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Equity One Sees 101% Jump in FFO

NORTH MIAMI BEACH, FL-The locally based REIT also had significant increases in net income and revenue for the second quarter and the first half of the year, compared with the comparable periods last year.

By Melissa Bogdany | Updated on July 31, 2003

NORTH MIAMI BEACH-Equity One Inc., a shopping center REIT based here, experienced a 101.2% jump in funds from operations, a standard measure of operating performance for REITs, for the quarter ended June 30.

Funds from operations increased from $11.1 million for the second quarter last year to $22.4 million for the same period this year. They also increased 9.1% to 36 cents per diluted share in the second quarter of this year, up from 33 cents last year.

In addition, both the REIT’s net income and total revenue nearly doubled in the second quarter. Net income was $16.4 million, or 26 cents per diluted share, compared with $8.4 million, or 25 cents per diluted share, in the 2002 quarter. Total revenue grew 106.9% to $49.5 million in the second quarter, compared with $23.9 million in the 2002 quarter.

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