-----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, E6432/5l6e58QOsR/9OTo5rarKFecdQgzjl+cFsIgaFJNcKLynxpPx7eFGqwgCj3 h0kbdcEcK93VPNMQdrtEcQ== 0001042810-03-000022.txt : 20030218 0001042810-03-000022.hdr.sgml : 20030217 20030218111035 ACCESSION NUMBER: 0001042810-03-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030218 ITEM INFORMATION: Other events FILED AS OF DATE: 20030218 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: 03570321 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 eqy8kpr.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 18, 2003 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 N.E. 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 December 31, 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 December 31, 2002. 99.2 Press Release of Equity One, Inc. dated and issued February 18, 2003 with respect to the announcement of the Company's fourth quarter and full year 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: February 18, 2003 BY: /s/ CHAIM KATZMAN --------------------------------------- NAME: Chaim Katzman TITLE: Chairman and Chief Executive Officer EX-99.1 3 exh991.txt Exhibit 99.1 EQUITY ONE, INC. SUPPLEMENTAL INFORMATION PACKAGE DECEMBER 31, 2002 [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, 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. TENANT CONCENTRATION SCHEDULE...................................... 15 10. LEASE EXPIRATION SCHEDULE.......................................... 16 11. REAL ESTATE DEVELOPMENTS, DISPOSITIONS AND ACQUISITIONS............ 17 12. JOINT VENTURE INVESTMENTS.......................................... 19 13. STOCK PRICE AND VOLUME STATISTICS.................................. 20
- ------------------------------------------------------------------------------- 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. AND SUBSIDIARIES SUMMARY OPERATING INFORMATION FOR THE PERIODS ENDED DECEMBER 31, 2002 AND 2001 (IN THOUSANDS, EXCEPT PER SHARE DATA) - -------------------------------------------------------------------------------
THREE MONTHS ENDED TWELVE MONTHS ENDED DEC 31, 2002 DEC 31, 2001 DEC 31, 2002 DEC 31, 2001 ------------ ------------ ------------ ------------ TOTAL DIVIDENDS PAID PER SHARE $ 0.27 $ 0.27 $ 1.08 $ 1.06 FUNDS FROM OPERATIONS PER SHARE $ 0.29 $ 0.30 $ 1.36 $ 1.28 DIVIDEND/FFO PAYOUT RATIO 93.1% 90.0% 79.4% 82.8% FFO MULTIPLE (ANNUALIZED IF < 12 MONTHS) 11.5 9.8 ADJUSTED FUNDS FROM OPERATIONS PER SHARE $ 0.25 $ 0.27 $ 1.26 $ 1.18 DIVIDEND/AFFO PAYOUT RATIO 108.0% 100.0% 85.7% 89.8% AFFO MULTIPLE (ANNUALIZED IF < 12 MONTHS) 13.4 10.6 EBITDA (EXCLUDING DISCONTINUED OPERATIONS) $ 17,523 $ 15,280 $ 66,865 $ 52,952 INTEREST EXPENSE $ 5,724 $ 5,545 $ 22,368 $ 21,262 EBITDA: INTEREST COVERAGE RATIO 3.1 2.8 3.0 2.5 EBITDA MARGIN (EBITDA/TOTAL REVENUES) 64.5% 64.4% 64.9% 66.3% NET OPERATING INCOME (NOI) FROM CONTINUING OPERATIONS TOTAL RENTAL INCOME $ 26,696 $ 23,087 $100,292 $ 76,975 PROPERTY OPERATING EXPENSES (1) 8,140 7,376 30,044 23,866 -------- -------- -------- -------- NET OPERATING INCOME $ 18,556 $ 15,711 $ 70,248 $ 53,109 ======== ======== ======== ======== NOI MARGIN (NOI/TOTAL RENTAL INCOME) 69.5% 68.1% 70.0% 69.0% (1) net of intercompany expenses. SAME PROPERTY NOI (2) TOTAL RENTAL INCOME $ 25,036 $ 21,997 $ 38,279 $ 35,839 PROPERTY OPERATING EXPENSES 7,852 7,059 10,419 9,618 -------- -------- -------- -------- NET OPERATING INCOME $ 17,184 $ 14,938 $ 27,860 $ 26,221 ======== ======== ======== ======== GROWTH IN SAME PROPERTY NOI 15.0% 6.3% GROWTH IN SAME PROPERTY NOI, EXCLUDING TERMINATION FEES 4.9% 4.4% (2) Includes only same properties operated in the current and prior periods and these properties may differ for the three and twelve-month periods. Total rental income includes termination fees for the three months ended December 31, 2002 and 2001 of $1,706 and $179, respectively, and for the twelve months ended December 31, 2002 and 2001 of $1,206 and $693, respectively. GENERAL & ADMINISTRATIVE EXPENSES (3) $ 1,638 $ 1,099 $ 6,649 $ 3,553 AS % OF TOTAL REVENUES 6.02% 4.63% 6.45% 4.45% AS % OF TOTAL ASSETS 0.90% NA 0.91% NA (3) Includes abandoned transaction due diligence costs for the three months ended December 31, 2002 and 2001 of $0 and $58, respectively, and for the twelve months ended December 31, 2002 and 2001 of $695 and $58, respectively.
3 EQUITY ONE, INC. AND SUBSIDIARIES SUMMARY BALANCE SHEET INFORMATION as of December 31, 2002 and December 31, 2001 (in thousands, except per share data) - -------------------------------------------------------------------------------
DEC 31, 2002 DEC 31, 2001 ------------ ------------ CLOSING MARKET PRICE $ 13.35 $ 13.74 DIVIDEND YIELD (BASED ON CURRENT ANNUALIZED DIVIDEND) 8.09% 7.86% BOOK VALUE PER SHARE (FULLY DILUTED, END OF PERIOD) $ 10.00 $ 9.50 LIQUIDITY CASH AND CASH EQUIVALENTS $ 2,944 $ 906 ============ ============ CASH HELD IN ESCROW $ 5,933 $ 1,715 ============ ============ REVOLVING CREDIT FACILITIES GROSS AVAILABLE UNDER CURRENT CREDIT FACILITIES 81,703 50,641 LESS: OUTSTANDING BALANCE (23,000) (27,409) HOLDBACK FOR LETTERS OF CREDIT (1,073) (999) ESCROWED FOR TAX AND INSURANCE (186) (448) ------------ ------------ NET AVAILABLE UNDER CREDIT FACILITIES $ 57,444 $ 21,785 ============ ============ EQUITY CAPITALIZATION (END OF PERIOD) COMMON STOCK SHARES (IN THOUSANDS) BASIC COMMON STOCK SHARES 34,210.147 28,620.757 Diluted common shares Unvested restricted common shares 330.335 160.086 Walden Woods shares 93.656 93.656 Northport operating partnership units 261.850 261.850 Common stock options (treasury method, closing price) 113.248 164.620 ------------ ------------ FULLY DILUTED COMMON STOCK SHARES 35,009.236 29,300.969 ============ ============ Net debt (adjusted for cash, cash held in escrow, securities held for sale) $ 345,345 $ 368,154 Equity market capitalization (fully diluted, end of period) 467,373 402,595 ------------ ------------ TOTAL MARKET CAPITALIZATION $ 812,718 $ 770,749 ============ ============ NET DEBT TO TOTAL MARKET CAPITALIZATION 42.5% 47.8% GROSS REAL ESTATE INVESTMENTS $ 718,864 $ 656,005 NET DEBT TO GROSS REAL ESTATE INVESTMENTS 48.0% 56.1% Fixed rate mortgage debt $ 307,508 $ 296,887 Variable rate mortgage debt 47,635 75,569 ------------ ------------ TOTAL DEBT $ 355,143 $ 372,456 ============ ============ % FIXED RATE DEBT 86.6% 79.7% % VARIABLE RATE DEBT 13.4% 20.3% WEIGHTED-AVERAGE INTEREST RATE ON FIXED RATE DEBT 7.52% 7.76%
