8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 8, 2003

EQUITY ONE, INC.

(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction of incorporation)

001-13499
(Commission File Number)

52-1794271
(IRS Employer Identification Number)

1696 N.E. Miami Gardens Drive, North Miami Beach, Florida 33179
(Address of principal executive offices)

Registrant’s telephone number, including area code: (305) 947-1664

Not applicable
(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

Press Release Dated May 8, 2003

Supplemental Package Dated May 8, 2003

Item 7. Financial Statements and Exhibits.

(a)	Financial Statements of Business Acquired.
	Not applicable
(b)	Pro Forma Financial Information
	Not applicable
(c)	Exhibits.

99.1	Press Release of Equity One, Inc. dated May 8, 2003.
99.2	Supplemental Package of Equity One, Inc. dated May 8, 2003.

Item 9. Regulation FD Disclosure

     The information contained in this report is being furnished pursuant to “Item 12 — Results of Operations and Financial Condition” and “Item 9 — Regulation FD Disclosure” of Form 8-K in accordance with SEC Release Nos. 33-8216 and 34-47583.

     On May 8, 2003, Equity One, Inc. announced its consolidated financial results for the quarter ended March 31, 2003. A copy of Equity One’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of Equity One’s Supplemental Package for the quarter ended March 31, 2003 is furnished as Exhibit 99.2 to this report on Form 8-K.

     The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Equity One under the Securities Act of 1933, as amended.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, Equity One has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EQUITY ONE, INC
Date: May 8, 2003	By:	/s/ Howard M. Sipzner
		Howard M. Sipzner Chief Financial Officer

INDEX TO EXHIBITS

Exhibit Number	Description of Exhibit
99.1	Press Release of Equity One, Inc. dated May 8, 2003
99.2	Supplemental Package of Equity One, Inc. dated May 8, 2003

EX-99.1 3 g82674exv99w1.htm PRESS RELEASE DATED MAY 8, 2003

Equity One, Inc.
1696 NE Miami Gardens Drive
North Miami Beach, FL 33179
305-947-1664 For additional information at the Company:
   Howard Sipzner, CFO
   Arthur Gallagher, Investor Relations
Media Contact:
   Abbe Solomon 305-446-2700

FOR IMMEDIATE RELEASE:

May 8, 2003

EQUITY ONE REPORTS FIRST QUARTER 2003 RESULTS

NORTH MIAMI BEACH, FL, May 8, 2003 – Equity One, Inc. (NYSE: EQY), an owner, developer and operator of community and neighborhood shopping centers located predominately in high growth markets in the southern United States, announced today its financial results for the three months ended March 31, 2003.

FINANCIAL HIGHLIGHTS

For the three months ended March 31, 2003, Funds From Operations (FFO) – a standard measure of operating performance for Real Estate Investment Trusts (REITs) – increased 60.7% to $17.3 million from $10.7 million for the comparable period in 2002. FFO per diluted share for the first quarter of 2003 was $0.36, the same as in the first quarter of 2002. The first quarter results for 2003 include a loss on extinguishment of debt of $623,000 or $0.01 per diluted share. Net income for the first quarter of 2003 was $12.3 million, or $0.26 per diluted share, compared with $13.3 million, or $0.44 per diluted share, in the first quarter of 2002. The first quarter of 2002 included a gain on disposal of properties of $6.1 million, or $0.20 per diluted share. Total revenues for the first quarter of 2003 increased 49.9% to $38.6 million from $25.8 million in the first quarter of 2002.

“Our results demonstrate the initial benefits of our successful merger with IRT Property Company,” stated Chaim Katzman, Chairman and Chief Executive Officer. “We have a stronger capital base, a deeper and more seasoned management team and much broader tenant and geographic diversification. Operationally, we added over 40,000 square feet of net new leases, increased our renewal rents by 4.0%, reached 90.5% occupancy in our core stabilized portfolio and increased our same property net operating income by 1.7%. Our financial ratios remain strong with 43.6% debt to total market capitalization, a 3.3 EBITDA to interest coverage ratio and over $125 million available on our credit facilities. We are well positioned for future growth from lease-up and further rental increases, while retaining the underlying defensive characteristics of our supermarket-anchored neighborhood shopping center portfolio.”

PORTFOLIO HIGHLIGHTS

At March 31, 2003, the 168 shopping centers comprising our core stabilized portfolio were 90.5% leased. Overall, we own 179 properties located primarily in metropolitan areas of 12 states in the southern United States, consisting of 122 supermarket-anchored shopping centers, 8 drug store-anchored shopping centers, 42 other retail-anchored shopping centers, one self-storage facility, one industrial property and five retail developments, as well as non-controlling interests in four unconsolidated joint ventures.

At March 31, 2003, our average base rent per leased square foot totaled $9.05 and reflected our combination with IRT Property Company. During the quarter, we renewed 75 leases increasing the average rate 4.0% to $10.64 per square foot, and signed 67 new leases at an average rate of $11.45 per square foot. Overall, we added approximately $650,000 of annualized minimum rent incorporating renewals, new leases and departing tenants.

IRT PROPERTY COMPANY MERGER

On February 12, 2003, Equity One, Inc. and IRT Property Company completed a statutory merger. The transaction has been accounted for as a purchase and the results of Equity One include the activity of IRT for the period February 12, 2003 through March 31, 2003.

OTHER ACQUISITIONS AND DISPOSITIONS

During the first quarter of 2003, we acquired a 13.5-acre parcel of land in Henry County, Georgia on which we plan to develop a supermarket-anchored center in 2004.

During the first quarter of 2003, we sold two drug store anchored shopping centers for aggregate gross sales proceeds of $6.8 million and recognized total gains on sale of $503,000. As previously reported, we sold a property in April 2003 that was ground leased to Lowe’s and expect to report a gain of approximately $400,000 in the second quarter of 2003. The operating results of these properties are reflected in our discontinued operations.

DEVELOPMENTS AND REDEVELOPMENTS

During the quarter we completed the construction of two developments, Plaza Alegre in Miami, Florida and Shops at Huntcrest in Lawrenceville, Georgia, and are in the process of leasing the local tenant space, with stabilization expected for later this year. Each of these centers is anchored by a new Publix supermarket.

We have commenced a complete redevelopment of University Mall in Pembroke Pines, Florida, incorporating a new Lowe’s home improvement store. We are also reconfiguring a portion of Oakbrook Square shopping center in Palm Beach Gardens, Florida to accommodate a new Stein Mart store.

We are in the planning and permitting stage for several other developments and redevelopments including: (1) the development of a new 25,000 square foot CVS drug store-anchored center across the street from our Plaza Alegre shopping center; (2) the redevelopment of Salerno Village in Stuart, Florida to accommodate a new and expanded Winn Dixie supermarket; (3) up to a 120,000 square foot addition to the Shops at Skylake in North Miami Beach, Florida to accommodate a new L.A. Fitness Sports Club and other local tenants, and (4) the development of 20,000 square feet of retail space on a parcel of land located adjacent to our Cashmere Corners shopping center. These developments are scheduled for completion between the end of 2003 and early 2004.

Lastly, we are in the process of reconfiguring and releasing the former Winn Dixie space at our Walden Woods shopping center in Plant City, Florida to accommodate a 20,000 square foot Dollar Tree store, an additional 13,000 square foot junior anchor and 12,000 square feet of local space.

FFO EARNINGS GUIDANCE

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in Equity One’s reports filed with the Securities and Exchange Commission, we expect our full year 2003, targeted FFO per diluted share to be between $1.46 and $1.49, unchanged from our previous guidance. We currently anticipate that the growth in our FFO in 2003 will come from a combination of internal growth, accretion from the IRT merger, increase in rent and the continued lease-up of vacant space, as

2

well as incremental income from property acquisitions and developments. This guidance is provided for information purposes and is subject to change. The following is a reconciliation between the calculation of FFO per diluted share and diluted earnings per share:

Guidance for 2003	Range
Diluted earnings per share	$	0.89		to	$	0.92
Less: gain on sale	$	(0.02	)		$	(0.02	)
Plus: real estate depreciation	$	0.59			$	0.59
FFO per diluted share	$	1.46		to	$	1.49

For reconciliation purposes, we have assumed no additional gains on sale other than those that have already been realized.

ACCOUNTING AND OTHER DISCLOSURES

We consider Funds From Operations (“FFO”) as defined by National Association of Real Estate Investment Trusts (“NAREIT”), to be a widely used and appropriate supplemental measure of performance for equity REITs that provides a relevant basis for comparison among REITs. FFO, as defined by NAREIT, means net income determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), excluding gains (losses) from sales of rental property, adjustments for extraordinary items and cumulative effects of accounting changes, plus real estate related depreciation and amortization, minority interest and after adjustments for unconsolidated partnerships and joint ventures. We present FFO to assist investors in analyzing our performance. Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITS. FFO (i) does not represent cash flows from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs and liquidity, including its ability to make distributions and (iii) should not be considered as an alternative to net income (determined in accordance with GAAP) for purposes of evaluating our operating performance.

Included in this press release is a reconciliation of FFO to net income, the most comparable GAAP measure.

CONFERENCE CALL/VIDEO WEB CAST INFORMATION

We will host a conference call later today on Thursday, May 8, 2003 at 1:00 p.m. EST to discuss our performance for the three months ended March 31, 2003. The call will also be web-cast and can be accessed in a listen-only mode at Equity One’s web site at www.equityone.net. Investors may also join the call by dialing 877-531-9985 (U.S/Canada) or 706-679-3073 (international). No password is required.

