8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

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

Date of Report (Date of earliest event reported): April 28, 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)

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TABLE OF CONTENTS

	Item 7. Financial Statements Pro Forma Financial Information and Exhibits.
	Item 9. Regulation FD Disclosure
	Item 12. Results of Operations and Financial Conditions
SIGNATURES

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 April 28, 2004

     99.2 — Supplemental Information Package of Equity One, Inc. March 31, 2004

Item 9. Regulation FD Disclosure

     On April 28, 2004, Equity One, Inc. (the “Company”) issued a press release announcing the Company’s results for the three months ended March 31, 2004 and released its Supplemental Information Package March 31, 2004, 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 April 28, 2004, Equity One, Inc. (the “Company”) issued a press release announcing the Company’s results for the three months ended March 31, 2004 and released its Supplemental Information Package March 31, 2004, 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.

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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: April 28, 2004	By:	/s/ Howard M. Sipzner
		Howard M. Sipzner
		Executive Vice President and
		Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit Number	Description of Exhibit
99.1	Press Release of Equity One, Inc. dated April 28, 2004
99.2	Supplemental Information Package March 31, 2004

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EX-99.1

Exhibit 99.1

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

FOR IMMEDIATE RELEASE:

Equity One Reports a 5.6% Increase in First Quarter 2004 FFO per Share

NORTH MIAMI BEACH, FL, April 28, 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 quarter ended March 31, 2004. The quarter highlights are as follows, with all per share amounts presented on a diluted basis:

First Quarter 2004 Highlights

• Increased Funds from Operations (“FFO”) 56.0% to $26.9 million in 2004 from $17.2 million in 2003 and increased FFO per diluted share 5.6% to $0.38 in 2004 from $0.36 in 2003;

• Achieved a 3.3% increase in same property net operating income (“NOI”) and an overall NOI margin of 73.9%;

• Increased the rental rate on 82 lease renewals aggregating 245,395 square feet by 4.5% to $12.61 per square foot;

• Executed 109 new leases totaling 538,262 square feet at an average rental rate of $9.87 per square foot, representing an 12.2% spread to lost leases;

• Increased the leasing rate in the stabilized core portfolio to 91.8% from 90.5% at March 31, 2003;

• Acquired 6 properties totaling $107.8 million, adding over 831,000 square feet of gross leasable area;

• Sold one non-core property for $6.7 million, generating a $2.0 million gain on sale;

• Completed and leased $28.2 million worth of development projects with an incremental yield in excess of 10%; and

• Raised $200 million in an unsecured debt offering with a yield of 3.902%.

“We are very pleased with our first quarter results,” stated Chaim Katzman, Chairman and Chief Executive Officer. “The combination of robust leasing, targeted acquisitions, dispositions of non-core property, completed developments, effective property management and decisive capital markets activity has resulted in an excellent quarter and sets the stage for continued growth in 2004. We are especially gratified with our leasing performance and the success of our recent unsecured note issuance. Our continued focus on neighborhood shopping centers anchored by a leading supermarket chain in high-density, urban markets will enhance our ability to provide continued growth for our stockholders.”

FINANCIAL OVERVIEW

For the three months ended March 31, 2004, FFO increased 56.0% to $26.9 million from $17.2 million for the comparable period in 2003. FFO per diluted share increased 5.6% to $0.38 in the first quarter of 2004 from $0.36 in the first quarter of 2003. Net income in the first quarter of 2004 increased 16.4% to $20.2 million from $12.3 million in the first quarter of 2003. Net income per diluted share increased 11.5% to $0.29 in the first quarter of 2004 from $0.26 in the first quarter of 2003. Total rental revenues in the first quarter of 2004 increased 47.1% to $55.3 million from $37.6 million in the first quarter of 2003.

The quarter ended March 31, 2004 included a $2.0 million gain on the sale of real estate while the quarter ended March 31, 2003 included a $623,000 expense related to the extinguishment of debt and a $503,000 gain on the sale of real estate. The first quarter of 2003 includes the activity of the former IRT Property Company commencing on February 12, 2003, the date we completed our merger with IRT.

At March 31, 2004, our fully diluted equity market capitalization totaled $1.37 billion. We had $869 million of total debt (excluding any unamortized fair market premium/discount and net of cash), resulting in debt to total market capitalization of 38.8% and debt to gross real estate cost of 48.4%.

PORTFOLIO OVERVIEW

As of March 31, 2004, our stabilized core portfolio was 91.8% leased, up from 91.6% at December 31, 2003 and 90.5% at March 31, 2003. Including a center we purchased in April 2004, we now own 190 properties located primarily in metropolitan areas of 12 states in the southern United States, consisting of 127 supermarket-anchored shopping centers, 11 drug store-anchored shopping centers, 46 other retail-anchored shopping centers, a self-storage facility, an industrial property and four retail developments, as well as non-controlling interests in two unconsolidated joint ventures.

At March 31, 2004, the average base rent per leased square foot for our stabilized core portfolio was $9.55, a 6.2% increase from $8.99 per square foot and a 1.6% increase from $9.40 per square foot on March 31, 2003 and December 31, 2003, respectively. During the quarter, we renewed 82 leases aggregating 245,395 square feet and increased the average rental rate 4.5% to $12.61 per square foot, and signed 109 new leases aggregating 538,262 square feet at an average rental rate of $9.87 per square foot. Overall, we gained approximately $2.1 million of annualized minimum rent in the first quarter of 2004 incorporating renewals, new leases and departing tenants. During the first quarter of 2004, we achieved an 12.2% leasing spread on new leases versus lost leases and had net absorption of 160,314 square feet.

Excluding lease termination revenues, our same property net operating income increased 3.3% in the first quarter of 2004. Same property net operating income for the quarter comprised 74 properties for which the leasing rate increased from 88.6% at March 31, 2003 to 91.6% at March 31, 2004.

ACQUISITIONS AND DISPOSITIONS

During the first quarter of 2004, we acquired 5 shopping centers and a parcel of land as follows:

				Purchase Price
Shopping Center	Location	Square Feet/ Acres		(in thousands)
Bluebonnet – out parcel	Baton Rouge, LA	0.9 acres		$	500
Pavilion Shopping Center	Naples, FL		161,245		24,200
Village Center	Southland, TX		118,092		17,475
Creekside Plaza	Arlington, TX		101,016		14,025
Sparkleberry Square	Columbia, SC		339,051		45,150
Venice Shopping Center	Venice, FL		111,934		6,447
Total				$	107,797

During the first quarter of 2004, we disposed of one shopping center as follows:

				Sales Price
Shopping Center	Location	Square Feet		(in thousands)
Southwest Walgreens	Phoenix, AZ		93,402	$	6,650

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DEVELOPMENTS AND REDEVELOPMENTS

As of March 31, 2004, we had over 25 development and redevelopment projects underway or in the planning stage totaling approximately $80.5 million of asset value and based on current plans and estimates, requiring approximately $26.2 million of additional investment to complete beyond the $54.3 million already expended. These include:

• CVS Plaza in Miami, Florida where we are completing the lease up of the local space at a new 31,804 square foot drug store-anchored shopping center we built across the street from our recently completed Publix supermarket anchored Plaza Alegre shopping center;

• Shops at Skylake in North Miami Beach, Florida, where we are in the process of adding 29,000 square feet of retail and office space;

• Bandera Festival in San Antonio, Texas; Centre Point in Smithfield, North Carolina; Copperfield in Houston, Texas; East Bay Plaza in Largo, Florida; Eustis Square in Eustis, Florida; Gulf Gate Plaza in Naples, Florida; Oakbrook Square in Palm Beach Gardens, Florida; and Walden Woods in Plant City, Florida, where we have reconfigured and redeveloped previously vacant anchor and other space and are completing the associated lease-up;

• Ambassador Row Courtyards in Lafayette, Louisiana where we are reconfiguring a portion of the center and adding an out parcel; and

• 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.

These developments and redevelopments are scheduled for completion between the second quarter of 2004 and early 2006.

During the first quarter of 2004, we completed and leased $28.2 million of development product resulting in incremental net operating income in excess of $3.0 million on an annualized basis.

CAPITAL MARKETS ACTIVITY AND HIGHLIGHTS

On March 26, 2004, we completed the sale of $200 million of 3.875% senior unsecured notes due April 15, 2009. The notes were priced at 99.875% to yield 3.902% to maturity, or a spread of 1.25% to the March 2009 Treasury note. Concurrent with the pricing, we swapped $100 million of the notes to floating rate debt at an effective rate of six month LIBOR in arrears plus 0.4375%.

As a result of the note sale and other activities, we reduced our borrowings under our credit facilities to $50.9 million at March 31, 2004. Incorporating all existing interest rate hedging activity, we now have only 15% of our total debt subject to variable rates. Additionally, we achieved a 3.5 interest expense coverage ratio in the first quarter of 2004.

FFO EARNINGS GUIDANCE

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in Equity One’s reports filed with the Securities and Exchange Commission, we are updating our guidance for calendar year 2004 FFO per diluted share to a range of $1.55 to $1.60 versus the prior guidance of $1.53 to $1.60. In addition, we expect our second quarter 2004 FFO per diluted share to be between $0.38 and $0.39. 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, as well

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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 second quarter 2004	Range
Earnings per diluted share	$	0.26	to	$	0.27
Plus: real estate depreciation		0.12			0.12
FFO per diluted share	$	0.38	to	$	0.39

Guidance for 2004	Range
Earnings per share	$	1.10		to	$	1.14
Less: gain on sale of real estate		(0.03	)			(0.03	)
Plus: real estate depreciation		0.47				0.48
other adjustments		0.01				0.01
FFO per diluted share	$	1.55		to	$	1.60

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

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 April, 29, 2004 at 1:00 p.m. EDT to discuss our performance for the three months ended March 31, 2004. 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 6569304. The telephone replay will be available through May 11, 2004.

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FOR ADDITIONAL INFORMATION

For a copy of our first quarter supplemental information package, please access the “Financial Reports” section in our web site at www.equityone.net. To be included in our e-mail distributions for future press releases and other 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.

