-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QTfGsjwlXYdi88F/zxJ2dCLcDIyTlyz3DpsuI5nRJqLvnNMCGteFCfblh3HoTIq5 MHApK0L8NPGYzwO0FaK9vQ== 0001042810-02-000004.txt : 20020414 0001042810-02-000004.hdr.sgml : 20020414 ACCESSION NUMBER: 0001042810-02-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20011221 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY ONE INC CENTRAL INDEX KEY: 0001042810 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 650563410 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13499 FILM NUMBER: 02555114 BUSINESS ADDRESS: STREET 1: 1696 N E MIAMI GARDENS DR SUITE 200 CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 MAIL ADDRESS: STREET 1: 1696 N E MIAMI GARDENS DR SUITE 200 CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 8-K 1 k802212002.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) February 21, 2002 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) (IRS Employer Identification No.) 1696 NE Miami Gardens Drive, North Miami Beach, FL 33179 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (305) 947-1664 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) N/A - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 9. REGULATION FD DISCLOSURE The purpose of this Form 8-K is to furnish Supplemental Information for the period ended December 31, 2001. A copy is furnished with this Form 8-K as Exhibit 99.1 and is incorporated by reference. ------------------------------------- ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS 99.1 Supplemental Information for the period ending December 31, 2001. 99.2 Press Release of Equity One, Inc. dated and issued February 20, 2002 with respect to the announcement of the Company's fourth quarter and year-end 2001 results. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUITY ONE, INC. Dated: February 21, 2002 By: /s/ CHAIM KATZMAN ------------------------------------ Name: Chaim Katzman Title: Chairman and Chief Executive Officer EX-99.1 3 q4supplemental.txt EQUITY ONE, INC. SUPPLEMENTAL INFORMATION PACKAGE DECEMBER 31, 2001 (EQUITY ONE INC. LOGO) Equity One, Inc. 1696 N.E. Miami Gardens Drive North Miami Beach, Florida 33179 Tel: (305) 947-1664 Fax: (305) 947-1734 www.equityone.net EQUITY ONE, INC. - -------------------------------------------------------------------------------- SUPPLEMENTAL INFORMATION DECEMBER 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- TABLE OF CONTENTS Page ---- 1. Summary Operating Information ...................................... 3 2. Summary Balance Sheet Information .................................. 4 3. Consolidated Statements of Earnings (unaudited) .................... 5 4. Consolidated Statements of Funds from Operations (unaudited) ....... 6 5. Consolidated Balance Sheets (unaudited) ............................ 7 6. Debt Summary ....................................................... 8 7. Property Status Report ............................................. 11 8. Annual Minimum Rent by Location .................................... 14 9. Real Estate Developments and Other Recent Activity ................. 15 10. Joint Venture Investments .......................................... 16 11. Tenant Concentration Schedule ...................................... 17 12. Lease Expiration Schedule .......................................... 18 13. Stock Price and Volume Statistics .................................. 19 - -------------------------------------------------------------------------------- FORWARD LOOKING STATEMENTS Certain information contained in this Supplemental Information Package may contain forward-looking statements regarding company and property performance within the meaning of the Private Securities Litigation Reform Act of 1995. Future results could vary materially from actual results depending on risks and uncertainties inherent in general and local real estate conditions, or competitive factors specific to the markets in which the Company operates. The Company assumes no obligation to update this information. For more details, please refer to Equity One's SEC filings, including the most recent report on Form 10-K and Form 10-Q. BASIS OF PRESENTATION The results for the quarter and twelve months ended December 31, 2001 reflect the acquisitions of UIRT and CEFUS. Additionally, all periods since August 18, 2000 have been restated to account for the acquisition of 68.07% of the stock of First Capital Realty (TSE:FCR), the parent of CEFUS, by Gazit-Globe (1982) Ltd. (TLV:GLOB), Equity One's majority shareholder. The restatement consolidates the operations of Equity One and CEFUS between August 18, 2000 and September 19, 2001, subject to a 31.93% minority interest in CEFUS. On September 20, 2001, Equity One acquired 100% of CEFUS from First Capital Realty, thereby acquiring the remaining 31.93% minority interest. EQUITY ONE, INC. SUMMARY OPERATING INFORMATION for the periods ended December 31, 2001 and 2000 (in thousands, except per share data)
- ------------------------------------------------------------------------------------------------------- 3 MONTHS ENDED 12 MONTHS ENDED ---------------------------- --------------------------- DEC 31, 2001 DEC 31, 2000 DEC 31, 2001 DEC 31, 2000 ------------ ------------ ------------ ------------ Total Dividends Paid per Share $ 0.27 $ 0.26 $ 1.06 $ 1.04 Funds from Operations per share $ 0.35 $ 0.35 $ 1.34 $ 1.31 Dividend / FFO Payout Ratio 77.1% 74.3% 79.1% 79.4% FFO multiple (annualized) 9.8 10.3 Adjusted Funds from Operations per share $ 0.32 $ 0.32 $ 1.25 $ 1.21 Dividend / AFFO Payout Ratio 84.4% 81.3% 84.8% 86.0% AFFO multiple (annualized) 10.7 11.0 - -------------------------------------------------------------------------------------------------------
EBITDA (excl Gain/(Loss) on RE Sales) $ 15,831 $ 13,926 $ 54,893 $ 33,406 Interest Expense and Financing Fee Amortization $ 5,912 $ 5,813 $ 22,243 $ 12,807 EBITDA : Interest Coverage Ratio 2.7 2.4 2.5 2.6 EBITDA Margin (EBITDA/Total Revenues) 64.1% 67.7% 66.1% 67.3% - -------------------------------------------------------------------------------------------------------
Property Net Operating Income (NOI) Total Rental Income $24,065 $19,262 $80,130 $47,676 Operating Expenses (1) 7,765 5,843 24,936 13,661 ------------------------ ----------------------- Net Operating Income $16,300 $13,419 $55,194 $34,015 NOI Margin (NOI/Total Rental Income) 67.7% 69.7% 68.9% 71.3%
(1) Net of intercompany expenses which have been eliminated. - --------------------------------------------------------------------------------
Same Property NOI (2) Total Rental Income $ 9,170 $ 9,373 $33,813 $32,661 Operating Expenses 2,757 2,700 9,323 8,864 ------------------------ ----------------------- Net Operating Income $ 6,413 $ 6,673 $24,490 $23,797 Growth in Same Property NOI (3.9)% 2.9% (2) Includes only original Equity One properties owned in the current and prior periods. Lake Mary recorded $1,070 of termination fees in December 2000. - -------------------------------------------------------------------------------------------------------------------
General & Administrative Expenses $ 1,099 $ 903 $ 3,553 $ 2,559 as % of Total Revenues 4.45% 4.39% 4.28% 5.16% as % of Total Assets 0.66% 0.53%
Page 3 EQUITY ONE, INC. SUMMARY BALANCE SHEET INFORMATION as of December 31, 2001 and 2000 (in thousands, except per share data)
