Equity One Beats EPS Estimates By $0.01; Revenues Miss Estimates; Guides FY 2011 In-Line (EQY)

Equity One, Inc. EQY announced today its financial results for the three and twelve months ended December 31, 2010. During the fourth quarter, the company: Reported quarterly Funds From Operations (FFO) of $0.27 per diluted share and FFO for the year of $1.00 per diluted share Reported core occupancy of 90.3%, up 40 basis points from September 30, 2010 Reported an increase in same property net operating income of 3.0% as compared to fourth quarter 2009 Formed joint ventures with Vestar Development Co., acquiring three properties for $86.5 million in two transactions Generated $168.9 million in net proceeds from the underwritten public offering and concurrent private placement of 10.1 million shares of common stock Reached an agreement to acquire three shopping centers in Long Beach, California comprising 273,000 square feet for $72.0 million Closed on the sale of one outparcel totaling $900,000, recognizing a gain of $799,000 Subsequent to the end of the year, the company announced the closing of its acquisition of Capital and Counties USA, Inc. through a joint venture with Capital Shopping Centres Group PLC in which it acquired a portfolio of 13 properties in California totaling 2.4 million square feet. “We are extremely pleased with our results during the fourth quarter on many measures including FFO, occupancy, same property NOI, leverage ratios, development progress, and acquisitions,” said Jeff Olson, CEO of Equity One. “As we look back on 2010, we believe it was a year in which the company made tremendous progress on its strategic plan to diversify out of the Southeast and upgrade the portfolio quality into the supply constrained markets of San Francisco, Los Angeles, and New York.”