4 EQUITY ONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS for the periods ended December 31, 2002 and 2001 (in thousands, except per share data) - -------------------------------------------------------------------------------
THREE MONTHS ENDED TWELVE MONTHS ENDED DEC 31, 2002 DEC 31, 2001 DEC 31, 2002 DEC 31, 2001 ------------ ------------ ------------ ------------ RENTAL INCOME MINIMUM RENTS $ 20,459 $ 17,707 $ 75,802 $ 58,608 EXPENSE RECOVERIES 6,056 5,341 22,983 17,400 PERCENTAGE RENT PAYMENTS 181 39 1,507 967 -------- -------- -------- -------- TOTAL RENTAL INCOME 26,696 23,087 100,292 76,975 MANAGEMENT FEES 93 128 278 927 INVESTMENT INCOME 375 487 1,632 1,930 OTHER INCOME 24 13 807 45 -------- -------- -------- -------- TOTAL REVENUES 27,188 23,715 103,009 79,877 -------- -------- -------- -------- COSTS AND EXPENSES PROPERTY OPERATING EXPENSES 8,140 7,376 30,044 23,866 INTEREST EXPENSE 5,724 5,545 22,368 21,262 AMORTIZATION OF DEFERRED FINANCING FEES 244 252 884 636 RENTAL PROPERTY DEPRECIATION AND AMORTIZATION 3,524 3,174 13,684 10,818 LITIGATION SETTLEMENT 2,067 -- 2,067 -- GENERAL AND ADMINISTRATIVE EXPENSES 1,638 1,099 6,649 3,553 -------- -------- -------- -------- TOTAL COSTS AND EXPENSES 21,337 17,447 75,696 60,135 -------- -------- -------- -------- INCOME BEFORE (LOSS) GAIN ON EXTINGUISHMENT OF DEBT, LOSS ON SALE OF REAL ESTATE, EQUITY IN INCOME OF JOINT VENTURES, MINORITY INTEREST IN EARNINGS OF CONSOLIDATED SUBSIDIARY, INCOME TAXES, MINORITY INTEREST IN CEFUS AND DISCONTINUED OPERATIONS 5,851 6,268 27,313 19,742 (LOSS) GAIN ON EXTINGUISHMENT OF DEBT -- (1,546) 1,520 (1,546) LOSS ON SALE OF REAL ESTATE -- -- -- (609) EQUITY IN INCOME OF JOINT VENTURES 113 40 549 494 MINORITY INTEREST IN EARNINGS OF CONSOLIDATED SUBSIDIARY (25) (25) (101) (99) -------- -------- -------- -------- INCOME BEFORE INCOME TAXES, MINORITY INTEREST IN CEFUS AND DISCONTINUED OPERATIONS 5,939 4,737 29,281 17,982 INCOME TAX BENEFIT CURRENT -- -- -- 593 DEFERRED -- -- -- 374 -------- -------- -------- -------- INCOME BEFORE MINORITY INTEREST IN CEFUS AND DISCONTINUED OPERATIONS 5,939 4,737 29,281 18,949 MINORITY INTEREST IN CEFUS -- -- -- (1,627) -------- -------- -------- -------- INCOME FROM CONTINUING OPERATIONS 5,939 4,737 29,281 17,322 -------- -------- -------- -------- DISCONTINUED OPERATIONS INCOME FROM OPERATIONS OF PROPERTIES 294 359 1,389 1,399 GAIN ON DISPOSAL OF REAL ESTATE 1,070 -- 9,264 -- -------- -------- -------- -------- INCOME FROM DISCONTINUED OPERATIONS 1,364 359 10,653 1,399 -------- -------- -------- -------- NET INCOME $ 7,303 $ 5,096 $ 39,934 $ 18,721 ======== ======== ======== ======== BASIC EARNINGS PER SHARE INCOME FROM CONTINUING OPERATIONS $ 0.17 $ 0.17 $ 0.90 $ 0.77 INCOME FROM DISCONTINUED OPERATIONS 0.04 0.01 0.32 0.06 -------- -------- -------- -------- NET INCOME $ 0.21 $ 0.18 $ 1.22 $ 0.83 ======== ======== ======== ======== DILUTED EARNINGS PER SHARE INCOME FROM CONTINUING OPERATIONS $ 0.17 $ 0.17 $ 0.88 $ 0.77 INCOME FROM DISCONTINUED OPERATIONS 0.04 0.01 0.32 0.06 -------- -------- -------- -------- NET INCOME $ 0.21 $ 0.18 $ 1.20 $ 0.83 -------- -------- -------- -------- WEIGHTED AVERAGE SHARES OUTSTANDING BASIC 34,046 28,560 32,662 22,414 ======== ======== ======== ======== DILUTED 34,894 29,248 33,443 23,037 ======== ======== ======== ========
5 EQUITY ONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS for the periods ended December 31, 2002 and 2001 (in thousands, except per share data) - -------------------------------------------------------------------------------
THREE MONTHS ENDED TWELVE MONTHS ENDED DEC 31, 2002 DEC 31, 2001 DEC 31, 2002 DEC 31, 2001 ------------ ------------ ------------ ------------ NET INCOME $ 7,303 $ 5,096 $ 39,934 $ 18,721 DEPRECIATION OF REAL ESTATE 3,399 3,238 13,480 10,995 AMORTIZATION OF CAPITALIZED LEASING FEES 107 60 330 207 (GAIN) LOSS ON SALE OF DISPOSAL OF REAL ESTATE (1,070) -- (9,264) 609 INTEREST ON CONVERTIBLE PARTNERSHIP UNITS 65 65 259 259 MINORITY INTEREST IN EARNINGS OF CONSOLIDATED SUBSIDIARY 25 25 101 99 DEFERRED INCOME TAXES 0 -- -- (374) SHARE OF REAL ESTATE DEPRECIATION IN JOINT VENTURES 181 164 647 238 MINORITY INTEREST SHARE OF FFO ADJUSTMENTS -- -- -- (1,369) -------- -------- -------- -------- FUNDS FROM OPERATIONS (1) $ 10,010 $ 8,648 $ 45,487 $ 29,385 ======== ======== ======== ======== INCREASE 15.8% 54.8% FFO PER SHARE (DILUTED) (1) $ 0.29 $ 0.30 $ 1.36 $ 1.28 INCREASE -3.3% 6.3% FFO ADJUSTED FOR NONRECURRING CHARGES: FUNDS FROM OPERATIONS (1) $ 10,010 $ 8,648 $ 45,487 $ 29,385 LOSS (GAIN) ON EXTINGUISHMENT OF DEBT -- 1,546 (1,520) 1,546 LITIGATION SETTLEMENT 2,067 -- 2,067 -- -------- -------- -------- -------- FFO ADJUSTED FOR NONRECURRING CHARGES $ 12,077 $ 10,194 $ 46,034 $ 30,931 ======== ======== ======== ======== INCREASE 18.5% 48.8% FFO PER SHARE (DILUTED) ADJUSTED FOR NONRECURRING CHARGES $ 0.35 $ 0.35 $ 1.38 $ 1.34 INCREASE 0.0% 3.0% ADJUSTED FUNDS FROM OPERATIONS (AFFO) FUNDS FROM OPERATIONS (1) $ 10,010 $ 8,648 $ 45,487 $ 29,385 LESS: STRAIGHT LINE RENT ADJUSTMENT 323 32 636 129 -------- -------- -------- -------- RECURRING CAPITAL EXPENDITURES TENANT IMPROVEMENTS 511 302 974 686 LEASING COMMISSIONS AND FEES 299 162 803 494 OTHER CAPITAL EXPENDITURES 292 394 886 934 -------- -------- -------- -------- TOTAL RECURRING CAPITAL EXPENDITURES 1,102 858 2,663 2,114 -------- -------- -------- -------- ADJUSTED FUNDS FROM OPERATIONS (1) $ 8,585 $ 7,758 $ 42,188 $ 27,142 ======== ======== ======== ======== INCREASE 10.7% 55.4% AFFO PER SHARE (DILUTED) (1) $ 0.25 $ 0.27 $ 1.26 $ 1.18 INCREASE -7.4% 6.8% WEIGHTED AVERAGE DILUTED SHARES 34,894 29,248 33,443 23,037
(1) FFO, FFO per share, AFFO and AFFO per share for the three and twelve month periods ended December 31, 2002 and 2001 include gain (loss) on extinguishment of debt and litigation settlement reported above as nonrecurring charges. 6 EQUITY ONE, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS as of December 31, 2002 and December 31, 2001 (in thousands, except per share data) - -------------------------------------------------------------------------------
