Exhibit 99.2

Equity One, Inc.
Supplemental Information Package

June 30, 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
June 30, 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		9
CONSOLIDATED BALANCE SHEETS		10
DEBT SUMMARY		11
PROPERTY STATUS REPORT		15
ANNUAL MINIMUM RENT BY STATE		20
LEASING ACTIVITY		21
TENANT CONCENTRATION SCHEDULES		23
SHOPPING CENTER LEASE EXPIRATION SCHEDULES		24
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS		28
REAL ESTATE ACQUISITIONS AND DISPOSITIONS		29
JOINT VENTURE INVESTMENTS		30
ANALYST COVERAGE		31
STOCK PRICE AND VOLUME STATISTICS		32

EQUITY ONE, INC. AND SUBSIDIARIES
DISCLOSURES
for the periods ended June 30, 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 June 30, 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. Also, the results of operations of any property acquired are included in our financial statements since the date of its acquisition.

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 included in earnings on a net basis. 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, particularly REITs, and is provided as a supplemental measure of operating performance beyond the primary GAAP presentations. 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 of our 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 BALANCE SHEET INFORMATION
as of June 30, 2004 and December 31, 2003
(in thousands, except per share data)

	June 30, 2004			Dec 31, 2003
Closing market price	$	18.08		$	16.88
Dividend yield (based on current annualized dividend)		6.19	%		6.64	%
Net Book value per share (fully diluted, end of period)	$	11.86		$	11.77
Liquidity
Cash and cash equivalents	$	—		$	966
Cash held in escrow	$	5,814		$	—
Revolving credit facilities
Gross available under current credit facilities		345,000			345,000
less: Outstanding balance		(80,541	)		(162,000	)
Holdback for letters of credit		(1,456	)		(1,378	)
Net available under credit facilities	$	263,003		$	181,622
Equity market capitalization (end of period)
Common stock shares (in thousands)
Basic common stock shares		70,241.851			68,704.279
Diluted common shares
Unvested restricted common shares		513.131			649.133
Walden Woods shares (downREIT)		93.656			93.656
IRT Partners operating partnership units		734.266			734.266
Common stock options (treasury method, closing price)		419.820			370.164
Fully diluted common stock shares		72,002.724			70,551.498
Total debt (excluding unamortized premium/discount)	$	939,357		$	771,103
Cash and cash equivalents, cash held in escrow		(5,814	)		(966	)
Net debt		933,543			770,137
Equity market capitalization (fully diluted, end of period)		1,301,809			1,190,909
Total market capitalization	$	2,235,352		$	1,961,046
Net debt to total market capitalization		41.8	%		39.3	%
Gross real estate and securities held for investment	$	1,881,420		$	1,683,705
Net debt to gross real estate and securities held for investment		49.6	%		45.7	%
Fixed rate debt	$	747,741		$	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		71,616			92,000
Total debt (excluding unamortized premium/discount)	$	939,357		$	771,103
% Fixed rate debt		79.6	%		79.0	%
% Fixed rate debt - swapped to variable rate		10.6	%		0.0	%
% Variable rate debt - swapped to fixed rate		2.1	%		9.1	%
% Variable rate debt - unhedged		7.6	%		11.9	%
% Variable rate debt - Total		18.3	%		11.9	%
Weighted-average interest rate on mortgage debt		7.25	%		7.45	%
Weighted-average interest rate on senior unsecured notes		5.16	%		7.55	%
Weighted-average interest rate on revolving credit facilities		2.05	%		2.06	%

Page 5

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended June 30, 2004 and 2003
(in thousands, except per share data)

	Three months ended						Six months ended
	June 30, 2004			June 30, 2003			June 30, 2004			June 30, 2003
Rental revenue:
Minimum rents	$	44,266		$	35,290		$	84,615		$	62,418
Expense recoveries		11,575			10,155			22,871			17,697
Termination fees		322			438			407			493
Percentage rent payments		285			437			1,617			1,372
Total rental revenue		56,448			46,320			109,510			81,980
Costs and expenses:
Property operating expenses		14,632			12,459			28,387			22,760
Rental property depreciation and amortization		8,857			6,755			17,010			11,449
General and administrative expenses		3,809			3,279			7,261			5,520
Total costs and expenses		27,298			22,493			52,658			39,729
Income before other income and expenses, discontinued operations and minority interest		29,150			23,827			56,852			42,251
Other income and expenses:
Interest expense		(11,657	)		(10,205	)		(21,984	)		(17,577	)
Amortization of deferred financing fees		(374	)		(279	)		(610	)		(535	)
Investment income		194			343			402			874
Other income		59			27			123			90
Equity in loss of joint ventures		(27	)		(30	)		(28	)		(64	)
Loss on extinguishment of debt		—			—			—			(513	)
Income before discontinued operations and minority interest		17,345			13,683			34,755			24,526
Discontinued operations:
Income from operations of sold properties		1,861			1,536			2,870			2,675
(Loss) gain on disposal of income producing properties		(483	)		1,371			1,552			1,874
Income from discontinued operations		1,378			2,907			4,422			4,549
Income before minority interest		18,723			16,590			39,177			29,075
Minority interest		(188	)		(238	)		(403	)		(379	)
Net income	$	18,535		$	16,352		$	38,774		$	28,696
Basic earnings per share
Income before discontinued operations	$	0.25		$	0.22		$	0.50		$	0.45
Income from discontinued operations		0.02			0.05			0.06			0.08
Net income	$	0.27		$	0.27		$	0.56		$	0.53
Diluted earnings per share
Income before discontinued operations	$	0.24		$	0.21		$	0.49		$	0.44
Income from discontinued operations		0.02			0.05			0.06			0.08
Net income	$	0.26		$	0.26		$	0.55		$	0.52
Weighted average shares outstanding
Basic		69,711			60,920			69,413			54,080
Diluted		71,419			62,824			71,211			55,671

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended June 30, 2004 and 2003
(in thousands, except per share data)

	Three months ended									Six months ended
	June 30, 2004									June 30, 2004
	As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
	Reported			Operations			No. 144			Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	44,266		$	1,757		$	46,023		$	84,615		$	3,585		$	88,200
Expense recoveries		11,575			267			11,842			22,871			705			23,576
Termination fees		322			784			1,106			407			794			1,201
Percentage rent payments		285			174			459			1,617			220			1,837
Total rental revenue		56,448			2,982			59,430			109,510			5,304			114,814
Costs and expenses:
Property operating expenses		14,632			614			15,246			28,387			1,371			29,758
Rental property depreciation and amortization		8,857			232			9,089			17,010			511			17,521
General and administrative expenses		3,809			—			3,809			7,261			—			7,261
Total costs and expenses		27,298			846			28,144			52,658			1,882			54,570
Income before other income and expenses, discontinued operations and minority interest		29,150			2,136			31,286			56,852			3,422			60,274
Other income and expenses:
Interest expense		(11,657	)		(245	)		(11,902	)		(21,984	)		(492	)		(22,476	)
Amortization of deferred financing fees		(374	)		(30	)		(404	)		(610	)		(60	)		(670	)
Investment income		194			—			194			402			—			402
Other income		59			—			59			123			—			123
Equity in (loss) income of joint ventures		(27	)		—			(27	)		(28	)		—			(28	)
Income before discontinued operations and minority interest		17,345			1,861			19,206			34,755			2,870			37,625
Discontinued operations:
Income from operations of sold properties		1,861			(1,861	)		—			2,870			(2,870	)		—
(Loss) gain on disposal of income producing properties		(483	)		—			(483	)		1,552			—			1,552
Total income from discontinued operations		1,378			(1,861	)		(483	)		4,422			(2,870	)		1,552
Income before minority interest		18,723			—			18,723			39,177			—			39,177
Minority interest		(188	)		—			(188	)		(403	)		—			(403	)
Net income	$	18,535		$	—		$	18,535		$	38,774		$	—		$	38,774

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 June 30, 2004 and 2003
(in thousands, except per share data)

