ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 52-1794271 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1600 N.E. Miami Gardens Drive North Miami Beach, FL | 33179 | |
(Address of principal executive offices) | (Zip Code) | |
(305) 947-1664 Registrant’s telephone number, including area code |
EQUITY ONE, INC. AND SUBSIDIARIES QUARTERLY REPORT ON FORM 10-Q QUARTER ENDED JUNE 30, 2012 | ||
TABLE OF CONTENTS | ||
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Item 2. | ||
Item 3. | ||
Item 4. | ||
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Item 1A. | ||
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Item 3. | ||
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Item 6. | ||
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets June 30, 2012 and December 31, 2011 (Unaudited) (In thousands, except share par value amounts) | |||||||
June 30, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Properties: | |||||||
Income producing | $ | 3,101,916 | $ | 2,931,756 | |||
Less: accumulated depreciation | (322,589 | ) | (294,023 | ) | |||
Income producing properties, net | 2,779,327 | 2,637,733 | |||||
Construction in progress and land held for development | 160,290 | 111,844 | |||||
Properties held for sale or properties sold | 8,616 | 58,498 | |||||
Properties, net | 2,948,233 | 2,808,075 | |||||
Cash and cash equivalents | 31,276 | 10,963 | |||||
Cash held in escrow and restricted cash | 1,252 | 92,561 | |||||
Accounts and other receivables, net | 12,636 | 17,790 | |||||
Investments in and advances to unconsolidated joint ventures | 53,781 | 50,158 | |||||
Mezzanine loans receivable, net | 64,690 | 45,279 | |||||
Goodwill | 8,401 | 8,406 | |||||
Other assets | 178,765 | 189,339 | |||||
TOTAL ASSETS (including $111,500 and $109,200 of consolidated variable interest entities at June 30, 2012 and December 31, 2011, respectively*) | $ | 3,299,034 | $ | 3,222,571 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Mortgage notes payable | $ | 429,693 | $ | 470,687 | |||
Unsecured senior notes payable | 681,136 | 691,136 | |||||
Term loan | 200,000 | — | |||||
Unsecured revolving credit facilities | 101,000 | 138,000 | |||||
1,411,829 | 1,299,823 | ||||||
Unamortized premium on notes payable, net | 6,104 | 8,181 | |||||
Total notes payable | 1,417,933 | 1,308,004 | |||||
Other liabilities: | |||||||
Accounts payable and accrued expenses | 54,889 | 50,514 | |||||
Tenant security deposits | 8,878 | 8,455 | |||||
Deferred tax liability | 14,529 | 14,709 | |||||
Other liabilities | 184,415 | 164,188 | |||||
Liabilities associated with assets held for sale or sold | — | 28,695 | |||||
Total liabilities (including $63,600 and $61,900 of consolidated variable interest entities at June 30, 2012 and December 31, 2011, respectively*) | 1,680,644 | 1,574,565 | |||||
Redeemable noncontrolling interests | 22,621 | 22,804 | |||||
Commitments and contingencies | — | — | |||||
Stockholders' Equity: | |||||||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | — | — | |||||
Common stock, $0.01 par value – 150,000 shares authorized, 112,727 and 112,599 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively | 1,127 | 1,126 | |||||
Additional paid-in capital | 1,592,136 | 1,587,874 | |||||
Distributions in excess of earnings | (199,422 | ) | (170,530 | ) | |||
Accumulated other comprehensive loss | (6,003 | ) | (1,154 | ) | |||
Total stockholders’ equity of Equity One, Inc. | 1,387,838 | 1,417,316 | |||||
Noncontrolling interests | 207,931 | 207,886 | |||||
Total equity | 1,595,769 | 1,625,202 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 3,299,034 | $ | 3,222,571 |
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income For the three and six months ended June 30, 2012 and 2011 (Unaudited) (In thousands, except per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
REVENUE: | |||||||||||||||
Minimum rent | $ | 62,591 | $ | 55,000 | $ | 123,318 | $ | 108,006 | |||||||
Expense recoveries | 18,641 | 16,882 | 36,562 | 32,609 | |||||||||||
Percentage rent | 791 | 621 | 2,745 | 2,075 | |||||||||||
Management and leasing services | 500 | 641 | 1,304 | 1,107 | |||||||||||
Total revenue | 82,523 | 73,144 | 163,929 | 143,797 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Property operating | 21,983 | 20,495 | 44,008 | 40,988 | |||||||||||
Rental property depreciation and amortization | 23,024 | 20,745 | 44,704 | 39,473 | |||||||||||
General and administrative | 10,627 | 13,336 | 22,187 | 25,316 | |||||||||||
Total costs and expenses | 55,634 | 54,576 | 110,899 | 105,777 | |||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 26,889 | 18,568 | 53,030 | 38,020 | |||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||
Investment income | 1,584 | 967 | 3,029 | 1,660 | |||||||||||
Equity in (loss) income of unconsolidated joint ventures | (152 | ) | (98 | ) | (340 | ) | 268 | ||||||||
Other (loss) income | (7 | ) | 25 | 134 | 156 | ||||||||||
Interest expense | (17,843 | ) | (17,389 | ) | (35,212 | ) | (34,940 | ) | |||||||
Amortization of deferred financing fees | (616 | ) | (558 | ) | (1,209 | ) | (1,097 | ) | |||||||
Gain on bargain purchase | — | — | — | 30,561 | |||||||||||
Gain on sale of real estate | — | 4,606 | — | 4,606 | |||||||||||
Gain on extinguishment of debt | 436 | 213 | 343 | 255 | |||||||||||
Impairment loss | (3,948 | ) | (145 | ) | (3,948 | ) | (145 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 6,343 | 6,189 | 15,827 | 39,344 | |||||||||||
Income tax benefit of taxable REIT subsidiaries | 15 | 174 | 61 | 307 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 6,358 | 6,363 | 15,888 | 39,651 | |||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||
Operations of income producing properties sold or held for sale | 156 | 3,669 | (16 | ) | 7,324 | ||||||||||
(Loss) gain on disposal of income producing properties | — | (13 | ) | 14,269 | (13 | ) | |||||||||
Impairment loss on income producing properties sold or held for sale | (1,493 | ) | (1,277 | ) | (3,425 | ) | (1,277 | ) | |||||||
Income tax benefit of taxable REIT subsidiaries | — | 379 | — | 811 | |||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | (1,337 | ) | 2,758 | 10,828 | 6,845 | ||||||||||
NET INCOME | 5,021 | 9,121 | 26,716 | 46,496 | |||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,753 | ) | (2,148 | ) | (5,466 | ) | (4,547 | ) | |||||||
Net loss attributable to noncontrolling interests - discontinued operations | — | 13 | — | 30 | |||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 2,268 | $ | 6,986 | $ | 21,250 | $ | 41,979 | |||||||
EARNINGS (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.09 | $ | 0.32 | |||||||
Discontinued operations | (0.01 | ) | 0.03 | 0.10 | 0.06 | ||||||||||
$ | 0.02 | $ | 0.06 | * | $ | 0.18 | * | $ | 0.38 | ||||||
Number of Shares Used in Computing Basic Earnings per Share | 112,715 | 108,942 | 112,682 | 107,605 | |||||||||||
EARNINGS (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.09 | $ | 0.32 | |||||||
Discontinued operations | (0.01 | ) | 0.03 | 0.09 | 0.06 | ||||||||||
$ | 0.02 | $ | 0.06 | * | $ | 0.18 | $ | 0.38 | |||||||
Number of Shares Used in Computing Diluted Earnings per Share | 113,210 | 109,112 | 112,940 | 107,768 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
NET INCOME | $ | 5,021 | $ | 9,121 | $ | 26,716 | $ | 46,496 | |||||||
OTHER COMPREHENSIVE (LOSS) INCOME: | |||||||||||||||
Net amortization of interest rate contracts included in net income | 16 | 16 | 32 | 32 | |||||||||||
Net unrealized (loss) gain on interest rate swap (1) | (5,950 | ) | 13 | (4,881 | ) | 94 | |||||||||
Other comprehensive (loss) income adjustment | (5,934 | ) | 29 | (4,849 | ) | 126 | |||||||||
COMPREHENSIVE (LOSS) INCOME | (913 | ) | 9,150 | 21,867 | 46,622 | ||||||||||
Comprehensive income attributable to noncontrolling interests | (2,753 | ) | (2,135 | ) | (5,466 | ) | (4,517 | ) | |||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | (3,666 | ) | $ | 7,015 | $ | 16,401 | $ | 42,105 |
Common Stock | Additional Paid-In Capital | Distributions in Excess of Earnings | Accumulated Other Comprehensive Loss | Total Stockholders' Equity of Equity One, Inc. | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2011 | 112,599 | $ | 1,126 | $ | 1,587,874 | $ | (170,530 | ) | $ | (1,154 | ) | $ | 1,417,316 | $ | 207,886 | $ | 1,625,202 | |||||||||||||
Issuance of common stock, net of withholding taxes | 128 | 1 | 295 | — | — | 296 | — | 296 | ||||||||||||||||||||||
Stock issuance costs | — | — | (6 | ) | — | — | (6 | ) | — | (6 | ) | |||||||||||||||||||
Share-based compensation expense | — | — | 3,757 | — | — | 3,757 | — | 3,757 | ||||||||||||||||||||||
Restricted stock reclassified from liability to equity | — | — | 101 | — | — | 101 | — | 101 | ||||||||||||||||||||||
Net income | — | — | — | 21,250 | — | 21,250 | 5,042 | 26,292 | ||||||||||||||||||||||
Dividends paid on common stock | — | — | — | (50,142 | ) | — | (50,142 | ) | — | (50,142 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (4,997 | ) | (4,997 | ) | ||||||||||||||||||||
Revaluation of redeemable noncontrolling interest | — | — | 115 | — | — | 115 | — | 115 | ||||||||||||||||||||||
Other comprehensive loss adjustment | — | — | — | — | (4,849 | ) | (4,849 | ) | — | (4,849 | ) | |||||||||||||||||||
BALANCE AT JUNE 30, 2012 | 112,727 | $ | 1,127 | $ | 1,592,136 | $ | (199,422 | ) | $ | (6,003 | ) | $ | 1,387,838 | $ | 207,931 | $ | 1,595,769 |
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2012 and 2011 (Unaudited) (In thousands) | |||||||
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
OPERATING ACTIVITIES: | |||||||
Net income | $ | 26,716 | $ | 46,496 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Straight line rent adjustment | (1,996 | ) | (1,808 | ) | |||
Accretion of below market lease intangibles, net | (6,506 | ) | (5,066 | ) | |||
Equity in loss (income) of unconsolidated joint ventures | 340 | (811 | ) | ||||
Gain on bargain purchase | — | (30,561 | ) | ||||
Income tax benefit of taxable REIT subsidiaries | (61 | ) | (1,118 | ) | |||
Provision for losses on accounts receivable | 349 | 1,573 | |||||
Amortization of (premium) discount on notes payable, net | (1,592 | ) | 667 | ||||
Amortization of deferred financing fees | 1,211 | 1,105 | |||||
Depreciation and amortization | 46,473 | 49,369 | |||||
Share-based compensation expense | 3,620 | 3,322 | |||||
Amortization of derivatives | 32 | 32 | |||||
Gain on sale of real estate | (14,269 | ) | (4,606 | ) | |||
Loss (gain) on extinguishment of debt | 373 | (255 | ) | ||||
Operating distributions from joint venture | 1,697 | 513 | |||||
Impairment loss | 7,373 | 1,422 | |||||
Changes in assets and liabilities, net of effects of acquisitions and disposals: | |||||||
Accounts and other receivables | 4,618 | 2,012 | |||||
Other assets | 14,038 | (4,794 | ) | ||||
Accounts payable and accrued expenses | (3,685 | ) | 2,224 | ||||
Tenant security deposits | 382 | 13 | |||||
Other liabilities | (580 | ) | (407 | ) | |||
Net cash provided by operating activities | 78,533 | 59,322 | |||||
INVESTING ACTIVITIES: | |||||||
Acquisition of income producing properties | (161,250 | ) | (100,472 | ) | |||
Additions to income producing properties | (10,732 | ) | (6,660 | ) | |||
Additions to construction in progress | (36,367 | ) | (7,503 | ) | |||
Proceeds from sale of real estate and rental properties | 33,166 | 42,052 | |||||
Decrease in cash held in escrow | 91,591 | — | |||||
Increase in deferred leasing costs and lease intangibles | (3,588 | ) | (3,531 | ) | |||
Investment in joint ventures | (6,572 | ) | (9,769 | ) | |||
Investment in consolidated subsidiary | — | (242 | ) | ||||
Repayments from joint ventures | 558 | — | |||||
Distributions from joint ventures | 567 | — | |||||
Investment in mezzanine loan | (19,258 | ) | — | ||||
Net cash used in investing activities | (111,885 | ) | (86,125 | ) |
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2012 and 2011 (Unaudited) (In thousands) | |||||||