DEC 31, 2002 DEC 31, 2001 ------------ ------------ ASSETS RENTAL PROPERTY LAND, BUILDINGS AND EQUIPMENT $ 664,157 $ 605,820 BUILDING IMPROVEMENTS 18,784 17,513 LAND HELD FOR DEVELOPMENT 16,434 23,420 CONSTRUCTION IN PROGRESS 19,489 5,416 ---------- ---------- RENTAL PROPERTY 718,864 652,169 LESS: ACCUMULATED DEPRECIATION (40,433) (28,031) PROPERTY HELD FOR SALE -- 3,549 ---------- ---------- RENTAL PROPERTY, NET 678,431 627,687 CASH AND CASH EQUIVALENTS 2,944 906 CASH HELD IN ESCROW 5,933 1,715 SECURITIES AVAILABLE FOR SALE 921 1,681 ACCOUNTS AND OTHER RECEIVABLES, NET 7,053 5,262 NOTES RECEIVABLE 8,428 9,697 DEPOSITS 6,806 6,219 DEFERRED EXPENSES, NET 5,263 3,883 INVESTMENTS IN JOINT VENTURES 7,420 7,742 GOODWILL, NET 2,276 1,281 OTHER ASSETS 4,594 2,463 ---------- ---------- TOTAL ASSETS $ 730,069 $ 668,536 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES MORTGAGE NOTES PAYABLE $ 332,143 $ 345,047 REVOLVING CREDIT FACILITIES 23,000 27,409 ---------- ---------- TOTAL NOTES PAYABLE 355,143 372,456 ACCOUNTS PAYABLE AND ACCRUED EXPENSES 14,760 8,987 TENANT SECURITY DEPOSITS 4,342 4,090 OTHER LIABILITIES 1,724 867 ---------- ---------- LIABILITIES BEFORE MINORITY INTEREST 375,969 386,400 ---------- ---------- MINORITY INTEREST IN EQUITY OF CONSOLIDATED SUBSIDIARIES 3,869 3,869 ---------- ---------- SHAREHOLDERS' EQUITY COMMON STOCK 345 288 ADDITIONAL PAID-IN CAPITAL 355,450 283,619 RETAINED EARNINGS 5,969 1,808 ACCUMULATED OTHER COMPREHENSIVE LOSS (46) (34) UNAMORTIZED RESTRICTED STOCK COMPENSATION (4,375) (1,836) NOTE RECEIVABLE FROM ISSUANCE OF COMMON STOCK (7,112) (5,578) ---------- ---------- TOTAL SHAREHOLDERS' EQUITY 350,231 278,267 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 730,069 $ 668,536 ========== ==========
7 EQUITY ONE, INC. AND SUBSIDIARIES DEBT SUMMARY as of December 31, 2002 (in thousands)
LOAN CLOSING/ ORIGINAL REFINANCING LOAN MATURITY DEC 31, 2002 PROPERTY DATE (1) AMOUNT(2) DATE RATE(3) BALANCE ------------- --------- -------- ------- ------------ FIXED RATE MORTGAGE DEBT Lantana Village 02/19/98 $ 4,400 02/15/05 6.950% $ 3,816 Benchmark Crossing 09/21/01 3,483 08/01/05 9.250% 3,393 Sterling Plaza 09/20/01 4,197 09/01/05 8.750% 4,083 Townsend Square 09/20/01 5,005 10/01/05 8.500% 4,922 Green Oaks 09/21/01 3,189 11/01/05 8.375% 3,100 Melbourne Plaza 09/21/01 1,843 11/01/05 8.375% 1,792 Oak Hill (*) 12/07/95 2,500 01/01/06 7.625% 2,016 Walden Woods 01/01/99 2,835 08/01/06 7.875% 2,492 Big Curve 09/21/01 5,683 10/01/06 9.190% 5,552 Highland Square 09/21/01 4,234 12/01/06 8.870% 4,135 Park Northern 09/21/01 2,484 12/01/06 8.370% 2,377 University Mall 09/21/01 12,874 12/01/06 8.440% 12,680 Rosemeade 09/21/01 3,319 12/01/07 8.295% 3,244 Colony Plaza 09/21/01 3,884 01/01/08 7.540% 3,053 Parkwood (4) 09/21/01 6,371 01/01/08 7.280% 6,277 Richwood (4) 09/21/01 3,282 01/01/08 7.280% 3,234 Commonwealth 02/15/98 3,300 02/15/08 7.000% 2,864 Mariners Crossing 09/01/00 3,516 03/01/08 7.080% 3,425 Pine Island/Ridge Plaza 08/01/99 26,234 07/01/08 6.910% 25,274 Forestwood 12/04/02 7,425 01/01/09 5.070% 7,425 Shoppes of North Port 12/05/00 4,370 02/08/09 6.650% 4,201 Prosperity Centre 09/20/01 7,120 03/01/09 7.875% 6,730 Shoppes of Ibis 07/10/02 6,097 09/01/09 6.730% 6,031 Park Promenade 01/31/00 6,500 02/01/10 8.100% 6,360 Skipper Palms 09/21/01 3,617 03/01/10 8.625% 3,585 Jonathan's Landing 09/20/01 2,966 05/01/10 8.050% 2,932 Bluff's Square 09/20/01 10,249 06/01/10 8.740% 10,162 Kirkman Shoppes 09/20/01 9,679 06/01/10 8.740% 9,596 Ross Plaza 09/20/01 6,750 06/01/10 8.740% 6,693 Boynton Plaza 09/20/01 7,637 07/01/10 8.030% 7,561 Pointe Royale 07/28/95 6,000 07/15/10 7.950% 4,763 Plymouth Park East 1 (5) 09/20/01 159 08/01/10 8.250% 154 Plymouth Park East 2 (5) 09/20/01 477 08/01/10 8.250% 463 Plymouth Park North (5) 09/20/01 8,506 08/01/10 8.250% 8,260 Plymouth Park South (5) 09/20/01 636 08/01/10 8.250% 617 Plymouth Park Story North (5) 09/20/01 391 08/01/10 8.250% 380 Plymouth Park West (5) 09/20/01 2,542 08/01/10 8.250% 2,468 Shops at Skylake 07/06/00 16,350 08/01/10 7.650% 14,964 Minyards 09/20/01 2,586 11/01/10 8.320% 2,546 Forest Village 03/08/01 4,700 04/01/11 7.270% 4,533 Boca Village 09/20/01 8,478 05/01/11 7.200% 8,382 Sawgrass Promenade 09/20/01 8,478 05/01/11 7.200% 8,382 Plaza Del Rey (*) 08/01/96 3,050 09/01/11 8.125% 2,202 Lake Mary 11/01/01 25,000 11/01/11 7.250% 24,763 Lake St. Charles 10/29/01 3,950 11/01/11 7.130% 3,911 Marco Town Center 12/14/01 9,000 01/01/12 6.700% 8,875
8 EQUITY ONE, INC. AND SUBSIDIARIES DEBT SUMMARY as of December 31, 2002 (in thousands)
LOAN CLOSING/ ORIGINAL REFINANCING LOAN MATURITY DEC 31, 2002 PROPERTY DATE (1) AMOUNT(2) DATE RATE(3) BALANCE ------------- --------- -------- ------- ------------ Cashmere 10/29/02 $ 5,350 11/01/12 5.880% $ 5,343 Eastwood 10/25/02 6,375 11/01/12 5.880% 6,366 Meadows 10/29/02 6,700 11/01/12 5.870% 6,690 Summerlin Square 01/25/99 5,000 02/01/14 6.750% 4,156 Bird Ludlum 02/19/97 13,400 02/15/15 7.680% 10,857 West Lakes Plaza (*) 05/22/97 5,902 06/01/16 7.875% 4,979 Atlantic Village (*) 10/30/98 5,000 11/01/18 6.850% 4,449 TOTAL FIXED RATE MORTGAGE DEBT (53 LOANS) $323,073 6.37 7.52% $307,508 (WTD-AVG (WTD-AVG MATURITY) RATE) VARIABLE RATE MORTGAGE DEBT(11) Comerica/4 property loan (6) (**) 09/20/01 24,635 02/28/04 LIBOR + 150 24,635 TOTAL VARIABLE RATE MORTGAGE DEBT $ 24,635 $ 24,635 -------- -------- Total mortgage notes $347,708 $332,143 -------- -------- REVOLVING CREDIT FACILITIES(11) City National Bank (7) 02/04/99 10,403 05/04/03 LIBOR + 225 -- Bank Leumi (8) (**) 09/17/01 30,000 03/17/03 LIBOR + 125 -- Wells Fargo (9) (**) 02/27/02 41,300 02/26/05 LIBOR + 125 23,000 TOTAL REVOLVING CREDIT FACILITIES $ 81,703 $ 23,000 -------- -------- TOTAL DEBT $355,143 --------
MATURITY SCHEDULE SCHEDULED BALLOON BY YEAR AMORTIZATION PAYMENTS (10) TOTAL ----------------- ------------ ------------- -------- 2003 $ 6,288 $ -- $ 6,288 2004 6,762 24,635 31,397 2005 7,040 42,680 49,720 2006 6,978 26,470 33,448 2007 6,855 2,864 9,719 2008 6,592 40,104 46,696 2009 5,977 18,749 24,726 2010 5,011 68,564 73,575 2011 3,716 44,410 48,126 2012 2,790 21,212 24,002 Thereafter 7,316 130 7,446 ------- -------- -------- TOTAL $65,325 $289,818 $355,143 ======= ======== ========
