During the quarter, the company acquired a center in Miami and an outparcel in Jacksonville, FL, while selling outparcels in Atlanta and Huntsville, AL. Three developments and five redevelopments also are under way, and the company recently hired a new chief investment officer to look at future expansion in both existing and new markets.
"We are enthusiastic about our prospects for growth," said Jeffrey S. Olson, president and CEO. "We will continue to recycle out of our lower tier and redeploy that capital into growth opportunities."
Funds from operations (FFO) for the second quarter were $25.2 million, compared to $30.8 million for the same period in 2006. Net income for the quarter was $12.9 million, compared to $111.3 million in the same period in 2006. Net income in 2006 was boosted by the sale of the company's Texas shopping centers. As of June 30, 2007, the company's operating shopping center portfolio was 93.9% occupied.
As of June 30, Equity One has interests in 180 properties, consisting of 164 shopping centers, seven projects under development or redevelopment, three land parcels, and six nonretail properties.
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