NEW YORK--(BUSINESS WIRE)--Equity One, Inc. (NYSE: EQY), an owner, developer, and operator of shopping centers, today announced that Matthew Ostrower, 44, is expected to join the Company on March 3, 2015 as an Executive Vice President and will become its Chief Financial Officer upon the previously announced departure of Mark Langer, the Company’s current Chief Financial Officer, later this Spring. Mr. Ostrower brings an extensive background in the real estate industry and most recently served as Managing Director and Associate Director of Research in Morgan Stanley’s European research department. Mr. Ostrower’s previous experience includes serving as portfolio manager of the Pioneer Real Estate Shares Mutual fund, eight years as a REIT equity analyst at Morgan Stanley, and performing capital raising and investment strategy for the Gerrity Group, a private owner and operator of shopping center real estate in the Western United States. Since 2010, Mr. Ostrower has served as a member of the Board of Directors of Ramco-Gershenson Property Trust, a public retail real estate investment trust, but is expected to resign from this position prior to joining the Company.
David Lukes, Equity One’s Chief Executive Officer, said, “We are delighted that Matt will be joining the Equity One team. Matt brings a diverse skillset to our company, including extensive experience in the public real estate markets and a deep understanding of effective capital allocation and balance sheet management. Matt’s arrival completes our senior leadership transition and helps further focus our efforts on creating value through leasing, development and redevelopment opportunities within our urban-focused portfolio.”
Mr. Langer has been with the Company since 2008 and will serve as Chief Financial Officer until his departure. “We are pleased that Mark will be able to help facilitate an orderly transition of his responsibilities to Matt. Mark has made many contributions to Equity One’s growth during the past seven years and has played a key role in helping us maintain a high quality balance sheet. We wish him great success in his future endeavors,” said Mr. Lukes.
Mr. Ostrower holds a dual Masters of Science degree in Real Estate and City Planning from Massachusetts Institute of Technology and a Bachelor of Arts degree from Tufts University. Mr. Ostrower is also a Chartered Financial Analyst (CFA).
ABOUT EQUITY ONE, INC.
As of September 30, 2014, our consolidated shopping center portfolio comprised 126 properties, including 107 retail properties and four non-retail properties totaling approximately 13.8 million square feet of gross leasable area, or GLA, nine development or redevelopment properties with approximately 1.6 million square feet of GLA upon completion, and six land parcels. As of September 30, 2014, our consolidated shopping center occupancy was 94.4% and included national, regional and local tenants. Additionally, we had joint venture interests in 18 retail properties and two office buildings totaling approximately 3.2 million square feet of GLA. For more information, please access the Equity One website at www.equityone.com.
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.