9 EQUITY ONE, INC. AND SUBSIDIARIES DEBT SUMMARY as of December 31, 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 December 31, 2002. (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). Bearing interest at the rate of LIBOR + 150. (**) (7) The CNB Line was authorized to $10,403 as of December 31, 2002, and is secured by Mandarin Mini-storage, Skylake Phase III land, Beauclerc Village and East Bay Plaza. We have two, 364-day extension options for an extended maturity of 5/2/2005. (8) The Bank Leumi facility is secured by negative pledges on Ryanwood, Pompano, 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. (**) (9) The facility is secured by Blanco Village, Oakbrook, Mandarin Landing, Hedwig, Bissonnet and Spring Shadows. The rate on the facility is LIBOR plus a range of 115 to 150 depending on overall leverage. As of December 31, 2002, the rate was LIBOR + 125. (**) (10) Represents the entire principal balance of a maturing loan on the maturity date. (*) This loan was repaid in full, subject to a prepayment penalty in January 2003. (**) Concurrent with the IRT merger this revolving credit facility or variable rate loan was repaid. 10 EQUITY ONE INC., AND SUBSIDIARIES PROPERTY STATUS REPORT as of December 31, 2002
Year Total built/ square Percent # of tenants Property City renovated footage leased occp'd vacant -------- ---- --------- ------- ------ ------ ------ FLORIDA (47) 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 91.5% 15 2 Ft. Caroline Jacksonville 1985/1995 74,546 98.7% 12 1 Losco Jacksonville 2000 8,700 100.0% 8 0 Mandarin Landing Jacksonville 1976/2000 141,565 91.6% 30 7 Monument Point Jacksonville 1985/1997 76,628 100.0% 14 0 Oak Hill Jacksonville 1985/1997 78,492 100.0% 19 0 CENTRAL FLORIDA (7) Eckerds Leesburg Leesburg 2000 12,739 100.0% 1 0 Eastwood Orlando 1997 69,037 100.0% 13 0 Eustis Square Eustis 1983/1997 126,791 87.2% 19 8 Kirkman Shoppes Orlando 1973 88,820 96.1% 30 2 Lake Mary Orlando 1988/2001 342,384 98.0% 66 23 Park Promenade Orlando 1987/2000 125,818 96.7% 25 2 Walden Woods Plant City 1985/1998 74,336 37.3% 10 1 FLORIDA TREASURE COAST REGION (6) Bluffs Square Jupiter 1986 132,395 97.7% 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 96.5% 30 2 Salerno Village Stuart 1987 58,804 95.6% 15 3 FLORIDA WEST COAST (8) East Bay Plaza Largo 1985/1997 85,426 55.9% 18 4 Lake St. Charles Tampa 1999 57,015 100.0% 8 0 Marco Town Center Marco Island 2001 109,430 92.0% 36 9 Mariners Crossing Spring Hill 1989/1999 85,507 94.0% 13 2 Ross Plaza Tampa 1984/1996 85,359 84.1% 16 4 Shoppes of North Port North Port 1991 84,705 100.0% 22 0 Skipper Palms Tampa 1984 86,944 96.4% 16 1 Summerlin Square Fort Myers 1986/1998 109,156 91.9% 23 5 Supermarket anchor* Average owned shadow name base rent Property SF SF exp date Other anchor tenants per leased SF FLORIDA (47) NORTH FLORIDA (9) Atlantic Village 39,795 Publix Jo-Ann's Fabrics $ 10.23 (10/31/2008) Beauclerc Village Big Lots, Goodwill, Beall's Outlet 7.63 Commonwealth 48,997 Winn-Dixie 8.10 (2/28/2018) Forest Village 37,866 Publix 10.32 (4/30/2020) Ft. Caroline 45,500 Winn-Dixie Eckerds* (Bealls Outlet) 7.43 (5/31/2015) Losco 45,820 Winn-Dixie 18.38 Mandarin Landing 34,400 Publix Office Depot, Eckerds 8.84 (2/14/2007) Monument Point 46,772 Winn-Dixie Eckerds 6.49 (3/27/2005) Oak Hill 39,795 Publix Walgreens* (Bonus Dollar) 6.82 (5/11/2005) CENTRAL FLORIDA (7) Eckerds Leesburg Eckerds 26.55 Eastwood 51,512 Publix 11.03 (11/1/2017) Eustis Square 38,520 Publix* Beall's, Walgreens* (Beall's Outlet) 6.71 (11/30/2004) Kirkman Shoppes Eckerds 17.46 Lake Mary 63,139 Albertsons K-Mart, Euro Fitness, Sun Star 11.70 (6/30/2012) Theatres Park Promenade 55,000 Publix Orange County Library, Blockbuster 9.35 (2/9/2007) Walden Woods Walgreens 8.65 FLORIDA TREASURE COAST REGION (6) Bluffs Square 39,795 Publix Walgreens 11.65 (10/22/2006) Cashmere Corners 59,448 Albertsons 7.88 (4/30/2025) Eckerds Melbourne Eckerds 20.45 Jonathan's Landing 53,850 Albertsons Blockbuster 17.93 Ryanwood 39,795 Publix Books A Million, Beall's Outlet 9.17 (3/23/2017) Salerno Village 31,503 Winn Dixie Eckerds 6.58 (9/21/2007) FLORIDA WEST COAST (8) East Bay Plaza 53,000 Albertsons 9.96 Lake St. Charles 46,295 Kash 'N Karry 9.74 (6/30/2019) Marco Town Center 27,887 Publix 15.98 (1/31/2018) Mariners Crossing 48,315 Kash 'N Karry 7.92 (4/30/2020) Ross Plaza Walgreens*, Ross Dress for Less 9.98 Shoppes of North Port 48,890 Publix Beall's Outlet 9.48 (12/11/2011) Skipper Palms 53,440 Winn-Dixie 8.53 (5/31/2016) Summerlin Square 45,500 Winn-Dixie Eckerds 10.64 (6/4/2006)
11 EQUITY ONE INC., AND SUBSIDIARIES PROPERTY STATUS REPORT as of December 31, 2002
Year Total built/ square Percent # of tenants Property City renovated footage leased occp'd vacant -------- ---- --------- ------- ------- ------ ------ SOUTH FLORIDA/ATLANTIC COAST (17) Bird Ludlum Miami 1988/1998 192,282 98.5% 48 1 Boca Village Boca Raton 1978 93,428 100.0% 22 0 Boynton Plaza Boynton Beach 1978/1999 99,324 88.1% 24 6 Lantana Village Lantana 1976/1999 175,480 98.4% 23 2 Meadows Miami 1997 75,524 95.2% 19 2 Oakbrook Palm Beach Gardens 1974/2000 220,747 59.6% 15 20 Pine Island Davie 1983/1999 254,907 96.6% 44 3 Plaza Del Rey Miami 1985/1996 50,146 97.2% 22 1 Point Royale Miami 1970/2000 209,863 93.9% 23 3 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 97.6% 26 3 Sawgrass Promenade Deerfield Beach 1982/1998 107,092 99.1% 28 1 Shoppes of Ibis West Palm Beach 1999 79,420 100.0% 18 0 Shops at Skylake North Miami Beach 1999/2000-01 174,199 98.9% 43 2 University Mall Ft. Lauderdale 1973 249,508 84.7% 17 8 West Lakes Plaza Miami 1984/2000 100,747 100.0% 27 0 --------- ----- --- --- TOTAL SHOPPING CENTERS FLORIDA (47) 5,121,139 92.9% 996 135 --------- ----- --- --- TEXAS (31) HOUSTON (15) Barker Cypress Houston 1999 66,945 95.8% 14 2 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 89.4% 13 2 Copperfield Houston 1994 134,845 56.1% 27 6 Forestwood Houston 1993 88,760 98.0% 15 1 Grogan's Mill The Woodlands 1986 118,493 98.9% 25 1 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 107,301 100.0% 35 0 Mason Park Katy 1998 160,047 76.8% 33 6 Mission Bend Houston 1980/1999 131,575 91.8% 24 3 Spring Shadows Houston 1999 39,611 95.7% 15 1 Steeplechase Jersey Village 1985 105,152 100.0% 26 0 Supermarket anchor* Average owned shadow name base rent Property SF SF exp date Other anchor tenants per leased SF SOUTH FLORIDA/ATLANTIC COAST (17) Bird Ludlum 44,400 Winn-Dixie Eckerds, Blockbuster, Goodwill $ 14.59 (12/31/2007) Boca Village 36,000 Publix Eckerds 14.57 (3/31/2007) Boynton Plaza 37,664 Publix Eckerds 10.07 (8/31/2003) Lantana Village 39,473 Winn-Dixie K-Mart, Rite Aid* 6.44 (2/15/2011) (Dollar Store) Meadows 47,955 Publix 12.01 (7/9/2017) Oakbrook 44,400 Publix Eckerds, Duffy's 12.55 (10/31/2020) Steinmart (opening May 2003) Pine Island 39,943 Publix Home Depot