NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)--Equity One, Inc. (NYSE: EQY), an owner, developer, and operator of shopping centers, today announced that David R. Lukes, 44, will join the Company no later than May 31, 2014 as an Executive Vice President and will become its Chief Executive Officer upon the departure of Jeffrey S. Olson later this year. Mr. Lukes brings extensive experience in all aspects of real estate development and operations, and most recently served as President and CEO of Sears Holdings Corporation affiliate Seritage Realty Trust. Mr. Lukes’ past experience includes serving from 2010 to 2012 as the President and CEO of Mall Properties, Inc., a privately owned real estate firm based in New York. From 2002 to 2010, he worked in various senior management positions at Kimco Realty Corporation, the largest owner and operator of retail shopping centers in North America, including service as its Chief Operating Officer from November 2008 to April 2010.
Mr. Lukes will succeed Mr. Olson, who the Company previously announced will not be renewing his employment agreement at the end of 2014. The Company also announced that Chief Financial Officer Mark Langer has extended his employment agreement through June 30, 2015.
Chaim Katzman, Equity One Chairman, said, “We are delighted that David Lukes has agreed to join the Equity One team as we move through an orderly leadership transition and intensify our focus on extracting value from our upgraded portfolio. David brings a unique combination of skills including architectural vision and operational expertise that are key to realizing the full potential of Equity One’s properties. We are also pleased that Mark Langer has agreed to extend his contract. Together with President Tom Caputo, Mark will help ensure we continue to execute on our strategic plan.”
Tom Caputo, Equity One President, said, “I have known David for more than ten years and believe he is one of the most talented real estate professionals in our industry. I look forward to working closely with David and Mark as we continue to focus our efforts on maximizing the value of our upgraded portfolio.”
Mr. Lukes holds a Bachelor of Environmental Design from Miami University, a Master of Architecture from the University of Pennsylvania, and a Master of Science in Real Estate Development from Columbia University.
ABOUT EQUITY ONE, INC.
As of December 31, 2013, our consolidated shopping center portfolio comprised 140 properties, including 118 retail properties and six non-retail properties totaling approximately 14.9 million square feet of GLA, 10 development or redevelopment properties with approximately 1.8 million square feet of GLA upon completion, and six land parcels. As of December 31, 2013, our consolidated shopping center occupancy was 92.4% and included national, regional and local tenants. Additionally, we had joint venture interests in 20 retail properties and two office buildings totaling approximately 3.7 million square feet of GLA. For more information, please access the Equity One website at www.equityone.net.
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; 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.
