Equity One, Inc. Announces Approval of $109 Million Serramonte Center Redevelopment and Expansion by City of Daly City
Jun 29 15
Equity One Inc. announced the approval of a $109 million, 200,000 square foot expansion of Serramonte Center in a 5-0 vote by the City Council of the City of Daly City. This project, on which expect to break ground in the next several weeks, will dramatically improve large property, provide attractive risk-adjusted returns for shareholders, and move the company towards achieving a goal of delivering $100 to $150 million of redevelopment and development projects annually. With the addition of the Serramonte redevelopment and expansion, as well as other recently announced projects at Countryside Shops in Cooper City, Florida and Pablo Plaza in Jacksonville, Florida, gross development and redevelopment pipeline now represents over $275 million in total budgeted cost.
Equity One Inc. Declares Cash Dividend for the Second Quarter Ending June 30, 2015, Payable on June 30, 2015
May 8 15
Equity One Inc. announced that its Board of Directors has declared a cash dividend of $0.22 per share of its common stock for the second quarter ending June 30, 2015, payable on June 30, 2015 to stockholders of record on June 16, 2015.
Equity One Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Impairment Loss for the First Quarter Ended March 31, 2015; Re-Affirms and Provides Earnings Guidance for the Year 2015; Provides Impairments of Depreciable Real Estate, Net of Tax Guidance for the Year 2015
Apr 29 15
Equity One Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported recurring FFO available to diluted common shareholders of $44.2 million, or $0.32 per diluted share as compared to $45.4 million, or $0.35 per diluted share, for the first quarter of 2014, representing a 9% decrease on a per share basis. FFO available to diluted common shareholders was $43.3 million, or $0.32 per diluted share, as compared to $44.7 million, or $0.35 per diluted share for the first quarter of 2014, representing a 9% decrease on a per share basis. Net income attributable to the company was $8.0 million, or $0.06 per diluted share as compared to $26.3 million, or $0.22 per diluted share, for the first quarter of 2014. Net income attributable to Equity One for the three months ended March 31, 2015 included $11.1 million related to impairments of depreciable real estate, net of tax. Total revenue was $88.479 million against $92.697 million a year ago. Income before other income and expense, tax and discontinued operations was $35.544 million against $33.854 million a year ago. Income from continuing operations before tax and discontinued operations was $10.472 million against $28.444 million a year ago. Income from continuing operations was $10.508 million against $27.911 million a year ago. Total NOI was $58.000 million against $59.003 million a year ago.
For the first quarter ended March 31, 2015, the company reported impairment loss of $11.307 million.
The company is reaffirmed 2015 recurring FFO guidance of $1.28 to $1.31 per diluted share. The 2015 guidance is based on the following key assumptions: increase in same-property NOI of 2.75% to 3.5%; Year-end 2015 same-property occupancy reaching 95.5% to 96.0%; core acquisitions of $100 million; joint venture acquisitions of $50 million to $100 million; and non-core dispositions of $50 million to $75 million. The company expects estimated earnings attributable to the company's per diluted share between $0.50 to $0.52, rental property depreciation and amortization including pro rata share of joint ventures between $0.64 to $0.65 and estimated FFO per diluted share of $1.25 to $1.28.
For the year ending December 31, 2015, the company expects impairments of depreciable real estate, net of tax of $11,061,000 or $0.08.