(Carl Cronan is editor of Real Estate Florida.)
NORTH MIAMI BEACH, FL-Locally based Equity One Inc. is making moves to cut costs and streamline its management structure, with the steps expected to result in annual savings of nearly $2 million. The retail developer owns or has interests in 146 shopping centers totaling 16 million square feet plus other properties throughout the eastern US.
Mark Langer will be promoted to chief financial officer effective April 24, replacing Greg Andrews, who has agreed to leave the company on that date along with Thomas McDonough, chief investment officer. McDonough's duties will be taken over by Thomas Caputo, Equity One's president, following a one-week transition period.
"Equity One is taking these important steps to control expenses and realign management in its ongoing effort to build value for shareholders," CEO Jeff Olson stated in a release. The company expects to take a one-time charge of $3.2 million in this year's first quarter, of which $1.5 million represents non-cash expenses relating to accelerated vesting of stock and options.
Equity One has submitted a letter of interest to buy Farmington Hills, MI-based Ramco-Gershenson Properties Trust, though that company announced last week that is considering other alternatives to enhance shareholder value. Equity One posted funds from operations totaling $60.5 million in 2008, down nearly 40% from the prior year.
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