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
FINANCING ACTIVITIES: | |||||||
Repayments of mortgage notes payable | $ | (42,061 | ) | $ | (143,383 | ) | |
Net (repayments) borrowings under revolving credit facilities | (37,000 | ) | 63,500 | ||||
Repayment of senior debt | (10,000 | ) | — | ||||
Proceeds from issuance of common stock | 296 | 116,617 | |||||
Borrowings under term loan | 200,000 | — | |||||
Payment of deferred financing costs | (2,001 | ) | (252 | ) | |||
Stock issuance costs | (6 | ) | (982 | ) | |||
Dividends paid to stockholders | (50,142 | ) | (48,743 | ) | |||
Distributions to noncontrolling interests | (4,997 | ) | (4,523 | ) | |||
Distributions to redeemable noncontrolling interests | (424 | ) | — | ||||
Net cash provided by (used in) financing activities | 53,665 | (17,766 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 20,313 | (44,569 | ) | ||||
Cash and cash equivalents obtained through acquisition | — | 23,412 | |||||
Cash and cash equivalents at beginning of the period | 10,963 | 38,333 | |||||
Cash and cash equivalents at end of the period | $ | 31,276 | $ | 17,176 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
Cash paid for interest (net of capitalized interest of $2,495 and $1,028 in 2012 and 2011, respectively) | $ | 37,299 | $ | 42,151 | |||
We acquired upon acquisition of certain income producing properties: | |||||||
Income producing properties | $ | 173,650 | $ | 123,533 | |||
Intangible and other assets | 13,196 | 8,570 | |||||
Intangible and other liabilities | (25,596 | ) | (20,528 | ) | |||
Assumption of mortgage notes payable | — | (11,103 | ) | ||||
Cash paid for income producing properties | $ | 161,250 | $ | 100,472 | |||
Net cash paid for the acquisition of C&C (US) No. 1 is as follows: | |||||||
Income producing properties | $ | — | $ | 471,219 | |||
Intangible and other assets | — | 113,484 | |||||
Intangible and other liabilities | — | (35,898 | ) | ||||
Assumption of mortgage notes payable | — | (261,813 | ) | ||||
Issuance of Equity One common stock | — | (73,698 | ) | ||||
Noncontrolling interest in C&C (US) No. 1 | — | (206,145 | ) | ||||
Gain on bargain purchase | — | (30,561 | ) | ||||
Cash acquired upon acquisition of C&C (US) No. 1 | — | 23,412 | |||||
Net cash paid for acquisition of C&C (US) No. 1 | $ | — | $ | — | |||
Net cash paid for acquisition of income producing properties | $ | 161,250 | $ | 100,472 |
Date Purchased | Property Name | City | State | Square Feet/Acres | Purchase Price | ||||||
(in thousands) | |||||||||||
June 8, 2012 | Broadway Plaza - land parcel | Bronx | NY | 1.83 | (1) | $ | 7,500 | ||||
March 1, 2012 | Potrero Center (2) | San Francisco | CA | 226,699 | 110,750 | ||||||
March 1, 2012 | Compo Acres Shopping Center (2) | Westport | CT | 43,107 | 30,300 | ||||||
March 1, 2012 | Post Road Plaza (2) | Darien | CT | 20,005 | 12,700 | ||||||
Total | $ | 161,250 |
Date Sold | Property Name | City | State | Square Feet/Acres | Gross Sales Price | |||||||||||
(in thousands) | ||||||||||||||||
Income producing property sold | ||||||||||||||||
March 30, 2012 | Laurel Walk Apartments | Charlotte | NC | 106,480 | $ | 6,000 | ||||||||||
March 30, 2012 | Commerce Crossing | Commerce | GA | 100,668 | 600 | |||||||||||
March 15, 2012 | 222 Sutter Street | San Francisco | CA | 128,595 | 53,829 | (1 | ) | |||||||||
60,429 | ||||||||||||||||
Outparcels sold | ||||||||||||||||
February 27, 2012 | Market Place - IHOP outparcel | Norcross | GA | 0.35 | (2 | ) | 885 | |||||||||
January 20, 2012 | Grand Marche - ground lease | Lafayette Parish | LA | 200,585 | 775 | |||||||||||
1,660 | ||||||||||||||||
Total | $ | 62,089 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | |||||||||||||||
Rental revenue | $ | 204 | $ | 16,274 | $ | 1,865 | $ | 32,408 | |||||||
Expenses: | |||||||||||||||
Property operating expenses | 63 | 4,611 | 720 | 8,961 | |||||||||||
Rental property depreciation and amortization | 39 | 4,128 | 158 | 8,494 | |||||||||||
General and administrative expenses | — | 18 | 13 | 31 | |||||||||||
Operations of income producing property | 102 | 7,517 | 974 | 14,922 | |||||||||||
Interest expense | — | (4,137 | ) | (327 | ) | (8,151 | ) | ||||||||
Equity in income in unconsolidated joint ventures | — | 275 | — | 543 | |||||||||||
(Loss) gain on disposal of income producing properties | — | (13 | ) | 14,269 | (13 | ) | |||||||||
Impairment loss on income producing properties sold or held for sale | (1,493 | ) | (1,277 | ) | (3,425 | ) | (1,277 | ) | |||||||
Loss on extinguishment of debt | — | — | (716 | ) | — | ||||||||||
Income tax benefit | — | 379 | — | 811 | |||||||||||
Other income | 54 | 14 | 53 | 10 | |||||||||||
(Loss) income from discontinued operations | (1,337 | ) | 2,758 | 10,828 | 6,845 | ||||||||||
Net loss attributable to noncontrolling interests - discontinued operations | — | 13 | — | 30 | |||||||||||
(Loss) income from discontinued operations attributable to Equity One, Inc. | $ | (1,337 | ) | $ | 2,771 | $ | 10,828 | $ | 6,875 |
Investment Balance | ||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | June 30, 2012 | December 31, 2011 | |||||||||
(In thousands) | ||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.0% | $ | 7,692 | $ | 7,705 | |||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.0% | 3,538 | 3,215 | |||||||||
Madison 2260 Realty LLC | 1 | NY | 8.6% | 634 | 1,066 | |||||||||
Madison 1235 Realty LLC | 1 | NY | 20.1% | 1,000 | 1,000 | |||||||||
Talega Village Center JV, LLC (3) | 1 | CA | 50.5% | 2,934 | 3,620 | |||||||||
Vernola Marketplace JV, LLC (3) | 1 | CA | 50.5% | 7,183 | 7,433 | |||||||||
Parnassus Heights Medical Center | 1 | CA | 50.0% | 13,454 | 13,695 | |||||||||
Equity One JV Portfolio, LLC (4) | 3 | FL, MA | 30.0% | 16,783 | 11,393 | |||||||||
Total | 53,218 | 49,127 | ||||||||||||
Advances to unconsolidated joint ventures | 563 | 1,031 | ||||||||||||
Investments in and advances to unconsolidated joint ventures | $ | 53,781 | $ | 50,158 |
June 30, 2012 | December 31, 2011 | ||||||
(In thousands) | |||||||
Lease intangible assets, net | $ | 92,318 | $ | 92,559 | |||
Leasing commissions, net | 30,245 | 28,643 | |||||
Deposits and mortgage escrow | 15,790 | 34,567 | |||||
Straight-line rent receivable, net | 19,209 | 17,266 | |||||
Deferred financing costs, net | 9,419 | 8,663 | |||||
Prepaid and other expenses | 6,277 | 2,178 | |||||
Deferred tax asset | 3,107 | 3,229 | |||||
Furniture and fixtures, net | 2,400 | 2,234 | |||||
Total other assets | $ | 178,765 | $ | 189,339 |
June 30, 2012 | December 31, 2011 | ||||||
(In thousands) | |||||||
Lease intangible liabilities, net | $ | 176,705 | $ | 156,495 | |||
Prepaid rent | 7,099 | 6,882 | |||||
Other | 611 | 811 | |||||
Total other liabilities | $ | 184,415 | $ | 164,188 |
June 30, 2012 | December 31, 2011 | ||||||
(In thousands) | |||||||
Danbury 6 Associates LLC (1) | $ | 7,720 | $ | 7,720 | |||
Southbury 84 Associates LLC (2) | 11,242 | 11,242 | |||||
Vestar/EQY Canyon Trails LLC (3) | 2,670 | 2,853 | |||||
Walden Woods Village, Ltd. (4) | 989 | 989 | |||||
Total redeemable noncontrolling interests | $ | 22,621 | $ | 22,804 | |||
CapCo | $ | 206,145 | $ | 206,145 | |||
DIM | 1,206 | 1,132 | |||||
Vestar/EQY Talega LLC (5) | 155 | 181 | |||||
Vestar/EQY Vernola LLC (6) | 425 | 428 | |||||
Total noncontrolling interests included in stockholders' equity | $ | 207,931 | $ | 207,886 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Income from continuing operations | $ | 6,358 | $ | 6,363 | 15,888 | $ | 39,651 | |||||||||
Net income attributable to noncontrolling interests | (2,753 | ) | (2,148 | ) | (5,466 | ) | (4,547 | ) | ||||||||
Income from continuing operations attributable to Equity One, Inc. | 3,605 | — | 4,215 | 10,422 | 35,104 | |||||||||||
Allocation of continuing income to restricted share awards and to Class A common stockholder | (272 | ) | (295 | ) | (552 | ) | (597 | ) | ||||||||
Income from continuing operations attributable to common stockholders | 3,333 | 3,920 | 9,870 | 34,507 | ||||||||||||
(Loss) income from discontinued operations | (1,337 | ) | 2,758 | 10,828 | 6,845 | |||||||||||
Net loss attributable to noncontrolling interests | — | 13 | — | 30 | ||||||||||||
(Loss) income from discontinued operations attributable to Equity One, Inc. | (1,337 | ) | — | 2,771 | 10,828 | 6,875 | ||||||||||
Allocation of discontinued income to restricted share awards and to Class A common stockholder | — | (34 | ) | (120 | ) | (86 | ) | |||||||||
(Loss) income from discontinued operations attributable to common stockholders | (1,337 | ) | 2,737 | 10,708 | 6,789 | |||||||||||
Net income available to common stockholders | $ | 1,996 | — | $ | 6,657 | $ | 20,578 | $ | 41,296 | |||||||
Weighted average shares outstanding — Basic | 112,715 | 108,942 | 112,682 | 107,605 | ||||||||||||
Basic earnings (loss) per share attributable to the common stockholders: | ||||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.09 | $ | 0.32 | ||||||||
Discontinued operations | (0.01 | ) | 0.03 | 0.10 | 0.06 | |||||||||||
Earnings per common share — Basic | $ | 0.02 | $ | 0.06 | * | $ | 0.18 | * | $ | 0.38 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
Income from continuing operations | $ | 6,358 | $ | 6,363 | $ | 15,888 | $ | 39,651 | |||||||
Net income attributable to noncontrolling interests | (2,753 | ) | (2,148 | ) | (5,466 | ) | (4,547 | ) | |||||||
Income from continuing operations attributable to Equity One, Inc. | 3,605 | 4,215 | 10,422 | 35,104 | |||||||||||
Allocation of continuing income to restricted share awards and to Class A common stockholder | (272 | ) | (295 | ) | (552 | ) | (597 | ) | |||||||
Income from continuing operations attributable to common stockholders | 3,333 | 3,920 | 9,870 | 34,507 | |||||||||||
(Loss) income from discontinued operations | (1,337 | ) | 2,758 | 10,828 | 6,845 | ||||||||||
Net loss attributable to noncontrolling interests | — | 13 | — | 30 | |||||||||||
(Loss) income from discontinued operations attributable to Equity One, Inc. | (1,337 | ) | 2,771 | 10,828 | 6,875 | ||||||||||
Allocation of discontinued income to restricted share awards and to Class A common stockholder | — | (31 | ) | (109 | ) | (78 | ) | ||||||||
(Loss) income from discontinued operations attributable to common stockholders | (1,337 | ) | 2,740 | 10,719 | 6,797 | ||||||||||
Net income available to common stockholders | $ | 1,996 | $ | 6,660 | $ | 20,589 | $ | 41,304 | |||||||
Weighted average shares outstanding — Basic | 112,715 | 108,942 | 112,682 | 107,605 | |||||||||||
Stock options using the treasury method | 235 | 170 | 203 | 163 | |||||||||||
Executive Incentive Plan shares using the treasury method | 260 | — | 55 | — | |||||||||||
Weighted average shares outstanding — Diluted | 113,210 | 109,112 | 112,940 | 107,768 | |||||||||||
Diluted earnings (loss) per share attributable to common stockholders: | |||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.09 | $ | 0.32 | |||||||
Discontinued operations | (0.01 | ) | 0.03 | 0.09 | 0.06 | ||||||||||
Earnings per common share — Diluted | $ | 0.02 | $ | 0.06 | * | $ | 0.18 | $ | 0.38 |
Shares Under Option | Weighted- Average Exercise Price | |||||
(In thousands) | ||||||
Outstanding at January 1, 2012 | 3,565 | $ | 20.62 | |||
Granted | — | — | ||||
Exercised | (35 | ) | 11.59 | |||
Forfeited or expired | (2 | ) | 18.88 | |||
Outstanding at June 30, 2012 | 3,528 | $ | 20.72 | |||
Exercisable at June 30, 2012 | 2,948 | $ | 21.25 |
Unvested Shares | Weighted-Average Price | |||||
(In thousands) | ||||||
Unvested at January 1, 2012 | 1,178 | $ | 17.23 | |||
Granted | 67 | 18.70 | ||||
Vested | (98 | ) | 18.42 | |||
Forfeited | (3 | ) | 19.33 | |||
Unvested at June 30, 2012 | 1,144 | * | $ | 17.21 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | |||||||||||||||
Restricted stock expense | $ | 1,438 | $ | 1,417 | $ | 3,199 | $ | 2,706 | |||||||
Stock option expense | 252 | 375 | 551 | 711 | |||||||||||
