-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fo/K3eCSno4EP3HFV+PdupCYJ6g/qRrCOCMWg/RzNw6YAI9/cV048BRbsYTSqfWN 00cnGUIse8unvasMyLi4Eg== 0000950144-03-011977.txt : 20031030 0000950144-03-011977.hdr.sgml : 20031030 20031029192134 ACCESSION NUMBER: 0000950144-03-011977 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20031029 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY ONE INC CENTRAL INDEX KEY: 0001042810 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 650563410 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13499 FILM NUMBER: 03964800 BUSINESS ADDRESS: STREET 1: 1696 N E MIAMI GARDENS DR SUITE 200 CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 MAIL ADDRESS: STREET 1: 1696 N E MIAMI GARDENS DR SUITE 200 CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 8-K 1 g85492e8vk.htm EQUITY ONE, INC. FORM 8-K EQUITY ONE, INC. FORM 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 AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 29, 2003

EQUITY ONE, INC.

(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction of incorporation)

     
001-13499   52-1794271
(Commission File Number)   (I.R.S. Employer Identification No.)
     
1696 NE Miami Gardens Drive
North Miami Beach, Florida
  33179
(Address of principal executive offices)   (Zip Code)

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

Not Applicable
(Former name or former address, if changed since last report)



 


 

Item 7. Financial Statements Pro Forma Financial Information 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 October 29, 2003
                 
      99.2       Supplemental Information Package of Equity One, Inc. September 30, 2003

Item 9. Regulation FD Disclosure

     On October 29, 2003, Equity One, Inc. (the “Company”) issued a press release announcing the Company’s results for the three months and nine months ended September 30, 2003 and released its Supplemental Information Package September 30, 2003 with respect to such period. The purpose of this Form 8-K is to furnish such press release and Supplemental Information Package. Copies of the press release and Supplemental Information Package are furnished with this Form 8-K as Exhibits 99.1 and 99.2 and are incorporated herein by reference.

Item 12. Results of Operations and Financial Conditions

     On October 29, 2003, the Company issued a press release announcing the Company’s results for the three months and nine months ended September 30, 2003 and released its Supplemental Information Package September 30, 2003 with respect to such period. The purpose of this Form 8-K is to furnish such press release and Supplemental Information Package. Copies of the press release and Supplemental Information Package are furnished with this Form 8-K as Exhibits 99.1 and 99.2 and are incorporated herein by reference.

2


 

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: October 29, 2003   By:   /s/ Howard M. Sipzner
       
        Howard M. Sipzner
Chief Financial Officer

3


 

INDEX TO EXHIBITS

     
Exhibit Number   Description of Exhibit

 
99.1   Press Release of Equity One, Inc. dated October 29, 2003
     
99.2   Supplemental Information Package September 30, 2003

  EX-99.1 3 g85492exv99w1.htm PRESS RELEASE PRESS RELEASE

 

Exhibit 99.1

         
Equity One, Inc.
1696 NE Miami Gardens Drive
North Miami Beach, FL 33179
305-947-1664
  (EQUITY ONE LOGO)   For additional information at the Company:
     Howard Sipzner, CFO
Media Contact:
     Abbe Solomon 305-446-2700

FOR IMMEDIATE RELEASE:

October 29, 2003

EQUITY ONE THIRD QUARTER 2003 FFO INCREASES 75.8% to $23.9 MILLION

NORTH MIAMI BEACH, FL, October 29, 2003 – Equity One, Inc. (NYSE: EQY), an owner, developer and operator of community and neighborhood shopping centers located predominantly in high growth markets in the southern United States, announced today its financial results for the three months and nine months ended September 30, 2003.

FINANCIAL HIGHLIGHTS

For the three months ended September 30, 2003, Funds from Operations (“FFO”) – a standard measure of operating performance for Real Estate Investment Trusts (“REITs”) – increased 75.8% to $23.9 million from $13.6 million for the comparable period in 2002. FFO per diluted share decreased 5.1% to $0.37 in the third quarter of 2003 from $0.39 for the comparable period in 2002, which included a $1.5 million gain on the extinguishment of debt that increased 2002 FFO per diluted share by $0.04. Excluding the 2002 gain, FFO per diluted share in the 2003 period would have increased 5.1%. Net income in the third quarter of 2003 was $17.2 million, or $0.27 per diluted share, compared with $10.9 million in the third quarter of 2002, or $0.32 per diluted share. The 2003 period included $0.02 per diluted share of income from discontinued operations while the 2002 period included $0.05 per diluted share of income from discontinued operations. Total rental revenues in the third quarter of 2003 increased 103% to $50.8 million from $25.0 million in the third quarter of 2002.

For the nine months ended September 30, 2003, FFO increased 79.3% to $63.6 million from $35.5 million for the comparable period in 2002. FFO per diluted share was $1.08 in the first nine months of 2003 and $1.08 for the comparable period in 2002, which included a $1.5 million gain on the extinguishment of debt in the 2002 period and a $623,000 loss on the extinguishment of debt in the 2003 period. This resulted in a $0.05 increase in FFO per share for the nine month period in 2002 and a $0.01 decrease in FFO per share for the corresponding period in 2003. Excluding these items, FFO per diluted share in the 2003 period would have increased 5.7%. Net income in the first nine months of 2003 was $45.9 million, or $0.79 per diluted share, compared with $32.6 million in the first nine months of 2002, or $1.00 per diluted share. The nine month period in 2003 included $0.07 per diluted share of income from discontinued operations while the 2002 period included $0.32 per diluted share of income from discontinued operations. Total rental revenues in the first nine months of 2003 increased 88.3% to $137.6 million from $73.0 million in the first nine months of 2002.

“We continued our positive momentum in the third quarter of 2003,” stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One. “Our performance was very strong with significant gains in leasing, rental rates and operating margins. We completed the acquisition of over $140 million of supermarket-anchored shopping centers, and made excellent progress on our developments and redevelopments. We are stronger than ever financially, having raised over $130 million in new equity in 2003 excluding shares issued in the IRT merger, thereby reducing our leverage to 38% of total market capitalization and improving our interest expense coverage ratio. In our view, supermarket-anchored

 


 

shopping centers remain the investment of choice, benefiting from a unique combination of upside opportunity and downside protection in an uncertain economy.”

PORTFOLIO HIGHLIGHTS

As of September 30, 2003, the 172 shopping centers comprising our core portfolio were 90.1% leased, an increase of 140 basis points compared to June 30, 2003 when the 168 centers in our core portfolio were 88.7% leased. Overall, we own 182 properties located primarily in metropolitan areas of 12 states in the southern United States, consisting of 126 supermarket-anchored shopping centers, nine drug store-anchored shopping centers, 40 other retail-anchored shopping centers, one self-storage facility, one industrial property and five retail developments, as well as non-controlling interests in two unconsolidated joint ventures.

At September 30, 2003, the average base rent per leased square foot for the properties comprising our core portfolio was $9.26, a 3.1% increase from the corresponding figure of $8.98 on June 30, 2003. During the quarter, we renewed 74 leases aggregating 143,043 square feet and increased the average rental rate 5.1% to $14.16 per square foot, and signed 112 new leases aggregating 350,742 square feet at an average rental rate of $10.29 per square foot. Overall, we gained approximately $1.5 million of annualized minimum rent incorporating renewals, new leases and departing tenants in the third quarter of 2003. Excluding lease termination revenues, our same property net operating income increased 4.8% in the current quarter.

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 September 30, 2003.

OTHER ACQUISITIONS AND DISPOSITIONS

During the third quarter of 2003, we acquired four shopping centers and one outparcel as follows:

                         
    Price                
Shopping Center   (in thousands)   Square Feet   Location

 
 
 
Sheridan
  $ 75,300       455,864     Hollywood, Florida
Presidential Markets
    47,200       396,408     Atlanta, Georgia
Butler Creek
    12,100       95,597     Atlanta, Georgia
Hunters Creek
    7,100       68,032     Orlando, Florida
Bandera Outparcel
    500       6,000     San Antonio, Texas

   
     
         
Total
  $ 142,200       1,021,901          

During the third quarter of 2003, the joint venture which owned the Park Place property in Plano, Texas sold the property, resulting in a $1.2 million distributed gain for us. In addition, one center and two out-parcels are under contract to be sold.

2


 

DEVELOPMENTS AND REDEVELOPMENTS

We have completed the reconfiguration of 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, a 13,000 square foot Aaron Rents store and 13,500 square feet of local space.

We are underway on (1) the reconfiguration of a portion of Oakbrook Square in Palm Beach Gardens, Florida to accommodate a new Homegoods store, a new out-parcel and a recently opened Stein Mart store; (2) the complete redevelopment of Crossroads Square (formerly known as University Mall) in Pembroke Pines, Florida, incorporating a new Lowe’s home improvement store, a new Eckerd drug store and the refurbishing of the remainder of the center; (3) the construction of a new 46,000 square foot L.A. Fitness Sports Club as part of an up to 120,000 square foot addition to our Shops at Skylake in North Miami Beach, Florida; (4) the development of a new 25,000 square foot CVS drug store-anchored center across the street from our Plaza Alegre shopping center in Miami, Florida; (5) the redevelopment of Salerno Village in Stuart, Florida to accommodate a new and expanded Winn Dixie supermarket; (6) the reconfiguration of a portion of Ambassador Row Courtyard in Lafayette, Louisiana; and (7) the redevelopment of a portion of Gulf Gate Plaza in Naples, Florida.

All of these developments and redevelopments are scheduled for completion between the end of 2003 and the summer of 2004.

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 $1.45 and $1.47, a reduction from our prior guidance of $1.46 to $1.49 attributable to a slower than anticipated pace of investing the proceeds of our September 2003 equity offering. We are maintaining our guidance for calendar year 2004 FFO per diluted share to be between $1.53 and $1.60. We currently anticipate that the growth in our FFO in 2003 and 2004 will come from a combination of internal growth from increased rents and the continued lease-up of vacant space, accretion from the IRT merger, as well as incremental income from property acquisitions, developments and redevelopments. This guidance is provided for information purposes and is subject to change. The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share:

                         
Guidance for 2003           Range        

         
       
Earnings per diluted share
  $ 1.03     to   $ 1.05  
Less: gain on sale of real estate
    ($0.04 )             ($0.04 )
Plus: other adjustments
  $ 0.01             $ 0.01  
Plus: real estate depreciation
  $ 0.45             $ 0.45  
 
   
             
 
FFO per diluted share
  $ 1.45     to   $ 1.47  
 
   
             
 
                         
Guidance for 2004           Range        

         
       
Earnings per share
  $ 1.04     to   $ 1.08  
Plus: other adjustments
  $ 0.01             $ 0.01  
Plus: real estate depreciation
  $ 0.48             $ 0.51  
 
   
             
 
FFO per diluted share
  $ 1.53     to   $ 1.60  
 
   
             
 

3


 

For guidance purposes, we have assumed no additional gains on the sale of real estate other than those that have already been realized.

ACCOUNTING AND OTHER DISCLOSURES

We consider Funds From Operations as defined by the 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, is “net income (computed in accordance with GAAP), excluding gains or losses from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.” We believe that financial analysts, investors and stockholders are better served by the clearer presentation of comparable period operating results generated from our FFO measure. 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 our 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 and of FFO per diluted share to earnings per diluted share, the most comparable GAAP measures.

CONFERENCE CALL/VIDEO WEB CAST INFORMATION

We will host a conference call on Thursday, October 30, 2003 at 1:00 p.m. EST to discuss our performance for the three and nine months ended September 30, 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 1677251. The telephone replay will be available through November 15, 2003.

FOR ADDITIONAL INFORMATION

For a copy of our third 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 company notices, please send your e-mail address to Barbara Abreu at babreu@equityone.net.