- ------------------------------------------------------------------------------------------------------------------- DEC 31, 2001 DEC 31, 2000 ------------ ------------ Closing Market Price $ 13.740 $ 9.875 Dividend Yield (based on current annualized dividend) 7.86% 10.53% Book Value per share (fully diluted, end of period) $ 9.497 $ 9.250 - ------------------------------------------------------------------------------------------------------------------- Liquidity Cash and Cash Equivalents $ 906 $ 2,347 Credit Facilities Gross Available under Current Credit Facilities $ 50,641 $ 20,641 - Outstanding Balance 27,409 4,243 - Holdback for Letters of credit 999 1,580 - Escrowed for Tax and Insurance 448 440 ---------- --------- Net Available under Credit Facilities $ 21,784 $ 14,378 ========== ========= - ------------------------------------------------------------------------------------------------------------------- Equity Capitalization (end of period) Common Stock (in thousands) Common Stock Outstanding Shares (excluding Walden Woods) 28,620.757 12,705.825 Equity Related to Step Acquisition 0.000 7,147.350 Sub-total basic shares 28,620.757 19,853.175 Unvested Restricted Common Shares 160.086 79.820 Walden Woods Shares 93.656 93.656 Northport Operating Partnership Units 261.850 261.850 Common Stock Options/Warrants (Treasury Method, closing price) 164.620 0.000 Fully Diluted Common Stock 29,300.969 20,288.501 Net Debt (adjusted for Cash, Restricted Cash, Securities) $ 368,188 $ 276,927 Minority Interest 0 33,887 Equity Market Capitalization (fully diluted, end of period) 402,595 200,349 Total Market Capitalization 770,783 $ 511,163 Net Debt to Total Market Capitalization 47.8% 54.2% - ------------------------------------------------------------------------------------------------------------------- Gross Real Estate Investments $ 656,005 $ 501,528 - Accumulated Depreciation (28,318) (17,829) Net Real Estate Investments $ 627,687 $ 483,699 Net Debt to Gross Real Estate Investment 56.1% 55.2% - ------------------------------------------------------------------------------------------------------------------- Fixed Rate Mortgage Debt (1) $ 296,887 $ 280,396 Variable Rate Bank Debt (including swaps or rate-locks) 75,569 4,243 Total Debt $ 372,456 $ 284,639 % Fixed Rate Debt (1) 79.7% 98.5% % Variable Rate Debt (including swaps or rate-locks) 20.3% 1.5% Weighted-average Interest Rate on Fixed Rate Debt (1) 7.76% NA
(1) excluding any bank debt which has been swapped or rate locked for an interim period Page 4 EQUITY ONE, INC. CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) for the periods ended December 31, 2001 and 2000 (in thousands, except per share data) - --------------------------------------------------------------------------------
3 MONTHS ENDED 12 MONTHS ENDED ---------------------------- --------------------------- DEC 31, 2001 DEC 31, 2000 DEC 31, 2001 DEC 31, 2000 ------------- ------------- ------------ ------------- Revenues Income from Rental Properties Minimum Rental $ 18,498 $ 15,067 $ 61,134 $ 37,202 Expense Recoveries 5,528 3,920 18,029 9,728 Percentage Rent Payments 39 275 967 746 ---------------------------- --------------------------- Total Rental Income $ 24,065 $ 19,262 $ 80,130 $ 47,676 Management Fee Income 128 159 927 360 Gain on Sale of Securities 0 0 33 0 Dividend & Interest Income 487 1,149 1,897 1,585 Total Revenues $ 24,680 $ 20,570 $ 82,987 $ 49,621 ============================ ============================ Expenses Operating Expenses $ 7,765 $ 5,843 $ 24,936 $ 13,661 Depreciation & Amortization 3,277 2,551 11,114 6,284 Interest Expense & Fee Amortization 5,912 5,813 22,243 12,807 General & Administrative 1,099 903 3,553 2,559 ---------------------------- --------------------------- Total Expenses $ 18,053 $ 15,110 $ 61,846 $ 35,311 ============================ ============================ Income before Loss on Sale of Real Estate, Equity in Income of Unconsolidated Entities, Minority Interest in (Loss)/ Earnings of Consolidated Subsidiary, Income Taxes, Minority Interest and ---------------------------- --------------------------- Extraordinary Item $ 6,627 $ 5,460 $ 21,141 $ 14,310 ============================ ============================ Loss on Sale of Real Estate 0 (63) (609) (63) Equity in Income of Unconsolidated Entities 40 29 494 5 Minority Interest in (Loss)/Earnings of Consolidated Subsidiary (25) 73 (99) 0 Income Tax Credit/(Expense) Current 0 (22) 593 (23) Deferred 0 (849) 374 (1,071) ---------------------------- --------------------------- Net Income before Minority Interest and Extraordinary Item $ 6,642 $ 4,628 $ 21,894 $ 13,158 ============================ ============================ Minority Interest 0 (486) (1,627) (603) ---------------------------- --------------------------- Net Income before Extraordinary Item $ 6,642 $ 4,142 $ 20,267 $ 12,555 ============================ ============================ Extraordinary Item - Prepayment Penalty (1,546) 0 (1,546) 0 ---------------------------- --------------------------- Net Income $ 5,096 $ 4,142 $ 18,721 $ 12,555 ============================ ============================ Basic Earnings per Share Net Income before Extraordinary Item $ 0.23 $ 0.21 $ 0.90 $ 0.88 Extraordinary Item (0.05) 0.00 (0.07) 0.00 ---------------------------- --------------------------- Net Income $ 0.18 $ 0.21 $ 0.83 $ 0.87 ============================ ============================ Diluted Earnings per Share Net Income before Extraordinary Item $ 0.23 $ 0.21 $ 0.90 $ 0.87 Extraordinary Item (0.05) 0.00 (0.07) 0.00 ---------------------------- --------------------------- Net Income $ 0.18 $ 0.21 $ 0.83 $ 0.87 ============================ ============================ Weighted Average Shares Outstanding Basic 28,560 19,291 22,414 14,285 Diluted 29,248 19,576 23,037 14,504
Page 5 EQUITY ONE, INC. CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS (UNAUDITED) for the periods ended December 31, 2001 and 2000 (in thousands, except per share data) - --------------------------------------------------------------------------------
3 MONTHS ENDED 12 MONTHS ENDED DEC 31, 2001 DEC 31, 2000 DEC 31, 2001 DEC 31, 2000 ---------------------------- ---------------------------- Net Income $ 5,096 $ 4,142 $ 18,721 $ 12,555 Depreciation of Real Estate 3,238 2,482 10,995 6,147 Amortization of Capitalized Leasing Fees 60 48 207 165 Extraordinary Item - Prepayment Penalty 1,546 0 1,546 0 Loss on Sale of Real Estate 0 63 609 63 Interest on Convertible Partnership Units 65 20 259 20 Minority Interest in Loss/(Earnings) Consolidated Subsidiary 25 (73) 99 0 Deferred Income Taxes 0 849 (374) 1,071 Depreciation in Unconsolidated Entities 164 24 238 33 Minority Interest Share of FFO Adjustments 0 (721) (1,369) (1,010) ---------------------------- ---------------------------- Funds from Operations $ 10,194 $ 6,834 $ 30,931 $ 19,044 Increase 49.2% 62.4% FFO per share (diluted) $ 0.35 $ 0.35 $ 1.34 $ 1.31 Increase 0.0% 2.3% - --------------------------------------------------------------------------------------------------------------- Adjusted Funds from Operations (AFFO) Funds from Operations $ 10,194 $ 6,834 $ 30,931 $ 19,044 less: Straight Line Rent Adjustment $ 32 $ 32 $ 129 $ 129 Recurring Capital Expenditures Tenant Improvements 302 191 686 573 Leasing Commissions and Fees 162 166 494 455 Other Capital Expenditures 394 163 934 397 ---------------------------- ---------------------------- Total Recurring Capital Expenditures $ 858 $ 520 $ 2,114 $ 1,425 Adjusted Funds from Operations $ 9,304 $ 6,282 $ 28,688 $ 17,490 Increase 48.1% 64.0% AFFO per share (diluted) $ 0.32 $ 0.32 $ 1.25 $ 1.21 Increase 0.0% 3.3% - --------------------------------------------------------------------------------------------------------------- Weighted Average Diluted Shares 29,248 19,576 23,037 14,504 - ---------------------------------------------------------------------------------------------------------------
