The Real Deal Miami

Equity One feels market chill

February 27, 2009 11:39AM

North Miami Beach-based retail investment trust Equity One saw a major performance drop in 2008, with funds from operations in 2008 totaling $60.5 million versus $98.4 million in 2007. Investment sales activity for the retail REIT was also off by 75 percent. Equity also announced that it had acquired a controlling interest, 75 percent, in DIM Vastgoed, a Dutch real estate company that owns 21 shopping centers totaling 2.6 million square feet on the east coast. The properties have a total value of approximately $400 million with $260 million of mortgage debt. Its portfolio occupancy rate remained flat at 92.1 percent.