	Three months ended									Six months ended
	June 30, 2003									June 30, 2003
	As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
	Reported			Operations			No. 144			Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	35,290		$	2,381		$	37,671		$	62,418		$	4,422		$	66,840
Expense recoveries		10,155			431			10,586			17,697			898			18,595
Termination fees		438			—			438			493			4			497
Percentage rent payments		437			26			463			1,372			104			1,476
Total rental revenue		46,320			2,838			49,158			81,980			5,428			87,408
Costs and expenses:
Property operating expenses		12,459			864			13,323			22,760			1,621			24,381
Rental property depreciation and amortization		6,755			331			7,086			11,449			683			12,132
General and administrative expenses		3,279			—			3,279			5,520			—			5,520
Total costs and expenses		22,493			1,195			23,688			39,729			2,304			42,033
Income before other income and expenses, discontinued operations and minority interest		23,827			1,643			25,470			42,251			3,124			45,375
Other income and expenses:
Interest expense		(10,205	)		(383	)		(10,588	)		(17,577	)		(730	)		(18,307	)
Amortization of deferred financing fees		(279	)		(30	)		(309	)		(535	)		(60	)		(595	)
Investment income		343			—			343			874			—			874
Other income		27			—			27			90			—			90
Equity in (loss) income of joint ventures		(30	)		306			276			(64	)		451			387
Loss on extinguishment of debt		—			—			—			(513	)		(110	)		(623	)
Income before discontinued operations and minority interest		13,683			1,536			15,219			24,526			2,675			27,201
Discontinued operations:
Income from operations of sold properties		1,536			(1,536	)		—			2,675			(2,675	)		—
Gain on disposal of income producing properties		1,371			—			1,371			1,874			—			1,874
Total income from discontinued operations		2,907			(1,536	)		1,371			4,549			(2,675	)		1,874
Income before minority interest		16,590			—			16,590			29,075			—			29,075
Minority interest		(238	)		—			(238	)		(379	)		—			(379	)
Net income	$	16,352		$	—		$	16,352		$	28,696		$	—		$	28,696

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 June 30, 2004 and 2003
(in thousands, except per share data)

	Three months ended						Six months ended
	Jun 30, 2004			Jun 30, 2003			Jun 30, 2004			Jun 30, 2003
Funds from Operations
Net income	$	18,535		$	16,352		$	38,774		$	28,696
Adjustments:
Rental property depreciation and amortization, including discontinued operations		9,089			7,086			17,521			12,132
Loss (gain) on disposal of income producing properties		483			(1,371	)		(1,552	)		(1,874	)
Minority interest		174			238			373			379
Other items:
Interest on convertible partnership units		—			(22	)		—			43
Pro-rata share of real estate depreciation from joint ventures		66			139			130			300
Funds from operations	$	28,347		$	22,422		$	55,246		$	39,676
Increase		26.4	%					39.2	%
Earnings per diluted share*	$	0.26		$	0.26		$	0.55		$	0.52
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.13			0.12			0.25			0.21
Loss (gain) on disposal of income producing properties		0.01			(0.02	)		(0.02	)		(0.03	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		0.00			0.00			0.00			0.01
Funds from operations per diluted share	$	0.40		$	0.36		$	0.78		$	0.71
Increase		11.1	%					9.9	%

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

Funds Available for Distribution
Funds from operations	$	28,347		$	22,422		$	55,246		$	39,676
Adjust for certain non-cash items:
Amortization of deferred financing fees		404			309			670			595
Amortization of restricted stock		1,260			609			2,432			1,089
Straight line rents		(1,070	)		(477	)		(1,615	)		(810	)
Capitalized interest		(720	)		(583	)		(1,532	)		(1,267	)
Amortization of debt premium/discount		(1,247	)		(1,037	)		(2,463	)		(1,366	)
Total adjusted for certain non-cash items		(1,373	)		(1,179	)		(2,508	)		(1,759	)
Adjust for recurring capital expenditures:
Tenant improvements		(409	)		(67	)		(639	)		(335	)
Leasing commissions and costs		(967	)		(318	)		(1,136	)		(531	)
Other capital expenditures		(285	)		(203	)		(526	)		(307	)
Total recurring capital expenditures		(1,661	)		(588	)		(2,301	)		(1,173	)
Funds available for distribution before debt payments	$	25,313		$	20,655		$	50,437		$	36,744
Scheduled debt payments		(2,405	)		(2,043	)	$	(4,693	)	$	(4,193	)
Funds available for distribution	$	22,908		$	18,612		$	45,744		$	32,551
Increase		23.1	%					40.5	%
Funds available for distribution per diluted share	$	0.32		$	0.30		$	0.64		$	0.58
Increase		6.7	%					10.3	%
Cash Dividends	$	19,725		$	17,084		$	39,355		$	33,214
Weighted average diluted shares		71,419			62,824			71,211			55,671

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of June 30, 2004 and December 31, 2003
(in thousands, except per share data)

	Jun 30, 2004			Dec 31, 2003
Assets
Properties
Income producing	$	1,780,145		$	1,594,579
Less: accumulated depreciation		(78,492	)		(66,406	)
Rental property		1,701,653			1,528,173
Construction in progress and land held for development		38,803			74,686
Property held for sale		44,185			14,440
Properties, net		1,784,641			1,617,299
Cash and cash equivalents		—			966
Cash held in escrow		5,814			—
Accounts and other receivables, net		9,403			13,492
Securities held for investment		18,287			—
Investments in joint ventures		2,833			2,861
Goodwill		14,477			14,014
Other assets		44,125			28,754
Total	$	1,879,580		$	1,677,386
Liabilities and stockholders’ equity
Liabilities
Mortgage notes payable	$	497,741		$	459,103
Unsecured revolving credit facilities		80,541			162,000
Unsecured senior notes payable		350,000			150,000
Margin payable		11,075			—
Total debt		939,357			771,103
Unamortized premium/discount on notes payable		21,585			24,218
Total notes payable		960,942			795,321
Accounts payable and accrued expenses		39,638			25,211
Tenant security deposits		8,358			7,706
Other liabilities		4,196			5,924
Total liabilities		1,013,134			834,162
Minority interest		12,400			12,672
Stockholders’ equity
Common stock		708			694
Additional paid-in capital		867,154			843,678
Retained earnings		—			—
Accumulated other comprehensive loss		(4,970	)		(122	)
Unamortized restricted stock compensation		(8,258	)		(10,091	)
Notes receivable from issuance of common stock		(588	)		(3,607	)
Total stockholders’ equity		854,046			830,552
Total	$	1,879,580		$	1,677,386

Page 10

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of June 30, 2004
(in thousands)

	Maturity					Jun 30, 2004		Dec 31, 2003
Property	date		Rate (1)			balance		balance
Fixed rate mortgage debt
Middle Beach		10/01/04		7.375	%	$	2,747	$	2,808
Lantana Village		02/15/05		6.950	%		3,592		3,669
Woodruff		05/10/05		7.580	%		3,033		3,096
Elmwood Oaks		06/01/05		8.375	%		7,500		7,500
Benchmark Crossing		08/01/05		9.250	%		3,270		3,313
Sterling Plaza		09/01/05		8.750	%		3,929		3,982
Townsend Square		10/01/05		8.500	%		4,809		4,848
Green Oaks		11/01/05		8.375	%		2,981		3,022
Melbourne Plaza		11/01/05		8.375	%		1,723		1,747
Walden Woods		08/01/06		7.875	%		2,330		2,387
Big Curve		10/01/06		9.190	%		5,375		5,437
Highland Square		12/01/06		8.870	%		4,000		4,047
Park Northern		12/01/06		8.370	%		2,234		2,284
Crossroads Square		12/01/06		8.440	%		12,419		12,510
Rosemeade		12/01/07		8.295	%		3,145		3,179
Colony Plaza		01/01/08		7.540	%		2,996		3,015
Parkwood		01/01/08		7.280	%		6,153		6,196
Richwood		01/01/08		7.280	%		3,170		3,192
Commonwealth		02/15/08		7.000	%		2,696		2,754
Mariners Crossing		03/01/08		7.080	%		3,356		3,380
Pine Island/Ridge Plaza		07/01/08		6.910	%		24,763		24,938
Forestwood		01/01/09		5.070	%		7,208		7,286
Shoppes of North Port		02/08/09		6.650	%		4,059		4,108
Prosperity Centre		03/01/09		7.875	%		6,210		6,390
North Village Center		03/15/09		8.130	%		—		1,463
Shoppes of Ibis		09/01/09		6.730	%		5,777		5,865
Tamarac Town Square		10/01/09		9.190	%		6,165		6,206
Park Promenade		02/01/10		8.100	%		6,272		6,302
Skipper Palms		03/01/10		8.625	%		3,542		3,556
Jonathan’s Landing		05/01/10		8.050	%		2,885		2,901
Bluff’s Square		06/01/10		8.740	%		10,046		10,086
Kirkman Shoppes		06/01/10		8.740	%		9,487		9,524
Ross Plaza		06/01/10		8.740	%		6,616		6,642
Boynton Plaza		07/01/10		8.030	%		7,459		7,494
Pointe Royale		07/15/10		7.950	%		4,411		4,533
Westgate		07/31/10		4.880	%		29,848		—
Plymouth Park East 1 (2)		08/01/10		8.250	%		148		150
Plymouth Park East 2 (2)		08/01/10		8.250	%		444		451
Plymouth Park North (2)		08/01/10		8.250	%		7,928		8,043
Plymouth Park South (2)		08/01/10		8.250	%		592		601
Plymouth Park Story North (2)		08/01/10		8.250	%		365		370
Plymouth Park West (2)		08/01/10		8.250	%		2,369		2,404