Employee stock purchase plan discount | 4 | 4 | 7 | 8 | |||||||||||
Total equity-based expense | 1,694 | 1,796 | 3,757 | 3,425 | |||||||||||
Restricted stock classified as a liability | 17 | 13 | 17 | 20 | |||||||||||
Total expense | 1,711 | 1,809 | 3,774 | 3,445 | |||||||||||
Less amount capitalized | (71 | ) | (67 | ) | (154 | ) | (123 | ) | |||||||
Net share-based compensation expense | $ | 1,640 | $ | 1,742 | $ | 3,620 | $ | 3,322 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | |||||||||||||||
Revenues: | |||||||||||||||
South Florida | $ | 22,599 | $ | 21,676 | $ | 45,987 | $ | 44,227 | |||||||
North Florida | 11,365 | 12,103 | 22,899 | 23,887 | |||||||||||
Southeast | 14,147 | 13,746 | 28,056 | 27,600 | |||||||||||
Northeast | 11,701 | 8,157 | 23,128 | 16,715 | |||||||||||
West Coast | 17,111 | 12,791 | 32,829 | 23,376 | |||||||||||
Non-retail | 621 | 698 | 1,276 | 1,460 | |||||||||||
Total segment revenues | 77,544 | 69,171 | 154,175 | 137,265 | |||||||||||
Add: | |||||||||||||||
Straight line rent adjustment | 921 | 853 | 1,944 | 1,487 | |||||||||||
Accretion of below market lease intangibles, net | 3,558 | 2,479 | 6,506 | 3,938 | |||||||||||
Management and leasing services | 500 | 641 | 1,304 | 1,107 | |||||||||||
Total revenues | $ | 82,523 | $ | 73,144 | $ | 163,929 | $ | 143,797 | |||||||
Net operating income (NOI): | |||||||||||||||
South Florida | $ | 15,010 | $ | 14,071 | $ | 30,939 | $ | 28,727 | |||||||
North Florida | 7,918 | 8,393 | 16,115 | 16,325 | |||||||||||
Southeast | 9,869 | 9,537 | 19,828 | 19,375 | |||||||||||
Northeast | 8,456 | 5,953 | 15,856 | 11,716 | |||||||||||
West Coast | 11,221 | 8,549 | 21,662 | 15,586 | |||||||||||
Non-retail | 332 | 285 | 667 | 678 | |||||||||||
Total | 52,806 | 46,788 | 105,067 | 92,407 | |||||||||||
Add: | |||||||||||||||
Straight line rent adjustment | 921 | 853 | 1,944 | 1,487 | |||||||||||
Accretion of below market lease intangibles, net | 3,558 | 2,479 | 6,506 | 3,938 | |||||||||||
Management and leasing services | 500 | 641 | 1,304 | 1,107 | |||||||||||
Elimination of intersegment expenses | 2,755 | 1,888 | 5,100 | 3,870 | |||||||||||
Equity in (loss) income of unconsolidated joint ventures | (152 | ) | (98 | ) | (340 | ) | 268 | ||||||||
Investment income | 1,584 | 967 | 3,029 | 1,660 | |||||||||||
Other (loss) income | (7 | ) | 25 | 134 | 156 | ||||||||||
Gain on bargain purchase | — | — | — | 30,561 | |||||||||||
Gain on sale of real estate | — | 4,606 | — | 4,606 | |||||||||||
Gain on extinguishment of debt | 436 | 213 | 343 | 255 | |||||||||||
Less: | |||||||||||||||
General and administrative | 10,627 | 13,336 | 22,187 | 25,316 | |||||||||||
Rental property depreciation and amortization | 23,024 | 20,745 | 44,704 | 39,473 | |||||||||||
Interest expense | 17,843 | 17,389 | 35,212 | 34,940 | |||||||||||
Amortization of deferred financing fees | 616 | 558 | 1,209 | 1,097 | |||||||||||
Impairment loss | 3,948 | 145 | 3,948 | 145 | |||||||||||
Income from continuing operations before tax and discontinued operations | $ | 6,343 | $ | 6,189 | $ | 15,827 | $ | 39,344 |
June 30, 2012 | December 31, 2011 | ||||||
(In thousands) | |||||||
Assets: | |||||||
South Florida | $ | 714,071 | $ | 717,434 | |||
North Florida | 367,999 | 369,540 | |||||
Southeast | 493,942 | 492,532 | |||||
Northeast | 733,792 | 645,439 | |||||
West Coast | 826,032 | 697,431 | |||||
Non-retail | 27,639 | 52,681 | |||||
Corporate assets | 126,943 | 189,016 | |||||
Assets held for sale or sold | 8,616 | 58,498 | |||||
Total assets | $ | 3,299,034 | $ | 3,222,571 |
Fair Value Measurements | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | 5,094 | $ | — | $ | 5,094 | $ | — |
Condensed Consolidating Balance Sheet As of June 30, 2012 | Equity One, Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Properties, net | $ | 267,492 | $ | 1,319,029 | $ | 1,361,848 | $ | (136 | ) | $ | 2,948,233 | ||||||||
Investment in affiliates | 1,228,310 | — | — | (1,228,310 | ) | — | |||||||||||||
Other assets | 281,169 | 57,871 | 816,940 | (805,179 | ) | 350,801 | |||||||||||||
Total Assets | $ | 1,776,971 | $ | 1,376,900 | $ | 2,178,788 | $ | (2,033,625 | ) | $ | 3,299,034 | ||||||||
LIABILITIES | |||||||||||||||||||
Mortgage notes payable | $ | 27,635 | $ | 132,213 | $ | 363,445 | $ | (93,600 | ) | $ | 429,693 | ||||||||
Unsecured senior notes payable | 1,281,136 | — | 67,000 | (667,000 | ) | 681,136 | |||||||||||||
Term loan | 200,000 | — | — | — | 200,000 | ||||||||||||||
Unsecured revolving credit facilities | 101,000 | — | — | — | 101,000 | ||||||||||||||
Unamortized/unaccreted (discount) premium on notes payable | (2,147 | ) | 275 | 7,976 | — | 6,104 | |||||||||||||
Other liabilities | 17,694 | 108,425 | 155,021 | (18,429 | ) | 262,711 | |||||||||||||
Total Liabilities | 1,625,318 | 240,913 | 593,442 | (779,029 | ) | 1,680,644 | |||||||||||||
Redeemable noncontrolling interests | — | — | — | 22,621 | 22,621 | ||||||||||||||
EQUITY | 151,653 | 1,135,987 | 1,585,346 | (1,277,217 | ) | 1,595,769 | |||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 1,776,971 | $ | 1,376,900 | $ | 2,178,788 | $ | (2,033,625 | ) | $ | 3,299,034 |
Condensed Consolidating Balance Sheet As of December 31, 2011 | Equity One, Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Properties, net | $ | 269,251 | $ | 1,296,731 | $ | 1,242,139 | $ | (46 | ) | $ | 2,808,075 | ||||||||
Investment in affiliates | 1,228,310 | — | — | (1,228,310 | ) | — | |||||||||||||
Other assets | 345,064 | 52,771 | 855,502 | (838,841 | ) | 414,496 | |||||||||||||
Total Assets | $ | 1,842,625 | $ | 1,349,502 | $ | 2,097,641 | $ | (2,067,197 | ) | $ | 3,222,571 | ||||||||
LIABILITIES | |||||||||||||||||||
Mortgage notes payable | $ | 28,535 | $ | 132,927 | $ | 402,825 | $ | (93,600 | ) | $ | 470,687 | ||||||||
Unsecured senior notes payable | 1,291,136 | — | 67,000 | (667,000 | ) | 691,136 | |||||||||||||
Unsecured revolving credit facilities | 138,000 | — | — | — | 138,000 | ||||||||||||||
Unamortized/unaccreted (discount) premium on notes payable | (2,433 | ) | 296 | 10,318 | — | 8,181 | |||||||||||||
Other liabilities | 20,462 | 102,341 | 145,883 | (30,820 | ) | 237,866 | |||||||||||||
Liabilities associated with assets held for sale | 5 | 1,103 | 27,587 | — | 28,695 | ||||||||||||||
Total Liabilities | 1,475,705 | 236,667 | 653,613 | (791,420 | ) | 1,574,565 | |||||||||||||
Redeemable noncontrolling interests | — | — | — | 22,804 | 22,804 | ||||||||||||||
EQUITY | 366,920 | 1,112,835 | 1,444,028 | (1,298,581 | ) | 1,625,202 | |||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 1,842,625 | $ | 1,349,502 | $ | 2,097,641 | $ | (2,067,197 | ) | $ | 3,222,571 |
Condensed Consolidating Statement of Comprehensive Income for the three months ended June 30, 2012 | Equity One Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
REVENUE: | |||||||||||||||||||
Minimum rent | $ | 6,997 | $ | 30,180 | $ | 25,414 | $ | — | $ | 62,591 | |||||||||
Expense recoveries | 2,015 | 8,650 | 7,976 | — | 18,641 | ||||||||||||||
Percentage rent | 5 | 197 | 589 | — | 791 | ||||||||||||||
Management and leasing services | — | 10 | 878 | (388 | ) | 500 | |||||||||||||
Total revenue | 9,017 | 39,037 | 34,857 | (388 | ) | 82,523 | |||||||||||||
EQUITY IN SUBSIDIARIES' EARNINGS | 25,867 | — | — | (25,867 | ) | — | |||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||
Property operating | 2,792 | 9,902 | 9,702 | (413 | ) | 21,983 | |||||||||||||
Rental property depreciation and amortization | 1,791 | 10,464 | 10,746 | 23 | 23,024 | ||||||||||||||
General and administrative | 7,979 | 1,844 | 944 | (140 | ) | 10,627 | |||||||||||||
Total costs and expenses | 12,562 | 22,210 | 21,392 | (530 | ) | 55,634 | |||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 22,322 | 16,827 | 13,465 | (25,725 | ) | 26,889 | |||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||
Investment income | 4,075 | 5 | 10,965 | (13,461 | ) | 1,584 | |||||||||||||
Equity in loss of unconsolidated joint ventures | — | — | (152 | ) | — | (152 | ) | ||||||||||||
Other income (loss) | 418 | — | — | (425 | ) | (7 | ) | ||||||||||||
Interest expense | (23,828 | ) | (895 | ) | (6,581 | ) | 13,461 | (17,843 | ) | ||||||||||
Amortization of deferred financing fees | (582 | ) | (9 | ) | (25 | ) | — | (616 | ) | ||||||||||
(Loss) gain on extinguishment of debt | — | (27 | ) | 463 | — | 436 | |||||||||||||
Impairment loss | — | (3,948 | ) | — | — | (3,948 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 2,405 | 11,953 | 18,135 | (26,150 | ) | 6,343 | |||||||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | — | (69 | ) | 84 | — | 15 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,405 | 11,884 | 18,219 | (26,150 | ) | 6,358 | |||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||
Operations of income producing properties sold or held for sale | (17 | ) | 38 | 123 | 12 | 156 | |||||||||||||
Impairment loss on income producing properties sold or held for sale | — | (1,493 | ) | — | — | (1,493 | ) | ||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | (17 | ) | (1,455 | ) | 123 | 12 | (1,337 | ) | |||||||||||
NET INCOME | 2,388 | 10,429 | 18,342 | (26,138 | ) | 5,021 | |||||||||||||
Other comprehensive (loss) income | (6,054 | ) | — | 120 | — | (5,934 | ) | ||||||||||||
COMPREHENSIVE (LOSS) INCOME | (3,666 | ) | 10,429 | 18,462 | (26,138 | ) | (913 | ) | |||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (2,753 | ) | — | (2,753 | ) | ||||||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | (3,666 | ) | $ | 10,429 | $ | 15,709 | $ | (26,138 | ) | $ | (3,666 | ) |
Condensed Consolidating Statement of Comprehensive Income for the three months ended June 30, 2011 | Equity One Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
REVENUE: | |||||||||||||||||||
Minimum rent | $ | 7,138 | $ | 29,599 | $ | 18,263 | $ | — | $ | 55,000 | |||||||||
Expense recoveries | 2,082 | 8,523 | 6,277 | — | 16,882 | ||||||||||||||
Percentage rent | 10 | 280 | 331 | — | 621 | ||||||||||||||
Management and leasing services | — | 24 | 617 | — | 641 | ||||||||||||||
Total revenue | 9,230 | 38,426 | 25,488 | — | 73,144 | ||||||||||||||
EQUITY IN SUBSIDIARIES' EARNINGS | 25,137 | — | — | (25,137 | ) | — | |||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||
Property operating | 2,795 | 10,061 | 7,126 | 513 | 20,495 | ||||||||||||||
Rental property depreciation and amortization | 1,693 | 9,984 | 9,038 | 30 | 20,745 | ||||||||||||||
General and administrative | 9,823 | 2,108 | 1,481 | (76 | ) | 13,336 | |||||||||||||
Total costs and expenses | 14,311 | 22,153 | 17,645 | 467 | 54,576 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 20,056 | 16,273 | 7,843 | (25,604 | ) | 18,568 | |||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||
Investment income | 7,227 | 10 | 11,567 | (17,837 | ) | 967 | |||||||||||||
Equity in loss of unconsolidated joint ventures | — | — | (98 | ) | — | (98 | ) | ||||||||||||
Other income | 14 | — | 11 | — | 25 | ||||||||||||||
Interest expense | (22,507 | ) | (2,541 | ) | (9,063 | ) | 16,722 | (17,389 | ) | ||||||||||
Amortization of deferred financing fees | (506 | ) | (24 | ) | (28 | ) | — | (558 | ) | ||||||||||
Gain on sale of real estate | 3,604 | 318 | 684 | — | 4,606 | ||||||||||||||
Gain on extinguishment of debt | — | — | 213 | — | 213 | ||||||||||||||
Impairment loss | — | (145 | ) | — | — | (145 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 7,888 | 13,891 | 11,129 | (26,719 | ) | 6,189 | |||||||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | — | (24 | ) | 198 | — | 174 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,888 | 13,867 | 11,327 | (26,719 | ) | 6,363 | |||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||
Operations of income producing properties sold or held for sale | 388 | 1,819 | (166 | ) | 1,628 | 3,669 | |||||||||||||
Loss on disposal of income producing property | — | (13 | ) | — | — | (13 | ) | ||||||||||||
