-----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, A5o5stpEVISmiaBvI6tnivsYTGY3tWqHdKeQAnCqUldiUG49cVTnxjajmMqp6BmP uJd5XSMt+NrKUfYTUpy8jA== 0000950144-04-001502.txt : 20040219 0000950144-04-001502.hdr.sgml : 20040219 20040219125037 ACCESSION NUMBER: 0000950144-04-001502 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20040218 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040219 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: 04615389 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 g87301e8vk.htm EQUITY ONE, INC. 2/18/2004 Equity One, Inc. 2/18/2004
Table of Contents

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): February 18, 2004

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)

page 1 of 5


Item 7. Financial Statements Pro Forma Financial Information and Exhibits
Item 9. Regulation FD Disclosure
Item 12. Results of Operations and Financial Conditions
SIGNATURES
INDEX TO EXHIBITS
EX-99.1 Press Release
EX-99.2 Supplemental Information Package


Table of Contents

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 February 18, 2004

               99.2 — Supplemental Information Package of Equity One, Inc. December 31, 2003

Item 9. Regulation FD Disclosure

     On February 18, 2004, Equity One, Inc. (the “Company”) issued a press release announcing the Company’s results for the year and three months ended December 31, 2003 and released its Supplemental Information Package December 31, 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 February 18, 2004, the Company issued a press release announcing the Company’s results for the year and three months ended December 31, 2003 and released its Supplemental Information Package December 31, 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.

page 2 of 5


Table of Contents

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: February 18, 2004   By:         /s/ Howard M. Sipzner
       
              Howard M. Sipzner
              Chief Financial Officer

page 3 of 5


Table of Contents

INDEX TO EXHIBITS

     
Exhibit Number   Description of Exhibit

 
99.1   Press Release of Equity One, Inc. dated February 18, 2004
     
99.2   Supplemental Information Package December 31, 2003

page 4 of 5 EX-99.1 3 g87301exv99w1.htm EX-99.1 PRESS RELEASE EX-99.1 Press Release

 

Exhibit 99.1

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

FOR IMMEDIATE RELEASE:

February 18, 2004

EQUITY ONE REPORTS FOURTH QUARTER AND FULL YEAR 2003 RESULTS

NORTH MIAMI BEACH, FL, February 18, 2004 – 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 year and quarter ended December 31, 2003. Full year and quarter highlights are as follows, with all per share amounts presented on a diluted basis:

2003 Highlights

    Increased Funds from Operations (“FFO”) 97.6% to $89.9 million in 2003 from $45.5 million in 2002;
 
    Increase FFO per diluted share 7.4% to $1.46 in 2003 from $1.36 in 2002;
 
    Acquired 105 properties totaling $974 million, including the $763 million IRT Property Company merger;
 
    Increased the rental rate by 3.1% on 284 lease renewals aggregating 674,889 square feet to $12.30 per square foot;
 
    Executed 367 new leases totaling 1,144,882 square feet at an average rate of $10.89 per square foot;
 
    Increased leasing rate to 91.6% in the core portfolio;
 
    Reduced leverage to 39.3% debt to total market capitalization;
 
    Paid $1.10 in dividends, reflecting an increase in the quarterly rate from $0.27 to $0.28 in the third quarter of 2003 and an overall FFO payout ratio of 75.3%;
 
    Raised over $140 million in new equity via two secondary offerings and our Dividend Reinvestment and Stock Purchase Plan; and
 
    Delivered a 35.3% annualized return to full-year stockholders, assuming re-investment of all dividends on the respective payment dates.

Fourth Quarter 2003 Highlights

    Increase Funds from Operations 162.4% to $26.3 million in 2003 from $10.0 million in 2002;
 
    Increase FFO per diluted share 31.0% to $0.38 in 2003 from $0.29 in 2002;
 
    Increased the rental rate by 1.1% on 83 lease renewals aggregating 216,359 square feet to $12.46 per square foot; and
 
    Executed 120 new leases totaling 340,533 square feet at an average rate of $10.89 per square foot.

“We are very pleased with our 2003 results,” stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One. “We completed the $763 million merger of IRT Property Company in February and have successfully combined our respective operations into the largest publicly-traded neighborhood shopping center REIT focusing exclusively on the southern United States. Our other acquisition and

 


 

disposition activities furthered improved the focus and quality of our portfolio. Consistent leasing and renewal activity boosted our core portfolio occupancy to 91.6%. We secured investment grade ratings for our senior unsecured debt, and together with our existing credit facility and targeted equity issuance, have achieved financial stability and the capacity for future growth. In fact, our 39.3% debt to total market capitalization and 3.3 interest rate coverage are among the strongest of all the REITs. We remain focused on continuing to deliver superior results for our shareholders, debt providers and other constituencies.”

FINANCIAL OVERVIEW

For the year ended December 31, 2003, Funds from Operations – a standard measure of operating performance for Real Estate Investment Trusts (“REITs”) – increased 97.6% to $89.9 million from $45.5 million for the comparable period in 2002. FFO per diluted share increased 7.4% to $1.46 in 2003 from $1.36 in 2002. Net income was $63.6 million or $1.05 per diluted share in 2003, compared with $39.9 million, or $1.20 per diluted share, in 2002. The 2003 period included a $3.1 million gain on the sale of real estate, while the 2002 period included a $9.3 million gain. Total revenues increased 92.1% to $190.0 million in 2003 from $98.9 million in the comparable period in 2002.

For the three months ended December 31, 2003, FFO increased 162.4% to $26.3 million from $10.0 million for the comparable period in 2002. FFO per diluted share increased 31.0% to $0.38 in 2003 from $0.29 for the comparable period in 2002. Net income was $17.7 million, or $0.26 per diluted share in the fourth quarter of 2003, compared with $7.3 million, or $0.21 per diluted share, in the fourth quarter of 2002. There were no gains from the sale of real estate in the fourth quarter of 2003, compared to a $1.1 million gain in the fourth quarter of 2002. Total rental revenues for the fourth quarter of 2003 increased 105% to $54.2 million from $26.5 million in the fourth quarter of 2002.

Included in the fourth quarter and full year results for 2002 is a $2.1 million litigation settlement expense; there was no corresponding expense in 2003. The year ended December 31, 2003 included a $623,000 expense related to the extinguishment of debt, while the year ended December 31, 2002 included a $1.5 million gain related to the early extinguishment of debt.

At December 31, 2003, our fully diluted, equity market capitalization totaled $1.2 billion. We had $771 million of total debt (excluding any unamortized fair market premium), resulting in debt to total market capitalization of 39.3% and debt to gross real estate cost of 45.7%.

PORTFOLIO OVERVIEW

As of December 31, 2003, the 168 properties comprising our stabilized core portfolio were 91.6% leased, an increase of 20 basis points from 91.4% at September 30, 2003. Including a center we purchased in January 2004, we own 186 properties located primarily in metropolitan areas of 12 states in the southern United States, consisting of 124 supermarket-anchored shopping centers, eleven drug store-anchored shopping centers, 44 other retail-anchored shopping centers, a self-storage facility, an industrial property and five retail developments, as well as non-controlling interests in two unconsolidated joint ventures.

     At December 31, 2003, the average base rent per leased square foot for our stabilized core portfolio was $9.40, a 0.9% increase from the corresponding figure of $9.32 on September 30, 2003. During the quarter, we renewed 83 leases aggregating 216,359 square feet and increased the average rental rate 1.1% to $12.46 per square foot, and signed 120 new leases aggregating 340,533 square feet at an average rental rate of $10.89 per square foot. Overall, we gained approximately $525,000 of annualized minimum rent in the fourth quarter of 2003 incorporating renewals, new leases and departing tenants. Excluding lease termination revenues, our same property net operating income increased 1.0% in the fourth quarter of 2003 and 3.0% for the full year in 2003.

2


 

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 December 31, 2003.

OTHER ACQUISITIONS AND DISPOSITIONS

During the fourth quarter of 2003, we acquired five shopping centers as follows:

                           
                      Purchase Price
Shopping Center   Location   Square Feet   (in thousands)

 
 
 
BridgeMill
  Canton, GA     78,654     $ 14,070  
Hamilton Ridge
  Buford, GA     89,496       13,650  
Belfaire Towne Village
  Bluffton, SC     125,398       19,861  
Middle Beach
  Panama City Beach, FL     69,227       7,637  
Woodruff
  Greenville, SC     68,055       7,985  
 
                   
 
 
Total
                  $ 63,203  
 
                   
 

Subsequent to December 31, 2003, we acquired our partner’s 50.5% interest in the North Village Shopping Center in North Myrtle Beach, South Carolina and completed the acquisition of the Pavilion Shopping Center in Naples, Florida.

During the fourth quarter of 2003, we disposed of two shopping centers as follows:

                           
                      Sales Price
Shopping Center   Location   Square Feet   (in thousands)

 
 
 
Heritage Walk
  Milledgeville, GA     159,991     $ 10,000  
Stadium Plaza
  Phenix City, AL     70,475       4,800  
 
                   
 
 
Total
                  $ 14,800  
 
                   
 

In addition, two centers and two out-parcels are under contract to be sold.

DEVELOPMENTS AND REDEVELOPMENTS

As of December 31, 2003, we had over 25 development and redevelopment projects underway or in the planning stage totaling approximately $74.7 million of asset value and requiring approximately $32.5 million to complete based on current plans and estimates. These include:

    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;
 
    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;
 
    The development of a new 25,000 square foot CVS drug store-anchored center across the street from our recently completed Plaza Alegre shopping center development in Miami, Florida;
 
    The redevelopment of Salerno Village in Stuart, Florida to accommodate a new and expanded Winn Dixie supermarket;
 
    The development of two supermarket-anchored shopping centers, one in Homestead, Florida and the other in McDonough, Georgia, both on parcels we currently own and control;
 
    The reconfiguration of the former Gerland space at Copperfield into multi-tenant space;
 
    The reconfiguration of a portion of Ambassador Row Courtyards in Lafayette, Louisiana; and
 
    The redevelopment of a portion of Gulf Gate Plaza in Naples, Florida.

All of these developments and redevelopments are scheduled for completion between early 2004 and the end of 2005.

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 are maintaining our guidance for calendar year 2004 FFO per diluted share at a range of $1.53 to $1.60. In addition, we expect our first quarter 2004 FFO per diluted share to be between $0.37 and $0.38. We currently anticipate that the growth in our FFO in 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 first quarter 2004           Range        

         
       
Earnings per diluted share
  $ 0.26     to   $ 0.27  
 
Plus:real estate depreciation
  $ 0.11             $ 0.11  
 
   
             
 
FFO per diluted share
  $ 0.37     to   $ 0.38  
 
   
             
 
                           
Guidance for 2004           Range        

         
       
Earnings per share
  $ 1.08     to   $ 1.13  
 
Plus:real estate depreciation
  $ 0.44             $ 0.46  
 
other adjustments
  $ 0.01             $ 0.01  
 
   
             
 
FFO per diluted share
  $ 1.53     to   $ 1.60  
 
   
             
 

For guidance purposes, we have assumed no gains on the sale of real estate.

4


 

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 February, 19, 2004 at 1:00 p.m. EST to discuss our performance for the year and three months ended December 31, 2003. The call will 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 passcode 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) using passcode 5005408. The telephone replay will be available through February 29, 2004.

FOR ADDITIONAL INFORMATION

For a copy of our fourth 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.

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 successfully to 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.

5


 

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

                                   
      For the three months   For the year
      ended December 31,   ended December 31,
     
 
Operating Data   2003   2002   2003   2002

 
 
 
 
Total rental revenue
  $ 54,215     $ 26,450     $ 189,976     $ 98,904  
 
   
     
     
     
 
Net income
  $ 17,703     $ 7,303     $ 63,647     $ 39,934  
 
   
     
     
     
 
Earnings per share (basic)
  $ 0.26     $ 0.21     $ 1.06     $ 1.22  
 
   
     
     
     
 
Earnings per share (diluted)
  $ 0.26     $ 0.21     $ 1.05     $ 1.20  
 
   
     
     
     
 
Number of shares used in computing earnings per share:
                               
 
Basic
    67,858       34,046       59,998       32,662  
 
   
     
     
     
 
 
Diluted
    69,748       34,894       61,665       33,443  
 
   
     
     
     
 

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 year
        ended December 31,   ended December 31,
       
 
        2003   2002   2003   2002
       
 
 
 
Net income
  $ 17,703     $ 7,303     $ 63,647     $ 39,934  
 
Adjustments:
                               
   
Rental property depreciation and amortization, including discontinued operations
    8,300       3,506       28,007       13,810  
   
Gain on disposal of income producing properties
          (1,070 )     (3,083 )     (9,264 )
   
Minority interest
    197       25       803       101  
Other Items:
                               
   
Interest on convertible partnership units
          65       43       259  
   
Pro-rata share of real estate depreciation of joint ventures
    70       181       453       647  
 
   
     
     
     
 
Funds from operations
  $ 26,270     $ 10,010     $ 89,870     $ 45,487  
 
   
     
     
     
 

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   For the year
    ended December 31,   ended December 31,
   
 
    2003   2002   2003   2002
   
 
 
 
Earnings per diluted share*
  $ 0.26     $ 0.21     $ 1.05     $ 1.20  
Adjustments:
                               
Depreciation and amortization related to rental properties
    0.12       0.10       0.45       0.41  
Gain on sale of real estate
          (0.03 )     (0.05 )     (0.27 )
Pro rata share of real estate depreciation of joint ventures
          0.01       0.01       0.02  
 
   
     
     
     
 
Funds from operations per diluted share
  $ 0.38     $ 0.29     $ 1.46     $ 1.36  
 
   
     
     
     
 

*   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.

