Wednesday, real estate investment trust Equity One Inc. (EQY), reported a swing to profit for the third quarter from a year ago, with a positive funds from operation compared to a negative funds from operation in the prior year quarter.The positive FFO reflects an increase in revenue, as well as absence of impairment present in the year-ago period. Looking ahead, the company raised its funds from operations guidance range.
Equity One generated funds from operations of $31.3 million or $0.36 per share, compared to negative funds from operation of $9.9 million or $0.13 per share in the year earlier period.
The North Miami Beach, Florida-based company's third-quarter net income attributable to the company was $15.32 million or $0.17 per share, compared to a net loss of $21.40 million or $0.29 per share for third quarter 2008.
The year earlier period net loss reflects a other-than-temporary impairment loss on available for sale securities related to DIM Vastgoed, N.V. of $32.69 million or $0.45 per share.
Analysts polled by Thomson Reuters expected the company to report FFO of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter were $66.82 million, compared to $56.46 million in the prior year quarter. Five analysts had a consensus revenue estimate of $67.45 million for the quarter.
In the sequentially preceding second quarter, funds from operations was $29.1 million or $0.34 per share, compared to $23.2 million or $0.32 per share in the prior year second quarter. Second quarter net income attributable to Equity One fell to $15.4 million or $0.18 per share from $29.4 million or $0.40 per share in the year-ago quarter. Second quarter total revenues had increased to $67.7 million from $60.7 million in the same quarter of last year.
As of September 30, occupancy for the company's core portfolio was 90.1%, down 200 basis points as compared to September 30, 2008.
The company's board voted to revise its dividend policy and declared a quarterly cash dividend of $0.22 per share for its common stock for the fourth quarter ending December 31, payable on December 31 to stockholders on record on December 15.
Commenting on the revised dividend policy Jeff Olson, Chief Executive Officer said, "We believe our new dividend policy better aligns our capital allocation with our strategic growth objectives while still maintaining an attractive dividend yield."
The quarterly dividend of $0.22 per share represents an annualized rate of $0.88 per share compared to the previous annual dividend of $1.20 per share.
On October 29, the company closed on the acquisition of Westbury Plaza which is anchored by Walmart and Costco for approximately $103.7 million. Westbury Plaza is a 400,000 square foot shopping center situated in the center of Nassau County, Long Island.
Commenting on acquisition, Tom Caputo, President said, "We are delighted we had the opportunity to purchase such a high quality asset as we enter the New York market. The property is extremely well located in arguably one of the best retail markets in the Northeast. The productivity of the tenants at Westbury Plaza is higher than any center I have seen in over 25 years in the acquisition business."
For the nine months period, Equity One generated higher funds from operations of $118.41 million or $1.43 per share from $9.9 million or $0.63 per share in the year earlier period. Net income attributable to the company rose to $74.51 million or $0.89 per share from $28.88 million or $0.39 per share a year-ago.
Revenues for the nine month period rose to $203.44 million from $180.08 million last year.
Amongst others in the industry, Kimco Realty Corp. (KIM), today reported a significant drop in third quarter funds from operations of $112.6 million or $0.30 per share from $176.9 million or $0.68 per share in the same period a year ago. The company's net attributable to common shareholders dropped to $28.3 million or $0.07 per share from $96.8 million or $0.37 per share for the prior year period. The company's revenues for the period were $192.0 million, compared to $190.0 million in the prior year period.
Equity One raised its full year FFO guidance based on its third quarter performance and now expects FFO to be in the range of $1.65 to $1.70 per share from its previous range of $1.55 to $1.63. The company also lifted its earnings guidance and now expects net income in the range of $0.98 to $1.01, from the earlier expected earnings range of $0.92 to $0.98. Analysts currently expect the company to report earnings of $1.59 per share for fiscal 2009.
Wednesday, EQY closed at $14.61, down $0.27 or 1.81%, on a volume of 567.79 thousand shares on NYSE. In after hours, the stock gained moderately, trading at $14.90, up $0.26 or 1.78%.
In the past 52 weeks, the stock trended in a broad range of $9.06 - $19.95, with a three-month average volume of 0.34 million shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.