Impairment loss on income producing properties sold or held for sale | (1,277 | ) | — | — | — | (1,277 | ) | ||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | — | 379 | — | 379 | ||||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | (889 | ) | 1,806 | 213 | 1,628 | 2,758 | |||||||||||||
NET INCOME | 6,999 | 15,673 | 11,540 | (25,091 | ) | 9,121 | |||||||||||||
Other comprehensive income | 16 | — | 13 | — | 29 | ||||||||||||||
COMPREHENSIVE INCOME | 7,015 | 15,673 | 11,553 | (25,091 | ) | 9,150 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (2,052 | ) | (83 | ) | (2,135 | ) | |||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 7,015 | $ | 15,673 | $ | 9,501 | $ | (25,174 | ) | $ | 7,015 |
Condensed Consolidating Statement of Comprehensive Income for the six months ended June 30, 2012 | Equity One Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
REVENUE: | |||||||||||||||||||
Minimum rent | $ | 13,986 | $ | 60,720 | $ | 48,612 | $ | — | $ | 123,318 | |||||||||
Expense recoveries | 3,931 | 17,177 | 15,454 | — | 36,562 | ||||||||||||||
Percentage rent | 99 | 1,006 | 1,640 | — | 2,745 | ||||||||||||||
Management and leasing services | — | 40 | 1,652 | (388 | ) | 1,304 | |||||||||||||
Total revenue | 18,016 | 78,943 | 67,358 | (388 | ) | 163,929 | |||||||||||||
EQUITY IN SUBSIDIARIES' EARNINGS | 67,637 | — | — | (67,637 | ) | — | |||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||
Property operating | 5,471 | 20,241 | 18,656 | (360 | ) | 44,008 | |||||||||||||
Rental property depreciation and amortization | 3,508 | 19,069 | 22,085 | 42 | 44,704 | ||||||||||||||
General and administrative | 16,119 | 3,992 | 2,256 | (180 | ) | 22,187 | |||||||||||||
Total costs and expenses | 25,098 | 43,302 | 42,997 | (498 | ) | 110,899 | |||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 60,555 | 35,641 | 24,361 | (67,527 | ) | 53,030 | |||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||
Investment income | 8,157 | 10 | 21,943 | (27,081 | ) | 3,029 | |||||||||||||
Equity in loss of unconsolidated joint ventures | — | — | (340 | ) | (340 | ) | |||||||||||||
Other income | 545 | — | 14 | (425 | ) | 134 | |||||||||||||
Interest expense | (46,925 | ) | (2,013 | ) | (13,355 | ) | 27,081 | (35,212 | ) | ||||||||||
Amortization of deferred financing fees | (1,138 | ) | (20 | ) | (51 | ) | — | (1,209 | ) | ||||||||||
(Loss) gain on extinguishment of debt | — | (27 | ) | 370 | — | 343 | |||||||||||||
Impairment loss | (3,948 | ) | (3,948 | ) | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 21,194 | 29,643 | 32,942 | (67,952 | ) | 15,827 | |||||||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | — | (124 | ) | 185 | — | 61 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 21,194 | 29,519 | 33,127 | (67,952 | ) | 15,888 | |||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||
Operations of income producing properties sold or held for sale | (12 | ) | (94 | ) | 25 | 65 | (16 | ) | |||||||||||
Gain on disposal of income producing property | 282 | 424 | 13,563 | — | 14,269 | ||||||||||||||
Impairment loss on income producing properties sold or held for sale | — | (3,425 | ) | — | — | (3,425 | ) | ||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 270 | (3,095 | ) | 13,588 | 65 | 10,828 | |||||||||||||
NET INCOME | 21,464 | 26,424 | 46,715 | (67,887 | ) | 26,716 | |||||||||||||
Other comprehensive (loss) income | (5,063 | ) | — | 214 | — | (4,849 | ) | ||||||||||||
COMPREHENSIVE INCOME | 16,401 | 26,424 | 46,929 | (67,887 | ) | 21,867 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (5,466 | ) | — | (5,466 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 16,401 | $ | 26,424 | $ | 41,463 | $ | (67,887 | ) | $ | 16,401 |
Condensed Consolidating Statement of Comprehensive Income for the six months ended June 30, 2011 | Equity One Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
REVENUE: | |||||||||||||||||||
Minimum rent | $ | 14,356 | $ | 58,827 | $ | 34,823 | $ | — | $ | 108,006 | |||||||||
Expense recoveries | 3,946 | 16,981 | 11,682 | — | 32,609 | ||||||||||||||
Percentage rent | 96 | 855 | 1,124 | — | 2,075 | ||||||||||||||
Management and leasing services | — | 48 | 1,059 | — | 1,107 | ||||||||||||||
Total revenue | 18,398 | 76,711 | 48,688 | — | 143,797 | ||||||||||||||
EQUITY IN SUBSIDIARIES' EARNINGS | 52,441 | — | — | (52,441 | ) | — | |||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||
Property operating | 5,545 | 20,589 | 13,832 | 1,022 | 40,988 | ||||||||||||||
Rental property depreciation and amortization | 3,341 | 18,177 | 17,907 | 48 | 39,473 | ||||||||||||||
General and administrative | 16,847 | 4,382 | 4,298 | (211 | ) | 25,316 | |||||||||||||
Total costs and expenses | 25,733 | 43,148 | 36,037 | 859 | 105,777 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 45,106 | 33,563 | 12,651 | (53,300 | ) | 38,020 | |||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||
Investment income | 8,368 | 11 | 22,388 | (29,107 | ) | 1,660 | |||||||||||||
Equity in income of unconsolidated joint ventures | — | — | 268 | — | 268 | ||||||||||||||
Other income | 133 | — | 23 | — | 156 | ||||||||||||||
Interest expense | (44,215 | ) | (3,868 | ) | (13,737 | ) | 26,880 | (34,940 | ) | ||||||||||
Amortization of deferred financing fees | (985 | ) | (52 | ) | (60 | ) | — | (1,097 | ) | ||||||||||
Gain on bargain purchase | 30,561 | — | — | — | 30,561 | ||||||||||||||
Gain on sale of real estate | 3,604 | 318 | 684 | — | 4,606 | ||||||||||||||
Gain on extinguishment of debt | — | 42 | 213 | — | 255 | ||||||||||||||
Impairment loss | — | (145 | ) | — | — | (145 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 42,572 | 29,869 | 22,430 | (55,527 | ) | 39,344 | |||||||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | — | (32 | ) | 339 | — | 307 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 42,572 | 29,837 | 22,769 | (55,527 | ) | 39,651 | |||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||
Operations of income producing properties sold or held for sale | 778 | 3,654 | (357 | ) | 3,249 | 7,324 | |||||||||||||
Loss on disposal of income producing property | — | (13 | ) | — | — | (13 | ) | ||||||||||||
Impairment loss on income producing properties sold or held for sale | (1,277 | ) | — | — | — | (1,277 | ) | ||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | — | 811 | — | 811 | ||||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | (499 | ) | 3,641 | 454 | 3,249 | 6,845 | |||||||||||||
NET INCOME | 42,073 | 33,478 | 23,223 | (52,278 | ) | 46,496 | |||||||||||||
Other comprehensive income | 32 | — | 94 | — | 126 | ||||||||||||||
COMPREHENSIVE INCOME | 42,105 | 33,478 | 23,317 | (52,278 | ) | 46,622 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (2,018 | ) | (2,499 | ) | (4,517 | ) | |||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 42,105 | $ | 33,478 | $ | 21,299 | $ | (54,777 | ) | $ | 42,105 |
Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2012 | Equity One, Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | |||||||||||
(In thousands) | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (44,948 | ) | $ | 59,498 | $ | 63,983 | $ | 78,533 | ||||||
INVESTING ACTIVITIES: | |||||||||||||||
Acquisition of income producing properties | — | (7,500 | ) | (153,750 | ) | (161,250 | ) | ||||||||
Additions to income producing properties | (4,156 | ) | (4,766 | ) | (1,810 | ) | (10,732 | ) | |||||||
Additions to construction in progress | (639 | ) | (35,320 | ) | (408 | ) | (36,367 | ) | |||||||
Proceeds from sale of real estate and rental properties | 1,417 | 6,514 | 25,235 | 33,166 | |||||||||||
Decrease in cash held in escrow | 90,845 | — | 746 | 91,591 | |||||||||||
Investment in mezzanine loan | (19,258 | ) | — | — | (19,258 | ) | |||||||||
Increase in deferred leasing costs and lease intangibles | (1,225 | ) | (1,555 | ) | (808 | ) | (3,588 | ) | |||||||
Investment in joint ventures | — | — | (6,572 | ) | (6,572 | ) | |||||||||
Repayments from joint ventures | — | — | 558 | 558 | |||||||||||
Distributions from joint ventures | — | — | 567 | 567 | |||||||||||
Advances to subsidiaries, net | (85,480 | ) | (11,933 | ) | 97,413 | — | |||||||||
Net cash used in investing activities | (18,496 | ) | (54,560 | ) | (38,829 | ) | (111,885 | ) | |||||||
FINANCING ACTIVITIES: | |||||||||||||||
Repayments of mortgage notes payable | (899 | ) | (1,782 | ) | (39,380 | ) | (42,061 | ) | |||||||
Net repayments under revolving credit facilities | (37,000 | ) | — | — | (37,000 | ) | |||||||||
Repayment of senior debt | (10,000 | ) | — | — | (10,000 | ) | |||||||||
Proceeds from issuance of common stock | 296 | — | — | 296 | |||||||||||
Borrowings under term loan | 200,000 | — | — | 200,000 | |||||||||||
Payment of deferred financing costs | (2,001 | ) | — | — | (2,001 | ) | |||||||||
Stock issuance costs | (6 | ) | — | — | (6 | ) | |||||||||
Dividends paid to stockholders | (50,142 | ) | — | — | (50,142 | ) | |||||||||
Distributions to noncontrolling interests | (4,997 | ) | — | — | (4,997 | ) | |||||||||
Distributions to redeemable noncontrolling interests | (424 | ) | — | — | (424 | ) | |||||||||
Net cash provided by (used in) financing activities | 94,827 | (1,782 | ) | (39,380 | ) | 53,665 | |||||||||
Net increase (decrease) in cash and cash equivalents | 31,383 | 3,156 | (14,226 | ) | 20,313 | ||||||||||
Cash and cash equivalents at beginning of the period | 10,963 | — | — | 10,963 | |||||||||||
Cash and cash equivalents at end of the period | $ | 42,346 | $ | 3,156 | $ | (14,226 | ) | $ | 31,276 |
Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2011 | Equity One, Inc. | Combined Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | |||||||||||
(In thousands) | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 20,742 | $ | 32,448 | $ | 6,132 | $ | 59,322 | |||||||
INVESTING ACTIVITIES: | |||||||||||||||
Acquisition of income producing properties | (55,000 | ) | — | (45,472 | ) | (100,472 | ) | ||||||||
Additions to income producing properties | (1,428 | ) | (3,758 | ) | (1,474 | ) | (6,660 | ) | |||||||
Additions to construction in progress | (849 | ) | (6,585 | ) | (69 | ) | (7,503 | ) | |||||||
Proceeds from sale real estate and rental properties | 2,346 | 11,705 | 28,001 | 42,052 | |||||||||||
Increase in deferred leasing costs and lease intangibles | (831 | ) | (2,101 | ) | (599 | ) | (3,531 | ) | |||||||
Investment in joint ventures | — | — | (9,769 | ) | (9,769 | ) | |||||||||
Investment in consolidated subsidiary | — | — | (242 | ) | (242 | ) | |||||||||
Advances to subsidiaries, net | (123,639 | ) | 1,375 | 122,264 | — | ||||||||||
Net cash (used in) provided by investing activities | (179,401 | ) | 636 | 92,640 | (86,125 | ) | |||||||||
FINANCING ACTIVITIES: | |||||||||||||||
Repayments of mortgage notes payable | (878 | ) | (33,084 | ) | (109,421 | ) | (143,383 | ) | |||||||
Net borrowings under revolving credit facilities | 63,500 | — | — | 63,500 | |||||||||||
Proceeds from issuance of common stock | 116,617 | — | — | 116,617 | |||||||||||
Payment of deferred financing costs | (101 | ) | — | (151 | ) | (252 | ) | ||||||||
Stock issuance costs | (982 | ) | — | — | (982 | ) | |||||||||
Dividends paid to stockholders | (48,743 | ) | — | — | (48,743 | ) | |||||||||
Distributions to noncontrolling interests | (4,523 | ) | — | — | (4,523 | ) | |||||||||
Net cash provided by (used in) financing activities | 124,890 | (33,084 | ) | (109,572 | ) | (17,766 | ) | ||||||||
Net decrease in cash and cash equivalents | (33,769 | ) | — | (10,800 | ) | (44,569 | ) | ||||||||
Cash and cash equivalents obtained through acquisition | — | — | 23,412 | 23,412 | |||||||||||
Cash and cash equivalents at beginning of the period | 38,333 | — | — | 38,333 | |||||||||||
Cash and cash equivalents at end of the period | $ | 4,564 | $ | — | $ | 12,612 | $ | 17,176 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | the acquisition of a 1.8 acre development site in the Bronx, New York, at a purchase price of $7.5 million, which we expect to develop into a neighborhood shopping center; |