Page 11

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of June 30, 2004
(in thousands)

	Maturity					Jun 30, 2004		Dec 31, 2003
Property	date		Rate (1)			balance		balance
Shops at Skylake		08/01/10		7.650	%	$	14,450	$	14,628
Parkwest Crossing		09/01/10		8.100	%		4,707		4,728
Spalding Village		09/01/10		8.190	%		10,387		10,537
Minyards		11/01/10		8.320	%		2,492		2,511
Charlotte Square		02/01/11		9.190	%		3,583		3,614
Forest Village		04/01/11		7.270	%		4,465		4,488
Boca Village		05/01/11		7.200	%		8,255		8,298
MacLand Pointe		05/01/11		7.250	%		5,829		5,859
Pine Ridge Square		05/01/11		7.020	%		7,314		7,354
Sawgrass Promenade		05/01/11		7.200	%		8,255		8,298
Presidential Markets		06/01/11		7.650	%		27,292		27,420
Lake Mary		11/01/11		7.250	%		24,408		24,529
Lake St. Charles		11/01/11		7.130	%		3,854		3,873
Belfair Towne Village		12/01/11		7.320	%		11,298		11,379
Marco Town Center		01/01/12		6.700	%		8,656		8,731
Riverside Square		03/01/12		9.190	%		7,642		7,694
Sparkleberry Square 1 (3)		10/31/12		6.170	%		6,717		—
Cashmere		11/01/12		5.880	%		5,194		5,245
Eastwood		11/01/12		5.880	%		6,189		6,250
Meadows		11/01/12		5.870	%		6,504		6,568
Lutz Lake		12/01/12		6.280	%		7,500		7,500
Summerlin Square		02/01/14		6.750	%		3,762		3,898
Bird Ludlum		02/15/15		7.680	%		9,999		10,296
Treasure Coast		04/01/15		8.000	%		4,671		4,804
Shoppes of Silverlakes		07/01/15		7.750	%		2,705		2,781
Grassland Crossing		12/01/16		7.870	%		5,908		5,985
Mableton Crossing		08/15/18		6.850	%		4,110		4,157
Sparkleberry Square 2 (3)		06/30/20		6.750	%		8,060		—
BridgeMill		05/05/21		7.940	%		9,477		9,555
Chastain Square		02/28/24		6.500	%		3,870		3,918
Daniel Village		02/28/24		6.500	%		4,230		4,282
Douglas Commons		02/28/24		6.500	%		5,041		5,102
Fairview Oaks		02/28/24		6.500	%		4,771		4,829
Madison Centre		02/28/24		6.500	%		3,871		3,918
Paulding Commons		02/28/24		6.500	%		6,571		6,651
Siegen Village		02/28/24		6.500	%		4,276		4,328
Wesley Chapel Crossing		02/28/24		6.500	%		3,376		3,416
Total fixed rate mortgage debt (78 loans)	6.12 years			7.250	%	$	497,741	$	459,103
Net interest premium/discount	(wtd-avg maturity)		(wtd-avg rate)				11,035		11,779
Total fixed rate mortgage debt (including net interest premium/discount)						$	508,776	$	470,882

Page 12

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of June 30, 2004
(in thousands)

	Maturity					Jun 30, 2004		Dec 31, 2003
Property	date		Rate (1)			balance		balance
Fixed rate unsecured senior notes payable
7.77% senior notes		04/01/06		7.770	%	$	50,000	$	50,000
7.25% senior notes		08/15/07		7.250	%		75,000		75,000
3.875% senior notes (4)		04/15/09		3.875	%		200,000		—
7.84% senior notes		01/23/12		7.840	%		25,000		25,000
Total fixed rate unsecured senior notes payable	4.24 years			5.161	%		350,000		150,000
Net interest premium/discount			(wtd-avg rate)				10,550		12,439
Total fixed rate unsecured senior notes payable (including net interest premium/discount)						$	360,550	$	162,439
Total fixed rate debt						$	847,741	$	609,103
Net interest premium/discount							21,585		24,218
Total fixed rate debt (including net interest premium/discount)						$	869,326	$	633,321
Revolving credit facilities
$340MM Wells Fargo Unsecured (5)		02/12/06		2.048	%		80,500		162,000
$5MM City National Bank Unsecured (6)		08/13/04		3.489	%		41		—
Total revolving credit facilities						$	80,541	$	162,000
Margin debt	NA			2.750	%	$	11,075	$	—
Total debt						$	939,357	$	771,103
Net interest premium/discount							21,585		24,218
Total debt (including net interest premium/discount)						$	960,942	$	795,321
Senior Unsecured Debt Ratings
Moody’s						Baa3 (Stable)		Baa3 (Stable)
S&P						BBB- (Stable)		BBB- (Stable)

Page 13

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of June 30, 2004
(in thousands)

	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving		Senior
by year	amortization		payments (7)		Credit Facilities (7)		Notes		Total (8)
2004	$	5,100	$	2,727	$	41	$	—	$	7,868
2005		10,420		30,093		—				40,513
2006		10,660		24,758		80,500		50,000		165,918
2007		10,804		2,864		—		75,000		88,668
2008		10,902		40,104		—		—		51,006
2009		10,592		24,332		—		200,000		234,924
2010		9,396		107,551		—		—		116,947
2011		7,230		93,433		—		—		100,663
2012		5,952		40,056		—		25,000		71,008
2013		5,526		—		—		—		5,526
Thereafter		36,447		8,794		—		—		45,241
Total	$	123,029	$	374,712	$	80,541	$	350,000	$	928,282

(1)	The rate in effect on June 30, 2004.
(2)	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.
(3)	The Sparkleberry property is encumbered by two separate mortgages.
(4)	$100M of the outstanding balance has been swapped to a floating interest rate based on 6 month LIBOR in arrears, plus 0.4375%. The indicated rate and weighted average rate for the unsecured notes does not reflect this interest rate swap.
(5)	The indicated rate includes the effect of interest rate swaps.
(6)	The rate in effect at June 30, 2004 based on one month LIBOR plus 2.25%
(7)	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.
(8)	Excludes margin payable of $11,075.

