-----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, SGgbkXS5P6UqnB7zpO4IQiY+SkK3EJBJl1tKLNqhRoDnXppfxK4HSHEmwenEIDUA vjq/NmqQLJ7Ujtn9TIObDw== 0001042810-02-000017.txt : 20020724 0001042810-02-000017.hdr.sgml : 20020724 20020724172114 ACCESSION NUMBER: 0001042810-02-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020630 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020724 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: 02710150 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 q2k82002.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) July 24, 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 a Press Release and Supplemental Information Package related to the Company's earnings for the period ended June 30, 2002. Copies of these documents are furnished with this Form 8-K as Exhibits 99.1 and 99.2 and are incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS 99.1 Supplemental Information Package for the period ending June 30, 2002. 99.2 Press Release of Equity One, Inc. dated and issued July 24, 2002 with respect to the announcement of the Company's second quarter 2002 earnings. 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: JULY 24, 2002 BY: /s/ CHAIM KATZMAN --------------------------------------- NAME: CHAIM KATZMAN TITLE: CHAIRMAN AND CHIEF EXECUTIVE OFFICER 2 EX-99.1 3 q2supplemental2002.txt -------------------------------------------------- | Equity One, Inc. | | Supplemental Information Package | -------------------------------------------------- JUNE 30, 2002 [EQUITY ONE LOGO] Equity One, Inc. 1696 N.E. Miami Gardens Drive North Miami Beach, Florida 33179 Tel: (305) 947-1664 Fax: (305) 947-1734 4 www.equityone.net EQUITY ONE, INC. - -------------------------------------------------------------------------------- Supplemental Information June 30, 2002 (unaudited) - -------------------------------------------------------------------------------- TABLE OF CONTENTS PAGE ---- 1. Summary Operating Information......................................3 2. Summary Balance Sheet Information..................................4 3. Consolidated Statements of Earnings................................5 4. Consolidated Statements of Funds from Operations...................6 5. Consolidated Balance Sheets........................................7 6. Debt Summary.......................................................8 7. Property Status Report.............................................11 8. Annual Minimum Rent by Location....................................14 9. Real Estate Developments and Dispositions..........................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 ALL PRIOR REPORTING PERIODS ENCOMPASSING THE PERIOD AUGUST 18, 2000 THROUGH SEPTEMBER 19, 2001 HAVE BEEN RESTATED TO ACCOUNT FOR THE ACQUISITION OF 68.07% OF THE STOCK OF FIRST CAPITAL REALTY (TSE:FCR), THE PARENT OF CENTREFUND REALTY (U.S.) CORPORATION ("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 June 30, 2002 and 2001 (in thousands, except per share data) - --------------------------------------------------------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED JUN 30, 2002 JUN 30, 2001 JUN 30, 2002 JUN 30, 2001 -------------------------- -------------------------- Total Dividends Paid per Share $ 0.27 $ 0.26 $ 0.54 $ 0.52 Funds from Operations per share $ 0.33 $ 0.31 $ 0.68 $ 0.65 Dividend / FFO Payout Ratio 81.8% 83.9% 79.4% 80.0% FFO multiple (annualized if (more than) 12 months) 10.6 10.3 Adjusted Funds From Operations Per Share $ 0.31 $ 0.29 $ 0.64 $ 0.61 Dividend / AFFO Payout Ratio 87.1% 89.7% 84.4% 85.2% AFFO multiple (annualized if (more than) 12 months) 11.3 10.9 - ------------------------------------------------------------------------------------------------------------------------------------ EBITDA (excl Gain On Disposal of Real Estate) $ 16,295 $ 12,452 $ 33,083 $ 24,987 Interest and Amortization of Deferred Financing Fees $ 5,489 $ 5,571 $ 11,809 $ 10,769 EBITDA : Interest Coverage Ratio 3.0 2.2 2.8 2.3 EBITDA Margin (EBITDA/Total Revenues) 67.9% 68.4% 66.2% 67.4% - ------------------------------------------------------------------------------------------------------------------------------------ Net Operating Income (NOI) from Continuing Operations Total Rental Income $ 23,572 $ 17,374 $ 49,005 $ 35,530 Property Operating Expenses (1) 6,616 5,207 14,409 10,635 Net Operating Income $ 16,956 $ 12,167 $ 34,596 $ 24,895 NOI Margin (NOI/Total Rental Income) 71.9% 70.0% 70.6% 70.1% (1) NET OF INTERCOMPANY EXPENSES. - ------------------------------------------------------------------------------------------------------------------------------------ Same Property NOI (2) Total Rental Income $ 9,310 $ 8,963 $ 18,810 $ 17,881 Operating Expenses 2,580 2,311 5,057 4,679 Net Operating Income $ 6,730 $ 6,652 $ 13,753 $ 13,202 Growth in Same Property NOI 1.2% 4.2% (2) INCLUDES ONLY EQUITY ONE PROPERTIES OPERATED IN THE CURRENT AND PRIOR PERIODS. EXCLUDES $104 AND $258 OF DEFERRED TERMINATION FEES AT THE LAKE MARY PROPERTY THAT WERE RECOGNIZED IN THE THREE AND SIX MONTHS ENDED JUNE 30, 2001, RESPECTIVELY. - ------------------------------------------------------------------------------------------------------------------------------------ General & Administrative Expenses (3) $ 1,574 $ 731 $ 3,570 $ 1,542 as % of Total Revenues 6.56% 4.01% 7.15% 4.16% as % of Total Assets 0.88% 0.44% 1.00% 0.23% (3) INCLUDES $83 AND $695 OF ABANDONED TRANSACTION DUE DILIGENCE COSTS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2002, RESPECTIVELY.
