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Equity One, Inc. (EQY) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Equity One, Inc.

CIK: 1042810 Ticker: EQY


Exhibit 99.1
 
Equity One, Inc.
410 Park Avenue, Suite 1220
New York, NY 10022
212-796-1760

eqylogograya01.jpg
For additional information:
Matthew Ostrower, EVP and
Chief Financial Officer
FOR IMMEDIATE RELEASE:
Equity One Reports Fourth Quarter and Year End 2016 Operating Results

New York, NY, February 28, 2017 -
Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three months and year ended December 31, 2016. Net income attributable to Equity One, Inc. was $17.6 million, or $0.12 per diluted share, for the quarter ended December 31, 2016, as compared to $13.4 million, or $0.10 per diluted share, for the fourth quarter of 2015. Net income attributable to Equity One, Inc. was $72.8 million, or $0.51 per diluted share, for the year ended December 31, 2016, as compared to $65.5 million, or $0.51 per diluted share, for the same period of 2015. Net income attributable to Equity One, Inc. for the three months and year ended December 31, 2016 included $5.5 million of merger expenses associated with the company’s pending merger with Regency Centers Corporation (“Regency”). Net income attributable to Equity One, Inc. for the year ended December 31, 2016 also included $14.7 million of debt extinguishment losses and $3.1 million of impairment losses. Net income attributable to Equity One, Inc. for the year ended December 31, 2015 included $16.8 million of impairment losses, $7.3 million of debt extinguishment losses and $8.8 million of income associated with the redemption of the company’s interest in a joint venture.

Highlights of the quarter and recent activity include:

Generated net income attributable to Equity One, Inc. for the quarter of $0.12 per diluted share, representing a 20% increase as compared to the fourth quarter of 2015, and generated net income attributable to Equity One, Inc. of $0.51 per diluted share for the year ended December 31, 2016, consistent with the same period in 2015
Generated Funds From Operations (FFO) for the quarter of $0.29 per diluted share, consistent with the fourth quarter of 2015, and Core FFO of $0.36 per diluted share for the quarter, representing a 6% increase as compared to the fourth quarter of 2015, and generated FFO and Core FFO for the year ended December 31, 2016 of $1.23 and $1.41 per diluted share, respectively, representing growth of 1% and 7%, respectively, as compared to the same period in 2015
Same-property net operating income (NOI) increased by 4.8% (6.3% including redevelopments) for the quarter as compared to the fourth quarter of 2015, and increased 4.5% (5.6% including redevelopments) for the year ended December 31, 2016 as compared to the same period in 2015
Retail occupancy (excluding developments and redevelopments) was 95.8% as of December 31, 2016, up 40 basis points as compared to September 30, 2016, and down 20 basis points as compared to December 31, 2015
Executed 98 leases totaling 489,200 square feet during the quarter, including 94 same-space new leases, renewals, and options totaling 481,101 square feet at an average rent spread of 14.3% on a cash basis. On a same-space basis, 29 new leases and 65 renewals and options were executed during the quarter at an average rent spread of 19.8% and 12.0%, respectively
Retail portfolio average base rent (including developments and redevelopments) was $20.59 per square foot as of December 31, 2016 as compared to $20.13 as of September 30, 2016
Acquired San Carlos Marketplace, a 153,510 square foot shopping center located in San Carlos, California, for $97.0 million in October 2016
Closed on the sale of a non-core asset for a total gross sales price of $2.7 million in December 2016. Additionally, subsequent to year end, closed on the sale of three non-core assets for a total gross sales price of $34.1 million

The company’s previously announced planned merger with Regency is expected to close on or about March 1, 2017, subject to the satisfaction of customary closing conditions. On February 24, 2017, the stockholders of both Equity One and Regency approved the merger and other related items at their respective stockholder meetings.