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

	For the three months ended
	March 31,
Operating Data	2004		2003
Total rental revenue	$	55,294	$	37,596
Net income	$	20,239	$	12,344
Earnings per share (basic)	$	0.29	$	0.26
Earnings per share (diluted)	$	0.29	$	0.26
Number of shares used in computing earnings per share:
Basic		69,115		47,163
Diluted		71,021		48,475

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 ended
	March 31,
	2004			2003
Net income	$	20,239		$	12,344
Adjustments:
Rental property depreciation and amortization, including discontinued operations		8,432			5,046
Gain on disposal of income producing properties		(2,035	)		(503	)
Minority interest		199			131
Other Items:
Interest on convertible partnership units		—			65
Pro-rata share of real estate depreciation of joint ventures		65			161
Funds from operations	$	26,900		$	17,244

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

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

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

	For the three months ended
	March 31,
	2004			2003
Earnings per diluted share *	$	0.29		$	0.26
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.12			0.11
Gain on disposal of income producing properties		(0.03	)		(0.01	)
Other items:
Pro-rata share of real estate depreciation of joint ventures		—			—
Funds from operations per diluted share	$	0.38		$	0.36

* Earnings per diluted share reflect the add-back of interest on convertible partnership units and the minority interest(s) which are convertible to shares of our common stock.

	As of		As of
	March 31,		December 31,
Balance Sheet Data	2004		2003
Investments in rental property (before accumulated depreciation)	$	1,795,632	$	1,683,705
Total assets	$	1,792,099	$	1,677,386
Mortgage notes payable	$	470,263	$	459,103
Unsecured revolving credit facilities	$	50,879	$	162,000
Unsecured senior notes payable	$	350,000	$	150,000
Total liabilities	$	931,675	$	834,162
Stockholders’ equity	$	847,980	$	830,552
Total liabilities, minority interest and stockholders’ equity	$	1,792,099	$	1,677,386

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EX-99.2

Exhibit 99.2

Equity One, Inc.
Supplemental Information Package

March 31, 2004

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
March 31, 2004
(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		8
CONSOLIDATED BALANCE SHEETS		9
DEBT SUMMARY		10
PROPERTY STATUS REPORT		14
ANNUAL MINIMUM RENT BY STATE		19
LEASING ACTIVITY		20
TENANT CONCENTRATION SCHEDULES		21
SHOPPING CENTER LEASE EXPIRATION SCHEDULES		23
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS		26
REAL ESTATE ACQUISITIONS AND DISPOSITIONS		27
JOINT VENTURE INVESTMENTS		28
ANALYST COVERAGE		29
STOCK PRICE AND VOLUME STATISTICS		30

EQUITY ONE, INC. AND SUBSIDIARIES

DISCLOSURES
for the periods ended March 31, 2004 and 2003

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 Form 10-Q for the quarter ended March 31, 2004 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 since February 12, 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 impariment 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.

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EQUITY ONE, INC. AND SUBSIDIARIES

SUMMARY OPERATING INFORMATION
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)

	Three months ended
	Mar 31, 2004			Mar 31, 2003
Total dividends paid per share	$	0.28		$	0.27
Funds from operations per share (FFO)	$	0.38		$	0.36
Dividend / FFO payout ratio		73.7	%		75.0	%
FFO multiple (annualized if < 12 months)		12.6			10.6
Funds available for distribution per share (FAD)	$	0.32		$	0.30
Dividend / FAD payout ratio		87.5	%		90.0	%
FAD multiple (annualized if < 12 months)		15.0			12.7
Income before minority interest	$	20,454		$	12,485
Income from discontinued operations		(2,109	)		(1,068	)
Loss on extinguishment of debt		—			623
Interest expense		10,575			7,650
Amortization of deferred financing fees		266			284
Rental property depreciation and amortization, excluding discontinued operations		8,432			4,946
Pro-rata share from unconsolidated joint ventures
Depreciation and amortization		65			161
Interest expense		139			139
EBITDA	$	37,822		$	25,220
Interest expense, including joint venture interest	$	10,714		$	7,789
EBITDA : interest coverage ratio		3.5			3.2
EBITDA margin (EBITDA/total rental revenue)		68.4	%		67.1	%
Net operating income (NOI) from continuing operations
Total rental revenue	$	55,294		$	37,596
Property operating expenses (1)		14,458			10,904
Net operating income	$	40,836		$	26,692
NOI margin (NOI/total rental revenue)		73.9	%		71.0	%
(1) net of intercompany expenses.
Same property NOI (2)
Total rental revenue	$	24,458		$	24,024
Property operating expenses		7,282			7,440
Net operating income	$	17,176		$	16,584
Growth in same property NOI		3.6	%
Growth in same property NOI, excluding termination fees		3.3	%
Same property occupancy		91.6	%		88.6	%
(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	$	3,452		$	2,242
as % of total revenues		6.22	%		5.88	%
as % of total assets (annualized)		0.77	%		0.60	%

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EQUITY ONE, INC. AND SUBSIDIARIES

SUMMARY BALANCE SHEET INFORMATION
as of March 31, 2004 and December 31, 2003
(in thousands, except per share data)

	Mar 31, 2004			Dec 31, 2003
Closing market price	$	19.22		$	16.88
Dividend yield (based on current annualized dividend)		5.83	%		6.64	%
Book value per share (fully diluted, end of period)	$	11.87		$	11.77
Liquidity
Cash and cash equivalents	$	17		$	966
Cash held in escrow	$	1,884		$	—
Revolving credit facilities
Gross available under current credit facilities		345,000			345,000
less: Outstanding balance		(50,879	)		(162,000	)
Holdback for letters of credit		(1,378	)		(1,378	)
Net available under credit facilities	$	292,743		$	181,622
Equity capitalization (end of period)
Common stock shares (in thousands)
Basic common stock shares		69,580.460			68,704.279
Diluted common shares
Unvested restricted common shares		524.799			649.133
Walden Woods shares		93.656			93.656
IRT Partners operating partnership units		734.266			734.266
Common stock options (treasury method, closing price)		532.424			370.164
Fully diluted common stock shares		71,465.605			70,551.498
Total debt (excluding unamortized premium/discount)	$	871,142		$	771,103
Cash and cash equivalents, cash held in escrow		(1,901	)		(966	)
Net debt		869,241			770,137
Equity market capitalization (fully diluted, end of period)		1,373,569			1,190,909
Total market capitalization	$	2,242,810		$	1,961,046
Net debt to total market capitalization		38.8	%		39.3	%
Gross real estate investments	$	1,795,632		$	1,683,705
Net debt to gross real estate investments		48.4	%		45.7	%
Fixed rate debt	$	720,263		$	609,103
Fixed rate debt — swapped to variable rate		100,000			—
Variable rate debt — swapped to fixed rate		20,000			70,000
Variable rate debt — unhedged		30,879			92,000
Total debt (excluding unamortized premium/discount)	$	871,142		$	771,103
% Fixed rate debt		82.7	%		79.0	%
% Fixed rate debt — swapped to variable rate		11.5	%		0.0	%
% Variable rate debt — swapped to fixed rate		2.3	%		9.1	%
% Variable rate debt — unhedged		3.5	%		11.9	%
% Variable rate debt — Total		15.0	%		11.9	%
Weighted-average interest rate on mortgage debt		7.40	%		7.45	%
Weighted-average interest rate on senior unsecured notes		5.18	%		7.55	%
Weighted-average interest rate on revolving credit facilities		2.15	%		2.06	%

Page 5

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)

	Three months ended
	Mar 31, 2004			Mar 31, 2003
Rental revenue:
Minimum rents	$	42,174		$	28,586
Expense recoveries		11,673			7,943
Termination fees		69			59
Percentage rent payments		1,378			1,008
Total rental revenue		55,294			37,596
Costs and expenses:
Property operating expenses		14,458			10,904
Interest expense		10,575			7,650
Amortization of deferred financing fees		266			284
Rental property depreciation and amortization		8,432			4,946
General and administrative expenses		3,452			2,242
Total costs and expenses		37,183			26,026
Income before other income and expenses, discontinued operations and minority interest		18,111			11,570
Other income and expenses:
Investment income		171			441
Other income		64			63
Equity in loss of joint ventures		(1	)		(34	)
Loss on extinguishment of debt		—			(623	)
Income before discontinued operations and minority interest		18,345			11,417
Discontinued operations:
Income from operations of sold properties		74			565
Gain on disposal of income producing properties		2,035			503
Income from discontinued operations		2,109			1,068
Income before minority interest		20,454			12,485
Minority interest		(215	)		(141	)
Net income	$	20,239		$	12,344
Basic earnings per share
Income before discontinued operations	$	0.26		$	0.24
Income from discontinued operations		0.03			0.02
Net income	$	0.29		$	0.26
Diluted earnings per share
Income before discontinued operations	$	0.26		$	0.24
Income from discontinued operations		0.03			0.02
Net income	$	0.29		$	0.26
Weighted average shares outstanding
Basic		69,115			47,163
Diluted		71,021			48,475

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)

	Three months ended
	Mar 31, 2004
	As			Discontinued			Pre SFAS
	Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	42,174		$	30		$	42,204
Expense recoveries		11,673			61			11,734
Termination fees		69			—			69
Percentage rent payments		1,378			—			1,378
Total rental revenue		55,294			91			55,385
Costs and expenses:
Property operating expenses		14,458			54			14,512
Interest expense		10,575			—			10,575
Amortization of deferred financing fees		266			—			266
Rental property depreciation and amortization		8,432			—			8,432
General and administrative expenses		3,452			—			3,452
Total costs and expenses		37,183			54			37,237
Income before other income and expenses, discontinued operations and minority interest		18,111			37			18,148
Other income and expenses:
Investment income		171			37			208
Other income		64			—			64
Equity in (loss) income of joint ventures		(1	)		—			(1	)
Loss on extinguishment of debt		—			—			—
Income before discontinued operations and minority interest		18,345			74			18,419
Discontinued operations:
Income from operations of sold properties		74			(74	)		—
Gain on disposal of income producing properties		2,035			—			2,035
Total income from discontinued operations		2,109			(74	)		2,035
Income before minority interest		20,454			—			20,454
Minority interest		(215	)		—			(215	)
Net income	$	20,239			—		$	20,239