Page 3 EQUITY ONE, INC. SUMMARY BALANCE SHEET INFORMATION as of June 30, 2002 and December 31, 2001 (in thousands, except per share data) - --------------------------------------------------------------------------------
JUN 30, 2002 DEC 31, 2001 ---------------------- ---------------------- Closing Market Price $ 14.00 $ 13.74 Dividend Yield (based on current annualized dividend) 7.71% 7.57% BOOK VALUE PER SHARE (FULLY DILUTED, END OF PERIOD) $ 9.98 $ 9.50 - ----------------------------------------------------------------------------------------------------------------------------------- LIQUIDITY CASH AND CASH EQUIVALENTS $ 989 $ 906 CASH HELD IN ESCROW $ 2,311 $ 1,715 ---------------------- ---------------------- REVOLVING CREDIT FACILITIES GROSS AVAILABLE UNDER CURRENT CREDIT FACILITIES 70,225 50,641 LESS: OUTSTANDING BALANCE (35,893) (27,409) HOLDBACK FOR LETTERS OF CREDIT (1,051) (999) ESCROWED FOR TAX AND INSURANCE (448) (448) ---------------------- ---------------------- NET AVAILABLE UNDER CREDIT FACILITIES $ 32,833 $ 21,785 ====================== ====================== - ----------------------------------------------------------------------------------------------------------------------------------- EQUITY CAPITALIZATION (END OF PERIOD) COMMON STOCK SHARES (IN THOUSANDS) BASIC COMMON STOCK SHARES 33,899.918 28,620.757 Diluted Common Shares Unvested Restricted Common Shares 390.722 160.086 Walden Woods Shares 93.656 93.656 Northport Operating Partnership Units 261.850 261.850 Common Stock Options (Treasury Method, closing price) 125.625 164.620 ---------------------- ---------------------- FULLY DILUTED COMMON STOCK SHARES 34,771.771 29,300.969 ====================== ====================== - ----------------------------------------------------------------------------------------------------------------------------------- Net Debt (adjusted for Cash, Cash Held in Escrow, Securities Held for Sale) $ 343,808 $ 368,188 Equity Market Capitalization (fully diluted, end of period) 486,805 402,595 ---------------------- ---------------------- TOTAL MARKET CAPITALIZATION $ 830,613 $ 770,783 ====================== ====================== NET DEBT TO TOTAL MARKET CAPITALIZATION 41.4% 47.8% - ----------------------------------------------------------------------------------------------------------------------------------- GROSS REAL ESTATE INVESTMENTS $ 706,545 $ 655,718 NET DEBT TO GROSS REAL ESTATE INVESTMENTS 48.7% 56.2% - ----------------------------------------------------------------------------------------------------------------------------------- Fixed Rate Mortgage Debt $ 288,283 $ 296,887 Variable Rate Mortgage Debt 60,528 75,569 ---------------------- ---------------------- TOTAL DEBT $ 348,811 $ 372,456 ====================== ====================== % FIXED RATE DEBT 82.6% 79.7% % VARIABLE RATE DEBT 17.4% 20.3% WEIGHTED-AVERAGE INTEREST RATE ON FIXED RATE DEBT 7.76% 7.76%
Page 4 EQUITY ONE, INC. CONSOLIDATED STATEMENTS OF EARNINGS for the periods ended June 30, 2002 and 2001 (in thousands, except per share data) - -------------------------------------------------------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED JUN 30, 2002 JUN 30, 2001 JUN 30, 2002 JUN 30, 2001 --------------------------- --------------------------- Revenues Rental Income Minimum Rents $ 18,210 $ 13,233 $ 36,492 $ 26,701 Expense Recoveries 5,088 3,937 11,298 8,051 Percentage Rent Payments 274 204 1,215 778 ----------------------- ----------------------- Total Rental Income 23,572 17,374 49,005 35,530 Management Fees 37 315 135 556 Investment Income 392 518 805 968 ----------------------- ----------------------- Total Revenues 24,001 18,207 49,945 37,054 ----------------------- ----------------------- Costs and Expenses Property Operating Expenses 6,616 5,207 14,409 10,635 Interest and Amortization of Deferred Financing Fees 5,489 5,571 11,809 10,769 Rental Property Depreciation and Amortization 3,349 2,598 6,672 5,126 General and Administrative Expenses 1,574 731 3,570 1,542 ----------------------- ----------------------- Total Costs and Expenses 17,028 14,107 36,460 28,072 ----------------------- ----------------------- Income before Equity in Income of Joint Ventures, Minority Interest in Earnings of Consolidated Subsidiary, Income Taxes, Minority Interest in Cefus and Discontinued Operations 6,973 4,100 13,485 8,982 Equity in Income of Joint Ventures 159 172 310 299 Minority Interest in Earnings of Consolidated Subsidiary (26) (49) (51) (49) Income Tax Benefit/(expense) Current 0 6 0 186 Deferred 0 (514) 0 (1,479) ----------------------- ----------------------- Income before Minority Interest in Cefus & Discontinued Operations 7,106 3,715 13,744 7,939 Minority Interest in Cefus 0 (285) 0 (731) ----------------------- ----------------------- Income from Continuing Operations 7,106 3,430 13,744 7,208 ----------------------- ----------------------- Discontinued Operations Income from Operations of Properties 351 345 858 591 Gain on Disposal of Real Estate 981 0 7,103 0 ----------------------- ----------------------- Income from Discontinued Operations 1,332 345 7,961 591 ----------------------- ----------------------- Net Income $ 8,438 $ 3,775 $ 21,705 $ 7,799 ======================= ======================= Basic Earnings Per Share Income from Continuing Operations $ 0.21 $ 0.17 $ 0.44 $ 0.36 Income from Discontinued Operations 0.04 0.02 0.25 0.03 ----------------------- ----------------------- Net Income $ 0.25 $ 0.19 $ 0.69 $ 0.39 ======================= ======================= Diluted Earnings Per Share Income from Continuing Operations $ 0.21 $ 0.17 $ 0.43 $ 0.36 Income from Discontinued Operations 0.04 0.02 0.25 0.03 ----------------------- ----------------------- Net Income $ 0.25 $ 0.19 $ 0.68 $ 0.39 ======================= ======================= Weighted Average Shares Outstanding Basic 33,255 19,854 31,316 19,854 Diluted 33,967 20,596 31,999 20,472