                 
    As of   As of
    December 31,   December 31,
Balance Sheet Data   2003   2002

 
 
Investments in rental property (before accumulated depreciation)
  $ 1,594,579     $ 682,941  
 
   
     
 
Total assets
  $ 1,677,386     $ 730,069  
 
   
     
 
Mortgage notes payable
  $ 459,103     $ 332,143  
 
   
     
 
Unsecured revolving credit facilities
  $ 162,000     $  
 
   
     
 
Secured revolving credit facilities
  $     $ 23,000  
 
   
     
 
Unsecured senior notes payable
  $ 150,000     $  
 
   
     
 
Total liabilities
  $ 834,162     $ 375,969  
 
   
     
 
Stockholders’ equity
  $ 830,552     $ 350,231  
 
   
     
 
Total liabilities and stockholders’ equity
  $ 1,677,386     $ 730,069  
 
   
     
 

7 EX-99.2 4 g87301exv99w2.htm EX-99.2 SUPPLEMENTAL INFORMATION PACKAGE EX-99.2 Supplemental Information Package

 

Exhibit 99.2

Equity One, Inc.
Supplemental Information Package

December 31, 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
December 31, 2003
(unaudited)

TABLE OF CONTENTS

         
    Page
   
DISCLOSURES
    3  
SUMMARY OPERATING INFORMATION
    4  
SUMMARY BALANCE SHEET INFORMATION
    5  
CONSOLIDATED STATEMENTS OF OPERATIONS
    6  
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
    7  
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
    9  
CONSOLIDATED BALANCE SHEETS
    10  
DEBT SUMMARY
    11  
PROPERTY STATUS REPORT
    15  
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  

 


 

EQUITY ONE, INC. AND SUBSIDIARIES
DISCLOSURES

for the periods ended December 31, 2003 and 2002

    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
 
    The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company ‘s Form 10-K for the year ended December 31, 2003 and Forms 10-Q for the quarters ended March 31, June 30, and September 30, 2003 should be read in conjunction with the above information. 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 December 31, 2003.
 
    Use of EBITDA as a Non-GAAP Financial Measure
 
    EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We compute EBITDA as the sum of net income before extraordinary items, depreciation and amortization, income taxes, interest expense, gain (loss) on disposal of income producing properties, and impairment of real estate. Given the nature of the Company’s business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to Earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in Earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are not included within Earnings. Accordingly, we believe that the use of EBITDA as opposed to Earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated period.

EBITDA should not be considered as an alternative to Earnings as an indicator of our financial performance, or as an alternative to cash flow from operating activities as a measure of our liquidity. Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA. Investors are cautioned that items excluded from EBITDA are significant components in understanding and assessing the Company’s financial performance.
 
    Use of Funds from Operations as a Non-GAAP Financial Measure
 
    Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided as a supplemental measure of operating performance. FFO (combined with the primary GAAP presentations) is a useful supplemental measure that is a recognized metric used extensively by the real estate industry, in particulat REIT’s. Accounting for real estate using historical cost accounting under accounting principles generally accepted in the United States (GAAP) assumes that the value of real estate diminishes predictably over time. NAREIT stated in its April 2002 White Paper on Funds from Operations “since real estate values...have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” 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 is presented to assist investors in analyzing our performance and to provide an indication of our ability to fund capital expenditures, distribution requirements and other cash needs. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs and liquidity, including the ability to make distributions, and (iii) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO.

Page 3


 

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION

for the periods ended December 31, 2003 and 2002
(in thousands, except per share data)

                                     
        Three months ended   Twelve months ended
        Dec 31, 2003   Dec 31, 2002   Dec 31, 2003   Dec 31, 2002
       
 
 
 
Total dividends paid per share
  $ 0.28     $ 0.27     $ 1.10     $ 1.08  
Funds from operations per share
  $ 0.38     $ 0.29     $ 1.46     $ 1.36  
 
Dividend / FFO payout ratio
    73.7 %     93.1 %     75.3 %     79.4 %
 
FFO multiple (annualized if < 12 months)
    11.1       11.5       11.6       9.8  
Adjusted funds from operations per share
  $ 0.33     $ 0.25     $ 1.32     $ 1.26  
 
Dividend / AFFO payout ratio
    84.8 %     108.0 %     83.3 %     85.7 %
 
AFFO multiple (annualized if < 12 months)
    12.8       13.4       12.8       10.6  
Income before minority interest
  $ 17,900     $ 7,328       64,450       40,035  
 
Income from discontinued operations
    (814 )     (1,885 )     (5,894 )     (12,681 )
 
(Gain) loss on extinguishment of debt
                623       (1,520 )
 
Interest expense
    9,229       5,724       37,826       22,106  
 
Amortization of deferred financing fees
    258       244       1,111       884  
 
Rental property depreciation and amortization, excluding discontinued operations
    8,216       3,416       27,598       13,303  
 
Pro-rata share from unconsolidated joint ventures
                               
   
Depreciation and amortization
    70       181       453       647  
   
Interest expense
    141       363       1,030       1,467  
 
   
     
     
     
 
EBITDA
  $ 35,000     $ 15,371     $ 127,197     $ 64,241  
 
   
     
     
     
 
Interest expense, including joint venture interest
  $ 9,370     $ 6,087     $ 38,856     $ 23,573  
EBITDA : interest coverage ratio
    3.7       2.5       3.3       2.7  
EBITDA margin (EBITDA/total rental revenues)
    64.6 %     58.1 %     67.0 %     65.0 %
Net operating income (NOI) from continuing operations
                               
 
Total rental revenue
  $ 54,215     $ 26,450     $ 189,976     $ 98,904  
 
Property operating expenses (1)
    17,006       8,405       54,866       30,763  
 
   
     
     
     
 
Net operating income
  $ 37,209     $ 18,045     $ 135,110     $ 68,141  
 
   
     
     
     
 
NOI margin (NOI/total rental income)
    68.6 %     68.2 %     71.1 %     68.9 %
 
(1) net of intercompany expenses.
                               
Same property NOI (2)
                               
 
Total rental revenue
  $ 24,588     $ 23,616     $ 89,048     $ 85,975  
 
Property operating expenses
    8,297       7,996       27,802       27,046  
 
   
     
     
     
 
Net operating income
  $ 16,291     $ 15,620     $ 61,246     $ 58,929  
 
   
     
     
     
 
Growth in same property NOI
    4.3 %             3.9 %        
Growth in same property NOI, excluding termination fees
    1.0 %             3.0 %        
Same property occupancy
    90.4 %     90.4 %     89.9 %     90.2 %
 
(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
  $ 3,108     $ 1,638     $ 11,046     $ 6,649  
 
as % of total revenues
    5.66 %     6.08 %     5.76 %     6.54 %
 
as % of total assets (annualized)
    0.74 %     0.91 %     0.66 %     1.23 %

Page 4


 

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION

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

                         
            Dec 31, 2003   Dec 31, 2002
           
 
Closing market price
  $ 16.88     $ 13.35  
Dividend yield (based on current annualized dividend)
    6.64 %     8.09 %
Book value per share (fully diluted, end of period)
  $ 11.77     $ 10.00  
Liquidity
               
 
Cash and cash equivalents
  $ 966     $ 2,944  
 
   
     
 
 
Cash held in escrow
  $     $ 5,933  
 
   
     
 
 
Revolving credit facilities
               
   
Gross available under current credit facilities
    345,000       81,703  
     
less: Outstanding balance
    (162,000 )     (23,000 )
       
Holdback for letters of credit
    (1,378 )     (1,073 )
       
Escrowed for tax and insurance
          (186 )
 
   
     
 
   
Net available under credit facilities
  $ 181,622     $ 57,444  
 
   
     
 
Equity capitalization (end of period)
               
 
Common stock shares (in thousands)
               
   
Basic common stock shares
    68,704.279       34,210.147  
   
Diluted common shares
               
     
Unvested restricted common shares
    649.133       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)
    370.164       113.248  
 
   
     
 
   
Fully diluted common stock shares
    70,551.498       35,009.236  
 
   
     
 
Total debt (excluding unamortized premium)
  $ 771,103     $ 355,143  
 
Cash and cash equivalents, cash held in escrow
    (966 )     (8,877 )
 
Securities held for sale
          (921 )
 
   
     
 
Net debt
    770,137       345,345  
Equity market capitalization (fully diluted, end of period)
    1,190,909       467,373  
 
   
     
 
 
Total market capitalization
  $ 1,961,046     $ 812,718  
 
   
     
 
Net debt to total market capitalization
    39.3 %     42.5 %
Gross real estate investments
  $ 1,683,705     $ 718,864  
Net debt to gross real estate investments
    45.7 %     48.0 %
Fixed rate debt (excluding unamortized premium)
  $ 609,103     $ 307,508  
Variable rate debt - hedged
    70,000        
Variable rate debt - unhedged
    92,000       47,635  
 
   
     
 
Total debt
  $ 771,103     $ 355,143  
 
   
     
 
 
% Fixed rate debt
    79.0 %     86.6 %
 
% Variable rate debt - hedged
    9.1 %     0.0 %
 
% Variable rate debt - unhedged
    11.9 %     13.4 %
 
Weighted-average interest rate on mortgage debt
    7.45 %     7.52 %
 
Weighted-average interest rate on senior unsecured notes
    7.55 %     N/A  
 
Weighted-average interest rate on revolving credit facilities
    2.06 %     N/A  

Page 5


 

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

for the periods ended December 31, 2003 and 2002
(in thousands, except per share data)

                                   
      Three months ended   Twelve months ended
      Dec 31, 2003   Dec 31, 2002   Dec 31, 2003   Dec 31, 2002
     
 
 
 
Rental revenue:
                               
 
Minimum rents
  $ 40,431     $ 18,767     $ 144,997     $ 72,802  
 
Expense recoveries
    13,132       6,063       41,740       22,689  
 
Termination fees
    580       1,439       1,382       1,938  
 
Percentage rent payments
    72       181       1,857       1,475  
 
 
   
     
     
     
 
Total rental revenue
    54,215       26,450       189,976       98,904  
 
 
   
     
     
     
 
Costs and expenses:
                               
 
Property operating expenses
    17,006       8,405       54,866       30,763  
 
Interest expense
    9,229       5,724       37,826       22,106  
 
Amortization of deferred financing fees
    258       244       1,111       884  
 
Rental property depreciation and amortization
    8,216       3,416       27,598       13,303  
 
Litigation settlement
          2,067             2,067  
 
General and administrative expenses
    3,108       1,638       11,046       6,649  
 
 
   
     
     
     
 
Total costs and expenses
    37,817       21,494       132,447       75,772  
 
 
   
     
     
     
 
Income before other income and expenses, income taxes, discontinued operations and minority interest
    16,398       4,956       57,529       23,132  
Other income and expenses:
                               
 
Investment income
    148       375       1,089       1,632  
 
Other income
    548       117       687       1,085  
 
Equity in loss of joint ventures
    (8 )     (5 )     (126 )     (15 )
 
Gain (loss) on extinguishment of debt
                (623 )     1,520  
 
 
   
     
     
     
 
Income before income taxes, discontinued operations and minority interest
    17,086       5,443       58,556       27,354  
 
 
   
     
     
     
 
Income tax benefit (expense)
                               
 
Current
    117                    
 
Deferred
    (117 )                  
 
 
   
     
     
     
 
Total income tax benefit (expense)
                       
 
 
   
     
     
     
 
Discontinued operations:
                               
 
Income from operations of sold properties
    814       815       2,811       3,417  
 
Gain on disposal of income producing properties
          1,070       3,083       9,264  
 
 
   
     
     
     
 
Total income from discontinued operations
    814       1,885       5,894       12,681  
 
 
   
     
     
     
 
Income before minority interest
    17,900       7,328       64,450       40,035  
Minority interest
    (197 )     (25 )     (803 )     (101 )
 
 
   
     
     
     
 
Net income
  $ 17,703     $ 7,303     $ 63,647     $ 39,934  
 
 
   
     
     
     
 
Basic earnings per share
                               
 
Income before discontinued operations
  $ 0.25     $ 0.16     $ 0.96     $ 0.84  
 
Income from discontinued operations
    0.01       0.05       0.10       0.38  
 
 
   
     
     
     
 
Net income
  $ 0.26     $ 0.21     $ 1.06     $ 1.22  
 
 
   
     
     
     
 
Diluted earnings per share
                               
 
Income before discontinued operations
  $ 0.25     $ 0.16     $ 0.95     $ 0.82  
 
Income from discontinued operations
    0.01       0.05       0.10       0.38  
 
 
   
     
     
     
 
Net income
  $ 0.26     $ 0.21     $ 1.05     $ 1.20  
 
 
   
     
     
     
 
Weighted average shares outstanding
                               
 
Basic
    67,858       34,046       59,998       32,662  
 
   
     
     
     
 
 
Diluted
    69,748       34,894       61,665       33,443  
 
   
     
     
     
 

Page 6


 

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

for the periods ended December 31, 2003
(in thousands, except per share data)

