Business & Finance
Business and Finance
Business and Finance
Mon, September 27, 2010 Equity One Announces Increase in Credit Facility Commitments and Manhattan Acquisition
NORTH MIAMI BEACH, Fla.--([ BUSINESS WIRE ])--Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced that it increased its unsecured revolving credit facility from $272 million to $400 million by exercising its accordion feature. Four new banks joined the existing facility with no modification to the terms and covenants and several of the incumbent banks added to their previous commitment. The company currently has $14 million outstanding on the line which bears interest at a rate of LIBOR + 1.40%.
"We are pleased with the added commitments made under our line of credit which further enhances our liquidity. We greatly value the support provided by our banking partners and appreciate the confidence they have shown in the growth and continued success of Equity One."
The company separately announced it has acquired a fee interest in a retail condominium located at 1175 Third Avenue in Manhattan for $21 million. The retail condominium is located on Third Avenue between E. 68th and E. 69th Street and consists of 27,701 square feet. The retail condominium is located at the base of The Trump Palace and includes the entire frontage on the east side of Third Avenue. All of the space is currently leased to The Great Atlantic & Pacific Tea Company on a triple-net basis which is operating this store under the Food Emporium brand.
aWe are excited to enter the heart of Manhattan by acquiring a retail condominium on the Upper East Side of Manhattan, one of the most densely populated and wealthiest neighborhoods in New York City,a said Jeff Olson, Chief Executive Officer of Equity One. aThis site is another example of our focus on acquiring retail assets with rents that are significantly below market in trade areas with high barriers to entry.a Mr. Olson separately noted, aWe are pleased with the added commitments made under our line of credit which further enhances our liquidity. We greatly value the support provided by our banking partners and appreciate the confidence they have shown in the growth and continued success of Equity One.a
ABOUT EQUITY ONE, INC.
As of June 30, 2010, Equity One owned or had interests in 185 properties, consisting of 171 shopping centers comprising approximately 19.2 million square feet, three projects in development/redevelopment, six non-retail properties, and five parcels of land. Additionally, Equity One had joint venture interests in twelve shopping centers and one office building totaling approximately 1.9 million square feet. For more information on Equity One, Inc. please visit [ www.equityone.net ].
FORWARD LOOKING STATEMENTS
Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws.Although Equity One believes that the expectations reflected in such forward-looking statements is based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in the states in which Equity One owns properties; the continuing financial success of Equity Onea™s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One successfully to integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity Onea™s filings with the Securities and Exchange Commission.