Page 6 EQUITY ONE, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) as of December 31, 2001 and 2000 (in thousands, except per share data) - --------------------------------------------------------------------------------
Dec 31, 2001 Dec 31, 2000 ------------ ------------ Assets Rental Properties and Developments Land, Buildings and Equipment $ 607,507 $ 468,957 Building Improvements 18,794 10,901 Land Held for Development 23,792 13,468 Construction in Progress 5,912 8,202 ------------ ------------ Subtotal 656,005 501,528 Less: Accumulated Depreciation (28,318) (17,829) ------------ ------------ Rental Properties and Developments, Net 627,687 483,699 Cash and Cash Equivalents 906 2,347 Restricted Cash 1,715 4,273 Securities Available for Sale 1,681 1,403 Accounts and Other Receivables, Net 5,564 5,822 Notes Receivable 9,697 12,259 Due from Related Parties 57 9,361 Deposits 6,219 822 Prepaid and Other Assets 2,855 7,392 Deferred Expenses, Net 3,132 1,404 Investments in Unconsolidated Entities 7,742 11,707 Goodwill, Net 1,281 1,352 Future Income Tax Assets 0 976 ------------ ------------ Total Assets $ 668,536 $ 542,817 - ------------------------------------------------------------------------------------------------------------------------- Liabilities and Shareholders' Equity Liabilities Mortgage Notes Payable $ 345,047 $ 280,396 Credit Agreements 27,409 4,243 Accounts Payable and Accrued Expenses 8,987 14,650 Tenant Security Deposits 4,090 1,476 Deferred Rental Income 766 662 Due to Related Parties 101 15,965 Minority Interest in Equity of Consolidated Subsidiary 3,869 3,875 ------------ ------------ Total Liabilities 390,269 321,267 Minority Interest 0 33,887 Shareholders' Equity Common Stock, $0.01 par value 288 128 Additional Paid-in Capital 283,619 105,368 Equity Related to Step Acquisition 0 82,123 Retained Earnings 1,808 1,709 Accumulated Other Comprehensive Income (34) (311) Unamortized Restricted Stock Compensation (1,836) (809) Note Receivable from Issuance of Common Stock (5,578) (545) ------------ ------------ Total Shareholders' Equity 278,267 187,663 ------------ ------------ Total Liabilities and Shareholders' Equity $ 668,536 $ 542,817 - -------------------------------------------------------------------------------------------------------------------------
Page 7 EQUITY ONE, INC. DEBT SUMMARY as of December 31, 2001 (in thousands) - --------------------------------------------------------------------------------
LOAN CLOSING/ ORIGINAL REFINANCING LOAN MATURITY DEC. 31, 2001 PROPERTY DATE (1) AMOUNT (2) DATE RATE(3) BALANCE - -------- -------- ---------- ---- ------- -------------- FIXED RATE MORTGAGE DEBT Ft. Caroline 03/29/95 $ 2,500 04/01/02 9.350% $ 2,098 Village by the Parks 09/20/01 3,744 06/01/02 8.180% 3,723 Eustis Square 10/22/93 5,942 07/01/02 9.000% 4,474 Forest Edge 05/01/96 2,099 10/01/02 6.900% 1,646 Lantana 02/19/98 4,400 02/15/05 6.950% 3,954 Benchmark 09/21/01 3,483 07/01/05 9.250% 3,466 Sterling Plaza 09/20/01 4,197 09/01/05 8.750% 4,175 Green Oaks 09/21/01 3,189 10/01/05 8.375% 3,172 Townsend Square 09/20/01 5,005 10/01/05 8.500% 4,989 Melbourne Plaza 09/21/01 1,843 11/01/05 8.375% 1,833 Northwest Crossing 09/21/01 1,754 11/01/05 8.375% 1,745 Oak Hill 12/07/95 2,500 01/01/06 7.625% 2,103 Walden Woods 01/01/99 2,835 08/01/06 7.875% 2,590 Big Curve 09/21/01 5,683 10/01/06 9.190% 5,658 Highland Square 09/21/01 4,234 11/01/06 8.870% 4,215 Park Northern 09/21/01 2,484 12/01/06 8.370% 2,463 University Mall 09/21/01 12,874 12/01/06 8.440% 12,837 Rosemeade 09/21/01 3,319 12/01/07 8.295% 3,305 Colony Plaza 09/21/01 3,884 01/01/08 7.540% 3,088 Parkwood (4) 09/21/01 6,371 01/01/08 7.280% 6,353 Richwood (4) 09/21/01 3,282 01/01/08 7.280% 3,273 Commonwealth 02/15/98 3,300 02/15/08 7.000% 2,967 Mariners Crossing 09/01/00 3,516 03/01/08 7.080% 3,468 Pine Island/Ridge Plaza 08/01/99 26,234 07/01/08 6.910% 25,588 Shoppes at Westburry 09/20/01 2,336 10/01/08 7.300% 2,330 Prosperity Centre 09/20/01 7,120 02/01/09 7.875% 7,045 Shoppes of Northport 12/05/00 4,370 02/08/09 6.650% 4,288 Park Promenade 01/31/00 6,500 02/01/10 8.100% 6,413 Skipper Palms 09/21/01 3,617 03/01/10 8.625% 3,611 Jonathan's Landing 09/20/01 2,966 05/01/10 8.050% 2,960 Bluff's Square 09/20/01 10,249 06/01/10 8.740% 10,232 Kirkman Shoppes 09/20/01 9,679 06/01/10 8.740% 9,662 Ross Plaza 09/20/01 6,750 06/01/10 8.740% 6,739 Boynton Plaza 09/20/01 7,637 07/01/10 8.030% 7,622 Pointe Royale 07/28/95 6,000 07/15/10 7.950% 4,975 Plymouth Park East 1 (5) 09/20/01 159 08/01/10 8.250% 158 Plymouth Park East 2 (5) 09/20/01 477 08/01/10 8.250% 474 Plymouth Park North (5) 09/20/01 8,506 08/01/10 8.250% 8,459 Plymouth Park South (5) 09/20/01 636 08/01/10 8.250% 632 Plymouth Park Story North (5) 09/20/01 391 08/01/10 8.250% 389 Plymouth Park West (5) 09/20/01 2,542 08/01/10 8.250% 2,528 Shops at Skylake 07/06/00 16,350 08/01/10 7.650% 15,275 Minyard's 09/20/01 2,586 11/01/10 8.320% 2,578 Forest Village 03/08/01 4,700 04/01/11 7.270% 4,575 Boca Village 09/20/01 8,478 05/01/11 7.200% 8,459 Sawgrass Promenade 09/20/01 8,478 05/01/11 7.200% 8,459 Plaza del Rey 08/01/96 3,050 09/01/11 8.125% 2,368
Page 8 EQUITY ONE, INC. DEBT SUMMARY as of December 31, 2001 (in thousands) - --------------------------------------------------------------------------------
LOAN CLOSING/ ORIGINAL REFINANCING LOAN MATURITY DEC. 31, 2001 PROPERTY DATE (1) AMOUNT (2) DATE RATE(3) BALANCE - -------- -------- ---------- -------- ----------- ------------ Lake Mary 11/01/01 25,000 11/01/11 7.250% 24,980 Lake St. Charles 10/29/01 3,950 11/01/11 7.130% 3,947 Marco Island 12/31/01 9,000 01/01/12 6.700% 9,000 Summerlin Square 01/25/99 5,000 02/01/14 6.750% 4,398 Bird Ludlum 02/19/97 13,400 02/15/15 7.680% 11,378 West Lake 05/22/97 5,902 06/01/16 7.875% 5,175 Atlantic Village 10/30/98 5,000 11/01/18 6.850% 4,599 TOTAL FIXED RATE MORTGAGE DEBT (54 LOANS) $ 309,500 7.32 7.76% $ 296,887 (WTD-AVG (WTD-AVG MATURITY) RATE) BANK MORTGAGE DEBT Comerica/4 property loan (6) 09/20/01 24,635 02/28/04 L+200 / P-75 24,635 Comerica/Copperfield (7) 09/20/01 8,000 10/30/03 L+141 8,000 Bank of Nova Scotia/Oakbrook (8) 09/20/01 9,277 11/01/03 L+150 9,277 First Union/Cashmere 09/20/01 5,220 11/30/03 L+165 5,198 Bank of America/Wurzbach 09/20/01 1,053 12/31/04 L+225 1,050 TOTAL BANK MORTGAGE DEBT $ 48,185 $ 48,160 REVOLVING CREDIT FACILITIES (9) City National Bank (10) 02/04/99 $20,640 05/04/02 L+225 $ 1,409 Bank Leumi (11) 09/17/01 30,000 09/16/02 L+125 26,000 TOTAL REVOLVING CREDIT FACILITIES $ 50,640 $ 27,409 TOTAL DEBT $ 372,456