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Three months ended
	Mar 31, 2003
	As			Discontinued			Pre SFAS
	Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	28,586		$	583		$	29,169
Expense recoveries		7,943			66			8,009
Termination fees		59			—			59
Percentage rent payments		1,008			5			1,013
Total rental revenue		37,596			654			38,250
Costs and expenses:
Property operating expenses		10,904			154			11,058
Interest expense		7,650			69			7,719
Amortization of deferred financing fees		284			1			285
Rental property depreciation and amortization		4,946			100			5,046
General and administrative expenses		2,242			—			2,242
Total costs and expenses		26,026			324			26,350
Income before other income and expenses, discontinued operations and minority interest		11,570			330			11,900
Other income and expenses:
Investment income		441			90			531
Other income		63			—			63
Equity in (loss) income of joint ventures		(34	)		145			111
Loss on extinguishment of debt		(623	)		—			(623	)
Income before discontinued operations and minority interest		11,417			565			11,982
Discontinued operations:
Income from operations of sold properties		565			(565	)		—
Gain on disposal of income producing properties		503			—			503
Total income from discontinued operations		1,068			(565	)		503
Income before minority interest		12,485			—			12,485
Minority interest		(141	)		—			(141	)
Net income	$	12,344			—		$	12,344

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

Page 7

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)

	Three months ended
	Mar 31, 2004			Mar 31, 2003
Funds from Operations
Net income	$	20,239		$	12,344
Adjustments:
Rental property depreciation and amortization, including discontinued operations		8,432			5,046
Gain on disposal of income producing properties		(2,035	)		(503	)
Minority interest		199			131
Other items:
Interest on convertible partnership units		—			65
Pro-rata share of real estate depreciation from joint ventures		65			161
Funds from operations	$	26,900		$	17,244
Increase		56.0	%
Earnings per diluted share	$	0.29		$	0.26
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.12			0.11
Gain on disposal of income producing properties		(0.03	)		(0.01	)
Minority interest		0.00			0.00
Other items:
Pro-rata share of real estate depreciation from joint ventures		0.00			0.00
Funds from operations per diluted share	$	0.38		$	0.36
Increase		5.6	%
Funds Available for Distribution
Funds from operations	$	26,900		$	17,244
Adjust for non-cash items
Amortization of deferred financing fees		266			284
Amortization of restricted stock		1,172			480
Straight line rents		(544	)		(333	)
Capitalized interest		(812	)		(684	)
Amortization of debt premium/discount		(1,215	)		(329	)
Total non-cash items		(1,133	)		(582	)
Adjust for recurring capital expenditures
Tenant improvements		(230	)		(268	)
Leasing commissions and costs		(169	)		(213	)
Other capital expenditures		(241	)		(104	)
Total recurring capital expenditures		(640	)		(585	)
Funds available for distribution before debt payments	$	25,127		$	16,077
Scheduled debt payments		(2,272	)		(1,740	)
Funds available for distribution	$	22,855		$	14,337
Increase		59.4	%
Funds available for distribution per diluted share	$	0.32		$	0.30
Increase		6.7	%
Cash Dividends	$	19,630		$	16,130
Weighted average diluted shares		71,021			48,475

Page 8

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
as of March 31, 2004 and December 31, 2003
(in thousands, except per share data)

	Mar 31, 2004			Dec 31, 2003
Assets
Properties
Income producing	$	1,740,063		$	1,594,579
Less: accumulated depreciation		(74,485	)		(66,406	)
Rental property		1,665,578			1,528,173
Construction in progress and land held for development		54,338			74,686
Property held for sale		1,231			14,440
Properties, net		1,721,147			1,617,299
Cash and cash equivalents		17			966
Cash held in escrow		1,884			—
Accounts and other receivables, net		8,919			13,492
Investments in and advances to joint ventures		2,860			2,861
Goodwill		14,578			14,014
Other assets		42,694			28,754
Total	$	1,792,099		$	1,677,386
Liabilities and stockholders’ equity
Liabilities
Mortgage notes payable	$	470,263		$	459,103
Unsecured revolving credit facilities		50,879			162,000
Unsecured senior notes payable		350,000			150,000
Total debt		871,142			771,103
Unamortized premium/discount on notes payable		23,894			24,218
Total notes payable		895,036			795,321
Accounts payable and accrued expenses		23,996			25,211
Tenant security deposits		8,171			7,706
Other liabilities		4,472			5,924
Total liabilities		931,675			834,162
Minority interest		12,444			12,672
Stockholders’ equity
Common stock		701			694
Additional paid-in capital		856,720			843,678
Retained earnings		609			—
Accumulated other comprehensive loss		(1,007	)		(122	)
Unamortized restricted stock compensation		(8,455	)		(10,091	)
Notes receivable from issuance of common stock		(588	)		(3,607	)
Total stockholders’ equity		847,980			830,552
Total	$	1,792,099		$	1,677,386

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY
as of March 31, 2004
(in thousands)

	Maturity					Mar 31, 2004		Dec 31, 2003
Property	date		Rate (1)			balance		balance
Fixed rate mortgage debt
Middle Beach		08/15/04		7.375	%	$	2,778	$	2,808
Lantana Village		02/15/05		6.950	%		3,631		3,669
Woodruff		05/10/05		7.580	%		3,065		3,096
Elmwood Oaks		06/01/05		8.375	%		7,500		7,500
Benchmark Crossing		08/01/05		9.250	%		3,292		3,313
Sterling Plaza		09/01/05		8.750	%		3,956		3,982
Townsend Square		10/01/05		8.500	%		4,829		4,848
Green Oaks		11/01/05		8.375	%		3,002		3,022
Melbourne Plaza		11/01/05		8.375	%		1,735		1,747
Walden Woods		08/01/06		7.875	%		2,359		2,387
Big Curve		10/01/06		9.190	%		5,406		5,437
Highland Square		12/01/06		8.870	%		4,024		4,047
Park Northern		12/01/06		8.370	%		2,259		2,284
Crossroads Square		12/01/06		8.440	%		12,465		12,510
Rosemeade		12/01/07		8.295	%		3,162		3,179
Colony Plaza		01/01/08		7.540	%		3,005		3,015
Parkwood (2)		01/01/08		7.280	%		6,174		6,196
Richwood (2)		01/01/08		7.280	%		3,181		3,192
Commonwealth		02/15/08		7.000	%		2,726		2,754
Mariners Crossing		03/01/08		7.080	%		3,368		3,380
Pine Island/Ridge Plaza		07/01/08		6.910	%		24,849		24,938
Forestwood		01/01/09		5.070	%		7,247		7,286
Shoppes of North Port		02/08/09		6.650	%		4,084		4,108
Prosperity Centre		03/01/09		7.875	%		6,301		6,390
North Village Center		03/15/09		8.130	%		—		1,463
Shoppes of Ibis		09/01/09		6.730	%		5,821		5,865
Tamarac Town Square		10/01/09		9.190	%		6,186		6,206
Park Promenade		02/01/10		8.100	%		6,287		6,302
Skipper Palms		03/01/10		8.625	%		3,549		3,556
Jonathan’s Landing		05/01/10		8.050	%		2,893		2,901
Bluff’s Square		06/01/10		8.740	%		10,065		10,086
Kirkman Shoppes		06/01/10		8.740	%		9,505		9,524
Ross Plaza		06/01/10		8.740	%		6,629		6,642
Boynton Plaza		07/01/10		8.030	%		7,476		7,494
Pointe Royale		07/15/10		7.950	%		4,473		4,533
Plymouth Park East 1 (3)		08/01/10		8.250	%		149		150
Plymouth Park East 2 (3)		08/01/10		8.250	%		448		451
Plymouth Park North (3)		08/01/10		8.250	%		7,987		8,043
Plymouth Park South (3)		08/01/10		8.250	%		597		601
Plymouth Park Story North (3)		08/01/10		8.250	%		367		370
Plymouth Park West (3)		08/01/10		8.250	%		2,387		2,404

Page 10

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2004
(in thousands)

	Maturity					Mar 31, 2004		Dec 31, 2003
Property	date		Rate (1)			balance		balance
Shops at Skylake		08/01/10		7.650	%	$	14,540	$	14,628
Parkwest Crossing		09/01/10		8.100	%		4,717		4,728
Spalding Village		09/01/10		8.190	%		10,463		10,537
Minyards		11/01/10		8.320	%		2,501		2,511
Charlotte Square		02/01/11		9.190	%		3,599		3,614
Forest Village		04/01/11		7.270	%		4,476		4,488
Boca Village		05/01/11		7.200	%		8,276		8,298
MacLand Pointe		05/01/11		7.250	%		5,844		5,859
Pine Ridge Square		05/01/11		7.020	%		7,333		7,354
Sawgrass Promenade		05/01/11		7.200	%		8,276		8,298
Presidential Markets		06/01/11		7.650	%		27,354		27,420
Lake Mary		11/01/11		7.250	%		24,466		24,529
Lake St. Charles		11/01/11		7.130	%		3,863		3,873
Belfair Towne Village		12/01/11		7.320	%		11,347		11,379
Marco Town Center		01/01/12		6.700	%		8,693		8,731
Riverside Square		03/01/12		9.190	%		7,668		7,694
Sparkleberry Square 1 (4)		10/31/12		6.170	%		6,746		—
Cashmere		11/01/12		5.880	%		5,219		5,245
Eastwood		11/01/12		5.880	%		6,219		6,250
Meadows		11/01/12		5.870	%		6,536		6,568
Lutz Lake		12/01/12		6.280	%		7,500		7,500
Summerlin Square		02/01/14		6.750	%		3,831		3,898
Bird Ludlum		02/15/15		7.680	%		10,149		10,296
Treasure Coast		04/01/15		8.000	%		4,738		4,804
Shoppes of Silverlakes		07/01/15		7.750	%		2,744		2,781
Grassland Crossing		12/01/16		7.870	%		5,947		5,985
Mableton Crossing		08/15/18		6.850	%		4,134		4,157
Sparkleberry Square 2 (4)		06/30/20		6.750	%		8,130		—
BridgeMill		05/05/21		7.940	%		9,516		9,555
Chastain Square		02/28/24		6.500	%		3,894		3,918
Daniel Village		02/28/24		6.500	%		4,256		4,282
Douglas Commons		02/28/24		6.500	%		5,071		5,102
Fairview Oaks		02/28/24		6.500	%		4,800		4,829
Madison Centre		02/28/24		6.500	%		3,894		3,918
Paulding Commons		02/28/24		6.500	%		6,610		6,651
Siegen Village		02/28/24		6.500	%		4,301		4,328
Wesley Chapel Crossing		02/28/24		6.500	%		3,395		3,416
Total fixed rate mortgage debt (77 loans)	6.35 years			7.40	%	$	470,263	$	459,103
Interest premium	(wtd-avg maturity)		(wtd-avg rate)				12,525		11,779
Total fixed rate mortgage debt (including interest premium)						$	482,788	$	470,882