4


 

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, Texas, Georgia 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 more fully described in Equity One’s filings with the Securities and Exchange Commission.

5


 

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

                                   
      For the three months   For the nine months
      ended September 30,   ended September 30,
     
 
Operating Data   2003   2002   2003   2002

 
 
 
 
Total rental revenue
  $ 50,829     $ 24,987     $ 137,556     $ 73,042  
 
   
     
     
     
 
Net income
  $ 17,249     $ 10,926     $ 45,945     $ 32,631  
 
   
     
     
     
 
Earnings per share (basic)
  $ 0.27     $ 0.32     $ 0.80     $ 1.01  
 
   
     
     
     
 
Earnings per share (diluted)
  $ 0.27     $ 0.32     $ 0.79     $ 1.00  
 
   
     
     
     
 
Number of shares used in computing earnings per share:
                               
 
Basic
    63,777       33,926       57,348       32,195  
 
   
     
     
     
 
 
Diluted
    65,523       34,785       58,977       32,956  
 
   
     
     
     
 

Reconciliation of Net Income to Funds from Operations

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   For the nine months
        ended September 30,   ended September 30,
       
 
        2003   2002   2003   2002
       
 
 
 
Net income
  $ 17,249     $ 10,926     $ 45,945     $ 32,631  
 
Adjustments:
                               
   
Rental property depreciation and amortization, including discontinued operations
    7,574       3,532       19,706       10,304  
   
Gain on disposal of income producing properties
    (1,209 )     (1,091 )     (3,083 )     (8,194 )
   
Minority interest
    227       25       606       76  
Other Items:
                               
   
Interest on convertible partnership units
          64       43       194  
   
Pro-rata share of real estate depreciation of joint ventures
    83       152       383       466  
 
   
     
     
     
 
Funds from operations
  $ 23,924     $ 13,608     $ 63,600     $ 35,477  
 
   
     
     
     
 

6


 

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

Reconciliation of Earnings per Diluted Share to Funds from Operations per Diluted Share

The following table reflects the reconciliation of FFO per diluted share to earnings per diluted share, the most directly comparable GAAP measure, for the periods presented:

                                 
    For the three months ended   For the nine months ended
    September 30,   September 30,
   
 
    2003   2002   2003   2002
   
 
 
 
Earnings per diluted share*
  $ 0.27     $ 0.32     $ 0.79     $ 1.00  
Adjustments:
                               
Depreciation and amortization related to rental properties
    0.12       0.10       0.33       0.31  
Gain on sale of real estate
    (0.02 )     (0.03 )     (0.05 )     (0.25 )
Pro rata share of real estate depreciation of joint ventures
                0.01       0.02  
Funds from operations per diluted share
  $ 0.37     $ 0.39     $ 1.08     $ 1.08  
 
   
     
     
     
 


*   Earnings per diluted share reflect the add-back of interest on convertible partnership units and the minority interest(s) in earnings of consolidated subsidiaries which are convertible to shares of our common stock.
                 
    September 30,   December 31,
    2003   2002
   
 
Balance Sheet Data
               
Investments in real estate (before accumulated depreciation)
  $ 1,610,695     $ 718,864  
 
   
     
 
Total assets
  $ 1,623,174     $ 730,069  
 
   
     
 
Mortgage notes payable
  $ 441,453     $ 332,143  
 
   
     
 
Unsecured revolving credit facilities
  $ 138,000        
 
   
     
 
Secured revolving credit facilities
        $ 23,000  
 
   
     
 
Unsecured senior notes payable
  $ 150,000        
 
   
     
 
Total liabilities before minority interest
  $ 797,062     $ 375,969  
 
   
     
 
Stockholders’ equity
  $ 813,357     $ 350,231  
 
   
     
 
Total liabilities and stockholders’ equity
  $ 1,623,174     $ 730,069  
 
   
     
 

7 EX-99.2 4 g85492exv99w2.htm SUPPLEMENTAL INFORMATION PACKAGE SUPPLEMENTAL INFORMATION PACKAGE

 

EXHIBIT 99.2

Equity One, Inc.
Supplemental Information Package


September 30, 2003

(EQUITY ONE LOGO)

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


 


 

Equity One, Inc.

SUPPLEMENTAL INFORMATION
September 30, 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
    8  
CONSOLIDATED BALANCE SHEETS
    9  
DEBT SUMMARY
    10  
PROPERTY STATUS REPORT
    14  
ANNUAL MINIMUM RENT BY STATE
    20  
LEASING ACTIVITY
    21  
TENANT CONCENTRATION SCHEDULE
    23  
SHOPPING CENTER LEASE EXPIRATION SCHEDULES
    25  
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
    28  
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
    29  
JOINT VENTURE INVESTMENTS
    30  
STOCK PRICE AND VOLUME STATISTICS
    31  

      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, Texas, Georgia 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 September 30, 2003.

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION

for the periods ended September 30, 2003 and 2002
(in thousands, except per share data)

                                     
        Three months ended   Nine months ended
       
 
        Sep 30, 2003   Sep 30, 2002   Sep 30, 2003   Sep 30, 2002
       
 
 
 
Total dividends paid per share
  $ 0.28     $ 0.27     $ 0.82     $ 0.81  
 
Funds from operations per share
  $ 0.37     $ 0.39     $ 1.08     $ 1.08  
 
Dividend / FFO payout ratio
    75.7 %     69.2 %     75.9 %     75.0 %
 
FFO multiple (annualized if < 12 months)
    11.5       9.0       11.8       6.5  
 
Adjusted funds from operations per share
  $ 0.33     $ 0.37     $ 1.01     $ 1.02  
 
Dividend / AFFO payout ratio
    84.8 %     73.0 %     81.2 %     79.4 %
 
AFFO multiple (annualized if < 12 months)
    12.9       9.5       12.6       6.9  
 
Income before minority interest
  $ 17,476     $ 10,951       46,551       32,707  
 
Income from discontinued operations
    (1,421 )     (1,617 )     (4,036 )     (10,439 )
 
(Gain) loss on extinguishment of debt
          (1,520 )     623       (1,520 )
 
Interest expense
    10,167       5,208       28,598       16,616  
 
Amortization of deferred financing fees
    259       169       853       582  
 
Rental property depreciation and amortization, excluding discontinued operations
    7,535       3,428       19,576       9,953  
 
Pro-rata share from unconsolidated joint ventures
                               
   
Depreciation and amortization
    83       152       383       466  
   
Interest expense
    189       367       889       1,103  
 
   
     
     
     
 
EBITDA
  $ 34,288     $ 17,138     $ 93,437     $ 49,468  
 
   
     
     
     
 
Interest expense, including joint venture interest
  $ 10,356     $ 5,575     $ 29,487     $ 17,719  
EBITDA : interest coverage ratio
    3.3       3.1       3.2       2.8  
EBITDA margin (EBITDA/total rental revenues)
    67.5 %     68.6 %     67.9 %     67.7 %
 
Net operating income (NOI) from continuing operations
                               
 
Total rental revenue
  $ 50,829     $ 24,987     $ 137,556     $ 73,042  
 
Property operating expenses (1)
    14,136       7,414       38,416       21,554  
 
   
     
     
     
 
Net operating income
  $ 36,693     $ 17,573     $ 99,140     $ 51,488  
 
   
     
     
     
 
NOI margin (NOI/total rental income)
    72.2 %     70.3 %     72.1 %     70.5 %

(1)   net of intercompany expenses.

                                     
Same property NOI (2)
                               
 
Total rental revenue
  $ 23,564     $ 22,767     $ 67,545     $ 65,997  
 
Property operating expenses
    7,357       7,196       20,652       20,054  
 
   
     
     
     
 
Net operating income
  $ 16,207     $ 15,571     $ 46,893     $ 45,943  
 
   
     
     
     
 
Growth in same property NOI
    4.1 %             2.1 %        
Growth in same property NOI, excluding termination fees
    4.8 %             1.9 %        
Same property occupancy
    88.6 %     89.7 %     88.2 %     89.4 %

(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
  $ 2,737     $ 1,435     $ 7,936     $ 5,020  
 
as % of total rental revenues
    5.38 %     5.74 %     5.77 %     6.87 %
 
as % of total assets (annualized)
    0.67 %     0.80 %     0.65 %     0.93 %

Page 3


 

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION

as of September 30, 2003 and December 31, 2002
(in thousands, except per share data)

                         
            Sep 30, 2003   Dec 31, 2002
           
 
Closing market price
  $ 17.00     $ 13.35  
Dividend yield (based on current annualized dividend)
    6.59 %     8.09 %
Book value per share (fully diluted, end of period)
  $ 11.69     $ 10.00  
 
Liquidity
               
 
Cash and cash equivalents
  $     $ 2,944  
 
   
     
 
 
Cash held in escrow
  $     $ 5,933  
 
   
     
 
 
Revolving credit facilities
               
 
Gross available under current credit facilities
    345,000       81,703  
     
less: Outstanding balance
    (138,000 )     (23,000 )
       
Holdback for letters of credit
    (1,378 )     (1,073 )
       
Escrowed for tax and insurance
          (186 )
 
   
     
 
   
Net available under credit facilities
  $ 205,622     $ 57,444  
 
   
     
 
Equity capitalization (end of period)
               
 
Common stock shares (in thousands)
               
   
Basic common stock shares
    67,641.248       34,210.147  
   
Diluted common shares
               
       
Unvested restricted common shares
    675.094       330.335  
       
Walden Woods shares
    93.656       93.656  
       
Northport operating partnership units
          261.850  
       
IRT Partners operating partnership units
    734.266        
       
Common stock options (treasury method, closing price)
    429.934       113.248  
 
   
     
 
   
Fully diluted common stock shares
    69,574.198       35,009.236  
 
   
     
 
 
Total debt (excluding unamortized premium)
  $ 729,453     $ 355,143  
 
   
     
 
 
Cash and cash equivalents, cash held in escrow
          (8,877 )
 
Securities held for sale
          (912 )
 
   
     
 
Net debt
    729,453       345,354  
Equity market capitalization (fully diluted, end of period)
    1,182,761       467,373  
 
   
     
 
 
Total market capitalization
  $ 1,912,214     $ 812,727  
 
   
     
 
Net debt to total market capitalization
    38.1 %     42.5 %
 
Gross real estate investments
  $ 1,610,695     $ 718,864  
Net debt to gross real estate investments
    45.3 %     48.0 %
 
Fixed rate debt (excluding unamortized premium)
  $ 591,453     $ 307,508  
Variable rate debt — hedged
    70,000        
Variable rate debt — unhedged
    68,000       47,635  
Total debt
  $ 729,453     $ 355,143  
 
   
     
 
 
% Fixed rate debt
    81.1 %     86.6 %
 
% Variable rate debt — hedged
    9.6 %     0.0 %
 
% Variable rate debt — unhedged
    9.3 %     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  
 
Weighted-average interest rate on revolving credit facilities
    2.17 %     N/A  

Page 4


 

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

for the periods ended September 30, 2003 and 2002
(in thousands, except per share data)

                                   
      Three months ended   Nine months ended
     
 
      Sep 30, 2003   Sep 30, 2002   Sep 30, 2003   Sep 30, 2002
     
 
 
 
Rental revenue:
                               
 
Minimum rents
  $ 39,503     $ 19,019     $ 105,708     $ 54,407  
 
Expense recoveries
    10,698       5,572       29,247       16,790  
 
Termination fees
    304       284       801       518  
 
Percentage rent payments
    324       112       1,800       1,327  
 
   
     
     
     
 
Total rental revenue
    50,829       24,987       137,556       73,042  
 
   
     
     
     
 
Costs and expenses:
                               