If you are unable to participate during the call, a replay will be available on Equity One’s web site for future review. You may also access the replay by dialing 800-642-1687 (U.S./Canada) or 706-645-9291 (international) and entering passcode 227775. The telephone replay will be available through May 31, 2003.

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FOR ADDITIONAL INFORMATION

For a copy of our first quarter supplemental information package, please access the “Financial Reports” section in our web site at www.equityone.net. To be included in our e-mail distributions for future press releases and other notices, please send your e-mail address to Michele Guard at mguard@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. 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 changes in macro-economic conditions and the demand for retail space in Florida, Georgia, Texas and the other states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant properties; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.

4

EQUITY ONE, INC.
UNAUDITED SUMMARY FINANCIAL INFORMATION
(In thousands, except per share data)

		For the three months ended March 31,
Operating Data		2003		2002
Total Revenues		$	38,608	$	25,753
Net Income		$	12,344	$	13,267
Earnings per share (basic)		$	0.26	$	0.45
Earnings per share (diluted)		$	0.26	$	0.44
Number of shares used in computing earnings per share:
	Basic		47,163		29,354
	Diluted		48,475		30,029

Reconciliation of Net Income to Funds from Operations

Funds from Operations (“FFO”) is a non-GAAP financial measure. We believe that FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), is a widely used and appropriate supplemental measure of performance for equity REITs, and that it provides a relevant basis for comparison among REITs.

The following table reflects the reconciliation of FFO to net income, the most directly comparable GAAP measure, for the periods presented:

	For the three months ended March 31,
	2003			2002
Net income	$	12,344		$	13,267
Adjustments:
Depreciation and amortization related to rental properties		5,046			3,329
Gain on sale of disposal of rental properties		(503	)		(6,122	)
Minority interest in earnings of consolidated subsidiaries		141			25
Interest on convertible partnership units		65			65
Share of real estate depreciation of joint ventures		161			174
Funds from operations	$	17,254		$	10,738

5

EQUITY ONE, INC.
UNAUDITED SUMMARY FINANCIAL INFORMATION
(In thousands)

	March 31,		December 31,
Balance Sheet	2003		2002
Investments in real estate (before accumulated depreciation)	$	1,450,735	$	718,864
Total assets	$	1,489,208	$	730,069
Mortgage notes payable	$	422,311	$	332,143
Revolving credit facilities	$	169,000	$	23,000
Senior unsecured notes	$	150,000		—
Total liabilities before minority interests	$	793,906	$	375,969
Stockholders’ equity	$	679,509	$	350,231
Total liabilities and stockholders’ equity	$	1,489,208	$	730,069

6 EX-99.2 4 g82674exv99w2.htm SUPPLEMENTAL PACKAGE DATED MAY 8, 2003

Equity One, Inc.
Supplemental Information Package

March 31, 2003

Equity One, Inc.
1696 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664 Fax: (305) 947-1734 4
www.equityone.net

Equity One, Inc.

SUPPLEMENTAL INFORMATION
March 31, 2003
(unaudited)

TABLE OF CONTENTS

	Page
SUMMARY OPERATING INFORMATION		3
SUMMARY BALANCE SHEET INFORMATION		4
CONSOLIDATED STATEMENTS OF OPERATIONS		5
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS		6
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS		7
CONSOLIDATED BALANCE SHEETS		8
DEBT SUMMARY		9
PROPERTY STATUS REPORT		13
ANNUAL MINIMUM RENT BY STATE		19
LEASING ACTIVITY		20
TENANT CONCENTRATION SCHEDULE		21
SHOPPING CENTER LEASE EXPIRATION SCHEDULE		22
REAL ESTATE DEVELOPMENTS		23
REAL ESTATE ACQUISITIONS AND DISPOSITIONS		24
JOINT VENTURE INVESTMENTS		25
STOCK PRICE AND VOLUME STATISTICS		26

Forward Looking Statements

Certain information contained in this Supplemental Information Package constitute forward-looking statements within the meaning of the federal securities laws. 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 changes in macro-economic conditions and the demand for retail space in Florida, Georgia, Texas and the other states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant properties; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.

Basis of Presentation

On February 12, 2003, Equity One and IRT Property Company completed a statutory merger. The transaction has been accounted for as a purchase and the results of Equity One include the activity of the former IRT Property Company for the period from February 12, 2003 through March 31, 2003.

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)

		Three months ended
		Mar 31, 2003			Mar 31, 2002
Total dividends paid per share		$	0.27		$	0.27
Funds from operations per share		$	0.36		$	0.36
	Dividend / FFO payout ratio		75.0	%		75.0	%
	FFO multiple (annualized if < 12 months)		10.6			9.3
Adjusted funds from operations per share		$	0.34		$	0.34
	Dividend / AFFO payout ratio		79.4	%		79.4	%
	AFFO multiple (annualized if < 12 months)		11.2			9.9
Net Income		$	12,344		$	13,267
	Income from discontinued operations		(702	)		(6,794	)
	Minority interest in consolidated subsidiaries		141			25
	Loss on extinguishment of debt		623			—
	Interest expense		7,719			6,112
	Amortization of deferred financing fees		286			208
	Rental property depreciation and amortization		5,013			3,288
EBITDA		$	25,424		$	16,106
Interest expense		$	7,719		$	6,112
EBITDA : interest coverage ratio			3.3			2.6
EBITDA margin (EBITDA/total revenues)			65.9	%		62.5	%
Net operating income (NOI) from continuing operations Total rental income		$	38,014		$	25,242
	Property operating expenses (1)		11,054			7,790
Net operating income		$	26,960		$	17,452
NOI margin (NOI/total rental income)			70.9	%		69.1	%
	(1) net of intercompany expenses.
Same property NOI (2)
	Total rental revenue	$	22,894		$	22,545
	Property operating expenses		6,932			6,738
Net operating income		$	15,962		$	15,807
Growth in same property NOI			1.0	%
Growth in same property NOI, excluding termination fees			1.7	%
	(2) Includes only those properties operated in the current and prior periods; excludes the effects of prior year expense recoveries and adjustments, if any.
General & administrative expenses		$	2,241		$	2,008
	as % of total revenues		5.80	%		7.80	%
	as % of total assets (annualized)		0.60	%		1.18	%

Page 3

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION
as of March 31, 2003 and December 31, 2002
(in thousands, except per share data)

					Mar 31, 2003			Dec 31, 2002
Closing market price					$	15.29		$	13.35
Dividend yield (based on current annualized dividend)						7.06	%		8.09	%
Book value per share (fully diluted, end of period)					$	11.10		$	10.00
Liquidity
	Cash and cash equivalents				$	2,679		$	2,944
	Cash held in escrow				$	12,910		$	5,933
	Revolving credit facilities
		Gross available under current credit facilities				295,302			81,703
			less: Outstanding balance			(169,000	)		(23,000	)
				Holdback for letters of credit		(1,183	)		(1,073	)
				Escrowed for tax and insurance		—			(186	)
		Net available under credit facilities			$	125,119		$	57,444
Equity capitalization (end of period)
	Common stock shares (in thousands)
		Basic common stock shares				59,334.587			34,210.147
		Diluted common shares
			Unvested restricted common shares			420.635			330.335
			Walden Woods shares			93.656			93.656
			Northport operating partnership units			261.850			261.850
			IRT Partners operating partnership units			734.267			—
			Common stock options (treasury method, closing price)			374.143			113.248
		Fully diluted common stock shares				61,219.138			35,009.236
Total debt (excluding unamortized premium)					$	741,311		$	355,143
	Cash and cash equivalents, cash held in escrow					(15,589	)		(8,877	)
	Securities held for sale					(921	)		(921	)
Net debt						724,801			345,345
Equity market capitalization (fully diluted, end of period)						936,041			467,373
	Total market capitalization				$	1,660,842		$	812,718
Net debt to total market capitalization						43.6	%		42.5	%
Gross real estate investments					$	1,450,735		$	718,864
Net debt to gross real estate investments						50.0	%		48.0	%
Fixed rate debt (excluding unamortized premium)					$	572,311		$	307,508
Variable rate debt — hedged						70,000			—
Variable rate debt — unhedged						99,000			47,635
Total debt					$	741,311		$	355,143
	% Fixed rate debt					77.2	%		86.6	%
	% Variable rate debt — hedged					9.4	%		0.0	%
	% Variable rate debt — unhedged					13.4	%		13.4	%
	Weighted-average interest rate on mortgage debt					7.43	%		7.52	%
	Weighted-average interest rate on senior unsecured notes					7.55	%		N/A

Page 4

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)

		Three months ended
		Mar 31, 2003			Mar 31, 2002
Rental income
	Minimum rents	$	28,933		$	17,968
	Expense recoveries		8,009			6,210
	Termination fees		59			123
	Percentage rent payments		1,013			941
Total rental revenue			38,014			25,242
Management fees			63			98
Investment income			531			413
Total revenues			38,608			25,753
Costs and expenses
	Property operating expenses		11,054			7,790
	Interest expense		7,719			6,112
	Amortization of deferred financing fees		286			208
	Rental property depreciation and amortization		5,013			3,288
	General and administrative expenses		2,241			2,008
Total costs and expenses			26,313			19,406
Income before equity in income of joint ventures, loss on extinguishment of debt and minority interest in consolidated subsidiaries			12,295			6,347
Equity in income of joint ventures			111			151
Loss on extinguishment of debt			(623	)		—
Income before minority interest in consolidated subsidiaries			11,783			6,498
Minority interest in consolidated subsidiaries			(141	)		(25	)
Income from continuing operations			11,642			6,473
Discontinued operations
	Income from operations of sold properties		199			672
	Gain on disposal of income producing properties		503			6,122
Income from discontinued operations			702			6,794
Net income		$	12,344		$	13,267
Basic earnings per share
	Income from continuing operations	$	0.25		$	0.22
	Income from discontinued operations		0.01			0.23
Net income		$	0.26		$	0.45
Diluted earnings per share
	Income from continuing operations	$	0.25		$	0.22
	Income from discontinued operations		0.01			0.22
Net income		$	0.26		$	0.44
Weighted average shares outstanding
	Basic		47,163			29,354
	Diluted		48,475			30,029

