0001193125-14-233561.txt : 20140724 0001193125-14-233561.hdr.sgml : 20140724 20140611172229 ACCESSION NUMBER: 0001193125-14-233561 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20140611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY ONE, INC. CENTRAL INDEX KEY: 0001042810 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521794271 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 1600 N E MIAMI GARDENS DRIVE CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 BUSINESS PHONE: 305-947-1664 MAIL ADDRESS: STREET 1: 1600 N E MIAMI GARDENS DRIVE CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 FORMER COMPANY: FORMER CONFORMED NAME: EQUITY ONE INC DATE OF NAME CHANGE: 19970723 CORRESP 1 filename1.htm CORRESP

LOGO

June 11, 2014

Mr. Robert F. Telewicz Jr.

Senior Staff Accountant

United States Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E., Mail Stop 7010

Washington, D.C. 20549

 

Re: Equity One, Inc.

Form 10-K for Fiscal Year Ended December 31, 2013

Filed March 3, 2014

File No. 001-13499

Dear Mr. Telewicz:

On behalf of Equity One, Inc. (the “Registrant”), please find our response to the comment letter dated June 3, 2014 received from the staff of the Division of Corporation Finance (the “Staff”) regarding the Registrant’s Form 10-K for the year ended December 31, 2013, filed March 3, 2014 (the “10-K”).

Please note that for the Staff’s convenience we have recited the Staff’s comment and provided the Registrant’s response to the comment immediately thereafter.

Form 10-K for the year ended December 31, 2013

Item 6. Selected Financial Data, page 30

Staff Comment:

 

1. We have reviewed your response to our prior comment 1. In future filings, please revise your disclosure to present FFO on a consistent and comparable basis.

 

1

LOGO

Company Response:

We acknowledge the Staff’s comment and will revise in future filings our calculation of FFO to be presented as follows (using the quarter ended June 30, 2014 as an example):

The following table illustrates the calculation of FFO and FFO available to diluted common shareholders for the three months ended June 30, 2014 and 2013:

 

     Three Months Ended June 30,  
     2014      2013  
     (in thousands)  

Net income (loss) attributable to Equity One, Inc.

    $ XXX       $ XXX   

Adjustments:

      

Rental property depreciation and amortization, net of noncontrolling interest (1)

      XXX         XXX   

Pro-rata share of real estate depreciation from unconsolidated joint ventures

      XXX         XXX   

Impairments of depreciable real estate, net of tax (1)

      XXX         XXX   

(Gain) loss on disposal of depreciable assets, net of tax (1) (2)

      XXX         XXX   
  

 

 

     

 

 

  

Funds from operations

      XXX         XXX   

Adjustment:

      

Earnings attributed to noncontrolling interests (3)

      XXX         XXX   
  

 

 

     

 

 

  

Funds from operations available to diluted common shareholders

    $ XXX       $ XXX   
  

 

 

     

 

 

  

 

(1)  Includes amounts classified as discontinued operations.
(2)  Includes pro-rata share of unconsolidated joint ventures.
(3)  Represents earnings attributed to convertible units held by Liberty International Holdings Limited (“LIH”). Although these convertible units are excluded from our calculation of earnings per diluted share, FFO available to diluted common shareholders includes earnings allocated to LIH, as the inclusion of these units is dilutive to FFO per diluted share.

If you have any questions regarding the foregoing, please contact me at (786) 528-1470.

 

Sincerely,
/s/ Mark Langer

Mark Langer

Chief Financial Officer

 

2

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