Equity One Chalks Up 15.8% Gain on FFO

MIAMI-Equity One Inc., one of the largest owners of neighborhood shopping centers in the Southeast with 180 properties totaling 18.4 million sf, has rung up a 15.8% gain on funds from operations in Q4 2002. The gains were posted for the period prior to its recent merger with IRT Property Co. of Atlanta.

On its previously owned 88 properties, Equity One posted $10 million, up from $8.7 million in the comparable 2001 period. But FFO per diluted share decreased 3.3% to 29 cents in 2002 from 30 cents in the 2001 quarter.

For the year ended Dec. 31, 2002, FFO increased 54.8% to $45.5 million from $29.4 million in the 2001 period. FFO per diluted share increased 6.3% to $1.36 in 2002 from $1.28 in 2001.