8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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) October 27, 2004

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, Florida 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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 - Financial Information

Item 2.02   Results of Operations and Financial Condition.

On October 27, 2004, Equity One, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2004. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

On October 27, 2004, Equity One, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2004. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01(c) Exhibits

(a)     Financial Statements of Business Acquired.

Not applicable

(b)    Pro Forma Financial Information.

Not applicable

(c)     Exhibits

99.1 — Earnings Press Release of Equity One, Inc. dated October 27, 2004

99.2 — Supplemental Information Package of Equity One, Inc. September 30, 2004

SIGNATURE

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.

Dated: October 27, 2004	EQUITY ONE, INC.
	By: /s/ Howard Sipzner
	Chief Financial Officer

2 

EXHIBIT INDEX

Exhibit No.	Document
99.1	Earnings Press Release of Equity One, Inc. dated October 27, 2004
99.2	Supplemental Information Package of Equity One, Inc. September 30, 2004

3

EX-99.1

Equity One, Inc.                                                                           For additional information at the Company:

1696 NE Miami Gardens Drive                                                                      < /FONT>  Howard Sipzner, EVP and CFO

North Miami Beach, FL 33179                                                                Media Contact< /U>:

305-947-1664                                                                              David Schull 305-446-2700

FOR IMMEDIATE RELEASE:

Equity One Reports a 5.4% Increase in Third Quarter 2004 FFO per Share

NORTH MIAMI BEACH, FL, October 27, 2004 - Equity One, Inc. (NYSE:EQY), an owner, developer and operator of community and neighborhood shopping centers located predominantly in high growth markets in the southern United States and in the Boston, Massachusetts metropolitan area, announced today its financial results for the three and nine month periods ended September 30, 2004. The financial highlights are as follows, with all per share amounts presented on a fully diluted basis:

Third Quarter 2004 Highlights

·   Increased Funds from Operations (“FFO”) 17.2% to $28.1 million in 2004 from $23.9 million in 2003 and increased FFO per diluted share 5.4% to $0.39 in 2004 from $0.37 in 2003;

·   Increased Net Income 78.0% to $30.7 million in 2004 from $17.2 million in 2003 and increased Net Income per diluted share 59.3% to $0.43 in 2004 from $0.27 in 2003;

·   Achieved a 3.3% increase in same property net operating income (“NOI”) and an overall NOI margin of 73.1%;

·   Increased the average rental rate by 3.9% to $14.50 per square feet on 105 lease renewals aggregating 201,594 square feet;

·   Executed 104 new leases totaling 288,341 square feet at an average rental rate of $12.31 per square foot, representing a 3.4% spread for new leases versus lost leases;

·   Increased the occupancy rate in the core shopping center portfolio to 93.8% from 92.5% at June 30, 2004; and

·   Sold eight properties for $48.9 million and an out parcel for $1.5 million, generating $12.4 million of gains on sale.

YTD 2004 Highlights

·   Increased FFO 31.0% to $83.3 million in 2004 from $63.6 million in 2003 and increased FFO per diluted share 7.4% to $1.16 in 2004 from $1.08 in 2003;

·   Increased Net Income 51.2% to $69.5 million in 2004 from $45.9 million in 2003 and increased Net Income per diluted share 24.1% to $0.98 in 2004 from $0.79 in 2003;

·   Achieved a 3.5% increase in same property net operating income and an overall NOI margin of 73.8%;

·   Increased the rental rate by 4.2% to $13.59 per square foot on 290 lease renewals aggregating 653,506 square feet;

·   Executed 314 new leases totaling 1.2 million square feet at an average rental rate of $10.74 per square foot, representing a 0.8% spread for new leases versus lost leases;

·   Increased the occupancy rate in the core shopping center portfolio to 93.8% from 91.6% at December 31, 2003;

·   Raised $200 million in an unsecured debt offering in March 2004 with a yield of 3.902%, of which $100 million was swapped to a floating rate of 6 month LIBOR in arrears plus 0.4375%;

·   Acquired ten properties totaling $180.2 million, adding over 1.3 million square feet of gross leasable area;

·   Sold ten properties for $61.5 million and an out parcel for $1.5 million, generating $13.9 million of gains on sale; and

·   Completed and leased $41.8 million worth of development projects with an incremental yield in excess of 10.9% on cost.

