The company of Equity One, Inc. which is a corporation under the jurisdiction of Maryland, is hereby providing the fair value of its investment property in accordance with International Financial Reporting Standard 13, "Fair Value Measurement," and International Accounting Standard 40, "Investment Property," as of September 30, 2016.
It can be noted as announced previously the the Company, Equity One, Inc. has agreed to provide this information to Gazit-Globe Ltd. its major indirect stockholder, in connection with Gazit-Globe Ltd. 's financial reports which are prepared in accordance with International Financial Reporting Standards ("IFRS").
International Financial Reporting Standards permit fair value accounting for investment property, which includes property held for development and for sale. In addition, in accordance with International Financial Reporting Standards, the value of straight-line rent receivables, deferred costs and intangible assets and liabilities related to income-producing property are not presented separately since they are included within the fair values of income-producing property.
Equity One, Inc., the company involved herein, recently completed a valuation review and checking as of September 30, 2016 to identify and determine the fair value of its existing investment property portfolio. Based upon this review, the Company determined that, as of the time and date of September 30, 2016, the fair value of its investment property was approximately $4.8 billion in monetary value.
Furthermore, the determination of these values required management to make significant estimates and assumptions, and the actual values achieved in the event of any disposition of investment property may differ from the values incorporated into the fair value determination noted above.
DISCLAIMER: The information contained in this report on Form 8-K shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.
Join the Conversation