Equity One Inc. (EQY, Financial) filed Quarterly Report for the period ended 2009-06-30.
Equity One Inc. is a self-administered self-managed real estate investment trust that principally acquires renovates develops and manages community and neighborhood shopping centers anchored by national and regional supermarket chains. Equity One Inc. has a market cap of $1.3 billion; its shares were traded at around $15.05 with a P/E ratio of 12.5 and P/S ratio of 5.5. The dividend yield of Equity One Inc. stocks is 8%.
Investment income increased by approximately $560,000, or 87.2%, to approximately $1.2 million in 2009 compared to $644,000 in 2008. The increase is mainly due to higher dividend income of approximately $400,000 generated from our equity investments and an increase in interest income associated with our debt securities of approximately $130,000.
Equity in loss in unconsolidated joint ventures increased by approximately $191,000, to a loss of approximately $21,000 in 2009 compared to income of $170,000 in 2008. The change was primarily attributable to the full year effect of higher interest expense associated with a new loan for our GRI joint venture that closed in June 2008 and net operating losses from our DRA joint venture which closed in September of 2008. The net loss of $21,000 represents our pro rata share of our joint ventures operating results.
Amortization of deferred financing costs decreased by approximately $100,000, to approximately $320,000, in 2009 compared to $420,000 in 2008. The decrease is mainly due to a higher volume of senior note repurchases and maturities in 2009 as compared to 2008.
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 on early extinguishment of debt of approximately $3.5 million. In the second quarter of 2008, we repurchased and canceled approximately $10.5 million principal amount of our senior debt and recognized a net gain on early extinguishment of debt of approximately $700,000.
General and administrative expenses increased by approximately $6.7 million, or 46.5%, to approximately $21.2 million in 2009 compared to $14.5 million in 2008. The increase is primarily attributable to $3.4 million associated with severance and severance related costs associated with the termination of employment of two senior executives initiated as part of our management streamlining and cost management program during the first quarter of 2009. We also incurred additional costs of $1.7 million due to: an increase in leasing personnel costs, higher rental costs due to our leasing of additional office space and higher legal and advisory fees attributable to our investment in Ramco-Gershenson Properties Trust. In addition, we had $1.6 million in administrative costs associated with DIM s ongoing operations, which comprises legal, accounting services and other costs.
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Equity One Inc. is a self-administered self-managed real estate investment trust that principally acquires renovates develops and manages community and neighborhood shopping centers anchored by national and regional supermarket chains. Equity One Inc. has a market cap of $1.3 billion; its shares were traded at around $15.05 with a P/E ratio of 12.5 and P/S ratio of 5.5. The dividend yield of Equity One Inc. stocks is 8%.
Highlight of Business Operations:
General and administrative expenses increased by approximately $1.4 million, or 18.0%, to approximately $9.0 million in 2009 compared to approximately $7.6 million in 2008. The increase is primarily attributable to an increase in professional services of approximately $500,000 related to legal and advisory fees associated with our investment in Ramco-Gershenson, an increase in leasing personnel costs and higher audit fees associated with our acquisition of DIM. In addition, we incurred approximately $820,000 in administrative costs associated with DIM s ongoing operations, which comprise legal, accounting services and other costs in the first quarter of 2009.Investment income increased by approximately $560,000, or 87.2%, to approximately $1.2 million in 2009 compared to $644,000 in 2008. The increase is mainly due to higher dividend income of approximately $400,000 generated from our equity investments and an increase in interest income associated with our debt securities of approximately $130,000.
Equity in loss in unconsolidated joint ventures increased by approximately $191,000, to a loss of approximately $21,000 in 2009 compared to income of $170,000 in 2008. The change was primarily attributable to the full year effect of higher interest expense associated with a new loan for our GRI joint venture that closed in June 2008 and net operating losses from our DRA joint venture which closed in September of 2008. The net loss of $21,000 represents our pro rata share of our joint ventures operating results.
Amortization of deferred financing costs decreased by approximately $100,000, to approximately $320,000, in 2009 compared to $420,000 in 2008. The decrease is mainly due to a higher volume of senior note repurchases and maturities in 2009 as compared to 2008.
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 on early extinguishment of debt of approximately $3.5 million. In the second quarter of 2008, we repurchased and canceled approximately $10.5 million principal amount of our senior debt and recognized a net gain on early extinguishment of debt of approximately $700,000.
General and administrative expenses increased by approximately $6.7 million, or 46.5%, to approximately $21.2 million in 2009 compared to $14.5 million in 2008. The increase is primarily attributable to $3.4 million associated with severance and severance related costs associated with the termination of employment of two senior executives initiated as part of our management streamlining and cost management program during the first quarter of 2009. We also incurred additional costs of $1.7 million due to: an increase in leasing personnel costs, higher rental costs due to our leasing of additional office space and higher legal and advisory fees attributable to our investment in Ramco-Gershenson Properties Trust. In addition, we had $1.6 million in administrative costs associated with DIM s ongoing operations, which comprises legal, accounting services and other costs.
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