MATURITY SCHEDULE SCHEDULED BALLOON BY YEAR AMORTIZATION PAYMENTS (12) TOTAL Includes current balances of Bank Facilities --------------------------------------------------------------------- 2002 $ 5,561 $ 11,676 $ 17,237 2003 5,732 35,409 41,141 2004 6,158 10,288 16,446 2005 6,380 51,087 57,467 2006 6,233 26,470 32,703 2007 6,066 2,864 8,930 2008 5,745 42,217 47,962 2009 5,336 7,663 12,999 2010 4,505 68,564 73,069 2011 3,180 44,410 47,590 Thereafter 9,633 7,279 16,912 --------------------------------------------------------------------- TOTAL $ 64,529 $ 307,927 $ 372,456
- -------------------------------------------------------------------------------- Page 9 (1) The more recent of the loan closing/assumption date and the date of any subsequent additional funding. (2) The principal amount on the loan closing/assumption date, adjusted to reflect any subsequent additional funding. (3) The rate in effect on December 31, 2001. Several of the 'Bank Mortgage Loans' have rate swaps or locks in place for some or all of their remaining maturities, as noted in the footnotes, below. (4) 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. (5) 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. (6) This Comerica facility is secured by Grogans Mill ($7,995), Steeplechase ($6,305), Mission Bend ($6,370) and Beechcrest ($3,965). The floating rate is L+150, but has been fixed at 6.88% (5.38% + 1.50%) through February 19, 2002, after which the rate will float at L + 200. (7) The floating rate is L + 141, but has been fixed at 6.49% (5.08% + 1.41%) through October 30, 2003. This loan was repaid in full on January 18, 2002 without any prepayment penalty. (8) The Oakbrook loan was repaid in full on February 15, 2002, without any prepayment penalty. Also see Note 9. (9) On or about February 22, 2002, we expect to close a new $29,400 secured, revolving, line of credit with a major bank. The facility will be secured by Oakbrook, Mandarin Landing (to be released by City National Bank with a reduction in that facility from $17,286 to $10,286), Hedwig, Albertson Bissonet and Albertson Spring Shadow. The last three properties will be released by Bank Leumi, to be replaced by negative pledges on Pompano and Ryanwood. (10) The CNB Line was authorized to $20,640 as of December 31, 2001, and is secured by Mandarin Landing and Mini-storage, Skylake Phase III land, Montclair Apartments, Beauclerc Village and East Bay Plaza. Effective February 4, 2002, the line was extended for an additional 90 days, with advances limited to $17,826 due to the sale of the EQY Building. Also see Note 11. Effective February 4, 2002, the line was extended for an additional 90 days, with advances limited to $17,826 due to the sale of the EQY Building. Also see Note 9. (11) The Bank Leumi facility is secured by negative pledges on Hedwig, McMinn, SW Walgreens, Albertson's Bissonnet, Albertson's Spring Shadows, Bandera, Market at First Colony and Mason Park. Also see Note 9. (12) Represents the entire principal balance of a maturing loan on the maturity date. Page 10 EQUITY ONE, INC. PROPERTY STATUS REPORT as of December 31, 2001 - -------------------------------------------------------------------------------- YEAR TOTAL # OF TENANTS BUILT/ SQUARE PERCENT --------------------- PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT -------- ---- --------- ------- -------- ------ ------ FLORIDA (43) NORTH FLORIDA (9) Atlantic Village Atlantic Beach 1984 / 1998 100,559 96.20% 24 1 Beauclerc Village Jacksonville 1962 / 1988 71,127 49.20% 9 3 Commonwealth Jacksonville 1984 / 1998 81,467 95.20% 14 2 Ft. Caroline Jacksonville 1985 / 1995 74,546 96.30% 11 3 Forest Village Tallahassee 2000 71,526 93.30% 16 1 Losco Jacksonville 2000 8,700 63.20% 5 2 Mandarin Landing Jacksonville 1976 / 2000 141,565 97.10% 35 2 Monument Point Jacksonville 1985 / 1997 75,128 100.00% 13 0 Oak Hill Jacksonville 1985 / 1997 78,492 100.00% 19 0 CENTRAL FLORIDA (6) Eustis Square Eustis 1983 / 1997 126,791 87.40% 18 9 Forest Edge Orlando 1983 / 1997 68,631 100.00% 12 0 Kirkman Shoppes Orlando 1973 88,820 100.00% 32 0 Lake Mary Orlando 1988 / 2001 339,084 95.90% 60 9 Park Promenade Orlando 1987 / 2000 125,818 100.00% 27 0 Walden Woods Plant City 1985 / 1998 75,336 98.70% 10 1 WEST COAST FLORIDA (8) East Bay Plaza Largo 1985 / 1997 85,426 57.70% 18 4 Lake St. Charles Tampa 1999 57,015 100.00% 8 0 Marco Town Center Marco Island 2001 109,574 83.40% 32 13 Mariners Crossing Spring Hill 1989 / 1999 85,507 90.60% 13 2 Ross Plaza Tampa 1984 / 1996 85,903 94.80% 16 4 Shoppes of North Port North Port 1991 84,705 100.00% 22 0 Skipper Palms Tampa 1984 86,503 100.00% 17 0 Summerlin Square Fort Myers 1986 / 1998 109,156 91.90% 23 5 SOUTH FLORIDA - DADE/BROWARD/PALM BEACH (20) Bird Ludlum Miami 1988 / 1998 192,282 100.00% 50 0 Bluffs Square Jupiter 1986 132,395 98.20% 46 5 Boca Village Boca Raton 1978 94,111 99.30% 23 1 Boynton Plaza Boynton Beach 1978 / 1999 99,324 88.90% 26 4 Cashmere Corners Port St. Lucie 2001 89,234 97.60% 17 1 Jonathan's Landing Jupiter 1997 26,820 100.00% 12 0 Lantana Village Lantana 1976 / 1999 176,110 99.40% 25 1 Oakbrook Palm Beach Gardens 1974 / 2010 225,073 86.20% 23 12
SUPERMARKET ANCHOR * ------------------------------- AVERAGE OWNED SHADOW NAME BASE RENT PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF -------- ----- ------ -------- -------------------- ---------- FLORIDA (43) NORTH FLORIDA (9) Atlantic Village 39,795 Publix Jo-Ann Fabrics, Dollar Tree $ 10.06 (10/31/2008) Beauclerc Village Walgreen's*, Big Lots 6.33 Commonwealth 48,997 Winn-Dixie 8.00 (2/28/2018) Ft. Caroline 45,500 Winn-Dixie Eckerd's* (Bealls Outlet) 7.29 (5/31/2015) Forest Village 37,866 Publix 10.21 (4/30/2020) Losco 45,820 Winn-Dixie 19.45 Mandarin Landing 34,400 Publix Office Depot, Eckerd's 8.85 (2/14/2007) Monument Point 46,772 Winn-Dixie Eckerd's 6.53 (3/27/2005) Oak Hill 39,795 Publix Walgreen's* (Bonus Dollar) 6.86 (5/11/2005) Central Florida (6) Eustis Square 38,520 Publix Walgreen's* (Bealls Outlet) 6.69 (11/30/2004) Forest Edge 42,075 Winn-Dixie Autozone 7.10 (8/8/2007) Kirkman Shoppes Eckerd's 17.43 Lake Mary 63,139 Albertson's K-Mart, Sun Star Theatres 10.60 (6/30/2012) Park Promenade 55,000 Publix Blockbuster, Orange County 9.29 (2/9/2007) Library Walden Woods 46,636 Winn-Dixie* Walgreen's 6.59 (11/30/08) West Coast Florida (8) East Bay Plaza 53,000 Albertson's Family Dollar 9.49 Lake St. Charles 46,295 Kash N' Karry 9.46 (6/30/2019) Marco Town Center 27,887 Publix 16.39 (1/31/2018) Mariners Crossing 48,315 Kash 'N Karry 8.02 (4/30/2020) Ross Plaza Walgreen's, Ross Dress for Less 8.70 Shoppes of North Port 48,890 Publix Beall's Outlet 9.45 (12/11/2011) Skipper Palms 53,012 Winn-Dixie 8.49 (5/31/2016) Summerlin Square 45,500 Winn-Dixie Eckerd's 10.49 (6/4/2006) SOUTH FLORIDA - DADE/BROWARD/PALM BEACH (20) Bird Ludlum 44,400 Winn-Dixie Blockbuster, Eckerd's 13.86 (12/31/2007) Bluffs Square 39,795 Publix Walgreen's 11.11 (10/22/2006) Boca Village 36,000 Publix Eckerd's 13.66 (3/31/2007) Boynton Plaza 37,664 Publix Eckerd's 9.92 (8/31/2003) Cashmere Corners 59,448 Albertson's 7.67 (4/30/2025) Jonathan's Landing 53,850 Albertson's Blockbuster 17.44 Lantana Village 39,473 Winn-Dixie K-Mart 6.32 (2/15/2011) Oakbrook 44,400 Publix Eckerd's, Roly's Bistro 8.83 (10/31/2020) Jacobson Stores, Inc.
