EQY: GIVING OUT 1.30 PER SHARE DIVIDEND FOR SHAREHOLDERS AS OF JUNE 16
Equity One Declares $1.00 per Share Special Dividend and $0.30 per Share Regular Dividend for the Second Quarter of 2006 and Increases Common Stock Repurchase Program to $50 Million
NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)--May 12, 2006--Equity One, Inc. (NYSE:EQY - News), an owner, developer and operator of community and neighborhood shopping centers located in high growth markets in the southern and northeastern United States, announced today that its Board of Directors has declared a one-time, special cash dividend of $1.00 per share of its common stock and a regular cash dividend of $0.30 per share of its common stock for the quarter ending June 30, 2006, both payable on June 30, 2006 to stockholders of record on June 16, 2006. The $0.30 per share dividend represents an annualized rate of $1.20 per share.
The $1.00 special dividend is attributable to Equity One's recent closing of the sale of 29 Texas properties to a joint venture in which it retained a 20% interest. It is anticipated that the $1.00 dividend will consist of a combination of long term capital gains and return of capital, though the exact breakdown will not be determined until later in the year.
In conjunction with the declaration of these dividends, the Board of Directors of Equity One has also increased the authorization of the previously announced common stock repurchase program from $40 million to $50 million, of which a total of approximately $27.8 million has already been used to purchase 1.255 million shares at an average price of $22.19 per share. Purchases of shares of common stock will be made in the open market or in privately negotiated transactions, at the discretion of the company's management and as market conditions warrant, during the period commencing today through December 31, 2006. |