                                                   
      Three months ended   Twelve months ended
      Dec 31, 2003   Dec 31, 2003
     
 
      As   Discontinued   Pre SFAS   As   Discontinued   Pre SFAS
      Reported   Operations   No. 144   Reported   Operations   No. 144
     
 
 
 
 
 
Rental revenue:
                                               
 
Minimum rents
  $ 40,431     $ 718     $ 41,149     $ 144,997     $ 3,092     $ 148,089  
 
Expense recoveries
    13,132       470       13,602       41,740       829       42,569  
 
Termination fees
    580             580       1,382             1,382  
 
Percentage rent payments
    72             72       1,857       14       1,871  
 
 
   
     
     
     
     
     
 
Total rental revenue
    54,215       1,188       55,403       189,976       3,935       193,911  
 
 
   
     
     
     
     
     
 
Costs and expenses:
                                               
 
Property operating expenses
    17,006       258       17,264       54,866       980       55,846  
 
Interest expense
    9,229       32       9,261       37,826       360       38,186  
 
Amortization of deferred financing fees
    258             258       1,111       1       1,112  
 
Rental property depreciation and amortization
    8,216       84       8,300       27,598       409       28,007  
 
General and administrative expenses
    3,108             3,108       11,046             11,046  
 
 
   
     
     
     
     
     
 
Total costs and expenses
    37,817       374       38,191       132,447       1,750       134,197  
 
 
   
     
     
     
     
     
 
Income before other income and expenses, discontinued operations and minority interest
    16,398       814       17,212       57,529       2,185       59,714  
Other income and expense:
                                               
 
Investment income
    148             148       1,089             1,089  
 
Other income
    548             548       687             687  
 
Equity in income (loss) of joint ventures
    (8 )           (8 )     (126 )     626       500  
 
Loss on extinguishment of debt
                      (623 )           (623 )
 
 
   
     
     
     
     
     
 
Income before discontinued operations and minority interest
    17,086       814       17,900       58,556       2,811       61,367  
 
 
   
     
     
     
     
     
 
Discontinued operations:
                                               
 
Income from operations of sold properties
    814       (814 )           2,811       (2,811 )      
 
Gain on disposal of income producing properties
                      3,083             3,083  
 
 
   
     
     
     
     
     
 
Income from discontinued operations
    814       (814 )           5,894       (2,811 )     3,083  
 
 
   
     
     
     
     
     
 
Income before minority interest
    17,900             17,900       64,450             64,450  
Minority interest
    (197 )           (197 )     (803 )           (803 )
 
 
   
     
     
     
     
     
 
Net income
  $ 17,703           $ 17,703     $ 63,647           $ 63,647  
 
 
   
     
     
     
     
     
 

    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
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

for the periods ended December 31, 2002
(in thousands, except per share data)

                                                     
        Three months ended   Twelve months ended
        Dec 31, 2002   Dec 31, 2002
       
 
        As   Discontinued   Pre SFAS   As   Discontinued   Pre SFAS
        Reported   Operations   No. 144   Reported   Operations   No. 144
       
 
 
 
 
 
Rental revenue:
                                               
 
Minimum rents
  $ 18,767     $ 539     $ 19,306     $ 72,802     $ 3,809     $ 76,611  
 
Expense recoveries
    6,063       184       6,247       22,689       780       23,469  
 
Termination fees
    1,439       271       1,710       1,938       297       2,235  
 
Percentage rent payments
    181             181       1,475       32       1,507  
 
 
   
     
     
     
     
     
 
Total rental revenue
    26,450       994       27,444       98,904       4,918       103,822  
 
 
   
     
     
     
     
     
 
Costs and expenses:
                                               
 
Property operating expenses
    8,405       207       8,612       30,763       1,229       31,992  
 
Interest expense
    5,724             5,724       22,106       262       22,368  
 
Amortization of deferred financing fees
    244             244       884       67       951  
 
Rental property depreciation and amortization
    3,416       90       3,506       13,303       507       13,810  
 
Litigation settlement
    2,067             2,067       2,067             2,067  
 
General and administrative expenses
    1,638             1,638       6,649             6,649  
 
 
   
     
     
     
     
     
 
Total costs and expenses
    21,494       297       21,791       75,772       2,065       77,837  
 
 
   
     
     
     
     
     
 
Income before other income and expenses, discontinued operations and minority interest
    4,956       697       5,653       23,132       2,853       25,985  
Other income and expenses:
                                               
 
Investment income
    375             375       1,632             1,632  
 
Other income
    117             117       1,085             1,085  
 
Equity in income (loss) of joint ventures
    (5 )     118       113       (15 )     564       549  
 
Gain on extinguishment of debt
                      1,520             1,520  
 
 
   
     
     
     
     
     
 
Income before discontinued operations and minority interest
    5,443       815       6,258       27,354       3,417       30,771  
 
 
   
     
     
     
     
     
 
Discontinued operations:
                                               
 
Income from operations of sold properties
    815       (815 )           3,417       (3,417 )      
 
Gain on disposal of income producing properties
    1,070             1,070       9,264             9,264  
 
 
   
     
     
     
     
     
 
   
Total income from discontinued operations
    1,885       (815 )     1,070       12,681       (3,417 )     9,264  
 
 
   
     
     
     
     
     
 
Income before minority interest
    7,328             7,328       40,035             40,035  
Minority interest
    (25 )           (25 )     (101 )           (101 )
 
 
   
     
     
     
     
     
 
Net income
  $ 7,303     $     $ 7,303     $ 39,934     $     $ 39,934  
 
 
   
     
     
     
     
     
 

    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 8


 

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

for the periods ended December 31, 2003 and 2002
(in thousands, except per share data)

                                     
        Three months ended   Twelve months ended
        Dec 31, 2003   Dec 31, 2002   Dec 31, 2003   Dec 31, 2002
       
 
 
 
Funds from Operations
                               
Net income
  $ 17,703     $ 7,303     $ 63,647     $ 39,934  
 
Adjustments:
                               
   
Rental property depreciation and amortization, including discontinued operations
    8,300       3,506       28,007       13,810  
   
Gain on disposal of income producing properties
          (1,070 )     (3,083 )     (9,264 )
   
Minority interest
    197       25       803       101  
 
Other items:
                               
   
Interest on convertible partnership units
          65       43       259  
   
Pro-rata share of real estate depreciation from joint ventures
    70       181       453       647  
 
   
     
     
     
 
Funds from operations (FFO)
  $ 26,270     $ 10,010     $ 89,870     $ 45,487  
 
   
     
     
     
 
   
Increase
    162.4 %             97.6 %        
Earnings per diluted share
  $ 0.26     $ 0.21     $ 1.05     $ 1.20  
 
Adjustments:
                               
   
Rental property depreciation and amortization, including discontinued operations
    0.12       0.10       0.45       0.41  
   
Gain on disposal of income producing properties
          (0.03 )     (0.05 )     (0.27 )
   
Minority interest
                0.01        
 
Other items:
                               
   
Pro-rata share of real estate depreciation from joint ventures
          0.01             0.02  
 
   
     
     
     
 
Funds from operations per diluted share
  $ 0.38     $ 0.29     $ 1.46     $ 1.36  
 
   
     
     
     
 
   
Increase
    31.0 %             7.4 %        
Adjusted funds from operations (AFFO)
                               
Funds from operations
  $ 26,270     $ 10,010     $ 89,870     $ 45,487  
less:
                               
 
Straight line rents
    763       323       1,974       636  
 
   
     
     
     
 
 
Recurring capital expenditures
                               
   
Tenant improvements
    157       511       960       974  
   
Leasing commissions and costs
    954       299       2,382       803  
   
Other capital expenditures
    1,353       292       2,979       886  
 
   
     
     
     
 
 
Total recurring capital expenditures
    2,464       1,102       6,321       2,663  
 
   
     
     
     
 
Adjusted funds from operations
  $ 23,043     $ 8,585     $ 81,575     $ 42,188  
 
   
     
     
     
 
   
Increase
    168.4 %             93.4 %        
AFFO per share (diluted)
  $ 0.33     $ 0.25     $ 1.32     $ 1.26  
   
Increase
    32.0 %             4.8 %        
Weighted average diluted shares
    69,478       34,894       61,665       33,443  

Page 9


 

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

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

                       
          Dec 31, 2003   Dec 31, 2002
         
 
Assets
               
 
Properties
               
   
Income producing
  $ 1,594,579     $ 682,941  
   
Less: accumulated depreciation
    (66,406 )     (40,433 )
   
 
   
     
 
     
Rental property
    1,528,173       642,508  
   
Construction in progress and land held for development
    74,686       35,923  
   
Property held for sale
    14,440        
   
 
   
     
 
 
Properties, net
    1,617,299       678,431  
 
Cash and cash equivalents
    966       2,944  
 
Cash held in escrow
          5,933  
 
Accounts and other receivables, net
    13,492       7,053  
 
Investments in and advances to joint ventures
    2,861       10,021  
 
Goodwill
    14,014       2,276  
 
Other assets
    28,754       23,411  
   
 
   
     
 
Total
  $ 1,677,386     $ 730,069  
   
 
   
     
 
Liabilities and stockholders’ equity
               
 
Liabilities
               
   
Mortgage notes payable
  $ 459,103     $ 332,143  
   
Unsecured revolving credit facilities
    162,000        
   
Secured revolving credit facilities
          23,000  
   
Unsecured senior notes payable
    150,000        
   
 
   
     
 
     
Total debt
    771,103       355,143  
   
Unamortized premium on notes payable
    24,218        
   
 
   
     
 
     
Total notes payable
    795,321       355,143  
   
Accounts payable and accrued expenses
    25,211       14,760  
   
Tenant security deposits
    7,706       4,342  
   
Other liabilities
    5,924       1,724  
   
 
   
     
 
 
Total liabilities
    834,162       375,969  
   
 
   
     
 
 
Minority interest
    12,672       3,869  
   
 
   
     
 
 
Stockholders’ equity
               
   
Common stock
    694       345  
   
Additional paid-in capital
    843,678       355,450  
   
Retained earnings
          5,969  
   
Accumulated other comprehensive loss
    (122 )     (46 )
   
Unamortized restricted stock compensation
    (10,091 )     (4,375 )
   
Notes receivable from issuance of common stock
    (3,607 )     (7,112 )
   
 
   
     
 
 
Total stockholders’ equity
    830,552       350,231  
   
 
   
     
 
Total
  $ 1,677,386     $ 730,069  
   
 
   
     
 

Page 10


 

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY

as of December 31, 2003
(in thousands)

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

 
 
 
 
Fixed rate mortgage debt
                               
 
Middle Beach
    08/15/04       7.375 %   $ 2,808     $  
 
Lantana Village
    02/15/05       6.950 %     3,669       3,816  
 
Woodruff
    05/10/05       7.580 %     3,096        
 
Elmwood Oaks
    06/01/05       8.375 %     7,500        
 
Benchmark Crossing
    08/01/05       9.250 %     3,313       3,393  
 
Sterling Plaza
    09/01/05       8.750 %     3,982       4,083  
 
Townsend Square
    10/01/05       8.500 %     4,848       4,922  
 
Green Oaks
    11/01/05       8.375 %     3,022       3,100  
 
Melbourne Plaza
    11/01/05       8.375 %     1,747       1,792  
 
Oak Hill (*)
    01/01/06       7.625 %           2,016  
 
Walden Woods
    08/01/06       7.875 %     2,387       2,492  
 
Big Curve
    10/01/06       9.190 %     5,437       5,552  
 
Highland Square
    12/01/06       8.870 %     4,047       4,135  
 
Park Northern
    12/01/06       8.370 %     2,284       2,377  
 
Crossroads Square f/k/a University Mall
    12/01/06       8.440 %     12,510       12,680  
 
Rosemeade
    12/01/07       8.295 %     3,179       3,244  
 
Colony Plaza
    01/01/08       7.540 %     3,015       3,053  
 
Parkwood (2)
    01/01/08       7.280 %     6,196       6,277  
 
Richwood (2)
    01/01/08       7.280 %     3,192       3,234  
 
Commonwealth
    02/15/08       7.000 %     2,754       2,864  
 
Mariners Crossing
    03/01/08       7.080 %     3,380       3,425  
 
Pine Island/Ridge Plaza
    07/01/08       6.910 %     24,938       25,274  
 
Forestwood
    01/01/09       5.070 %     7,286       7,425  
 
Shoppes of North Port
    02/08/09       6.650 %     4,108       4,201  
 
Prosperity Centre
    03/01/09       7.875 %     6,390       6,730  
 
North Village Center
    03/15/09       8.130 %     1,463        
 
Shoppes of Ibis
    09/01/09       6.730 %     5,865       6,031  
 
Tamarac Town Square
    10/01/09       9.190 %     6,206        
 
Park Promenade
    02/01/10       8.100 %     6,302       6,360  
 
Skipper Palms
    03/01/10       8.625 %     3,556       3,585  
 
Jonathan’s Landing
    05/01/10       8.050 %     2,901       2,932  
 
Bluff’s Square
    06/01/10       8.740 %     10,086       10,162  
 
Kirkman Shoppes
    06/01/10       8.740 %     9,524       9,596  
 
Ross Plaza
    06/01/10       8.740 %     6,642       6,693  
 
Boynton Plaza
    07/01/10       8.030 %     7,494       7,561  
 
Pointe Royale
    07/15/10       7.950 %     4,533       4,763  
 
Plymouth Park East 1 (3)
    08/01/10       8.250 %     150       154  
 
Plymouth Park East 2 (3)
    08/01/10       8.250 %     451       463  
 
Plymouth Park North (3)
    08/01/10       8.250 %     8,043       8,260  
 
Plymouth Park South (3)
    08/01/10       8.250 %     601       617  
 
Plymouth Park Story North (3)
    08/01/10       8.250 %     370       380  
 
Plymouth Park West (3)
    08/01/10       8.250 %     2,404       2,468  

Page 11


 