 
Property operating expenses
    14,136       7,414       38,416       21,554  
 
Interest expense
    10,167       5,208       28,598       16,616  
 
Amortization of deferred financing fees
    259       169       853       582  
 
Rental property depreciation and amortization
    7,535       3,428       19,576       9,953  
 
General and administrative expenses
    2,737       1,435       7,936       5,020  
 
 
   
     
     
     
 
Total costs and expenses
    34,834       17,654       95,379       53,725  
 
 
   
     
     
     
 
Income before other income and expenses, discontinued operations and minority interest
    15,995       7,333       42,177       19,317  
Other income and expenses:
                               
 
Investment income
    66       452       940       1,257  
 
Other income
    48       48       138       183  
 
Equity in loss of joint ventures
    (54 )     (19 )     (117 )     (9 )
 
Gain (loss) on extinguishment of debt
          1,520       (623 )     1,520  
 
   
     
     
     
 
Income before discontinued operations and minority interest
    16,055       9,334       42,515       22,268  
 
   
     
     
     
 
Discontinued operations:
                               
 
Income from operations of sold properties
    212       526       953       2,245  
 
Gain on disposal of income producing properties
    1,209       1,091       3,083       8,194  
 
   
     
     
     
 
Total income from discontinued operations
    1,421       1,617       4,036       10,439  
 
   
     
     
     
 
Income before minority interest
    17,476       10,951       46,551       32,707  
Minority interest
    (227 )     (25 )     (606 )     (76 )
 
   
     
     
     
 
Net income
  $ 17,249     $ 10,926     $ 45,945     $ 32,631  
 
   
     
     
     
 
Basic earnings per share Income before discontinued operations
  $ 0.25     $ 0.27     $ 0.73     $ 0.69  
 
Income from discontinued operations
    0.02       0.05       0.07       0.32  
 
   
     
     
     
 
Net income
  $ 0.27     $ 0.32     $ 0.80     $ 1.01  
 
   
     
     
     
 
Diluted earnings per share
                               
Income before discontinued operations
  $ 0.25     $ 0.27     $ 0.72     $ 0.68  
Income from discontinued operations
    0.02       0.05       0.07     $ 0.32  
 
   
     
     
     
 
Net income
  $ 0.27     $ 0.32     $ 0.79     $ 1.00  
 
   
     
     
     
 
Weighted average shares outstanding
                               
Basic
    63,777       33,926       57,348       32,195  
 
   
     
     
     
 
Diluted
    65,523       34,785       58,977       32,956  
 
   
     
     
     
 

Page 5


 

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

for the periods ended September 30, 2003
(in thousands, except per share data)

                                                   
      Three months ended   Nine months ended
      Sep 30, 2003   Sep 30, 2003
     
 
      As   Discontinued   Pre SFAS   As   Discontinued   Pre SFAS
      Reported   Operations   No. 144   Reported   Operations   No. 144
     
 
 
 
 
 
Rental revenue:
                                               
 
Minimum rents
  $ 39,503     $ 251     $ 39,754     $ 105,708     $ 886     $ 106,594  
 
Expense recoveries
    10,698       22       10,720       29,247       68       29,315  
 
Termination fees
    304             304       801             801  
 
Percentage rent payments
    324             324       1,800             1,800  
 
   
     
     
     
     
     
 
Total rental revenue
    50,829       273       51,102       137,556       954       138,510  
 
   
     
     
     
     
     
 
Costs and expenses:
                                               
 
Property operating expenses
    14,136       66       14,202       38,416       167       38,583  
 
Interest expense
    10,167       131       10,298       28,598       328       28,926  
 
Amortization of deferred financing fees
    259             259       853       1       854  
 
Rental property depreciation and amortization
    7,535       39       7,574       19,576       130       19,706  
 
General and administrative expenses
    2,737             2,737       7,936               7,936  
 
   
     
     
     
     
     
 
Total costs and expenses
    34,834       236       35,070       95,379       626       96,005  
 
   
     
     
     
     
     
 
Income before other income and expenses, discontinued operations and minority interest
    15,995       37       16,032       42,177       328       42,505  
Other income and expense:
                                               
 
Investment income
    66             66       940             940  
 
Other income
    48             48       138             138  
 
Equity in income (loss) of joint ventures
    (54 )     175       121       (117 )     625       508  
 
Loss on extinguishment of debt
                      (623 )           (623 )
 
   
     
     
     
     
     
 
Income before discontinued operations and minority interest
    16,055       212       16,267       42,515       953       43,468  
 
   
     
     
     
     
     
 
Discontinued operations:
                                               
 
Income from operations of sold properties
    212       (212 )             953       (953 )        
 
Gain on disposal of income producing properties
    1,209             1,209       3,083             3,083  
 
   
     
     
     
     
     
 
Income from discontinued operations
    1,421       (212 )     1,209       4,036       (953 )     3,083  
 
   
     
     
     
     
     
 
Income before minority interest
    17,476             17,476       46,551             46,551  
Minority interest
    (227 )           (227 )     (606 )           (606 )
 
   
     
     
     
     
     
 
Net income
  $ 17,249     $     $ 17,249     $ 45,945     $     $ 45,945  
 
   
     
     
     
     
     
 

Note: 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 or held for sale 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 or held for sale and the results before the impact of SFAS No. 144.

Page 6


 

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

for the periods ended September 30, 2002
(in thousands, except per share data)

                                                     
        Three months ended   Nine months ended
        Sep 30, 2002   Sep 30, 2002
       
 
        As   Discontinued   Pre SFAS   As   Discontinued   Pre SFAS
        Reported   Operations   No. 144   Reported   Operations   No. 144
       
 
 
 
 
 
Rental revenue:
                                               
 
Minimum rents
  $ 19,019     $ 622     $ 19,641     $ 54,407     $ 2,812     $ 57,219  
 
Expense recoveries
    5,572       120       5,692       16,790       432       17,222  
 
Termination fees
    284             284       518       25       543  
 
Percentage rent payments
    112             112       1,327             1,327  
 
   
     
     
     
     
     
 
Total rental revenue
    24,987       742       25,729       73,042       3,269       76,311  
 
   
     
     
     
     
     
 
Costs and expenses:
                                               
 
Property operating expenses
    7,414       153       7,567       21,554       791       22,345  
 
Interest expense
    5,208       47       5,255       16,616       262       16,878  
 
Amortization of deferred financing fees
    169       59       228       582       67       649  
 
Rental property depreciation and amortization
    3,428       104       3,532       9,953       351       10,304  
 
General and administrative expenses
    1,435             1,435       5,020             5,020  
 
   
     
     
     
     
     
 
Total costs and expenses
    17,654       363       18,017       53,725       1,471       55,196  
 
   
     
     
     
     
     
 
Income before other income and expenses, discontinued operations and minority interest
    7,333       379       7,712       19,317       1,798       21,115  
Other income and expenses:
                                               
 
Investment income
    452             452       1,257             1,257  
 
Other income
    48       2       50       183       2       185  
 
Equity in income (loss) of joint ventures
    (19 )     145       126       (9 )     445       436  
 
Gain on extinguishment of debt
    1,520             1,520       1,520             1,520  
 
   
     
     
     
     
     
 
Income before discontinued operations and minority interest
    9,334       526       9,860       22,268       2,245       24,513  
 
   
     
     
     
     
     
 
Discontinued operations:
                                               
 
Income from operations of sold properties
    526       (526 )           2,245       (2,245 )      
 
Gain on disposal of income producing properties
    1,091             1,091       8,194             8,194  
 
   
     
     
     
     
     
 
   
Total income from discontinued operations
    1,617       (526 )     1,091       10,439       (2,245 )     8,194  
 
   
     
     
     
     
     
 
Income before minority interest
    10,951             10,951       32,707             32,707  
Minority interest
    (25 )           (25 )     (76 )           (76 )
 
   
     
     
     
     
     
 
Net income
  $ 10,926     $     $ 10,926     $ 32,631     $     $ 32,631  
 
   
     
     
     
     
     
 

Note: 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 or held for sale 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 or held for sale and the results before the impact of SFAS No. 144.

Page 7


 

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

for the periods ended September 30, 2003 and 2002
(in thousands, except per share data)

                                     
        Three months ended   Nine months ended
       
 
        Sep 30, 2003   Sep 30, 2002   Sep 30, 2003   Sep 30, 2002
       
 
 
 
Net income
  $ 17,249     $ 10,926     $ 45,945     $ 32,631  
 
Adjustments:
                               
   
Rental property depreciation and amortization, including discontinued operations
    7,574       3,532       19,706       10,304  
   
Gain on disposal of income producing properties
    (1,209 )     (1,091 )     (3,083 )     (8,194 )
   
Minority interest
    227       25       606       76  
 
Other items:
                               
   
Interest on convertible partnership units
          64       43       194  
   
Pro-rata share of real estate depreciation from joint ventures
    83       152       383       466  
 
   
     
     
     
 
Funds from operations (FFO)
  $ 23,924     $ 13,608     $ 63,600     $ 35,477  
 
   
     
     
     
 
   
Increase
    75.8 %             79.3 %        
FFO per share (diluted)
  $ 0.37     $ 0.39     $ 1.08     $ 1.08  
   
Decrease
    -5.1 %             0.0 %        
 
Adjusted funds from operations (AFFO)
Funds from operations
  $ 23,924     $ 13,608     $ 63,600     $ 35,477  
less:
                               
 
Straight line rents
    402       248       1,212       313  
 
   
     
     
     
 
 
Recurring capital expenditures
                               
   
Tenant improvements
    372       120       707       463  
   
Leasing commissions and costs
    897       162       1,428       504  
   
Other capital expenditures
    626       76       933       594  
 
   
     
     
     
 
 
Total recurring capital expenditures
    1,895       358       3,068       1,561  
 
   
     
     
     
 
Adjusted funds from operations
  $ 21,627     $ 13,002     $ 59,320     $ 33,603  
 
   
     
     
     
 
   
Increase
    66.3 %             76.5 %        
AFFO per share (diluted)
  $ 0.33     $ 0.37     $ 1.01     $ 1.02  
   
Decrease
    -10.8 %             -1.0 %        
 
Weighted average diluted shares
    65,523       34,785       58,977       32,956  

Page 8


 

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

as of September 30, 2003 and December 31, 2002
(in thousands, except per share data)

                       
          Sep 30, 2003   Dec 31, 2002
         
 
Assets
               
 
Properties
               
   
Income producing
  $ 1,557,967     $ 682,941  
   
Less: accumulated depreciation
    (59,274 )     (40,433 )
 
   
     
 
     
Rental property
    1,498,693       642,508  
   
Construction in progress and land held for development
    42,185       35,923  
   
Property held for sale
    10,543          
 
   
     
 
     
Rental property
    1,498,693       642,508  
 
Properties, net
    1,551,421       678,431  
 
Cash and cash equivalents
          2,944  
 
Cash held in escrow
          5,933  
 
Accounts and other receivables, net
    10,105       7,053  
 
Investments in and advances to joint ventures
    2,869       10,021  
 
Goodwill
    22,535       2,276  
 
Other assets
    36,244       23,411  
 
   
     
 
Total
  $ 1,623,174     $ 730,069  
 
   
     
 
Liabilities and stockholders’ equity
               
 
Liabilities
               
   
Mortgage notes payable
  $ 441,453     $ 332,143  
   
Unsecured revolving credit facilities
    138,000        
   
Secured revolving credit facilities
          23,000  
   
Unsecured senior notes payable
    150,000        
 
   
     
 
     
Total debt
    729,453       355,143  
   
Unamortized premium on notes payable
    23,047        
 
   
     
 
     
Total notes payable
    752,500       355,143  
   
Accounts payable and accrued expenses
    35,335       14,760  
   
Tenant security deposits
    7,054       4,342  
   
Other liabilities
    2,173       1,724  
 
   
     
