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Equity One Inc. (NYSE:EQY) reported its results for the first quarter. Equity One operates as a self-managed real estate investment trust which mainly acquires, renovates, develops, and manages neighborhood and community shopping centers anchored by leading supermarkets, drug stores, or discount retail store chains.
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Equity One Earnings Cheat Sheet for the First Quarter
Results: The company’s funds from operations (FFO) was 27 cents a share. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It come in ahead of the consensus estimate of 26 cents per share. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings.
Quoting Management: “We are pleased with the operating performance of our core business and advancements in our development and redevelopment program.” said Jeff Olson, CEO. “Our results reflect our progress in upgrading and diversifying our portfolio into high density markets including New York, San Francisco, Los Angeles, and Miami.”
Looking Forward: Expectations for the second quarter have not changed from 27 cents. Over the past three months, the average estimate for the fiscal year has climbed from $1.07 per to share to $1.08.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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