Page 5

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)

		Three months ended									Three months ended
		Mar 31, 2003									Mar 31, 2002
		As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
		Reported			Operations			No. 144			Reported			Operations			No. 144
Rental income
	Minimum rents	$	28,933		$	236		$	29,169		$	17,968		$	757		$	18,725
	Expense recoveries		8,009			—			8,009			6,210			41			6,251
	Termination fees		59			—			59			123			—			123
	Percentage rent payments		1,013			—			1,013			941			—			941
Total rental income			38,014			236			38,250			25,242			798			26,040
Management fees			63			—			63			98			—			98
Investment income			531			—			531			413			—			413
Total revenues			38,608			236			38,844			25,753			798			26,551
Costs and expenses
	Property operating expenses		11,054			4			11,058			7,790			85			7,875
	Interest expense		7,719			—			7,719			6,112			—			6,112
	Amortization of deferred financing fees		286			—			286			208			—			208
	Rental property depreciation and amortization		5,013			33			5,046			3,288			41			3,329
	General and administrative expenses		2,241			—			2,241			2,008			—			2,008
Total costs and expenses			26,313			37			26,350			19,406			126			19,532
Income before equity in income of joint ventures, loss on extinguishment of debt and minority interest in consolidated subsidiaries			12,295			199			12,494			6,347			672			7,019
Equity in income of joint ventures			111			—			111			151			—			151
Loss on extinguishment of debt			(623	)		—			(623	)		—			—			—
Income before minority interest in consolidated subsidiaries			11,783			199			11,982			6,498			672			7,170
Minority interest in consolidated subsidiaries			(141	)		—			(141	)		(25	)		—			(25	)
Income from continuing operations			11,642			199			11,841			6,473			672			7,145
Discontinued operations
	Income from operations of sold properties		199			(199	)		—			672			(672	)		—
	Gain on disposal of income producing properties		503			—			503			6,122			—			6,122
Income from discontinued operations			702			(199	)		503			6,794			(672	)		6,122
Net income		$	12,344		$	—		$	12,344		$	13,267		$	—		$	13,267

The Company adopted SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS No. 144”), effective January 1, 2002. This standard requires that operating results of income producing real estate assets that are sold be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold and the results before the impact of SFAS No. 144.

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)

			Three months ended
			Mar 31, 2003			Mar 31, 2002
Net income			$	12,344			$	13,267
	Rental property depreciation and amortization			5,046				3,329
	Gain on sale of disposal of real estate			(503	)			(6,122	)
	Interest on convertible partnership units			65				65
	Minority interest in earnings of consolidated subsidiary			141				25
	Share of real estate depreciation in joint ventures			161				174
Funds from operations			$	17,254			$	10,738
		Increase		60.7	%
FFO per share (diluted)			$	0.36			$	0.36
		Increase		0.0	%
Adjusted funds from operations (AFFO)
Funds from operations			$	17,254			$	10,738
less:
	Straight line rent adjustment			333				32
	Recurring capital expenditures
		Tenant improvements		268				253
		Leasing commissions and fees		213				122
		Other capital expenditures		104				222
	Total recurring capital expenditures			585				597
Adjusted funds from operations			$	16,336			$	10,109
		Increase		61.6	%
AFFO per share (diluted)			$	0.34			$	0.34
		Increase		0.0	%
Weighted average diluted shares				48,475				30,029

Page 7

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of March 31, 2003 and December 31, 2002
(in thousands, except per share data)

				Mar 31, 2003			Dec 31, 2002
Assets
	Properties
		Income producing		$	1,407,823		$	682,941
		Less: accumulated depreciation			(45,203	)		(40,433	)
			Rental property		1,362,620			642,508
		Construction in progress and land held for development			37,244			35,923
		Property held for sale			5,668			—
	Properties, net				1,405,532			678,431
	Cash and cash equivalents				2,679			2,944
	Cash held in escrow				12,910			5,933
	Accounts and other receivables, net				7,236			7,053
	Investments in and advances to joint ventures				9,832			10,021
	Goodwill, net				22,535			2,276
	Other assets				28,484			23,411
Total assets				$	1,489,208		$	730,069
Liabilities and stockholders’ equity
	Liabilities
		Mortgage notes payable		$	422,311		$	332,143
		Revolving credit facilities			169,000			23,000
		Senior unsecured notes payable			150,000			—
			Total debt		741,311			355,143
		Unamortized interest premium on notes payable			21,982			—
			Total debt (including interest premium)		763,293			355,143
		Accounts payable and accrued expenses			21,695			14,760
		Tenant security deposits			6,806			4,342
		Other liabilities			2,112			1,724
	Total liabilities before minority interest				793,906			375,969
	Minority interest in consolidated subsidiaries				15,793			3,869
	Stockholders’ equity
		Common stock			598			345
		Additional paid-in capital			689,855			355,450
		Retained earnings			2,183			5,969
		Accumulated other comprehensive loss			(47	)		(46	)
		Unamortized restricted stock compensation			(5,968	)		(4,375	)
		Note receivable from issuance of common stock			(7,112	)		(7,112	)
	Total stockholders’ equity				679,509			350,231
Total liabilities and stockholders’ equity				$	1,489,208		$	730,069

Page 8

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2003
(in thousands)

		Maturity					March 31, 2003		Dec 31, 2002
Property		date		Rate (1)			balance		balance
Fixed rate mortgage debt
	Lantana Village		02/15/05		6.950	%	$	3,780	$	3,816
	Elmwood Oaks		06/01/05		8.380	%		7,500		—
	Benchmark Crossing		08/01/05		9.250	%		3,374		3,393
	Sterling Plaza		09/01/05		8.750	%		4,059		4,083
	Townsend Square		10/01/05		8.500	%		4,904		4,922
	Green Oaks		11/01/05		8.375	%		3,081		3,100
	Melbourne Plaza		11/01/05		8.375	%		1,781		1,792
	Oak Hill (*)		01/01/06		7.625	%		—		2,016
	Walden Woods		08/01/06		7.875	%		2,467		2,492
	Big Curve		10/01/06		9.190	%		5,524		5,552
	Highland Square		12/01/06		8.870	%		4,114		4,135
	Park Northern		12/01/06		8.370	%		2,355		2,377
	University Mall		12/01/06		8.440	%		12,639		12,680
	Rosemeade		12/01/07		8.295	%		3,228		3,244
	Colony Plaza		01/01/08		7.540	%		3,043		3,053
	Parkwood (2)		01/01/08		7.280	%		6,256		6,277
	Richwood (2)		01/01/08		7.280	%		3,223		3,234
	Commonwealth		02/15/08		7.000	%		2,837		2,864
	Mariners Crossing		03/01/08		7.080	%		3,414		3,425
	Pine Island/Ridge Plaza		07/01/08		6.910	%		25,187		25,274
	Forestwood		01/01/09		5.070	%		7,400		7,425
	Shoppes of North Port		02/08/09		6.650	%		4,178		4,201
	Prosperity Centre		03/01/09		7.875	%		6,648		6,730
	North Village Center		03/15/09		8.130	%		1,625		—
	Shoppes of Ibis		09/01/09		6.730	%		5,990		6,031
	Tamarac Town Square		10/01/09		9.190	%		6,265		—
	Park Promenade		02/01/10		8.100	%		6,344		6,360
	Skipper Palms		03/01/10		8.625	%		3,577		3,585
	Jonathan’s Landing		05/01/10		8.050	%		2,924		2,932
	Bluff’s Square		06/01/10		8.740	%		10,141		10,162
	Kirkman Shoppes		06/01/10		8.740	%		9,576		9,596
	Ross Plaza		06/01/10		8.740	%		6,679		6,693
	Boynton Plaza		07/01/10		8.030	%		7,542		7,561
	Pointe Royale		07/15/10		7.950	%		4,707		4,763
	Plymouth Park East 1 (3)		08/01/10		8.250	%		153		154
	Plymouth Park East 2 (3)		08/01/10		8.250	%		460		463
	Plymouth Park North (3)		08/01/10		8.250	%		8,207		8,260
	Plymouth Park South (3)		08/01/10		8.250	%		613		617
	Plymouth Park Story North (3)		08/01/10		8.250	%		377		380
	Plymouth Park West (3)		08/01/10		8.250	%		2,453		2,468

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY
as of March 31, 2003
(in thousands)