 
 
Total liabilities
    797,062       375,969  
 
   
     
 
 
Minority interest
    12,755       3,869  
 
   
     
 
 
Stockholders’ equity
               
   
Common stock
    683       345  
   
Additional paid-in capital
    828,147       355,450  
   
Retained earnings
    541       5,969  
   
Accumulated other comprehensive loss
    (1,994 )     (46 )
   
Unamortized restricted stock compensation
    (10,413 )     (4,375 )
   
Notes receivable from issuance of common stock
    (3,607 )     (7,112 )
 
   
     
 
 
Total stockholders’ equity
    813,357       350,231  
 
   
     
 
Total
  $ 1,623,174     $ 730,069  
 
   
     
 

Page 9


 

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY

as of September 30, 2003
(in thousands)

                                   
      Maturity           Sep 30, 2003   Dec 31, 2002
Property   date   Rate (1)   balance   balance

 
 
 
 
Fixed rate mortgage debt
                               
 
Lantana Village
    02/15/05       6.950 %   $ 3,707     $ 3,816  
 
Elmwood Oaks
    06/01/05       8.375 %     7,500        
 
Benchmark Crossing
    08/01/05       9.250 %     3,334       3,393  
 
Sterling Plaza
    09/01/05       8.750 %     4,008       4,083  
 
Townsend Square
    10/01/05       8.500 %     4,867       4,922  
 
Green Oaks
    11/01/05       8.375 %     3,042       3,100  
 
Melbourne Plaza
    11/01/05       8.375 %     1,758       1,792  
 
Oak Hill (*)
    01/01/06       7.625 %           2,016  
 
Walden Woods
    08/01/06       7.875 %     2,414       2,492  
 
Big Curve
    10/01/06       9.190 %     5,467       5,552  
 
Highland Square
    12/01/06       8.870 %     4,070       4,135  
 
Park Northern
    12/01/06       8.370 %     2,308       2,377  
 
Crossroads Square f/k/a University Mall
    12/01/06       8.440 %     12,554       12,680  
 
Rosemeade
    12/01/07       8.295 %     3,196       3,244  
 
Colony Plaza
    01/01/08       7.540 %     3,025       3,053  
 
Parkwood (2)
    01/01/08       7.280 %     6,217       6,277  
 
Richwood (2)
    01/01/08       7.280 %     3,203       3,234  
 
Commonwealth
    02/15/08       7.000 %     2,782       2,864  
 
Mariners Crossing
    03/01/08       7.080 %     3,392       3,425  
 
Pine Island/Ridge Plaza
    07/01/08       6.910 %     25,025       25,274  
 
Forestwood
    01/01/09       5.070 %     7,325       7,425  
 
Shoppes of North Port
    02/08/09       6.650 %     4,132       4,201  
 
Prosperity Centre
    03/01/09       7.875 %     6,478       6,730  
 
North Village Center
    03/15/09       8.130 %     1,518        
 
Shoppes of Ibis
    09/01/09       6.730 %     5,907       6,031  
 
Tamarac Town Square
    10/01/09       9.190 %     6,226        
 
Park Promenade
    02/01/10       8.100 %     6,317       6,360  
 
Skipper Palms
    03/01/10       8.625 %     3,564       3,585  
 
Jonathan’s Landing
    05/01/10       8.050 %     2,909       2,932  
 
Bluff’s Square
    06/01/10       8.740 %     10,106       10,162  
 
Kirkman Shoppes
    06/01/10       8.740 %     9,543       9,596  
 
Ross Plaza
    06/01/10       8.740 %     6,656       6,693  
 
Boynton Plaza
    07/01/10       8.030 %     7,511       7,561  
 
Pointe Royale
    07/15/10       7.950 %     4,592       4,763  
 
Plymouth Park East 1 (3)
    08/01/10       8.250 %     151       154  
 
Plymouth Park East 2 (3)
    08/01/10       8.250 %     454       463  
 
Plymouth Park North (3)
    08/01/10       8.250 %     8,099       8,260  
 
Plymouth Park South (3)
    08/01/10       8.250 %     605       617  
 
Plymouth Park Story North (3)
    08/01/10       8.250 %     372       380  
 
Plymouth Park West (3)
    08/01/10       8.250 %     2,420       2,468  

Page 10


 

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY

as of September 30, 2003
(in thousands)

                                   
      Maturity           Sep 30, 2003   Dec 31, 2002
Property   date   Rate(1)   balance   balance

 
 
 
 
 
Shops at Skylake
    08/01/10       7.650 %   $ 14,715     $ 14,964  
 
Parkwest Crossing
    09/01/10       8.100 %     4,739        
 
Spalding Village
    09/01/10       8.190 %     10,610        
 
Minyards
    11/01/10       8.320 %     2,520       2,546  
 
Charlotte Square
    02/01/11       9.190 %     3,629        
 
Forest Village
    04/01/11       7.270 %     4,500       4,533  
 
Boca Village
    05/01/11       7.200 %     8,320       8,382  
 
Heritage Walk
    05/01/11       7.250 %     7,050        
 
MacLand Pointe
    05/01/11       7.250 %     5,875        
 
Pine Ridge Square
    05/01/11       7.020 %     7,374        
 
Sawgrass Promenade
    05/01/11       7.200 %     8,320       8,382  
 
Presidential Markets
    06/01/11       7.650 %     27,485          
 
Plaza Del Rey (*)
    09/01/11       8.125 %           2,202  
 
Lake Mary
    11/01/11       7.250 %     24,590       24,763  
 
Lake St. Charles
    11/01/11       7.130 %     3,883       3,911  
 
Marco Town Center
    01/01/12       6.700 %     8,768       8,875  
 
Riverside Square
    03/01/12       9.190 %     7,718        
 
Cashmere
    11/01/12       5.880 %     5,270       5,343  
 
Eastwood
    11/01/12       5.880 %     6,279       6,366  
 
Meadows
    11/01/12       5.870 %     6,599       6,690  
 
Lutz Lake
    12/01/12       6.280 %     7,500        
 
Summerlin Square
    02/01/14       6.750 %     3,964       4,156  
 
Bird Ludlum
    02/15/15       7.680 %     10,440       10,857  
 
Treasure Coast
    04/01/15       8.000 %     4,869        
 
Shoppes of Silverlakes
    07/01/15       7.750 %     2,818        
 
West Lakes Plaza (*)
    06/01/16       7.875 %           4,979  
 
Grassland Crossing
    12/01/16       7.870 %     6,022        
 
Mableton Crossing
    08/15/18       6.850 %     4,179        
 
Atlantic Village (*)
    11/01/18       6.850 %           4,449  
 
Chastain Square
    02/28/24       6.500 %     3,941        
 
Daniel Village
    02/28/24       6.500 %     4,308        
 
Douglas Commons
    02/28/24       6.500 %     5,132        
 
Fairview Oaks
    02/28/24       6.500 %     4,857        
 
Madison Centre
    02/28/24       6.500 %     3,942        
 
Paulding Commons
    02/28/24       6.500 %     6,691        
 
Siegen Village
    02/28/24       6.500 %     4,354        
 
Wesley Chapel Crossing
    02/28/24       6.500 %     3,438        
Total fixed rate mortgage debt (73 loans)
  6.61 years     7.43 %   $ 441,453     $ 307,508  
 
Interest premium
  (wtd-avg maturity)   (wtd-avg rate)     9,797       -  
 
                   
     
 
Total fixed rate mortgage debt (including interest premium)
                  $ 451,250     $ 307,508  
 
                   
     
 

Page 11

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY

as of September 30, 2003
(in thousands)

                                   
      Maturity           Sep 30, 2003   Dec 31, 2002
Property   date   Rate(1)   balance   balance

 
 
 
 
Fixed rate unsecured senior 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 unsecured senior notes payable
  4.21 years     7.55 %     150,000        
 
Interest Premium
          (wtd-avg rate)     13,250        
 
                   
     
 
Total fixed rate unsecured senior notes payable (including interest premium)
                  $ 163,250     $ -  
 
                   
     
 
Total fixed rate debt
                  $ 591,453     $ 307,508  
 
Interest Premium
                    23,047        
 
                   
     
 
Total fixed rate debt (including interest premium)
                  $ 614,500     $ 307,508  
 
                   
     
 
Variable rate mortgage debt
                           
 
Comerica (**)
    02/28/04     NA           24,635  
 
                   
     
 
Total variable rate mortgage debt
                  $     $ 24,635  
 
                   
     
 
Revolving credit facilities
                           
 
$340MM Wells Fargo Unsecured (4)
    02/12/06       2.17 %     138,000        
 
$5MM City National Bank Unsecured
    08/13/04     NA            
 
Wells Fargo Secured (**)
    02/26/05     NA           23,000  
 
 
               
     
 
Total revolving credit facilities
                  $ 138,000     $ 23,000  
 
                   
     
 
Total variable rate debt
                  $ 138,000     $ 47,635  
 
                   
     
 
Total debt
                  $ 729,453     $ 355,143  
 
Interest Premium
                    23,047        
 
                   
     
 
Total debt (including interest premium)
                  $ 752,500     $ 355,143  
 
                   
     
 
Senior Unsecured Debt Ratings
                       
 
Moody’s
                  Baa3 (Stable)   NA
 
S&P
                  BBB- (Stable)   NA

Page 12

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY

as of September 30, 2003
(in thousands)

                                           
      Secured Debt   Unsecured Debt        
     
 
       
Maturity schedule   Scheduled   Balloon   Revolving   Senior        
by year   amortization   payments (5)   Credit Facilities   Notes   Total

 
 
 
 
 
 
2003
  $ 2,156     $     $     $     $ 2,156  
 
2004
    8,954                         8,954  
 
2005
    9,415       27,180                   36,595  
 
2006
    9,654       24,758       138,000       50,000       222,412  
 
2007
    9,740       2,864             75,000       87,604  
 
2008
    9,779       40,104                   49,883  
 
2009
    9,134       24,332                   33,466  
 
2010
    8,003       80,848                   88,851  
 
2011
    6,035       90,432                   96,467  
 
2012
    4,987       34,683             25,000       64,670  
Thereafter
    33,361       5,034                   38,395  
 
 
   
     
     
     
     
 
 
Total
  $ 111,218     $ 330,235     $ 138,000     $ 150,000     $ 729,453  
 
 
   
     
     
     
     
 


(1)   The rate in effect on September 30, 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)   The indicated rate includes the effect of interest rate swaps, if any.
 