Page 5 EQUITY ONE, INC. CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS for the periods ended June 30, 2002 and 2001 (in thousands, except per share data) - -------------------------------------------------------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED JUN 30, 2002 JUN 30, 2001 JUN 30, 2002 JUN 30, 2001 ---------------------------- --------------------------- Net Income $ 8,438 $ 3,775 $ 21,705 $ 7,799 Depreciation of Real Estate 3,373 2,543 6,636 5,099 Amortization of Capitalized Leasing Fees 70 65 136 87 Gain on Sale of Disposal of Real Estate (981) 0 (7,103) 0 Interest on Convertible Partnership Units 65 66 130 130 Minority Interest in Earnings of Consolidated Subsidiary 26 49 51 49 Deferred Income Taxes 0 514 0 1,479 Share of Real Estate Depreciation in Joint Ventures 140 30 314 57 Minority Interest Share of FFO Adjustments 0 (614) 0 (1,365) ----------------------- ----------------------- Funds From Operations $ 11,131 $ 6,428 $ 21,869 $ 13,335 ======================= ======================= Increase 73.2% 64.0% FFO per share (diluted) $ 0.33 $ 0.31 $ 0.68 $ 0.65 Increase 6.5% 4.6% Adjusted Funds from Operations (AFFO) Funds from Operations $ 11,131 $ 6,428 $ 21,869 $ 13,335 less: Straight Line Rent Adjustment 33 32 65 65 Recurring Capital Expenditures Tenant Improvements 90 169 343 254 Leasing Commissions and Fees 220 155 342 243 Other Capital Expenditures 296 96 518 281 ----------------------- ----------------------- Total Recurring Capital Expenditures 606 420 1,203 778 Adjusted Funds from Operations $ 10,492 $ 5,976 $ 20,601 $ 12,492 ======================= ======================= Increase 75.6% 64.9% AFFO per share (diluted) $ 0.31 $ 0.29 $ 0.64 $ 0.61 Increase 6.9% 4.9% - ----------------------------------------------------------------------------------------------------------------------------------- Weighted Average Diluted Shares 33,967 20,596 31,999 20,472 - -----------------------------------------------------------------------------------------------------------------------------------
Page 6 EQUITY ONE, INC. CONSOLIDATED BALANCE SHEETS as of June 30, 2002 and December 31, 2001 (in thousands, except per share data) - --------------------------------------------------------------------------------
JUN 30, 2002 DEC 31, 2001 --------------- --------------- Assets Rental Property Land, Buildings and Equipment $ 636,519 $ 605,820 Building Improvements 19,638 17,513 Land Held for Development 31,686 23,420 Construction in Progress 8,571 5,416 --------------- --------------- Rental Property 696,414 652,169 Less: Accumulated Depreciation (34,121) (28,031) Property Held for Sale 10,131 3,549 --------------- --------------- Rental Property, Net 672,424 627,687 Cash and Cash Equivalents 989 906 Cash Held in Escrow 2,311 1,715 Securities Available for Sale 1,709 1,681 Accounts and Other Receivables, Net 3,188 5,564 Notes Receivable 10,881 9,697 Deposits 9,034 6,219 Prepaid and Other Assets 1,538 2,161 Deferred Expenses, Net 4,441 3,883 Investments in Joint Ventures 7,740 7,742 Goodwill, Net 2,276 1,281 --------------- --------------- Total Assets $ 716,531 $ 668,536 - ---------------------------------------------------------------------------------------------------------------------- Liabilities and Shareholders' Equity Liabilities Mortgage Notes Payable $ 312,918 $ 345,047 Revolving Credit Facilities 35,893 27,409 Accounts Payable and Accrued Expenses 12,435 8,987 Tenant Security Deposits 4,162 4,090 Deferred Rental Income 245 766 Due to Related Parties 0 101 Minority Interest in Equity of Consolidated Subsidiaries 3,869 3,869 --------------- --------------- Total Liabilities 369,522 390,269 --------------- --------------- Shareholders' Equity Common Stock 343 288 Additional Paid-in Capital 352,424 283,619 Retained Earnings 6,379 1,808 Accumulated Other Comprehensive Loss (6) (34) Unamortized Restricted Stock Compensation (5,019) (1,836) Note Receivable From Issuance of Common Stock (7,112) (5,578) --------------- --------------- Total Shareholders' Equity 347,009 278,267 --------------- --------------- Total Liabilities and Shareholders' Equity $ 716,531 $ 668,536 - ----------------------------------------------------------------------------------------------------------------------
Page 7 EQUITY ONE, INC. DEBT SUMMARY as of June 30, 2002 (in thousands)
LOAN CLOSING/ ORIGINAL REFINANCING LOAN MATURITY JUN 30, 2002 PROPERTY DATE (1) AMOUNT (2) DATE RATE (3) BALANCE - ---------------------------- -------------- ----------- -------- ------------- ------------- FIXED RATE MORTGAGE DEBT Eustis Square (4) 10/22/93 $ 5,942 07/01/02 9.000% $ 4,344 Forest Edge (5) 05/01/96 2,099 10/01/02 6.900% 1,594 Lantana Village 02/19/98 4,400 02/15/05 6.950% 3,886 Benchmark Crossing 09/21/01 3,483 07/01/05 9.250% 3,430 Sterling Plaza 09/20/01 4,197 09/01/05 8.750% 4,130 Green Oaks 09/21/01 3,189 10/01/05 8.375% 3,137 Townsend Square 09/20/01 5,005 10/01/05 8.500% 4,956 Melbourne Plaza 09/21/01 1,843 11/01/05 8.375% 1,813 Northwest Crossing 09/21/01 1,754 11/01/05 8.375% 1,725 Oak Hill 12/07/95 2,500 01/01/06 7.625% 2,060 Walden Woods 01/01/99 2,835 08/01/06 7.875% 2,542 Big Curve 09/21/01 5,683 10/01/06 9.190% 5,606 Highland Square 09/21/01 4,234 11/01/06 8.870% 4,176 Park Northern 09/21/01 2,484 12/01/06 8.370% 2,421 University Mall 09/21/01 12,874 12/01/06 8.440% 12,760 Rosemeade 09/21/01 3,319 12/01/07 8.295% 3,275 Colony Plaza 09/21/01 3,884 01/01/08 7.540% 3,070 Parkwood (6) 09/21/01 6,371 01/01/08 7.280% 6,315 Richwood (6) 09/21/01 3,282 01/01/08 7.280% 3,253 Commonwealth 02/15/98 3,300 02/15/08 7.000% 2,916 Mariners Crossing 09/01/00 3,516 03/01/08 7.080% 3,447 Pine Island/Ridge Plaza 08/01/99 26,234 07/01/08 6.910% 25,432 Westburry (7) 09/20/01 2,336 10/01/08 7.300% 2,317 Prosperity Centre 09/20/01 7,120 02/01/09 7.875% 6,891 Shoppes of North Port 12/05/00 4,370 02/08/09 6.650% 4,245 Park Promenade 01/31/00 6,500 02/01/10 8.100% 6,386 Skipper Palms 09/21/01 3,617 03/01/10 8.625% 3,598 Jonathan's Landing 09/20/01 2,966 05/01/10 8.050% 2,946 Bluff's Square 09/20/01 10,249 06/01/10 8.740% 10,197 Kirkman Shoppes 09/20/01 9,679 06/01/10 8.740% 9,629 Ross Plaza 09/20/01 6,750 06/01/10 8.740% 6,716 Boynton Plaza 09/20/01 7,637 07/01/10 8.030% 7,591 Pointe Royale 07/28/95 6,000 07/15/10 7.950% 4,871 Plymouth Park East 1 (8) 09/20/01 159 08/01/10 8.250% 156 Plymouth Park East 2 (8) 09/20/01 477 08/01/10 8.250% 469 Plymouth Park North (8) 09/20/01 8,506 08/01/10 8.250% 8,361 Plymouth Park Story North (8) 09/20/01 391 08/01/10 8.250% 384 Plymouth Park South (8) 09/20/01 636 08/01/10 8.250% 625 Plymouth Park West (8) 09/20/01 2,542 08/01/10 8.250% 2,499 Shops at Skylake 07/06/00 16,350 08/01/10 7.650% 15,123 Minyards 09/20/01 2,586 11/01/10 8.320% 2,562 Forest Village 03/08/01 4,700 04/01/11 7.270% 4,554 Boca Village 09/20/01 8,478 05/01/11 7.200% 8,420 Sawgrass Promenade 09/20/01 8,478 05/01/11 7.200% 8,420 Plaza Del Rey 08/01/96 3,050 09/01/11 8.125% 2,287 Lake Mary 11/01/01 25,000 11/01/11 7.250% 24,871 Lake St. Charles 10/29/01 3,950 11/01/11 7.130% 3,929
Page 8 EQUITY ONE, INC. DEBT SUMMARY as of June 30, 2002 (in thousands)
