Equity One Inc. Earnings Cheat Sheet: FFO Falls

Equity One Inc. (NYSE:EQY) reported lower FFO in the third quarter, missing analysts’ forecast. 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 Third Quarter

Results: Reported funds from operations (FFO) of $12.8 million or 10 cents per diluted share in the quarter. The company had FFO of $22.2 million or 24 cents per share in the previous year quarter.

Revenue: Rose 26% to $72.8 million from the year earlier quarter.

Actual vs. Wall St. Expectations: EQY reported recurring FFO of 28 cents per share, topping the mean analyst estimate of 26 cents per share.

Quoting Management: “We are very pleased with the significant progress we made during the third quarter to advance our strategic plan by selling non-core assets within the Capital& Counties portfolio and entering into a contract to sell 36 shopping centers located within non-strategic markets”, said Jeff Olson, Chief Executive Officer of Equity One. “We were equally pleased with the progress we made to recycle capital into our targeted markets with the acquisition of several irreplaceable assets in supply constrained areas.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 31.8% to $93.5 million in the second quarter. The figure rose more than twofold in the first quarter from the year earlier and climbed 6.5% in the fourth quarter of the last fiscal year from the year-ago quarter.

Looking Forward: The average estimate for the fourth quarter is steady at 28 cents a share. The average estimate for the fiscal year is $1.08 per share, falling from $1.11 thirty days ago.

Competitors to Watch: Kimco Realty Corporation (NYSE:KIM), Glimcher Realty Trust (NYSE:GRT), Cedar Shopping Centers Inc (NYSE:CDR), Inland Real Estate Corp. (NYSE:IRC), The Macerich Company (NYSE:MAC), Agree Realty Corporation (NYSE:ADC), Urstadt Biddle Properties Inc. (NYSE:UBA), Ramco-Gershenson Properties Trust (NYSE:RPT), Federal Realty Inv. Trust (NYSE:FRT), and Alexander’s, Inc. (NYSE:ALX).

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(Source: Xignite Financials)