		Maturity					March 31, 2003		Dec 31, 2002
Property		date		Rate (1)			balance		balance
	Shops at Skylake		08/01/10		7.650	%	$	14,883	$	14,964
	Parkwest Crossing		09/01/10		8.100	%		4,758		—
	Spalding Village		09/01/10		8.190	%		10,751		—
	Minyards		11/01/10		8.320	%		2,536		2,546
	Charlotte Square		02/01/11		9.190	%		3,659		—
	Forest Village		04/01/11		7.270	%		4,521		4,533
	Boca Village		05/01/11		7.200	%		8,359		8,382
	Heritage Walk		05/01/11		7.250	%		7,082		—
	MacLand Pointe		05/01/11		7.250	%		5,902		—
	Pine Ridge Square		05/01/11		7.020	%		7,410		—
	Sawgrass Promenade		05/01/11		7.200	%		8,359		8,382
	Plaza Del Rey (*)		09/01/11		8.125	%		—		2,202
	Lake Mary		11/01/11		7.250	%		24,700		24,763
	Lake St. Charles		11/01/11		7.130	%		3,901		3,911
	Marco Town Center		01/01/12		6.700	%		8,838		8,875
	Riverside Square		03/01/12		9.190	%		7,766		—
	Cashmere		11/01/12		5.880	%		5,318		5,343
	Eastwood		11/01/12		5.880	%		6,337		6,366
	Meadows		11/01/12		5.870	%		6,660		6,690
	Lutz Lake		12/01/12		6.280	%		7,500		—
	Village at Northshore		07/01/13		9.000	%		4,348		—
	Summerlin Square		02/01/14		6.750	%		4,093		4,156
	Bird Ludlum		02/15/15		7.680	%		10,721		10,857
	Treasure Coast		04/01/15		8.000	%		4,994		—
	Shoppes of Silverlakes		07/01/15		7.750	%		2,889		—
	West Lakes Plaza (*)		06/01/16		7.875	%		—		4,979
	Grassland Crossing		12/01/16		7.870	%		6,095		—
	Mableton Crossing		08/15/18		6.850	%		4,224		—
	Atlantic Village (*)		11/01/18		6.850	%		—		4,449
	Chastain Square		02/28/24		6.500	%		3,986		—
	Daniel Village		02/28/24		6.500	%		4,357		—
	Douglas Commons		02/28/24		6.500	%		5,191		—
	Fairview Oaks		02/28/24		6.500	%		4,913		—
	Madison Centre		02/28/24		6.500	%		3,986		—
	Paulding Commons		02/28/24		6.500	%		6,768		—
	Siegen Village		02/28/24		6.500	%		4,404		—
	Wesley Chapel Crossing		02/28/24		6.500	%		3,477		—
Total fixed rate mortgage debt (73 loans)		6.98 years			7.43	%	$	422,311	$	307,508
	Interest premium	(wtd-avg maturity)		(wtd-avg rate)				7,137		—
Total fixed rate mortgage debt (including interest premium)							$	429,448	$	307,508

Page 10

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2003
(in thousands)

		Maturity					March 31, 2003		Dec 31, 2002
Property		date		Rate (1)			balance		balance
Fixed rate senior unsecured notes payable
	7.77% senior notes		04/01/06		7.77	%	$	50,000	$	—
	7.25% senior notes		08/15/07		7.25	%		75,000		—
	7.84% senior notes		01/23/12		7.84	%		25,000		—
Total fixed rate senior unsecured notes payable		4.71 years			7.55	%		150,000		—
	Interest Premium			(wtd-avg rate)				14,845		—
Total fixed rate senior unsecured notes payable (including interest premium)							$	164,845	$	—
Total fixed rate debt							$	572,311	$	307,508
	Interest Premium							21,982		—
Total fixed rate debt (including interest premium)							$	594,293	$	307,508
Variable rate mortgage debt Comerica (**)			02/28/04	LIBOR + 150				—		24,635
Total variable rate mortgage debt							$	—	$	24,635
Revolving credit facilities
	$340MM Wells Fargo Unsecured		02/12/06	LIBOR + 100				169,000		—
	$5MM City National Bank Unsecured		08/13/03	LIBOR + 225				—		—
	Bank Leumi (**)		03/17/03	LIBOR + 125				—		—
	Wells Fargo (**)		02/26/05	LIBOR + 125				—		23,000
Total revolving credit facilities							$	169,000	$	23,000
Total variable rate debt							$	169,000	$	47,635
Total debt							$	741,311	$	355,143
	Interest Premium							21,982		—
Total debt (including interest premium)							$	763,293	$	355,143
Senior Unsecured Debt Ratings
	Moody’s						Baa3		NA
	S&P						BBB-		NA

Page 11

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2003
(in thousands)

Maturity schedule			Scheduled		Balloon
by year			amortization		payments(4)		Total
		2003	$	6,284	$	—	$	6,284
		2004		8,980		—		8,980
		2005		9,440		27,180		36,620
		2006		9,686		243,758		253,444
		2007		9,779		77,864		87,643
		2008		9,831		40,104		49,935
		2009		9,190		24,332		33,522
		2010		8,070		80,848		88,918
		2011		6,379		65,570		71,949
		2012		5,573		59,683		65,256
	Thereafter			33,727		5,033		38,760
Total			$	116,939	$	624,372	$	741,311

(1)	The rate in effect on March 31, 2003.
(2)	The mortgage balances for Parkwood and Richwood represent the future minimum lease payments (net of imputed interest) attributable to lease payments on these two properties, both of which are owned pursuant to capital lease obligations.
(3)	All of the Plymouth loans are with Sun Life of Canada. In the case of Plymouth Park North and East, the collateral has been split into two parts; hence the two individual loans.
(4)	Represents the entire principal balance of a maturing loan on the maturity date. Credit facilities are shown as due on the initial maturity dates, though certain extension options are available.
	(*) This loan was repaid in full, subject to a prepayment penalty in January 2003.
	(**) Concurrent with the IRT merger this revolving credit facility or variable rate loan was repaid.

Page 12

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2003

			Year		Total					# of tenants						Supermarket anchor						Average
			built /		square		Percent							owned		shadow		name				base rent
Property		City	renovated		footage		leased			leased		vacant		SF		SF		exp date			Other anchor tenants	per leased SF
ALABAMA (3)
	Madison Centre	Madison		1997		64,837		96.3	%		11		1		37,912			Publix			Rite Aid		9.53
																			(6/1/2017	)
	Stadium Plaza	Phenix City		1988		70,475		100.0	%		20		0		30,625			Piggly Wiggly			CVS Drugs		7.50
																			(1/31/2008	)
	West Gate Plaza	Mobile		1974, 1995 / 1985		64,378		100.0	%		9		0		44,000			Winn-Dixie			Rite Aid		7.11
																			(7/19/2015	)
TOTAL SHOPPING CENTERS ALABAMA (3)						199,690		98.8	%		40		1		112,537		0					$	8.02
ARIZONA (3)
	Big Curve	Yuma		1969 / 1996		126,402		96.8	%		30		2				60,000	Albertsons			Walgreens, Miller’s Outpost	$	9.59
	Park Northern	Phoenix		1982 / 1996		126,852		92.9	%		21		4		51,511			Safeway			Bealls, Showbiz Pizza		6.44
																			(5/31/2008	)
	Southwest Walgreens	Phoenix		1975 / 1998		93,518		52.8	%		15		3								Walgreens		10.56
TOTAL SHOPPING CENTERS ARIZONA (3)						346,772		83.5	%		66		9		51,511		60,000					$	8.47
FLORIDA (72)
North Florida (12)
	Atlantic Village	Atlantic Beach		1984 / 1998		100,559		90.2	%		23		2		39,795			Publix			Jo-Ann’s Fabrics		10.03
																			(10/31/2008	)
	Beauclerc Village	Jacksonville		1962 / 1988		70,429		100.0	%		11		1								Big Lots, Goodwill, Bealls Outlet		7.63
	Commonwealth	Jacksonville		1984 / 1998		81,467		100.0	%		16		0		48,997			Winn-Dixie					8.07
																			(2/28/2018	)
	Forest Village	Tallahassee		2000		71,526		91.5	%		15		2		37,866			Publix					10.33
																			(4/30/2020	)
	Ft. Caroline	Jacksonville		1985 / 1995		74,546		100.0	%		13		0		45,500			Winn-Dixie			Eckerds* (Bealls Outlet)		6.89
																			(5/31/2015	)
	Losco	Jacksonville		2000		8,700		100.0	%		8		0				45,820	Winn-Dixie					16.55
	Mandarin Landing	Jacksonville		1976 / 2000		141,565		92.8	%		31		6		34,400			Publix			Office Depot, Eckerds		8.44
																			(2/14/2007	)
	Monument Point	Jacksonville		1985 / 1997		76,628		100.0	%		14		0		46,772			Winn-Dixie			Eckerds		6.34
																			(3/27/2005	)
	Oak Hill	Jacksonville		1985 / 1997		78,492		100.0	%		19		0		39,795			Publix			Walgreens* (Bonus Dollar)		6.82
																			(5/11/2005	)
	Parkmore Plaza	Milton		1986		159,067		97.7	%		11		2								Wal-Mart*(Bealls), Big Lots		4.36
	Pensacola Plaza	Pensacola		1985		56,098		91.4	%		2		1		42,848			FoodWorld					4.27
																			(12/31/2005	)
	South Beach	Jacksonville Beach		1990, 1991		289,964		97.5	%		44		6		29,000			Food Lion			K-Mart, Stein Mart, Bealls		9.28
																			(3/31/2010	)
Central Florida (9)
	Alafaya Commons	Orlando		1987		120,586		94.1	%		27		2		54,230			Publix					11.47
																			(11/30/2007	)
	Conway	Orlando		2002		72,721		94.1	%		14		3		44,271			Publix					11.51
																			(11/1/2017	)
	Shoppes of Eastwood	Orlando		1997		69,037		100.0	%		13		0		51,512			Publix					11.05
																			(4/30/2022	)
	Eustis Square	Eustis		1983 / 1997		126,791		87.2	%		18		9		38,520			Publix*			Bealls, Walgreens* (Bealls Outlet)		3.06
																			(3/31/2003	)
	Kirkman Shoppes	Orlando		1973		88,820		96.1	%		30		2								Eckerds		15.56
	Lake Mary	Orlando		1988 / 2001		342,384		99.1	%		67		22		63,139			Albertsons			K-Mart, Euro Fitness, Sun Star Theatres		11.66
																			(6/30/2012	)
	Park Promenade	Orlando		1987 / 2000		125,818		97.9	%		26		1		55,000			Publix			Orange County Library, Blockbuster		9.12
																			(2/9/2007	)
	Town & Country	Kissimmee		1993		71,283		100.0	%		12		0		52,883			Albertsons			Eckerds		7.10
																			(10/31/2018	)
	Unigold	Winter Park		1987		102,985		96.9	%		18		2		52,500			Winn-Dixie			World Gym		10.20
																			(4/30/2007	)
Florida West Coast (18)
	Bay Pointe Plaza	St. Petersburg		1984 / 2002		97,390		90.0	%		17		7		46,014			Publix			Eckerds* (Bealls), West Marine		10.11
																			(11/30/2021	)
	Carrollwood	Tampa		1970 / 2002		93,644		85.3	%		28		7		27,887			Publix			Eckerds		10.81
																			(11/30/2022	)
	Charlotte Square	Port Charlotte		1980		96,188		98.1	%		25		2		44,024			Publix			Seafood Buffet		7.58
																			(1/31/2011	)
	Chelsea Place	New Port Richey		1992		81,144		98.3	%		17		1		48,890			Publix			Eckerds		10.72
																			(5/27/2012	)
	East Bay Plaza	Largo		1985 / 1997		85,426		57.2	%		19		3				53,000	Albertsons			Family Dollar, Hollywood Video		9.74
	Gulf Gate Plaza	Naples		1969, 1974		195,011		77.7	%		16		5		29,120			Publix			Bealls, JoAnn Fabrics, Dockside Imp.,
																			(5/31/2003	)	Price Cutter		5.75
	Lake St. Charles	Tampa		1999		57,015		100.0	%		8		0		46,295			Kash ’N Karry					9.74
																			(6/30/2019	)