Page 11

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2004
(in thousands)

	Maturity					Mar 31, 2004		Dec 31, 2003
Property	date		Rate (1)			balance		balance
Fixed rate unsecured senior notes payable
7.77% senior notes		04/01/06		7.77	%	$	50,000	$	50,000
7.25% senior notes		08/15/07		7.25	%		75,000		75,000
3.875% senior notes (5)		04/15/09		3.875	%		200,000		—
7.84% senior notes		01/23/12		7.84	%		25,000		25,000
Total fixed rate unsecured senior notes payable	4.49 years			5.18	%		350,000		150,000
Net Interest Premium/Discount			(wtd-avg rate)				11,369		12,439
Total fixed rate unsecured senior notes payable (including interest premium)						$	361,369	$	162,439
Total fixed rate debt						$	820,263	$	609,103
Net Interest Premium/Discount							23,894		24,218
Total fixed rate debt (including interest premium)						$	844,157	$	633,321
Revolving credit facilities
$340MM Wells Fargo Unsecured (6)		02/12/06		2.08	%		48,000		162,000
$5MM City National Bank Unsecured (7)		08/13/04		3.34	%		2,879		—
Total revolving credit facilities						$	50,879	$	162,000
Total debt						$	871,142	$	771,103
Net Interest Premium/Discount							23,894		24,218
Total debt (including net interest premium/discount)						$	895,036	$	795,321
Senior Unsecured Debt Ratings
Moody’s						Baa3 (Stable)		Baa3 (Stable)
S&P						BBB- (Stable)		BBB- (Stable)

Page 12

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2004
(in thousands)

	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving		Senior
by year	amortization		payments (8)		Credit Facilities (8)		Notes		Total
2004	$	7,248	$	2,727	$	2,879	$	—	$	12,854
2005		9,954		30,093		—				40,047
2006		10,170		24,758		48,000		50,000		132,928
2007		10,290		2,864		—		75,000		88,154
2008		10,365		40,104		—		—		50,469
2009		10,024		24,332		—		200,000		234,356
2010		9,049		80,848		—		—		89,897
2011		7,230		93,433		—		—		100,663
2012		5,952		40,056		—		25,000		71,008
2013		5,525		—		—		—		5,525
Thereafter		36,447		8,794		—		—		45,241
Total	$	122,254	$	348,009	$	50,879	$	350,000	$	871,142

(1)	The rate in effect on March 31, 2004.
(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 Sparkleberry property is encumbered by two separate mortgages.
(5)	$100M of the outstanding balance has been swapped to a floating interest rate based on the 6 month LIBOR, in arrears, plus 0.4375%
(6)	The indicated rate includes the effect of interest rate swaps.
(7)	The rate in effect at March 31, 2004 based on the one month LIBOR plus 2.25%
(8)	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.

Page 13

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT
as of March 31, 2004

								number				Supermarket anchor
		Year	Total					of tenants										Average
		built /	square		Percent							owned		shadow		name		base rent
Property	City	renovated	footage		leased			leased		vacant		SF		SF		expiration date	Other anchor tenants	per leased SF
ALABAMA (2)
Madison Centre	Madison	1997		64,837		100.0	%		13		0		37,912			Publix	Rite Aid	$	9.66
																(6/1/2017)
West Gate Plaza	Mobile	1974, 1995 / 1985		64,378		99.2	%		8		1		44,000			Winn-Dixie (7/19/2015)	Rite Aid		7.12
TOTAL SHOPPING CENTERS ALABAMA (2)				129,215		99.6	%		21		1		81,912		0			$	8.40
ARIZONA (2)
Big Curve	Yuma	1969 / 1996		126,402		71.2	%		29		4				60,000	Albertsons	Miller’s Outpost		11.14
Park Northern	Phoenix	1982 / 1996		126,852		94.1	%		22		3		51,511			Safeway (5/31/2008)	Bealls, Chuck E Cheese, Life Skills Center		6.80
TOTAL SHOPPING CENTERS ARIZONA (2)				253,254		82.7	%		51		7		51,511		60,000			$	8.67
FLORIDA (73)
North Florida (13)
Atlantic Village	Atlantic Beach	1984 / 1998		100,559		94.0	%		24		1		39,795			Publix (10/31/2008)	JoAnn Fabrics, Dollar Tree		10.18
Beauclerc Village	Jacksonville	1962 / 1988		70,429		83.5	%		9		2						Big Lots, Goodwill, Bealls Outlet		7.45
Commonwealth	Jacksonville	1984 / 1998		81,467		95.6	%		15		1		48,997			Winn-Dixie/Save Rite			8.31
																(2/28/2018)
Forest Village	Tallahassee	2000		71,526		96.5	%		15		2		37,866			Publix			10.40
																(4/30/2020)
Ft. Caroline	Jacksonville	1985 / 1995		74,546		94.6	%		10		3		45,500			Winn-Dixie (5/31/2015)	Eckerd* (Bealls Outlet)		7.31
Losco	Jacksonville	2000		8,700		100.0	%		7		0				45,820	Winn-Dixie			18.97
Mandarin Landing	Jacksonville	1976 / 2000		141,565		97.5	%		35		2		34,400			Publix (2/14/2007)	Office Depot, Eckerd		9.16
Middle Beach	Panama City Beach	1994		69,277		100.0	%		9		0		56,077			Publix (9/30/2014)	Movie Gallery		9.35
Monument Point	Jacksonville	1985 / 1997		75,128		100.0	%		12		0		46,772			Winn-Dixie	Eckerd		6.67
																(3/27/2005)
Oak Hill	Jacksonville	1985 / 1997		78,492		100.0	%		19		0		39,795			Publix	Walgreens*		6.92
																(5/11/2005)
Parkmore Plaza	Milton	1986		159,067		97.2	%		11		2						Wal-Mart*(Bealls), Big Lots		4.47
Pensacola Plaza	Pensacola	1985		56,098		91.4	%		2		1		42,848			FoodWorld			4.27
																(12/31/2005)
South Beach	Jacksonville Beach	1990, 1991		289,964		93.2	%		40		10		29,000			Food Lion (3/31/2010)	Kmart, Stein Mart, Bealls		9.04
Central Florida (9)
Alafaya Commons	Orlando	1987		123,133		93.4	%		26		3		54,230			Publix	Blockbuster		11.71
																(11/30/2007)
Conway Crossing	Orlando	2002		76,321		98.0	%		17		1		44,271			Publix			11.31
																(4/30/2022)
Eastwood	Orlando	1997		69,037		100.0	%		13		0		51,512			Publix			11.24
																(11/1/2017)
Hunters Creek	Orlando	1998		68,032		100.0	%		9		0		51,255			Winn-Dixie			10.79
																(9/23/2018)
Kirkman Shoppes	Orlando	1973		88,820		94.7	%		29		1						Eckerd		15.80
Lake Mary	Orlando	1988 / 2001		342,384		97.4	%		65		3		63,139			Albertsons (6/30/2012)	Kmart, Euro Fitness, Sun Star Theatres		10.99
Park Promenade	Orlando	1987 / 2000		125,818		96.0	%		24		2		55,000			Publix* (2/9/2007)	Orange County Library, Blockbuster, Goodwill		9.20
Town & Country	Kissimmee	1993		72,043		100.0	%		13		0		52,883			Albertsons			7.22
																(10/31/2018)
Unigold	Winter Park	1987		106,185		87.3	%		18		4		52,500			Winn-Dixie	Blockbuster		10.06
																(4/30/2007)
Florida West Coast (17)
Bay Pointe Plaza	St. Petersburg	1984 / 2002		103,986		90.7	%		17		7		52,610			Publix (11/30/2021)	Eckerd* (Bealls Outlet), West Marine		9.58
Carrollwood	Tampa	1970 / 2002		94,203		86.4	%		28		8		27,887			Publix	Eckerd		10.98
																(11/30/2022)
Charlotte Square	Port Charlotte	1980		96,188		97.5	%		25		2		44,024			Publix	Pet Supermarket		7.69
																(1/31/2011)
Chelsea Place	New Port Richey	1992		81,144		100.0	%		18		0		48,890			Publix	Eckerd		10.90
																(5/27/2012)
Lake St. Charles	Tampa	1999		57,015		100.0	%		8		0		46,295			Kash n’ Karry			9.78
																(6/30/2019)
Lutz Lake	Lutz	2002		64,985		100.0	%		15		0		44,270			Publix			13.70
																(5/31/2022)
Marco Town Center	Marco Island	2001		109,830		94.4	%		39		6		27,887			Publix	West Marine		15.62
																(1/31/2018)
Mariners Crossing	Spring Hill	1989 / 1999		85,507		94.6	%		13		3		48,315			Kash n’ Karry			8.05
																(4/30/2020)
North River Village	Ellenton	1988, 1993		177,128		100.0	%		16		0		42,112			Publix (7/20/2008)	Kmart, Walgreens* (Dollar Tree), Bealls		7.25
Pavilion	Naples	1982		161,245		91.7	%		36		5		50,795			Publix (2/28/2013)	Pavillion 6 Theatre, Anthony’s		13.77
Regency Crossing	Port Richey	1986 / 2001		85,864		87.4	%		16		9		44,270			Publix			10.64
																(2/28/2021)
Ross Plaza	Tampa	1984 / 1996		85,359		96.5	%		17		3						Walgreens*, Ross Dress for Less		9.46
Seven Hills	Spring Hill	1991		64,590		100.0	%		12		0		48,890			Publix			9.69
																(9/25/2011)
Shoppes of North Port	North Port	1991		84,705		98.2	%		21		1		48,890			Publix	Bealls Outlet		9.30
																(12/11/2011)