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY

as of December 31, 2003
(in thousands)

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

 
 
 
 
 
Shops at Skylake
    08/01/10       7.650 %   $ 14,628     $ 14,964  
 
Parkwest Crossing
    09/01/10       8.100 %     4,728        
 
Spalding Village
    09/01/10       8.190 %     10,537        
 
Minyards
    11/01/10       8.320 %     2,511       2,546  
 
Charlotte Square
    02/01/11       9.190 %     3,614        
 
Forest Village
    04/01/11       7.270 %     4,488       4,533  
 
Boca Village
    05/01/11       7.200 %     8,298       8,382  
 
MacLand Pointe
    05/01/11       7.250 %     5,859        
 
Pine Ridge Square
    05/01/11       7.020 %     7,354        
 
Sawgrass Promenade
    05/01/11       7.200 %     8,298       8,382  
 
Presidential Markets
    06/01/11       7.650 %     27,420        
 
Plaza Del Rey (*)
    09/01/11       8.125 %           2,202  
 
Lake Mary
    11/01/11       7.250 %     24,529       24,763  
 
Lake St. Charles
    11/01/11       7.130 %     3,873       3,911  
 
Belfair Towne Village
    12/01/11       7.320 %     11,379        
 
Marco Town Center
    01/01/12       6.700 %     8,731       8,875  
 
Riverside Square
    03/01/12       9.190 %     7,694        
 
Cashmere
    11/01/12       5.880 %     5,245       5,343  
 
Eastwood
    11/01/12       5.880 %     6,250       6,366  
 
Meadows
    11/01/12       5.870 %     6,568       6,690  
 
Lutz Lake
    12/01/12       6.280 %     7,500        
 
Summerlin Square
    02/01/14       6.750 %     3,898       4,156  
 
Bird Ludlum
    02/15/15       7.680 %     10,296       10,857  
 
Treasure Coast
    04/01/15       8.000 %     4,804        
 
Shoppes of Silverlakes
    07/01/15       7.750 %     2,781        
 
West Lakes Plaza (*)
    06/01/16       7.875 %           4,979  
 
Grassland Crossing
    12/01/16       7.870 %     5,985        
 
Mableton Crossing
    08/15/18       6.850 %     4,157        
 
Atlantic Village (*)
    11/01/18       6.850 %           4,449  
 
BridgeMill
    05/05/21       7.940 %     9,555        
 
Chastain Square
    02/28/24       6.500 %     3,918        
 
Daniel Village
    02/28/24       6.500 %     4,282        
 
Douglas Commons
    02/28/24       6.500 %     5,102        
 
Fairview Oaks
    02/28/24       6.500 %     4,829        
 
Madison Centre
    02/28/24       6.500 %     3,918        
 
Paulding Commons
    02/28/24       6.500 %     6,651        
 
Siegen Village
    02/28/24       6.500 %     4,328        
 
Wesley Chapel Crossing
    02/28/24       6.500 %     3,416        
Total fixed rate mortgage debt (76 loans)
  6.48 years     7.45 %   $ 459,103     $ 307,508  
 
Interest premium
  (wtd-avg maturity)   (wtd-avg rate)     11,779        
 
                   
     
 
Total fixed rate mortgage debt (including interest premium)
                  $ 470,882     $ 307,508  

Page 12


 

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY

as of December 31, 2003
(in thousands)

                                   
      Maturity           Dec 31, 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
  3.96 years     7.55 %     150,000        
 
Interest Premium
          (wtd-avg rate)     12,439        
 
                   
     
 
Total fixed rate unsecured senior notes payable (including interest premium)
                  $ 162,439     $  
 
                   
     
 
Total fixed rate debt
                  $ 609,103     $ 307,508  
 
Interest Premium
                    24,218        
 
                   
     
 
Total fixed rate debt (including interest premium)
                  $ 633,321     $ 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       2.06 %     162,000        
 
$5MM City National Bank Unsecured
    08/13/04     NA            
 
Wells Fargo Secured (**)
    02/26/05     NA           23,000  
 
                   
     
 
Total revolving credit facilities
                  $ 162,000     $ 23,000  
 
                   
     
 
Total variable rate debt
                  $ 162,000     $ 47,635  
 
                   
     
 
Total debt
                  $ 771,103     $ 355,143  
 
Interest Premium
                    24,218        
 
                   
     
 
Total debt (including interest premium)
                  $ 795,321     $ 355,143  
 
                   
     
 
Senior Unsecured Debt Ratings
                               
 
Moody’s
                  Baa3 (Stable)   NA
 
S&P
                  BBB- (Stable)   NA

Page 13


 

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

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

 
 
 
 
 
 
2004
    9,432       2,727                   12,159  
 
2005
    9,777       30,093                   39,870  
 
2006
    9,985       24,758       162,000       50,000       246,743  
 
2007
    10,097       2,864             75,000       87,961  
 
2008
    10,166       40,104                   50,270  
 
2009
    9,550       24,332                   33,882  
 
2010
    8,452       80,848                   89,300  
 
2011
    6,592       93,433                   100,025  
 
2012
    5,290       34,683             25,000       64,973  
Thereafter
    37,127       8,793                   45,920  
 
 
   
     
     
     
     
 
 
Total
  $ 116,468     $ 342,635     $ 162,000     $ 150,000     $ 771,103  
 
 
   
     
     
     
     
 

(1)   The rate in effect on December 31, 2003.
 
(2)   The mortgage balances for Parkwood and Richwood represent the future minimum lease payments (net of imputed interest) attributable to lease payments on these two properties, both of which are owned pursuant to capital lease obligations.
 
(3)   All of the Plymouth loans are with Sun Life of Canada. In the case of Plymouth Park North and East, the collateral has been split into two parts; hence the two individual loans.
 
(4)   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 14


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of December 31, 2003

                                                   
                                      number
              Year   Total           of tenants
              built /   square   Percent  
Property   City   renovated   footage   leased   leased   vacant

 
 
 
 
 
 
ALABAMA (2)
                                               
 
Madison Centre
  Madison     1997       64,837       96.3 %     11       1  
 
West Gate Plaza
  Mobile     1974, 1995 / 1985       64,378       99.2 %     8       1  
 
                   
     
     
     
 
TOTAL SHOPPING CENTERS ALABAMA (2)
                    129,215       97.8 %     19       2  
 
                   
     
     
     
 
ARIZONA (2)
                                               
 
Big Curve
  Yuma     1969 / 1996       126,402       93.4 %     30       3  
 
Park Northern
  Phoenix     1982 / 1996       126,852       94.1 %     22       3  
 
                   
     
     
     
 
TOTAL SHOPPING CENTERS ARIZONA (2)
                    253,254       93.7 %     52       6  
 
                   
     
     
     
 
FLORIDA (71)
                                               
North Florida (13)
                                               
 
Atlantic Village
  Atlantic Beach     1984 / 1998       100,559       94.0 %     24       1  
 
Beauclerc Village
  Jacksonville     1962 / 1988       70,429       83.5 %     9       2  
 
Commonwealth
  Jacksonville     1984 / 1998       81,467       95.6 %     15       1  
 
Forest Village
  Tallahassee     2000       71,526       96.5 %     15       2  
 
Ft. Caroline
  Jacksonville     1985 / 1995       74,546       88.2 %     8       5  
 
Losco
  Jacksonville     2000       8,700       100.0 %     7       0  
 
Mandarin Landing
  Jacksonville     1976 / 2000       141,565       96.9 %     34       3  
 
Middle Beach
  Panama City Beach     1994       69,277       100.0 %     9       0  
 
Monument Point
  Jacksonville     1985 / 1997       75,128       100.0 %     12       0  
 
Oak Hill
  Jacksonville     1985 / 1997       78,492       100.0 %     19       0  
 
Parkmore Plaza
  Milton     1986       159,067       98.5 %     12       1  
 
Pensacola Plaza
  Pensacola     1985       56,098       91.4 %     2       1  
 
South Beach
  Jacksonville Beach     1990, 1991       289,964       95.9 %     43       7  
Central Florida (9)
                                               
 
Alafaya Commons
  Orlando     1987       123,133       92.4 %     25       4  
 
Conway Crossing
  Orlando     2002       76,321       98.0 %     17       1  
 
Eastwood
  Orlando     1997       69,037       100.0 %     13       0  
 
Hunters Creek
  Orlando     1998       68,032       96.2 %     8       3  
 
Kirkman Shoppes
  Orlando     1973       88,820       94.7 %     29       1  
 
Lake Mary
  Orlando     1988 / 2001       342,384       96.5 %     63       24  
 
Park Promenade
  Orlando     1987 / 2000       125,818       97.9 %     25       1  
 
Town & Country
  Kissimmee     1993       72,043       100.0 %     13       0  
 
Unigold
  Winter Park     1987       106,185       88.8 %     19       1  
Florida West Coast (15)
                                               
 
Bay Pointe Plaza
  St. Petersburg     1984 / 2002       103,986       92.1 %     18       6  
 
Carrollwood
  Tampa     1970 / 2002       94,203       85.4 %     28       8  
 
Charlotte Square
  Port Charlotte     1980       96,188       98.1 %     26       1  
 
Chelsea Place
  New Port Richey     1992       81,144       100.0 %     18       0  
 
Lake St. Charles
  Tampa     1999       57,015       97.9 %     7       1  
 
Lutz Lake
  Lutz     2002       64,985       100.0 %     15       0  
 
Marco Town Center
  Marco Island     2001       109,830       94.4 %     39       6  
 
Mariners Crossing
  Spring Hill     1989 / 1999       85,507       94.6 %     13       3  
 
North River Village
  Ellenton     1988, 1993       177,128       100.0 %     16       0  
 
Regency Crossing
  Port Richey     1986 / 2001       85,864       87.8 %     17       7  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                           
      Supermarket anchor                
     
          Average
      owned   shadow   name           base rent
Property   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
ALABAMA (2)
                                       
 
Madison Centre
    37,912             Publix
(6/1/2017)
  Rite Aid   $ 9.57  
 
West Gate Plaza
    44,000             Winn-Dixie
(7/19/2015)
  Rite Aid     7.12  
 
   
     
                     
 
TOTAL SHOPPING CENTERS ALABAMA (2)
    81,912       0                     $ 8.33  
 
   
     
                     
 
ARIZONA (2)
                                       
 
Big Curve
            60,000     Albertsons (Michaels)   Walgreens, Miller’s Outpost     9.84  
 
Park Northern
    51,511             Safeway
(5/31/2008)
  Bealls, Chuck E Cheese, Life Skills Center     6.80  
 
   
     
                     
 
TOTAL SHOPPING CENTERS ARIZONA (2)
    51,511       60,000                     $ 8.31  
 
   
     
                     
 
FLORIDA (71)
                                       
North Florida (13)
                                       
 
Atlantic Village
    39,795             Publix
(10/31/2008)
  JoAnn Fabrics     9.85  
 
Beauclerc Village
                          Big Lots, Goodwill, Bealls Outlet     7.23  
 
Commonwealth
    48,997             Winn-Dixie/Save Rite
(2/28/2018)
            8.30  
 
Forest Village
    37,866             Publix
(4/30/2020)
            10.39  
 
Ft. Caroline
    45,500             Winn-Dixie
(5/31/2015)
  Eckerd* (Bealls Outlet)     7.16  
 
Losco
            45,820     Winn-Dixie             17.31  
 
Mandarin Landing
    34,400             Publix
(2/14/2007)
  Office Depot, Eckerd     9.10  
 
Middle Beach
    56,077             Publix
(9/30/2014)
  Movie Gallery     9.35  
 
Monument Point
    46,772             Winn-Dixie
(3/27/2005)
  Eckerd     6.64  
 
Oak Hill
    39,795             Publix
(5/11/2005)
  Walgreens*     6.90  
 
Parkmore Plaza
                          Wal-Mart*(Bealls), Big Lots     4.56  
 
Pensacola Plaza
    42,848             FoodWorld
(12/31/2005)
            4.27  
 
South Beach
    29,000             Food Lion
(3/31/2010)
  Kmart, Stein Mart, Bealls     9.15  
Central Florida (9)
                                       
 
Alafaya Commons
    54,230             Publix
(11/30/2007)
            11.62  
 
Conway Crossing
    44,271             Publix
(4/30/2022)
            11.31  
 
Eastwood
    51,512             Publix
(11/1/2017)
            11.19  
 
Hunters Creek
    51,255             Winn-Dixie
(9/23/2018)
            10.49  
 
Kirkman Shoppes
                          Eckerd     15.43  
 
Lake Mary
    63,139             Albertsons
(6/30/2012)
  Kmart, Euro Fitness, Sun Star Theatres     11.19  
 
Park Promenade
    55,000             Publix*
(2/9/2007)
  Orange County Library, Blockbuster, Goodwill     9.41  
 