Page 11
YEAR TOTAL # OF TENANTS BUILT/ SQUARE PERCENT ----------------- PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT -------- ---- --------- ------- -------- ------ ------ FLORIDA (43) SOUTH FLORIDA - DADE/BROWARD/PALM BEACH (CONTINUED) (20) Pine Island Davie 1983 / 1999 254,907 99.70% 47 1 Plaza Del Rey Miami 1985 / 1996 50,146 94.50% 20 1 Point Royale Miami 1970 / 2000 209,863 94.60% 24 2 Pompano Pompano Beach 1968 / 2001 80,697 100.00% 1 0 Prosperity Centre Palm Beach Gardens 1993 122,106 100.00% 9 0 Ridge Plaza Davie 1984 / 1999 155,204 96.70% 26 3 Ryanwood Vero Beach 1987 114,925 95.70% 30 3 Sawgrass Promenade Deerfield Beach 1982 / 1998 107,092 99.10% 28 1 Shops at Skylake North Miami Beach 1999/2000-01 174,199 96.60% 43 4 University Mall Ft. Lauderdale 1973 326,307 19.30% 21 24 West Lakes Plaza Miami 1984 / 2000 100,747 100.00% 27 0 Westburry Miami 1988 33,706 100.00% 21 0 TOTAL SHOPPING CENTERS FLORIDA (43) 4,996,627 89.80% 973 124 TEXAS (32) HOUSTON (15) Albertson's Bissonnet Houston 1999 15,542 100.00% 8 0 Albertson's Spring Shadows Houston 1999 36,611 88.00% 14 2 Barker Cypress Houston 2001 61,720 81.70% 8 2 Beechcrest Houston 1981 / 2001 90,797 98.30% 14 1 Benchmark Crossing Houston 1986 58,384 100.00% 5 0 Colony Plaza Houston 1997 26,530 87.20% 13 2 Copperfield Houston 1994 160,695 48.40% 30 6 Grogan's Mill Houston 1986 118,398 99.20% 27 1 Hedwig Houston 1974 69,504 100.00% 13 0 Highland Square Houston 1998 64,171 99.70% 26 1 Market at First Colony Houston 1988 107,301 95.30% 34 2 Mason Park Houston 1998 160,047 75.00% 31 8 Mission Bend Houston 1980 / 1999 129,675 91.90% 24 2 Steeplechase Houston 1985 104,002 98.40% 25 1 Woodforest Houston 1991 12,741 100.00% 4 0 DALLAS (15) Benbrook Fort Worth 1969 247,422 65.90% 16 9 Green Oaks Dallas 1983 65,091 70.60% 22 10 Melbourne Plaza Dallas 1983 47,517 86.60% 15 3 Minyards Garland 2000 58,695 100.00% 1 0 Northwest Crossing Dallas 1983 33,366 86.80% 15 2 SUPERMARKET ANCHOR * ------------------------------- AVERAGE OWNED SHADOW NAME BASE RENT PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF -------- ----- ------ -------- -------------------- ---------- Pine Island 39,943 Publix Home Depot Expo, Rite Aid $9.13 (11/30/2013) Plaza Del Rey Navarro Pharmacy 12.85 Point Royale 45,350 Winn-Dixie Best Buy, Eckerd's 6.40 (2/18/2011) Pompano Lowe's 6.69 Prosperity Centre Office Depot, Barnes & Noble, Bed 14.70 Bath & Beyond, Carmine's, TJ Maxx Ridge Plaza see Pine Island AMC Theater, Kabooms. Republic 8.75 Security Bank, Uncle Funny's, The Round Up Ryanwood 39,795 Publix 8.95 (3/23/2017) Sawgrass Promenade 36,464 Publix Blockbuster, Walgreen's 11.28 (11/30/2004) Shops at Skylake 51,420 Publix Blockbuster, Goodwill 15.18 (7/31/2019) University Mall Eckerd's 10.22 West Lakes Plaza 46,216 Winn-Dixie Navarro Pharmacy 10.58 (10/31/2016) Westburry 16.09 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS FLORIDA (43) 1,152,670 $10.14 - ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (32) HOUSTON (15) Albertson's Bissonnet 63,000 Albertson's Blockbuster 14.85 Albertson's Spring Shadows 62,322 Albertson's 16.32 Barker Cypress 41,320 H.E. Butt 11.70 (01/31/2014) Beechcrest 40,345 Randall's* (VWalgreen's* 8.88 (6/24/2016) Benchmark Crossing Bally's Fitness 12.13 Colony Plaza 55,513 Albertson's 18.61 (dark) Copperfield JoAnn's Fabrics 11.78 Grogan's Mill 56,558 Randall's Petco 11.76 (6/24/2016) Hedwig Target (shadow), Wherehouse 13.58 Music, Marshall's (shadow), Ross Highland Square Radio Shack, Smoothie King 15.89 Market at First Colony 62,000 Kroger's TJ Maxx, Eckerd's 15.28 Mason Park 58,890 Kroger's Walgreen's* (Eloise Collectibles) 12.05 Palais Royal, Petco Mission Bend 46,112 Randall's Factory 2 U Stores, Inc. 9.04. (6/24/2016) Steeplechase 56,208 Randall's 11.19 (6/24/2016) Woodforest 16.10 DALLAS (15) Benbrook Sutherland Lumber, JoAnn Fabrics 3.04 DHT Ventures, Oliver Dyer Green Oaks 58,000 Kroger's 11.42 Melbourne Plaza 11.06 Minyards 58,695 Minyard's 6.4 (12/31/2029) Northwest Crossing Blockbuster 10.85
Page 12
YEAR TOTAL # OF TENANTS BUILT/ SQUARE PERCENT ----------------- PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT -------- ---- --------- ------- -------- ------ ------ TEXAS (32) DALLAS (CONTINUED) (15) Parkwood Dallas 1985 81,590 88.10% 18 2 Plymouth East Dallas 1970 56,435 100.00% 10 0 Plymouth North Dallas 1970 444,221 51.60% 39 20 Plymouth South Dallas 1970 49,102 85.80% 5 2 Plymouth West Dallas 1970 178,810 88.80% 12 4 Richwood Dallas 1984 54,872 83.30% 22 6 Rosemeade Park Dallas 1986 49,554 85.60% 15 4 Sterling Plaza Dallas 1989 65,205 96.70% 15 1 Townsend Desoto 1990 140,436 84.50% 35 4 Village Park Dallas 1988 44,387 58.40% 6 6 San Antonio (2) Bandera Festival San Antonio 1989 189,438 78.80% 24 7 Wurzbach San Antonio 1979 59,771 100.00% 3 0 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TEXAS (32) 3,082,030 79.70% 549 108 - ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA (3) Big Curve Yuma 1969 / 1996 126,402 97.90% 31 1 Park Northern Phoenix 1982 / 1996 126,852 88.30% 20 7 Southwest Walgreen's Phoenix 1975 / 1998 78,398 100.00% 17 0 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS ARIZONA (3) 331,652 94.70% 68 8 - ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE (1) McMinn Plaza Athens 1982 / 1994 107,200 72.80% 7 2 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TENNESSEE (1) 107,200 72.80% 7 2 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS (79) 8,517,509 86.10% 1,597 242 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER COMMERCIAL PROPERTIES (3) El Novillo Miami Beach 1970 / 2000 10,000 100.00% 1 0 Epsilon W. Palm Beach 1925 / 1997 18,707 100.00% 5 0 EQY Building ** Miami Beach 1959 / 1996 28,780 81.80% 12 3 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING & COMMERCIAL PPTY (82) 8,574,996 86.10% 1,615 245 - ----------------------------------------------------------------------------------------------------------------------------------- Mandarin Mini-storage Jacksonville 1982 52,880 98.70% 527 7 Montclair Apartments Miami Beach 1950 / 2000 9,375 100.00% 20 0 Coral Way N.E. Land Miami Coral Way S.E. Land Miami - ----------------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL (86) 8,637,251 2,162 252 - ----------------------------------------------------------------------------------------------------------------------------------- SUPERMARKET ANCHOR * ------------------------------- AVERAGE OWNED SHADOW NAME BASE RENT PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF -------- ----- ------ -------- -------------------- ---------- Parkwood 62,000 Albertson's Planet Pizza $13.39 Plymouth East 42,130 Kroger 4.18 (11/30/2013) Plymouth North Blockbuster, Dollar General, Thrift 7.18 of America, US Postal Service Plymouth South Betcha Bingo 6.77 Plymouth West Bargain City, Tok Won Kim 4.33 Richwood 61,877 Albertson's Blockbuster 16.32 Rosemeade Park 58,900 Kroger Blockbuster, Allure Health & Spa 13.49 Sterling Plaza Bank One, Wherehouse Entertainment 14.13 Townsend 60,349 Albertson's Stage Stores, Victory Gym, Tutor 9.14 Time Village Park Toy's R' Us (shadow), Petco 16.22 (shadow) San Antonio (2) Bandera Festival Eckerd's*, Blockbuster, Kmart 8.69 Wurzbach 52,957 Albertson's 2.86 (12/31/2004) - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TEXAS (32) 602,851 $9.83 - ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA (3) Big