After rising 75.8% in the third quarter of 2003, compared with the same quarter in 2002, funds from operations increased 162.4% to $26.3 million in the fourth quarter of last year, compared with $10 million for the same period in 2002. Funds from operations per diluted share for the quarter rose 31% from 29 cents in 2002 to 38 cents last year. Funds from operations are a standard measure of a REIT's operating performance.
For all of 2003, funds from operations also increased dramatically, 97.6% to $89.9 million from $45.5 million in 2002. The funds per diluted share grew 7.4% to $1.46 last year from $1.36 the year before.
In the 2003 fourth quarter, the REIT experienced more than a $10 million rise in net income, $7.3 million, or 21 cents per diluted share, in the 2002 fourth quarter to $17.7 million, or 26 cents per diluted share, last year. Net income also rose for the year. The REIT's 2003 net income was $63.6 million, or $1.05 per diluted share, up from $39.9 million, or $1.20 per diluted share, the year before. That's nearly a 59.4% increase. Revenue grew 92.1% from $98.9 million in 2002 to $190 million a year later.
Equity One's financial results from Feb. 12, 2003 include the activity of IRT Property Co. of Atlanta, the date the two merged. Other 2003 highlights for Equity One included acquiring 105 properties for a combined $974 million, which includes the $763-million merger with IRT Property Co.; raising the rental rate by 3.1% on 284 lease renewals totaling 674,889 sf to $12.30 per sf; completing 367 new leases of more than 1.1 million sf combined at an average rate of $10.89 per sf; and increasing its leasing rate to 91.6% in its core portfolio.
"We are very pleased with our 2003 results," Chaim Katzman, chairman and CEO of Equity One, says in a statement. "Consistent leasing and renewal activity boosted our core portfolio occupancy to 91.6%."
Howard Sipzner, chief financial officer of Equity One, was traveling and could not be reached for further comment on the company's results.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