Page 13

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2003

		Year		Total									Supermarket anchor						Average
		built/		square		Percent			# of tenants				owned		shadow		name		base rent
Property	City	renovated		footage		leased			leased		vacant		SF		SF		exp date	Other anchor tenants	per leased SF
Florida West Coast (continued)
Lutz Lake	Lutz		2002		64,985		100.0	%		15		0				44,270	Publix		$13.56
																	(5/31/2022)
Marco Town Center	Marco Island		2001		109,430		92.0	%		36		9		27,887			Publix		16.51
																	(1/31/2018)
Mariners Crossing	Spring Hill		1989 / 1999		85,507		92.4	%		12		3		48,315			Kash ‘N Karry		7.88
																	(4/30/2020)
North River Village Center	Ellenton		1988, 1993		177,128		100.0	%		16		0		42,112			Publix	K-Mart, Walgreens* (Dollar Tree), Bealls	7.19
																	(7/20/2008)
Regency Crossing	Port Richey		1986 / 2001		85,864		93.6	%		19		5					Publix		10.61
																	(2/28/2021)
Ross Plaza	Tampa		1984 / 1996		85,359		85.7	%		17		3						Walgreens*, Ross Dress for Less	9.81
Seven Hills	Spring Hill		1991		64,590		100.0	%		12		0		48,890			Publix		9.53
																	(9/25/2011)
Shoppes of North Port	North Port		1991		84,705		100.0	%		22		0		48,890			Publix	Bealls Outlet	9.44
																	(12/11/2011)
Skipper Palms	Tampa		1984		86,944		94.2	%		15		2		53,440			Winn-Dixie		8.54
																	(5/31/2016)
Summerlin Square	Fort Myers		1986 / 1998		109,156		91.9	%		22		6		45,500			Winn-Dixie	Eckerds	9.41
																	(6/4/2006)
Venice Plaza	Venice		1971, 1979 / 1999		155,987		92.9	%		14		3		42,582			Kash N’ Karry	TJ Maxx, Appliance Elec Depot	4.57
																	(9/30/2018)
Florida Treasure Coast (8)
Bluffs Square	Jupiter		1986		132,395		93.9	%		49		2		39,795			Publix	Walgreens	11.60
																	(10/22/2006)
Cashmere Corners	Port St. Lucie		2001		89,234		92.7	%		17		1		59,448			Albertsons		7.07
																	(4/30/2025)
Jonathan’s Landing	Jupiter		1997		26,820		100.0	%		12		0				53,850	Albertsons	Blockbuster	18.05
New Smyrna Beach	New Smyrna Beach		1987		118,451		94.0	%		30		4		42,112			Publix	Walgreens* (Bealls), Burke’s	9.99
																	(9/30/2007)
Old King Commons	Palm Coast		1988		84,759		97.0	%		17		2						Wal-Mart* (Scotty’s, Staples)	7.61
Ryanwood	Vero Beach		1987		114,925		96.5	%		30		2		39,795			Publix	Bealls Outlet, Books-A-Million	9.17
																	(3/23/20170
Salerno Village	Stuart		1987		58,804		95.6	%		15		3		31,503			Winn Dixie	Eckerds	6.60
																	(9/21/2007)
Treasure Coast	Vero Beach		1983		133,781		94.2	%		20		5		59,450			Winn Dixie	TJ Maxx	8.53
																	(4/12/2015)
South Florida / Atlantic Coast (25)
Bird Ludlum	Miami		1988 / 1998		192,282		98.5	%		48		1		44,400			Winn-Dixie	Eckerds, Blockbuster, Goodwill	14.61
																	(12/31/2007)
Boca Village	Boca Raton		1978		93,428		97.6	%		21		1		36,000			Publix	Eckerds	14.29
																	(3/31/2007)
Boynton Plaza	Boynton Beach		1978 / 1999		99,324		88.6	%		25		5		37,664			Publix	Eckerds	10.06
																	(8/31/2003)
Countryside Shops	Cooper City		1986, 1988, 1991		173,161		97.6	%		41		3		39,795			Publix	Eckerds*, Stein Mart	12.52
																	(12/4/2005)
El Novillo	Miami Beach		1970 / 2000		10,000		100.0	%		1		0						Jumbo Buffet	14.63
Epsilon	W. Palm Beach		1925 / 1997		18,707		54.6	%		4		1						Dax Bar & Grill	16.40
Greenwood	Palm Springs		1982, 1994		128,532		89.8	%		27		7		50,032			Publix	Bealls, World Savings Bank	12.06
																	(12/5/2014)
Lago Mar	Miami		1995		82,613		91.1	%		18		3		42,323			Publix		11.91
																	(9/13/2015)
Lantana Village	Lantana		1976 / 1999		175,480		97.0	%		23		2		39,473			Winn-Dixie	K-Mart, Rite Aid* (Dollar Store)	9.57
																	(2/15/2011)
Meadows	Miami		1997		75,524		95.2	%		19		2		47,955			Publix		11.73
																	(7/9/2017)
Pine Island	Davie		1983 / 1999		254,907		96.1	%		44		3		39,943			Publix	Home Depot Expo, Rite Aid* (Bealls Outlet)	9.21
																	(11/30/2013)
Pine Ridge Square	Coral Springs		1986 / 1998, 1999		117,399		98.2	%		33		2		17,441			Fresh Market	Bed Bath & Beyond, Off Main Furniture	12.69
																	(6/30/2009)
Plaza Del Rey	Miami		1985 / 1996		50,146		100.0	%		23		0						Navarro Pharmacy	12.53
Point Royale	Miami		1970 / 2000		209,863		93.9	%		23		3		45,350			Winn-Dixie	Best Buy, Eckerds* (Linen Supermarket)	6.49
																	(2/18/2011)
Pompano	Pompano Beach		1968 / 2001		80,697		100.0	%		1		0						Lowe’s	6.69
Prosperity Centre	Palm Beach Gardens		1993		122,106		100.0	%		9		0						Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine’s, TJ Maxx	14.80
Ridge Plaza	Davie		1984 / 1999		155,204		97.6	%		26		3						AMC Theater, Kabooms, Republic Security Bank, Uncle Funny’s, Round Up	6.66
Riverside Square	Coral Springs		1987		103,241		91.1	%		30		3		39,795			Publix		13.67
																	(2/18/2007)
Sawgrass Promenade	Deerfield Beach		1982 / 1998		107,092		99.1	%		28		1		36,464			Publix	Walgreens, Blockbuster	11.36
																	(11/30/2004)