Page 14

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of June 30, 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	$	9.68
																		(6/1/2017	)
West Gate Plaza	Mobile		1974, 1995 / 1985		64,378		99.2	%		8		1		44,000			Winn-Dixie			Rite Aid		7.13
																		(7/19/2015	)
TOTAL SHOPPING CENTERS ALABAMA (2)					129,215		99.6	%		21		1		81,912		0					$	8.41
ARIZONA (2)
Big Curve	Yuma		1969 / 1996		126,402		94.6	%		31		2				60,000	Albertsons			Miller’s Outpost		9.71
Park Northern	Phoenix		1982 / 1996		126,852		94.1	%		22		3		51,511			Safeway			Bealls, Chuck E Cheese, Life Skills Center		6.80
																		(5/31/2008	)
TOTAL SHOPPING CENTERS ARIZONA (2)					253,254		94.4	%		53		5		51,511		60,000					$	8.26
FLORIDA (75)
North Florida (14)
Atlantic Village	Atlantic Beach		1984 / 1998		100,559		98.0	%		25		1		39,795			Publix			JoAnn Fabrics, Dollar Tree		9.81
																		(10/31/2008	)
Beauclerc Village	Jacksonville		1962 / 1988		70,429		83.5	%		9		2								Big Lots, Goodwill, Bealls Outlet		7.57
Commonwealth	Jacksonville		1984 / 1998		81,467		95.6	%		15		1		48,997			Winn-Dixie/Save Rite					8.33
																		(2/28/2018	)
Forest Village	Tallahassee		2000		71,526		93.9	%		14		3		37,866			Publix					10.39
																		(4/30/2020	)
Ft. Caroline	Jacksonville		1985 / 1995		74,546		94.6	%		10		3		45,500			Winn-Dixie			Eckerd* (Bealls Outlet)		7.31
																		(5/31/2015	)
Losco	Jacksonville		2000		8,700		100.0	%		7		0				45,820	Winn-Dixie					19.06
Mandarin Landing	Jacksonville		1976 / 2000		141,565		100.0	%		37		0		34,400			Publix			Office Depot, Eckerd		9.39
																		(2/14/2007	)
Medical & Merchants	Jacksonville		1993		152,761		96.1	%		15		4		55,999			Publix			Memorial Health Group, Blockbuster		11.81
																		(2/10/2013	)
Middle Beach	Panama City Beach		1994		69,277		100.0	%		9		0		56,077			Publix			Movie Gallery		9.39
																		(9/30/2014	)
Monument Point	Jacksonville		1985 / 1997		75,128		100.0	%		12		0		46,772			Winn-Dixie			Eckerd		6.68
																		(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
																		(12/31/2004	)
South Beach	Jacksonville Beach		1990, 1991		289,964		94.3	%		42		8		29,000			Food Lion			Kmart, Stein Mart, Bealls		9.19
																		(3/31/2010	)
Central Florida (10)
Alafaya Commons	Orlando		1987		123,133		97.5	%		27		2		54,230			Publix			Blockbuster		11.66
																		(11/30/2007	)
Conway Crossing	Orlando		2002		76,321		98.0	%		17		1		44,271			Publix					11.36
																		(4/30/2022	)
Eastwood	Orlando		1997		69,037		97.2	%		12		1		51,512			Publix					11.03
																		(11/1/2017	)
Hunters Creek	Orlando		1998		68,032		100.0	%		9		0		51,255			Winn-Dixie					10.83
																		(9/23/2018	)
Kirkman Shoppes	Orlando		1973		88,820		100.0	%		30		0								Eckerd		15.94
Lake Mary	Orlando		1988 / 2001		342,384		97.8	%		66		3		63,139			Albertsons			Kmart, Euro Fitness, Sun Star Theatres		11.00
																		(6/30/2012	)
Park Promenade	Orlando		1987 / 2000		125,818		96.2	%		23		3		55,000			Publix*			Orange County Library, Blockbuster,		8.83
																		(2/9/2007	)	Goodwill
Town & Country	Kissimmee		1993		72,043		100.0	%		13		0		52,883			Albertsons					7.28
																		(10/31/2018	)
Unigold	Winter Park		1987		117,527		89.9	%		23		1		52,500			Winn-Dixie			Blockbuster		10.83
																		(4/30/2007	)
Walden Woods	Plant City, FL		1985 / 1998, 2003		72,950		100.0	%		12		0								Walgreens, Dollar Tree, Aaron Rents,		6.28
																				llar General
Florida West Coast (17)
Bay Pointe Plaza	St. Petersburg		1984 / 2002		103,986		90.7	%		17		7		52,610			Publix			Eckerd* (Bealls Outlet), West Marine		9.61
																		(11/30/2021	)
Carrollwood	Tampa		1970 / 2002		94,203		80.0	%		26		10		27,887			Publix			Eckerd		11.07
																		(11/30/2022	)
Charlotte Square	Port Charlotte		1980		96,188		98.8	%		26		1		44,024			Publix			Pet Supermarket		8.01
																		(1/31/2011	)
Chelsea Place	New Port Richey		1992		81,144		98.3	%		17		1		48,890			Publix			Eckerd		10.85
																		(5/27/2012	)
Lake St. Charles	Tampa		1999		57,015		100.0	%		8		0		46,295			Kash n’ Karry					9.79
																		(6/30/2019	)
Lutz Lake	Lutz		2002		64,985		100.0	%		15		0		44,270			Publix					13.71
																		(5/31/2022	)
Marco Town Center	Marco Island		2001		109,830		94.4	%		39		6		27,887			Publix			West Marine		16.49
																		(1/31/2018	)
Mariners Crossing	Spring Hill		1989 / 1999		85,507		94.6	%		13		3		48,315			Kash n’ Karry					8.16
																		(4/30/2020	)
North River Village	Ellenton		1988, 1993		177,128		100.0	%		16		0		42,112			Publix			Kmart, Walgreens* (Dollar Tree), Bealls		7.27
																		(7/20/2008	)	Outlet
Pavilion	Naples		1982		161,245		92.9	%		39		3		50,795			Publix			Pavillion 6 Theatre, Anthony’s		14.07
																		(2/28/2013	)
Regency Crossing	Port Richey		1986 / 2001		85,864		87.4	%		16		9		44,270			Publix					10.58
																		(2/28/2021	)
Ross Plaza	Tampa		1984 / 1996		85,359		95.1	%		16		4								Walgreens*, Ross Dress for Less		9.39
Seven Hills	Spring Hill		1991		64,590		97.7	%		11		1		48,890			Publix					9.51
																		(9/25/2011	)
Shoppes of North Port	North Port		1991		84,705		100.0	%		22		0		48,890			Publix			Bealls Outlet		9.84

Page 15

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of June 30, 2004

									number				Supermarket anchor
		Year built /		Total square		Percent			of tenants				owned		shadow		name				Average 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		10.04
																		(6/4/2006	)
Venice Shopping Center	Venice		1968 / 2000		111,934		91.4	%		13		2		44,271			Publix			Beall’s Outlet, Dollar Tree, Wachovia Bank		5.06
																		(12/31/2026	)
Florida Treasure Coast (8)
Bluffs Square	Jupiter		1986		132,395		99.5	%		47		1		39,795			Publix			Walgreens		11.81
																		(10/22/2006	)
Cashmere Corners	Port St. Lucie		2001		89,234		100.0	%		18		0		59,448			Albertsons					8.09
																		(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		97.8	%		32		2		42,112			Publix			Walgreens* (Bealls Outlet), Bealls Home		10.04
																		(9/30/2007	)	Outlet, Blockbuster
Old King Commons	Palm Coast		1988		84,759		100.0	%		19		0								Wal-Mart* (Bealls Outlet)		7.97
Ryanwood	Vero Beach		1987		114,925		99.0	%		31		1		39,795			Publix			Bealls Outlet, Books-A-Million		9.59
																		(3/23/2017	)
Salerno Village	Stuart		1987		79,903		90.9	%		15		7		49,002			Winn-Dixie			Eckerd		10.21
																		(3/23/2024	)
Treasure Coast	Vero Beach		1983		133,781		93.0	%		20		5		59,450			Winn-Dixie			TJ Maxx		8.58
																		(4/12/2015	)
South Florida / Atlantic Coast (26)
Bird Ludlum	Miami		1988 / 1998		192,282		97.9	%		45		1		44,400			Winn-Dixie			Eckerd, Blockbuster, Goodwill		14.92
																		(12/31/2007	)
Boca Village	Boca Raton		1978		93,428		100.0	%		22		0		36,000			Publix			Eckerd		15.22
																		(3/31/2007	)
Boynton Plaza	Boynton Beach		1978 / 1999		99,324		100.0	%		29		0		37,664			Publix			Eckerd, Hollywood Video		10.92
																		(8/31/2008	)
Countryside Shops	Cooper City		1986, 1988, 1991		179,561		97.7	%		45		1		39,795			Publix			Eckerd, Stein Mart		12.35
																		(12/4/2005	)
Crossroads Square	Ft. Lauderdale		1973		270,206		97.7	%		23		4								Lowe’s, Eckerd, Goodyear		7.73
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										16.15
Greenwood	Palm Springs		1982, 1994		132,325		88.8	%		29		6		50,032			Publix			Bealls Outlet, World Savings Bank		11.87
																		(12/5/2014	)
Lago Mar	Miami		1995		82,613		89.6	%		18		3		42,323			Publix			Blockbuster		12.81
																		(9/13/2015	)
Lantana Village	Lantana		1976 / 1999		181,780		99.2	%		24		2		39,473			Winn-Dixie			Kmart, Rite Aid* (Dollar Store), Hollywood		7.00
																		(2/15/2011	)	Video
Meadows	Miami		1997		75,524		98.7	%		19		1		47,955			Publix					12.41
																		(7/9/2017	)
Pine Island	Davie		1983 / 1999		254,907		98.0	%		45		2		39,943			Publix			Home Depot Expo, Bealls Outlet		9.82
																		(11/30/2013	)
Pine Ridge Square	Coral Springs		1986 / 1998, 1999		117,399		100.0	%		35		0		17,441			Fresh Market			Bed Bath & Beyond, Off Main Furniture,		13.23
																		(6/30/2009	)	Blockbuster
Plaza Alegre	Miami		2003		91,611		96.1	%		19		2		44,271			Publix			Goodwill, Blockbuster		14.73
																		(3/14/2023	)
** Plaza Del Rey	Miami		1985 / 1996		50,146		100.0	%		23		0								Navarro Pharmacy		13.07
Point Royale	Miami		1970 / 2000		209,863		91.7	%		22		4		45,350			Winn-Dixie			Best Buy, Eckerd* (Anna’s Linens)		6.44
																		(2/18/2011	)
Prosperity Centre	Palm Beach Gardens		1993		122,106		100.0	%		9		0								Office Depot, Barnes & Noble, Bed Bath &		15.53
																				Beyond, Carmine’s, TJ Maxx
Ridge Plaza	Davie		1984 / 1999		155,204		95.7	%		25		4			(see Pine Island)					AMC Theater, Kabooms, Wachovia* (United		9.25
																				Collection), Uncle Funny’s, Round Up
Riverside Square	Coral Springs		1987		107,941		98.6	%		35		1		39,795			Publix			Tuesday Morning		13.87
																		(2/18/2007	)
Sawgrass Promenade	Deerfield Beach		1982 / 1998		107,092		89.7	%		26		2		36,464			Publix			Walgreens, Blockbuster		10.89
																		(12/15/2009	)
Sheridan	Hollywood		1973 / 1991		455,864		96.4	%		61		5		65,537			Publix			Ross, Bed Bath & Beyond, Office Depot, AMC		13.70
																		(10/9/2011	)	Theater, Eckerd, Blockbuster
Shoppes of Ibis	West Palm Beach		1999		79,420		98.2	%		17		1		51,420			Publix					12.29
																		(4/30/2019	)
Shoppes of Silverlakes	Pembroke Pines		1995, 1997		126,788		96.2	%		37		3		47,813			Publix			Blockbuster		16.08
																		(6/14/2015	)
Shops at Skylake	North Miami Beach		1999-2003		219,199		98.3	%		43		3		51,420			Publix			Goodwill, L.A. Fitness, Blockbuster		15.53
																		(7/31/2019	)
Tamarac Town Square	Tamarac		1987		127,635		81.5	%		27		12		37,764			Publix					10.47
																		(12/15/2014	)
West Lakes Plaza	Miami		1984 / 2000		100,747		100.0	%		27		0		46,216			Winn-Dixie			Navarro Pharmacy		10.92
																		(10/31/2016	)
TOTAL SHOPPING CENTERS FLORIDA (75)					8,688,423		95.9	%		1,691		167		2,770,863		99,670					$	10.64
GEORGIA (23)
Atlanta (18)
BridgeMill	Canton		2000		89,102		95.3	%		27		3		37,888			Publix					14.93
																		(1/31/2020	)
Butler Creek	Acworth		1990		95,597		94.9	%		17		3		59,997			Kroger					10.65
																		(6/30/2018	)
Chastain Square	Atlanta		1981 / 2001		91,637		97.8	%		27		1		37,366			Publix					15.33
																		(5/31/2024	)
Commerce Crossing	Commerce		1988		100,668		91.9	%		8		2		32,000			Ingles			Wal-Mart*		4.07
																		(9/26/2009	)