Page 14

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004

								number
		Year	Total					of tenants				Supermarket anchor						Average
		built /	square		Percent							owned		shadow		name		base rent
Property	City	renovated	footage		leased			leased		vacant		SF		SF		expiration date	Other anchor tenants	per leased SF
Florida West Coast (continued)
Skipper Palms	Tampa	1984		88,000		92.9	%		14		3		53,440			Winn-Dixie		$	8.49
																(5/31/2016)
Summerlin Square	Fort Myers	1986 / 1998		109,156		86.9	%		20		7		45,500			Winn-Dixie	Eckerd, West Marine		9.97
																(6/4/2006)
Venice Shopping Center	Venice	1968 / 2000		111,934		91.4	%		13		2		44,271			Publix (12/31/2026)	Beall’s Outlet, Dollar Tree, Wachovia Bank		5.05
Florida Treasure Coast (8)
Bluffs Square	Jupiter	1986		132,395		99.1	%		46		2		39,795			Publix	Walgreens		11.73
																(10/22/2006)
Cashmere Corners	Port St. Lucie	2001		89,234		100.0	%		18		0		59,448			Albertsons			8.00
																(4/30/2025)
Jonathan’s Landing	Jupiter	1997		26,820		100.0	%		12		0				53,850	Albertsons	Blockbuster		18.46
New Smyrna Beach	New Smyrna Beach	1987		118,451		97.0	%		32		2		42,112			Publix (9/30/2007)	Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster		10.00
Old King Commons	Palm Coast	1988		84,759		100.0	%		19		0						Wal-Mart* (Bealls Outlet)		7.94
Ryanwood	Vero Beach	1987		114,925		99.0	%		31		1		39,795			Publix	Bealls Outlet, Books-A-Million		9.51
																(3/23/2017)
Salerno Village	Stuart	1987		76,303		96.6	%		15		3		49,002			Winn-Dixie	Eckerd		9.59
																(3/23/2024)
Treasure Coast	Vero Beach	1983		133,781		93.0	%		20		5		59,450			Winn-Dixie	TJ Maxx		8.56
																(4/12/2015)
South Florida / Atlantic Coast (26)
Bird Ludlum	Miami	1988 / 1998		192,282		97.9	%		46		2		44,400			Winn-Dixie	Eckerd, Blockbuster, Goodwill		14.81
																(12/31/2007)
Boca Village	Boca Raton	1978		93,428		100.0	%		22		0		36,000			Publix	Eckerd		15.17
																(3/31/2007)
Boynton Plaza	Boynton Beach	1978 / 1999		99,324		94.0	%		27		2		37,664			Publix	Eckerd, Hollywood Video		10.72
																(8/31/2008)
Countryside Shops	Cooper City	1986, 1988, 1991		179,561		100.0	%		46		0		39,795			Publix	Eckerd, Stein Mart		12.34
																(12/4/2005)
Crossroads Square	Ft. Lauderdale	1973		269,653		91.2	%		21		7						Lowe’s, Eckerd, Goodyear		7.31
El Novillo	Miami Beach	1970 / 2000		10,000		100.0	%		1		0						Jumbo Buffet		15.05
Epsilon	W. Palm Beach	1925 / 1997		18,707		54.6	%		4		1								16.11
Greenwood	Palm Springs	1982, 1994		132,325		89.6	%		30		5		50,032			Publix	Bealls Outlet, World Savings Bank		11.85
																(12/5/2014)
Lago Mar	Miami	1995		82,613		89.6	%		18		3		42,323			Publix	Blockbuster		13.09
																(9/13/2015)
Lantana Village	Lantana	1976 / 1999		181,780		99.6	%		25		1		39,473			Winn-Dixie	Kmart, Rite Aid* (Dollar Store),		6.34
																(2/15/2011)	Hollywood Video
Meadows	Miami	1997		75,524		100.0	%		20		0		47,955			Publix			12.47
																(7/9/2017)
Pine Island	Davie	1983 / 1999		254,907		97.9	%		44		3		39,943			Publix	Home Depot Expo, Bealls Outlet		9.78
																(11/30/2013)
Pine Ridge Square	Coral Springs	1986 / 1998, 1999		117,399		99.2	%		34		1		17,441			Fresh Market (6/30/2009)	Bed Bath & Beyond, Off Main Furniture, Blockbuster		13.15
Plaza Alegre	Miami	2003		91,611		94.8	%		18		3		44,271			Publix	Goodwill, Blockbuster		14.73
																(3/14/2023)
Plaza Del Rey	Miami	1985 / 1996		50,146		100.0	%		23		0						Navarro Pharmacy		13.01
Point Royale	Miami	1970 / 2000		209,863		93.9	%		23		3		45,350			Winn-Dixie	Best Buy, Eckerd* (Anna’s Linens)		6.53
																(2/18/2011)
Prosperity Centre	Palm Beach Gardens	1993		122,106		100.0	%		9		0						Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine’s, TJ Maxx		15.53
Ridge Plaza	Davie	1984 / 1999		155,204		95.7	%		25		4			(see Pine Island)			AMC Theater, Kabooms, Wachovia* (United Collection), Uncle Funny’s, Round Up		8.63
Riverside Square	Coral Springs	1987		107,941		95.2	%		33		3		39,795			Publix	Tuesday Morning		13.23
																(2/18/2007)
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		92.7	%		27		1		36,464			Publix	Walgreens, Blockbuster		10.59
																(11/30/2004)
Sheridan	Hollywood	1973 / 1991		455,864		95.8	%		60		6		65,537			Publix (10/9/2011)	Ross, Bed Bath & Beyond, Office Depot, AMC Theater, Eckerd, Blockbuster		13.35
Shoppes of Ibis	West Palm Beach	1999		79,420		100.0	%		18		0		51,420			Publix (4/30/2019)			12.10
Shops at Skylake	North Miami Beach	1999-2003		219,199		99.5	%		44		2		51,420			Publix (7/31/2019)	Goodwill, L.A. Fitness, Blockbuster		15.52
Shoppes of Silverlakes	Pembroke Pines	1995, 1997		126,788		93.9	%		36		4		47,813			Publix	Blockbuster		16.28
																(6/14/2015)
Tamarac Town Square	Tamarac	1987		127,635		80.7	%		26		13		37,764			Publix			10.43
																(12/15/2014)
West Lakes Plaza	Miami	1984 / 2000		100,747		100.0	%		27		0		46,216			Winn-Dixie	Navarro Pharmacy		10.91
																(10/31/2016)
TOTAL SHOPPING CENTERS FLORIDA (73)				8,447,217		95.5	%		1,650		171		2,714,864		99,670			$	10.54
GEORGIA (24)
Atlanta (18)
BridgeMill	Canton	2000		89,102		96.3	%		28		2		37,888			Publix			14.99
																(1/31/2020)
Butler Creek	Acworth	1990		95,597		95.8	%		18		2		59,997			Kroger			10.71
																(6/30/2018)
Chastain Square	Atlanta	1981 / 2001		91,637		97.8	%		27		1		37,366			Publix			16.17
																(5/31/2024)
Commerce Crossing	Commerce	1988		100,668		90.4	%		7		3		32,000			Ingles	Wal-Mart*		4.03
																(9/26/2009)

