(RTTNews) - Wednesday, real estate investment trust Equity One Inc. (EQY: News ), 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."

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