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Equity One Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2012 09:49PM
Equity One Inc. (EQY) filed Quarterly Report for the period ended 2012-03-31. Equity One Inc has a market cap of $2.39 billion; its shares were traded at around $21.03 with a P/E ratio of 21.9 and P/S ratio of 8.2. The dividend yield of Equity One Inc stocks is 4.2%. Equity One Inc had an annual average earning growth of 1.1% over the past 5 years.
Highlight of Business Operations:Non-retail: Revenues decreased by 14.0% or $107,000 to $655,000 for the three months ended 2012 from $762,000 for the three months ended 2011. NOI decreased by 12.5% or $49,000 to $344,000 for 2012 from $393,000 for 2011. The decrease in both revenues and NOI is primarily due to lower minimum rent and expense recovery income as a result of a decrease in occupancy in one of our non-retail sites in the West Coast.
Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest which have already been included for purposes of calculating earnings per diluted share for the three months ended March 31, 2012 and 2011; and (b) an adjustment to compensate for the rounding of the individual calculations.
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 months ended March 31, 2012 and 2011:
Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest which already been included for purposes of calculating earnings per diluted share for the three months ended March 31, 2012 and 2011; and (b) an adjustment to compensate for the rounding of the individual calculations.
Our 2011 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 sales of real estate, real estate acquisitions, real estate properties and development assets, long lived assets, investments in unconsolidated joint ventures, goodwill, share based compensation and incentive awards, income tax, and discontinued operations. For the three months ended March 31, 2012, there were no material changes to these policies. See Note 2 to the financial statements included as part of this Quarterly Report on Form 10-Q for a description of our significant accounting policies and the potential impact of the adoption of any new accounting pronouncements.
Stocks Discussed: EQY,