Equity One to sell 36 shopping centers for $473.1M - Boston Globe

The properties are mostly located in Atlanta, Tampa, Fla., and Orlando, Fla., with additional properties in the Carolinas, Alabama, Tennessee and Maryland.

The properties were 91 percent occupied as of the end of June and had a combined balance of $177.4 million in mortgage loans outstanding as of June 30, Equity One said.

Management said the asset sale helps advance the company's strategy of concentrating its portfolio in the urban retail markets of New York, Miami, Boston, San Francisco and Los Angeles.

The company intends to use the sale proceeds to pay off debt, fund new developments and cover other business costs.

Equity One said it expects to book a net impairment loss between $32 million and $36 million in the third quarter, including $17 million related to unamortized debt discount costs on mortgages that are to be assumed by Blackstone.

The company said it will update its 2011 earnings guidance when the deal closes.

The transaction is expected to close before the end of the year.

Equity One shares added 32 cents, or 2.1 percent, to end the regular session at $15.79.