Page 16

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of June 30, 2004

		Year		Total					number 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
																		(9/26/2009	)
Atlanta (continued)
Douglas Commons	Douglasville		1988		97,027		98.6	%		17		1		59,431			Kroger				$	9.95
																		(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		93.3	%		11		3		70,086			Kroger					11.46
																		(6/30/2016	)
Hamilton Ridge	Buford		2002		89,496		92.4	%		17		4		54,166			Kroger					12.86
																		(11/30/2022	)
Mableton Crossing	Mableton		1997		86,819		95.5	%		15		1		63,419			Kroger					10.17
																		(8/31/2017	)
Macland Pointe	Marietta		1992, 1993		79,699		94.0	%		15		2		55,999			Publix					9.65
																		(12/29/2012	)
Market Place	Norcross		1976		77,706		95.7	%		20		3								Peachtree Cinema		9.30
Paulding Commons	Dallas		1991		192,391		98.3	%		30		1		49,700			Kroger			Kmart		8.01
																		(2/28/2011	)
Powers Ferry Plaza	Marietta		1979, 1987 / 1998		86,473		87.5	%		21		3								Micro Center		10.53
Presidential Markets	Snellville		1993-2000		396,408		100.0	%		40		0		56,146			Publix			Bed Bath & Beyond, GAP, Shoe Carnival,		9.97
																		(12/31/2019	)	Marshalls, Carmike Cinema, Office Depot
Shops of Huntcrest	Lawrenceville		2003		97,040		98.5	%		25		1		54,340			Publix					12.32
																		(1/31/2023	)
Wesley Chapel Crossing	Decatur		1989		170,792		99.3	%		24		1		32,000			Ingles			Wal-Mart, CVS Pharmacy		6.76
																		(9/25/2009	)
West Towne Square	Rome		1988		89,596		88.6	%		15		3								Big Lots, Eckerd*		5.75
Williamsburg @ Dunwoody	Dunwoody		1983		44,928		92.9	%		25		2										17.55
Central Georgia (3)
Daniel Village	Augusta		1956 / 1997		171,932		93.5	%		35		4		45,971			Bi-Lo			Eckerd, St. Joseph Home Health Care		7.98
																		(3/25/2022	)
Spalding Village	Griffin		1989		235,318		60.3	%		22		6		59,431			Kroger			JC Penney, Blockbuster		7.68
																		(5/31/2014	)
Walton Plaza	Augusta		1990		43,460		100.0	%		8		0		32,960			Harris Teeter* /					9.49
																	Omni Fitness
																		(4/1/2011	)
South Georgia (2)
Colony Square	Fitzgerald		1987		50,000		75.2	%		4		4		32,200			Food Lion					6.29
																		(12/31/2007	)
McAlpixn Square	Savannah		1979		176,807		91.7	%		23		4		43,600			Kroger			US Post Office, Big Lots, In Fashion		7.25
																		(8/31/2015	)	Menswear Outlet
TOTAL SHOPPING CENTERS GEORGIA (23)					2,730,854		92.4	%		459		52		931,198		0					$	9.54
KENTUCKY (1)
Scottsville Square	Bowling Green		1986		38,450		67.6	%		5		7								Hancock Fabrics, Zap Zone		6.24
TOTAL SHOPPING CENTERS KENTUCKY (1)					38,450		67.6	%		5		7		0		0					$	6.24
LOUISIANA (15)
Ambassador Row	Lafayette		1980, 1991		193,978		97.3	%		22		3								Hobby Lobby*, Conn’s Appliances, Big Lots,		7.98
Chuck E Cheese Bluebonnet Village	Baton Rouge		1983		90,215		81.8	%		19		2		33,387			Matheme’s					8.57
																		(11/30/2010	)
Boulevard	Lafayette		1976, 1994		68,012		56.2	%		8		7								Piccadilly, Harbor Freight Tools		7.83
Country Club Plaza	Slidell		1982 / 1994		64,686		89.6	%		8		3		33,387			Winn-Dixie			Dollar General		5.69
																		(1/31/2008	)
Crossing	Slidell		1988, 1993		113,989		100.0	%		15		0		58,432			Save A Center			A-1 Home Appliance, Piccadilly		5.81
																		(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		33.9	%		10		4								Rite Aid		8.19
Pinhook Plaza	Lafayette		1979, 1992		194,725		21.2	%		14		17								Rite Aid		7.39
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*			Burke’s Outlet, Harbor Freight Tools,		6.14
																				Blockbuster
																		(2/28/2007	)
Siegen Village	Baton Rouge		1988		170,416		96.2	%		19		2								Office Depot, Big Lots, Dollar Tree,		8.35
																				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		8.47
																				Bath & Beyond
Wal-Mart Mathews	Mathews		1985		54,223		100.0	%		1		0								Wal-Mart		2.90
TOTAL SHOPPING CENTERS LOUISIANA (15)					1,763,152		83.0	%		161		44		175,798		0					$	6.18
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 17

