Equity One, Inc. (EQY) 10-K Annual Report Tue Feb 28 2017



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

Material Contracts, Statements, Certifications & more

Equity One, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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