(5)   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 13

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of September 30, 2003

                                             
                    number                    
                    of tenants   Supermarket anchor        
                   
 
       
        Year   Total                               Average
        built/   square   Percent           owned   shadow   name       base rent
Property   City   renovated   footage   leased   leased   vacant   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
 
 
 
 
 
 
ALABAMA (3)                                            
Madison Centre   Madison   1997   64,837   96.3%   11   1   37,912       Publix
(6/1/2017)
  Rite Aid   $9.56
Stadium Plaza   Phenix City   1988   70,475   100.0%   21   0   30,625       Piggly Wiggly
(1/31/2008)
  CVS Pharmacy   7.63
West Gate Plaza   Mobile   1974, 1995 / 1985   64,378   100.0%   9   0   44,000       Winn-Dixie
(7/19/2015)
  Rite Aid   7.14
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS ALABAMA (3)           199,690   98.8%   41   1   112,537   0           $8.08
           
 
 
 
 
 
         
ARIZONA (3)                                            
Big Curve   Yuma   1969 / 1996   126,402   93.4%   30   3       60,000   Albertsons   Walgreens* (Arizona Drug), Miller’s Outpost   9.82
Park Northern   Phoenix   1982 / 1996   126,852   93.9%   22   3   51,511       Safeway
(5/31/2008)
  Bealls, Chuck E Cheese   6.65
Southwest Walgreens   Phoenix   1975 / 1998   93,402   52.8%   15   3               Walgreens   10.75
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS ARIZONA (3)           346,656   82.6%   67   9   51,511   60,000           $8.66
           
 
 
 
 
 
         
FLORIDA (73)                                            
North Florida (12)                                            
Atlantic Village   Atlantic Beach   1984 / 1998   100,559   90.2%   23   2   39,795       Publix
(10/31/2008)
  JoAnn Fabrics   9.96
Beauclerc Village   Jacksonville   1962 / 1988   70,429   86.9%   10   1               Big Lots, Goodwill, Bealls Outlet   7.39
Commonwealth   Jacksonville   1984 / 1998   81,467   95.6%   15   1   48,997       Winn-Dixie
(2/28/2018)
      8.28
Forest Village   Tallahassee   2000   71,526   96.5%   15   2   37,866       Publix
(4/30/2020)
      10.18
Ft. Caroline   Jacksonville   1985 / 1995   74,546   100.0%   13   0   45,500       Winn-Dixie
(5/31/2015)
  Eckerd* (Bealls Outlet)   7.41
Losco   Jacksonville   2000   8,700   100.0%   8   0       45,820   Winn-Dixie       18.75
Mandarin Landing   Jacksonville   1976 / 2000   141,565   96.3%   34   3   34,400       Publix
(2/14/2007)
  Office Depot, Eckerd   9.07
Monument Point   Jacksonville   1985 / 1997   75,128   100.0%   12   0   46,772       Winn-Dixie
(3/27/2005)
  Eckerd   6.80
Oak Hill   Jacksonville   1985 / 1997   78,492   100.0%   19   0   39,795       Publix
(5/11/2005)
  Walgreens* (Bonus Dollar)   6.86
Parkmore Plaza   Milton   1986   159,067   98.5%   12   1               Wal-Mart*(Bealls), Big Lots   4.55
Pensacola Plaza   Pensacola   1985   56,098   91.4%   2   1   42,848       FoodWorld
(12/31/2005)
      4.27
South Beach   Jacksonville Beach   1990, 1991   289,964   95.5%   43   7   29,000       Food Lion
(3/31/2010)
  Kmart, Stein Mart, Bealls   9.28
Central Florida (10)                                            
Alafaya Commons   Orlando   1987   123,133   97.9%   27   2   54,230       Publix
(11/30/2007)
      11.46
Conway Crossing   Orlando   2002   76,321   100.0%   18   0   44,271       Publix
(4/30/2022)
      11.39
Shoppes of Eastwood   Orlando   1997   69,037   100.0%   13   0   51,512       Publix
(11/1/2017)
      11.16
Eustis Square   Eustis   1983 / 1997   126,791   68.4%   18   10   15,872       Save-a-Lot
(5/31/2013)
  Walgreens* (Bealls Outlet)   6.81
Hunters Creek   Orlando   1998   68,032   94.3%   7   3   51,225       Winn-Dixie
(9/23/2018)
      10.32
Kirkman Shoppes   Orlando   1973   88,820   96.1%   29   2               Eckerd   14.08
Lake Mary   Orlando   1988 / 2001   342,384   96.5%   62   25   63,139       Albertsons
(6/30/2012)
  Kmart, Euro Fitness, Sun Star Theatres   10.76
Park Promenade   Orlando   1987 / 2000   125,818   97.0%   24   2   55,000       Publix
(2/9/2007)
  Orange County Library, Blockbuster,
Goodwill
  9.36
Town & Country   Kissimmee   1993   72,043   100.0%   13   0   52,883       Albertsons
(10/31/2018)
      7.18
Unigold   Winter Park   1987   106,185   100.0%   21   0   52,500       Winn-Dixie
(4/30/2007)
  World Gym   9.85
Florida West Coast (17)                                            
Bay Pointe Plaza   St. Petersburg   1984 / 2002   97,390   91.6%   18   6   46,014       Publix
(11/30/2021)
  Eckerd* (Bealls), West Marine   10.29
Carrollwood   Tampa   1970 / 2002   94,203   86.5%   29   7   27,887       Publix
(11/30/2022)
  Eckerd   10.79
Charlotte Square   Port Charlotte   1980   96,188   98.1%   26   1   44,024       Publix
(1/31/2011)
  Seafood Buffet   7.83
Chelsea Place   New Port Richey   1992   81,144   100.0%   18   0   48,890       Publix
(5/27/2012)
  Eckerd   10.93
East Bay Plaza   Largo   1985 / 1997   85,426   57.2%   19   3       53,000   Albertsons   Family Dollar, Hollywood Video   9.90
Lake St. Charles   Tampa   1999   57,015   97.9%   7   1   46,295       Kash n’ Karry (6/30/2019)       9.64
Lutz Lake   Lutz   2002   64,985   100.0%   15   0   44,270       Publix       13.61

Page 14

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of September 30, 2003

                                             
                    number                    
                    of tenants   Supermarket anchor        
                   
 
       
        Year   Total                               Average
        built/   square   Percent           owned   shadow   name       base rent
Property   City   renovated   footage   leased   leased   vacant   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
 
 
 
 
 
 
                                    (5/31/2022)        
Florida West Coast (continued)                                            
Marco Town Center   Marco Island   2001   109,830   94.4%   39   6   27,887       Publix
(1/31/2018)
      $16.05
Mariners Crossing   Spring Hill   1989 / 1999   85,507   92.4%   12   3   48,315       Kash n’ Karry (4/30/2020)       7.92
North River Village Center   Ellenton   1988, 1993   177,128   100.0%   16   0   42,112       Publix
(7/20/2008)
  Kmart, Walgreens* (Dollar Tree), Bealls   7.23
Regency Crossing   Port Richey   1986 / 2001   85,864   89.9%   17   7   44,270       Publix
(2/28/2021)
      10.55
Ross Plaza   Tampa   1984 / 1996   85,359   90.4%   18   2               Walgreens*, Ross Dress for Less   9.98
Seven Hills   Spring Hill   1991   64,590   100.0%   12   0   48,890       Publix
(9/25/2011)
      9.60
Shoppes of North Port   North Port   1991   84,705   100.0%   22   0   48,890       Publix
(12/11/2011)
  Bealls Outlet   9.66
Skipper Palms   Tampa   1984   88,000   94.3%   15   2   53,440       Winn-Dixie
(5/31/2016)
      8.51
Summerlin Square   Fort Myers   1986 / 1998   109,156   92.4%   22   6   45,500       Winn-Dixie
(6/4/2006)
  Eckerd   10.16
Venice Plaza   Venice   1971, 1979 / 1999   159,473   63.6%   13   5   42,582       Kash n’ Karry (9/30/2018)   TJ Maxx   5.18
Florida Treasure Coast (8)                                            
Bluffs Square   Jupiter   1986   132,395   97.4%   46   4   39,795       Publix
(10/22/2006)
  Walgreens   11.44
Cashmere Corners   Port St. Lucie   2001   89,234   100.0%   18   0   59,448       Albertsons
(4/30/2025)
      7.93
Jonathan’s Landing   Jupiter   1997   26,820   100.0%   12   0       53,850   Albertsons   Blockbuster   18.41
New Smyrna Beach   New Smyrna Beach   1987   118,451   92.7%   30   4   42,112       Publix
(9/30/2007)
  Walgreens* (Bealls), Burke’s   9.96
Old King Commons   Palm Coast   1988   84,759   100.0%   19   0               Wal-Mart* (Scotty’s, Staples)   7.92
Ryanwood   Vero Beach   1987   114,925   99.0%   31   1   39,795       Publix
(3/23/2017)
  Bealls Outlet, Books-A-Million   9.44
Salerno Village   Stuart   1987   58,804   95.6%   15   3   31,503       Winn Dixie
(9/21/2007)
  Eckerd   6.60
Treasure Coast   Vero Beach   1983   133,781   93.0%   20   5   59,450       Winn Dixie
(4/12/2015)
  TJ Maxx   8.55
South Florida / Atlantic Coast (26)                                            
Bird Ludlum   Miami   1988 / 1998   192,282   96.9%   47   1   44,400       Winn-Dixie
(12/31/2007)
  Eckerd, Blockbuster, Goodwill   14.77
Boca Village   Boca Raton   1978   93,428   97.6%   21   1   36,000       Publix
(3/31/2007)
  Eckerd   14.55
Boynton Plaza   Boynton Beach   1978 / 1999   99,324   87.3%   25   4   37,664       Publix
(8/31/2003)
  Eckerd   9.85
Countryside Shops   Cooper City   1986, 1988, 1991   179,561   98.6%   44   2   39,795       Publix
(12/4/2005)
  Eckerd*, Stein Mart   12.17
Crossroads Square
f/k/a University Mall
  Ft. Lauderdale   1973   262,247   86.7%   17   10               Lowe’s (under construction), Eckerd   6.80
El Novillo   Miami Beach   1970 / 2000   10,000   100.0%   1   0               Jumbo Buffet   15.05
Epsilon   W. Palm Beach   1925 / 1997   18,707   24.6%   3   2                   15.72
Greenwood   Palm Springs   1982, 1994   132,325   91.3%   29   6   50,032       Publix
(12/5/2014)
  Bealls, World Savings Bank   11.81
Lago Mar   Miami   1995   82,613   92.3%   19   2   42,323       Publix
(9/13/2015)
      12.64
Lantana Village   Lantana   1976 / 1999   175,480   99.0%   23   3   39,473       Winn-Dixie
(2/15/2011)
  Kmart, Rite Aid* (Dollar Store)   6.52
Meadows   Miami   1997   75,524   100.0%   20   0   47,955       Publix
(7/9/2017)
      12.40
Pine Island   Davie   1983 / 1999   254,907   97.4%   44   2   39,943       Publix
(11/30/2013)
  Home Depot Expo, Rite Aid* (Bealls Outlet)   9.38
Pine Ridge Square   Coral Springs   1986 / 1998, 1999   117,399   99.2%   34   1   17,441       Fresh Market
(6/30/2009)
  Bed Bath & Beyond, Off Main Furniture   12.95
Plaza Alegre   Miami   2003   88,111   93.5%   16   4   44,271       Publix
(3/14/2023)
  Goodwill   14.06
Plaza Del Rey   Miami   1985 / 1996   50,146   100.0%   23   0               Navarro Pharmacy   12.96
Point Royale   Miami   1970 / 2000   209,863   93.9%   23   3   45,350       Winn-Dixie
(2/18/2011)
  Best Buy, Eckerd* (Linen Supermarket)   6.51
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   95.4%   25   4       (see Pine Island)   Publix   AMC Theater, Kabooms, Republic Security Bank, Uncle Funny’s, Round Up   8.91
Riverside Square   Coral Springs   1987   107,941   92.9%   31   4   39,795       Publix
(2/18/2007)
      13.21
Sawgrass Promenade   Deerfield Beach   1982 / 1998   107,092   93.7%   27   2   36,464       Publix
(11/30/2004)
  Walgreens, Blockbuster   11.07
Sheridan   Hollywood   1973 / 1991   455,864   98.1%   61   5   65,537       Publix
(10/9/2011)
  Ross, Bed Bath & Beyond, Eckerd, Spirit of America*   13.10

Page 15

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of September 30, 2003

                                             
                    number                    
                    of tenants   Supermarket anchor        
                   
 
       