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of June 30, 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
NORTH CAROLINA (12)
Centre Pointe Plaza	Smithfield		1989		163,642		86.6	%		16		4								Wal-Mart* (Belk’s, Goody’s), Dollar Tree	$	5.26
Chestnut Square	Brevard		1985		39,640		87.9	%		5		2		21,000			Food Lion*			Eckerd* (Dollar General)		6.35
																		(9/28/2010	)
Galleria	Wrightsville Beach		1986, 1990		92,114		93.5	%		31		7		28,000			Harris Teeter			Eckerd		9.54
																		(4/5/2006	)
Parkwest Crossing	Durham		1990		85,602		100.0	%		17		0		38,052			Food Lion					10.23
																		(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		87.9	%		19		6		35,702			Harris Teeter*			Eckerd		8.34
																		(4/30/2006	)
Riverview Shopping Center	Durham		1973 / 1995		127,498		91.8	%		10		2		53,538			Kroger			Upchurch Drugs, Riverview Furniture,		7.32
																		(12/31/2014	)	Blockbuster
Salisbury Marketplace	Salisbury		1987		82,578		95.2	%		16		1		37,308			Food Lion					9.08
																		(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		5.47
																		(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		94.8	%		24		3		27,985			Harris Teeter			Carmike Cinemas, Eckerd* (Family Dollar)		8.86
																		(5/14/2009	)
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)					1,137,582		93.2	%		166		29		327,575		0					$	7.14
SOUTH CAROLINA (8)
Belfair Towne Village	Bluffton		2000-2003		125,389		95.6	%		27		2		55,696			Kroger			Blockbuster		14.00
																		(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 Center	Lancaster		1963, 1987		29,047		17.2	%		1		1										6.00
North Village Center	North Myrtle Beach		1984		60,356		98.4	%		13		1		24,806			Bi-Lo			Dollar General, Gold’s Gym		8.22
																		(5/31/2009	)
Sparkleberry Square	Columbia		1997 / 2004		339,051		90.4	%		20		5		67,943			Kroger			Kohl’s, Ross Dress for Less, Circuit City,		10.88
																		(8/31/2017	)	Bed Bath & Beyond
Spring Valley	Columbia		1978 / 1997		75,415		84.7	%		14		3		45,070			Bi-Lo			Eckerd		9.28
Windy Hill	North Myrtle Beach		1968 / 1988		64,465		100.0	%		2		0								Rose’s Store, Family Dollar Store		5.35
Woodruff	Greenville		1995		68,055		100.0	%		10		0		47,955			Publix			Blockbuster		10.08
																		(8/6/2015	)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8)					839,178		90.3	%		90		13		260,670		0					$	9.58
TENNESSEE (2)
** Forrest Gallery	Tullahoma		1987		214,450		94.6	%		27		3		48,780			Kroger			Wal-Mart* (Tractor Supply, Goodwill, Hastings Music		5.66
																		(1/31/2008	)
Smyrna Village	Smyrna		1992		83,334		94.8	%		10		2		59,214			Kroger					8.27
																		(2/29/2012	)
TOTAL SHOPPING CENTERS TENNESSEE (2)					297,784		94.7	%		37		5		107,994		0					$	6.39
TEXAS (34)
Houston (17)
Barker Cypress	Houston		1999		66,945		95.5	%		14		3		41,320				H.E.B.				12.50
																		(1/31/2014	)
Beechcrest	Houston		1981 / 2001		90,647		100.0	%		15		0		40,345			Randall’s* (Viet Ho)			Walgreens*		8.97
																		(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										18.40
Copperfield	Houston, TX		1994		132,960		96.1	%		31		2								JoAnn Fabrics, Dollar Tree, 24 Hour Fitness		12.18
Forestwood	Houston		1993		88,760		100.0	%		16		0		59,334			Kroger			Blockbuster		11.26
																		(7/31/2013	)
Grogan’s Mill	The Woodlands		1986		118,493		94.9	%		23		3		56,558			Randall’s* (99¢ Store)			Petco. Blockbuster		11.91
																		(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										17.13
Market at First Colony	Sugarland		1988		107,301		91.5	%		33		2				62,000	Kroger			TJ Maxx, Eckerd		15.68
Mason Park	Katy		1998		160,047		75.3	%		34		5				58,890	Kroger			Walgreens* (Eloise Collectibles), Palais		12.17
																				Royal, Petco
Mission Bend	Houston		1980 / 1999		131,575		94.7	%		26		1		46,112			Randall’s			Remarkable Furniture		9.15
																		(6/24/2016	)
Spring Shadows	Houston		1999		106,995		96.1	%		17		1		65,161				H.E.B.				9.66
																		(4/30/2023	)
Steeplechase	Jersey Village		1985		105,152		98.0	%		24		3		56,208			Randall’s					11.34
																		(6/24/2016	)
Wal-Mart Marble Falls	Marble Falls		1985		53,571		100.0	%		1		0								Wal-Mart* (Sutherland Lumber)		3.27
Westgate	Houston		1996 / 1998		298,354		99.5	%		25		1		75,154				H.E.B.		Kohl’s, Oshman’s Sporting Goods		11.66
																		(12/31/2015	)

Page 18

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of June 30, 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			Hollywood Video	$	12.01
																		(11/30/2021	)
Green Oaks	Arlington		1983		65,091		86.9	%		28		6				58,000	Kroger					11.03
Melbourne Plaza	Hurst		1983		47,517		92.9	%		16		2										16.86
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		97.2	%		19		1				62,000	Albertsons			Planet Pizza		13.20
** Plymouth Park East	Irving		1970		56,435		97.3	%		9		1		42,130			Kroger					4.29
																		(11/30/2010	)
** Plymouth Park North	Irving		1970		444,541		57.8	%		41		14								Dollar General, Thrift Store, Post Office,		7.18
																				Chateau Theatre, Levines, Blockbuster
** 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		3.65
Richwood	Richardson		1984		54,871		85.7	%		23		5				61,877	Albertsons			Blockbuster		12.94
Rosemeade	Carrollton		1986		51,231		59.8	%		12		6								Blockbuster		12.84
Sterling Plaza	Irving		1989		65,765		100.0	%		16		0								Bank One, Irving City Library, 99 cent		14.06
																				Only Store
Townsend Square	Desoto		1990		146,953		83.5	%		30		8				60,349	Albertsons			Bealls, Victory Gym, Dollar General		8.81
Village by the Park	Arington		1988		44,523		92.4	%		9		1								Petco, Movie Trading		16.55
Village Center	Southlake		1996		118,092		94.8	%		20		2		60,932			Kroger					12.77
																		(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 (34)					3,433,962		88.5	%		599		78		790,465		426,116					$	10.72
VIRGINA (2)
Smyth Valley Crossing	Marion		1989		126,841		100.0	%		14		0		32,000			Ingles			Wal-Mart		5.88
																		(9/25/2010	)
Waterlick Plaza	Lynchburg		1973, 1988		98,694		96.1	%		21		3		30,780			Kroger			CVS Pharmacy*, Dollar Tree		7.90
																		(3/18/2008	)
TOTAL SHOPPING CENTERS VIRGINIA (2)					225,535		98.3	%		35		3		62,780		0					$	6.74
TOTAL STABILIZED SHOPPING CENTERS (177)					19,604,246		92.5	%		3,324		404		5,560,766		585,786					$	9.71
DEVELOPMENTS & REDEVELOPMENTS (12)
Ambassador Row Courtyard	Lafayette, LA		1986, 1991		154,779		84.2	%		20		8								Marshalls, Bed Bath & Body, Hancock Fabrics		9.04
Bandera Festival	San Antonio, TX		1989		195,438		80.9	%		33		2								Bealls, Eckerd* (Scrapbook Heaven),		8.77
																				Blockbuster, Dollar Tree, Big Lots
CVS Plaza	Miami, FL		2004		29,204		64.4	%		3		6								CVS Pharmacy		15.54
** East Bay Plaza	Largo, FL		1985 / 1997		85,426		76.6	%		20		3				53,000	Albertsons			Family Dollar, Hollywood Video,		9.51
Harbor Freight Tools Eustis Square	Eustis, FL		1983 / 1997		126,791		64.6	%		15		12		15,872			Save-a-Lot (5/31/2013)			Walgreens* (Bealls Outlet), Accent Marketing Services		6.75
** Gulf Gate Plaza	Naples, FL	1969, 1974/ 2004 Redev.			204,551		73.1	%		17		6								Bealls Outlet, JoAnn Fabrics, Dockside		6.76
																				Improvement, Big Lots
** Miramar Outparcel	Miramar, FL	Under contract to be sold		2.0 acres
Oakbrook	Palm Beach Gdns, FL	1974 / 2000, 2003 Redev.			212,074		81.9	%		22		10		44,400			Publix			Eckerd, Duffy’s, Stein Mart, Homegoods		12.80
																		(10/31/2020	)
Shops at St. Lucie	Port St. Lucie, FL	2004-2005 Development		4.0 acres
Venice Plaza	Venice, FL		1971/ 1979 / 1999		157,940		64.6	%		13		4		42,582			Kash n’ Karry			TJ Maxx, Blockbuster		5.28
																		(9/30/2018	)
Waterstone	Homestead, FL	2004-05 Development		12.0 acres
Westridge	McDonough, GA	2005-06 Development		13.5 acres
TOTAL DEVELOPMENTS & REDEVELOPMENTS (12)					1,166,203		75.4	%		143		51		102,854		53,000					$	8.87
TOTAL RETAIL PROPERTIES (189)					20,770,449		91.6	%		3,467		455		5,663,620		638,786					$	9.67
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		97.9	%		523		11
GRAND TOTAL (191)					21,011,842		91.5	%		3,993		472		5,663,620		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 ( ).
**	Indicates properties that were classified as held for sale as of June 30, 2004.

