Equity One Q3 FFO Down

(RTTNews) - Equity One Inc. (EQY) reported that its Funds From Operations or FFO for the third quarter of 2014 of $37.9 million or $0.29 per share, down from $38.4 million, or $0.30 per share for the third quarter of 2013.

Recurring FFO was $40.6 million, or $0.31 per share, for the third quarter of 2014, as compared to $39.3 million, or $0.30 per share, for the third quarter of 2013.

Net income attributable to Equity One was $18.3 million, or $0.14 per share, compared to $10.6 million, or $0.09 per share, for the third quarter of 2013.

Total revenue for the quarter rose to $86.38 million from $82.72 million in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share and revenues of $87.94 million for the quarter. Analysts' estimates typically exclude special items.

Mark Langer, Executive Vice President and Chief Financial Officer, has informed the company that he will not continue his employment with the company when his employment agreement expires on June 30, 2015. The company has commenced a search to identify its next Chief Financial Officer and has engaged an executive search firm to assist in that process.

The company updated its 2014 Recurring FFO guidance to a new range of $1.27 to $1.28 per share, which compares to previous guidance of $1.25 to $1.28 per share. Analysts expect earnings of $1.27 per share.