One other thing, despite the great track record, this REIT is largely ignored as per the lack of postings and absence of analyst opinions. I take that back, there are now 9 analysts following EQY. When I started buying there was only one. At $12 it had the strongest buy rating of any REIT, that's why I noticed it, and I'm glad I did.
Reuters S&P affirms Equity One corporate credit rating Thursday February 19, 3:18 pm ET
(The following statement was released by the rating agency) NEW YORK, Feb 19 - Standard & Poor's Ratings Services today affirmed its 'BBB-' corporate credit rating on Equity One Inc. (NYSE:EQY - News) In addition, ratings are affirmed on the company's $150 million of senior unsecured notes. The outlook is stable.
"The company's stable, necessity-oriented shopping center portfolio, is complemented by good tenant and geographic diversification that should generate a stable income stream to support current strong debt service coverage. Moderate leverage and a manageable debt maturity schedule contribute to a moderately conservative financial profile. Mitigating these strengths is the more highly encumbered nature of the portfolio, as well as the less seasoned nature of this acquired portfolio under current management," said Standard & Poor's credit analyst George Skoufis.
Equity One produces a stable income stream supported by its good quality portfolio. A manageable lease expiration schedule and manageable capital needs also provide support to current coverage measures. The quality and stability of the portfolio cash flow should benefit incrementally from management's efforts to pursue acquisitions of good quality centers while culling weaker ones. Standard & Poor's also expects Equity One to gradually reduce its encumbrance levels over time.