        Year   Total                               Average
        built/   square   Percent           owned   shadow   name       base rent
Property   City   renovated   footage   leased   leased   vacant   SF   SF   expiration 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
(4/30/2019)
      $12.38
Shops at Skylake   North Miami Beach   1999-2003   174,199   99.4%   43   1   51,420       Publix
(7/31/2019)
  Goodwill, Blockbuster   15.14
Shoppes of Silverlakes   Pembroke Pines   1995, 1997   126,638   97.8%   35   2   47,813       Publix
(6/14/2015)
      15.86
Tamarac Town Square   Tamarac   1987   127,635   83.4%   27   12   37,764       Publix
(12/15/2014)
      10.33
West Lakes Plaza   Miami   1984 / 2000   100,747   100.0%   27   0   46,216       Winn-Dixie
(10/31/2016)
  Navarro Pharmacy   10.81
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS FLORIDA (73)           8,390,000   94.3%   1,639   199   2,598,050   152,670           $10.30
           
 
 
 
 
 
         
Georgia (23)                                            
Atlanta (16)                                            
Butler Creek   Acworth   1990   95,597   98.7%   19   1   59,997       Kroger
(06/30/2018)
      10.81
Chastain Square   Atlanta   1981 / 2001   91,637   87.7%   21   7   37,366       Publix
(5/31/2024)
      15.67
Commerce Crossing   Commerce   1988   100,668   90.4%   7   3   32,000       Ingles
(9/26/2009)
  Wal-Mart*   4.04
Douglas Commons   Douglasville   1988   97,027   98.6%   18   1   59,431       Kroger
(8/31/2013)
      9.98
Fairview Oaks   Ellenwood   1997   77,052   100.0%   13   0   54,498       Kroger
(9/30/2016)
      11.10
Grassland Crossing   Alpharetta   1996   90,906   95.9%   13   1   70,086       Kroger
(6/30/2016)
      11.58
Mableton Crossing   Mableton   1997   86,819   94.5%   15   3   63,419       Kroger
(8/31/2017)
      10.03
Macland Pointe   Marietta   1992, 1993   79,699   96.6%   15   2   55,999       Publix
(12/29/2012)
      10.02
Market Place   Norcross   1976   77,706   93.7%   20   3               Peachtree Cinema   7.39
Paulding Commons   Dallas   1991   192,391   100.0%   31   0   49,700       Kroger
(2/28/2011)
  Kmart   8.19
Powers Ferry Plaza   Marietta   1979, 1987 / 1998   86,473   87.5%   21   3               Micro Center   10.41
Presidential Markets   Snellville   1993-2000   396,408   100.0%   40   0   56,146       Publix
(12/31/2019)
  Bed Bath & Beyond, GAP, Shoe Carnival, Marshalls   10.20
Shops of Huntcrest   Lawrenceville   2003   97,040   88.5%   18   8   54,340       Publix
(1/31/2023)
      12.13
Wesley Chapel Crossing   Decatur   1989   170,792   99.1%   24   1   32,000       Ingles
(9/25/2009)
  Wal-Mart, CVS Pharmacy   6.72
West Towne Square   Rome   1988   89,596   88.6%   15   3               Big Lots, Eckerd*   5.70
Williamsburg @ Dunwoody   Dunwoody   1983   44,928   92.9%   24   3                   17.51
Central Georgia (5)                                            
Daniel Village   Augusta   1956 / 1997   171,932   91.9%   33   6   45,971       Bi-Lo
(3/25/2022)
  Eckerd*, St. Joseph Home Health Care   7.81
Heritage Walk   Milledgeville   1991, 1992   159,991   100.0%   12   0   46,676       Kroger
(3/312020)
  Kmart   6.04
Spalding Village   Griffin   1989   235,318   60.1%   23   5   59,431       Kroger
(5/31/2014)
  JC Penney   7.74
Walton Plaza   Augusta   1990   43,460   97.2%   7   1   32,960       Harris Teeter* (Omni Fitness)
(4/1/2011)
      9.53
Watson Central   Warner Robins   1989   227,747   83.2%   10   19   45,000       Winn-Dixie*
(12/5/2010)
  Wal-Mart* (Big Lots)   5.04
South Georgia (2)                                            
Colony Square   Fitzgerald   1987   50,000   96.4%   7   1   32,200       Food Lion
(12/31/2007)
      6.69
McAlphin Square   Savannah   1979   176,807   94.4%   24   2   43,600       Kroger
(8/31/2015)
  US Post Office, Big Lots, In Fashion Menswear Outlet   7.23
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS GEORGIA (23)           2,939,994   92.0%   430   73   930,820   0           $8.71
           
 
 
 
 
 
         
KENTUCKY (1)                                            
Scottsville Square   Bowling Green   1986   38,450   91.0%   9   3               Hancock Fabrics, Zap Zone   6.76
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS KENTUCKY (1)           38,450   91.0%   9   3   0   0           $6.76
           
 
 
 
 
 
         
LOUISIANA (16)                                            
Ambassador Row   Lafayette   1980, 1991   193,978   98.5%   23   2               Hobby Lobby, Conn’s Appliances, Big Lots,
Chuck E Cheese
  7.88
Ambassador Row Courtyards   Lafayette   1986, 1991   158,783   81.2%   20   10               Marshalls, Bed Bath & Body, Hancock Fabrics   8.61
Bluebonnet Village   Baton Rouge   1983   90,215   80.0%   19   3   33,387       Matheme’s (11/30/2010)       8.47
The Boulevard   Lafayette   1976, 1994   68,012   59.7%   9   6               Piccadilly, Harbor Freight Tools   8.12

Page 16

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of September 30, 2003

                                             
                    number                    
                    of tenants   Supermarket anchor        
                   
 
       
        Year   Total                               Average
        built/   square   Percent           owned   shadow   name       base rent
Property   City   renovated   footage   leased   leased   vacant   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
 
 
 
 
 
 
LOUISIANA (continued)                                            
Country Club Plaza   Slidell   1982 / 1994   64,686   94.6%   10   1   33,387       Winn-Dixie
(1/31/2008)
  Dollar General   $5.76
The Crossing   Slidell   1988, 1993   113,989   97.4%   13   2   58,432       Albertsons
(9/29/2009)
  A-1 Home Appliance, Piccadilly   5.50
                                           
Elmwood Oaks   Harahan   1989   133,995   91.0%   7   1               Wal-Mart* (Academy Sports, Dollar Tree), A-1 Appliance, Advance Auto* (Goodwill)   9.00
Grand Marche   Lafayette   1969   200,585   100.0%   1   0           Piggly Wiggly   Academy Sports   0.14
Millervillage   Baton Rouge   1983, 1992   94,559   36.1%   11   3               Rite Aid   8.19
Pinhook Plaza   Lafayette   1979, 1992   194,725   31.4%   20   11               Rite Aid   8.20
Plaza Acadienne   Eunice   1980   105,419   100.0%   8   0   28,092       Super 1 Store
(6/30/2005)
  Fred’s, Howard Brothers   3.58
                                           
Sherwood South   Baton Rouge   1972, 1988, 1992   77,107   97.7%   9   1   22,500       Piggly Wiggly
(2/28/2007)
  Burke’s Outlet, Harbor Freight Tools, Blockbuster   6.14
Siegen Village   Baton Rouge   1988   174,578   90.8%   18   4               Office Depot, Big Lots, Stage, Party City   8.26
Tarpon Heights   Galliano   1982   56,605   46.8%   7   3               Eckerd   5.98
                                           
Village at Northshore   Slidell   1988   144,638   100.0%   12   0               Service Merchandise* (Marshalls), Kirschman’s, Bed Bath & Beyond   7.63
Wal-Mart Stores, Inc.   Mathews   1985   54,223   100.0%   1   0               Wal-Mart   2.90
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS LOUISIANA (16)           1,926,097   82.4%   188   47   175,798   0           $6.30
           
 
 
 
 
 
         
MISSISSIPPI (1)                                            
Shipyard Plaza   Pascagoula   1987   66,857   100.0%   7   0               Rite Aid, Big Lots   5.72
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS MISSISSIPPI (1)           66,857   100.0%   7   0   0   0           $5.72
           
 
 
 
 
 
         
NORTH CAROLINA (12)                                            
Centre Pointe Plaza   Smithfield   1989   160,442   76.0%   17   1               Wal-Mart* (Belk’s, Goody’s)   5.84
Chestnut Square   Brevard   1985   39,640   96.0%   6   1   21,000       Food Lion
(9/28/2010)
  Eckerd* (Dollar General)   6.88
The Galleria   Wrightsville Beach   1986, 1990   92,344   84.1%   29   10   28,000       Harris Teeter
(4/5/2006)
  Eckerd   9.37
Parkwest Crossing   Durham   1990   85,602   98.4%   18   2   38,052       Food Lion
(12/14/2010)
      9.84
Plaza North   Hendersonville   1986   47,240   94.9%   7   2   25,590       Bi-Lo
(8/31/2006)
  CVS Pharmacy   7.24
Providence Square   Charlotte   1973   84,780   90.9%   18   7   35,702       Harris Teeter
(4/30/2006)
  Eckerd   8.36
Riverview Shopping Center   Durham   1973 / 1995   132,106   88.3%   9   3   53,538       Kroger
(12/31/2014)
  Upchurch Drugs, Riverview Furniture   7.13
Salisbury Marketplace   Salisbury   1987   82,578   94.1%   15   2   37,308       Food Lion
(2/11/2023)
  CVS Pharmacy   9.12
Shelby Plaza   Shelby   1972   103,200   92.2%   7   1               Big Lots, Aaron Rents* (Hancock Fabrics)   3.13
Stanley Market Place   Stanley   1980, 1987   40,400   100.0%   3   0   28,400       Winn-Dixie
(2/28/2006)
  Family Dollar   5.46
Thomasville Commons   Thomasville   1991   148,754   100.0%   12   0   32,000       Ingles
(9/29/2012)
  Kmart, CVS Pharmacy   6.02
Willowdale Shopping Center   Durham   1986   120,984   89.3%   20   6   27,985       Harris Teeter
(5/14/2004)
  Carmike Cinemas, Eckerd* (Family Dollar)   8.70
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)           1,138,070   90.5%   161   35   327,575   0           $7.17
           
 
 
 
 
 
         
SOUTH CAROLINA (4)                                            
Lancaster Plaza   Lancaster   1971 / 1990   77,400   91.5%   3   1   19,200       Bi-Lo
(9/30/2010)
      1.44
Lancaster Shopping Center   Lancaster   1963, 1987   29,047   17.2%   1   1                   6.00
North Village Center   Durham   1984   60,356   100.0%   14   0   24,806       Bi-Lo
(5/31/2004)
  Dollar General, Gold’s Gym   8.17
Spring Valley   Columbia   1978 / 1997   75,415   93.6%   15   2   45,070       Bi-Lo
(12/31/2017)
  Eckerd   9.11
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS SOUTH CAROLINA (4)           242,218   85.4%   33   4   89,076   0           $6.13
           
 
 
 
 
 
         
TENNESSEE (2)                                            
Forrest Gallery   Tullahoma   1987   214,450   97.9%   27   2   48,780       Kroger
(1/31/2008)
  Wal-Mart* (Tractor Supply, Goodwill)   5.58
Smyrna Village   Smyrna   1992   83,334   87.6%   10   3   59,214       Kroger
(2/29/2012)
      7.97
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS TENNESSEE (2)           297,784
  95.0%
  37
  5
  107,994
  0
          $6.19

Page 17

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of September 30, 2003

                                             
                    number                    
                    of tenants   Supermarket anchor        
                   
 
       
        Year   Total                               Average
        built/   square   Percent           owned   shadow   name       base rent
Property   City   renovated   footage   leased   leased   vacant   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
 
 
 
 
 