Expo, Rite Aid* 9.21 (11/30/2013) (Bealls Outlet) Plaza Del Rey Navarro Pharmacy 12.84 Point Royale 45,350 Winn-Dixie Best Buy, Eckerds* (Linen 6.49 (2/18/2011) Supermarket) Pompano Lowe's 6.69 Prosperity Centre Office Depot, Barnes & Noble, 14.80 Bed Bath & Beyond, Carmine's, TJ Maxx Ridge Plaza AMC Theater, Kabooms, Republic 9.03 Security Bank, Uncle Funny's, Round Up Sawgrass Promenade 36,464 Publix Walgreens, Blockbuster 11.28 (11/30/2004) Shoppes of Ibis 51,420 Publix 12.22 (4/30/2019) Shops at Skylake 51,420 Publix Goodwill, Blockbuster 15.23 (7/31/2019) University Mall Eckerds, 5.92 Lowes (under construction) West Lakes Plaza 46,216 Winn-Dixie Navarro Pharmacy 10.70 (10/31/2016) --------- ------- ------- TOTAL SHOPPING CENTERS FLORIDA (47) 1,462,869 152,670 $ 10.35 --------- ------- ------- TEXAS (31) HOUSTON (15) Barker Cypress 41,320 H.E.B. 12.53 (01/31/2014) Beechcrest 40,345 Randall's* (Viet Ho) Walgreens* 8.86 (6/24/2016) Benchmark Crossing Bally's Fitness 12.13 Bissonnet 63,000 Kroger Blockbuster 14.39 Colony Plaza 18.77 Copperfield JoAnn's Fabrics 12.39 Forestwood 59,334 Kroger 10.58 (7/31/2013) Grogan's Mill 56,558 Randall's* Petco 12.19 (6/24/2016) Hedwig Warehouse Music, Ross Dress 13.96 for Less Highland Square 16.59 Market at First Colony 62,000 Kroger TJ Maxx, Eckerds 15.65 Mason Park 58,890 Kroger Walgreens* (Eloise Collectibles) 11.73 Palais Royal, Petco Mission Bend 46,112 Randall's 8.44 (6/24/2016) Spring Shadows 63,322 H.E.B. 14.21 Steeplechase 56,208 Randall's 11.13 (6/24/2016)
12 EQUITY ONE INC., AND SUBSIDIARIES PROPERTY STATUS REPORT as of December 31, 2002
Year Total built/ square Percent # of tenants Property City renovated footage leased occp'd vacant -------- ---- --------- ------- ------ ------ ------ DALLAS (13) Green Oaks Arlington 1983 65,091 80.6% 26 7 Melbourne Plaza Hurst 1983 47,517 90.1% 15 3 Minyards Garland 2000 65,295 100.0% 2 0 Parkwood Plano 1985 81,590 100.0% 20 0 Plymouth Park East Irving 1970 56,435 97.3% 9 1 Plymouth Park North Irving 1970 444,193 51.5% 38 21 Plymouth Park South Irving 1970 49,102 85.8% 5 2 Plymouth Park West Irving 1970 178,930 95.6% 14 1 Richwood Richardson 1984 54,872 82.5% 23 5 Rosemeade Carrollton 1986 49,554 97.5% 17 1 Sterling Plaza Irving 1989 65,205 100.0% 16 0 Townsend Square Desoto 1990 142,978 84.9% 32 6 Village by the Park Arlington 1988 44,387 69.3% 8 2 SAN ANTONIO (3) Bandera Festival San Antonio 1989 189,438 49.8% 25 7 Blanco Village San Antonio 2000 108,325 100.0% 16 0 Wurzbach San Antonio 1979 59,771 100.0% 3 0 --------- ---- ----- --- TOTAL SHOPPING CENTERS TEXAS (31) 2,980,323 83.0% 563 79 --------- ---- ----- --- ARIZONA (3) Big Curve Yuma 1969/1996 126,402 95.3% 30 2 Park Northern Phoenix 1982/1996 126,852 91.8% 20 5 Southwest Walgreens Phoenix 1975/1998 93,518 52.8% 15 3 --------- ---- ----- --- TOTAL SHOPPING CENTERS ARIZONA (3) 346,772 82.6% 65 10 --------- ---- ----- --- TOTAL SHOPPING CENTERS (81) 8,448,234 88.9% 1,624 224 --------- ---- ----- --- OTHER RETAIL 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 & RETAIL PROPERTY (83) 8,476,941 88.9% 1,629 225 --------- ---- ----- --- Mandarin Mini-storage Jacksonville, FL 1982 52,880 98.1% 524 10 Plaza Alegre Miami, FL 2003 Development Coral Way N.E. Miami, FL 2003 Development Cashmere Port St. Lucie 2003 Development Homestead Homestead, FL 2004 Development --------- ---- ----- --- GRAND TOTAL (88) 8,529,821 88.9% 2,153 235 --------- ---- ----- --- Supermarket anchor* Average owned shadow name base rent Property SF SF exp date Other anchor tenants per leased SF DALLAS (13) Green Oaks 58,000 Kroger $10.94 Melbourne Plaza 11.09 Minyards 58,695 Minyards/Sack N Save 6.12 (12/31/2029) Parkwood 62,000 Albertsons Planet Pizza 12.75 Plymouth Park East 42,130 Kroger 4.17 (11/30/2013) Plymouth Park North Blockbuster, Dollar General, 7.39 Thrift Store, Post Office, Chateau Theatre, Levines Plymouth Park South Betcha Bingo 6.86 Plymouth Park West Bargain City 4.46 Richwood 61,877 Albertsons Blockbuster 12.97 Rosemeade 58,900 Kroger Gold's Gym, Blockbuster 11.92 Sterling Plaza Bank One, 14.18 Warehouse Entertainment Townsend Square 60,349 Albertsons Beall's, Victory Gym, 9.06 Tutor Time Village by the Park Petco 17.48 SAN ANTONIO (3) Bandera Festival Beall's, Eckerds* (Scrapbook 11.16 Heaven), Blockbuster Blanco Village 74,627 H.E.B. 15.66 (4/30/2015) Wurzbach 52,957 Albertsons* 2.86 (12/31/2004) --------- ------- ------ TOTAL SHOPPING CENTERS TEXAS (31) 528,286 548,338 $10.62 --------- ------- ------ ARIZONA (3) Big Curve 60,000 Albertsons Walgreens, Miller's Outpost 9.70 Park Northern 51,511 Safeway Beall's, Showbiz Pizza 6.51 (5/31/2008) Southwest Walgreens Walgreens 10.55 --------- ------- ------ TOTAL SHOPPING CENTERS ARIZONA (3) 51,511 60,000 $ 8.55 --------- ------- ------ TOTAL SHOPPING CENTERS (81) 2,042,666 761,008 $10.33 --------- ------- ------ OTHER RETAIL PROPERTIES (2) El Novillo Jumbo Buffet 14.08 Epsilon Dax Bar & Grill 16.40 --------- ------- ------ TOTAL SHOPPING & RETAIL PROPERTY (83) 2,042,666 761,008 $10.34 --------- ------- ------ Mandarin Mini-storage Plaza Alegre Coral Way N.E. Cashmere Homestead GRAND TOTAL (88) 2,042,666 761,008 --------- -------
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 ( ). 13 EQUITY ONE, INC. AND SUBSIDIARIES ANNUAL MINIMUM RENT BY LOCATION as of December 31, 2002 - ------------------------------------------------------------------------------- ANNUAL MINIMUM RENT BY LOCATION [CHART]
REGION COUNT AMR STATE STATE TOTAL % ------ ----- --- ----- ----------- --- NORTH FL 9 $ 5,737,047 CENTRAL FL 7 8,634,165 TREASURE COAST 6 4,301,523 WEST FL 8 6,578,429 SOUTH FL 19 23,950,866 FLORIDA (49) $49,202,030 63% HOUSTON 15 14,153,869 DALLAS 13 9,185,618 SAN ANTONIO 3 2,920,451 TEXAS (31) 26,259,938 34% ARIZONA 3 2,447,337 ARIZONA 2,447,337 3% TOTAL 83 $77,909,305 TOTAL $77,909,305 100%
