Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today that the company is hosting an Investor Day and concurrently introducing 2016 guidance.

The Investor Day event, which was previously announced, will include in-depth management presentations addressing the company’s growth strategy, including new redevelopment opportunities.

The company is introducing 2016 Recurring FFO guidance of $1.35 to $1.40 per diluted share. Recurring FFO excludes transaction costs, impairment charges, debt extinguishment gains/losses, gains/losses on disposal of assets, severance costs, and certain other income or charges. The 2016 guidance is based on the following key assumptions:

  • Increase in same-property NOI (excluding redevelopments) of 3.25% to 4.25%
  • Year-end 2016 same-property occupancy between 96.0% and 96.5%
  • Recurring general and administrative expense of $33 million to $35 million
  • Interest expense of $50 million to $52 million
  • Selective acquisition activity
  • Ongoing one-off sales of non-core assets

The following table provides a reconciliation of the range of estimated earnings per diluted share attributable to Equity One to estimated FFO and Recurring FFO per diluted share for the full year 2016:

 
For the year ended

December 31, 2016 (1)

Low   High
Estimated earnings attributable to Equity One per diluted share $ 0.63 $ 0.67
Adjustments:
Net adjustment for shares issuable to Liberty International Holdings Limited and rounding (0.05 ) (0.05 )
Rental property depreciation and amortization including pro rata share of joint ventures 0.65 0.66
Earnings attributed to noncontrolling interest (2)   0.07     0.07  
 
Estimated FFO per diluted share $ 1.30   $ 1.35  
 
Transaction costs, debt extinguishment, and other   0.05     0.05  
Estimated Recurring FFO per diluted share $ 1.35   $ 1.40  
 

(1) Does not include possible gains or losses or the impact on operating results from unplanned future property acquisitions or unplanned dispositions, other possible capital markets activity or possible future impairment or severance charges.

(2) Includes effect of distributions paid with respect to unissued shares held by a noncontrolling interest which are already included for purposes of calculating earnings attributable to Equity One per diluted share.

ABOUT EQUITY ONE, INC.

As of September 30, 2015, our portfolio comprised 124 properties, including 99 retail properties and five non-retail properties totaling approximately 12.5 million square feet of gross leasable area, or GLA, 14 development or redevelopment properties with approximately 2.9 million square feet of GLA, and six land parcels. As of September 30, 2015, our retail occupancy excluding developments and redevelopments was 95.6% and included national, regional and local tenants. Additionally, we had joint venture interests in seven retail properties and two office buildings totaling approximately 1.6 million square feet of GLA.

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. Forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “might,” “would,” “expect,” “anticipate,” “estimate,” “could,” “should,” “believe,” “intend,” “project,” “forecast,” “target,” “plan,” or “continue” or the negative of these words or other variations or comparable terminology. Although Equity One believes that the expectations reflected in such forward-looking statements are 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 volatility in the capital markets and changes in borrowing rates; 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 One’s current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the timing, extent and ultimate proceeds realized from asset dispositions; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of its efforts to lease up vacant space; changes in key personnel; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; changes in Equity One’s credit ratings; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.