• | the prepayment of approximately $36.7 million in mortgage debt; |
• | the signing of 50 new leases totaling approximately 118,290 square feet at an average rental rate of $20.04(1) per square foot in 2012 as compared to the prior in-place average rent of $17.85 per square foot, on a same space(2) basis, a 12.3% average rent spread; |
• | the renewal and extension of 81 leases totaling 313,306 square feet at an average rental rate of $17.64(1) per square foot in 2012 as compared to the prior in-place average rent of $16.91 per square foot, on a same space(2) basis, a 4.3% average rent spread; |
• | an increase in core occupancy to 91.8% from 91.5% at March 31, 2012, and on a same-property basis (as defined below), an increase in occupancy of 30 basis points to 91.5% as compared to June 30, 2011; and |
• | the prepayment of approximately $36.7 million principal amount in mortgage debt. |
(1) | Amount reflects the impact of tenant concessions and work to be performed by us prior to delivery of the space to the tenant. |
(2) | The “same space” designation is used to compare leasing terms (principally cash leasing spreads) from the prior tenant to the new/current tenant. In some cases, leases and/or premises are excluded from “same space” because the gross leasable area of the prior premises is combined or divided to form a larger or smaller, non-comparable space. Also excluded from the “same space” designation are those leases for which a comparable prior rent is not available due to the acquisition or development of a new center. |
• | the sale of five non-core assets for aggregate gross proceeds of approximately $62.1 million resulting in a net gain of $14.3 million; |
• | the acquisition of one shopping center located in California and two shopping centers located in Connecticut representing an aggregate of approximately 290,000 square feet of GLA for an aggregate purchase price of $153.8 million, which along with our second quarter acquisition brought the total purchase price paid for acquisitions to $161.3 million for the six months ended June 30, 2012; |
• | a $19.3 million mezzanine loan investment indirectly secured by a newly developed shopping center; and |
• | the closing of an unsecured term loan in the principal amount of $200.0 million, with a maturity date of February 13, 2019, which bears interest at an effective fixed rate of 3.46% per annum based on our current credit ratings through the utilization of interest rate swaps. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Same-property net operating income | $ | 42,314 | $ | 42,036 | $ | 84,188 | $ | 81,951 | |||||||
Adjustments (1) | (64 | ) | 580 | 1,024 | 1,534 | ||||||||||
Same-property net operating income before adjustments | $ | 42,250 | $ | 42,616 | $ | 85,212 | $ | 83,485 | |||||||
Non same-property net operating income | 10,556 | 4,172 | 19,855 | 8,922 | |||||||||||
Net operating income (2) | $ | 52,806 | $ | 46,788 | $ | 105,067 | $ | 92,407 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
South Florida | $ | 12,488 | $ | 12,456 | $ | 25,685 | $ | 25,049 | |||||||
North Florida | 7,909 | 8,216 | 16,064 | 16,068 | |||||||||||
Southeast | 9,615 | 9,450 | 19,383 | 19,023 | |||||||||||
Northeast | 4,012 | 4,007 | 7,951 | 7,872 | |||||||||||
West Coast | 8,290 | 7,907 | 15,105 | 13,939 | |||||||||||
Same-property net operating income | $ | 42,314 | $ | 42,036 | $ | 84,188 | $ | 81,951 |
Occupancy | GLA as of | ||||||||||
2012 | 2011 | % Change | June 30, 2012 | ||||||||
(in thousands) | |||||||||||
South Florida | 92.7 | % | 91.9 | % | 0.8 | % | 3,996 | ||||
North Florida | 87.6 | % | 88.2 | % | (0.6 | )% | 3,012 | ||||
Southeast | 91.0 | % | 91.2 | % | (0.2 | )% | 4,401 | ||||
Northeast | 98.3 | % | 98.3 | % | — | % | 1,063 | ||||
West Coast | 93.5 | % | 91.1 | % | 2.4 | % | 1,647 | ||||
Same-property shopping center portfolio occupancy | 91.5 | % | 91.2 | % | 0.3 | % | 14,119 | ||||
Non-retail | 74.6 | % | 63.5 | % | 11.1 | % | 287 | ||||
14,406 |
Three Months Ended June 30, | ||||||||||
2012 | 2011 | % Change | ||||||||
(In thousands) | ||||||||||
Total revenue | $ | 82,523 | $ | 73,144 | 12.8 | % | ||||
Property operating expenses | 21,983 | 20,495 | 7.3 | % | ||||||
Rental property depreciation and amortization | 23,024 | 20,745 | 11.0 | % | ||||||
General and administrative expenses | 10,627 | 13,336 | (20.3 | )% | ||||||
Investment income | 1,584 | 967 | 63.8 | % | ||||||
Interest expense | 17,843 | 17,389 | 2.6 | % | ||||||
Gain on sale of real estate | — | 4,606 | (100.0 | )% | ||||||
Impairment loss | 3,948 | 145 | NM* | |||||||
(Loss) income from discontinued operations | (1,337 | ) | 2,758 | (148.5 | )% | |||||
Net income | 5,021 | 9,121 | (45.0 | )% | ||||||
Net income attributable to Equity One, Inc. | 2,268 | 6,986 | (67.5 | )% |
• | an increase of approximately $11.2 million associated with properties acquired in 2012 and 2011; partially offset by |
• | a decrease of $920,000 in same-property revenue due to a decrease in expense recovery income primarily due to lower recoverable expenses; |
• | a net decrease of $410,000 related to various development and redevelopment projects which were under construction in the 2012 period, partially offset by an increase in revenues related to redevelopment projects which were under construction in the 2011 period but were income producing in the 2012 period; |
• | a decrease of $270,000 related to assets sold to our NYCRF joint venture in 2011; and |
• | a decrease of $150,000 related to an acquisition fee earned from our NYCRF joint venture in the 2011 period. |
• | an increase of approximately $2.5 million associated with properties acquired in 2012 and 2011; partially offset by |
• | a net decrease of approximately $670,000 in same-property expenses, primarily attributable to lower real estate taxes, external management fees and bad debt expense, partially offset by increased insurance expense; |
• | a decrease of $170,000 in operating expenses at various development and redevelopment project sites which were under construction in 2012; and |
• | a decrease of $130,000 in expenses related to assets sold to our NYCRF joint venture in 2011. |
• | an increase of approximately $3.5 million related to depreciation on properties acquired in 2012 and 2011; partially offset by |
• | a decrease of approximately $1.1 million primarily related to assets fully depreciated in 2011 as a result of tenant vacancies; and |
• | a decrease of $130,000 due to the disposition of assets sold to our NYCRF joint venture in 2011. |
• | a decrease of approximately $2.6 million related to legal, consulting, and other costs associated with acquisitions, dispositions, and the exploration of other potential transactions, primarily related to transactions completed in 2011; and |
• | a decrease of approximately $320,000 in severance costs paid to former CapCo employees in 2011; partially offset by |
• | an increase in professional services fees of approximately $180,000 primarily due to information technology consulting services. |
• | an increase of approximately $1.8 million associated with our new $200.0 million term loan; and |
• | an increase of approximately $1.1 million primarily associated with mortgage assumptions in 2012 and 2011 related to acquisitions; partially offset by |
• | a decrease of approximately $1.3 million associated with lower mortgage interest due to mortgages paid off during 2012 and 2011; |
• | a decrease of $875,000 due to higher capitalized interest as a result of a major development project; and |
• | a decrease of $240,000 due to the maturity of $10 million of senior notes in the first quarter of 2012. |
• | a decrease of $3.5 million in operating income from sold or held-for-sale properties; |
• | a decrease in income tax benefit of $379,000 relating to properties that were sold in 2011; and |
• | an increase of $216,000 in impairment losses on assets held for sale. |
Six Months Ended June 30, | |||||||||
2012 | 2011 | % Change | |||||||
(In thousands) | |||||||||
Total revenue | $ | 163,929 | $ | 143,797 | 14.0% | ||||
Property operating expenses | 44,008 | 40,988 | 7.4% | ||||||
Rental property depreciation and amortization | 44,704 | 39,473 | 13.3% | ||||||
General and administrative expenses | 22,187 | 25,316 | (12.4)% | ||||||
Investment income | 3,029 | 1,660 | 82.5% | ||||||
Interest expense | 35,212 | 34,940 | 0.8% | ||||||
Gain on bargain purchase | — | 30,561 | (100.0)% | ||||||
Gain on sale of real estate | — | 4,606 | (100.0)% | ||||||
Impairment loss | 3,948 | 145 | NM* | ||||||
Income from discontinued operations | 10,828 | 6,845 | 58.2% | ||||||
Net income | 26,716 | 46,496 | (42.5)% | ||||||
Net income attributable to Equity One, Inc. | 21,250 | 41,979 | (49.4)% |
• | an increase of approximately $21.8 million associated with properties acquired in 2012 and 2011; and |
• | an increase of $240,000 related to management and leasing fees charged to our NYCRF joint venture relating to its recent acquisition and financing activities; partially offset by |
• | a decrease of $1.2 million related to assets sold to our NYCRF joint venture in 2011; |
• | a decrease of $440,000 in same-property revenue due to a decrease in expense recovery income primarily due to lower recoverable expenses; and |
• | a net decrease of $310,000 related to various development and redevelopment projects which were under construction in the 2012 period, partially offset by an increase in revenues related to redevelopment projects which were under construction in the 2011 period but were income producing in the 2012 period. |
• | an increase of approximately $4.7 million associated with properties acquired in 2012 and 2011; and |
• | an increase of approximately $525,000 related to a legal settlement in the first quarter of 2012; partially offset by |
• | a net decrease of approximately $1.2 million in same-property and land expenses, primarily attributable to lower bad debt expense, real estate taxes and external management fees, offset by increased insurance expense; |
• | a decrease of $600,000 in operating expenses at various development and redevelopment project sites which were under construction in 2012; and |
• | a decrease of $370,000 in expenses related to assets sold to our NYCRF joint venture in 2011. |
• | an increase of approximately $6.9 million related to depreciation on properties acquired in 2012 and 2011; partially offset by |
• | a decrease of approximately $1.1 million primarily related to assets fully depreciated in 2011 as a result of tenant vacancies; and |
• | a decrease of $530,000 due to the disposition of assets sold to our NYCRF joint venture in 2011. |
• | a decrease of approximately $3.8 million related to legal, consulting, and other costs associated with acquisitions, dispositions, and the exploration of other potential transactions, primarily related to transactions completed in 2011; and |
• | a decrease of approximately $830,000 in severance costs paid to former CapCo employees in 2011; partially offset by |
• | an increase in professional services fees of approximately $770,000 primarily due to information technology consulting services; |
• | an increase of approximately $430,000 due to increased personnel related costs; and |
• | an increase of $300,000 in fees paid to directors as a result of the grant and acceleration of restricted stock awards to a retiring director and higher stock compensation expense for 2012 grants to directors. |
• | an increase of approximately $2.6 million associated with our new $200.0 million term loan; and |
• | an increase of approximately $2.3 million primarily associated with mortgage assumptions in 2012 and 2011 related to acquisitions; partially offset by |
• | a decrease of approximately $2.8 million associated with lower mortgage interest due to mortgages paid off during 2012 and 2011; |
• | a decrease of $1.5 million due to higher capitalized interest as a result of a major development project; and |