The following information was filed by Equity One, Inc. (EQY) on Tuesday, February 28, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Equity
Consolidated Statements Of Cash Flows Statement
Consolidated Statements Of Cash Flows Statement Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Accounts And Other Receivables
Accounts And Other Receivables (details)
Accounts And Other Receivables (tables)
Acquisition Activity (details)
Acquisition Activity (narrative) (details)
Acquisition And Disposition Activity
Acquisition And Disposition Activity (tables)
Acquisition And Disposition Activity Disposition Activity (details)
Acquisitions Schedule Of Purchase Price Allocations (details)
Borrowings
Borrowings (revolving Credit Facility) (details)
Borrowings (schedule Of Mortgage Notes Payable) (details)
Borrowings (schedule Of Senior Notes) (details)
Borrowings (term Loan And Interest Rate Swaps) (details)
Borrowings Borrowings (phantom) (details)
Borrowings Interest (details)
Commitments And Contingencies
Commitments And Contingencies (minimum Annual Payments Under Non-cancellable Operating Leases) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies Commitments And Contingencies (tables)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (schedule Of Condensed Consolidating Balance Sheets) (details)
Condensed Consolidating Financial Information (schedule Of Condensed Consolidating Statements Of Cash Flows) (details)
Condensed Consolidating Financial Information (schedule Of Condensed Consolidating Statements Of Comprehensive Income) (details)
Condensed Consolidating Financial Information (tables)
Environmental Matters
Fair Value Measurements
Fair Value Measurements (recurring Fair Value Measurements) (details)
Fair Value Measurements (tables)
Fair Value Measurements Fair Value Measurements (level 3 Inputs) (details)
Fair Value Measurements Fair Value Measurements (nonrecurring Fair Value Measurements) (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (tables)
Future Minimum Rental Income
Future Minimum Rental Income Future Minimum Rental Income (details)
Future Minimum Rental Income Future Minimum Rental Income (tables)
Goodwill (goodwill Activity) (details)
Goodwill (tables)
Impairment
Impairment (summary Of The Impairment Loss) (details)
Impairment (tables)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (narrative) (details)
Income Taxes (schedule Of Reconciles Gaap Net Income To Taxable Income) (details)
Income Taxes (statutory Federal Income Tax Rate To Taxable Income Before Income Taxes) (details)
Income Taxes (tables)
Income Taxes (tax Status Of Dividends Paid) (details)
Income Taxes (taxable Reit Subsidiaries) (details)
Investments In Joint Ventures
Investments In Joint Ventures (investments In And Advances To Unconsolidated Joint Ventures) (details)
Investments In Joint Ventures (narrative) (details)
Investments In Joint Ventures (tables)
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate (details)
Mortgage Notes Payable (tables)
Noncontrolling Interests
Noncontrolling Interests (narrative) (details)
Noncontrolling Interests (summary Of Noncontrolling Interests) (details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (details)
Other Assets
Other Assets (composition Of Intangible Assets And Accumulated Amortization) (details)
Other Assets (composition Of Other Assets) (details)
Other Assets (tables)
Other Assets Amortization Expense Of Intangible Assets (details)
Other Assets Five Year Amortization Schedule Of Intangible Assets (details)
Other Liabilities
Other Liabilities (composition Of Other Liabilities) (details)
Other Liabilities (estimated Amortization Expense Of Intangible Liabilities) (details)
Other Liabilities (narrative) (details)
Other Liabilities (tables)
Principal Maturities (tables)
Principal Maturities Of Long-term Debt (details)
Properties
Properties (summary Of The Composition Of Income Producing Properties) (details)
Properties (tables)
Proposed Merger With Regency Proposed Merger With Regency
Proposed Merger With Regency Proposed Merger With Regency (details)
Quarterly Financial Data (tables)
Quarterly Financial Data Quarterly Financial Data (details)
Quarterly Financial Data Quarterly Financial Data (notes)
Reconciliation Of Real Estate And Accumulated Depreciation (details)
Related Parties
Related Parties (details)
Share-based Payment Plans
Share-based Payment Plans (narrative) (details)
Share-based Payment Plans (summary Of Assumptions For Estimation Of Fair Value Of Option Grant On The Grant Date Using The Black-scholes-merton Pricing Model) (details)
Share-based Payment Plans (summary Of Restricted Stock Activity) (details)
Share-based Payment Plans (summary Of Share-based Compensation Expense) (details)
Share-based Payment Plans (summary Of Stock Option Activity) (details)
Share-based Payment Plans (tables)
Stockholders’ Equity And Earnings Per Share
Stockholders’ Equity And Earnings Per Share (narrative) (details)
Stockholders’ Equity And Earnings Per Share (tables)
Stockholders’ Equity And Earnings Per Share Eps (summary Of Calculation Of Basic And Diluted Eps And Reconciliation Of Net Income Available To Shareholders) (details)
Stockholders’ Equity And Earnings Per Share Eps Phantom (details)
Subsequent Events
Subsequent Events Subsequent Event (details)
Summary Of Real Estate And Accumulated Depreciation (details)
Summary Of Real Estate And Accumulated Depreciation (notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (estimated Useful Lives Of The Assets) (details)
Summary Of Significant Accounting Policies (policies)
Valuation And Qualifying Accounts Valuation And Qualifying Accounts (details)
Valuation And Qualifying Accounts Valuation And Qualifying Accounts (notes)
Variable Interest Entities
Ticker: EQY
CIK: 1042810
Form Type: 10-K Annual Report
Accession Number: 0001042810-17-000039
Submitted to the SEC: Tue Feb 28 2017 4:40:02 PM EST
Accepted by the SEC: Tue Feb 28 2017
Period: Saturday, December 31, 2016
Industry: Real Estate Investment Trusts

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