Curve 60,000 Albertson's Michael's (shadow), Walgreen's 9.55 Miller's Outpost Park Northern 51,511 Safeway Beall's, Showbiz Pizza 6.43 (5/31/2003) Southwest Walgreen's 27,064 Food City Walgreen's 7.36 (5/31/2005) - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS ARIZONA (3) 60,000 $7.89 - ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE (1) McMinn Plaza 60,000 Ingles 7.18 (1/30/2019) - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TENNESSEE (1) 60,000 $7.18 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS (79) 1,901,662 815,521 $9.80 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER COMMERCIAL PROPERTIES (3) El Novillo Jumbo Buffet 13.67 Epsilon 14.74 EQY Building ** 16.01 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING & COMMERCIAL PPTY (82) 1,815,521 $9.84 - ----------------------------------------------------------------------------------------------------------------------------------- Mandarin Mini-storage NA Montclair Apartments NA Coral Way N.E. Land Coral Way S.E. Land - ----------------------------------------------------------------------- GRAND TOTAL (86) 1,901,662 815,521 - -----------------------------------------------------------------------
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 ( ). ** The EQY Building was sold on February 1, 2002. Page 13 EQUITY ONE, INC. ANNUAL MEETING RENT BY LOCATION as of December 31, 2001 - -------------------------------------------------------------------------------- ANNUAL MINIMUM RENT BY LOCATION (CHART)
REGION COUNT AMR % STATE STATE TOTAL ------ ----- --- --- ----- ----------- North FL 9 $5,373,283 Central FL 6 7,881,528 West FL 8 6,422,993 South FL 23 25,842,056 63% Florida $45,519,860 - ------------------------------------------------------------------------------------------------------------ Houston 15 12,971,971 Dallas 15 9,694,987 San Antonio 2 1,467,993 33% Texas 24,134,951 - ------------------------------------------------------------------------------------------------------------ AZ 3 2,477,657 3% Arizona 2,477,657 - ------------------------------------------------------------------------------------------------------------ TN 1 560,307 1% Tennessee 560,307 - ------------------------------------------------------------------------------------------------------------ Total 82 $72,692,776 100% $72,692,776 - ------------------------------------------------------------------------------------------------------------
- ------------------ Note: Chart excludes Monclair, Mini-storage and 2 developments. Page 14 EQUITY ONE, INC. REAL ESTATE DEVELOPMENTS AND OTHER RECENT ACTIVITY as of December 31, 2001 (in thousands, except square footage data) - -------------------------------------------------------------------------------- 1) LAKE MARY SHOPPING CENTER Lake Mary, Florida A 25,000 square foot addition for Euro Fitness Center is completed and reflected on the December 31, 2001 Property Status Report. An additional 10,000 square foot addition is under construction, and is reflected on the December 31, 2001 Property Status Report. 2) PLAZA ALLEGRE (CORAL WAY S.E.) Miami, Florida We expect to begin construction shortly of an 84,000 square foot shopping center on an 8.5 acre site located on the southeast corner of S.W. 147th Avenue and Coral Way in southwest Miami-Dade County. Plaza Allegre will feature a 44,000 square foot Publix supermarket, a 14,000 square foot junior anchor, 16,000 square feet of local retail space, 10,000 square feet of office space and two out parcels. The target completion date is February 2003. The development is expected to cost a total of $10,000 (including $2,000 to purchase the site pursuant to an existing option agreement), and is expected to yield approximately 11.5% upon stabilization in the fourth quarter of 2003. This development is not reflected on the December 31, 2001 Property Status Report, although the land parcel is listed as a property. 3) CORAL WAY, N.E. Miami, Florida We own a 4.0 acre parcel at the northeast corner of S.W. 147th Avenue and Coral Way across the street from Plaza Allegre, upon which we expect to commence construction of a 25,000 square foot drug-store anchored shopping center in the third quarter of 2002 with a target completion in the fourth quarter of 2003. This development is not reflected on the December 31, 2001 Property Status Report, although the land parcel is listed as a property. 4) UNIVERSITY MALL Pembroke Pines, Florida Discussions are underway with a major retailer regarding a complete redevelopment of this property. 5) Plymouth Park North Irving, Texas Discussions are underway with a local supermarket chain regarding a potential lease at this property. 6) OAKBROOK SQUARE Palm Beach Gardens, Florida Discussions are underway with a number of retailers regarding a possible tenancy upon the maturity of the Jacobson's lease. 7) BEAUCLERC SHOPPING CENTER Jacksonville, FL Leases are signed for two large vacancies to Goodwill Industries and Beall's Outlet. This leasing activity is not reflected on the December 31, 2001 Property Status Report, as the tenants have not yet occupied the spaces. 8) EQY OFFICE BUILDING Miami Beach, FL We sold the Equity One office building in Miami Beach, Florida to the City of Miami Beach on February 1, 2002 for a price of $6,050. We expect to realize a gain on the sale of this property in the amount of approximately $4,300. In connection with the sale, we will also receive $450 as a settlement for pending litigation against the City of Miami Beach. 9) COPPERFIELD Houston, Texas A letter of intent is being negotiated with a national health & fitness center regarding a potential 35,000 square foot lease at this property. 10) ALBERTSONS BISSONNET Houston, Texas Discussions are underway with a major bank regarding a build-to-suit on the vacant outparcel. Page 15 EQUITY ONE, INC. JOINT VENTURE INVESTMENTS as of December 31, 2001 (in thousands, except square footage data) - -------------------------------------------------------------------------------- OWNED JOINT VENTURES * - ---------------------- 1) CITY CENTRE Palm Beach Gardens, Florida City Centre is a 93,565 square foot office/retail center that was 95.5% occupied as of 12/31/01. The property includes a parcel of land slated for future office development. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $13,079 on 12/31/01, which matures on 4/1/10. Equity One increased its 25.05% interest in this property to 50% in November 2001 for an additional cost of $1.4 million. 2) PARK PLACE Plano, Texas Park Place is a 112,478 square foot retail center that was 100% occupied as of 12/31/01. The development plan calls for the construction of two additional phases totaling 29,000 square feet at a cost of $2,600, with completion targeted for December 2003. The property is encumbered by a floating rate loan (L+185, though certain tranches have been rate-locked) with a balance of $13,951, which matures on 4/6/02. Discussions are underway for a replacement facility at comparable terms. Equity One owns a 50% interest in this property. 