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
as of June 30, 2004

State	Count		Total SF		# Leased		# Vacant		Leased %			AMR
Florida		81		9,504,409		1,781		208		93.7	%	$	93,957,893
Texas		35		3,629,400		632		80		88.1	%		33,976,457
Georgia		23		2,730,854		459		52		92.4	%		24,061,966
Louisiana		16		1,917,931		181		52		83.1	%		10,215,744
North Carolina		12		1,137,582		166		29		93.2	%		7,569,639
South Carolina		8		839,178		90		13		90.3	%		7,259,633
Arizona		2		253,254		53		5		94.4	%		1,973,180
Tennessee		2		297,784		37		5		94.7	%		1,802,759
Virginia		2		225,535		35		3		98.3	%		1,495,518
Alabama		2		129,215		21		1		99.6	%		1,082,817
Mississippi		1		66,857		7		0		100.0	%		382,536
Kentucky		1		38,450		5		7		67.6	%		162,175
Total		185		20,770,449		3,467		455		91.6	%	$	183,940,317

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

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the three months ended June 30, 2004

Renewals

					Average		Average			Annualized
			Average		Expiring		New			Minimum
# of Leases	Square Feet		Size		Rent psf		Rent psf			Rent
103		206,517		2,005	$	13.31	$	13.87		$	2,863,644
					% Increase psf			4.2	%
					Net Increase (AMR)					$	115,505

New Leases

					Average		Annualized
			Average		New		Minimum
# of Leases	Square Feet		Size		Rent psf		Rent
101		412,783		4,087	$	10.77	$	4,445,266
New Leases greater than or equal to 10,000 square feet
10		200,709		20,071	$	7.79	$	1,564,448
New Leases less than 10,000 square feet
91		212,074		2,330	$	13.58	$	2,880,818

Lost Leases

					Average		Annualized
			Average		Expiring		Minimum
# of Leases	Square Feet		Size		Rent psf		Rent
81		179,829		2,220	$	13.12	$	2,359,657

Note: All of the lost leases were below 10,000 square feet in size.

Net Absorption		232,954		New Leases - Lost Leases
Leasing Spread	NA			New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf
		3.5	%	New Leases versus Lost Leases (rate psf) - under 10,000 sf
		-17.9	%	New Leases versus Lost Leases (rate psf) - all leases

				Net Gain/(Loss) of AMR	$	2,201,114
Retention Ratio	53.5	%	Renewals / (Renewals + Lost Leases)

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the six months ended June 30, 2004

Renewals

					Average		Average			Annualized
			Average		Expiring		New			Minimum
# of Leases	Square Feet		Size		Rent psf		Rent psf			Rent
185		451,912		2,443	$	12.64	$	13.19		$	5,958,474
					% Increase psf			4.3	%
					Net Increase (AMR)					$	247,557

New Leases

					Average		Annualized
			Average		New		Minimum
# of Leases	Square Feet		Size		Rent psf		Rent
210		951,045		4,529	$	10.26	$	9,758,565
New Leases greater than or equal to 10,000 square feet
22		530,283		24,104	$	7.75	$	4,107,738
New Leases less than 10,000 square feet
188		420,762		2,238	$	13.43	$	5,650,827

Lost Leases

						Average		Annualized
				Average		Expiring		Minimum
# of Leases	Square Feet			Size		Rent psf		Rent
168		557,777			3,320	$	10.19	$	5,685,357
Lost Leases >= 10,000 square feet
6		186,335			31,056	$	4.26	$	794,249
Lost Leases < 10,000 square feet
162		371,442			2,293	$	13.17	$	4,891,108
Net Absorption		393,268		New Leases - Lost Leases
Leasing Spread		81.9	%	New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf
		2.0	%	New Leases versus Lost Leases (rate psf) - under 10,000 sf
		0.7	%	New Leases versus Lost Leases (rate psf) - all leases
						Net Gain/Loss) of AMR		$	4,320,765
Retention Ratio		44.8	%		Renewals / (Renewals + Lost Leases)

Page 22

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of June 30, 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		48		2,155,645		10.4	%	$	15,311,340		8.3	%	$	7.10
Kroger		19		996,125		4.8	%		7,880,907		4.3	%		7.91
Winn Dixie		16		730,442		3.5	%		5,059,331		2.8	%		6.93
Wal-Mart		10		712,612		3.4	%		3,130,328		1.7	%		4.39
Kmart		6		524,937		2.5	%		2,795,865		1.5	%		5.33
H.E. Butt Grocery		4		256,262		1.2	%		2,775,355		1.5	%		10.83
Blockbuster		28		166,658		0.8	%		2,522,824		1.4	%		15.14
Eckerd		26		262,731		1.3	%		2,429,837		1.3	%		9.25
Bed Bath & Beyond		7		227,689		1.1	%		2,192,856		1.2	%		9.63
Food Lion/Kash n’ Karry		8		265,602		1.3	%		1,775,926		1.0	%		6.69
Sub-total top ten tenants		172		6,298,703		30.3	%	$	45,874,569		24.9	%	$	7.28
Remaining tenants		3,295		12,722,182		61.3	%		138,065,748		75.1	%		10.85
Sub-total all tenants		3,467		19,020,885		91.6	%	$	183,940,317		100.0	%	$	9.67
Vacant		455		1,749,564		8.4	%	NA
Total including vacant		3,922		20,770,449		100.0	%	$	183,940,317		100.0	%	$	8.86

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

Page 23

EQUITY ONE, INC. AND SUBSIDIARIES
EXPIRING SQUARE FOOTAGE BY TENANT TYPE
as of June 30, 2004

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 June 30, 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		122		332,865		1.6	%	$	2,804,383		1.5	%	$	8.42
2004		381		973,970		4.7	%		10,517,036		5.5	%		10.80
2005		724		2,028,753		9.8	%		23,710,446		12.4	%		11.69
2006		680		2,092,701		10.1	%		25,497,362		13.4	%		12.18
2007		566		2,147,183		10.3	%		24,674,083		12.9	%		11.49
2008		396		1,748,428		8.4	%		19,894,312		10.4	%		11.38
2009		238		1,585,306		7.6	%		15,045,432		7.9	%		9.49
2010		67		667,960		3.2	%		6,290,894		3.3	%		9.42
2011		46		1,039,115		5.0	%		7,595,368		4.0	%		7.31
2012		43		886,344		4.3	%		7,690,870		4.0	%		8.68
2013		35		706,824		3.4	%		6,260,217		3.3	%		8.86
Thereafter		169		4,811,436		23.2	%		40,662,972		21.3	%		8.45
Sub-total / average		3,467		19,020,885		91.7	%	$	190,643,375		100.0	%	$	10.02
Vacant		455		1,749,564		8.4	%	NA		NA			NA
Total / average		3,922		20,770,449		100.0	%	$	190,643,375		100.0	%	$	9.18

