Profile: Equity One Inc (EQY)
7 Mar 2014
Equity One, Inc., incorporated on June 15, 1992, is a real estate investment trust (REIT), which owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained 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, Alabama, Mississippi, North Carolina, South Carolina and Virginia; Northeast , including Connecticut, Maryland, Massachusetts and New York; West Coast , including California and Arizona, and Other/Non-retail , which consists of its non-retail assets. As of December 31, 2012, its consolidated property portfolio comprised 168 properties, including 144 retail properties and six non-retail properties totaling approximately 16.9 million square feet of gross leasable area (GLA), 11 development or redevelopment properties with approximately 2.2 million square feet of GLA upon completion, and seven land parcels. As of December 31, 2012, its core portfolio was 92.1% leased and included national, regional and local tenants. Additionally, it had joint venture interests in 18 retail properties and two office buildings totaling approximately 3.3 million square feet of GLA.
All of its properties are owned in fee simple other than McAlpin Square shopping center located in Savannah, Georgia, Plaza Acadienne shopping center located in Eunice, Louisiana, El Novillo shopping center located in Miami, Florida, Darinor Plaza shopping center located in Norwalk, Connecticut, Aventura Square located in Aventura, Florida, Clocktower Plaza Shopping Center located in Queens, New York and Willow Shopping Center located in Concord, California each of which is subject to a ground lease in favor of a third party lessor. A small number of its shopping centers include outparcels or minor portions of the center that are subject to ground leases. In addition, some of its properties are subject to mortgages.
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. As of December 31, 2012, the GLA, and the annual minimum rent at expiration of its existing properties leased to tenants in its core shopping center portfolio. Its core shopping center portfolio is defined as all of its shopping centers accounted for on a consolidated basis, excluding properties under development and redevelopment, non-retail properties, and properties held in unconsolidated joint ventures.
Equity One Inc
Suite 1220, 410 Park Avenue
NEW YORK NY 10022