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Related Companies Equity One Inc. (EQY)

Related Documents Earnings Release (ER) Equity One Inc. 9/30/2009, filed on 11/4/2009

Related Articles 7/29/2009 Equity One reports Q2 results 5/7/2009 Equity One reports Q1 results

Equity One Inc. on Nov. 4 reported third-quarter FFO of $31.3 million, or 36 cents per share, compared to a loss of $9.9 million, or 13 cents per share, in the year-ago period.

The 2009 third-quarter results include gains of $6.3 million, or 7 cents per share, from the sale of the company's investment in equity securities and $2.3 million, or 3 cents per share, of gains from the sale of two out parcels. The 2008 third-quarter results included a noncash impairment charge related to the company's investment in DIM Vastgoed NV totaling $32.7 million, or 45 cents per share.

The Thomson First Call mean FFO-per-share estimate for the third quarter was 28 cents, according to SNL Financial.

The company raised its full-year FFO-per-share guidance to a range of $1.65 to $1.70 from the prior range of between $1.55 and $1.63 provided with its first-quarter earnings in May and maintained in July with its second-quarter results.

The Thomson First Call mean FFO-per-share estimate for the full year is $1.59.

Same-property NOI declined 4.5% year over year in the 2009 third quarter, primarily due to higher bad debt and an accrual adjustment booked in the third quarter of 2008 that had the effect of reducing the prior-year expense. Excluding these factors, same-property NOI would have declined 1.8%.

Additionally, the company said its board voted Nov. 4 to revise the company's dividend policy and declare a cash dividend of 22 cents per share of common stock for the quarter ending Dec. 31, payable on that date to shareholders of record Dec. 15. The new dividend represents an annualized rate of 88 cents per share, compared to the previous annual dividend of $1.20 per share.