Annual Lease Expirations

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

Page 25

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of June 30, 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		0.6	%	$	3.87
2004		11		274,351		2.1	%		1,205,249		1.4	%		4.39
2005		27		552,253		4.3	%		2,968,437		3.6	%		5.38
2006		28		701,681		5.5	%		4,276,013		5.1	%		6.09
2007		31		955,901		7.5	%		6,199,329		7.4	%		6.49
2008		32		844,256		6.6	%		5,190,117		6.2	%		6.15
2009		36		1,072,119		8.4	%		6,766,588		8.1	%		6.31
2010		20		530,123		4.2	%		3,732,897		4.5	%		7.04
2011		23		964,431		7.6	%		5,927,277		7.1	%		6.15
2012		21		797,909		6.3	%		5,809,853		7.0	%		7.28
2013		16		631,668		4.9	%		4,690,453		5.6	%		7.43
Thereafter		97		4,571,887		35.8	%		36,252,006		43.4	%		7.93
Sub-total / average		347		12,027,308		94.2	%	$	83,524,219		100.0	%	$	6.94
Vacant		22		734,365		5.8	%	NA		NA			NA
Total / average		369		12,761,673		100.0	%	$	83,524,219		100.0	%	$	6.54

Annual Lease Experations

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

Page 26

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of June 30, 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		117		202,136		2.5	%	$	2,298,383		2.1	%	$	11.37
2004		370		699,619		8.7	%		9,311,787		8.7	%		13.31
2005		697		1,476,500		18.4	%		20,742,009		19.4	%		14.05
2006		652		1,391,020		17.4	%		21,221,349		19.8	%		15.26
2007		535		1,191,282		14.9	%		18,474,754		17.2	%		15.51
2008		364		904,172		11.3	%		14,704,195		13.7	%		16.26
2009		202		513,187		6.4	%		8,278,844		7.7	%		16.13
2010		47		137,837		1.7	%		2,557,997		2.4	%		18.56
2011		23		74,684		0.9	%		1,668,091		1.6	%		22.34
2012		22		88,435		1.1	%		1,881,017		1.8	%		21.27
2013		19		75,156		0.9	%		1,569,764		1.5	%		20.89
Thereafter		72		239,549		3.0	%		4,410,966		4.1	%		18.41
Sub-total / average		3,120		6,993,577		87.3	%	$	107,119,156		100.0	%	$	15.32
Vacant		433		1,015,199		12.7	%		NA		NA			NA
Total / average		3,553		8,008,776		100.0	%	$	107,119,156		100.0	%	$	13.38

Annual Lease Expirations

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

Page 27

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
as of June 30, 2004
(in thousands, except square footage data)

			Target	Estimated Cost Including		Funded as of		Balance
Project	Location	Project Description	Completion Date	Land		6/30/2004		to Complete
Developments
Shops at St. Lucie	Port St. Lucie, FL	Develop a 20,000 sf retail center	TBD	$	3,127	$	1,175	$	1,952
CVS Plaza	Miami, FL	Lease up the balance of this CVS drug-store anchored retail center	Fourth quarter 2004		4,095		3,975		120
Skylake	N. Miami Beach, FL	Add additional space to existing development	Fourth quarter 2004		6,081		4,777		1,304
Waterstone	Homestead, FL	Develop a supermarket anchored center	Second quarter 2005		9,000		3,195		5,805
Westridge	McDonough, GA	Develop a supermarket anchored center	First quarter 2006		9,000		1,889		7,111
Subtotal - Developments					31,303		15,011		16,292
Major Redevelopments
Ambassador Row Courtyard	Lafayette, LA	Reconfigure part of existing center; add an outparcel and 4,000 square feet of new space	Fourth quarter 2004		2,057		1,343		714
Bandera Festival	San Antonio, TX	Lease up the balance of the reconfigured former K Mart space	Third quarter 2004		2,086		1,990		96
Centre Point	Smithfield, NC	Lease up the balance of the reconfigured former Winn Dixie space	Third quarter 2004		800		745		55
Eustis Square	Eustis, FL	Lease up the balance of the reconfigured former Publix space	Third quarter 2004		1,089		933		156
Oakbrook Square	North Palm Beach, FL	Lease up the balance of the reconfigured Jacobsen space	Fourth quarter 2004		955		835		120
Salerno	Stuart, FL	Lease up the balance of this redeveloped Winn Dixie supermarket-anchored retail center	Fourth quarter 2004		3,850		3,453		397
Spalding Village	Griffin, GA	Reconfigure the former K Mart into multi-tenant space	TBD		3,586		2,864		722
Venice Plaza	Venice, FL	Expand and reconfigure the existing TJ Maxx	Fourth quarter 2004		1,471		1,114		357
Subtotal – Major Redevelopments					15,894		13,277		2,617
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		2,951		2,951		—
Bluebonnet Village	Baton Rouge, LA	Prospecting for new tenant(s) on land held for development/expansion	TBD		513		513		—
Cashmere Corners	Port St. Lucie, FL	Prospecting for one or more tenants for out parcels	TBD		473		473		—
Creekside	Arlington, TX	Prospecting for one or more tenants for out parcels	TBD		919		919		—
Copperfield	Houston, TX	Prospecting for one or more tenants for out parcels	TBD		1,045		1,045		—
Walden Woods	Plant City, FL	Develop outparcel for fast food restaurant	Third quarter 2004		566		458		108
Westgate	Houston, TX	Prospecting for one or more tenants for out parcels	TBD		700		700		—
Subtotal – Outparcel Developments/Expansions					8,469		8,361		108
All other development activity					2,154		2,154		—
Total – All Development Activity				$	57,820	$	38,803	$	19,017

Page 28

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
as of June 30, 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	Southlake	TX		118,092		17,475
March 24, 2004	Creekside Plaza	Arlington	TX		101,016		14,025
March 31, 2004	Sparkleberry Square	Columbia	SC		339,051		45,150
March 31, 2004	Venice Shopping Center	Venice	FL		111,934		6,447
April 8, 2004	Windy Hill	North Myrtle Beach	SC		64,465		2,895
April 29, 2004	Hamilton Outparcel	Buford	GA	0.64 acres			425
May 27, 2004	Medical & Merchants at San Pablo	Jacksonville	FL		152,761		21,980
June 2, 2004	Westgate Marketplace	Houston	TX		298,354		47,100
Total						$	180,197

     2004 Disposition Activity

				Square Feet/	Sales
Date Sold	Property Name	City	State	Acres	Price		Gain(Loss) on Sale
Feb. 23, 2004	Southwest Walgreens	Phoenix	AZ	93,402	$	6,650	$	2,035
June 29, 2004	Watson Central	Warner Robbins	GA	227,747	$	6,000	$	(483	)
Total					$	12,650	$	1,552

     Properties Held for Sale as of June 30, 2004

			Square Feet/
Property Name	City	State	Acres
Gulf Gate	Naples	FL		204,551
East Bay	Largo	FL		85,426
Plaza Del Rey*	Miami	FL		50,146
Millervillage	Baton Rouge	LA		94,559
Forrest Gallery*	Tullahoma	TN		214,450
Plymouth Park East	Irving	TX		56,435
Plymouth Park North	Irving	TX		444,541
Plymouth Park South	Irving	TX		49,102
Plymouth Park West	Irving	TX		178,930
Epsilon	West Palm Beach	FL		18,707
Miramar Outparcel	Miramar	FL	2.0 acres
				1,396,847

*Sold in July of 2004

Page 29

EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS
as of June 30, 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 90% leased as of June 30, 2004. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,820 as of June 30, 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 is not considered to be the primary beneficiary and, accordingly, uses the equity method of accounting for these joint ventures.

Page 30

EQUITY ONE, INC. AND SUBSIDIARIES
ANALYST COVERAGE
as of June 30, 2004

BB&T Capital Markets	JP Morgan Securities Inc.
Stephanie M. Krewson	Michael W. Meuller, CFA
804-782-8784	212-622-6689
Keith Pomroy	Joshua Bederman
804-787-8221	212-622-6530
Bear Stearns & Co. Inc.	Legg Mason Wood Walker, Inc.
Ross Smotrich	David M. Fick, CPA
212-272-8046	410-454-5018
Amy L. Young, CFA	Nathen Isbee
212-272-3523	410-454-4143
Credit Suisse First Boston	McDonald Investments Inc.
Andrew Rosivach	Richard C. Moore II CFA
212-325-6205	216-443-2815
Jessica Tully	Richard D. Sweigard
404-897-2820	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
Friedman Billings Ramsey	UBS Securities LLC
Paul Morgan	Keith A. Mills
703-469-1255	212-713-3098
Michael Blank	Ian C. Weissman
703-469-1115	212-713-8602

Page 31

EQUITY ONE, INC. AND SUBSIDIARIES
STOCK PRICE AND VOLUME STATISTICS
for the three months ended June 30, 2004

*Data obtained from Yahoo Chart Services

Page 32