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Equity One Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 9, 2011 10:17PM
Equity One Inc. (EQY) filed Quarterly Report for the period ended 2011-09-30. Equity One Inc. has a market cap of $1.98 billion; its shares were traded at around $17.28 with a P/E ratio of 18.5 and P/S ratio of 7. The dividend yield of Equity One Inc. stocks is 5.1%. Equity One Inc. had an annual average earning growth of 2.7% over the past 5 years.
Highlight of Business Operations:The following table reflects the reconciliation of FFO per diluted share to earnings per diluted share, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2011 and 2010:
Our 2010 Annual Report on Form 10-K contains a description of our critical accounting policies, including initial adoption of accounting policies, revenue recognition and accounts receivable, recognition of gains from the sale of real estate, business acquisitions, real estate acquisitions, real estate properties and development assets, long lived assets, investments in unconsolidated joint ventures, securities, goodwill, share based compensation and incentive awards, and discontinued operations. For the three and nine month periods ended September 30, 2011, there were no material changes to these policies.
The joint venture shares received by LIH are redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. LIHs ability to participate in earnings of CapCo is limited to their right to receive distributions payable on their joint venture shares. These non-elective distributions are designed to mirror dividends paid on our common stock. As such, earnings attributable to the noncontrolling interest as reflected in our condensed consolidated statements of income will be limited to distributions made to LIH on their joint venture shares. Distributions to LIH during the three and nine months ended September 30, 2011 were $2.5 million and $7.0 million, respectively, which were equivalent to the per share dividends declared on our common stock, except for certain pro-rations as stipulated by the terms of the transaction.
Stocks Discussed: EQY,