 
TEXAS (32)                                            
Houston (16)                                            
Barker Cypress   Houston   1999   66,945   97.8%   15   2   41,320       H.E.B. (01/31/2014)       $12.45
Beechcrest   Houston   1981 / 2001   90,797   100.0%   15   0   40,345       Randall’s* (Viet Ho) (6/24/2016)   Walgreens* (Dollar Store)   9.24
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   14.86
Colony Plaza   Sugarland   1997   26,513   89.4%   13   2                   18.53
Copperfield   Houston   1994   134,845   55.3%   28   6               JoAnn Fabrics   12.11
Forestwood   Houston   1993   88,760   98.0%   15   1   59,334       Kroger
(7/31/2013)
      11.28
Grogan’s Mill   The Woodlands   1986   118,493   98.0%   24   2   56,558       Randall’s* (6/24/2016)   Petco   11.93
Hedwig   Houston   1974   69,504   80.3%   12   1               Ross Dress for Less   14.67
Highland Square   Sugarland   1998   64,171   99.7%   26   1                   17.26
Market at First Colony   Sugarland   1988   107,301   97.0%   34   1       62,000   Kroger   TJ Maxx, Eckerd   15.91
Mason Park   Katy   1998   160,047   74.4%   33   6       58,890   Kroger   Walgreens* (Eloise Collectibles), Palais Royal, Petco   11.89
Mission Bend   Houston   1980 / 1999   131,575   93.1%   25   2   46,112       Randall’s (6/24/2016)       8.97
Spring Shadows   Houston   1999   102,272   97.1%   15   2   62,661       H.E.B. (4/30/2023)       9.60
Steeplechase   Jersey Village   1985   105,152   97.3%   24   2   56,208       Randall’s (6/24/2016)       11.48
Wal-Mart Stores, Inc.   Marble Falls   1985   53,571   100.0%   1   0               Wal-Mart* (Sutherland Lumber)   3.27
Dallas (13)                                            
Green Oaks   Arlington   1983   65,091   87.1%   29   5       58,000   Kroger       10.82
Melbourne Plaza   Hurst   1983   47,517   86.3%   14   4                   11.35
Minyards   Garland   2000   65,295   100.0%   2   0   58,695       Minyards/Sack N Save
(4/30/2020)
      6.12
Parkwood   Plano   1985   81,590   94.0%   18   2       62,000   Albertsons   Planet Pizza   13.14
Plymouth Park East   Irving   1970   56,435   97.3%   9   1   42,130       Kroger
(11/30/2010)
      4.21
Plymouth Park North   Irving   1970   444,541   50.2%   39   19               Blockbuster, Dollar General, Thrift Store, Post Office, Chateau Theatre, Levines   7.31
Plymouth Park South   Irving   1970   49,102   74.8%   3   4               Betcha Bingo   6.44
Plymouth Park West   Irving   1970   178,930   91.7%   13   1               Bargain City   3.52
Richwood   Richardson   1984   54,872   69.7%   19   9       61,877   Albertsons   Blockbuster   13.23
Rosemeade   Carrollton   1986   51,234   67.5%   15   3       58,900   Kroger   Allure Health & Day Spa, Blockbuster   12.85
Sterling Plaza   Irving   1989   65,765   72.6%   15   1               Bank One, Irving City Library   15.75
Townsend Square   Desoto   1990   146,278   84.5%   32   6       60,349   Albertsons   Bealls, Victory Gym, Dollar General   8.89
Village by the Park   Arlngton   1988   44,538   92.4%   9   1               Petco   16.55
San Antonio (3)                                            
Bandera Festival   San Antonio   1989   195,438   51.9%   27   7               Bealls, Eckerd* (Scrapbook Heaven), Blockbuster   10.88
Blanco Village   San Antonio   2000   108,325   100.0%   16   0   74,627       H.E.B. (4/30/2015)       15.68
Wurzbach   San Antonio   1979   59,771   100.0%   3   0   52,957       Albertsons*
(12/31/2004)
      2.86
TOTAL SHOPPING CENTERS TEXAS (32)           3,108,594   81.3%   556   91   590,947   485,016           $10.42

Page 18

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of September 30, 2003

                                                 
                    number                        
                    of tenants   Supermarket anchor            
                   
 
           
        Year   Total                               Average    
        built/   square   Percent           owned   shadow   name       base rent    
Property   City   renovated   footage   leased   leased   vacant   SF   SF   expiration date   Other anchor tenants   per leased SF    

 
 
 
 
 
 
 
 
 
 
 
   
VIRGINA (2)                                            
Smyth Valley Crossing   Marion   1989   126,841   100.0%   14   0   32,000       Ingles
(9/25/2010)
  Wal-Mart   $5.84
Waterlick Plaza   Lynchburg   1973, 1988   98,694   77.9%   19   5   30,780       Kroger
(3/18/2008)
  CVS Pharmacy   8.70
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS VIRGINIA (2)           225,535   90.3%   33   5   62,780   0           $6.92
           
 
 
 
 
 
         
TOTAL STABILIZED SHOPPING CENTERS (172)           18,919,945   90.1%   3,201   472   5,047,088   697,686           $9.26
           
 
 
 
 
 
         
DEVELOPMENTS AND REDEVELOPMENTS (8)                                                
Cashmere   Port St. Lucie, FL       4.0 acres                                
CVS Plaza (f/k/a Coral Way N.E.)   Miami, FL   2003 Dev   4.0 acres                                    
Gulf Gate Plaza   Naples, FL   1969, 1974   201,620   46.0%   14   7               Bealls Outlet, JoAnn Fabrics, Dockside Imp   6.97
Homestead   Homestead, FL   2005 Dev   12.0 acres                                    
Miramar Outparcel   Miramar, FL   Held for sale   2.0 acres                                    
Oakbrook   Palm Beach Gdns, FL   1974 / 2000, 2003 Redev   210,115   65.1%   18   13   44,400       Publix
(10/31/2020)
  Eckerd, Duffy’s, Stein Mart   12.92
Walden Woods   Plant City, FL   1985 / 1998, 2003 Redev   74,336   64.3%   10   3               Walgreens, Dollar Tree   6.91
Westridge   McDonough, GA   2004 Dev   13.5 acres                                    
           
 
 
 
 
 
         
TOTAL SHOPPING CENTERS & DEVELOPMENTS (180)           19,406,016   89.2%   3,243   495   5,091,488   697,686           $9.27
           
 
 
 
 
 
         
OTHER PROPERTIES (2)                                                
4101 South I-85 Industrial   Charlotte, NC   1956, 1963   188,513   73.7%   3   7                   2.78
Mandarin Mini-storage   Jacksonville, FL   1982   52,880   98.1%   526   8                        
GRAND TOTAL (182)           19,647,409   89.1%   3,772   510   5,091,488   697,686            
           
 
 
 
 
 
         

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 19

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
as of September 30, 2003

(ANNUAL MINIMUM RENT BY STATE PIE CHART)

                                                 
State   Count   Total SF   # Leased   # Vacant   Leased %   AMR

 
 
 
 
 
 
Florida
    76       8,876,071       1,681       222       92.3 %   $ 84,230,258  
Texas
    32       3,108,594       556       91       81.3 %     26,319,418  
Georgia
    23       2,939,994       430       73       92.0 %     23,548,049  
Louisiana
    16       1,926,097       188       47       82.4 %     9,993,861  
North Carolina
    12       1,138,070       161       35       90.5 %     7,392,488  
Arizona
    3       346,656       67       9       82.6 %     2,480,680  
Tennessee
    2       297,784       37       5       95.0 %     1,751,979  
Alabama
    3       199,690       41       1       98.8 %     1,594,839  
Virginia
    2       225,535       33       5       90.3 %     1,410,360  
South Carolina
    4       242,218       33       4       85.4 %     1,268,456  
Mississippi
    1       66,857       7       0       100.0 %     382,536  
Kentucky
    1       38,450       9       3       91.0 %     236,591  
 
   
     
     
     
     
     
 
Total
    175       19,406,016       3,243       495       89.2 %   $ 160,609,515  

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

Page 20


 

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the three months ended September 30, 2003

Renewals

                                         
                    Average   Average   Annualized
            Average   Expiring   New   Minimum
# of Leases   Square Feet   Size   Rent psf   Rent psf   Rent

 
 
 
 
 
74
    143,043       1,933     $ 13.47     $ 14.16     $ 2,024,909  
                    % Increase psf     5.1 %        
                    Net Increase (AMR)           $ 98,446  

New Leases (effective in the third quarter)

                                         
                            Average   Annualized
            Average           New   Minimum
# of Leases   Square Feet   Size       Rent psf   Rent

 
 
     
 
112
    350,742       3,132             $ 10.29     $ 3,607,676  

Lost Leases

                                         
                    Average           Annualized
            Average   Expiring           Minimum
# of Leases   Square Feet   Size   Rent psf           Rent

 
 
 
         
71
    242,819       3,420     $ 9.25             $ 2,245,068  
Net Absorption     107,923     New Leases — Lost Leases            
                    Net Gain/(Loss) of AMR   $ 1,461,054  
Retention Ratio     37.1 %   Renewals / (Renewals + Lost Leases)        

Page 21


 

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the nine months ended September 30, 2003

Renewals

                                         
                    Average   Average   Annualized
            Average   Expiring   New   Minimum
# of Leases   Square Feet   Size   Rent psf   Rent psf   Rent

 
 
 
 
 
201
    458,530       2,281     $ 11.75     $ 12.23     $ 5,607,949  
                    % Increase psf     4.1 %        
                    Net Increase (AMR)           $ 219,542  

New Leases

                                         
                            Average   Annualized
            Average           New   Minimum
# of Leases   Square Feet   Size       Rent psf   Rent

 
 
 
 
 
247
    804,349       3,256             $ 10.89     $ 8,761,278  

Lost Leases

                                         
                    Average           Annualized
            Average   Expiring           Minimum
# of Leases   Square Feet   Size   Rent psf           Rent

 
 
 
         
213
    886,218       4,161     $ 9.06             $ 8,033,181  
Net Absorption     (81,869 )   New Leases — Lost Leases            
                Net Gain/Loss) of AMR   $ 947,639  
Retention Ratio     34.1 %   Renewals / (Renewals + Lost Leases)        

Page 22


 

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of September 30, 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       1,856,064       9.6 %   $ 13,255,590       8.3 %   $ 7.14  
 
Kroger
    15       800,614       4.1 %     5,907,532       3.7 %     7.38  
 
Winn Dixie
    17       761,143       3.9 %     4,949,605       3.1 %     6.50  
 
Wal-Mart
    11       834,994       4.3 %     3,687,045       2.3 %     4.42  
 
Kmart
    7       611,416       3.2 %     3,254,442       2.0 %     5.32  
 
Blockbuster
    27       159,480       0.8 %     2,376,721       1.5 %     14.90  
 
Eckerd
    27       261,671       1.3 %     2,338,094       1.5 %     8.94  
 
Food Lion/Kash n’ Karry
    8       297,802       1.5 %     1,948,574       1.2 %     6.54  
 
Bed Bath & Beyond
    6       202,658       1.0 %     1,930,031       1.2 %     9.52  
 
H.E. Butt Grocery
    3       178,608       0.9 %     1,793,855       1.1 %     10.04  
 
   
     
     
     
     
     
 
Sub-total top ten tenants
    163       5,964,450       30.7 %   $ 41,441,489       25.8 %   $ 6.95  
 
   
     
     
     
     
     
 
 
Remaining tenants
    3,080       11,353,015       58.5 %     119,168,026       74.2 %     10.50  
 
   
     
     
     
     
     
 
Sub-total all tenants
    3,243       17,317,465       89.2 %   $ 160,609,515       100.0 %   $ 9.27  
 
   
     
     
     
     
     
 
  Vacant     495       2,088,551       10.8 %   NA                
 
   
     
