Equity One Inc. (EQY, Financial) filed Quarterly Report for the period ended 2010-06-30.
Equity One Inc. has a market cap of $1.54 billion; its shares were traded at around $16.7 with a P/E ratio of 15.9 and P/S ratio of 5.69. The dividend yield of Equity One Inc. stocks is 5.27%. Equity One Inc. had an annual average earning growth of 2.9% over the past 5 years.EQY is in the portfolios of Bruce Kovner of Caxton Associates, Manning & Napier Advisors, Inc, Steven Cohen of SAC Capital Advisors.
General and administrative expenses increased by $2.7 million, or 30.6%, to $11.7 million in 2010 from $9.0 million in 2009. The increase in 2010 was primarily related to the following:
Amortization of deferred financing fees increased by approximately $132,000 to approximately $454,000 in 2010 compared to $322,000 in 2009. The increase is mainly due to the 6.25% senior notes issued in the fourth quarter of 2009.
In the second quarter of 2010, we prepaid approximately $29.7 million principal amount of our mortgages and recognized a net gain from early extinguishment of debt of approximately $63,000. In the second quarter of 2009, we repurchased and canceled approximately $12.9 million principal amount of our senior notes and recognized a net gain from early extinguishment of debt of approximately $3.5 million.
We recorded a net income tax benefit during the three months ended June 30, 2010 and 2009 of approximately $926,000 and $850,000, respectively. At June 30, 2010, DIM accounts for approximately $735,000 in tax benefits and $191,000 in tax benefits were recognized by our Taxable REIT Subsidiaries (“TRSs”) in respect of their losses.
As a result of the foregoing, net income decreased by $8.6 million, or 58.1%, to $6.2 million for the second quarter ended 2010, compared to net income of $14.9 million in the second quarter of 2009.
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Equity One Inc. has a market cap of $1.54 billion; its shares were traded at around $16.7 with a P/E ratio of 15.9 and P/S ratio of 5.69. The dividend yield of Equity One Inc. stocks is 5.27%. Equity One Inc. had an annual average earning growth of 2.9% over the past 5 years.EQY is in the portfolios of Bruce Kovner of Caxton Associates, Manning & Napier Advisors, Inc, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
While we continue to see improvements in the capital and credit markets, the persistence of a consumer-led economic slowdown has negatively affected net operating income. As a result, for the three months ended June 30, 2010, our same property net operating income declined 0.6% to $36.4 million as compared to $36.6 million for the same period in 2009 while rent spreads on a same-space cash basis for new leases declined 6.4% and renewal leases declined 7.6%. For the six months ended June 30, 2010, our same property net operating income declined 2.2% to $73.7 million as compared to $75.3 million for the same period in 2009. Additionally, economic occupancy for our core shopping center portfolio decreased to 90.1% as of June 30, 2010 as compared to 90.3% at December 31, 2009.General and administrative expenses increased by $2.7 million, or 30.6%, to $11.7 million in 2010 from $9.0 million in 2009. The increase in 2010 was primarily related to the following:
Amortization of deferred financing fees increased by approximately $132,000 to approximately $454,000 in 2010 compared to $322,000 in 2009. The increase is mainly due to the 6.25% senior notes issued in the fourth quarter of 2009.
In the second quarter of 2010, we prepaid approximately $29.7 million principal amount of our mortgages and recognized a net gain from early extinguishment of debt of approximately $63,000. In the second quarter of 2009, we repurchased and canceled approximately $12.9 million principal amount of our senior notes and recognized a net gain from early extinguishment of debt of approximately $3.5 million.
We recorded a net income tax benefit during the three months ended June 30, 2010 and 2009 of approximately $926,000 and $850,000, respectively. At June 30, 2010, DIM accounts for approximately $735,000 in tax benefits and $191,000 in tax benefits were recognized by our Taxable REIT Subsidiaries (“TRSs”) in respect of their losses.
As a result of the foregoing, net income decreased by $8.6 million, or 58.1%, to $6.2 million for the second quarter ended 2010, compared to net income of $14.9 million in the second quarter of 2009.
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