Page 15

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004

								number
		Year	Total					of tenants				Supermarket anchor						Average
		built /	square		Percent							owned		shadow		name		base rent
Property	City	renovated	footage		leased			leased		vacant		SF		SF		expiration date	Other anchor tenants	per leased SF
Atlanta (continued)
Douglas Commons	Douglasville	1988		97,027		96.0	%		16		4		59,431			Kroger		$	9.91
																(8/31/2013)
Fairview Oaks	Ellenwood	1997		77,052		100.0	%		13		0		54,498			Kroger	Blockbuster		11.19
																(9/30/2016)
Grassland Crossing	Alpharetta	1996		90,906		92.1	%		10		4		70,086			Kroger			11.39
																(6/30/2016)
Hamilton Ridge	Buford	2002		89,496		94.3	%		18		3		54,166			Kroger			12.91
																(11/30/2022)
Mableton Crossing	Mableton	1997		86,819		98.6	%		16		2		63,419			Kroger			10.04
																(8/31/2017)
Macland Pointe	Marietta	1992, 1993		79,699		86.4	%		12		5		55,999			Publix			9.58
																(12/29/2012)
Market Place	Norcross	1976		77,706		95.7	%		20		3						Peachtree Cinema		8.06
Paulding Commons	Dallas	1991		192,391		100.0	%		31		0		49,700			Kroger	Kmart		8.07
																(2/28/2011)
Powers Ferry Plaza	Marietta	1979, 1987 / 1998		86,473		87.5	%		21		3						Micro Center		10.52
Presidential Markets	Snellville	1993-2000		396,408		97.5	%		39		1		56,146			Publix (12/31/2019)	Bed Bath & Beyond, GAP, Shoe Carnival, Marshalls, Carmike Cinema, Office Depot		10.23
Shops of Huntcrest	Lawrenceville	2003		97,040		94.8	%		23		3		54,340			Publix			12.15
																(1/31/2023)
Wesley Chapel Crossing	Decatur	1989		170,792		99.3	%		24		1		32,000			Ingles	Wal-Mart, CVS Pharmacy		6.74
																(9/25/2009)
West Towne Square	Rome	1988		89,596		88.6	%		15		3						Big Lots, Eckerd*		5.74
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		95.3	%		26		1						Blockbuster		17.40
Central Georgia (4)
Daniel Village	Augusta	1956 / 1997		171,932		93.5	%		35		4		45,971			Bi-Lo	Eckerd, St. Joseph Home Health Care		7.79
																(3/25/2022)
Spalding Village	Griffin	1989		235,318		61.3	%		24		4		59,431			Kroger	JC Penney, Blockbuster		7.78
																(5/31/2014)
Walton Plaza	Augusta	1990		43,460		100.0	%		8		0		32,960	Harris Teeter* (Omni Fitness)					9.57
																(4/1/2011)
Watson Central	Warner Robins	1989		227,747		85.6	%		12		15		45,000			Winn-Dixie*	Wal-Mart* (Big Lots)		4.98
																(12/5/2010)
South Georgia (2)
Colony Square	Fitzgerald	1987		50,000		75.2	%		4		4		32,200			Food Lion			6.29
																(12/31/2007)
McAlpin Square	Savannah	1979		176,807		94.4	%		24		4		43,600			Kroger	US Post Office, Big Lots, In Fashion		7.31
																(8/31/2015)	Menswear Outlet
TOTAL SHOPPING CENTERS GEORGIA (24)				2,958,601		91.6	%		471		72		976,198		0			$	9.22
KENTUCKY (1)
Scottsville Square	Bowling Green	1986		38,450		72.8	%		7		5						Hancock Fabrics, Zap Zone		6.58
TOTAL SHOPPING CENTERS KENTUCKY (1)				38,450		72.8	%		7		5		0		0			$	6.58
LOUISIANA (15)
Ambassador Row	Lafayette	1980, 1991		193,978		97.3	%		22		3						Hobby Lobby*, Conn’s Appliances, Big Lots, Chuck E Cheese		7.95
Bluebonnet Village	Baton Rouge	1983		90,215		80.0	%		18		3		33,387			Matheme’s			8.28
																(11/30/2010)
Boulevard	Lafayette	1976, 1994		68,012		61.5	%		10		5						Piccadilly, Harbor Freight Tools		8.17
Country Club Plaza	Slidell	1982 / 1994		64,686		89.6	%		8		3		33,387			Winn-Dixie	Dollar General		5.66
																(1/31/2008)
Crossing	Slidell	1988, 1993		113,989		98.7	%		14		1		58,432			Albertsons	A-1 Home Appliance, Piccadilly		5.63
																(9/29/2009)
Elmwood Oaks	Harahan	1989		133,995		92.9	%		7		2						Wal-Mart* (Academy Sports, Dollar Tree),		9.59
																	Advance Auto* (Goodwill)
Grand Marche (ground lease)	Lafayette	1969		200,585		100.0	%		1		0						Academy Sports, JoAnn Fabrics		0.14
Millervillage	Baton Rouge	1983, 1992		94,559		36.5	%		11		3						Rite Aid		8.17
Pinhook Plaza	Lafayette	1979, 1992		194,725		23.5	%		16		15						Rite Aid		7.47
Plaza Acadienne	Eunice	1980		105,419		96.2	%		7		1		28,092			Super 1 Store	Fred’s, Howard Brothers*		3.51
																(6/30/2005)
Sherwood South	Baton Rouge	1972, 1988, 1992		77,107		97.7	%		9		1		22,500			Piggly Wiggly* (2/28/2007)	Burke’s Outlet, Harbor Freight Tools, Blockbuster		6.14
Siegen Village	Baton Rouge	1988		170,416		93.0	%		18		5						Office Depot, Big Lots, Dollar Tree,		8.22
																	Stage, Party City
Tarpon Heights	Galliano	1982		56,605		92.0	%		8		2						Eckerd, Stage, Dollar General		4.74
Village at Northshore	Slidell	1988		144,638		100.0	%		13		0						Marshalls, Dollar Tree, Kirschman’s, Bed Bath & Beyond		8.43
Wal-Mart Mathews	Mathews	1985		54,223		100.0	%		1		0						Wal-Mart		2.90
TOTAL SHOPPING CENTERS LOUISIANA (15)				1,763,152		83.1	%		163		44		175,798		0			$	6.14
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987		66,857		100.0	%		7		0						Rite Aid, Big Lots		5.72
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		100.0	%		7		0		0		0			$	5.72

Page 16

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004

								number
		Year	Total					of tenants				Supermarket anchor						Average
		built /	square		Percent							owned		shadow		name		base rent
Property	City	renovated	footage		leased			leased		vacant		SF		SF		expiration date	Other anchor tenants	per leased SF
NORTH CAROLINA (12)
Centre Pointe Plaza	Smithfield	1989		163,642		76.4	%		18		2						Wal-Mart* (Belk’s, Goody’s), Dollar Tree	$	5.73
Chestnut Square	Brevard	1985		39,640		87.9	%		5		2		21,000			Food Lion*	Eckerd* (Dollar General)		6.73
																(9/28/2010)
Galleria	Wrightsville Beach	1986, 1990		92,114		92.6	%		31		7		28,000			Harris Teeter	Eckerd		9.57
																(4/5/2006)
Parkwest Crossing	Durham	1990		85,602		100.0	%		17		0		38,052			Food Lion			10.22
																(12/14/2010)
Plaza North	Hendersonville	1986		47,240		94.9	%		7		2		25,590			Bi-Lo*	CVS Pharmacy		7.19
																(8/31/2006)
Providence Square	Charlotte	1973		85,930		94.1	%		20		5		35,702			Harris Teeter*	Eckerd		8.22
																(4/30/2006)
Riverview Shopping Center	Durham	1973 / 1995		127,498		91.8	%		10		2		53,538			Kroger (12/31/2014)	Upchurch Drugs, Riverview Furniture, Blockbuster		7.30
Salisbury	Salisbury	1987		82,578		95.2	%		16		1		37,308			Food Lion	CVS Pharmacy*		9.22
Marketplace																(2/11/2023)
Shelby Plaza	Shelby	1972		103,200		92.2	%		7		1						Big Lots, Aaron Rents* (Hancock Fabrics)		3.14
Stanley Market Place	Stanley	1980, 1987		40,400		100.0	%		3		0		28,400			Winn-Dixie	Family Dollar		5.46
																(10/31/2006)
Thomasville Commons	Thomasville	1991		148,754		97.6	%		11		1		32,000			Ingles	Kmart, CVS Pharmacy		5.84
																(9/29/2012)
Willowdale Shopping Center	Durham	1986		120,984		91.7	%		22		5		27,985			Harris Teeter (5/14/2004)	Carmike Cinemas, Eckerd* (Family Dollar)		8.75
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)				1,137,582		91.8	%		167		28		327,575		0			$	7.23
SOUTH CAROLINA (7)
Belfair Towne	Bluffton	2000-2003		125,389		94.4	%		26		3		55,696			Kroger	Blockbuster		13.92
Village																(10/31/2019)
Lancaster Plaza	Lancaster	1971 / 1990		77,400		91.5	%		3		1		19,200			Bi-Lo			1.44
																(9/30/2010)
Lancaster Shopping	Lancaster	1963, 1987		29,047		17.2	%		1		1								6.00
Center
North Village Center	North Myrtle Beach	1984		60,356		100.0	%		14		0		24,806			Bi-Lo (5/31/2004)	Dollar General, Gold’s Gym		8.27
Sparkleberry Square	Columbia	1997 / 2004		339,051		90.4	%		20		5		67,943			Kroger	Kohl’s, Ross Dress for Less, Circuit		10.87
																(8/31/2017)	City, Bed Bath & Beyond
Spring Valley	Columbia	1978 / 1997		75,415		95.8	%		16		1		45,070			Bi-Lo	Eckerd		9.12
Woodruff	Greenville	1995		68,055		98.2	%		9		1		47,955			Publix	Blockbuster		10.01
																(8/6/2015)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (7)				774,713		90.4	%		89		12		260,670		0			$	9.91
TENNESSEE (2)
Forrest Gallery	Tullahoma	1987		214,450		95.6	%		26		4		48,780			Kroger	Wal-Mart* (Tractor Supply, Goodwill,		5.54
																(1/31/2008)	Hastings Music
Smyrna Village	Smyrna	1992		83,334		94.8	%		10		2		59,214			Kroger			8.23
																(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (2)				297,784		95.4	%		36		6		107,994		0			$	6.29
TEXAS (32)
Houston (15)
Barker Cypress	Houston	1999		66,945		97.4	%		15		2		41,320			H.E.B.			12.57
																(1/31/2014)
Beechcrest	Houston	1981 / 2001		90,647		100.0	%		15		0		40,345			Randall’s* (Viet Ho)	Walgreens*		8.96
																(6/24/2016)
Benchmark Crossing	Houston	1986		58,384		100.0	%		5		0						Bally’s Fitness		12.29
Bissonnet	Houston	1999		15,542		73.6	%		7		1				63,000	Kroger	Blockbuster		16.26
Colony Plaza	Sugarland	1997		26,513		94.0	%		14		1								18.32
Forestwood	Houston	1993		88,760		100.0	%		16		0		59,334			Kroger	Blockbuster		11.25
																(7/31/2013)
Grogan’s Mill	The Woodlands	1986		118,493		94.0	%		22		4		56,558			Randall’s* (99¢ Store)	Petco. Blockbuster		11.85
																(6/24/2016)
Hedwig	Houston	1974		69,504		74.5	%		11		2						Ross Dress for Less		14.38
Highland Square	Sugarland	1998		64,171		99.7	%		26		1								17.09
Market at First Colony	Sugarland	1988		107,301		92.3	%		33		2				62,000	Kroger	TJ Maxx, Eckerd		15.46
Mason Park	Katy	1998		160,047		75.9	%		35		4				58,890	Kroger	Walgreens* (Eloise Collectibles), Palais		12.13
																	Royal, Petco
Mission Bend	Houston	1980 / 1999		131,575		91.2	%		24		3		46,112			Randall’s	Remarkable Furniture		9.04
																(6/24/2016)
Spring Shadows	Houston	1999		106,995		93.2	%		15		3		65,161			H.E.B.			9.47
																(4/30/2023)
Steeplechase	Jersey Village	1985		105,152		94.6	%		23		3		56,208			Randall’s			11.25
																(6/24/2016)
Wal-Mart Marble Falls	Marble Falls	1985		53,571		100.0	%		1		0						Wal-Mart* (Sutherland Lumber)		3.27