Note: Chart excludes Mandarin Mini-storage and 4 development properties. 14 EQUITY ONE, INC. AND SUBSIDIARIES TENANT CONCENTRATION SCHEDULE as of December 31, 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 19 798,521 9.4% $ 5,307,773 6.8% $ 6.65 Winn Dixie 10 447,151 5.3% 2,838,433 3.6% 6.35 Eckerds 15 153,426 1.8% 1,632,517 2.1% 10.64 Safeway, Randall's 5 250,734 3.0% 1,616,185 2.1% 6.45 Lowes 3 259,751 3.1% 1,408,000 1.8% 5.42 H.E. Butt 2 115,947 1.4% 1,398,855 1.8% 12.06 Walgreens 10 154,116 1.8% 1,094,641 1.4% 7.10 Blockbuster 12 64,951 0.8% 1,038,871 1.3% 15.99 Albertsons 4 177,544 2.1% 899,820 1.2% 5.07 K Mart 2 170,659 2.0% 814,750 1.0% 4.77 ----- --------- ----- ----------- ----- ------ SUB-TOTAL TOP TEN TENANTS 82 2,592,800 30.6% $18,049,845 23.2% $ 6.96 ----- --------- ----- ----------- ----- ------ Remaining tenants 1,547 4,941,535 58.3% 59,859,460 76.8% 12.11 ----- --------- ----- ----------- ----- ------ SUB-TOTAL ALL TENANTS 1,629 7,534,335 88.9% $77,909,305 100.0% $10.34 ----- --------- ----- ----------- ----- ------ Vacant 225 942,606 11.1% 0 0.0% 0.00 ----- --------- ----- ----------- ----- ------ TOTAL INCLUDING VACANT 1,854 8,476,941 100.0% $77,909,305 100.0% $ 9.19 ----- --------- ----- ----------- ----- ------
Note: Excludes Mandarin mini-storage facility. 15 EQUITY ONE, INC. AND SUBSIDIARIES SHOPPING CENTER & COMMERCIAL PROPERTY LEASE EXPIRATION SCHEDULE as of December 31, 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 32 71,760 0.8% $ 808,757 1.0% $ 11.27 2003 292 692,986 8.2% 8,705,620 10.8% 12.56 2004 345 961,746 11.3% 11,281,427 14.0% 11.73 2005 345 921,251 10.9% 11,422,776 14.1% 12.40 2006 190 745,824 8.8% 8,823,204 10.9% 11.83 2007 201 842,604 9.9% 9,883,947 12.2% 11.73 2008 66 375,322 4.4% 4,446,558 5.5% 11.85 2009 28 175,269 2.1% 2,328,184 2.9% 13.28 2010 34 322,574 3.8% 3,049,278 3.8% 9.45 2011 21 417,520 4.9% 3,128,089 3.9% 7.49 2012 11 130,635 1.5% 1,957,735 2.4% 14.99 Thereafter 58 1,876,844 22.1% 14,917,735 18.5% 7.95 ----- --------- ---- ----------- ----- ------- SUB-TOTAL/AVERAGE 1,623 7,534,335 88.9% $80,753,310 100.0% $ 10.72 ----- --------- ----- ----------- ----- ------- Vacant 225 942,606 11.1% 0 NA NA ----- --------- ----- ----------- ----- ------- TOTAL/AVERAGE 1,848 8,476,941 100.0% $80,753,310 100.0% $ 9.53 ----- --------- ----- ----------- ----- -------
ANNUAL LEASE EXPIRATIONS [GRAPH] (1) Includes 11 tenants who use 0 square feet but pay rent under various usage agreements. Excludes 6 tenants who use 0 square feet and do not pay rent, but make certain other payments (i.e. CAM or RE Tax). (2) Includes the rent from 11 tenants who use 0 square feet but pay rent under various usage agreements. 16 EQUITY ONE, INC. AND SUBSIDIARIES REAL ESTATE DEVELOPMENTS, DISPOSITIONS AND ACQUISITIONS as of December 31, 2002 (in thousands, except square footage data) - ------------------------------------------------------------------------------- REAL ESTATE DEVELOPMENTS ------------------------ 1) 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 square foot Goodwill Superstore, 26,000 square feet of local retail space and two out parcels. The development is expected to cost a total of $10,900 and is opening in March 2003. This development is not reflected on the December 31, 2002 Property Status Report, although the land parcel is listed as a property. 2) 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 first quarter of 2003 with a target completion in the fourth quarter of 2003. This development is not reflected on the December 31, 2002 Property Status Report, although the land parcel is listed as a property. 3) UNIVERSITY MALL Pembroke Pines, Florida We have executed a ground lease with Lowe's to accommodate their construction of a 177,000 square foot home improvement store on this mostly vacant property. Lowe's will pay all the development and construction costs related to their store and the associated site area and parking. In conjunction with the Lowe's deal, we will spend approximately $4,300 to redevelop the remainder of the property. This redevelopment is reflected on the December 31, 2002 Property Status Report in its current configuration. 4) OAKBROOK SQUARE Palm Beach Gardens, Florida This property is a 225,000 square foot shopping center anchored by Publix. Jacobson's closed their 90,000 square foot store in October 2002. Stein Mart has executed a lease to occupy 41,000 square feet of this space in the second quarter of 2003, and the balance is out for leasing. Plans are presently being approved to reconfigure a portion of the retail, add additional parking and develop a 6,000 square foot outparcel, all at an estimated total cost of $3,000. The current configuration of the property is reflected on the December 31, 2002 Property Status Report. 5) 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 increase from their current 31,503 square foot store. The redevelopment will cost approximately $5,000, will commence in the second quarter of 2003, and is expected to be completed in early 2004. This redevelopment is reflected on the December 31, 2002 Property Status Report in its current configuration. 6) HOMESTEAD RETAIL 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 December 31, 2002 Property Status Report, although the land parcel is listed as a property. 7) SHOPS AT SKYLAKE North Miami Beach, Florida We plan to complete the final phase of Skylake totaling approximately 120,000 square feet in the fourth quarter of 2003 at an additional cost of approximately $6,200. To date, we have executed a lease with LA Fitness Sports Clubs for a 45,000 square foot health club, and have entered into a letter of intent with another major tenant for a 49,000 square foot space. The balance of the new development will be configured for local tenant leasing. The current configuration is reflected on the December 31, 2002 Property Status Report. 8) CASHMERE Port St. Lucie, Florida This is a four acre site adjacent to our Cashmere Corners retail center. In April 2003 we will commence construction of 20,000 square feet of retail space. The project will be completed in November 2003 at an a cost of approximately $1,800. This development is not reflected on the December 31, 2002 Property Status Report, although the land parcel is listed as a property. 17 EQUITY ONE, INC. AND SUBSIDIARIES REAL ESTATE DEVELOPMENTS, DISPOSITIONS AND ACQUISITIONS as of December 31, 2002 (in thousands, except square footage data) - ------------------------------------------------------------------------------- DISPOSITION ACTIVITY - 4TH QUARTER ---------------------------------- 9) MCMINN PLAZA Athens, AZ This property was sold on November 13, 2002 for a price of $6,200, resulting in a gain of $951. 10) WOODFOREST Houston, TX This property was sold on December 12, 2002 for a price of $1,850, resulting in a gain of $126. PURCHASE ACTIVITY - 4TH QUARTER ------------------------------- 11) FORESTWOOD Houston, TX This property was acquired on December 6, 2002 for a purchase price of $10,355. 