Page 14

		Year		Total											Supermarket anchor			Average
		built/		square		Percent			# of tenants				owned		shadow	name		base rent
Property	City	renovated		footage		leased			leased		vacant		SF		SF	exp date	Other anchor tenants	per leased SF
South Florida / Atlantic Coast (continued)
Shoppes of Ibis	West Palm Beach		1999		79,420		100.0	%		18		0		51,420		Publix		$12.22
																(4/30/2019)
Shops at Skylake	North Miami Beach		1999 / 2000-01		174,199		99.4	%		44		1		51,420		Publix	Goodwill, Blockbuster	15.15
																(7/31/2019)
Shoppes of Silverlakes	Pembroke Pines		1995, 1997		126,638		94.4	%		34		4		47,813		Publix		15.22
																(6/14/2015)
Tamarac Town Square	Tamarac		1987		124,685		84.9	%		27		11		37,764		Publix		10.72
																(12/15/2014)
University Mall	Ft. Lauderdale		1973		249,508		89.6	%		17		8					Eckerds, Lowe’s (under construction)	5.76
West Lakes Plaza	Miami		1984 / 2000		100,747		100.0	%		27		0		46,216		Winn-Dixie	Navarro Pharmacy	10.74
																(10/31/2016)
TOTAL SHOPPING CENTERS FLORIDA (72)					8,009,011		94.6	%		1,563		200		2,400,245	196,940			$9.81
Georgia (20)
Atlanta (13)
Chastain Square	Atlanta		1981 / 2001		87,815		94.4	%		24		2		37,366		Publix		16.39
																(5/31/2024)
Commerce Crossing	Georgia		1988		100,668		90.4	%		7		3		32,000		Ingles	Wal-Mart	4.01
																(9/26/2009)
Douglas Commons	Douglasville		1988		97,027		95.7	%		17		2		59,431		Kroger		9.83
																(8/31/2013)
Fairview Oaks	Ellenwood		1997		77,052		100.0	%		13		0		54,498		Kroger		11.05
																(9/30/2016)
Grassland Crossing	Alpharetta		1996		90,906		95.9	%		13		1		70,086		Kroger		11.36
																(6/30/2016)
Mableton Crossing	Mableton		1997		86,819		94.5	%		15		2		63,419		Kroger		9.98
																(8/31/2017)
Macland Pointe	Marietta		1992, 1993		79,699		96.6	%		15		2		55,999		Publix		10.04
																(12/29/2012)
Market Place	Norcross		1976		73,686		42.1	%		17		5						14.77
Paulding Commons	Dallas		1991		192,391		98.4	%		29		2		49,700		Kroger	K-Mart	7.92
																(2/28/2011)
Powers Ferry Plaza	Marietta		1979, 1987 / 1998		83,101		84.2	%		20		2					Micro Center	10.82
Wesley Chapel Crossing	Decatur		1989		170,792		99.3	%		24		1		32,000		Ingles	Wal-Mart, CVS Drugs	6.71
																(9/25/2009)
West Towne Square	Rome		1988		89,596		91.3	%		16		2					Big Lots, Eckerds*	5.95
Williamsburg @ Dunwoody	Dunwoody		1983		44,928		88.0	%		23		4						16.93
Central Georgia (5)
Daniel Village	Augusta		1956 / 1997		171,932		90.9	%		30		8		45,971		Bi-Lo	Eckerds*, St. Joseph Home Health	7.90
																(3/25/2022)
Heritage Walk	Milledgeville		1991, 1992		159,991		100.0	%		12		0		46,676		Kroger	K-Mart	6.44
																(3/312020)
Spalding Village	Griffin		1989		235,318		98.4	%		26		3		59,431		Kroger	K-Mart, JC Penney	7.39
																(5/31/2014)
Watson Central	Warner Robins		1989		227,747		89.0	%		12		17		45,000		Winn-Dixie*	Wal-Mart*, Cory Everson Aerobics	5.07
																(12/5/2010)
Walton Plaza	Augusta		1990		43,460		100.0	%		7		0		32,960		Harris Teeter*	Harris Teeter (Omni Fitness)	9.02
																(4/1/2011)
South Georgia (2)
Colony Square	Fitzgerald		1987		50,000		96.4	%		7		1		32,200		Food Lion		6.67
																(12/31/2007)
McAlphin Square	Savannah		1979		176,807		90.9	%		22		3		43,600		Kroger	US Post Office, Big Lots	7.00
																(8/31/2015)
TOTAL SHOPPING CENTERS GEORGIA (20)					2,339,735		92.9	%		349		60		760,337	0			$8.24
KENTUCKY (1)
Scottsville Square	Bowling Green		1986		38,450		80.6	%		8		4					Hancock Fabrics, Zap Zone	5.32
TOTAL SHOPPING CENTERS KENTUCKY (1)					38,450		80.6	%		8		4		0	0			$5.32
LOUISIANA (16)
Ambassador Row	Lafayette		1980, 1991		193,982		99.3	%		22		2					Hobby Lobby, Conn’s Appliance, Big Lots,
																	Chuck E Cheese’s	7.69
Ambassador Row Courtyards	Lafayette		1986, 1991		155,483		67.9	%		20		9					Marshalls, Bed Bath & Body, Gateway	10.88
																	Computers, Hancock Fabrics
Bluebonnet Village	Baton Rouge		1983		90,215		89.9	%		16		4		33,387		Matheme’s	Rite Aid*	7.45
																(11/30/2010)
The Boulevard	Lafayette		1976, 1994		68,012		67.0	%		12		3					Piccadilly	8.33
Country Club Plaza	Slidell		1982 / 1994		64,686		92.3	%		8		2		33,387		Winn-Dixie		5.66
																(1/31/2008)

Page 15

		Year		Total											Supermarket anchor			Average
		built/		square		Percent			# of tenants				owned		shadow	name		base rent
Property	City	renovated		footage		leased			leased		vacant		SF		SF	exp date	Other anchor tenants	per leased SF
LOUISIANA (continued)
The Crossing	Slidell		1988, 1993		113,989		100.0	%		14		0		58,432		Albertsons	Campo Electric, Piccadilly	$5.44
																(9/29/2009)
																		10.34
Elmwood Oaks	Hanahan		1989		130,284		100.0	%		7		0					Wal-Mart*, The Wherehouse, Advance Auto* (Goodwill)
Grand Marche	Lafayette		1969		200,585		100.0	%		1		0				Piggly Wiggly	Academy Sports	0.14
Millervillage	Baton Rouge		1983, 1992		94,559		33.5	%		10		4					Rite Aid	8.25
Pinhook Plaza	Lafayette		1979, 1992		194,725		70.2	%		21		10					Rite Aid	5.88
Plaza Acadienne	Eunice		1980		105,419		100.0	%		8		0		28,092		Super 1 Store	Fred’s, Howard Brothers	3.57
																(6/30/2005)
Sherwood South	Baton Rouge		1972, 1988, 1992		77,107		97.7	%		9		1		22,500		Piggly Wiggly	Burke’s Outlet, Harbor Freight Tools, Blockbuster	6.14
																(2/28/2007)
Siegen Village	Baton Rouge		1988		174,578		43.8	%		11		7					Office Depot, Party City	9.61
Tarpon Heights	Galliano		1982		56,605		50.4	%		8		1					Eckerds	5.88
Village at Northshore	Slidell		1988		144,638		100.0	%		12		0					Service Merchandise* (Marshalls), Kirshman’s, Bed Bath & Beyond	7.57
Wal-Mart Stores, Inc.	Mathews		1985		54,223		100.0	%		1		0					Wal-Mart	2.90
TOTAL SHOPPING CENTERS LOUISIANA (16)					1,919,090		82.4	%		180		43		175,798	0			$6.32
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula		1987		66,857		100.0	%		7		0					Rite Aid, Big Lots	6.04
TOTAL SHOPPING CENTERS MISSISSIPPI (1)					66,857		100.0	%		7		0		0	0			$6.04
NORTH CAROLINA (12)
Centre Pointe Plaza	Asheville		1989		163,642		76.4	%		18		1					Wal-Mart* (Belk’s, Goody’s)	5.67
Chestnut Square	Brevard		1985		39,640		96.0	%		6		1		21,000		Food Lion	Eckerds* (Dollar General)	6.11
																(9/28/2010)
The Galleria	Wrightsville Beach		1986, 1990		92,344		87.7	%		31		12		28,000		Harris Tweeter	Eckerds	9.40
																(4/5/2005)
Parkwest Crossing	Durham		1990		85,602		98.4	%		18		1		38,052		Food Lion		9.79
																(12/14/2010)
Plaza North	Hendersonville		1986		47,240		94.9	%		7		2		25,590		Bi-Lo	CVS Drugs	6.17
																(8/31/2006)
Providence Square	Charlotte		1973		85,930		94.1	%		20		6		35,702		Harris Teeter	Eckerds	8.05
																(4/30/2006)
Riverview Shopping Center	Durham		1973 / 1995		130,058		85.1	%		8		3		53,538		Kroger	Upchurch Drugs, Riverview Furniture	7.18
																(12/31/2014)
Salisbury Marketplace	Salisbury		1987		82,578		89.2	%		15		3		37,308		Food Lion	CVS Drugs	9.18
																(2/11/2023)
Shelby Plaza	Shelby		1972		103,000		100.0	%		7		0					Big Lots, Aaron Rents* (Hancock Fabrics)	3.09
Stanley Market Place	Stanley		1980, 1987		40,400		100.0	%		3		0		28,400		Winn-Dixie	Family Dollar	5.45
																(2/28/2007)
Thomasville Commons	Thomasville		1991		148,754		100.0	%		12		0		32,000		Ingles	K-Mart, CVS Drugs	6.00
																(9/25/2012)
Willowdale Shopping Center	Durham		1986		120,815		89.9	%		21		5				Harris Teeter	Carmike Cinemas, Eckerds* (Family Dollar)	8.58
																(5/14/2004)
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)					1,140,003		91.1	%		166		34		299,590	0			$7.01
SOUTH CAROLINA (4)
Lancaster Plaza	Lancaster		1971 / 1990		77,400		91.5	%		3		1		19,200		Bi-Lo		1.44
																(9/30/2010)
Lancaster Shopping Center	Lancaster		1963, 1987		29,047		17.2	%		1		2						6.00
North Village Center	Durham		1984		60,356		100.0	%		14		0		24,806		Bi-Lo	Dollar General, World Gym	8.09
																(5/31/2004)
Spring Valley	Columbia		1978 / 1997		75,415		98.4	%		16		1		45,070		Bi-Lo	Eckerds	8.93
																(12/31/2017)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (4)					242,218		86.9	%		34		4		89,076	0			$6.10
TENNESSEE (2)
Forrest Gallery	Tullahoma		1987		214,450		95.4	%		26		3		48,780		Kroger	Wal-Mart* (Tractor Supply, Goodwill)	5.45
																(1/31/2008)
Smyrna Village	Smyrna		1992		83,334		84.8	%		9		4		59,214		Kroger		8.21
																(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (2)					297,784		92.5	%		35		7		107,994	0			$6.16