     
     
     
     
 
Total including vacant
    3,738       19,406,016       100.0 %   $ 160,609,515       100.0 %   $ 8.28  
 
   
     
     
     
     
     
 

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

Page 23


 

EQUITY ONE, INC. AND SUBSIDIARIES
EXPIRING SQUARE FOOTAGE BY TENANT TYPE
as of September 30, 2003

(EXPIRING SQUARE FOOTAGE BY TENANT TYPE BAR CHART)

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

Page 24


 

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of September 30, 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
    101       234,795       1.2 %   $ 2,148,448       1.3 %   $ 9.15  
       
2003
    192       493,668       2.5 %     5,219,325       3.1 %     10.57  
       
2004
    677       1,802,904       9.3 %     20,188,046       12.1 %     11.20  
       
2005
    673       1,882,472       9.7 %     21,810,839       13.1 %     11.59  
       
2006
    587       1,941,768       10.0 %     22,634,361       13.6 %     11.66  
       
2007
    376       1,787,344       9.2 %     18,875,077       11.4 %     10.56  
       
2008
    301       1,442,601       7.4 %     15,585,970       9.4 %     10.80  
       
2009
    61       1,044,419       5.4 %     7,305,524       4.4 %     6.99  
       
2010
    55       595,555       3.1 %     5,603,577       3.4 %     9.41  
       
2011
    41       995,273       5.1 %     7,159,339       4.3 %     7.19  
       
2012
    34       840,813       4.3 %     6,641,706       4.0 %     7.90  
   
Thereafter
    145       4,255,853       21.9 %     33,102,949       19.9 %     7.78  
 
   
     
     
     
     
     
 
 
Sub-total / average
    3,243       17,317,465       89.2 %   $ 166,275,161       100.0 %   $ 9.60  
 
   
     
     
     
     
     
 
      Vacant     495       2,088,551       10.8 %   NA   NA   NA
 
   
     
     
     
     
     
 
Total / average
    3,738       19,406,016       100.0 %   $ 166,275,161       100.0 %   $ 8.57  
 
   
     
     
     
     
     
 

(SHOPPING CENTER LEASE EXPIRATION SCHEDULE BAR CHART)

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

Page 25


 

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE

as of September 30, 2003

ANCHOR TENANTS (SF => 10,000)

                                                         
                                            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
    3       66,884       0.6 %   $ 101,400       0.1 %   $ 1.52  
       
2003
    5       118,824       1.0 %     823,826       1.2 %     6.93  
       
2004
    23       537,786       4.5 %     3,026,353       4.2 %     5.63  
       
2005
    25       506,953       4.2 %     2,569,957       3.6 %     5.07  
       
2006
    30       721,681       6.0 %     4,498,458       6.3 %     6.23  
       
2007
    36       953,679       8.0 %     6,018,591       8.4 %     6.31  
       
2008
    30       753,290       6.3 %     4,866,168       6.8 %     6.46  
       
2009
    21       904,027       7.5 %     5,120,777       7.1 %     5.66  
       
2010
    19       497,971       4.2 %     3,709,624       5.2 %     7.45  
       
2011
    21       934,311       7.8 %     5,694,087       7.9 %     6.09  
       
2012
    18       772,736       6.5 %     5,217,674       7.3 %     6.75  
   
Thereafter
    89       4,085,073       34.1 %     29,987,114       41.9 %     7.34  
Sub-total / average
    320       10,853,215       90.6 %   $ 71,634,029       100.0 %   $ 6.60  
     
Vacant
    38       1,122,393       9.4 %   NA   NA   NA
 
Total / average
    358       11,975,608       100.0 %   $ 71,634,029       100.0 %   $ 5.98  

(ANNUAL LEASE EXPITATIONS BAR CHART)

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

Page 26


 

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE

as of September 30, 2003

LOCAL TENANTS (SF < 10,000)

                                                         
                                            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
    98       167,911       2.3 %   $ 2,047,048       2.2 %   $ 12.19  
       
2003
    187       374,844       5.0 %     4,395,499       4.6 %     11.73  
       
2004
    654       1,265,118       17.0 %     17,161,693       18.1 %     13.57  
       
2005
    648       1,375,519       18.5 %     19,240,882       20.3 %     13.99  
       
2006
    557       1,220,087       16.4 %     18,135,903       19.2 %     14.86  
       
2007
    340       833,665       11.2 %     12,856,486       13.6 %     15.42  
       
2008
    271       689,311       9.3 %     10,719,802       11.3 %     15.55  
       
2009
    40       140,392       1.9 %     2,184,747       2.3 %     15.56  
       
2010
    36       97,584       1.3 %     1,893,953       2.0 %     19.41  
       
2011
    20       60,962       0.8 %     1,465,252       1.5 %     24.04  
       
2012
    16       68,077       0.9 %     1,424,032       1.5 %     20.92  
   
Thereafter
    56       170,780       2.3 %     3,115,835       3.3 %     18.24  
Sub-total / average
    2,923       6,464,250       87.0 %   $ 94,641,132       100.0 %   $ 14.64  
     
Vacant
    457       966,158       13.0 %   NA   NA   NA
 
Total / average
    3,380       7,430,408       100.0 %   $ 94,641,132       100.0 %   $ 12.74  

(ANNUAL LEASE EXPIRATIONS BAR CHART)

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

Page 27


 

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

as of September 30, 2003
(in thousands, except square footage data)

1)   CVS Plaza f/k/a Coral Way N.E.; Miami, Florida
 
    We have commenced construction of a 25,000 square foot drug-store anchored shopping center at an estimated cost of $3,956 with a target completion in the first quarter of 2004. This development is located at the northeast corner of S.W. 147th Avenue and Coral Way across the street from Plaza Alegre, and is reflected as a development property.
 
2)   Crossroads Square f/k/a 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 property. Lowe’s will pay all the development and construction costs related to their store and the associated site area and parking. Redevelopment is currently underway to reconfigure the remainder of the property and add a 13,000 square foot drug store at an estimated cost of $5,500. 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 and opened in the second quarter of 2003, 29,000 square feet has been leased to Homegoods and is expected to open in the second quarter of 2004 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 $4,060. The reconfigured property is listed on the Property Status Report as a development property.
 
4)   Salerno Village; Stuart, Florida
 
    We are redeveloping 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 $4,936, and is expected to be completed in the second quarter of 2004. The current configuration (pre-redevelopment) 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, but have not yet finalized the development plan or the associated budget. The land parcel is reflected as a development property.
 
6)   Shops at Skylake (Phase III); North Miami Beach, Florida
 
    We plan to complete the final phase of Skylake totaling approximately 120,000 square feet in the second quarter of 2004 at an additional cost of approximately $7,500. 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 L.A. Fitness space is under construction, with completion targeted for the first quarter of 2004. The current configuration of the property is listed on the Property Status Report.
 
7)   Westridge; McDonough, 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, but have not yet finalized the development plan or the associated budget. The land parcel is reflected as a development property.
 
8)   Walden Woods; Plant City, Florida
 
    We have reconfigured approximately 46,500 squre feet of this property to accomodate a 20,000 square foot Dollar Store, that opened in the third quarter of 2003, a 13,000 square foot Aaron Rents, that is expected to open in the fourth quarter of 2003, and 13,500 square feet of local space at an estimated cost of $844. The reconfigured property is listed on the Property Status Report as a development property.
 
9)   Gulf Gate; Naples, Florida
 
    We are in the process of completely renovating this center and releasing 36,000 squre feet to accomodate Big Lots at an estimated cost of $1,017. The center is listed on the Property Status Report as a development property.
 
10)   Ambassador Row Courtyard; Lafayette, Louisiana
 
    We intend to redevelop a portion of this property in the fourth quarter of 2003 at a cost of approximately $1,201. The current configuration is reflected on the Property Status Report.
 
11)   Cashmere; Port St. Lucie, Florida
 
    This is a four acre site adjacent to our Cashmere Corners retail center. We expect to develop 20,000 square feet of retail space. We have not finalized the development plan or associated budget. The land parcel is reflected as a development property.

Active Development and Redevelopment Cost Summary
as of September 30, 2003

                         
    Construction Costs
   
    Estimated   Funded as of   Balance to
Property   Cost   September 30, 2003   Complete

 
 
 
CVS Plaza
  $ 3,956     $ 2,346     $ 1,610  
Crossroads Square
    5,500       4,536       964  
Oakbrook Square
    4,060       2,962       1,098  
Salerno Village
    4,936       1,059       3,877  
Shops at Skylake Phase III
    7,500       3,455       4,045  
Walden Woods
    844       798       46  
Gulf Gate
    1,017       29       988  
Ambassador Row Courtyard
    1,201       7       1,194  
 
   
     
     
 
Total
  $ 29,014     $ 15,192     $ 13,822  
 
   
     
     
 

Page 28


 

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS

as of September 30, 2003
(in thousands, except square footage data)

Acquisition Activity (excluding the IRT merger)

                                           
                              Square Feet/   Purchase
Date Purchased   Property Name   City   State   Acres   Price

 
 
 
 
 
Feb-03
  Westridge - land   McDonough   GA     13.5 acres     $ 1,688  
May-03
  Spring Shadow - HEB Supermarket   Houston   TX     62,661       3,500  
Jul-03
  Sheridan Plaza Shopping Center   Hollywood   FL     451,294       75,325  
Jul-03
  Butler Creek Shopping Center   Acworth   GA     95,597       12,100  
Jul-03
  Bandera Out-parcel   San Antonio   TX     6,000       533  
Aug-03
  Presidential Markets   Atlanta   GA     396,408       47,238  
Sep-03
  Hunters Creek Plaza   Orlando   FL     68,032       7,446  
 
                                   
 
 
Total
                                  $ 147,830  
 
                                   
 

Disposition Activity

                                                   
                              Square Feet/   Sales        
Date Sold   Property Name   City   State   Acres   Price   Gain on Sale

 
 
 
 
 
 
Mar-03
  Eckerd Melbourne   Melbourne   FL     10,908     $ 2,715     $ 177  
Mar-03
  Eckerd Leesburg   Leesburg   FL     12,739       4,050       326  
Apr-03
  Pompano Lowe's   Pompano   FL     80,697       3,400       470  
May-03
  Shops at Huntcrest (2 out-parcels)   Lawrenceville   GA     2.9 acres       1,686        
Jun-03
  Oak Square Joint Venture interest   Gainsville   FL     N/A       2,230       901  
Sep-03
  Park Place Joint Venture Interest   Plano   TX     N/A       4,434       1,209  
 
                                   
     
 
 
Total
                                  $ 18,515     $ 3,083  
 
                                   
     
 

Page 29


 

EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS

as of September 30, 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 84% leased as of September 30, 2003. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,903 as of September 30, 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.
 
*     Equity One accounts for these two joint venture interests using the equity method as we do not consider ourselves to be in control of the major business decisions.

Sold joint ventures

1)   Park Place
 
    Plano, Texas
 
    On September 30, 2003, the joint venture completed the sale of this property. Our pro rata share of the gain from the sale was $1,209. Equity One received a final distribution from the partnership of $6,440.
 
2)   Oak Square
 
    Gainesville, Florida
 
    On June 30, 2003, Equity One sold its 50% interest in this joint venture, received net proceeds of $2,230 and recorded a gain of $901 on the disposition.

Page 30


 

EQUITY ONE, INC. AND SUBSIDIARIES
STOCK PRICE AND VOLUME STATISTICS

for the three months ended September 30, 2003

(DAILY HIGH-LOW-CLOSE AND 10-DAY MOVING AVERAGE LINE CHART)

(DAILY TRADING VOLUME AND 10-DAY MOVING AVERAGE LINE CHART)

*Data obtained from Yahoo Chart Services

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