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Equity One Posts Higher FFO

NORTH MIAMI BEACH, FL-The retail REIT gains from debt and sales, but loses income.

By Carl Cronan | Updated on July 30, 2009

NORTH MIAMI BEACH, FL-Locally based Equity One Inc. posted 25% higher funds from operations in the second quarter year over year, at $29.1 million. The retail REIT’s results include gains of $3.5 million from early debt payoffs, plus $3.6 million from the sale of outparcels.

Through this year’s first half, Equity One reported a 56% gain in FFO to $87.1 million. Part of the gain comes from its first-quarter acquisition of a controlling stake of DIM Vastgoed NV.

Equity One’s second-quarter net income was cut in half from a year earlier, to $15.4 million, attributable to the $18-million sale of seven properties to Global Retail Investors. For the year to date, net income rose 18% to $59.2 million.

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