Page 16

		Year		Total											Supermarket anchor				Average
		built/		square		Percent			# of tenants				owned		shadow		name		base rent
Property	City	renovated		footage		leased			leased		vacant		SF		SF		exp date	Other anchor tenants	per leased SF
TEXAS (32)
Houston (16)
Barker Cypress	Houston		1999		66,945		93.5	%		13		3		41,320			H.E.B		$11.67
																	(01/31/2014)
Beechcrest	Houston		1981 / 2001		90,797		98.0	%		14		1		40,345			Randall’s* (Viet Ho)	Walgreens*	8.81
																	(6/24/2016)
Benchmark Crossing	Houston		1986		58,384		100.0	%		5		0						Bally’s Fitness	12.13
Bissonnet	Houston		1999		15,542		100.0	%		8		0				63,000	Kroger	Blockbuster	14.50
Colony Plaza	Sugarland		1997		26,513		95.5	%		14		1					Albertsons		18.14
Copperfield	Houston		1994		134,845		57.3	%		28		5						JoAnn’s Fabrics	12.01
Forestwood	Houston		1993		88,760		98.0	%		15		1		59,334			Kroger		10.79
																	(7/31/2013)
Grogan’s Mill	The Woodlands		1986		118,493		96.9	%		23		3		56,558			Randall’s*	Petco	12.10
																	(6/24/2016)
Hedwig	Houston		1974		69,504		94.2	%		12		1						Warehouse Music, Ross Dress for Less	13.50
Highland Square	Sugarland		1998		64,171		96.8	%		25		2							16.53
Market at First Colony	Sugarland		1988		107,301		100.0	%		35		0				62,000	Kroger	TJ Maxx, Eckerds	15.67
Mason Park	Katy		1998		160,047		76.8	%		33		6				58,890	Kroger	Walgreens* (Eloise Collectibles), Palais Royal, Petco	11.58
Mission Bend	Houston		1980 / 1999		131,575		94.7	%		26		1		46,112			Randall’s		8.43
																	(6/24/2016)
Spring Shadows	Houston		1999		39,611		81.7	%		13		3				62,661	H.E.B		15.38
Steeplechase	Jersey Village		1985		105,152		100.0	%		26		0		56,208			Randall’s		11.27
Wal-Mart Stores, Inc.	Marble Falls		1985		53,571		100.0	%		1		0						Wal-Mart* (Sutherland Lumber)	3.27
																	(6/24/2016)
Dallas (13)
Green Oaks	Arlington		1983		65,091		83.3	%		28		5				58,000	Kroger		10.54
Melbourne Plaza	Hurst		1983		47,517		90.1	%		15		3							10.32
Minyards	Garland		2000		65,295		100.0	%		2		0		58,695			Minyards/Sack N Save		10.32
																	(12/31/2029)
Parkwood	Plano		1985		81,590		100.0	%		20		0				62,000	Albertsons	Planet Pizza	13.18
Plymouth Park East	Irving		1970		56,435		97.3	%		9		1		42,130			Kroger		4.17
																	(11/30/2010)
Plymouth Park North	Irving		1970		444,193		52.7	%		39		20						Blockbuster, Dollar General, Thrift Store, Post Office, Chateau Theatre, Levines	6.46
Plymouth Park South	Irving		1970		49,102		85.8	%		4		3						Betcha Bingo	6.98
Plymouth Park West	Irving		1970		178,930		95.6	%		14		1						Bargain City	3.69
Richwood	Richardson		1984		54,872		80.9	%		22		6				61,877	Albertsons	Blockbuster	12.62
Rosemeade	Carrollton		1986		49,554		63.6	%		15		3				58,900	Kroger	Gold’s Gym, Blockbuster	13.42
Sterling Plaza	Irving		1989		65,205		100.0	%		16		0						Bank One, Warehouse Entertainment	14.20
Townsend Square	Desoto		1990		142,978		83.5	%		31		7				60,349	Albertsons	Bealls, Victory Gym, Tutor Time	8.92
Village by the Park	Arlington		1988		44,387		92.1	%		8		2						Petco	13.21
San Antonio(3)
Bandera Festival	San Antonio		1989		189,438		50.9	%		26		6						Bealls, Eckerds* (Scrapbook Heaven), Blockbuster	10.62
Blanco Village	San Antonio		2000		108,325		100.0	%		16		0		74,627			H.E.B		15.68
																	(4/30/2015)
Wurzbach	San Antonio		1979		59,771		100.0	%		3		0		52,957			Albertsons*		16.25
																	(12/31/2004)
TOTAL SHOPPING CENTERS TEXAS (32)					3,033,894		82.9	%		559		84		528,286		547,677			$10.62

Page 17

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2003

		Year		Total									Supermarket anchor					Average
		built/		square		Percent			# of tenants				owned		shadow	name		base rent
Property	City	renovated		footage		leased			leased		vacant		SF		SF	exp date	Other anchor tenants	per leased SF
VIRGINA (2)
Smyth Valley Crossing	Marion		1989		126,841		100.0	%		14		0		32,000		Ingles	Wal-Mart	$5.81
																(9/25/2010)
Waterlick Plaza	Lynchburg		1973, 1988		98,694		80.8	%		21		3		30,780		Kroger (3/18/2008)	CVS Drugs	8.60
TOTAL SHOPPING CENTERS VIRGINIA (2)					225,535		91.6	%		35		3		62,780	0			$6.89
TOTAL STABILIZED SHOPPING CENTERS (168)					17,859,039		90.5	%		3,042		449		4,588,154	804,617			$8.99
DEVELOPMENTS AND REDEVELOPMENTS (9)
Cashmere	Port St. Lucie, FL		2003 Dev		4.0 acres
Coral Way N.E	Miami, FL		2003 Dev		4.0 acres
Homestead	Homestead, FL		2004 Dev		12.0 acres
Miramar Outparcels	Miramar, FL		Held for sale		2.0 acres
Oakbrook	Palm Beach Gdns, FL		1974 / 2000, 2003 Redev		210,115		44.8	%		14		21		44,400		Publix (10/31/2020)	Eckerds, Duffy’s, Steinmart (opening May 2003)	13.44
Plaza Alegre	Miami, FL		2003 Dev		88,111		65.4	%		10		11		44,271		Publix (1/31/2023)	Goodwill	8.65
Shops of Huntcrest	Lawrenceville, GA		2003 Dev		97,040		66.0	%		5		24		54,340		Publix (1/31/2023)		17.06
Walden Woods	Plant City, FL		1985 / 1998, 2003 Redev		74,336		37.3	%		9		2					Walgreens	8.65
Westridge	Henry County, GA		2004 Dev		13.5 acres
TOTAL SHOPPING CENTERS & DEVELOPMENTS (177)					18,328,641		89.5	%		3,080		507		4,731,165	804,617			$9.05
OTHER PROPERTIES (2)
4101 South I-85 Industrial	Charlotte, NC		1956, 1963		188,514		78.8	%		5		5
Mandarin Mini-storage	Jacksonville, FL		1982		52,880		98.1	%		524		10
GRAND TOTAL (179)					18,570,035		89.4	%		3,609		522		4,731,165	804,617

Total square footage does not include shadow anchor square footage which is not owned or controlled by Equity One.

* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ).

Page 18

EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
as of March 31, 2003

State		Count		SF		Leased		Vacant		Leased %			AMR
	Florida		72		8,009,011		1,563		200		94.6	%	$	74,411,870
	Texas		32		3,033,894		559		84		82.9	%		26,723,554
	Georgia		20		2,339,735		349		60		92.9	%		17,918,845
	Louisiana		16		1,919,090		180		43		82.4	%		10,003,993
	North Carolina		12		1,140,003		166		34		91.1	%		7,288,087
	Arizona		3		346,772		66		9		83.5	%		2,454,363
	Tennessee		2		297,784		35		7		92.5	%		1,695,841
	Alabama		3		199,690		40		1		98.8	%		1,581,325
	Virginia		2		225,535		35		3		91.6	%		1,422,412
	South Carolina		4		242,218		34		4		86.9	%		1,282,989
	Mississippi		1		66,857		7		0		100.0	%		403,816
	Kentucky		1		38,450		8		4		80.6	%		164,911
	Total		168		17,859,039		3,042		449		90.5	%	$	145,352,005

Note:   Chart excludes Mandarin Mini-storage, Industrial property and 9 development/redevelopment properties.

