Zacks_Analysts' Blog : Equity One Restructures Portfolio - Analyst Blog

Equity One Inc. (EQY) recently announced that it has sold two properties, namely Trio Apartments and Park Plaza for approximately $124.9 million. The 304-unit Trio Apartments building in Pasadena, California was sold for $112.2 million while the 73,000-square feet Park Plaza in Sacramento, California was sold for $12.7 million. The company had 50% and 100% stake in the two properties, respectively.

Recently, the company also acquired a shopping center named Aventura Square in Aventura, Florida for $55.5 million. This shopping center is located in one of the most desirable retail markets.

This transaction is a strategic move on the company’s part to reposition its portfolio by shedding non-strategic assets and investing in higher growth markets, which would thereby enable it to upgrade its portfolio. The company's primary strategy is to streamline its portfolio in high quality shopping centers within its targeted markets.

Equity One is a real estate investment trust (REIT) that engages in the ownership, management, acquisition and development of neighborhood and community shopping centers in the United States. As of June 30, 2011, the company owned or had interests in 219 properties, consisting of 192 shopping centers encompassing 24 million square feet of space.

Equity One currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Kimco Realty Corporation(KIM) also holds a Zacks #3 Rank.