Equity One To Shed $250M in Assets

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NORTH MIAMI BEACH, FL-With plans to focus on properties in core markets, locally based REIT Equity One Inc. plans to sell $250 million in assets over the next two years, Equity One CEO Jeff Olson said during a conference call Wednesday. The company expects to sell $150 million in property in 2007 and $100 million in 2008. “Our strategy is to focus on core markets and dispose of properties where we don’t have critical mass,” Olson says.

The company reported that funds from operations for the fourth quarter were $20 million, or 27 cents per diluted share, compared to $28 million, or 38 cents per diluted share, for the same period in 2005. For the year ended Dec. 31, FFO was $110.3 million, or $1.48 per diluted share, compared to $124.8 million, or $1.67 per diluted share a year ago.