The Real Deal Miami

Equity One enjoys profitable first quarter

North Miami Beach REIT posts gains in several key categories
May 02, 2014 12:45PM

David Lukes

David Lukes

North Miami Beach real estate investment trust Equity One posted quarterly gains in total revenue, net income and shopping center occupancy.

The retail investor reported a year-over-year total revenue increase from $81.4 million to $92.7 million during the first quarter of 2014, the company announced. Equity’s net income rose from $24.6 million to $26.3 million during the three-month period. Funds from operations, a pivotal category for real estate REITs, jumped from $40 million to $44.7 million.

Equity’s year-over-year shopping center occupancy climbed from 91.8 percent to 93.9 percent during the first quarter.

The company announced last month that longtime retail executive David Lukes would take over for departing CEO Jeffrey Olson later this year. — Eric Kalis