3) OAKS SQUARE Gainesville, Florida Oaks Square is a 119,355 square foot retail center that was 100% occupied as of 12/31/01. The property is encumbered by a 7.63% fixed-rate mortgage loan with a balance of $16,786 on 12/31/01, which matures on 12/31/10. Equity One owns a 50% interest in this property. * EQUITY ONE ACCOUNTS FOR THESE THREE JOINT VENTURE INTERESTS USING THE EQUITY METHOD. - -------------------------------------------------------------------------------- JOINT VENTURE DISPOSITIONS - -------------------------- 1) NORTHMIL SHOPPING CENTER Palm Beach Gardens, Florida Equity One sold its 25.05% interest in this supermarket-anchored center in October 2001 for its cost of $414. 2) FISHHAWK SHOPPING CENTER Tampa, Florida Equity One sold its 50% interest in this retail center in November 2001 for its cost of $1,054. 3) ABACOA SHOPPING CENTER Palm Beach Gardens, Florida Equity One sold its 25.05% interest in this supermarket-anchored center in November 2001 for its cost of $1,180. Page 16 EQUITY ONE, INC. SHOPPING CENTER & COMMERCIAL PROPERTY TENANT CONCENTRATION SCHEDULE as of December 31, 2001 - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------- ANNUALIZED % OF TOTAL NUMBER % OF TOTAL ANNUALIZED ANNUALIZED AVERAGE OF SQUARE SQUARE MINIMUM MINIMUM MINIMUM TENANT STORES FEET FEET RENT RENT REMT - -------------------------------------------------------------------------------------------------------------------- TOP TEN TENANTS Publix 16 647,634 7.6% $4,004,304 5.5% $6.18 Winn Dixie 11 503,931 5.9% 3,191,701 4.4% 6.33 Randall's 4 199,223 2.3% 1,431,823 2.0% 7.19 K Mart 3 257,768 3.0% 1,268,768 1.7% 4.92 Eckerd's 13 130,979 1.5% 1,063,720 1.5% 8.12 Walgreens 10 154,996 1.8% 1,031,839 1.4% 6.66 Blockbuster 11 63,116 0.7% 989,016 1.4% 15.67 Albertson's 4 177,544 2.1% 868,251 1.2% 4.89 Kash N' Karry 2 94,610 1.1% 726,425 1.0% 7.68 Bed, Bath & Beyond 1 37,525 0.4% 562,875 0.8% 15.00 - -------------------------------------------------------------------------------------------------------------------- Sub-total Top Ten Tenants 75 2,267,326 26.4% $15,138,722 20.8% $6.68 - -------------------------------------------------------------------------------------------------------------------- Remaining Tenants 1,540 5,119,832 59.7% 57,554,054 79.2% 11.24 - -------------------------------------------------------------------------------------------------------------------- Sub-total All Tenants 1,615 7,387,158 86.1% $72,692,776 100.0% $9.84 - -------------------------------------------------------------------------------------------------------------------- Vacant 245 1,187,838 13.9% 0 0.0% 0.00 - -------------------------------------------------------------------------------------------------------------------- Total including Vacant 1,860 8,574,996 100.0% $72,692,776 100.0% $8.48 - --------------------------------------------------------------------------------------------------------------------
Page 17 EQUITY ONE, INC. SHOPPING CENTER AND COMERCIAL PROPERTY LEASE EXPIRATION SCHEDULE as of December 31, 2001
- ---------------------------------------------------------------------------------------------------------- PERCENT AVERAGE PERCENT OF ANNUAL OF ANNUALIZED TOTAL MINIMUM NUMBER TOTAL MINIMUM ANNUALIZED RENT PER OF SQUARE SQUARE REMT AT MINIMUM SQUARE DATE TENANTS (1) FEET FEET EXPIRATION(2) RENT FOOT - ---------------------------------------------------------------------------------------------------------- M-T-M 0 0 0.0% $ 0 0.0% NA 2002 315 716,612 8.4% 9,379,456 12.4% 13.09 2003 335 1,081,683 12.6% 10,855,309 14.3% 10.04 2004 335 964,056 11.2% 10,917,544 14.4% 11.32 2005 226 872,899 10.2% 8,806,262 11.6% 10.09 2006 183 854,401 10.0% 9,330,902 12.3% 10.92 2007 47 430,491 5.0% 4,108,437 5.4% 9.54 2008 33 268,914 3.1% 3,651,016 4.8% 13.58 2009 25 126,614 1.5% 2,013,378 2.7% 15.90 2010 46 265,674 3.1% 2,804,655 3.7% 10.56 2011 21 393,061 4.6% 2,893,753 3.8% 7.36 Thereafter 48 1,412,753 16.5% 11,159,987 14.7% 7.90 - ---------------------------------------------------------------------------------------------------------- Sub-total / Average 1,614 7,387,158 86.1% $75,920,699 100.0% $10.28 - ---------------------------------------------------------------------------------------------------------- Vacant 245 1,187,838 13.9% 0 NA NA - ---------------------------------------------------------------------------------------------------------- Total / Average 1,859 8,574,996 100.0% $75,920,699 100.0% $8.85 - ----------------------------------------------------------------------------------------------------------
(ANNUAL LEASE EXPIRATIONS GRAPH) (1) Includes 21 tenants who use 0 square feet but pay rent under various usage agreements. Excludes 1 tenant who uses 0 square feet and does not pay rent, but makes certain other payments (i.e. CAM or RE Tax). (2) Includes the rent from 21 tenants who use 0 square feet but pay rent under various usage agreements. Page 18 EQUITY ONE, INC. STOCK PRICE AND VOLUME STATISTICS for the three months ended December 31, 2001 - -------------------------------------------------------------------------------- DAILY HIGH-LOG-CLOSE AND 10-DAY MOVING AVERAGE (GRAPH OMITTED) DAILY TRADING VOLUME AND 10-DAY MOVING AVERAGE (GRAPH OMITTED) Page 19 EX-99.1 4 supplement2001q4.pdf COURTESY COPY OF SUPPLEMENTAL PACKAGE IN PDF begin 644 supplement2001q4.pdf M)5!$1BTQ+C0-)>+CS],-"CQM,A/:F#:X<:S[R"6P<8 M&%MR#E]MF/S[[:;;>=L:&!A8%JZ3$G+;^=C)X[HMIZ2J*2,DO(R)=34DW0A<&%@<&E@8$M M@X&A@8%)`T1R@`@&"`4C!&$@3\"!Y@=>"'AX;#P0(8`` M`P`BL4YF#65N9'-T7!E("]086=E(`TO4&%R96YT(#"!;(#`@,"`V,3(@-SDR(%T@#2]2;W1A=&4@,"`-/CX@#65N M9&]B:@TW."`P(&]B:@U;(`TX,B`P(%(@.#0@,"!2(`U=#65N9&]B:@TW.2`P M(&]B:@TU.#D@#65N9&]B:@TX,"`P(&]B:@T\/"`-+U1Y<&4@+T9O;G1$97-C M"!;("TR-3`@+3(Q,B`Q,C`W(#$P,#`@72`-+TUI%=I9'1H(#$P,#8@#2]!=F=7:61T M:"`T-#$@#3X^(`UE;F1O8FH-.#$@,"!O8FH-/#P@#2]4>7!E("]&;VYT(`TO M4W5B='EP92`O5')U951Y<&4@#2].86UE("]&,"`-+T)A=C\6H\1Q[@YA?G7YN*`6*,*X/(')8TIPEUS M+AM,A]J![CIT11C2KX@RL$*_5R7O0E%%-N2*]"PNXNI+G$#S&2@BSM(M6PP& M6N4MDDG$\#H'\D%7-M+.%K9Y7+Z%FQ--]N84.N-;=D["X;+_^6K=:Y.5I&3L M@"EEEF12=23=';/K*O/5>MH\P(>A7PUP'OO%PQE<+M?3<-N#UNR[8MNCI&@4 MHPO5M-3`HWUQ3:I4/KV[P(7\(M<>/H[Q#-Z/"RS..,6U1I[N[Q7H_,ZFS0K" MQ*YS<(476*V^ZZ?;.'Z'V33\B,6C3JW2(:!U+QXY]3?Q"AFKL+>H0NW3Y^?' 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REPORTS FOURTH QUARTER AND YEAR-END 2001 RESULTS ----------------------------------------------------------------- o REVENUES TOTALED $24.7 MILLION AND $83.0 MILLION FOR THE QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2001, RESPECTIVELY o NET INCOME BEFORE AN EXTRAORDINARY ITEM TOTALED $6.6 MILLION AND $20.3 MILLION FOR THE QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2001, EQUATING TO $0.23 AND $0.90 PER DILUTED SHARE, RESPECTIVELY o FUNDS FROM OPERATIONS TOTALED $10.2 MILLION AND $30.9 MILLION FOR THE QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2001, EQUATING TO $0.35 AND $1.34 PER DILUTED SHARE, RESPECTIVELY NORTH MIAMI BEACH, FL, FEBRUARY 20, 2002- Equity One, Inc. (NYSE: EQY) today reported its operating results for the quarter and twelve months ended December 31, 2001. For the quarter ended December 31, 2001, Total Revenues, Net Income before an Extraordinary Item, Net Income before an Extraordinary Item per diluted share, Funds from Operations (FFO) and FFO per diluted share were $24.7 million, $6.6 million, $0.23 per diluted share, $10.2 million and $0.35 per diluted share, increasing 20.0%, 60.4%, 9.5%, 49.2% and 0.0%, respectively, from $20.6 million, $4.1 million, $0.21 per diluted share, $6.8 million and $0.35 per diluted share for the quarter ended December 31, 2000. For the twelve months ended December 31, 2001, Total Revenues, Net Income before an