LOAN CLOSING/ ORIGINAL REFINANCING LOAN MATURITY JUN 30, 2002 PROPERTY DATE (1) AMOUNT (2) DATE RATE (3) BALANCE - ---------------------------- -------------- ----------- -------- ------------- ------------- Marco Town Center 12/31/01 9,000 01/01/12 6.700% 8,943 Summerlin Square 01/25/99 5,000 02/01/14 6.750% 4,279 Bird Ludlum 02/19/97 13,400 02/15/15 7.680% 11,123 West Lakes Plaza 05/22/97 5,902 06/01/16 7.875% 5,079 Atlantic Village 10/30/98 5,000 11/01/18 6.850% 4,524 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL FIXED RATE MORTGAGE DEBT (52 LOANS) $303,256 6.43 7.76% $288,283 (WTD-AVG MATURITY) (WTD-AVG RATE) - --------------------------------------------------------------------------------------------------------------------------------- VARIABLE RATE MORTGAGE DEBT Comerica/4 property loan (9) 09/20/01 24,635 02/28/04 LIBOR + 150 24,635 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL VARIABLE RATE MORTGAGE DEBT $24,635 $24,635 - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- TOTAL MORTGAGE NOTES $327,891 $312,918 - --------------------------------------------------------------------------------------------------------------------------------- REVOLVING CREDIT FACILITIES City National Bank (10) 02/04/99 $ 10,825 05/04/03 LIBOR + 225 $ 808 Bank Leumi (11) 09/17/01 30,000 03/17/03 LIBOR + 125 9,000 Wells Fargo (12) 02/27/02 29,400 02/26/05 LIBOR + 115 26,085 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL REVOLVING CREDIT FACILITIES $70,225 $35,893 - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- TOTAL DEBT $348,811 - --------------------------------------------------------------------------------------------------------------------------------- MATURITY SCHEDULE SCHEDULED BALLOON BY YEAR AMORTIZATION PAYMENTS (13) TOTAL Includes Revolving Credit Facility Balances ---------------------------------------------------------------------------- 2002 (July 1 to year-end) $ 2,708 $ 5,912 $ 8,620 2003 5,719 9,808 15,527 2004 6,145 24,635 30,780 2005 6,380 47,339 53,719 2006 6,233 26,470 32,703 2007 6,066 2,864 8,930 2008 5,745 42,217 47,962 2009 5,335 7,663 12,998 2010 4,505 68,564 73,069 2011 3,180 44,410 47,590 Thereafter 9,633 7,280 16,913 ---------------------------------------------------------------------------- TOTAL $61,649 $287,162 $348,811 - -----------------------------------------------------------------------------------------------------------------------------------
Page 9 EQUITY ONE, INC. DEBT SUMMARY as of June 30, 2002 (in thousands) - -------------------------------------------------------------------------------- (1) The more recent of the loan closing/assumption date and the date of any subsequent refinancing. (2) The principal amount on the loan closing/assumption date, adjusted to reflect any subsequent additional funding. (3) The rate in effect on June 30, 2002. (4) Discussions are ongoing with the lender regarding an extension of the term to this loan. (5) This loan was paid off in full without penalty on July 17, 2002. (6) 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. (7) This loan was assigned on July 16, 2002 to the buyer of this property. (8) 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. (9) This Comerica facility is secured by Grogans Mill ($7,995), Steeplechase ($6,305), Mission Bend ($6,370) and Beechcrest ($3,965). The rate was reduced to LIBOR + 150 from LIBOR + 200 on June 12, 2002. (10) The CNB Line was authorized to $10,825 as of June 30, 2002, and is secured by Mandarin Mini-storage, Skylake Phase III land, Montclair Apartments, Beauclerc Village and East Bay Plaza. We have two, 364-day extension options for a final ultimate maturity of 5/2/2005. (11) The Bank Leumi facility is secured by negative pledges on Ryanwood, Pompano, McMinn, SW Walgreens, Bandera, Market at First Colony and Mason Park. We have exercised an option to extend the maturity of the Leumi facility to 3/17/03. (12) On February 27, 2002, we closed a new $29,400 secured, revolving, line of credit with Wells Fargo. The facility is secured by Oakbrook, Mandarin Landing, Hedwig, Bissonet and Spring Shadows. The rate on the facility is LIBOR + a range of 115 to 150 depending on overall leverage. As of June 30, 2002, the rate was LIBOR + 115. We are in the process of securing a $16,400 increase in the line to $46,000. (13) Represents the entire principal balance of a maturing loan on the maturity date. Page 10 YEAR TOTAL # OF TENANTS BUILT/ SQUARE PERCENT --------------------- PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT -------- ---- --------- ------- -------- ------ ------ FLORIDA (48) NORTH FLORIDA (9) Atlantic Village Atlantic Beach 1984 / 1998 100,559 96.2% 24 1 Beauclerc Village Jacksonville 1962 / 1988 70,429 100.0% 12 0 Commonwealth Jacksonville 1984 / 1998 81,467 98.4% 15 1 Forest Village Tallahassee 2000 71,526 93.3% 16 1 Ft. Caroline Jacksonville 1985 / 1995 74,546 94.0% 10 4 Losco Jacksonville 2000 8,700 74.7% 6 1 Mandarin Landing Jacksonville 1976 / 2000 141,565 94.5% 33 4 Monument Point Jacksonville 1985 / 1997 76,628 97.7% 12 1 Oak Hill Jacksonville 1985 / 1997 78,492 95.1% 18 1 CENTRAL FLORIDA (8) Eckerds Leesburg Leesburg 2000 12,739 100.0% 1 0 Eastwood Orlando 1997 67,137 100.0% 13 0 Eustis Square Eustis 1983 / 1997 126,791 83.2% 17 10 Forest Edge Orlando 1983 / 1997 68,631 100.0% 12 0 Kirkman Shoppes Orlando 1973 88,820 100.0% 32 0 Lake Mary Orlando 1988 / 2001 339,084 98.9% 64 3 Park Promenade Orlando 1987 / 2000 125,818 97.9% 26 1 Walden Woods Plant City 1985 / 1998 75,336 96.3% 10 2 FLORIDA TREASURE COAST REGION (6) Bluffs Square Jupiter 1986 132,395 97.9% 46 5 Cashmere Corners Port St. Lucie 2001 89,234 100.0% 18 0 Eckerds Melbourne Melbourne 2001 10,908 100.0% 1 0 Jonathan's Landing Jupiter 1997 26,820 100.0% 12 0 Ryanwood Vero Beach 1987 114,925 93.9% 30 3 Salerno Stuart 1987 58,804 100.0% 17 0 FLORIDA WEST COAST (8) East Bay Plaza Largo 1985 / 1997 85,426 54.7% 17 5 Lake St. Charles Tampa 1999 57,015 100.0% 8 0 Marco Town Center Marco Island 2001 109,430 88.9% 34 11 Mariners Crossing Spring Hill 1989 / 1999 85,507 96.5% 13 2 Ross Plaza Tampa 1984 / 1996 85,359 90.4% 18 2 Shoppes of North Port North Port 1991 84,705 97.5% 20 2 Skipper Palms Tampa 1984 89,944 100.0% 17 0 Summerlin Square Fort Myers 1986 / 1998 109,156 89.2% 22 6
SUPERMARKET ANCHOR * ------------------------------- AVERAGE OWNED SHADOW NAME BASE RENT PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF -------- ----- ------ -------- -------------------- ---------- FLORIDA (48) NORTH FLORIDA (9) Atlantic Village 39,795 Publix Jo-Ann Fabrics $ 10.15 (10/31/2008) Beauclerc Village Big Lots, Goodwill, Beall's Outlet 7.59 Commonwealth 48,997 Winn-Dixie 8.08 (2/28/2018) Forest Village 37,866 Publix 10.26 (4/30/2020) Ft. Caroline 45,500 Winn-Dixie Eckerds* (Bealls Outlet) 7.33 (5/31/2015) Losco 45,820 Winn-Dixie 18.76 Mandarin Landing 34,400 Publix Office Depot, Eckerds 8.91 (2/14/2007) Monument Point 46,772 Winn-Dixie Eckerds 6.33 (3/27/2005) Oak Hill 39,795 Publix Walgreens* (Bonus Dollar) 6.73 (5/11/2005) CENTRAL FLORIDA (8) Eckerds Leesburg Eckerds 26.55 Eastwood 42,075 Publix 10.91 (11/1/2017) Eustis Square 38,520 Publix Beall's, Walgreens (Beall's Outlet) 6.70 (11/30/2004) Forest Edge 42,075 Winn-Dixie Autozone 7.12 (8/8/2007) Kirkman Shoppes Eckerds 17.64 Lake Mary 63,139 Albertson's K-Mart, Euro Fitness, Sun Star 11.59 (6/30/2012) Theatres Park Promenade 55,000 Publix Orange County Library, Blockbuster 9.30 (2/9/2007) Walden Woods 46,636 Winn-Dixie* Walgreens 6.68 (11/30/08) FLORIDA TREASURE COAST REGION (6) Bluffs Square 39,795 Publix Walgreens 11.22 (10/22/2006) Cashmere Corners 59,448 Albertson's 7.82 (4/30/2025) Eckerds Melbourne Eckerds 20.45 Jonathan's Landing 53,850 Albertson's Blockbuster 17.49 Ryanwood 39,795 Publix 8.95 (3/23/2017) Salerno 31,503 Winn-Dixie Eckerds 6.80 (9/21/2007) WEST COAST FLORIDA (8) East Bay Plaza 53,000 Albertsons 9.75 Lake St. Charles 46,295 Kash N' Karry 9.65 (6/30/2019) Marco Town Center 27,887 Publix 16.09 (1/31/2018) Mariners Crossing 48,315 Kash 'N Karry 8.03 (4/30/2020) Ross Plaza Walgreens, Ross Dress for Less 9.86 Shoppes of North Port 48,890 Publix Beall's Outlet 9.44 (12/11/2011) Skipper Palms 53,012 Winn-Dixie 8.20 (5/31/2016) Summerlin Square 45,500 Winn-Dixie Eckerds 10.63 (6/4/2006)