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
as of March 31, 2003

Renewals

					Average		Average			Annualized
			Average		Expiring		New			Minimum
# of Leases	Square Feet		Size		Rent psf		Rent psf			Rent
75		202,226		2,696	$	10.23	$	10.64		$	2,151,211
					% Increase psf			4.0	%
					Net Increase (AMR)					$	82,877

New Leases

					Average		Annualized
			Average		New		Minimum
# of Leases	Square Feet		Size		Rent psf		Rent
67		202,823		3,027	$	11.45	$	2,323,080

Lost Leases

							Average			Annualized
					Average		Expiring			Minimum
# of Leases		Square Feet			Size		Rent psf			Rent
	54		153,865			2,849	$	11.43		$	1,757,954
Net Absorption			48,958		New Leases - Lost Leases				Net Gain (AMR)	$	565,126
Retention Ratio			56.8	%	Renewals / (Renewals + Lost Leases)

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of March 31, 2003

											% of total
		Number				% of total			Annualized		annualized			Average
		of		Square		square			minimum		minimum			minimum
Tenant		stores		feet		feet			rent		rent			rent
Top ten tenants
	Publix		42		1,802,021		9.8	%	$	12,640,967		8.5	%	$	7.01
	Kroger		14		740,617		4.0	%		5,485,054		3.7	%		7.41
	Winn Dixie		16		709,888		3.9	%		4,526,751		3.0	%		6.38
	K mart		8		697,895		3.8	%		3,721,827		2.5	%		5.33
	Wal-Mart		11		727,200		4.0	%		3,678,195		2.5	%		5.06
	Blockbuster		24		141,479		0.8	%		2,044,966		1.4	%		14.45
	Food Lion/ Kash N’ Karry		8		297,802		1.6	%		1,948,574		1.3	%		6.54
	Eckerd		26		251,428		1.4	%		1,914,684		1.3	%		7.62
	Safeway/ Randall’s		5		250,734		1.4	%		1,616,186		1.1	%		6.45
	Bed, Bath & Beyond		4		133,038		0.7	%		1,455,913		1.0	%		10.94
Sub-total top ten tenants			158		5,752,102		31.4	%	$	39,033,117		26.3	%	$	6.79
	Remaining tenants		2,922		10,652,821		58.1	%		109,414,625		73.7	%		10.27
Sub-total all tenants			3,080		16,404,923		89.5	%	$	148,447,742		100.0	%	$	9.05
	Vacant		507		1,923,718		10.5	%	NA
Total including vacant			3,587		18,328,641		100.0	%	$	148,447,742		100.0	%	$	8.10

Note:   Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of March 31, 2003

ALL TENANTS

														Percent			Average
									Percent					of			annual
									of			Annualized		total			minimum
					Number				total			minimum		annualized			rent per
					of		Square		square			rent at		minimum			square
Date					tenants		feet		feet			expiration		rent			foot
				M-T-M		81		269,339		1.5	%	$	2,363,806		1.5	%	$	8.78
				2003		483		1,340,245		7.3	%		14,120,651		9.3	%		10.54
				2004		635		1,667,688		9.1	%		19,411,494		12.7	%		11.64
				2005		664		1,896,420		10.3	%		21,334,887		14.0	%		11.25
				2006		436		1,794,314		9.8	%		18,526,991		12.1	%		10.33
				2007		361		1,700,772		9.3	%		17,513,005		11.5	%		10.30
				2008		141		1,033,624		5.6	%		9,766,416		6.4	%		9.45
				2009		50		936,978		5.1	%		6,294,128		4.1	%		6.72
				2010		50		694,893		3.8	%		4,719,785		3.1	%		6.79
				2011		32		797,744		4.4	%		5,336,990		3.5	%		6.69
				2012		28		511,136		2.8	%		4,884,283		3.2	%		9.56
		Thereafter				119		3,761,770		20.5	%		28,342,263		18.6	%		7.53
Sub-total / average						3,080		16,404,923		89.5	%	$	152,614,699		100.0	%	$	9.30
			Vacant			507		1,923,718		10.5	%	NA		NA			NA
	Total / average					3,587		18,328,641		100.0	%	$	152,614,699		100.0	%	$	8.33

Note:   Excludes Mandarin mini-storage facility, the industrial property and the
five pending developments.

Page 22

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
as of March 31, 2003
(in thousands, except square footage data)

1) Coral Way, N.E.

Miami, Florida

We own a 4.0 acre parcel at the northeast corner of S.W. 147th Avenue and Coral Way across the street from Plaza Allegre, upon which we expect to commence construction of a 25,000 square foot drug-store anchored shopping center in the third quarter of 2003 with a target completion in the first quarter of 2004. This land parcel is reflected as a development property.

2) University Mall

Pembroke Pines, Florida

We have executed a ground lease with Lowe’s to accommodate their construction of a 177,000 square foot home improvement store on this mostly vacant property. Lowe’s will pay all the development and construction costs related to their store and the associated site area and parking. In conjunction with the Lowe’s lease, we will spend approximately $4,300 to redevelop the remainder of the property. The current configuration of the property is listed on the Property Status Report.

3) Oakbrook Square

Palm Beach Gardens, Florida

This property is a 225,000 square foot shopping center anchored by Publix. Jacobson’s closed their 90,000 square foot store in October 2002. Stein Mart has executed a lease to occupy 41,000 square feet of this space in the second quarter of 2003, and the balance is out for leasing. Redevelopment is currently underway to reconfigure a portion of the retail space, add additional parking and develop a 6,000 square foot outparcel, all at an estimated total cost of $3,000. The current configuration of the property is listed on the Property Status Report.

4) Salerno Village

Stuart, Florida

We intend to redevelop this supermarket-anchored shopping center which we purchased in May 2002. Winn Dixie, the existing supermarket, has executed a new 20-year lease for 45,802 square feet, an increase from their current 31,503 square foot store. The redevelopment will cost approximately $6,000, will commence in the third quarter of 2003, and is expected to be completed in early 2004. The current configuration of the property is listed on the Property Status Report.

5) Homestead

Homestead, Florida

We own a 12 acre site adjacent to a master planned community in Homestead, Florida, approximately 25 miles south of Miami. We expect to develop a supermarket-anchored shopping center on this site in 2005. The land parcel is reflected as a development property.

6) Shops at Skylake

North Miami Beach, Florida

We plan to complete the final phase of Skylake totaling approximately 120,000 square feet in the first quarter of 2004 at an additional cost of approximately $7,000. To date, we have executed a lease with LA Fitness Sports Clubs for a 45,000 square foot health club and 30,000 square feet is out for local tenant leasing. The current configuration of the property is listed on the Property Status Report.

7) Cashmere

Port St. Lucie, Florida

This is a four acre site adjacent to our Cashmere Corners retail center. In April 2003 we will commence construction of 20,000 square feet of retail space. The project is expected to be completed in November 2003 at an a cost of approximately $1,800. This development is not reflected on the December 31, 2002 Property Status Report, although the land parcel is listed as a development property.

8) Miramar Outparcels

Miramar, Florida

We own one outparcel which is under contract to be sold in the second quarter of 2003. The land parcel is reflected as a development property.

9) Westridge

Henry County, Georgia

We own a 13.5 acre site adjacent to a master planned community in Henry County, Georgia. We expect to develop a supermarket anchored center on this site in late 2004. The land parcel is reflected as a development property.

10) Walden Woods

Plant City, FL

We intend to redevelop approximately 45,000 square feet of this property in 2003, following the termination by a dark Winn Dixie of their existing lease in December 2002. The current configuration is reflected on the Property Status Report.

11) Plaza Alegre

Miami, Florida

We have completed construction in March 2003 of this shopping center located at the southeast corner of S.W. 147th Avenue and Coral Way in southwest Miami-Dade County. Plaza Allegre will feature a 44,000 square foot Publix supermarket, a 14,000 square foot Goodwill Superstore, 26,000 square feet of local retail space and two out parcels. We are in the process of completing the lease-up of the loacal space.

12) Shops at Huntcrest

Lawrenceville, GA

This Publix-anchored shopping center development was substantially completed in January 2003. We are in the process of completing the lease-up of the loacal space.

Page 23

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
as of March 31, 2003
(in thousands, except square footage data)

Acquisition Activity

Other than the IRT Property Company merger, the only other acquisition was a 13.5-acre parcel of land that is being held for future development.

Disposition Activity

				Square	Sales
Date Sold	Property Name	City	State	Footage	Price		Gain on Sale
March 5, 2003	Eckerds	Leesburg	FL	10,908	$	2,715	$	178
March 5, 2003	Eckerds	Melbourne	FL	12,739		4,050		325
Total				23,647	$	6,765	$	503

Page 24

EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS
as of March 31, 2003
(in thousands, except square footage data)

Owned joint ventures *

1) City Centre

2) City Centre Parcel F

Palm Beach Gardens, Florida

City Centre is a 93,565 square foot office/retail center that was 93% leased as of March 31, 2003. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,954 as of March 31, 2003, which matures in April 2010. This property includes a parcel of land slated for future office development which is held in a separate joint venture. Equity One owns a 50% interest in both joint ventures.

3) Park Place

Plano, Texas

Park Place is a 112,478 square foot retail center that was 100% leased as of March 31, 2003. The development plan calls for the construction of two additional phases totaling 29,000 square feet at a cost of $2,600, with completion targeted for December 2003. The property is encumbered by a $15,000 interest-only loan bearing interest at LIBOR + 140, which matures in April 2005, which we have guaranteed. Equity One owns a 50.1% interest in this joint venture.

4) Oaks Square

Gainesville, Florida

Oaks Square is a 119,355 square foot retail center that was 100% leased as of March 31, 2003. The property is encumbered by a 7.63% fixed-rate mortgage loan with a balance of $16,599 as of March 31, 2003, which matures in December 2010. Equity One owns a 50% interest in this joint venture.

* Equity One accounts for these four joint venture interests using the equity method as we do not consider ourselves to be in control of the major business decisions.

Page 25

EQUITY ONE, INC. AND SUBSIDIARIES
STOCK PRICE AND VOLUME STATISTICS
for the three months ended March 31, 2003

*Data obtained from Yahoo Chart Services

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EX-99.1

Press Release Dated May 8, 2003

EX-99.2

Supplemental Package Dated May 8, 2003