Equity One Announces Closing of Common Stock Offering
NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)-- Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today the closing of its previously announced underwritten public offering of 4.1 million shares of its common stock. The Company offered 3.1 million shares of its common stock and AH Investments US, LP, a stockholder of the Company, offered 1.0 million shares of the Companys common stock, resulting in approximately $65.2 million and $21.0 million of net proceeds to the Company and the selling stockholder, respectively, before expenses. The Company did not receive any of the proceeds from the sale of shares of the Companys common stock by the selling stockholder in the offering.
Concurrently with the closing of the public offering, MGN (USA), Inc., an affiliate of Equity Ones largest stockholder, Gazit-Globe, Ltd., purchased directly from the Company an aggregate of 500,000 shares of the Companys common stock, resulting in net proceeds to the Company of $10.6 million, before expenses.
The Company intends to use its net proceeds to reduce the outstanding balance under its unsecured revolving credit facility and for other corporate purposes, including pending and future acquisitions and to fund development and redevelopment activities.
Barclays acted as the sole underwriter of the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. A final prospectus supplement and accompanying base prospectus related to the offering have been filed with the Securities and Exchange Commission. A copy of the prospectus supplement and prospectus related to the offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling toll free at (888) 603-5847, or by emailing Barclaysprospectus@broadridge.com.
ABOUT EQUITY ONE, INC.
As of June 30, 2012, Equity Ones consolidated property portfolio comprised 165 properties consisting of approximately 16.8 million square feet of gross leasable area, including 142 shopping centers, 11 development or redevelopment properties, five non-retail properties and seven land parcels.
FORWARD LOOKING STATEMENTS
Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this press release include, among others, statements about the use of proceeds from the offering. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include volatility of the capital markets; changes in macro-economic conditions and the demand for retail space in the states in which Equity One owns properties; the continuing financial success of Equity Ones current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; changes in Equity Ones credit ratings; and other risks, which are described in Equity Ones filings with the Securities and Exchange Commission.
Equity One, Inc.
Mark Langer, 305-947-1664
EVP and Chief Financial Officer
Source: Equity One, Inc.Copyright Business Wire 2012