Page 11
YEAR TOTAL # OF TENANTS BUILT/ SQUARE PERCENT ----------------- PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT -------- ---- --------- ------- -------- ------ ------ SOUTH FLORIDA / ATLANTIC COAST (20) Bird Ludlum Miami 1988 / 1998 192,282 92.0% 48 2 Boca Village Boca Raton 1978 93,428 96.6% 21 2 Boynton Plaza Boynton Beach 1978 / 1999 99,324 95.6% 27 3 Lantana Village Lantana 1976 / 1999 176,110 98.3% 24 2 Meadows Miami 1997 75,524 90.7% 16 5 Oakbrook Palm Beach Gardens 1974 / 2000 225,073 84.7% 18 16 Pine Island Davie 1983 / 1999 254,907 99.3% 46 1 Plaza Del Rey Miami 1985 / 1996 50,146 83.7% 20 3 Point Royale Miami 1970 / 2000 209,863 94.6% 24 2 Pompano Pompano Beach 1968 / 2001 80,697 100.0% 1 0 Prosperity Centre Palm Beach Gardens 1993 122,106 100.0% 9 0 Ridge Plaza Davie 1984 / 1999 155,204 96.7% 26 3 Sawgrass Promenade Deerfield Beach 1982 / 1998 107,092 99.1% 28 1 Shops at Skylake North Miami Beach 1999/2000-01 174,199 98.5% 44 3 University Mall Ft. Lauderdale 1973 318,437 17.7% 21 23 West Lakes Plaza Miami 1984 / 2000 100,747 100.0% 27 0 Westburry Miami 1988 33,706 100.0% 21 0 (sold on July 16, 2002) - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS FLORIDA (49) 5,216,741 90.3% 1,015 132 - ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (32) HOUSTON (15) Barker Cypress Houston 2001 66,945 85.4% 10 3 Beechcrest Houston 1981 / 2001 90,797 100.0% 15 0 Benchmark Crossing Houston 1986 58,384 100.0% 5 0 Bissonnet Houston 1999 15,542 100.0% 8 0 Colony Plaza Sugarland 1997 26,513 84.4% 12 3 Copperfield Houston 1994 160,695 46.3% 27 8 Grogan's Mill The Woodlands 1986 118,398 100.0% 26 0 Hedwig Houston 1974 69,504 100.0% 13 0 Highland Square Sugarland 1998 64,171 99.7% 26 1 Market at First Colony Sugarland 1988 107,301 98.4% 35 1 Mason Park Katy 1998 160,047 74.9% 32 8 Mission Bend Houston 1980 / 1999 131,575 93.2% 24 2 Spring Shadows Houston 1999 39,611 96.9% 15 1 Steeplechase Jersey Village 1985 105,152 98.4% 25 1 Woodforest Houston 1991 12,741 100.0% 4 0 SUPERMARKET ANCHOR * ------------------------------- AVERAGE OWNED SHADOW NAME BASE RENT PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF -------- ----- ------ -------- -------------------- ---------- SOUTH FLORIDA / ATLANTIC COAST (18) Bird Ludlum 44,400 Winn-Dixie Eckerds, Blockbuster 14.42 (12/31/2007) Boca Village 36,000 Publix Eckerds 14.07 (3/31/2007) Boynton Plaza 37,664 Publix Eckerds 10.01 (8/31/2003) Lantana Village 39,473 Winn-Dixie K-Mart, Rite Aid* (Dollar Store) 6.34 (2/15/2011) Meadows 47,955 Publix 11.50 (7/9/2017) Oakbrook 44,400 Publix Eckerds, Roly's Bistro 8.10 (10/31/2020) Jacobson Department Store. Pine Island 39,943 Publix Home Depot Expo, Rite Aid* (Bealls $9.09 (11/30/2013) Outlet) Plaza Del Rey Navarro Pharmacy 12.55 Point Royale 45,350 Winn-Dixie Best Buy, Eckerds (Linen 6.43 (2/18/2011) Supermarket) Pompano Lowe's 6.69 Prosperity Centre Office Depot, Barnes & Noble, Bed 14.75 Bath & Beyond, Carmine's, TJ Maxx Ridge Plaza see Pine Island AMC Theater, Kabooms, Republic 8.59 Security Bank, Uncle Funny's, Round Up Sawgrass Promenade 36,464 Publix Walgreens, Blockbuster 11.38 (11/30/2004) Shops at Skylake 51,420 Publix Goodwill, Blockbuster 15.22 (7/31/2019) University Mall Eckerds 11.34 West Lakes Plaza 46,216 Winn-Dixie Navarro Pharmacy 10.61 (10/31/2016) Westburry 16.27 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS FLORIDA (43) 1,490,295 152,670 $10.20 - ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (32) HOUSTON (15) Barker Cypress 41,320 H.E.B. 12.13 (01/31/2014) Beechcrest 40,345 Randalls* (Viet Ho) Walgreens* 8.92 (6/24/2016) Benchmark Crossing Bally's Fitness 12.13 Bissonnet 63,000 Kroger Blockbuster 14.39 Colony Plaza 19.29 Copperfield JoAnn's Fabrics 11.89 Grogan's Mill 56,558 Randall's* Petco 12.06 (6/24/2016) Hedwig Warehouse Music, Ross Dress 13.68 for Less Highland Square 16.37 Market at First Colony 62,000 Kroger TJ Maxx, Eckerds 15.48 Mason Park 58,890 Kroger Walgreens* (Eloise Collectibles) 11.85 Palais Royal, Petco Mission Bend 46,112 Randall's Factory 2 U Stores, Inc.* 8.36 (6/24/2016) Spring Shadows 14.72 Steeplechase 56,208 Randall's 11.16 (6/24/2016) Woodforest 16.10
Page 12
YEAR TOTAL # OF TENANTS BUILT/ SQUARE PERCENT ----------------- PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT -------- ---- --------- ------- -------- ------ ------ DALLAS (14) Green Oaks Arlington 1983 65,094 71.3% 22 11 Melbourne Plaza Hurst 1983 47,517 80.0% 13 5 Minyards Garland 2000 65,295 100.0% 2 0 Northwest Crossing Garland 1983 33,366 87.4% 15 3 Parkwood Plano 1985 81,590 87.1% 18 2 Plymouth Park East Irving 1970 56,435 97.3% 9 1 Plymouth Park North Irving 1970 447,215 51.9% 39 20 Plymouth Park South Irving 1970 49,102 85.8% 5 2 Plymouth Park West Irving 1970 178,930 88.1% 13 2 Richwood Richardson 1984 54,872 93.2% 25 3 Rosemeade Carrollton 1986 50,504 88.7% 15 3 Sterling Plaza Irving 1989 65,205 96.7% 15 1 Townsend Square Desoto 1990 142,978 82.3% 31 7 Village Park Arlington 1988 44,387 40.5% 5 6 San Antonio (3) Bandera Festival San Antonio 1989 189,438 95.7% 26 6 Blanco Village San Antonio 2000 108,325 98.6% 15 1 Wurzbach San Antonio 1979 59,771 100.0% 3 0 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TEXAS (32) 2,967,400 82.7% 548 101 - ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA (3) Big Curve Yuma 1969 / 1996 126,402 95.6% 29 3 Park Northern Phoenix 1982 / 1996 126,852 81.9% 18 9 Southwest Walgreens Phoenix 1975 / 1998 93,518 82.9% 17 1 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS ARIZONA (3) 346,772 87.2% 64 13 - ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE (1) McMinn Plaza Athens 1982 / 1994 107,200 90.8% 9 1 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TENNESSEE (1) 107,200 90.8% 9 1 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS (79) 8,638,113 87.6% 1,636 247 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER COMMERCIAL PROPERTIES (2) El Novillo Miami Beach, FL 1970 / 2000 10,000 100.0% 1 0 Epsilon W. Palm Beach, FL 1925 / 1997 18,707 54.6% 4 1 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING & COMMERCIAL PPTY (82) 8,666,820 87.5% 1,641 248 - ----------------------------------------------------------------------------------------------------------------------------------- Mandarin Mini-storage Jacksonville, FL 1982 52,880 