• | a decrease of $300,000 due to the maturity of $10 million of senior notes in the first quarter of 2012. |
• | an increase of $14.3 million related to net gains from sales of four operating properties and one operating outparcel; partially offset by |
• | a decrease of $7.3 million in operating income from sold or held-for-sale properties; |
• | a decrease in income tax benefit of $811,000 relating to properties that were sold in 2011; and |
• | an increase of $2.1 million in impairment losses on assets held for sale. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Revenues: | |||||||||||||||
South Florida | $ | 22,599 | $ | 21,676 | $ | 45,987 | $ | 44,227 | |||||||
North Florida | 11,365 | 12,103 | 22,899 | 23,887 | |||||||||||
Southeast | 14,147 | 13,746 | 28,056 | 27,600 | |||||||||||
Northeast | 11,701 | 8,157 | 23,128 | 16,715 | |||||||||||
West Coast | 17,111 | 12,791 | 32,829 | 23,376 | |||||||||||
Non-retail | 621 | 698 | 1,276 | 1,460 | |||||||||||
Total segment revenues | $ | 77,544 | $ | 69,171 | $ | 154,175 | $ | 137,265 | |||||||
Add: | |||||||||||||||
Straight line rent adjustment | 921 | 853 | 1,944 | 1,487 | |||||||||||
Accretion of below market lease intangibles, net | 3,558 | 2,479 | 6,506 | 3,938 | |||||||||||
Management and leasing services | 500 | 641 | 1,304 | 1,107 | |||||||||||
Total revenues | $ | 82,523 | $ | 73,144 | $ | 163,929 | $ | 143,797 | |||||||
Net operating income (NOI): | |||||||||||||||
South Florida | $ | 15,010 | $ | 14,071 | $ | 30,939 | $ | 28,727 | |||||||
North Florida | 7,918 | 8,393 | 16,115 | 16,325 | |||||||||||
Southeast | 9,869 | 9,537 | 19,828 | 19,375 | |||||||||||
Northeast | 8,456 | 5,953 | 15,856 | 11,716 | |||||||||||
West Coast | 11,221 | 8,549 | 21,662 | 15,586 | |||||||||||
Non-retail | 332 | 285 | 667 | 678 | |||||||||||
Total NOI | $ | 52,806 | $ | 46,788 | $ | 105,067 | $ | 92,407 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Net income attributable to Equity One, Inc. | $ | 2,268 | $ | 6,986 | $ | 21,250 | $ | 41,979 | |||||||
Adjustments: | |||||||||||||||
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest | 23,022 | 24,781 | 44,780 | 47,774 | |||||||||||
Net adjustment for unvested shares and noncontrolling interest (1) | 2,499 | 2,108 | 4,998 | 4,523 | |||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 1,086 | 835 | 2,243 | 1,440 | |||||||||||
Impairments of depreciable real estate, net of tax (2) | 5,441 | 1,277 | 7,373 | 1,277 | |||||||||||
Gain on disposal of depreciable assets, net of tax | — | (930 | ) | (13,086 | ) | (930 | ) | ||||||||
Funds from operations | $ | 34,316 | $ | 35,057 | $ | 67,558 | $ | 96,063 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Earnings per diluted share attributable to Equity One, Inc. | $ | 0.02 | $ | 0.06 | $ | 0.18 | $ | 0.38 | |||||||
Adjustments: | |||||||||||||||
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest | 0.18 | 0.21 | 0.36 | 0.40 | |||||||||||
Net adjustment for unvested shares and noncontrolling interest (1) | 0.03 | 0.01 | 0.03 | 0.02 | |||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 0.01 | 0.01 | 0.02 | 0.01 | |||||||||||
Impairments of depreciable real estate, net of tax (2) | 0.04 | 0.01 | 0.06 | 0.01 | |||||||||||
Gain on disposal of depreciable assets, net of tax | — | (0.01 | ) | (0.11 | ) | (0.01 | ) | ||||||||
Funds from operations per diluted share | $ | 0.28 | $ | 0.29 | $ | 0.54 | $ | 0.81 | |||||||
Weighted average diluted shares (3) | 124,567 | 120,470 | 124,298 | 118,875 |
• | We closed on a $200.0 million unsecured term loan which matures in February 2019 and bears interest at an effective fixed rate of 3.46% per annum based on our current credit ratings and through the utilization of interest rate swaps; |
• | We made a $19.3 million mezzanine loan investment indirectly secured by a shopping center which bears interest at 10.0% and has a maturity of nine years; |
• | We acquired four operating properties for an aggregate purchase price of approximately $161.3 million; |
• | We prepaid approximately $37.7 million in mortgage debt; and |
• | We reduced the borrowings outstanding under our $575.0 million line of credit from approximately $138.0 million as of December 31, 2011 to $101.0 million as of June 30, 2012. |
Six Months Ended June 30, | |||||||||||
2012 | 2011 | Increase (Decrease) | |||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities | $ | 78,533 | $ | 59,322 | $ | 19,211 | |||||
Net cash used in investing activities | $ | (111,885 | ) | $ | (86,125 | ) | $ | (25,760 | ) | ||
Net cash provided by (used in) financing activities | $ | 53,665 | $ | (17,766 | ) | $ | 71,431 |
Payments due by period | |||||||||||||||||||||||||||
Contractual Obligations | Total | 2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Mortgage notes payable: | |||||||||||||||||||||||||||
Scheduled amortization | $ | 87,950 | $ | 3,963 | $ | 7,844 | $ | 7,446 | $ | 7,554 | $ | 7,489 | $ | 53,654 | |||||||||||||
Balloon payments | 341,743 | — | 45,127 | 6,509 | 36,650 | 107,574 | 145,883 | ||||||||||||||||||||
Total mortgage obligations | 429,693 | 3,963 | 52,971 | 13,955 | 44,204 | 115,063 | 199,537 | ||||||||||||||||||||
Unsecured revolving credit facilities | 101,000 | — | — | — | 101,000 | — | — | ||||||||||||||||||||
Unsecured senior notes | 681,136 | — | — | 250,000 | 107,505 | 105,230 | 218,401 | ||||||||||||||||||||
Term loan | 200,000 | — | — | — | — | — | 200,000 | ||||||||||||||||||||
Total unsecured obligations | 982,136 | — | — | 250,000 | 208,505 | 105,230 | 418,401 | ||||||||||||||||||||
Construction commitments | 103,200 | 103,200 | — | — | — | — | — | ||||||||||||||||||||
Operating leases | 11,002 | 475 | 863 | 821 | 794 | 826 | 7,223 | ||||||||||||||||||||
Purchase contracts | 63,500 | 63,500 | — | — | — | — | — | ||||||||||||||||||||
Total contractual obligations | $ | 1,589,531 | $ | 171,138 | $ | 53,834 | $ | 264,776 | $ | 253,503 | $ | 221,119 | $ | 625,161 |
• | general economic conditions, including current macro-economic challenges, competition and the supply of and demand for shopping center properties in our markets; |
• | risks that tenants will not remain in occupancy or pay rent, or pay reduced rent due to declines in their businesses; |
• | interest rate levels and the availability of financing; |
• | potential environmental liability and other risks associated with the ownership, development and acquisition of shopping center properties; |
• | greater than anticipated construction or operating costs or delays in completing development or redevelopment projects or obtaining necessary approvals therefor; |
• | inflationary, deflationary and other general economic trends; |
• | the effects of hurricanes, earthquakes and other natural or man-made disasters; |
• | management’s ability to successfully combine and integrate the properties and operations of separate companies that we have acquired in the past or may acquire in the future; |
• | the impact of acquisitions and dispositions of properties and joint venture interests and expenses incurred by us in connection with our acquisition and disposition activity; |
• | impairment charges related to changes in market values of our properties as well as those related to our disposition activity; |
• | our ability to maintain our status as a real estate investment trust, or REIT, for U.S. federal income tax purposes and the effect of future changes in REIT requirements as a result of new legislation; and |
• | other risks detailed from time to time in the reports filed by us with the Securities and Exchange Commission. |
(d) | |||||||||||
Maximum | |||||||||||
(c) | Number (or | ||||||||||
Total Number | Approximate | ||||||||||
(a) | (b) | of Shares | Dollar Value) | ||||||||
Total Number | Average | Purchased as | of Shares that | ||||||||
of Shares of | Price | Part of Publicly | May Yet be | ||||||||
Common | Paid per | Announced | Purchased | ||||||||
Stock | Common | Plans or | Under the Plans | ||||||||
Period | Purchased | Share | Programs | or Programs | |||||||
April 1, 2012 - April 30, 2012 | 881 | (1) | $ | 19.82 | N/A | N/A | |||||
May 1, 2012 - May 31, 2012 | 1,282 | (1) | $ | 21.00 | N/A | N/A | |||||
June 1, 2012 - June 30, 2012 | 160 | (1) | $ | 21.05 | N/A | N/A | |||||
2,323 | $ | 20.56 | N/A | N/A |
(a) | Exhibits |
12.1 | Ratio of Earnings to Fixed Charges |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002. |
32. | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended and 18 U.S.C 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS++ | XBRL Instance Document |
101.SCH++ | XBRL Taxonomy Extension Schema |
101.CAL++ | XBRL Extension Calculation Linkbase |
101.LAB++ | XBRL Extension Labels Linkbase |
101.PRE++ | XBRL Taxonomy Extension Presentation Linkbase |
101.DEF++ | XBRL Taxonomy Extension Definition Linkbase |
EQUITY ONE, INC. | ||||
Date: | August 7, 2012 | /s/ Mark Langer | ||
Mark Langer | ||||
Executive Vice President and Chief Financing Officer | ||||
(Principal Financial Officer) |
Date: | August 7, 2012 | /s/ Angela F. Valdes | ||
Angela F. Valdes | ||||
Vice President and Chief Accounting Officer | ||||
(Principal Accounting Officer) |
Exhibits | Description |
12.1 | Ratio of Earnings to Fixed Charges |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended and 18 U.S.C 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS++ | XBRL Instance Document |
101.SCH++ | XBRL Taxonomy Extension Schema |
101.CAL++ | XBRL Extension Calculation Linkbase |
101.LAB++ | XBRL Extension Labels Linkbase |
101.PRE++ | XBRL Taxonomy Extension Presentation Linkbase |
101.DEF++ | XBRL Taxonomy Extension Definition Linkbase |
++ | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interest | $ | 15,827 | $ | 25,382 | $ | 8,203 | $ | 61,824 | $ | 28,015 | $ | 34,801 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Equity in loss (income) of unconsolidated joint ventures | 340 | (4,829 | ) | 116 | 88 | (108 | ) | — | ||||||||||||||||
Fixed charges | 39,245 | 89,929 | 82,090 | 76,400 | 65,413 | 71,985 | ||||||||||||||||||
Distributed income of equity investees | 1,697 | 1,465 | 346 | 371 | 171 | — | ||||||||||||||||||
Capitalized interest | (2,495 | ) | (2,273 | ) | (2,244 | ) | (1,430 | ) | (2,934 | ) | (3,194 | ) | ||||||||||||
Earnings as defined | $ | 54,614 | $ | 109,674 | $ | 88,511 | $ | 137,253 | $ | 90,557 | $ | 103,592 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 37,122 | $ | 84,246 | $ | 75,104 | $ | 71,229 | $ | 62,752 | $ | 69,209 | ||||||||||||
Capitalized interest | 2,495 | 2,273 | 2,244 | 1,430 | 2,934 | 3,194 | ||||||||||||||||||
(Accretion) amortization of debt (premiums) discounts, net | (1,583 | ) | 1,178 | 2,818 | 2,221 | (1,902 | ) | (2,102 | ) | |||||||||||||||
Amortization of loan fees | 1,211 | 2,232 | 1,924 | 1,520 | 1,629 | 1,684 | ||||||||||||||||||
Fixed charges | $ | 39,245 | $ | 89,929 | $ | 82,090 | $ | 76,400 | $ | 65,413 | $ | 71,985 | ||||||||||||
Ratio of earning to fixed charges | 1.39 | 1.22 | 1.08 | 1.80 | 1.38 | 1.44 |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
August 7, 2012 | /s/ Jeffrey S. Olson | |||
Jeffrey S. Olson | ||||
Chief Executive Officer | ||||
(Principal Executive Officer) |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
August 7, 2012 | /s/ Mark Langer | |||
Mark Langer | ||||
Executive Vice President and Chief Financial Officer | ||||
(Principal Financial Officer) |
(i) | The accompanying Quarterly Report on Form 10-Q for the period ended June 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(j) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
August 7, 2012 | ||
/s/ Jeffrey S. Olson | ||
Jeffrey S. Olson | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
August 7, 2012 | ||
/s/ Mark Langer | ||
Mark Langer | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) |
Share-Based Payment Plans (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense Charged Against Earnings [Table Text Block] | Share-based compensation expense charged against earnings is summarized as follows:
