The Real Deal Miami

Equity One, Duke Realty, Franklin Street Properties report mixed Q1 earnings

Equity One's net income dropped; Duke Realty and Franklin Street Properties' earnings rose

April 30, 2015 02:15PM
By Ina Cordle

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equity one

Sheridan Plaza in Hollywood, owned by Equity One

Real estate investment trusts Equity One, Duke Realty Corp. and Franklin Street Properties reported a range of first quarter earnings this week.

Each of the REITs has significant interests in South Florida.

Equity One reported $8 million or 6 cents per share in net income for the quarter ended March 31, as compared to $26.3 million, or 22 cents per share, for the first quarter of 2014.

The REIT, which has headquarters in New York and North Miami Beach, owns 73 properties in Florida, totaling 8.6 million square feet, with the majority in South Florida. Among the largest are Sheridan Plaza in Hollywood, Shops at Skylake in North Miami Beach, Airpark Plaza Shopping Center in Miami, Aventura Square in Aventura, Bird Ludlum in Miami, Boynton Plaza in Boynton Beach, Concord Shopping Plaza in Miami, Countryside Shops in Cooper City, Lantana Village Square in Lantana and Pine Island in Davie.

David Lukes of Equity One and Dennis Oklak of Duke Realty

David Lukes of CEO Equity One; and Dennis Oklak, chairman and CEO of Duke Realty

Since 2009, Equity One has acquired or developed nearly $2 billion in retail assets, concentrated in New York, San Francisco, Los Angeles and South Florida, according to the company’s website. As of March 31, Equity One’s consolidated shopping center portfolio included 121 properties, with a total market capitalization of $5 billion.

Duke Realty Corp., based in Indianapolis, reported $65.3 million in net income, or 19 cents per share, for the first quarter of 2015, compared to $18.3 million, or 6 cents per share for the same quarter in 2014.

The industrial, medical and suburban office property REIT’s holdings in South Florida include the Pompano Commerce Center, Pembroke Corporate Center, Crossroads Business Park, Sawgrass Pointe and Weston Pointe, according to the company’s website.

On April 1, Duke Realty sold a 940,319-square-foot Broward office portfolio, consisting of nine properties, to Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties for $178.3 million.

blue lagoon

Blue Lagoon, owned by Franklin Street Properties

Franklin Street Properties reported $12.5 million or 13 cents per share in first quarter 2015 earnings, compared to $3.6 million or 4 cents per share in the same period of 2014.

In South Florida, the Wakefield, Massachusetts-based REIT owns Blue Lagoon in Miami. The 212,626 square-foot property, which is 100 percent leased, represents 2.9 percent of Franklin Street Properties’ portfolio, according to the company’s earnings release.

Franklin Street Properties said its strategy has evolved to its current focus on urban infill and select central business district office properties within five core markets — Atlanta, Dallas, Denver, Houston, and Minneapolis.