98.9% 528 6 Plaza Alegre Miami, FL 2002 Development Coral Way N.E. Miami, FL 2002 Development Homestead Homestead, FL Future Development - ----------------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL (86) 8,719,700 87.6% 2,169 254 - ----------------------------------------------------------------------------------------------------------------------------------- SUPERMARKET ANCHOR * ------------------------------- AVERAGE OWNED SHADOW NAME BASE RENT PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF -------- ----- ------ -------- -------------------- ---------- DALLAS (15) Green Oaks 58,000 Kroger 11.45 Melbourne Plaza 11.28 Minyards 58,695 Minyards/Sack N Save 6.12 (12/31/2029) Northwest Crossing Blockbuster 10.93 Parkwood 62,000 Albertsons Planet Pizza 13.39 Plymouth Park East 42,130 Kroger 4.10 (11/30/2013) Plymouth Park North Blockbuster, Dollar General, Thrift 7.23 Store, Pos Office, Chateau Theatre, Levines Plymouth Park South Betcha Bingo 6.86 Plymouth Park West Bargain City, Tok Won Kim 4.52 Richwood 61,877 Albertsons Blockbuster 12.20 Rosemeade 58,900 Kroger Gold's Gym, Blockbuster 12.94 Sterling Plaza Bank One, Warehouse Entertainment 14.29 Townsend Square 60,349 Albertsons Beall's, Victory Gym, Tutor Time 8.99 Village Park 17.63 San Antonio (2) Bandera Festival Beall's, Eckerds*, Blockbuster, 8.42 K-Mart (closed on July 1, 2002) Blanco Village 74,627 H.E.B. 15.60 (4/30/2015) Wurzbach 52,957 Albertsons* 2.86 (12/31/2004) - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TEXAS (32) 468,952 485,016 $10.42 - ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA (3) Big Curve 60,000 Albertsons Walgreens, Miller's Outpost 9.57 Park Northern 51,511 Safeway Bealls, Showbiz Pizza 6.25 (5/31/2003) Southwest Walgreens 27,064 Food City Walgreens 7.93 (5/31/2005) - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS ARIZONA (3) 78,575 60,000 $8.01 - ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE (1) McMinn Plaza 60,000 Ingles Fred's Stores 6.75 (1/30/2019) - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS TENNESSEE (1) 60,000 0 $6.75 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING CENTERS (85) 2,097,822 697,686 $10.10 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER COMMERCIAL PROPERTIES (2) El Novillo Jumbo Buffet 13.67 Epsilon Dax Bar & Grill 16.24 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SHOPPING & COMMERCIAL PPTY (87) 2,097,822 697,686 $10.12 - ----------------------------------------------------------------------------------------------------------------------------------- Mandarin Mini-storage Plaza Alegre Coral Way N.E. Homestead - ----------------------------------------------------------------------- GRAND TOTAL (86) 2,097,822 697,686 - -----------------------------------------------------------------------
Total Square Footage does not include shadow anchor square footage which is not owned or controlled by Equity One. *Include a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ). Page 13 ANNUAL MINIMUM RENT BY LOCATION (GRAPH)
- ------------------------------------------------------- ----------------------------------------------- REGION COUNT AMR STATE STATE TOTAL % ------ ----- --- ----- ----------- ----- NORTH FL 9 $5,652,084 CENTRAL FL 8 9,351,797 TREASURE COAST 6 4,209,450 WEST FL 8 6,548,675 SOUTH FL 19 22,316,890 FLORIDA $48,078,896 63% - ------------------------------------------------------- ----------------------------------------------- HOUSTON 15 13,183,778 DALLAS 14 9,015,504 SAN ANTONIO 3 3,363,765 TEXAS 25,563,047 33% - ------------------------------------------------------- ----------------------------------------------- - ------------------------------------------------------- ----------------------------------------------- AZ 3 2,421,134 ARIZONA 2,421,134 3% - ------------------------------------------------------- ----------------------------------------------- - ------------------------------------------------------- ----------------------------------------------- TN 1 656,801 TENNESSEE 656,801 1% - ------------------------------------------------------- ----------------------------------------------- TOTAL 86 $76,719,878 $76,719,878 100% - ------------------------------------------------------- -----------------------------------------------
Note: Chart excludes Mandarin Mini-storage and 3 developments. Page 14 EQUITY ONE, INC. REAL ESTATE DEVELOPMENTS AND DISPOSITIONS as of June 30, 2002 (in thousands, except square footage data) - -------------------------------------------------------------------------------- REAL ESTATE DEVELOPMENTS ------------------------ 1) LAKE MARY SHOPPING CENTER Lake Mary, Florida A total of 35,584 square feet has been added to this center over the past twelve months. A 12-unit mini-storage facility is being added behind the property. 2) PLAZA ALLEGRE (CORAL WAY S.E.) Miami, Florida We began construction in March 2002 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 Goodwill Superstore, 26,000 square feet of local retail space and two out parcels. The development is expected to cost a total of $10,000, to open in February 2003 and to yield approximately 11.5% upon stabilization in the fourth quarter of 2003. This development is not reflected on the June 30, 2002 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 June 30, 2002 Property Status Report, although the land parcel is listed as a property. 4) UNIVERSITY MALL Pembroke Pines, Florida Discussions are underway with a major home improvement chain regarding a complete redevelopment of this property. 5) 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. 6) SALERNO VILLAGE Stuart, Florida We intend to redevelop this supermarket-anchored shopping center which we purchased in May 2002. Winn Dixie, the existing supermarket, has executed a new 20-year lease for 45,802 square feet, an increae from their current 31,503 square foot store. The redevelopment will cost approximately $5.0 million, will commence in the second quarter of 2003, and is expected to be completed in 2004. Upon completion and including the original acquisition cost, we expect to earn a stabilized yield of 11.5%. This development is reflected on the June 30, 2002 Property Status Report in its current configuration. 7) HOMESTEAD RETAIL DEVELOPMENT Homestead, Florida We own a 12 acre site adjacent to a master planned community in Homestead, Florida, approximately 25 miles south of Miami. We expect to develop a supermarket-anchored shopping center on this site in 2005. This development is not reflected on the June 30, 2002 Property Status Report, although the land parcel is listed as a property. DISPOSITION ACTIVITY -------------------- 8) MONTCLAIR APARTMENTS Miami Beach, FL We sold the apartment building in Miami Beach, Florida on June 14, 2002 for a price of $2,450. We realized a gain on the sale of this property in the amount of approximately $1,000. 