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Equity One reports improved 4Q results

February 24, 2011 03:28PM

North Miami Beach shopping center REIT Equity One reported an increase in its funds from operation during the fourth quarter, on the heels of new acquisitions in California and Arizona. Equity One, which has been trying to diversify its mostly Southeastern U.S. portfolio, recorded its funds from operations at $25.8 million, or 27 cents per share, during the quarter, up from $24.6 million, or 28 cents per share, in the fourth quarter of 2009. The company’s total for 2010 was $92 million, or $1 per share, which it expects to beat in 2011 with a projection of $1.07 to $1.15 per share. Among Equity One’s acquisitions during the quarter are three properties through a joint venture with Vestar Development for $86.5 million, and three shopping centers in Long Beach, Calif. for $72 million. [AP via Miami Herald]