Town & Country
    52,883             Albertsons
(10/31/2018)
            7.19  
 
Unigold
    52,500             Winn-Dixie
(4/30/2007)
            10.14  
Florida West Coast (75)
                                       
 
Bay Pointe Plaza
    52,610             Publix
(11/30/2021)
  Eckerd* (Bealls Outlet), West Marine     9.60  
 
Carrollwood
    27,887             Publix
(11/30/2022)
  Eckerd     10.86  
 
Charlotte Square
    44,024             Publix
(1/31/2011)
  Seafood Buffet, Pet Supermarket     7.87  
 
Chelsea Place
    48,890             Publix
(5/27/2012)
  Eckerd     10.96  
 
Lake St. Charles
    46,295             Kash n’ Karry
(6/30/2019)
            9.67  
 
Lutz Lake
    44,270             Publix
(5/31/2022)
            13.66  
 
Marco Town Center
    27,887             Publix
(1/31/2018)
            15.54  
 
Mariners Crossing
    48,315             Kash n’ Karry
(4/30/2020)
            7.75  
 
North River Village
    42,112             Publix
(7/20/2008)
  Kmart, Walgreens* (Dollar Tree), Bealls Outlet     7.23  
 
Regency Crossing
    44,270             Publix
(2/28/2021)
            10.82  

Page 15


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of December 31, 2003

                                                   
                                      number
              Year   Total           of tenants
              built /   square   Percent  
Property   City   renovated   footage   leased   leased   vacant

 
 
 
 
 
 
Florida West Coast (continued)
                                               
 
Ross Plaza
  Tampa     1984/1996       85,359       96.5 %     17       3  
 
Seven Hills
  Spring Hill     1991       64,590       100.0 %     12       0  
 
Shoppes of North Port
  North Port     1991       84,705       98.2 %     21       1  
 
Skipper Palms
  Tampa     1984       88,000       94.3 %     15       2  
 
Summerlin Square
  Fort Myers     1986/1998       109,156       85.4 %     20       8  
Florida Treasure Coast (8)
                                               
 
Bluffs Square
  Jupiter     1986       132,395       99.5 %     47       1  
 
Cashmere Corners
  Port St. Lucie     2001       89,234       100.0 %     18       0  
 
Jonathan’s Landing
  Jupiter     1997       26,820       100.0 %     12       0  
 
New Smyrna Beach
  New Smyrna Beach     1987       118,451       96.5 %     31       3  
 
Old King Commons
  Palm Coast     1988       84,759       100.0 %     19       0  
 
Ryanwood
  Vero Beach     1987       114,925       99.0 %     31       1  
 
Salerno Village
  Stuart     1987       58,804       94.3 %     15       4  
 
Treasure Coast
  Vero Beach     1983       133,781       93.0 %     20       5  
South Florida / Atlantic Coast (26)
                                               
 
Bird Ludlum
  Miami     1988/1998       192,282       96.7 %     45       2  
 
Boca Village
  Boca Raton     1978       93,428       97.6 %     21       1  
 
Boynton Plaza
  Boynton Beach     1978/1999       99,324       93.1 %     26       3  
 
Countryside Shops
  Cooper City     1986, 1988, 1991       179,561       100.0 %     46       0  
 
Crossroads Square
  Ft. Lauderdale     1973       269,653       89.2 %     20       8  
 
El Novillo
  Miami Beach     1970/2000       10,000       100.0 %     1       0  
 
Epsilon
  W. Palm Beach     1925/1997       18,707       24.6 %     3       2  
 
Greenwood
  Palm Springs     1982, 1994       132,325       92.0 %     30       5  
 
Lago Mar
  Miami     1995       82,613       92.3 %     19       2  
 
Lantana Village
  Lantana     1976/1999       175,480       99.0 %     23       3  
 
Meadows
  Miami     1997       75,524       98.7 %     19       1  
 
Pine Island
  Davie     1983/1999       254,907       96.8 %     43       3  
 
Pine Ridge Square
  Coral Springs     1986/1998, 1999       117,399       99.2 %     34       1  
 
Plaza Alegre
  Miami     2003       91,611       94.8 %     18       3  
 
Plaza Del Rey
  Miami     1985/1996       50,146       100.0 %     23       0  
 
Point Royale
  Miami     1970/2000       209,863       93.9 %     23       3  
 
Prosperity Centre
  Palm Beach Gardens     1993       122,106       100.0 %     9       0  
 
Ridge Plaza
  Davie     1984/1999       155,204       94.5 %     25       4  
 
Riverside Square
  Coral Springs     1987       110,541       91.7 %     32       4  
 
Sawgrass Promenade
  Deerfield Beach     1982/1998       107,092       92.7 %     27       2  
 
Sheridan
  Hollywood     1973/1991       455,864       97.2 %     60       6  
 
Shoppes of Ibis
  West Palm Beach     1999       79,420       100.0 %     18       0  
 
Shops at Skylake
  North Miami Beach     1999-2003       174,199       99.4 %     43       3  
 
Shoppes of Silverlakes
  Pembroke Pines     1995, 1997       126,788       99.0 %     36       1  
 
Tamarac Town Square
  Tamarac     1987       127,635       79.9 %     26       13  
 
West Lakes Plaza
  Miami     1984/2000       100,747       100.0 %     27       0  
 
                   
     
     
     
 
TOTAL SHOPPING CENTERS FLORIDA (71)
                    8,107,839       95.5 %     1,593       188  
 
                   
     
     
     
 

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                           
      Supermarket anchor                
     
          Average
      owned   shadow   name           base rent
Property   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
Florida West Coast (continued)
                                       
 
Ross Plaza
                          Walgreens*, Ross Dress for Less   $ 9.46  
 
Seven Hills
    48,890             Publix
(9/25/2011)
            9.64  
 
Shoppes of North Port
    48,890             Publix
(12/11/2011)
  Bealls Outlet     9.70  
 
Skipper Palms
    53,440             Winn-Dixie
(5/31/2016)
            8.53  
 
Summerlin Square
    45,500             Winn-Dixie
(6/4/2006)
  Eckerd     10.14  
Florida Treasure Coast (8)
                                       
 
Bluffs Square
    39,795             Publix
(10/22/2006)
  Walgreens     11.54  
 
Cashmere Corners
    59,448             Albertsons
(4/30/2025)
            7.94  
 
Jonathan’s Landing
            53,850     Albertsons   Blockbuster     18.41  
 
New Smyrna Beach
    42,112             Publix
(9/30/2007)
  Walgreens* (Bealls Outlet), Bealls Home Outlet     9.98  
 
Old King Commons
                          Wal-Mart* (Scotty’s* (Staples))     7.92  
 
Ryanwood
    39,795             Publix
(3/23/2017)
  Bealls Outlet, Books-A-Million     9.46  
 
Salerno Village
    31,503             Winn-Dixie
(9/21/2007)
  Eckerd     6.70  
 
Treasure Coast
    59,450             Winn-Dixie
(4/12/2015)
  TJ Maxx     8.55  
South Florida / Atlantic Coast (26)
                                       
 
Bird Ludlum
    44,400             Winn-Dixie
(12/31/2007)
  Eckerd, Blockbuster, Goodwill     14.24  
 
Boca Village
    36,000             Publix
(3/31/2007)
  Eckerd     14.65  
 
Boynton Plaza
    37,664             Publix
(8/31/2008)
  Eckerd     10.60  
 
Countryside Shops
    39,795             Publix
(12/4/2005)
  Eckerd, Stein Mart     12.19  
 
Crossroads Square
                          Lowe’s, Eckerd     6.87  
 
El Novillo
                          Jumbo Buffet     15.05  
 
Epsilon
                                    15.72  
 
Greenwood
    50,032             Publix
(12/5/2014)
  Bealls, World Savings Bank     11.67  
 
Lago Mar
    42,323             Publix
(9/13/2015)
            12.33  
 
Lantana Village
    39,473             Winn-Dixie
(2/15/2011)
  Kmart, Rite Aid* (Dollar Store)     6.53  
 
Meadows
    47,955             Publix
(7/9/2017)
            12.33  
 
Pine Island
    39,943             Publix
(11/30/2013)
  Home Depot Expo, Bealls Outlet     9.49  
 
Pine Ridge Square
    17,441             Fresh Market
(6/30/2009)
  Bed Bath & Beyond, Off Main Furniture     13.05  
 
Plaza Alegre
    44,271             Publix
(3/14/2023)
  Goodwill     14.73  
 
Plaza Del Rey
                          Navarro Pharmacy     12.99  
 
Point Royale
    45,350             Winn-Dixie
(2/18/2011)
  Best Buy, Eckerd* (Linen Supermarket)     6.53  
 
Prosperity Centre
                          Office Depot, Barnes & Noble, Bed Bath &
Beyond, Carmine’s, TJ Maxx
    15.28  
 
Ridge Plaza
          (see Pine Island)   Publix   AMC Theater, Kabooms, Wachovia* (United
Collection), Uncle Funny’s, Round Up
    8.89  
 
Riverside Square
    39,795             Publix
(2/18/2007)
  Tuesday Morning     13.35  
 
Sawgrass Promenade
    36,464             Publix
(11/30/2004)
  Walgreens, Blockbuster     10.79  
 
Sheridan
    65,537             Publix
(10/9/2011)
  Ross, Bed Bath & Beyond, Office Depot, AMC
Theater, Eckerd, Spirit of America*
    13.48  
 
Shoppes of Ibis
    51,420             Publix
(4/30/2019)
            12.40  
 
Shops at Skylake
    51,420             Publix
(7/31/2019)
  Goodwill, Blockbuster     15.19  
 
Shoppes of Silverlakes
    47,813             Publix
(6/14/2015)
            16.06  
 
Tamarac Town Square
    37,764             Publix
(12/15/2014)
            10.35  
 
West Lakes Plaza
    46,216             Winn-Dixie
(10/31/2016)
  Navarro Pharmacy     10.87  
 
   
     
                     
 
TOTAL SHOPPING CENTERS FLORIDA (74)
    2,602,299       99,670                     $ 10.45  
 
   
     
                     
 

Page 16


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT

as of December 31, 2003

                                                   
                                      number
              Year   Total           of tenants
              built /   square   Percent  
Property   City   renovated   footage   leased   leased   vacant

 
 
 
 
 
 
GEORGIA (24)
                                               
Atlanta (18)
                                               
 
BridgeMill
  Canton     2000       89,102       94.9 %     27       3  
 
Butler Creek
  Acworth     1990       95,597       95.8 %     18       2  
 
Chastain Square
  Atlanta     1981 / 2001       91,637       91.1 %     22       5  
 
Commerce Crossing
  Commerce     1988       100,668       90.4 %     7       3  
 
Douglas Commons
  Douglasville     1988       97,027       97.5 %     17       2  
 
Fairview Oaks
  Ellenwood     1997       77,052       100.0 %     13       0  
 
Grassland Crossing
  Alpharetta     1996       90,906       92.1 %     10       4  
 
Hamilton Ridge
  Buford     2002       89,496       94.3 %     18       3  
 
Mableton Crossing
  Mableton     1997       86,819       98.6 %     16       2  
 
Macland Pointe
  Marietta     1992, 1993       79,699       86.4 %     12       5  
 
Market Place
  Norcross     1976       77,706       97.6 %     21       2  
 
Paulding Commons
  Dallas     1991       192,391       100.0 %     31       0  
 
Powers Ferry Plaza
  Marietta     1979, 1987 / 1998       86,473       83.4 %     20       4  
 
Presidential Markets
  Snellville     1993-2000       396,408       100.0 %     40       0  
 
Shops of Huntcrest
  Lawrenceville     2003       97,040       89.7 %     19       7  
 
Wesley Chapel Crossing
  Decatur     1989       170,792       99.3 %     24       1  
 
West Towne Square
  Rome     1988       89,596       92.6 %     16       2  
 
Williamsburg @ Dunwoody
  Dunwoody     1983       44,928       90.8 %     24       3  
Central Georgia (4)
                                               
 
Daniel Village
  Augusta     1956 / 1997       171,932       91.9 %     33       6  
 
Spalding Village
  Griffin     1989       235,318       61.0 %     24       4  
 
Walton Plaza
  Augusta     1990       43,460       100.0 %     8       0  
 
Watson Central
  Warner Robins     1989       227,747       85.0 %     11       16  
South Georgia (2)
                                               
 
Colony Square
  Fitzgerald     1987       50,000       96.4 %     7       1  
 
McAlpin Square
  Savannah     1979       176,807       94.4 %     24       2  
 
                   
     
     
     
 
TOTAL SHOPPING CENTERS GEORGIA (24)
                    2,958,601       91.8 %     462       77  
 
                   
     
     
     
 
KENTUCKY (1)
                                               
 
Scottsville Square
  Bowling Green     1986       38,450       80.6 %     8       4  
 
                   
     
     
     
 
TOTAL SHOPPING CENTERS KENTUCKY (1)
                    38,450       80.6 %     8       4  
 
                   
     
     
     
 
LOUISIANA (15)
                                               
 
Ambassador Row
  Lafayette     1980, 1991       193,978       98.5 %     23       2  
 
Bluebonnet Village
  Baton Rouge     1983       90,215       80.0 %     19       3  
 
Boulevard
  Lafayette     1976, 1994       68,012       61.5 %     10       5  
 
Country Club Plaza
  Slidell     1982 / 1994       64,686       94.6 %     10       1  
 
