Equity One Doubles 2009 FFO, Earnings

MIAMI-Locally based Equity One Inc. more than doubled its funds from operations last year, to $143 million from $60.4 million in 2008. The newly released results include a 71% increase in fourth-quarter FFO of $24.6 million.

Net income for Equity One also doubled last year, to $83.8 million from $35 million in 2008. The company also reports that occupancy at its 168 centers, totaling 19 million square feet, remained relatively stable over the year at just above 90%.

“Overall, we are pleased with our fourth-quarter and full-year performance during 2009 and believe our relative stability reflects our focus on operating fundamentals,” Jeff Olson, Equity One CEO, stated in a release. “During the year, we were able to take advantage of value-enhancing transactions both in our investing activities and on the acquisition front.”