(This story, in slightly different form, originally appeared in ALM's Daily Business Review.)
NORTH MIAMI BEACH, FL-Locally based retail REIT Equity One Inc. has raised $87.6 million in a public stock sale. The company says it sold just over 4.8 million shares of common stock and will use proceeds of the offering to pay down outstanding mortgage debt, make acquisitions and for general corporate purposes.
Two affiliates of Equity One's largest shareholder, MGN America LLC and Gazit America Inc., also bought 600,000 additional shares of common stock. Equity One received about $11 million from the sale.
Jeffrey Olson, CEO of Equity One, said recently that the company is hunting for retail acquisitions and hopes to expand into major US markets such as Boston, Washington, San Francisco and Los Angeles. The stock sale came a week after Equity One reported fourth-quarter funds from operations of $24.6 million, up from $14.4 million in same quarter of 2008.
For all of 2009, FFO totaled $143 million, compared with $60.4 million for 2008. Equity One owns or has interests in 168 shopping centers totaling 19 million square feet.
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