9) SHOPS AT WESTBURY Miami, FL We sold the property in Miami, Florida on July 16, 2002 for a price of $5,200. We realized a gain on the sale of this property in the amount of approximately $100. Page 15 EQUITY ONE, INC. JOINT VENTURE INVESTMENTS as of June 30, 2002 (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 86% leased as of 6/30/02. 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 $13,027 on 6/30/02, which matures on 4/1/10. Equity One owns a 50% interest in this property. 2) PARK PLACE Plano, Texas Park Place is a 112,478 square foot retail center that was 100% leased as of 6/30/02. 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. On 4/5/02, the existing debt was refinanced with a $15,000, three-year, interest-only loan at LIBOR + 140, which we have guaranteed. Equity One owns a 50.1% interest in this property. 3) OAKS SQUARE Gainesville, Florida Oaks Square is a 119,355 square foot retail center that was 100% leased as of 6/30/02. The property is encumbered by a 7.63% fixed-rate mortgage loan with a balance of $16,710 on 6/30/02, 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 AS WE DO NOT CONSIDER OURSELVES TO BE IN CONTROL OF THE MAJOR BUSINESS DECISIONS. Page 16 EQUITY ONE, INC. SHOPPING CENTER & COMMERCIAL PROPERTY TENANT CONCENTRATION SCHEDULE as of June 30, 2002
- ------------------------------------------------------------------------------------------------------------------ % 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 18 747,101 8.6% $4,850,129 6.3% $6.49 Winn Dixie 12 535,862 6.2% 3,352,977 4.4% 6.26 Eckerds 16 165,426 1.9% 1,656,979 2.2% 10.02 Randall's 4 199,223 2.3% 1,431,823 1.9% 7.19 H.E. Butt 2 115,947 1.3% 1,398,855 1.8% 12.06 K Mart 3 257,768 3.0% 1,268,769 1.7% 4.92 Blockbuster 12 68,436 0.8% 1,068,816 1.4% 15.62 Walgreens 10 154,116 1.8% 1,063,839 1.4% 6.90 Albertsons 4 177,544 2.0% 899,820 1.2% 5.07 Kash N' Karry 2 94,610 1.1% 726,425 0.9% 7.68 - ------------------------------------------------------------------------------------------------------------------ SUB-TOTAL TOP TEN TENANTS 83 2,516,033 29.0% $17,718,432 23.1% $7.04 - ------------------------------------------------------------------------------------------------------------------ Remaining Tenants 1,558 5,067,918 58.5% 59,001,446 76.9% 11.64 - ------------------------------------------------------------------------------------------------------------------ SUB-TOTAL ALL TENANTS 1,641 7,583,951 87.5% $76,719,878 100.0% $10.12 - ------------------------------------------------------------------------------------------------------------------ Vacant 248 1,082,869 12.5% - 0.0% 0.00 - ------------------------------------------------------------------------------------------------------------------ TOTAL INCLUDING VACANT 1,889 8,666,820 100.0% $76,719,878 100.0% $8.85 - ------------------------------------------------------------------------------------------------------------------
Page 17 EQUITY ONE, INC. SHOPPING CENTER AND COMERCIAL PROPERTY LEASE EXPIRATION SCHEDULE as of June 30, 2002
- ----------------------------------------------------------------------------------------------------------- PERCENT AVERAGE PERCENT OF ANNUAL OF ANNUALIZED TOTAL MINIMUM NUMBER TOTAL MINIMUM ANNUALIZED RENT PER OF SQUARE SQUARE RENT AT MINIMUM SQUARE DATE TENANTS(1) FEET FEET EXPIRATION(2) RENT FOOT - ----------------------------------------------------------------------------------------------------------- M-T-M 21 46,991 0.5% $ 451,740 0.6% $9.61 2002 159 325,685 3.8% 4,707,537 5.9% 14.45 2003 314 861,867 9.9% 9,741,321 12.2% 11.30 2004 341 944,103 10.9% 10,700,825 13.4% 11.33 2005 304 989,820 11.4% 10,988,012 13.8% 11.10 2006 190 799,107 9.2% 9,433,895 11.8% 11.81 2007 128 673,672 7.8% 6,999,093 8.8% 10.39 2008 34 338,495 3.9% 3,949,204 4.9% 11.67 2009 28 178,235 2.1% 2,425,809 3.0% 13.61 2010 40 350,509 4.0% 3,241,018 4.1% 9.25 2011 22 419,500 4.8% 3,167,042 4.0% 7.55 Thereafter 59 1,655,967 19.1% 14,047,828 17.6% 8.48 - ----------------------------------------------------------------------------------------------------------- SUB-TOTAL / AVERAGE 1,640 7,583,951 87.5% $79,853,324 100.0% $10.53 - ----------------------------------------------------------------------------------------------------------- Vacant 248 1,082,869 12.5% 0 NA NA - ----------------------------------------------------------------------------------------------------------- TOTAL / AVERAGE 1,888 8,666,820 100.0% $79,853,324 100.0% $9.21 - -----------------------------------------------------------------------------------------------------------
(GRAPHIC) (1) Includes 12 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 12 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 June 30, 2002 - -------------------------------------------------------------------------------- DAILY HIGH-LOW-CLOSE AND 10-DAY MOVING AVERAGE (GRAPHIC) - -------------------------------------------------------------------------------- DAILY-TRADING VOLUME AND 10-DAY MOVING AVERAGE (GRAPHIC) *Data obtained from Yahoo Chart Services Page 19 EX-99.2 4 q2072402.txt EQUITY ONE, INC. FOR ADDITIONAL INFORMATION AT THE COMPANY: 1696 NE Miami Gardens Drive Howard Sipzner, Chief Financial Officer North Miami Beach, FL 33179 Michele Guard, Investor Relations 305-947-1664 MEDIA CONTACT: Abbe Solomon 305-446-2700 FOR IMMEDIATE RELEASE: - ---------------------- July 24, 2002 EQUITY ONE REPORTS 31.6% INCREASE IN NET INCOME PER SHARE AND 6.5% INCREASE IN FFO PER SHARE FOR SECOND QUARTER NORTH MIAMI BEACH, FL, JULY 24, 2002 - Equity One, Inc. (NYSE: EQY) today reported Total Revenues of $24.0 million, Net Income of $8.4 million, $0.25 Net Income per diluted share, Funds from Operations (FFO) of $11.1 million and $0.33 FFO per diluted share for the quarter ended June 30, 2002, representing increases of 31.8%, 123.5%, 31.6%, 73.2% and 6.5%, respectively, from $18.2 million, $3.8 million, $0.19, $6.4 million and $0.31, respectively, for the quarter ended June 30, 2001. Equity One, Inc. also reported Total Revenues of $49.9 million, Net Income of $21.7 million, $0.68 Net Income per diluted share, Funds from Operations (FFO) of $21.9 million and $0.68 FFO per diluted share for the six months ended June 30, 2002, representing increases of 34.8%, 178.3%, 74.4%, 64.0% and 4.6%, respectively, from $37.1 million, $7.8 million, $0.39, $13.3 million and $0.65, respectively, for the six months ended June 30, 2001. "We are pleased with our second quarter results, which incorporate the September 2001 acquisitions of Centrefund Realty (U.S.) Corporation and United Investors Realty Trust," stated Chaim Katzman, Chairman and CEO. "In the second quarter and including our July acquisition, we invested over $50 million to purchase five supermarket-anchored centers at an aggregate yield of 10%, as well as one retail development site. As a result of these acquisitions, we increased our supermarket-anchored category to 70% of total