Exhibit 12.1

Equity One, Inc

Ratio of Earnings to Fixed Charges

For the six months ended June 30, 2005 and the years ended December 31, 2004, 2003, 2002, 2001 & 2000

	Six months
	ended			For the years ended December 31,
	June 30, 2005			2004			2003			2002			2001			2000
Net Income	$	46,933		$	97,804		$	63,647		$	39,934		$	18,721		$	12,555
Adjustments:
Minority Interest		96			576			756			101			1726			603
Income from discontinued operations		(14,642	)		(44,323	)		(23,859	)		(27,112	)		(5,760	)		(1,171	)
Distributed Income of Equity Investees		0			3,119			5,424			871			287			2,057
Total Adjustments		(14,546	)		(40,628	)		(17,679	)		(26,140	)		(3,747	)		1,489
Fixed Charges:
Interest Expense		22,740			41,450			32,628			15,965			18,606			12,216
Capitalized Interest		1,423			3,204			3,822			2,375			2,102			2,181
Amortization of Market Value Adj		2,621			4,958			3,584			—			—			—
Amortization of Loan Fees		719			1,335			902			627			1,052			242
Total Fixed Charges		27,503			50,947			40,936			18,967			21,760			14,639
Less: interest capitalized		(1,423	)		(3,204	)		(3,822	)		(2,375	)		(2,102	)		(2,181	)
Earnings, as defined	$	58,467		$	104,919		$	83,082		$	30,386		$	34,632		$	26,502
Divide by Fixed Charges	$	27,503		$	50,947		$	40,936		$	18,967		$	21,760		$	14,639
Ratio of earnings to fixed charges		2.13			2.06			2.03			1.60			1.59			1.81

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