18 EQUITY ONE, INC. AND SUBSIDIARIES JOINT VENTURE INVESTMENTS as of December 31, 2002 (in thousands, except square footage data) - ------------------------------------------------------------------------------- OWNED JOINT VENTURES * - ---------------------- 1) CITY CENTRE 2) CITY CENTRE PARCEL F Palm Beach Gardens, Florida City Centre is a 93,565 square foot office/retail center that was 93% leased as of 12/31/02. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,983 on,12/31/02, which matures on 4/1/10. This property includes a parcel of land slated for future office development which is held in a separate joint venture. Equity One owns a 50% interest in both joint ventures. 3) PARK PLACE Plano, Texas Park Place is a 112,478 square foot retail center that was 100% leased as of 12/31/02. 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 joint venture. 4) OAKS SQUARE Gainesville, Florida Oaks Square is a 119,355 square foot retail center that was 100% leased as of 12/31/02. The property is encumbered by a 7.63% fixed-rate mortgage loan with a balance of $16,642 on 12/31/02, which matures on 12/31/10. Equity One owns a 50% interest in this joint venture. * Equity One accounts for these four joint venture interests using the equity method as we do not consider ourselves to be in control of the major business decisions. 19 EQUITY ONE, INC. AND SUBSIDIARIES STOCK PRICE AND VOLUME STATISTICS for the three months ended December 31, 2002 - ------------------------------------------------------------------------------- DAILY HIGH-LOW-CLOSE AND 10-DAY MOVING AVERAGE [CHART] DAILY TRADING VOLUME AND 10-DAY MOVING AVERAGE [CHART] *Data obtained from Yahoo chart services 20 EX-99.2 4 exh992.txt Exhibit 99.2 Equity One, Inc. For additional information at the Company: 1696 NE Miami Gardens Drive Howard Sipzner, CFO North Miami Beach, FL 33179 Michele Guard, Investor Relations 305-947-1664 Media Contact: Abbe Solomon 305-446-2700 FOR IMMEDIATE RELEASE: - ---------------------- February 18, 2003 EQUITY ONE REPORTS FOURTH QUARTER AND FULL YEAR 2002 RESULTS ------------------------------------------------------------ NORTH MIAMI BEACH, FL, February 18, 2003 - Equity One, Inc. (NYSE: EQY), an owner, developer and operator of primarily supermarket-anchored shopping centers located predominantly in high growth markets in the southern United States, announced today its financial results for the three and twelve months ended December 31, 2002. FINANCIAL HIGHLIGHTS For the three months ended December 31, 2002, Funds From Operations (FFO) - a standard measure of operating performance for Real Estate Investment Trusts (REITs) - increased 15.8% to $10.0 million from $8.7 for the comparable period in 2001. FFO per diluted share decreased 3.3% to $0.29 in 2002 from $0.30 for the comparable period in 2001. The fourth quarter results for 2002 include a lawsuit settlement (including legal fees) of $2.1 million or $0.06 per diluted share. Net income was $7.3 million, or $0.21 per diluted share, compared with $5.1 million, or $0.18 per diluted share, in the fourth quarter of 2001. Total revenues for the fourth quarter increased 14.6% to $27.2 million from $23.7 million in the fourth quarter of 2001. For the year ended December 31, 2002, FFO increased 54.8% to $45.5 million from $29.4 million for the comparable period in 2001. FFO per diluted share increased 6.3% to $1.36 in 2002 from $1.28 for the comparable period in 2001. Net income was $39.9 million or $1.20 per diluted share in 2002, compared with $18.7 million, or $0.83 per diluted share, for the comparable period in 2001. Total revenues increased 29% to $103 million in 2002 from $79.9 million in the comparable period in 2001. Excluding the lawsuit settlement in the fourth quarter of 2002 and a loss from the early extinguishment of debt in the corresponding quarter in 2001, FFO adjusted for nonrecurring items for the three months ended December 31, 2002, was $12.1 million or $0.35 per diluted share compared to $10.2 million or $0.35 per diluted share for the comparable period in 2001, increases of 18.5% and 0%, respectively. Excluding the lawsuit settlement and gains or losses from the early extinguishment of debt, FFO adjusted for nonrecurring items for the year ended December 31, 2002 was $46 million or $1.38 per diluted share compared to $30.9 million or $1.34 per diluted share for 2001, increases of 48.8% and 3.0%, respectively. "Our fourth quarter and full year results reflect the continued performance of our portfolio and our ability to add value for our shareholders," stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One. "Since our acquisition of CEFUS and UIRT in September 2001, we have improved our overall occupancy by 310 basis points, increased our annual rents by $7.7 million, and furthered our concentration on supermarket-anchored shopping centers through strategic acquisitions, developments and dispositions. With the recent closing of our merger with IRT Property Company and strengthened management team, we now have the market breadth, geographic and tenant diversification and capital market capabilities to become one of the dominant owners of neighborhood shopping centers in the southern United States." PORTFOLIO HIGHLIGHTS At December 31, 2002, our portfolio was 88.9% leased and consisted of 88 properties located primarily in metropolitan areas of Florida and Texas. Our portfolio includes 55 supermarket-anchored shopping centers, 9 drug store-anchored shopping centers, 19 other retail-anchored shopping centers, one self-storage facility and 4 retail developments, as well as non-controlling interests in four unconsolidated joint ventures. During the fourth quarter of 2002, we increased our average base rent per leased square foot to $10.34 from $10.27 at September 30, 2002, renewed 45 leases increasing the average rate 3.6% to $12.98 per square foot, and signed 46 new leases at an average rate of $12.88 per square foot. Our same property NOI (excluding termination fees) increased 4.9% in the fourth quarter of 2002 compared to the fourth quarter of 2001. During 2002, we increased our average base rent per leased square foot to $10.34 from $9.84, renewed 251 leases increasing the average rate 4.3% to $12.33 per square foot, and signed 195 new leases at an average rate of $12.35 per square foot. For all of 2002, our same property NOI (excluding termination fees) increased 4.4% compared to the comparable twelve-month period in 2001. LITIGATION SETTLEMENT During the fourth quarter of 2002, we settled a lawsuit in the amount of $1.9 million plus legal fees of $167,000. This resulted in approximately a $0.06 per diluted share reduction in our reported results. IRT PROPERTY COMPANY MERGER On February 7, 2003, we entered into a $340 million unsecured revolving credit facility with Wells Fargo and 14 other lenders in advance of the expected completion of our merger with IRT. We have borrowed $175 million under the facility in part to fund the merger and to prepay certain indebtedness. On February 12, 2003, we completed the acquisition of IRT in a merger transaction. We now own 180 properties encompassing approximately 18.4 million square feet in twelve states, making us one of the largest owners of neighborhood shopping centers in the southern United States. OTHER ACQUISITIONS AND DISPOSITIONS During the fourth quarter of 2002, we acquired one supermarket-anchored center for $10.4 million. During 2002, we acquired 11 properties for an aggregate investment of approximately $69 million. During the fourth quarter, we sold two properties for aggregate consideration of approximately $8 million and recognized total gain on the sales of $1.1 million. Our fourth quarter income from discontinued operations, including the gain on the sales, was $1.4 million. In total, we sold nine properties during 2002 for aggregate consideration of approximately $32.1 million and associated gain on the sales of $9.3 million. Our income from discontinued operations for the year ended December 31, 2002, including the gain on the sales, was $10.7 million. DEVELOPMENTS AND REDEVELOPMENTS We are underway on the development of: (1) Plaza Alegre, an 84,000 square foot, Publix supermarket-anchored shopping center in southwest Miami-Dade County, Florida, with the opening scheduled for March 2003; (2) a complete redevelopment of University Mall in Pembroke Pines, Florida incorporating a new Lowe's home improvement store, with completion targeted in the fourth quarter of 2003; and (3) a partial reconfiguration of the Oakbrook Square shopping center in Palm Beach Gardens, Florida to accommodate a new Stein Mart store, with completion targeted for the third quarter of 2003. We are in the planning and permitting stage for several other developments and redevelopments including: (1) the development of a new 25,000 square foot CVS drug store-anchored center across the street from Plaza Alegre; (2) the redevelopment of Salerno Village in Stuart, Florida to accommodate a new and expanded Winn Dixie supermarket; and (3) a 114,000 square foot addition to the Shops at Skylake in North Miami Beach, Florida to accommodate a new L.A. Fitness Sports Club and other local tenants. These three developments are scheduled for completion between the end of 2003 and early 2004. 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 expect the post merger full year 2003, targeted FFO per diluted share to be between $1.46 and $1.49. We currently anticipate that the growth in our FFO in 2003 will come from a combination of accretion from the IRT merger, internal growth related to increases in rent and the continued lease-up of vacant space, as well as incremental income from property acquisitions and developments. This guidance is provided for information purposes and is subject to change. 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 reinstatement 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 attribution 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. CONFERENCE CALL/VIDEO WEB CAST INFORMATION We will host a conference call on Tuesday, February 18, 2003 at 10:30 a.m. EST to discuss our performance for the three months and year ended December 31, 2002. You may access the live 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 (877) 531-9985 for domestic callers or (706) 679-3073 for international callers. A replay of the call can be accessed for 30 days by dialing (800) 642-1687 for domestic callers or (706) 645-9291 for international callers and entering code 7547162. Equity One will be visiting the NYSE on February 18, 2003. In honor of the occasion, Chaim Katzman, Equity One's Chairman and CEO, will be ringing The Opening BellSM. You can view the event at: http://www.nyse.com/listed/listed.html?/events/NT0063CBAB.html. FOR ADDITIONAL INFORMATION For a copy of our fourth quarter supplemental information package, please access the "Investor Relations" 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. FORWARD LOOKING STATEMENTS Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Georgia, Texas and the other states in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant properties; the effects of natural and other disasters; the ability of Equity One successfully to integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission. EQUITY ONE, INC. UNAUDITED SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (In thousands, except per share data)
For the three For the three For the year For the year months ended months ended ended ended December 31, 2002 December 31, 2001 December 31, 2002 December 31,2001 ------------------- ------------------- ------------------- ----------------- Total Revenue $ 27,188 $ 23,715 $103,009 $ 79,877 Net Income $ 7,303 $ 5,096 $ 39,934 $ 18,721 per share (basic) $ 0.21 $ 0.18 $ 1.22 $ 0.83 per share (diluted) $ 0.21 $ 0.18 $ 1.20 $ 0.83 Funds From Operations $ 10,010 $ 8,648 $ 45,487 $ 29,385 per share (diluted) $ 0.29 $ 0.30 $ 1.36 $ 1.28 Funds From Operations, excluding nonrecurring items $ 12,077 $ 10,194 $ 46,034 $ 30,931 per share (diluted) $ 0.35 $ 0.35 $ 1.38 $ 1.34 Weighted average common shares basic 34,046 28,560 32,662 22,414 diluted 34,894 29,248 33,443 23,037
EQUITY ONE, INC. UNAUDITED SELECTED CONSOLIDATED BALANCE SHEET DATA (In thousands)
December 31, 2002 December 31, 2001 ------------------------- ------------------------ Investments in real estate (before accumulated depreciation) $ 718,864 $ 652,169 Total assets $ 730,069 $ 668,536 Mortgage notes payable $ 332,143 $ 345,047 Revolving credit facilities $ 23,000 $ 27,409 Total liabilities before minority interests $ 375,969 $ 386,400 Shareholders' equity $ 350,231 $ 278,267 Total liabilities and shareholders' equity $ 730,069 $ 668,536
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