Page 17

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004

								number
		Year	Total					of tenants				Supermarket anchor						Average
		built /	square		Percent							owned		shadow		name		base rent
Property	City	renovated	footage		leased			leased		vacant		SF		SF		expiration date	Other anchor tenants	per leased SF
Dallas (15)
Creekside	Arlington	1997 /1998		101,016		100.0	%		17		0		60,932			Kroger (11/30/2021)	Hollywood Video	$	11.92
Green Oaks	Arlington	1983		65,091		85.2	%		28		6				58,000	Kroger			11.04
Melbourne Plaza	Hurst	1983		47,517		88.7	%		15		3								11.30
Minyards	Garland	2000		65,295		100.0	%		2		0		58,695			Minyards/Sack N Save			6.12
																(4/30/2020)
Parkwood	Plano	1985		81,590		94.0	%		18		2				62,000	Albertsons	Planet Pizza		13.22
Plymouth Park East	Irving	1970		56,435		97.3	%		9		1		42,130			Kroger (11/30/2010)			4.29
Plymouth Park North	Irving	1970		444,541		59.3	%		44		11						Dollar General, Thrift Store, Post Office, Chateau Theatre, Levines, Blockbuster		6.82
Plymouth Park South	Irving	1970		49,102		74.8	%		3		4						Betcha Bingo		6.56
Plymouth Park West	Irving	1970		178,930		91.7	%		13		2						Bargain City, Dollar Store, Fashion Depot		3.64
Richwood	Richardson	1984		54,871		80.8	%		21		7				61,877	Albertsons	Blockbuster		12.64
Rosemeade	Carrollton	1986		51,231		62.5	%		13		5						Blockbuster		12.99
Sterling Plaza	Irving	1989		65,765		100.0	%		16		0						Bank One, Irving City Library		13.98
Townsend Square	Desoto	1990		146,953		84.3	%		31		7				60,349	Albertsons	Bealls, Victory Gym, Dollar General		8.84
Village by the Park	Arlngton	1988		44,523		92.4	%		9		1						Petco, Movie Trading		16.55
Village Center	Southlake	1996		118,092		96.4	%		20		2		60,932			Kroger			12.83
																(10/31/2021)
San Antonio (2)
Blanco Village	San Antonio	2000		108,325		100.0	%		16		0		74,627			H.E.B.			15.70
																(4/30/2015)
Wurzbach	San Antonio	1979		59,771		100.0	%		3		0		52,957			Albertsons*			2.86
																(12/31/2004)
TOTAL SHOPPING CENTERS TEXAS (32)				3,002,648		86.9	%		540		77		715,311		426,116			$	10.37
VIRGINA (2)
Smyth Valley Crossing	Marion	1989		126,841		100.0	%		14		0		32,000			Ingles (9/25/2010)	Wal-Mart		5.86
Waterlick Plaza	Lynchburg	1973, 1988		98,694		79.7	%		20		4		30,780			Kroger	CVS Pharmacy		8.67
																(3/18/2008)
TOTAL SHOPPING CENTERS VIRGINIA (2)				225,535		91.1	%		34		4		62,780		0			$	6.94
TOTAL STABILIZED SHOPPING CENTERS (173)				19,095,008		91.8	%		3,236		427		5,474,613		585,786			$	9.55
DEVELOPMENTS & REDEVELOPMENTS (14)
Ambassador Row Courtyard	Lafayette, LA	1986, 1991		158,783		80.1	%		19		11						Marshalls, Bed Bath & Body, Hancock Fabrics		8.69
Bandera Festival	San Antonio, TX	1989		195,438		65.0	%		31		4						Bealls, Eckerd* (Scrapbook Heaven), Blockbuster, Dollar Tree		10.53
Shop at St. Lucie (f/k/a Cashmere)	Port St. Lucie, FL	2004-2005 Development	4.0 acres
Copperfield	Houston, TX	1994		132,960		72.7	%		29		4						JoAnn Fabrics, Dollar Tree		11.33
CVS Plaza	Miami, FL	2004 Development		31,804		34.6	%		1		10						CVS Pharmacy		12.47
East Bay Plaza	Largo, FL	1985 / 1997		85,426		76.6	%		20		3				53,000	Albertsons	Family Dollar, Hollywood Video, Harbor Freight Tools		9.30
Eustis Square	Eustis, FL	1983 / 1997		126,791		67.0	%		16		11		15,872			Save-a-Lot (5/31/2013)	Walgreens* (Bealls Outlet), Accent Marketing Services		6.49
Gulf Gate Plaza	Naples, FL	1969, 1974/ 2004 Redev.		204,551		66.1	%		15		8						Bealls Outlet, JoAnn Fabrics, Dockside Improvement, Big Lots		6.67
Miramar Outparcel	Miramar, FL	Under contract to be sold	2.0 acres
Oakbrook	Palm Beach Gdns, FL	1974 / 2000, 2003 Redev.		212,074		68.0	%		22		10		44,400			Publix (10/31/2020)	Eckerd, Duffy's, Stein Mart		13.79
Venice Plaza	Venice, FL	1971/ 1979 / 1999		157,940		65.2	%		14		3		42,582			Kash n’ Karry	TJ Maxx, Blockbuster		5.37
																(9/30/2018)
Walden Woods	Plant City, FL	1985 / 1998, 2003 Redev.		72,950		83.6	%		11		2						Walgreens, Dollar Tree, Aaron Rents		6.49
Waterstone	Homestead, FL	2004-05 Development	12.0 acres
Westridge	McDonough, GA	2005-06 Development	13.5 acres
TOTAL DEVELOPMENTS & REDEVELOPMENTS (14)				1,378,717		69.3	%		178		66		102,854		53,000			$	9.08
TOTAL RETAIL PROPERTIES (187)				20,473,725		90.2	%		3,414		493		5,577,467		638,786			$	9.52
OTHER PROPERTIES (2)
4101 South I-85 Industrial	Charlotte, NC	1956, 1963		188,513		81.7	%		3		6
Mandarin Mini-storage	Jacksonville, FL	1982		52,880		96.2	%		517		17
GRAND TOTAL (189)				20,715,118		90.2	%		3,934		516		5,577,467		638,786

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

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

Page 18

EQUITY ONE, INC. AND SUBSIDIARIES

ANNUAL MINIMUM RENT BY STATE
as of March 31, 2004

State	Count		Total SF		# Leased		# Vacant		Leased %			AMR
Florida		80		9,338,753		1,749		218		92.8	%	$	90,207,670
Texas		34		3,331,046		600		85		85.0	%		29,490,519
Georgia		24		2,958,601		471		72		91.6	%		25,011,913
Louisiana		16		1,921,935		182		55		82.8	%		10,099,376
North Carolina		12		1,137,582		167		28		91.8	%		7,545,327
South Carolina		7		774,713		89		12		90.4	%		6,937,985
Arizona		2		253,254		51		7		82.7	%		1,815,184
Tennessee		2		297,784		36		6		95.4	%		1,786,231
Alabama		2		129,215		21		1		99.6	%		1,080,867
Virginia		2		225,535		34		4		91.1	%		1,425,402
Mississippi		1		66,857		7		0		100.0	%		382,536
Kentucky		1		38,450		7		5		72.8	%		184,215
Total		183		20,473,725		3,414		493		90.2	%	$	175,967,225

Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES

LEASING ACTIVITY
for the three months ended March 31, 2004

Renewals

					Average		Average			Annualized
			Average		Expiring		New			Minimum
# of Leases	Square Feet		Size		Rent psf		Rent psf			Rent
82		245,395		2,993	$	12.07	$	12.61		$	3,094,830
					% Increase psf			4.5	%
					Net Increase (AMR)					$	132,052

New Leases (effective in the first quarter)

					Average		Annualized
			Average		New		Minimum
# of Leases	Square Feet		Size		Rent psf		Rent
109		538,262		4,938	$	9.87	$	5,313,299

Lost Leases

					Average		Annualized
			Average		Expiring		Minimum
# of Leases	Square Feet		Size		Rent psf		Rent
87		377,948		4,344	$	8.80	$	3,325,700

Net Absorption
Leasing Spread 160,314
12.2% New Leases - Lost Leases
New Leases versus Lost Leases (rate psf)

Net Gain/(Loss) of AMR                     $2,119,651                    

Retention Ratio 39.4% Renewals / (Renewals + Lost Leases)

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES

TENANT CONCENTRATION SCHEDULE
as of March 31, 2004

										% 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		47		2,099,646		10.3	%	$	14,868,948		8.4	%	$	7.08
Kroger		19		1,057,057		5.2	%		8,376,987		4.8	%		7.92
Winn Dixie		17		778,642		3.8	%		5,282,349		3.0	%		6.78
Wal-Mart		11		834,994		4.1	%		3,687,045		2.1	%		4.42
Kmart		6		524,937		2.6	%		2,795,865		1.6	%		5.33
Eckerd		27		267,696		1.3	%		2,469,476		1.4	%		9.22
Blockbuster		28		165,358		0.8	%		2,401,419		1.4	%		14.52
Bed Bath & Beyond		7		227,689		1.1	%		2,192,856		1.2	%		9.63
Food Lion/Kash n’ Karry		8		297,802		1.5	%		1,962,601		1.1	%		6.59
H.E. Butt Grocery		3		181,108		0.9	%		1,793,855		1.0	%		9.90
Sub-total top ten tenants		173		6,434,929		31.4	%	$	45,831,401		26.0	%	$	7.12
Remaining tenants		3,241		12,042,585		58.8	%		130,135,824		74.0	%		10.81
Sub-total all tenants		3,414		18,477,514		90.2	%	$	175,967,225		100.0	%	$	9.52
Vacant		493		1,996,211		9.8	%		NA
Total including vacant		3,907		20,473,725		100.0	%	$	175,967,225		100.0	%	$	8.59

Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES
EXPIRING SQUARE FOOTAGE BY TENANT TYPE
as of March 31, 2004

Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.