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Summary of Stock Option Activity | The following table presents stock option activity during the six months ended June 30, 2012:
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Summary of Restricted Stock Activity | The following table presents information regarding restricted stock activity during the six months ended June 30, 2012:
______________________________________________ * Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. |
Borrowings (Narrative) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Mortgage Notes Payable [Member]
|
Jun. 30, 2012
Mortgage Notes Payable [Member]
|
Jun. 30, 2012
Fixed Rate Mortgage Loans [Member]
|
Jan. 23, 2012
7.84% Senior Notes, Due 1/23/12 [Member]
|
Jun. 30, 2012
7.84% Senior Notes, Due 1/23/12 [Member]
|
Jun. 30, 2012
Unsecured Revolving Credit Facilities [Member]
|
Dec. 31, 2011
Unsecured Revolving Credit Facilities [Member]
|
Jun. 30, 2012
Unsecured Revolving Credit Facilities [Member]
City National Bank of Florida [Member]
|
Jun. 30, 2012
Term Loan And Interest Rate Swaps [Member]
|
Jun. 30, 2012
Term Loan And Interest Rate Swaps [Member]
First Draw [Member]
|
Feb. 13, 2012
Term Loan [Member]
|
Jun. 30, 2012
Issuance and Hedging of Debt [Member]
Unsecured Revolving Credit Facilities [Member]
City National Bank of Florida [Member]
|
Jun. 30, 2012
Issuance and Hedging of Debt [Member]
Term Loan And Interest Rate Swaps [Member]
|
Jun. 30, 2012
Issuance and Hedging of Debt [Member]
Term Loan And Interest Rate Swaps [Member]
Minimum [Member]
|
Jun. 30, 2012
Issuance and Hedging of Debt [Member]
Term Loan And Interest Rate Swaps [Member]
Maximum [Member]
|
Jun. 30, 2012
Change of Debt Terms [Member]
|
Jul. 12, 2012
Change of Debt Terms [Member]
Term Loan [Member]
|
Jul. 12, 2012
Change of Debt Terms [Member]
Term Loan [Member]
Second Draw [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||
Mortgage loans prepaid without penalty, Amount | $ 36,700,000 | $ 37,700,000 | ||||||||||||||||||
Mortgage loans prepaid without penalty, weighted-average interest rate | 6.80% | 6.80% | ||||||||||||||||||
Repayments of unsecured debt | 10,000,000 | |||||||||||||||||||
Debt instrument, interest rate, stated percentage | 7.84% | |||||||||||||||||||
Weighted average interest rate of at period end | 6.13% | 6.03% | ||||||||||||||||||
Maximum amount under lines of credit | 575,000,000 | |||||||||||||||||||
Drawings against amended facility, Amount | 101,000,000 | 138,000,000 | ||||||||||||||||||
Drawings against amended facility, Percentage | 1.80% | 1.85% | ||||||||||||||||||
Facility fee | 0.30% | |||||||||||||||||||
Outstanding letters of credit | 15,000,000 | |||||||||||||||||||
Term loan | 200,000,000 | 0 | 200,000,000 | 200,000,000 | 250,000,000 | |||||||||||||||
Availability under credit facility | 398,700,000 | |||||||||||||||||||
Term loan expiration date | Feb. 13, 2019 | Feb. 13, 2019 | ||||||||||||||||||
Margin, percentage above LIBOR | 1.40% | 1.90% | 1.50% | 2.35% | ||||||||||||||||
Derivative, Fixed Interest Rate | 3.00% | |||||||||||||||||||
Derivative, Amount of Hedged Item | 50,000,000 | |||||||||||||||||||
Line of credit facility, interest rate during period | 3.50% | |||||||||||||||||||
Derivative Liability, Fair Value, Gross Asset | $ 5,100,000 |
Fair Value Measurements (Assets Measured and Recorded at Fair Value on a Recurring Basis) (Details) (Interest Rate Swaps [Member], Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
---|---|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value | $ 5,094 |
Level 1 [Member]
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value | 0 |
Level 2 [Member]
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value | 5,094 |
Level 3 [Member]
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value | $ 0 |
Other Liabilities (Composition of Other Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Lease intangible liabilities, net | $ 176,705 | $ 156,495 |
Prepaid rent | 7,099 | 6,882 |
Other | 611 | 811 |
Total other liabilities | $ 184,415 | $ 164,188 |
Acquisitions (Summary of Income Producing Property Acquisition Activity) (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
sqft
|
Jan. 31, 2011
sqft
|
Jun. 30, 2012
sqft
|
||||||
Business Acquisition [Line Items] | ||||||||
Square Feet | 3,900,000 | 2,600,000 | 16,800,000 | |||||
Purchase Price | $ 161,250 | |||||||
Bronx [Member] | Broadway Plaza - land parcel [Member]
|
||||||||
Business Acquisition [Line Items] | ||||||||
Date Purchased | Jun. 08, 2012 | |||||||
Acres | 1.83 | [1] | ||||||
Purchase Price | 7,500 | |||||||
San Francisco [Member] | Potrero Center [Member]
|
||||||||
Business Acquisition [Line Items] | ||||||||
Date Purchased | Mar. 01, 2012 | [2] | ||||||
Square Feet | 226,699 | [2] | ||||||
Purchase Price | 110,750 | [2] | ||||||
Westport [Member] | Compo Acres Shopping Center [Member]
|
||||||||
Business Acquisition [Line Items] | ||||||||
Date Purchased | Mar. 01, 2012 | [2] | ||||||
Square Feet | 43,107 | [2] | ||||||
Purchase Price | 30,300 | [2] | ||||||
Darien [Member] | Post Road Plaza [Member]
|
||||||||
Business Acquisition [Line Items] | ||||||||
Date Purchased | Mar. 01, 2012 | [2] | ||||||
Square Feet | 20,005 | [2] | ||||||
Purchase Price | $ 12,700 | [2] | ||||||
|
Dispositions (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Dispositions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Disposition Activity | The following table provides a summary of disposition activity during the six months ended June 30, 2012:
______________________________________________ (1) Includes $27.2 million of mortgage debt repaid by the buyer at closing. (2) In acres. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income and Expense Relating to Discontinued Operations | The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2012 and 2011 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2011 and 2012 and the operations for the applicable period for those assets classified as held for sale as of June 30, 2012:
|
Noncontrolling Interests (Narrative) (Details) (USD $)
|
6 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Walden Woods Village Ltd [Member]
|
Oct. 31, 2011
Danbury And Southbury [Member]
|
Jun. 30, 2012
Danbury And Southbury [Member]
|
Jun. 30, 2012
Danbury And Southbury [Member]
|
|
Noncontrolling Interest [Line Items] | ||||||
Redemption period | Jan. 01, 2014 | |||||
Noncontrolling interest, ownership percentage | 60.00% | |||||
Total noncontrolling interests included in stockholders' equity | $ 207,931,000 | $ 207,886,000 | $ 19,000,000 | |||
Noncontrolling interest, change in redemption value | 115,000 | 19,000,000 | ||||
Percentage of preferred return on advances | 5.00% | |||||
Redemption amounts expensed | $ 236,000 | $ 472,000 |
Subsequent Events (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 6 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
CONNECTICUT
|
Jun. 30, 2012
NEW YORK
|
Feb. 13, 2012
Term Loan [Member]
|
Jun. 30, 2012
Change of Debt Terms [Member]
|
Jul. 12, 2012
Change of Debt Terms [Member]
Term Loan [Member]
|
Jul. 12, 2012
Second Draw [Member]
Change of Debt Terms [Member]
Term Loan [Member]
|
|
Subsequent Event [Line Items] | ||||||||
Proposed acquisitions | $ 63,500 | $ 36,000 | $ 27,500 | |||||
Proposed assumption of indebtedness | 19,000 | 16,800 | ||||||
Aggregate deposits | 2,300 | |||||||
Term loan | 200,000 | 0 | 200,000 | 250,000 | ||||
Increase in term loan | $ 50,000 | |||||||
Derivative, Fixed Interest Rate | 3.00% | |||||||
Term loan expiration date | Feb. 13, 2019 |
Environmental Matters
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters We are subject to numerous environmental laws and regulations. The operation of dry cleaning and gas station facilities at our shopping centers are the principal environmental concerns. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations and we have established procedures to monitor dry cleaning operations. Where available, we have applied and been accepted into state sponsored environmental programs. Several properties in the portfolio will require or are currently undergoing varying levels of environmental remediation; however, we have environmental insurance policies covering most of our properties which limits our exposure to some of these conditions. Management believes that the ultimate disposition of currently known environmental matters will not have a material effect on our financial position, liquidity or operations. |
Investments in and Advances to Unconsolidated Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
property
|
Dec. 31, 2011
|
Jan. 31, 2011
property
|
Jun. 30, 2012
GRI-EQY I, LLC [Member]
|
Dec. 31, 2011
GRI-EQY I, LLC [Member]
|
Jun. 30, 2012
Talega Village Center JV, LLC [Member]
|
Jun. 30, 2012
Equity One JV Portfolio, LLC (NYCRF) [Member]
|
Dec. 31, 2011
Equity One JV Portfolio, LLC (NYCRF) [Member]
|
Jun. 30, 2012
Vestar [Member]
|
Jun. 30, 2012
Georgia, South Carolina & Florida [Member]
GRI-EQY I, LLC [Member]
property
|
Dec. 31, 2011
Georgia, South Carolina & Florida [Member]
GRI-EQY I, LLC [Member]
|
Jun. 30, 2012
Florida [Member]
G&I Investment South Florida Portfolio, LLC [Member]
property
|
Dec. 31, 2011
Florida [Member]
G&I Investment South Florida Portfolio, LLC [Member]
|
Jun. 30, 2012
New York [Member]
Madison 2260, Realty, LLC [Member]
property
|
Dec. 31, 2011
New York [Member]
Madison 2260, Realty, LLC [Member]
|
Jun. 30, 2012
New York [Member]
Madison 1235, Realty, LLC [Member]
property
|
Dec. 31, 2011
New York [Member]
Madison 1235, Realty, LLC [Member]
|
Jun. 30, 2012
California [Member]
Talega Village Center JV, LLC [Member]
property
|
Dec. 31, 2011
California [Member]
Talega Village Center JV, LLC [Member]
|
Jun. 30, 2012
California [Member]
Vernola Marketplace JV, LLC [Member]
property
|
Dec. 31, 2011
California [Member]
Vernola Marketplace JV, LLC [Member]
|
Jun. 30, 2012
California [Member]
Parnassus Heights Medical Center [Member]
property
|
Dec. 31, 2011
California [Member]
Parnassus Heights Medical Center [Member]
|
Jun. 30, 2012
Florida & Massachusetts [Member]
Equity One JV Portfolio, LLC (NYCRF) [Member]
property
|
Dec. 31, 2011
Florida & Massachusetts [Member]
Equity One JV Portfolio, LLC (NYCRF) [Member]
|
|||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | 165 | 13 | 10 | [1],[2] | 3 | [1] | 1 | [1] | 1 | [1] | 1 | [1],[3] | 1 | [1],[3] | 1 | [1] | 3 | [1],[4] | |||||||||||||||||||||||||||||||||
Ownership interests in properties through joint ventures | 10.00% | [1],[2] | 20.00% | [1] | 8.60% | [1] | 20.10% | [1] | 50.50% | [1],[3] | 50.50% | [1],[3] | 50.00% | [1] | 30.00% | [1],[4] | |||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures, Investment Balance | $ 53,218 | [1] | $ 49,127 | [1] | $ 7,692 | [1],[2] | $ 7,705 | [1],[2] | $ 3,538 | [1] | $ 3,215 | [1] | $ 634 | [1] | $ 1,066 | [1] | $ 1,000 | [1] | $ 1,000 | [1] | $ 2,934 | [1],[3] | $ 3,620 | [1],[3] | $ 7,183 | [1],[3] | $ 7,433 | [1],[3] | $ 13,454 | [1] | $ 13,695 | [1] | $ 16,783 | [1],[4] | $ 11,393 | [1],[4] | |||||||||||||||
Advances to unconsolidated joint ventures, Investment Balance | 563 | [1] | 1,031 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Investments in and advances to unconsolidated joint ventures | 53,781 | [1] | 50,158 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||
Net of deferred gains associated with the disposition of assets | $ 3,300 | $ 3,300 | $ 404 | $ 404 | |||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate, noncontrolling interest | 48.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Condensed Consolidating Financial Information (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets |
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Schedule of Condensed Consolidating Statements of Comprehensive Income |
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Schedule of Condensed Consolidating Statements of Cash Flows |