Crossing
  Slidell     1988, 1993       113,989       98.7 %     14       1  
 
Elmwood Oaks
  Harahan     1989       133,995       92.9 %     7       2  
 
Grand Marche (ground lease)
  Lafayette     1969       200,585       100.0 %     1       0  
 
Millervillage
  Baton Rouge     1983, 1992       94,559       37.8 %     12       2  
 
Pinhook Plaza
  Lafayette     1979, 1992       194,725       26.8 %     17       14  
 
Plaza Acadienne
  Eunice     1980       105,419       100.0 %     8       0  
 
Sherwood South
  Baton Rouge     1972, 1988, 1992       77,107       97.7 %     9       1  
 
Siegen Village
  Baton Rouge     1988       174,578       90.8 %     18       4  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                           
      Supermarket anchor                
     
          Average
      owned   shadow   name           base rent
Property   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
GEORGIA (24)
                                       
Atlanta (18)
                                       
 
BridgeMill
    37,888             Publix
(1/31/2020)
          $ 14.87  
 
Butler Creek
    59,997             Kroger
(06/30/2018)
            10.60  
 
Chastain Square
    37,366             Publix
(5/31/2024)
            15.84  
 
Commerce Crossing
    32,000             Ingles
(9/26/2009)
  Wal-Mart*     4.03  
 
Douglas Commons
    59,431             Kroger
(8/31/2013)
            10.00  
 
Fairview Oaks
    54,498             Kroger
(9/30/2016)
            11.14  
 
Grassland Crossing
    70,086             Kroger
(6/30/2016)
            11.37  
 
Hamilton Ridge
    54,166             Kroger
(11/30/2022)
            12.91  
 
Mableton Crossing
    63,419             Kroger
(8/31/2017)
            10.03  
 
Macland Pointe
    55,999             Publix
(12/29/2012)
            9.55  
 
Market Place
                          Peachtree Cinema     7.67  
 
Paulding Commons
    49,700             Kroger
(2/28/2011)
  Kmart     8.07  
 
Powers Ferry Plaza
                          Micro Center     10.42  
 
Presidential Markets
    56,146             Publix
(12/31/2019)
  Bed Bath & Beyond, GAP, Shoe Carnival,
Marshalls, Carmike Cinema
    10.00  
 
Shops of Huntcrest
    54,340             Publix
(1/31/2023)
            12.25  
 
Wesley Chapel Crossing
    32,000             Ingles
(9/25/2009)
  Wal-Mart, CVS Pharmacy     6.73  
 
West Towne Square
                          Big Lots, Eckerd*     5.46  
 
Williamsburg @ Dunwoody
                                    17.27  
Central Georgia (4)
                                       
 
Daniel Village
    45,971             Bi-Lo
(3/25/2022)
  Eckerd, St. Joseph Home Health Care     7.84  
 
Spalding Village
    59,431             Kroger
(5/31/2014)
  JC Penney     7.65  
 
Walton Plaza
    32,960             Harris Teeter*
(Omni Fitness)(4/1/2011)
            9.55  
 
Watson Central
    45,000             Winn-Dixie*
(12/5/2010)
  Wal-Mart* (Big Lots)     4.85  
South Georgia (2)
                                       
 
Colony Square
    32,200             Food Lion
(12/31/2007)
            6.69  
 
McAlpin Square
    43,600             Kroger
(8/31/2015)
  US Post Office, Big Lots, In Fashion
Menswear Outlet
    7.28  
 
   
     
                     
 
TOTAL SHOPPING CENTERS GEORGIA (24)
    976,198       0                     $ 9.10  
 
   
     
                     
 
KENTUCKY (1)
                                       
 
Scottsville Square
                          Hancock Fabrics, Zap Zone     6.87  
 
   
     
                     
 
TOTAL SHOPPING CENTERS KENTUCKY (1)
    0       0                     $ 6.87  
 
   
     
                     
 
LOUISIANA (15)
                                       
 
Ambassador Row
                          Hobby Lobby*, Conn’s Appliances, Big Lots,
Chuck E Cheese
    7.90  
 
Bluebonnet Village
    33,387             Matheme’s
(11/30/2010)
            8.47  
 
Boulevard
                          Piccadilly, Harbor Freight Tools     8.15  
 
Country Club Plaza
    33,387             Winn-Dixie
(1/31/2008)
  Dollar General     5.76  
 
Crossing
    58,432             Albertsons
(9/29/2009)
  A-1 Home Appliance, Piccadilly     5.62  
 
Elmwood Oaks
                          Wal-Mart* (Academy Sports, Dollar Tree),
Advance Auto* (Goodwill)
    9.58  
 
Grand Marche (ground lease)
                          Academy Sports, JoAnn Fabrics     0.14  
 
Millervillage
                          Rite Aid     8.12  
 
Pinhook Plaza
                          Rite Aid     8.48  
 
Plaza Acadienne
    28,092             Super 1 Store
(6/30/2005)
  Fred’s, Howard Brothers*     3.62  
 
Sherwood South
    22,500             Piggly Wiggly*
(2/28/2007)
  Burke’s Outlet, Harbor Freight Tools,
Blockbuster
    6.14  
 
Siegen Village
                          Office Depot, Big Lots, Dollar Tree, Stage,
Party City
    8.15  

Page 17


 

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

                                                   
                                      number
              Year   Total           of tenants
              built /   square   Percent  
Property   City   renovated   footage   leased   leased   vacant

 
 
 
 
 
 
LOUISIANA (continued)
                                               
 
Tarpon Heights
  Galliano     1982       56,605       96.5 %     9       1  
 
Village at Northshore
  Slidell     1988       144,638       100.0 %     12       0  
 
Wal-Mart Mathews
  Mathews     1985       54,223       100.0 %     1       0  
 
 
       
     
     
     
     
 
TOTAL SHOPPING CENTERS LOUISIANA (15)
                    1,767,314       84.0 %     170       36  
 
 
       
     
     
     
     
 
MISSISSIPPI (1)
                                               
 
Shipyard Plaza
  Pascagoula     1987       66,857       100.0 %     7       0  
 
 
       
     
     
     
     
 
TOTAL SHOPPING CENTERS MISSISSIPPI (1)
            1987       66,857       100.0 %     7       0  
 
 
       
     
     
     
     
 
NORTH CAROLINA (12)
                                               
 
Centre Pointe Plaza
  Smithfield     1989       163,642       76.4 %     18       1  
 
Chestnut Square
  Brevard     1985       39,640       96.0 %     6       1  
 
Galleria
  Wrightsville Beach     1986, 1990       92,114       85.7 %     30       10  
 
Parkwest Crossing
  Durham     1990       85,602       98.4 %     17       1  
 
Plaza North
  Hendersonville     1986       47,240       97.5 %     8       1  
 
Providence Square
  Charlotte     1973       85,930       94.1 %     20       5  
 
Riverview Shopping Center
  Durham     1973 / 1995       127,106       91.7 %     9       2  
 
Salisbury Marketplace
  Salisbury     1987       82,578       95.2 %     16       1  
 
Shelby Plaza
  Shelby     1972       103,200       92.2 %     7       1  
 
Stanley Market Place
  Stanley     1980, 1987       40,400       100.0 %     3       0  
 
Thomasville Commons
  Thomasville     1991       148,754       100.0 %     12       0  
 
Willowdale Shopping Center
  Durham     1986       120,984       91.7 %     22       4  
 
 
       
     
     
     
     
 
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)
                    1,137,190       91.8 %     168       27  
 
 
       
     
     
     
     
 
SOUTH CAROLINA (6)
                                               
 
Belfair Towne Village
  Bluffton     2000-2003       125,389       93.2 %     25       4  
 
Lancaster Plaza
  Lancaster     1971 / 1990       77,400       91.5 %     3       1  
 
Lancaster Shopping Center
  Lancaster     1963, 1987       29,047       17.2 %     1       1  
 
North Village Center
  North Myrtle Beach     1984       60,356       100.0 %     14       0  
 
Spring Valley
  Columbia     1978 / 1997       75,415       95.8 %     16       1  
 
Woodruff
  Greenville     1995       68,055       98.2 %     9       1  
 
 
       
     
     
     
     
 
TOTAL SHOPPING CENTERS SOUTH CAROLINA (6)
                    435,662       90.0 %     68       8  
 
 
       
     
     
     
     
 
TENNESSEE (2)
                                               
 
Forrest Gallery
  Tullahoma     1987       214,450       98.4 %     28       2  
 
Smyrna Village
  Smyrna     1992       83,334       87.6 %     9       3  
 
 
       
     
     
     
     
 
TOTAL SHOPPING CENTERS TENNESSEE (2)
                    297,784       95.4 %     37       5  
 
 
       
     
     
     
     
 
TEXAS (30)
                                               
Houston (15)
                                               
 
Barker Cypress
  Houston     1999       66,945       93.5 %     13       4  
 
Beechcrest
  Houston     1981 / 2001       90,647       100.0 %     16       0  
 
Benchmark Crossing
  Houston     1986       58,384       100.0 %     5       0  
 
Bissonnet
  Houston     1999       15,542       73.6 %     7       1  
 
Colony Plaza
  Sugarland     1997       26,513       94.0 %     14       1  
 
Forestwood
  Houston     1993       88,760       98.0 %     15       1  
 
Grogan’s Mill
  The Woodlands     1986       118,493       94.0 %     22       4  
 
Hedwig
  Houston     1974       69,504       74.5 %     11       2  
 
Highland Square
  Sugarland     1998       64,171       99.7 %     26       1  
 
Market at First Colony
  Sugarland     1988       107,301       97.0 %     34       1  
 
Mason Park
  Katy     1998       160,047       74.3 %     33       6  
 
Mission Bend
  Houston     1980/1999       131,575       93.1 %     25       2  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                           
      Supermarket anchor                
     
          Average
      owned   shadow   name           base rent
Property   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
LOUISIANA (continued)
                                       
 
Tarpon Heights
                          Eckerd, Stage, Dollar General   $ 4.80  
 
Village at Northshore
                          Service Merchandise* (Marshalls, Dollar Tree), Kirschman’s, Bed Bath & Beyond     7.65  
 
Wal-Mart Mathews
                          Wal-Mart     2.90  
 
   
     
                     
 
TOTAL SHOPPING CENTERS LOUISIANA (15)
    175,798       0                     $ 6.10  
 
   
     
                     
 
MISSISSIPPI (1)
                                       
 
Shipyard Plaza
                          Rite Aid, Big Lots     5.72  
 
   
     
                     
 
TOTAL SHOPPING CENTERS MISSISSIPPI (1)
    0       0                     $ 5.72  
 
   
     
                     
 
NORTH CAROLINA (12)
                                       
 
Centre Pointe Plaza
                          Wal-Mart* (Belk’s, Goody’s)     5.71  
 
Chestnut Square
    21,000             Food Lion*
(9/28/2010)
  Eckerd* (Dollar General)     6.88  
 
Galleria
    28,000             Harris Teeter
(4/5/2006)
  Eckerd     9.39  
 
Parkwest Crossing
    38,052             (12/14/2010)             10.01  
 
Plaza North
    25,590             Bi-Lo*
(8/31/2006)
  CVS Pharmacy     7.26  
 
Providence Square
    35,702             Harris Teeter*
(4/30/2006)
  Eckerd     8.22  
 
Riverview Shopping Center
    53,538             Kroger
(12/31/2014)
  Upchurch Drugs, Riverview Furniture     7.20  
 
Salisbury Marketplace
    37,308             Food Lion
(2/11/2023)
  CVS Pharmacy*     9.22  
 
Shelby Plaza
                          Big Lots, Aaron Rents* (Hancock Fabrics)     3.13  
 
Stanley Market Place
    28,400             Winn-Dixie
(10/31/2006)
  Family Dollar     5.46  
 
Thomasville Commons
    32,000             Ingles
(9/29/2012)
  Kmart, CVS Pharmacy     6.02  
 
Willowdale Shopping Center
    27,985             Harris Teeter
(5/14/2004)
  Carmike Cinemas, Eckerd* (Family Dollar)     8.74  
 
   
     
                     
 
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)
    327,575       0                     $ 7.19  
 
   
     
                     
 
SOUTH CAROLINA (6)
                                       
 
Belfair Towne Village
    55,696             Kroger
(10/31/2019)
            13.87  
 
Lancaster Plaza
    19,200             Bi-Lo
(9/30/2010)
            1.44  
 
Lancaster Shopping Center
                                    6.00  
 
North Village Center
    24,806             Bi-Lo
(5/31/2004)
  Dollar General, Gold’s Gym     8.22  
 
Spring Valley
    45,070             Bi-Lo   Eckerd     9.10  
 
Woodruff
    47,955             Publix
(8/6/2015)
            10.01  
 
   
     
                     
 
TOTAL SHOPPING CENTERS SOUTH CAROLINA (6)
    192,727       0                       9.12  
 
   
     
                     
 
TENNESSEE (2)
                                       
 
Forrest Gallery
    48,780             Kroger
(1/31/2008)
  Wal-Mart* (Tractor Supply, Goodwill,
Hastings Music)
    5.60  
 
Smyrna Village
    59,214             Kroger
(2/29/2012)
            7.98  
 
   
     
                     
 
TOTAL SHOPPING CENTERS TENNESSEE (2)
    107,994       0                     $ 6.21  
 
   
     
                     
 