Extraordinary Item, Net Income before an Extraordinary Item per diluted share, Funds from Operations and FFO per diluted share were $83.0 million, $20.3 million, $0.90 per diluted share, $30.9 million and $1.34 per diluted share, increasing 67.2%, 61.4%, 3.4%, 62.4% and 2.3%, respectively, from $49.6 million, $12.6 million, $0.87 per diluted share, $19.0 million and $1.31 per diluted share for the twelve months ended December 31, 2000. For both the quarter and twelve months ended December 31, 2001, the Extraordinary Item relates to a $1.5 million prepayment penalty arising from the early extinguishment of a fixed rate mortgage loan in December 2001. "2001 was a year of tremendous achievement for Equity One," stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One. "We have successfully integrated the operations of CEFUS and UIRT, and are running seamlessly as one company with 85 properties, almost 1,900 tenants, five management offices in Florida and two in Texas. Our focus on neighborhood, supermarket-anchored shopping centers continues to find favor in both the local and financial marketplaces. Florida and Texas, our primary markets, are performing well in the face of a weaker economy, and are among the fastest growing states. We are making good progress on leasing up significant portions of the vacant space we acquired in the two transactions. Lastly, we are pleased to have completed our shelf registration earlier this month permitting us to offer and sell up to $250 million of new securities, which will facilitate our future growth." The results for the quarter and twelve months ended December 31, 2001 reflect the acquisitions of United Investors Realty Trust ("UIRT") and Centrefund Realty (U.S.) Corporation ("CEFUS"). All periods since August 18, 2000 have been restated or adjusted to account for the acquisition on that date of 68.07% of the stock of First Capital Realty (TSE:FCR), the parent of CEFUS, by Gazit-Globe (1982) Ltd. (TLV:GLOB), Equity One's majority shareholder. The restatement consolidates the operations of Equity One and CEFUS between August 18, 2000 and September 19, 2001, subject to a 31.93% minority interest in CEFUS (the "CEFUS Accounting Treatment"). On September 20, 2001, Equity One acquired 100% of CEFUS from First Capital Realty, thereby acquiring the remaining 31.93% minority interest. We define FFO consistent with the NAREIT definition as net income before gains (losses) on the sale of real estate, extraordinary items and minority interest, plus real estate depreciation and amortization of capitalized leasing costs, adjusted to add back any deferred income tax expense or subtract any deferred income tax credit attributable to the CEFUS Accounting Treatment. We believe that FFO should be considered along with, but not as an alternative to, net income as defined by accounting principles generally accepted in the United States of America ("GAAP") as a measure of our operating performance. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. Our calculation of FFO may not be comparable to similarly titled measures reported by other companies. EARNINGS GUIDANCE We remain comfortable with our previously disclosed guidance of between $1.43 and $1.47 of FFO per diluted share for 2002. We expect the growth in our FFO to be driven by a combination of internal growth related to increases in rents and the lease-up of vacant space, as well as selective property acquisitions. This guidance is provided for information purposes and is subject to change. VIDEO WEB-CAST We will hold a live, video web-cast on Thursday, February 21, 2002 at 1:00 p.m. EST with Chaim Katzman, Doron Valero and Howard Sipzner to discuss the Company's performance for the quarter and year ending December 31, 2001. The session may be accessed at WWW.EQUITYONE.NET using the icons on the bottom of the home page. FOR ADDITIONAL INFORMATION For a copy of our fourth quarter supplemental information package, please access the "Financial Reports" section in our web site at WWW.EQUITYONE.NET. To be included in our e-mail distributions for future press releases and other notices, please send your e-mail address to Michele Guard at MGUARD@EQUITYONE.NET. ABOUT EQUITY ONE, INC. Equity One, Inc. (NYSE:EQY) is a self-administered, self-managed real estate investment trust that principally acquires, renovates, develops and manages community and neighborhood shopping centers anchored by national and regional supermarket chains. The Company's portfolio currently consists of 85 properties primarily located in metropolitan areas of Florida and Texas, encompassing 55 supermarket-anchored shopping centers, 6 drug store-anchored shopping centers, 18 other retail-anchored shopping centers, 4 commercial properties, 1 supermarket-anchored development and 1 drug store-anchored development, as well as interests in 3 joint ventures. For more information, please visit Equity One's website at WWW.EQUITYONE.NET. FORWARD LOOKING STATEMENTS Certain matters discussed 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 and Texas; the continuing financial success of Equity One's current and prospective tenants; Equity One's ability to realize economies of scale in connection with its recent CEFUS and UIRT transactions; continuing supply constraints in Equity One's current markets; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission. EQUITY ONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
For the three For the three months ended months ended % December 31, 2001 December 31, 2000 Increase -------------------------- ----------------------- ----------- Total Revenue $ 24,680 $ 20,570 20.0% Net Income before Extraordinary Item $ 6,642 $ 4,142 60.4% per share (basic) $ 0.23 $ 0.21 9.5% per share (diluted) $ 0.23 $ 0.21 9.5% Extraordinary Item - Prepayment Penalty $ 1,546 $ -- Net Income after Extraordinary Item $ 5,096 $ 4,142 23.0% per share (basic) $ 0.18 $ 0.21 (14.3)% per share (diluted) $ 0.18 $ 0.21 (14.3)% Funds from Operations $ 10,194 $ 6,834 49.2% per share (diluted) $ 0.35 $ 0.35 0.0% Weighted average common shares Basic 28,560 19,291 Diluted 29,248 19,576
For the twelve For the twelve months ended months ended % December 31, 2001 December 31, 2000 Increase ------------------------- ---------------------- ----------- Total Revenue $ 82,987 $ 49,621 67.2% Net Income before Extraordinary Item $ 20,267 $ 12,555 61.4% per share (basic) $ 0.90 $ 0.88 2.3% per share (diluted) $ 0.90 $ 0.87 3.4% Extraordinary Item - Prepayment Penalty $ 1,546 $ -- Net Income after Extraordinary Item $ 18,721 $ 12,555 49.1% per share (basic) $ 0.83 $ 0.88 (5.7)% per share (diluted) $ 0.83 $ 0.87 (4.6)% Funds from Operations $ 30,931 $ 19,044 62.4% per share (diluted) $ 1.34 $ 1.31 2.3% Weighted average common shares Basic 22,414 14,285 Diluted 23,037 14,504
EQUITY ONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
December 31, 2001 December 31, 2000 ---------------------- --------------------- Investments in Real Estate (before accumulated depreciation) $ 656,005 $ 501,528 Total Assets $ 668,536 $ 542,817 Mortgage Notes Payable $ 345,047 $ 280,396 Credit Agreement(s) $ 27,409 $ 4,243 Total Liabilities $ 390,269 $ 321,267 Minority Interest $ -- $ 33,887 Stockholders' Equity $ 278,267 $ 187,663 Total Liabilities, Minority Interest and Stockholders' Equity $ 668,536 $ 542,817
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