|
Related Parties (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
General And Administrative Expenses [Member]
|
|||||
Related Party Transaction [Line Items] | |||||
Reimbursements from general and administrative expenses | $ 124,000 | $ 332,000 | |||
Gazit-Globe, Ltd [Member]
|
|||||
Related Party Transaction [Line Items] | |||||
Related party rental income | 85,000 | 79,000 | 172,000 | 153,000 | |
Due from Gazit | 285,000 | 285,000 | 126,000 | ||
MGN Icarus, Inc [Member]
|
|||||
Related Party Transaction [Line Items] | |||||
Travel expenses incurred | $ 150,000 |
Noncontrolling Interests (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Noncontrolling Interests | The following is a summary of the noncontrolling interests of our consolidated entities in the condensed consolidated balance sheets:
______________________________________________ (1) This entity owns the Danbury Green Shopping Center. (2) This entity owns the Southbury Green Shopping Center. (3) This entity owns the Canyon Trails Shopping Center. (4) We have entered into a redemption agreement whereby our joint venture partner can request that we purchase their interest at any time before January 1, 2014. (5) Holds our interest in Talega Village Center JV, LLC. (6) Holds our interest in Vernola Marketplace JV, LLC. |
Mezzanine Loans Receivable (Details) (USD $)
|
0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|---|---|
Jul. 05, 2011
|
Jan. 26, 2012
Y
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jul. 05, 2011
Junior Mezzanine Loan [Member]
|
Jun. 30, 2012
Mortgage Loan [Member]
|
Jun. 30, 2012
Senior Mezzanine Loan [Member]
|
Jan. 26, 2012
Mezzanine Loan [Member]
Y
|
Jun. 30, 2012
Mezzanine Loan [Member]
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Mezzanine loans receivable, net | $ 64,690,000 | $ 45,279,000 | $ 45,000,000 | $ 120,000,000 | $ 60,000,000 | $ 19,300,000 | |||
Aggregate appraised value of acquired loan receivable | 272,000,000 | ||||||||
Interest rate on loan receivable over the period | 8.46% | ||||||||
One month, LIBOR floor percentage on loan receivable | 0.75% | ||||||||
Mezzanine loan interest rate | 10.00% | 9.21% | |||||||
Interest costs capitalized | 108,000 | ||||||||
Loan amount, carrying value | 19,500,000 | 45,200,000 | |||||||
Carrying amount of loan share of any potential loss incurred by the joint venture | 30.00% | ||||||||
Mezzanine financing interest maturity in years | 9 | 9 | |||||||
Third party Joint Venture Loan | $ 18,500,000 |
Segment Reporting (Financial Information Relating to Assets Presented by Segments) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,299,034 | $ 3,222,571 |
South Florida [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | 714,071 | 717,434 |
North Florida [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | 367,999 | 369,540 |
Southeast [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | 493,942 | 492,532 |
Northeast [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | 733,792 | 645,439 |
West Coast [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | 826,032 | 697,431 |
Non-Retail [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | 27,639 | 52,681 |
Corporate Assets [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | 126,943 | 189,016 |
Assets Held For Sale Member Or Sold In A Disposal Group [Member]
|
||
Segment Reporting Information [Line Items] | ||
Total assets | $ 8,616 | $ 58,498 |
Stockholders' Equity And Earnings Per Share (Summary Of Calculation Of Diluted EPS And Reconciliation Of Net Loss (Income) Available To Shareholders) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
||||
Schedule of Equity Method Investments [Line Items] | |||||||
Income from continuing operations | $ 6,358 | $ 6,363 | $ 15,888 | $ 39,651 | |||
Net income attributable to noncontrolling interests | (2,753) | (2,148) | (5,466) | (4,547) | |||
Income from continuing operations attributable to Equity One, Inc. | 3,605 | 4,215 | 10,422 | 35,104 | |||
Allocation of continuing income to restricted share awards and to Class A common stockholder, Diluted | 3,333 | 3,920 | 9,870 | 34,507 | |||
Income from continuing operations attributable to common stockholders, Diluted | 3,333 | 3,920 | 9,870 | 34,507 | |||
(Loss) income from discontinued operations | (1,337) | 2,758 | 10,828 | 6,845 | |||
Net loss attributable to noncontrolling interests | 0 | 13 | 0 | 30 | |||
(Loss) income from discontinued operations attributable to Equity One, Inc. | (1,337) | 2,771 | 10,828 | 6,875 | |||
Allocation of discontinued income to restricted share awards and to Class A common stockholder | (1,337) | 2,740 | 10,719 | 6,797 | |||
Income from discontinued operations attributable to common stockholders | (1,337) | 2,740 | 10,719 | 6,797 | |||
Net income available to common stockholders | 1,996 | 6,660 | 20,589 | 41,304 | |||
Weighted average shares outstanding - Basic | 112,715 | 108,942 | 112,682 | 107,605 | |||
Stock options using the treasury method (in shares) | 235 | 170 | 203 | 163 | |||
Executive Incentive Plan shares using the treasury method (in shares) | 260 | 0 | 55 | 0 | |||
Weighted average shares outstanding - Diluted | 113,210 | 109,112 | 112,940 | 107,768 | |||
Diluted earnings per share from continuing operations (in usd per share) | $ 0.03 | $ 0.04 | $ 0.09 | $ 0.32 | |||
Diluted earnings per share from discontinued operations (in usd per share) | $ (0.01) | $ 0.03 | $ 0.09 | $ 0.06 | |||
Earnings per common share - Diluted (in usd per share) | $ 0.02 | $ 0.06 | [1] | $ 0.18 | $ 0.38 | ||
Restricted Share Awards And To Class A Common Stock [Member]
|
|||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Allocation of continuing income to restricted share awards and to Class A common stockholder, Diluted | (272) | (295) | (552) | (597) | |||
Income from continuing operations attributable to common stockholders, Diluted | (272) | (295) | (552) | (597) | |||
Allocation of discontinued income to restricted share awards and to Class A common stockholder | 0 | (31) | (109) | (78) | |||
Income from discontinued operations attributable to common stockholders | $ 0 | $ (31) | $ (109) | $ (78) | |||
|
Dispositions (Summary of Disposition Activity) (Details) (USD $)
|
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2012
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Gross Sales Price | $ 62,089,000 | |||||
Income Producing Property Sold [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Gross Sales Price | 60,429,000 | |||||
Outparcels Sold [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Gross Sales Price | 1,660,000 | |||||
Mortgage Debt [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Debt repaid by buyer | 27,200,000 | |||||
Charlotte [Member] | Income Producing Property Sold [Member] | Laurel Walk Apartments [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Date Sold | 2012-03-30 | |||||
Square Feet/Acres | 106,480 | |||||
Gross Sales Price | 6,000,000 | |||||
Commerce [Member] | Income Producing Property Sold [Member] | Commerce Crossing [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Date Sold | 2012-03-30 | |||||
Square Feet/Acres | 100,668 | |||||
Gross Sales Price | 600,000 | |||||
San Francisco [Member] | Income Producing Property Sold [Member] | 222 Sutter Street [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Date Sold | 2012-03-15 | |||||
Square Feet/Acres | 128,595 | |||||
Gross Sales Price | 53,829,000 | [1] | ||||
Norcross [Member] | Outparcels Sold [Member] | Market Place - IHOP [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Date Sold | 2012-02-27 | |||||
Square Feet/Acres | 0.35 | [2] | ||||
Gross Sales Price | 885,000 | |||||
Lafayette Parish [Member] | Income Producing Property Sold [Member] | Grand Marche (Ground Lease) [Member]
|
||||||
Acquisitions And Dispositions [Line Items] | ||||||
Date Sold | 2012-01-20 | |||||
Square Feet/Acres | 200,585 | |||||
Gross Sales Price | $ 775,000 | |||||
|
Organization and Basis of Presentation
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization We are a real estate investment trust, or REIT, that owns, manages, acquires, develops and redevelops shopping centers located primarily in supply constrained suburban and urban communities. We were organized as a Maryland corporation in 1992, completed our initial public offering in May 1998, and have elected to be taxed as a REIT since 1995. As of June 30, 2012, our consolidated property portfolio comprised 165 properties totaling approximately 16.8 million square feet of gross leasable area, or GLA, and included 142 shopping centers, 11 development or redevelopment properties, five non-retail properties and seven land parcels. As of June 30, 2012, our core portfolio was 91.8% leased and included national, regional and local tenants. Additionally, we had joint venture interests in 17 shopping centers and two office buildings totaling approximately 2.8 million square feet of GLA. In January 2011, we closed on the acquisition of C&C (US) No. 1, Inc., which we refer to as CapCo, through a joint venture with Liberty International Holdings Limited, or LIH. At the time of acquisition, CapCo owned a portfolio of 13 properties in California totaling approximately 2.6 million square feet of GLA. The results of CapCo have been included in our financial statements as of the date of acquisition. In December 2011, we sold 36 shopping centers, comprising 3.9 million square feet of GLA, predominantly located in the Atlanta, Tampa and Orlando markets, with additional properties located in the states of North Carolina, South Carolina, Alabama, Tennessee and Maryland. The results of operations of these properties are reflected in discontinued operations for the three and six months ended June 30, 2011. Basis of Presentation The condensed consolidated financial statements include the accounts of Equity One, Inc. and its wholly-owned subsidiaries and those other entities where we have a controlling financial interest including where we have been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Equity One, Inc. and its subsidiaries are hereinafter referred to as “the consolidated companies”, the “Company”, “we”, “our”, “us” or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. Certain operations have been classified as discontinued and associated results of operations and financial position are separately reported for all periods presented. Information in these notes to the condensed consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. The condensed consolidated financial statements included in this report are unaudited. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. The results of operations for the three and six month periods ended June 30, 2012 and 2011 are not necessarily indicative of the results that may be expected for a full year. Our unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions of Form 10-Q. Accordingly, these unaudited condensed consolidated financial statements do not contain certain information included in our annual financial statements and notes. The condensed consolidated balance sheet as of December 31, 2011 was derived from audited financial statements included in our 2011 Annual Report on Form 10-K, but does not include all disclosures required under GAAP. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2012. |
Share-Based Payment Plans (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
Y
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Executive shares | 800,000 |
Number of restricted stock awarded | 67,134 |
Total unrecognized compensation expense related to unvested and restricted share-based payment arrangements | $ 14.2 |
Recognizable weighted-average period (in years) | 2.4 |
Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vest over period minimum (in years) | 0 |
Vest over period maximum (in years) | 3 |
Shares of restricted stock vested | 98,089 |
Total vesting-date value of shares vested in a period | $ 1.8 |