TEXAS (30)
                                       
Houston (15)
                                       
 
Barker Cypress
    41,320               H.E.B.
(01/31/2014)
              12.44  
 
Beechcrest
    40,345             Randall’s* (Viet Ho)
(6/24/2016)
  Walgreens*     8.93  
 
Benchmark Crossing
                          Bally's Fitness     12.13  
 
Bissonnet
            63,000     Kroger   Blockbuster     16.17  
 
Colony Plaza
                  Albertsons
(Velocity Sports)
            18.27  
 
Forestwood
    59,334             Kroger
(7/31/2013)
            11.34  
 
Grogan’s Mill
    56,558             Randall’s*
(6/24/2016)
  Petco     11.85  
 
Hedwig
                          Ross Dress for Less     14.31  
 
Highland Square
                                    17.03  
 
Market at First Colony
            62,000     Kroger   TJ Maxx, Eckerd     15.91  
 
Mason Park
            58,890     Kroger   Walgreens* (Eloise Collectibles), Palais Royal Petco     11.89  
 
Mission Bend
    46,112             Randall’s*
(6/24/2016)
  Remarkable Furniture     9.02  

Page 18


 

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2003
                                                           
                                      number        
              Year   Total           of tenants        
              built /   square   Percent  
       
Property   City   renovated   footage   leased   leased   vacant        

 
 
 
 
 
 
       
Houston (continued)
                                                       
 
Spring Shadows
  Houston     1999       106,995       97.1 %     16       2          
 
Steeplechase
  Jersey Village     1985       105,152       94.6 %     23       3          
 
Wal-Mart Marble Falls
  Marble Falls     1985       53,571       100.0 %     1       0          
Dallas (13)
                                                       
 
Green Oaks
  Arlington     1983       65,091       86.4 %     29       5          
 
Melbourne Plaza
  Hurst     1983       47,517       89.2 %     15       3          
 
Minyards
  Garland     2000       65,295       100.0 %     2       0          
 
Parkwood
  Plano     1985       81,590       94.0 %     16       2          
 
Plymouth Park East
  Irving     1970       56,435       97.3 %     9       1          
 
Plymouth Park North
  Irving     1970       444,541       51.5 %     40       18          
 
Plymouth Park South
  Irving     1970       49,102       74.8 %     3       4          
 
Plymouth Park West
  Irving     1970       178,930       91.7 %     13       2          
 
Richwood
  Richardson     1984       54,871       69.7 %     19       9          
 
Rosemeade
  Carrollton     1986       51,234       65.3 %     14       4          
 
Sterling Plaza
  Irving     1989       65,765       72.6 %     15       1          
 
Townsend Square
  Desoto     1990       146,953       86.7 %     32       6          
 
Village by the Park
  Arlngton     1988       44,523       92.4 %     9       1          
San Antonio (2)
                                                       
 
Blanco Village
  San Antonio     2000       108,325       100.0 %     16       0          
 
Wurzbach
  San Antonio     1979       59,771       100.0 %     3       0          
 
                   
     
     
     
         
TOTAL SHOPPING CENTERS TEXAS (30)
                    2,783,543       84.3 %     496       84          
 
                   
     
     
     
         
VIRGINA (2)
                                                       
 
Smyth Valley Crossing
  Marion     1989       126,841       100.0 %     14       0          
 
Waterlick Plaza
  Lynchburg     1973, 1988       98,694       79.2 %     20       4          
 
                   
     
     
     
         
TOTAL SHOPPING CENTERS VIRGINIA (2)
                    225,535       90.9 %     34       4          
 
                   
     
     
     
         
TOTAL STABILIZED SHOPPING CENTERS (168)
                    18,201,244       91.6 %     3,114       441          
 
                   
     
     
     
         
DEVELOPMENTS & REDEVELOPMENTS (14)
                                                       
 
Ambassador Row Courtyard
  Lafayette, LA     1986, 1991       158,783       81.1 %     20       10          
 
Bandera Festival
  San Antonio, TX     1989       195,438       52.9 %     28       6          
 
Cashmere
  Port St. Lucie, FL   2004-2005 Development     4.0 acres                                  
 
Copperfield
  Houston, TX     1994       132,960       58.8 %     29       4          
 
CVS Plaza (f/k/a Coral Way N.E.)
  Miami, FL   2003-2004 Development     4.0 acres                                  
 
East Bay Plaza
  Largo, FL     1985 / 1997       85,426       58.9 %     19       4          
 
Eustis Square
  Eustis, FL     1983 / 1997       126,791       67.0 %     16       11          
 
Gulf Gate Plaza
  Naples, FL     1969, 1974/2004 Redev.       201,620       64.0 %     15       6          
 
Miramar Outparcel**
  Miramar, FL     2003-2004 Development       2.0 acres                                  
 
Oakbrook
  Palm Beach Gdns, FL   1974/ 2000, 2003 Redev.       212,074       68.3 %     22       10          
 
Venice Plaza
  Venice, FL     1971/ 1979/ 1999       159,473       64.6 %     14       4          
 
Walden Woods
  Plant City, FL     1985 / 1998, 2003 Redev.       74,336       82.0 %     11       2          
 
Waterstone
  Homestead, FL     2004-2005 Development       12.0 acres                                  
 
Westridge
  McDonough, GA     2004-2005 Development       13.5 acres                                
 
                   
     
     
     
         
TOTAL DEVELOPMENTS & REDEVELOPMENTS (14)
                    1,346,901       65.6 %     174       57          
 
                   
     
     
     
         
TOTAL RETAIL PROPERTIES (182)
                    19,548,145       89.8 %     3,288       498          
 
                   
     
     
     
         
OTHER PROPERTIES (3)
                                                       
 
4101 South I-85 Industrial
  Charlotte, NC     1956, 1963       188,513       73.7 %     3       7          
 
Mandarin Mini-storage
  Jacksonville, FL     1982       52,880       97.7 %     532       2          
 
Southwest Walgreens**
  Phoenix, AZ     1975 / 1998       93,402       52.8 %     15       3          
 
                   
     
     
     
         
GRAND TOTAL (185)
                    19,882,940       89.5 %     3,838       510          
 
                   
     
     
     
         

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                           
      Supermarket anchor                
     
          Average
      owned   shadow   name           base rent
Property   SF   SF   expiration date   Other anchor tenants   per leased SF

 
 
 
 
 
Houston (continued)
                                       
 
Spring Shadows
    62,661               H.E.B.
(4/30/2023
)           $ 9.54  
 
Steeplechase
    56,208             Randall’s
(6/24/2016)
            11.02  
 
Wal-Mart Marble Falls
                          Wal-Mart* (Sutherland Lumber)     3.27  
Dallas (13)
                                       
 
Green Oaks
            58,000     Kroger             10.87  
 
Melbourne Plaza
                                    11.12  
 
Minyards
    58,695             Minyards/Sack N Save
(4/30/2020)
            6.12  
 
Parkwood
            62,000     Albertsons   Planet Pizza     13.20  
 
Plymouth Park East
    42,130             Kroger
(11/30/2010)
            4.29  
 
Plymouth Park North
                          Blockbuster, Dollar General, Thrift Store, Post
Office, Chateau Theatre, Levines
    7.18  
 
Plymouth Park South
                          Betcha Bingo     6.44  
 
Plymouth Park West
                          Bargain City, Dollar Store, Fashion Depot     3.52  
 
Richwood
            61,877     Albertsons   Blockbuster     13.38  
 
Rosemeade
            58,900     Kroger   Blockbuster     12.90  
 
Sterling Plaza
                          Bank One, Irving City Library     15.80  
 
Townsend Square
            60,349     Albertsons   Bealls, Victory Gym, Dollar General     8.85  
 
Village by the Park
                          Petco, Movie Trading     16.55  
San Antonio (2)
                                       
 
Bandera Festival
                          Bealls, Eckerd* (Scrapbook Heaven),
Blockbuster
    10.91  
 
Blanco Village
    74,627               H.E.B.
(4/30/2015
)             15.68  
 
Wurzbach
    52,957             Albertsons*
(12/31/2004)
            2.86  
 
   
     
                     
 
TOTAL SHOPPING CENTERS TEXAS (30)
    590,947       485,016                     $ 10.26  
 
   
     
                     
 
VIRGINA (2)
                                       
 
Smyth Valley Crossing
    32,000             Ingles
(9/25/2010)
  Wal-Mart     5.85  
 
Waterlick Plaza
    30,780             Kroger
(3/18/2008)
  CVS Pharmacy     8.72  
 
   
     
                     
 
TOTAL SHOPPING CENTERS VIRGINIA (2)
    62,780       0                     $ 6.94  
 
   
     
                     
 
TOTAL STABILIZED SHOPPING CENTERS (168)
    5,169,741       644,686                     $ 9.40  
 
   
     
                     
 
DEVELOPMENTS & REDEVELOPMENTS (14)
                                       
 
Ambassador Row Courtyard
                      Marshalls, Bed Bath & Body, Hancock Fabrics     8.75  
 
Bandara Festival
                      Bealls, Eckerd* (Scrapbook Heaven),
Blockbuster
    10.91  
 
Cashmere
                                       
 
Copperfield
                      JoAnn Fabricks     12.77  
 
CVS Plaza (f/k/a Coral Way N.E.)
                                       
 
East Bay Plaza
            53,000     Albertsons   Family Dollar, Hollywood Video     10.00  
 
Eustis Square
    15,872             Save-a-Lot
(5/31/2013)
  Wallgreens* (Bealls Outlet),
Accent Marketing Services
    6.72  
 
Gulf Gate Plaza
                          Bealls Outlet, JoAnn Fabrics, Dockside Imp.     6.50  
 
Miramar Outparcel**
                                       
 
Oakbrook
    44,400             Publix   Eckard, Duffy’s, Stein Mart     13.41  
 
Venice Plaza
    42,582             Kash n’ Karry
(9/30/2018)
  TJ Maxx     5.23  
 
Walden Woods
                          Walgreens, Dollar Tree, Aaron Rents     6.49  
 
Waterstone
                                       
 
Westridge
                                       
 
   
     
                     
 
TOTAL DEVELOPMENTS & REDEVELOPMENTS (8)
    102,854       53,000                     $ 9.10  
 
   
     
                     
 
TOTAL RETAIL PROPERTIES (182)
    5,272,595       697,686                     $ 9.38  
 
   
     
                     
 
OTHER PROPERTIES (3)
                                       
 
4101 South I-85 Industrial
                                       
 
Mandarin Mini-storage
                                       
 
Southwest Walgreens**
                          Walgreens        
 
   
     
                         
GRAND TOTAL (185)
    5,272,595       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 ( ).
 
**   Property is under contract to be sold

Page 19


 

EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE

as of December 31, 2003

(ANNUAL MINIMUM RENT BY STATE PIE CHART)

                                                 
State   Count   Total SF   # Leased   # Vacant   Leased %   AMR

 
 
 
 
 
 
Florida
    77       8,967,559       1,690       225       92.8 %   $ 85,766,987  
Texas
    32       3,111,941       553       94       81.2 %     26,197,990  
Georgia
    24       2,958,601       462       77       91.8 %     24,721,341  
Louisiana
    16       1,926,097       190       46       83.8 %     10,186,629  
North Carolina
    12       1,137,190       168       27       91.8 %     7,507,083  
South Carolina
    6       435,662       68       8       90.0 %     3,576,072  
Arizona
    2       253,254       52       6       93.7 %     1,973,817  
Tennessee
    2       297,784       37       5       95.4 %     1,763,456  
Alabama
    2       129,215       19       2       97.8 %     1,052,067  
Virginia
    2       225,535       34       4       90.9 %     1,423,310  
Mississippi
    1       66,857       7       0       100.0 %     382,536  
Kentucky
    1       38,450       8       4       80.6 %     212,861  
 
   
     
     
     
     
     
 
Total
    177       19,548,145       3,288       498       89.8 %   $ 164,764,149  


Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.

