Equity One Provides Update on Impact of Hurricane Sandy
NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)-- Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, provided a preliminary property assessment of the impact that Hurricane Sandy had on its Northeast portfolio. The company noted that, based on its initial assessment, it does not appear that any of the properties within this portfolio sustained any material damage. A final determination will be made as soon as possible and will require more intensive inspections, but the initial reports indicate that no material damage was sustained at this time.
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. As of June 30, 2012, our core portfolio was 91.8% leased and included national, regional and local tenants. Additionally, the company had joint venture interests in 17 shopping centers and two office buildings totaling approximately 2.8 million square feet of gross leasable area.
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. 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 the results of more complete property inspections for those assets affected by Hurricane Sandy, the possibility that weather conditions change and create new problems due to flooding or wind damage, the possibility that sustained power outages or the discontinuation of utility services and other services provided by local governments adversely impact our shopping centers, 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