Profile: Equity One Inc (EQY)
22 May 2015
Equity One, Inc. (Equity One), incorporated on June 15, 1992, is a real estate investment trust (REIT). The Company owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in suburban and urban communities. The Company's segments include South Florida - including Miami-Dade, Broward and Palm Beach Counties; North Florida - including all of Florida north of Palm Beach County; Southeast - including Georgia, Louisiana, North Carolina and Virginia; Northeast - including Connecticut, Maryland, Massachusetts and New York; West Coast - California; and Non-retail - which is comprised of non-retail assets.
As of September 30, 2014, Equity One’s consolidated shopping center portfolio comprised 126 properties, including 107 retail properties and four non-retail properties totaling approximately 13.8 million square feet of gross leasable area (GLA), nine development or redevelopment properties with approximately 1.6 million square feet of GLA upon completion, and six land parcels. As of September 30, 2014, the Company’s consolidated shopping center occupancy was 94.4% and included national, regional and local tenants. In addition, it had joint venture interests in 18 retail properties and two office buildings totaling approximately 3.2 million square feet of GLA.
The Company’s all properties are owned in fee simple other than McAlpin Square located in Savannah, Georgia, Plaza Acadienne located in Eunice, Louisiana, El Novillo located in Miami, Florida and Darinor Plaza located in Norwalk, Connecticut, each of which is subject to a ground lease in favor of a third party lessor. Its small number of other shopping centers include outparcels or portions of the center that are subject to ground leases. The Company's leases provide for the monthly payment in advance of fixed minimum rent, the tenants’ pro rata share of property taxes, insurance, including fire and extended coverage, rent insurance and liability insurance and common area maintenance for the property. Its leases may also provide for the payment of additional rent based on a percentage of the tenants’ sales. The leases also require its tenants to use their spaces for the purposes designated in their lease agreements and to operate their businesses on a continuous basis. Some of the lease agreements with national or regional tenants contain modifications of these basic provisions in view of the financial condition, stability or desirability of those tenants.
Equity One Inc
1600 NE Miami Gardens Dr
NORTH MIAMI BEACH FL 33179-4900