Valero adds, "Our concentration on supermarket-anchored centers in strong markets, and significant relationships with the major supermarket anchors should position us for superior future growth."
According to preliminary merger consideration election results, timely cash elections were received for about 15.5 million shares of IRT common stock. Equity One will pay $12.15 per IRT share, or an aggregate cash consideration of about $188 million.
In addition, timely stock elections were received for about 14.4 million shares of IRT common stock. For those, plus about 4.5 million shares of IRT common stock for which timely elections were not made, Equity One will issue nine-tenths of a share of Equity One common stock per IRT share, or a total of about 17 million shares of Equity One common stock.
Equity One also assumed about $290 million in existing IRT mortgage and unsecured debt. At the merger closing, Equity One completed the private placement of about 6.9 million shares of its common stock to existing, affiliated investors at $13.47 per share.
Due to the merger and private placement, Equity One has approximately 58.6 million shares outstanding.
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