Page 20


 

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY

for the three months ended December 31, 2003

Renewals

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

 
 
 
 
 
83
    216,359       2,607     $ 12.33     $ 12.46     $ 2,696,069  
 
                  % Increase psf     1.1 %        
 
                  Net Increase (AMR)           $ 29,203  

New Leases (effective in the fourth quarter)

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

 
 
         
 
120
    340,533       2,838             $ 10.89     $ 3,708,977  

Lost Leases

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

 
 
 
         
108
    239,180       2,215     $ 13.43             $ 3,213,045  
Net Absorption
    101,353     New Leases - Lost Leases                  
 
                      Net Gain/(Loss) of AMR   $ 525,135  
Retention Ratio
    47.5 %   Renewals (Renewals + Lost Leases)                  

Page 21


 

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY

for the twelve months ended December 31, 2003

Renewals

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

 
 
 
 
 
284
    674,889       2,376     $ 11.94     $ 12.30     $ 8,304,018  
 
                  % Increase psf     3.1 %        
 
                  Net Increase (AMR)           $ 248,745  

New Leases

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

 
 
         
 
367
    1,144,882       3,120             $ 10.89     $ 12,470,255  

Lost Leases

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

 
 
 
         
321
    1,125,398       3,506     $ 9.99             $ 11,246,226  
Net Absorption
    19,484     New Leases - Lost Leases                  
 
                      Net Gain/Loss) of AMR   $ 1,472,774  
Retention Ratio
    37.5 %   Renewals / (Renewals + Lost Leases)                  

Page 22


 

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE

as of December 31, 2003

                                                   
                                      % of total        
      Number           % of total   Annualized   annualized   Average
      of   Square   square   minimum   minimum   minimum
Tenant   stores   feet   feet   rent   rent   rent

 
 
 
 
 
 
Top ten tenants
                                               
 
Publix
    45       2,004,580       10.3 %   $ 14,465,152       8.8 %   $ 7.22  
 
Kroger
    16       863,800       4.4 %     6,641,730       4.0 %     7.69  
 
Winn Dixie
    17       761,143       3.9 %     4,949,604       3.0 %     6.50  
 
Wal-Mart
    11       834,994       4.3 %     3,687,045       2.2 %     4.42  
 
Kmart
    6       524,937       2.7 %     2,795,865       1.7 %     5.33  
 
Blockbuster
    28       164,370       0.8 %     2,473,635       1.5 %     15.05  
 
Eckerd
    27       267,696       1.4 %     2,340,273       1.4 %     8.74  
 
Food Lion/Kash n’ Karry
    8       297,802       1.5 %     1,962,601       1.2 %     6.59  
 
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
    167       6,100,588       31.2 %   $ 43,039,791       26.1 %   $ 7.06  
 
 
   
     
     
     
     
     
 
 
Remaining tenants
    3,121       11,460,644       58.6 %     121,724,358       73.9 %     10.62  
 
   
     
     
     
     
     
 
Sub-total all tenants
    3,288       17,561,232       89.8 %   $ 164,764,149       100.0 %   $ 9.38  
 
   
     
     
     
     
     
 
 
Vacant
    498       1,986,913       10.2 %     NA                  
 
 
   
     
     
     
     
     
 
Total including vacant
    3,786       19,548,145       100.0 %   $ 164,764,149       100.0 %   $ 8.43  
 
   
     
     
     
     
     
 

Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.

Page 23


 

EQUITY ONE, INC. AND SUBSIDIARIES
EXPIRING SQUARE FOOTAGE BY TENANT TYPE

as of December 31, 2003

(BAR CHART)

Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.

Page 24


 

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

as of December 31, 2003

ALL TENANTS

                                                       
                                          Percent   Average
                          Percent           of   annual
                          of   Annualized   total   minimum
          Number           total   minimum   annualized   rent per
          of   Square   square   rent at   minimum   square
      Date   tenants   feet   feet   expiration   rent   foot
     
 
 
 
 
 
 
     
M-T-M
    139       256,499       1.3 %   $ 2,070,839       1.2 %   $ 8.07  
     
2004
    683       1,832,226       9.4 %     20,380,475       12.0 %     11.12  
     
2005
    692       1,934,905       9.9 %     22,704,655       13.3 %     11.73  
     
2006
    636       2,010,762       10.3 %     23,909,760       14.0 %     11.89  
     
2007
    391       1,805,775       9.2 %     18,987,563       11.2 %     10.51  
     
2008
    370       1,552,500       7.9 %     17,767,725       10.4 %     11.44  
     
2009
    87       1,113,334       5.7 %     8,180,793       4.8 %     7.35  
     
2010
    65       658,679       3.4 %     6,267,312       3.7 %     9.51  
     
2011
    41       995,273       5.1 %     7,069,214       4.2 %     7.10  
     
2012
    35       855,976       4.4 %     6,935,610       4.1 %     8.10  
     
2013
    29       487,129       2.5 %     4,047,408       2.4 %     8.31  
     
Thereafter
    120       4,058,174       20.8 %     31,960,513       18.8 %     7.88  
 
   
     
     
     
     
     
 
     
Sub-total / average
    3,288       17,561,232       89.8 %   $ 170,281,867       100.0 %   $ 9.70  
 
   
     
     
     
     
     
 
     
Vacant
    498       1,986,913       10.2 %   NA   NA   NA
 
   
     
     
     
     
     
 
     
Total / average
    3,786       19,548,145       100.0 %   $ 170,281,867       100.0 %   $ 8.71  
 
   
     
     
     
     
     
 

Annual Lease Expirations

(BAR CHART)

Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.

Page 25


 

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

as of December 31, 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
    0       0       0.0 %   $ 0       0.0 %   $ 0.00  
2004
    24       559,258       4.6 %     3,082,495       4.2 %     5.51  
2005
    25       506,953       4.2 %     2,569,957       3.5 %     5.07  
2006
    30       721,681       5.9 %     4,498,458       6.2 %     6.23  
2007
    36       954,354       7.8 %     6,021,393       8.2 %     6.31  
2008
    29       725,470       6.0 %     4,632,700       6.3 %     6.39  
2009
    22       915,025       7.5 %     5,212,627       7.1 %     5.70  
2010
    20       534,248       4.4 %     3,881,940       5.3 %     7.27  
2011
    21       934,311       7.7 %     5,694,087       7.8 %     6.09  
2012
    19       787,899       6.5 %     5,508,061       7.5 %     6.99  
2013
    11       412,940       3.4 %     2,560,624       3.5 %     6.20  
Thereafter
    87       3,953,624       32.5 %     29,426,294       40.3 %     7.44  
 
   
     
     
     
     
     
 
Sub-total / average
    324       11,005,763       90.4 %   $ 73,088,636       100.0 %   $ 6.64  
 
   
     
     
     
     
     
 
Vacant
    37       1,167,252       9.6 %   NA   NA   NA
 
   
     
     
     
     
     
 
Total / average
    361       12,173,015       100.0 %   $ 73,088,636       100.0 %   $ 6.00  
 
   
     
     
     
     
     
 

Annual Lease Expirations

(BAR CHART)

Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.

Page 26


 

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

as of December 31, 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
    139       256,499       3.5 %   $ 2,070,839       2.1 %   $ 8.07  
2004
    659       1,272,968       17.3 %     17,297,980       17.8 %     13.59  
2005
    667       1,427,952       19.4 %     20,134,698       20.7 %     14.10  
2006
    606       1,289,081       17.5 %     19,411,302       20.0 %     15.06  
2007
    355       851,421       11.5 %     12,966,170       13.3 %     15.23  
2008
    341       827,030       11.2 %     13,135,025       13.5 %     15.88  
2009
    65       198,309       2.7 %     2,968,166       3.1 %     14.97  
2010
    45       124,431       1.7 %     2,385,372       2.5 %     19.17  
2011
    20       60,962       0.8 %     1,375,127       1.4 %     22.56  
2012
    16       68,077       0.9 %     1,427,549       1.5 %     20.97  
2013
    18       74,189       1.0 %     1,486,784       1.5 %     20.04  
Thereafter
    33       104,550       1.4 %     2,534,219       2.6 %     24.24  
 
   
     
     
     
     
     
 
Sub-total / average
    2,964       6,555,469       88.9 %   $ 97,193,231       100.0 %   $ 14.83  
 
   
     
     
     
     
     
 
Vacant
    461       819,661       11.1 %   NA   NA   NA
 
   
     
     
     
     
     
 
Total / average
    3,425       7,375,130       100.0 %   $ 97,193,231       100.0 %   $ 13.18  
 
   
     
     
     
     
     
 

Annual Lease Expirations

(BAR CHART)

Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.

Page 27


 

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

as of December 31, 2003
(in thousands, except square footage data)

                                                   
                              Estimated                
                      Target   Cost Including   Funded as of   Balance
Project   Location   Project Description   Completion Date   Land   12/31/2003   to Complete

 
 
 
 
 
 
Developments
                                               
 
Cashmere
  Port St. Lucie, FL   Develop a 20,000 sf retail center   TBD   $ 3,127     $ 1,142     $ 1,985  
 
CVS Plaza
  NE Miami, FL   Develop a drug-store anchored shopping center   First qtr 2004     5,513       4,614       899  
 
Salerno
  Stuart, FL   Construct an new and expanded Winn-Dixie and reconfigure remainder of the center   Fourth qtr 2004     6,372       5,177       1,195  
 
Waterstone
  Homestead, FL   Develop a supermarket anchored center   mid-2005     9,000       2,191       6,809  
 
Westridge
  McDonough, GA   Develop a supermarket anchored center with Publix.   late-2005     9,000       1,787       7,213  
 
                           
     
     
 
 
Subtotal - Developments
                            33,012       14,911       18,101  
 
                           
     
     
 
Major Redevelopments
                                               
 
Ambassador Row Courtyards
  Lafayette, LA   Reconfigure part of existing center and add outparcel and 4,000 sf of new space   Second qtr 2004     2,057       856       1,201  
 
Bandera Festival
  San Antonio, TX   Reconfigure the former K Mart into multi-tenant space   Third qtr 2004     5,665       5,070       595  
 
Centre Point
  Smithfield, NC   Reconfigure the former Winn Dixie into multi-tenant space   TBD     1,776       1,576       200  
 
Copperfield
  Houston, TX   Reconfigure the former Gerland into multi-tenant space   Third qtr 2004     5,530       3,737       1,793  
 
Crossroads
  Pembroke Pines, FL   Reconfigure and refurbish the non-anchor portion of center   Second qtr 2004     8,455       7,717       738  
 
East Bay Plaza
  Largo, FL   Reconfigure the former Scotty’s into multi-tenant space   Third qtr 2004     793       433       360  
 
Eustis Square
  Eustis, FL   Reconfigure the former Publix into multi-tenant space   Third qtr 2004     1,624       1,324       300  
 
Gulf Gate
  Naples, FL   Reconfigure the former Publix into multi-tenant space; Refurbish center   Fourth qtr 2004     2,339       2,107       232  
 
Oakbrook Square
  North Palm Beach, FL   Divide former Jacobsen’s to multi-tenant use and reconfigure center   Third qtr 2004     6,149       5,784       365  
 
Plymouth Park North
  Irving, TX   Prospecting for tenants to fill the former Fazio   TBD     8,089       6,089       2,000  
 
Spalding Village
  Griffin, GA   Reconfigure the former K Mart into multi-tenant space   TBD     3,586       2,786       800  
 
Unigold
  Winter Park, FL   Add outparcel and local space to center   Second qtr 2004     1,406       416       990  
 
Venice Plaza
  Venice, FL   Expand and reconfigure existing TJ Maxx   Fourth qtr 2004     1,471       1,071       400  
 
Walden Woods
  Plant City, FL   Reconfigure the former Winn Dixie into multi-tenant space   Second qtr 2004     3,539       3,339       200  
 
                           
     
     
 
 
Subtotal - Major Redevelopments
                      52,479       42,305       10,174  
 
                           
     
     
 
Outparcel Developments/Expansions
                                               
 
Belfair
  Bluffton, SC   Prospecting for new tenant(s) on land held for development/expansion   TBD     1,301       1,301        
 
Blanco
  San Antonio, TX   Prospecting for new tenant(s) on land held for development/expansion   TBD     2,903       2,903        
 
Cashmere Corners
  Port St. Lucie, FL   Prospecting for one or more tenants for out parcels   TBD     460       460        
 
Lantana
  Lantana, FL   Construction of a Hollywood Video out parcel   Fourth qtr 2004     500       180       320  
 
Plaza Alegre
  Miami, FL   Complete a ground-up development. Ground lease
the two remaining out parcels
  Second qtr 2004     754       454       300  
 
Skylake
  Miami Beach, FL   Add LA Fitness and additional space to existing development   First and fourth qtr 2004     12,000       8,408       3,592  
 
St. Charles
  Riverview, FL   Prospecting for a tenant for existing out parcel   TBD     206       206        
 
                           
     
     
 
 
Subtotal - Outparcel Developments/Expansions
                      18,124       13,912       4,212  
 
                           
     
     
 
 
All other development activity
                            3,558       3,558        
 
                           
     
     
 
Total - All Development Activity
                          $ 107,173     $ 74,686     $ 32,487  
 
                           
     
     
 

Page 28


 

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

as of December 31, 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   Hollywood   FL     451,294       75,325  
Jul-03
  Butler Creek   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  
Nov-03
  BridgeMill   Canton   GA     78,654       14,070  
Dec-03
  Belfair Towne Village   Bluffton   SC     125,398       19,861  
Dec-03
  Middle Beach   Panama City Beach   FL     69,227       7,637  
Dec-03
  Woodruff   Greenville   SC     68,055       7,985  
Dec-03
  Hamilton Ridge   Buford   GA     89,496       13,650  
 
                                   
 
 
Total
                                  $ 211,033  
 
                                   
 

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
  Huntcrest Outparcels   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  
Nov-03
  Heritage Walk   Milledgeville   GA     159,991       10,000       *
Dec-03
  Stadium Plaza   Phenix City   AL     70,475       4,800       *
 
                                   
     
 
 
Total
                                  $ 33,315     $ 3,083  
 
                                   
     
 

* Properties acquired in connection with the IRT Property Company merger.

Page 29


 

EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS

as of December 31, 2003
(in thousands, except square footage data)

Owned joint ventures *

1)   City Centre
 
2)   City Centre Parcel F
Palm Beach Gardens, Florida
 
    City Centre is a 93,565 square foot office/retail center that was 84% leased as of December 31, 2003. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,878 as of December 31, 2003, which matures in April 2010. This property includes a parcel of land slated for future office development which is held in a separate joint venture. Equity One owns a 50% interest in both joint ventures.
 
*   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 December 31, 2003

(LINE GRAPH AND BAR CHART)

*Data obtained from Yahoo Chart Services

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