square footage, lengthened the average term on our supermarket leases to 11.8 years and increased the supermarket anchor component of total annual minimum rent to 17%. In the second quarter, we renewed 85 leases and increased the associated average rental rate per square foot by 4.5% to $12.06 from $11.54. Overall, we retained 77.5% of the 271,000 square feet up for renewal this quarter, had net positive absorption of over 77,000 square feet, and improved our occupancy on June 30, 2002 to 87.6% from 86.8% at March 31, 2002. On the financial front, we closed the quarter with a 41% debt to total market capitalization, a 3.0 EBITDA coverage ratio and only 17% of our debt subject to variable interest rates." ACQUISITIONS During the second quarter of 2002, we acquired 4 supermarket-anchored shopping centers and one retail development site for total consideration of $40.7 million. During the first six months of 2002, we acquired a total of nine properties for approximately $50 million. We acquired an additional supermarket-anchored shopping center in July 2002 for $9.25 million. ASSET SALES/DISCONTINUED OPERATIONS During the second quarter of 2002, we sold one non-core asset for $2.4 million, and realized a gain on the sale of approximately $1.0 million. Our second quarter 2002 income from discontinued operations, including the gain on sale, was approximately $1.3 million. For the six months ended June 30, 2002 we sold four non-core assets for a total of $13.0 million, and realized total gains on these sales of approximately $7.1 million. For the six months ended June 30, 2002, our income from discontinued operations, including the gains on sale, was approximately $8.0 million. We also sold one unanchored retail center in July 2002 for $5.2 million, realizing a total gain of approximately $100,000. EARNINGS GUIDANCE Based on current plans and assumptions, and subject to the risks and uncertainties more fully described in Equity One's reports filed with the Securities and Exchange Commission, we are maintaining our estimate of full year 2002 FFO per diluted share to range between $1.36 and $1.40. We expect to grow our FFO by a combination of internal growth related to increases in rents and the lease-up of vacant space, along with incremental income from property acquisitions. This guidance is provided for information purposes and is subject to change. CONFERENCE CALL INFORMATION AND VIDEO WEB-CAST We will host a conference call on Thursday, July 25, 2002 at 1:30 p.m. EST to discuss our performance for the three and six months ended June 30, 2002. You may access the video web-cast at WWW.EQUITYONE.NET using the icons on the bottom of the home page. Investors may also join the call by dialing 800-360-9865. A replay of the call can be accessed by dialing locally 973-709-2089 or toll free 800-428-6051 and entering pass Code 252878. FOR ADDITIONAL INFORMATION For a copy of our second 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. ACCOUNTING AND OTHER DISCLOSURES All prior reporting periods which fall between August 18, 2000 and September 19, 2001 have been restated or adjusted to account for the acquisition on August 18, 2000 of 68.07% of the stock of First Capital Realty (TSE:FCR), the parent of Centrefund Realty (U.S.) Corporation, or 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. We define FFO consistent with the most recent 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/subtract any deferred income tax expense/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 U.S. generally accepted accounting principles, or 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. ABOUT EQUITY ONE, INC. Equity One is a real estate investment trust that acquires, renovates, develops and manages neighborhood shopping centers anchored by national and regional supermarket chains and other necessity-oriented retailers such as drug stores or discount retail stores. Our 8.8 million square foot portfolio consists of 90 properties primarily located in metropolitan areas of Florida and Texas, encompassing 57 supermarket-anchored shopping centers, 8 drug store-anchored shopping centers, 19 other retail-anchored shopping centers, 3 commercial properties and 3 retail developments, as well as non-controlling interests in 3 unconsolidated joint ventures. For additional information, please visit our web site 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 WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE BASED UPON REASONABLE ASSUMPTIONS, WE 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 OUR CURRENT AND PROSPECTIVE TENANTS; CONTINUING SUPPLY CONSTRAINTS IN OUR GEOGRAPHIC MARKETS; THE AVAILABILITY OF PROPERTIES FOR ACQUISITION; THE SUCCESS OF OUR EFFORTS TO LEASE UP VACANT PROPERTIES; THE EFFECTS OF NATURAL AND OTHER DISASTERS; AND OTHER RISKS, WHICH ARE DESCRIBED IN OUR 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 % JUNE 30, 2002 JUNE 30, 2001 INCREASE --------------------------- ---------------------------- --------------- Total Revenues $ 24,001 $ 18,207 31.8% Income from Continuing Operations $ 7,106 $ 3,430 107.2% per share (basic) $ 0.21 $ 0.17 23.5% per share (diluted) $ 0.21 $ 0.17 23.5% Net Income $ 8,438 $ 3,775 123.5% per share (basic) $ 0.25 $ 0.19 31.6% per share (diluted) $ 0.25 $ 0.19 31.6% Funds from Operations $ 11,131 $ 6,428 73.2% per share (diluted) $ 0.33 $ 0.31 6.5% Weighted average common shares basic 33,255 19,854 diluted 33,967 20,596
FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED % JUNE 30, 2002 JUNE 30, 2001 INCREASE --------------------------- ---------------------------- --------------- Total Revenues $ 49,945 $ 37,054 34.8% Income from Continuing Operations $ 13,744 $ 7,208 90.7% per share (basic) $ 0.44 $ 0.36 22.2% per share (diluted) $ 0.43 $ 0.36 19.4% Net Income $ 21,705 $ 7,799 178.3% per share (basic) $ 0.69 $ 0.39 76.9% per share (diluted) $ 0.68 $ 0.39 74.4% Funds from Operations $ 21,869 $ 13,335 64.0% per share (diluted) $ 0.68 $ 0.65 4.6% Weighted average common shares basic 31,316 19,854 diluted 31,999 20,472
EQUITY ONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
JUNE 30, 2002 DECEMBER 31, 2001 -------------------- -------------------- Investments in Real Estate $ 696,414 $ 652,169 Accumulated Depreciation (34,121) (28,031) Property Held for Sale 10,131 3,549 ---------------- ---------------- Rental Property, Net 672,424 627,687 Other Assets 44,107 40,849 ---------------- ---------------- Total Assets $ 716,531 $ 668,536 ================ ================ Mortgage Notes Payable $ 312,918 $ 345,047 Revolving Credit Facilities 35,893 27,409 Other Liabilities 20,711 17,813 ---------------- ---------------- Total Liabilities 369,522 390,269 Stockholders' Equity 347,009 278,267 ---------------- ---------------- Total Liabilities and Stockholders' Equity $ 716,531 $ 668,536 ================ ================
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