Page 22

EQUITY ONE, INC. AND SUBSIDIARIES

SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of March 31, 2004

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		114		335,873		1.6	%	$	2,735,385		1.5	%	$	8.14
2004		565		1,399,597		6.8	%		15,800,939		8.7	%		11.29
2005		709		2,007,541		9.8	%		23,469,145		12.9	%		11.69
2006		668		2,063,195		10.1	%		24,868,735		13.6	%		12.05
2007		476		1,984,209		9.7	%		22,220,567		12.2	%		11.20
2008		396		1,671,034		8.2	%		19,355,821		10.6	%		11.58
2009		158		1,402,228		6.8	%		11,187,158		6.1	%		7.98
2010		64		649,985		3.2	%		6,183,622		3.4	%		9.51
2011		45		1,038,481		5.1	%		7,565,843		4.2	%		7.29
2012		40		867,934		4.2	%		7,319,080		4.0	%		8.43
2013		32		555,807		2.7	%		4,590,041		2.5	%		8.26
Thereafter		147		4,501,630		22.0	%		37,010,507		20.3	%		8.22
Sub-total / average		3,414		18,477,514		90.2	%	$	182,306,843		100.0	%	$	9.87
Vacant		493		1,996,211		9.8	%		NA		NA			NA
Total / average		3,907		20,473,725		100.0	%	$	182,306,843		100.0	%	$	8.90

Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.

Page 23

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of March 31, 2004

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		5		130,729		1.0	%	$	506,000		0.0	%	$	0.00
2004		15		367,151		2.9	%		1,715,161		2.3	%		4.67
2005		27		551,953		4.4	%		2,940,937		3.9	%		5.33
2006		30		721,681		5.7	%		499,886		0.7	%		0.69
2007		37		965,901		7.7	%		6,269,326		8.3	%		6.49
2008		32		780,082		6.2	%		4,932,060		6.5	%		6.32
2009		30		1,060,589		8.4	%		6,260,720		8.3	%		5.90
2010		19		524,248		4.2	%		3,770,540		5.0	%		7.19
2011		23		964,431		7.7	%		5,927,277		7.9	%		6.15
2012		20		787,899		6.3	%		5,619,863		7.5	%		7.13
2013		13		474,518		3.8	%		3,003,353		4.0	%		6.33
Thereafter		92		4,331,223		34.4	%		33,939,044		45.0	%		7.84
Sub-total / average		343		11,660,405		92.5	%	$	75,384,167		99.3	%	$	6.46
Vacant		32		945,074		7.5	%		NA		NA			NA
Total / average		375		12,605,479		100.0	%	$	75,384,167		99.3	%	$	5.98

Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.

Page 24

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of March 31, 2004

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		109		205,144		2.6	%	$	2,229,385		2.1	%	$	10.87
2004		550		1,032,446		13.1	%		14,085,778		13.2	%		13.64
2005		682		1,455,588		18.5	%		20,528,208		19.2	%		14.10
2006		638		1,341,514		17.0	%		24,368,849		22.8	%		18.17
2007		439		1,018,308		12.9	%		15,951,241		14.9	%		15.66
2008		364		890,952		11.3	%		14,423,761		13.5	%		16.19
2009		128		341,639		4.3	%		4,926,438		4.6	%		14.42
2010		45		125,737		1.6	%		2,413,082		2.3	%		19.19
2011		22		74,050		0.9	%		1,638,566		1.5	%		22.13
2012		20		80,035		1.0	%		1,699,217		1.6	%		21.23
2013		19		81,289		1.0	%		1,586,688		1.5	%		19.52
Thereafter		55		170,407		2.2	%		3,071,463		2.9	%		18.02
Sub-total / average		3,071		6,817,109		86.6	%	$	106,922,676		100.0	%	$	15.68
Vacant		461		1,051,137		13.4	%		NA		NA			NA
Total / average		3,532		7,868,246		100.0	%	$	106,922,676		100.0	%	$	13.59

Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.

Page 25

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

as of March 31, 2004
(in thousands, except square footage data)

				Estimated
			Target	Cost Including		Funded as of		Balance
Project	Location	Project Description	Completion Date	Land		3/31/2004		to Complete
Developments
Shops at St. Lucie        (f/k/a Cashmere)	Port St. Lucie, FL	Develop a 20,000 sf retail center	TBD	$	3,127	$	1,157	$	1,970
CVS Plaza	Miami, FL	Lease up the balance of this CVS drug-store anchored retail center.	Third quarter 2004		4,095		3,769		326
Salerno	Stuart, FL	Lease up the balance of this redeveloped Winn Dixie supermarket-anchored retail center.	Second quarter 2004		3,850		3,655		195
Waterstone	Homestead, FL	Develop a supermarket anchored center	Second quarter 2005		9,000		2,304		6,696
Westridge	McDonough, GA	Develop a supermarket anchored center	First Quarter 2006		9,000		1,836		7,164
Subtotal - Developments					29,072		12,721		16,351
Major Redevelopments
Ambassador Row Courtyard	Lafayette, LA	Reconfigure part of existing center; add an outparcel and 4,000 square feet of new space	Second quarter 2004		2,057		1,032		1,025
Bandera Festival	San Antonio, TX	Lease up the balance of the reconfigured former K Mart space	Third quarter 2004		4,012		3,742		270
Centre Point	Smithfield, NC	Lease up the balance of the reconfigured former Winn Dixie space	Fourth quarter 2004		1,776		1,613		163
Copperfield	Houston, TX	Lease up the balance of the reconfigured former Gerland space; identify tenant for vacant parcel	Third quarter 2004		4,397		2,652		1,745
East Bay Plaza	Largo, FL	Lease up the balance of the reconfigured former Scotty’s space	Third quarter 2004		793		613		180
Eustis Square	Eustis, FL	Lease up the balance of the reconfigured former Publix space	Third quarter 2004		1,089		790		299
Gulf Gate	Naples, FL	Lease up the balance of the reconfigured former Publix space; center was substantially refurbished	Fourth quarter 2004		1,075		896		179
Oakbrook Square	North Palm Beach, FL	Lease up the balance of the reconfigured Jacobsen space; reconstruction and new outparcel completed	Second quarter 2004		5,225		5,108		117
Plymouth Park North	Irving, TX	Prospecting for tenants to fill the former Fazio	TBD		8,089		6,921		1,168
Spalding Village	Griffin, GA	Reconfigure the former K Mart into multi-tenant space	TBD		3,586		2,822		764
Unigold	Winter Park, FL	Complete lease-up of new outparcel and new local space	Second quarter 2004		1,906		1,850		56
Venice Plaza	Venice, FL	Expand and reconfigure existing TJ Maxx	Fourth quarter 2004		1,471		1,093		378
Walden Woods	Plant City, FL	Lease up the balance of the reconfigured former Winn Dixie space	Second quarter 2004		1,228		1,036		192
Subtotal - Major Redevelopments					36,704		30,168		6,536
Outparcel Developments/Expansions
Belfair	Bluffton, SC	Prospecting for new tenant(s) on land held for development/expansion	TBD		1,302		1,302	—
Blanco	San Antonio, TX	Prospecting for new tenant(s) on land held for development/ expansion	TBD		2,906		2,906	—
Bluebonnet Village	Baton Rouge, LA	Prospecting for new tenant(s) on land held for development/ expansion	TBD		504		504	—
Cashmere Corners	Port St. Lucie, FL	Prospecting for one or more tenants for out parcels	TBD		466		466	—
Creekside	Arlington, TX	Prospecting for one or more tenants for out parcels	TBD		919		919	—
Skylake	Miami Beach, FL	Add additional space to existing development	Fourth quarter 2004		6,081		3,145		2,936
St. Charles	Riverview, FL	Prospecting for a tenant for existing out parcel	TBD		206		206	—
Subtotal - Outparcel Developments/Expansions					12,384		9,448		2,936
All other development activity					2,377		2,001		376
Total - All Development Activity				$	80,537	$	54,338	$	26,199

Page 26

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

as of March 31, 2004
(in thousands, except square footage data)

2004 Acquisition Activity

				Square Feet/		Purchase
Date Purchased	Property Name	City	State	Acres		Price
Feb. 3, 2004	Bluebonnet Outparcel	Baton Rouge	LA	0.9 acres		$	500
Feb. 4, 2004	Pavilion Shopping Center	Naples	FL		161,245		24,200
March 24, 2004	Village Center	Southland	TX		118,092		17,475
March 24, 2004	Creekside Plaza	Arlington	TX		101,016		14,025
March 31, 2004	Sparkleberry	Columbia	SC		339,051		45,150
March 31, 2004	Venice Shopping Center	Venice	FL		111,934		6,447
Total						$	107,797

2004 Disposition Activity

				Square Feet/		Sales
Date Sold	Property Name	City	State	Acres		Price		Gain on Sale
Feb. 23, 2004	Southwest Walgreens	Phoenix	AZ		93,402	$	6,650	$	2,035
Total						$	6,650	$	2,035

Page 27

EQUITY ONE, INC. AND SUBSIDIARIES

JOINT VENTURE INVESTMENTS

as of March 31, 2004
(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 March 31, 2004. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,849 as of March 31, 2004, 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.

Page 28

EQUITY ONE, INC. AND SUBSIDIARIES

ANALYST COVERAGE

as of March 31, 2004

BB&T Capital Markets		Legg Mason Wood Walker, Inc.
	Stephanie M. Krewson		David M. Fick, CPA
	804-782-8784		410-454-5018
	Chris J. Woronka		Nathen Isbee
	804-782-8804		410-454-4143
Bear Stearns & Co. Inc.		McDonald Investments Inc.
	Ross Smotrich		Richard C. Moore II CFA
	212-272-8046		216-443-2815
	Amy L. Young, CFA		Richard D. Sweigard
	212-272-3523		216-563-2501
Deutsche Bank Securities Inc.		Raymond James & Associates, Inc.
	Louis W. Taylor		Paul D. Puryear
	212-250-4912		727-567-2253
	Christopher A. Capalongo		Ken Avalos
	212-250-7726		727-567-2660
JP Morgan Securities Inc.		UBS Securities LLC
	Michael W. Meuller, CFA		Keith A. Mills
	212-622-6689		212-713-3098
	Joshua Bederman		Ian C. Weissman
	212-622-6530		212-713-8602

Page 29

EQUITY ONE, INC. AND SUBSIDIARIES

STOCK PRICE AND VOLUME STATISTICS

for the three months ended March 31, 2004

*Data obtained from Yahoo Chart Services

Page 30