“Our third quarter results reflect a continuation of our strong performance in 2004,” stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One. “Since January 1, 2004 and including a series of transactions we completed in October, we have closed over $300 million of acquisitions, sold $78 million of non-core assets generating in excess of $21 million of gains, and have completed approximately $42 million of developments and redevelopments. Very strong leasing and renewals of both anchor and in-line space have resulted in over 475,000 square feet of net absorption during the first nine months of 2004 and core shopping center portfolio occupancy of 93.8%. We continue to emphasize a conservative and flexible financial strategy with less than 20% drawn on our credit facilities, only 18% of ou r debt exposed to floating rates, a 38% debt to total market capitalization ratio and interest coverage of 3.3 times, all at the end of or for the most recent quarter. Our ongoing expansion into the Northeast will produce a more diversified portfolio in markets with greater population density and particularly high barriers to entry. Overall, we remain optimistic about our future prospects and hope to deliver superior results for our stockholders, debt providers and other constituencies.”

FINANCIAL OVERVIEW

For the three months ended September 30, 2004, FFO increased 17.2% to $28.1 million from $23.9 million for the comparable period in 2003. FFO per diluted share increased 5.4% to $0.39 in the third quarter of 2004 from $0.37 in the third quarter of 2003. Net income in the third quarter of 2004 increased 78.0% to $30.7 million from $17.2 million in the third quarter of 2003. Net income per diluted share for the third quarter was $0.43 and $0.27 for 2004 and 2003, respectively. Total rental revenues in the third quarter of 2004 increased 20.1% to $58.2 million from $48.1 million in the third quarter of 2003.

The quarter ended September 30, 2004 included a $12.2 million gain on the sale of real estate and approximately $431,000 in hurricane related expenses that are reflected in property operating expenses, while the quarter ended September 30, 2003 included a $1.2 million gain on the sale of real estate.

For the nine months ended September 30, 2004, FFO increased 31.0% to $83.3 million from $63.6 million for the comparable period of 2003. FFO per diluted share increased 7.4% to $1.16 in the first nine months of 2004 from $1.08 for the comparable period in 2003. Net income for the first nine months of 2004 was $69.5 million, or $0.98 per diluted share, compared with $45.9 million in the first nine months of 2003, or $0.79 per diluted share. Total rental revenues in the first nine months of 2004 increased 29.0% to $167.2 million from $129.7 million in the first nine months of 2003.

The nine months ended September 30, 2004 included a $13.8 million gain on sale of real estate and the aforementioned hurricane expenses, while the nine months ended September 30, 2003 included a $3.1 million gain on the sale of real estate. The first nine months of 2003 include the activity of the former IRT Property Company commencing on February 12, 2003, the date we completed our merger with IRT.

At September 30, 2004, our fully diluted market capitalization totaled $2.3 billion, comprising 73.2 million shares of common stock and $884.0 million of total debt (excluding any unamortized fair market premium/discount and net of cash). Our ratio of net debt to total market capitalization was 38.1%, and our ratio of debt to gross real estate cost and securities investments was 47.4%.

PORTFOLIO OVERVIEW

As of September 30, 2004, our core shopping center portfolio was 93.8% occupied, up from 92.5% at June 30, 2004, 91.6% at December 31, 2003 and 90.1% at September 30, 2003. Including the October 2004 sale of three centers and purchase of a six-property portfolio in the Boston, Massachusetts metropolitan area, we now own 185 properties consisting of 131 supermarket-anchored shopping centers, 9 drug store-anchored shopping centers, 40 other retail-anchored shopping centers, a self-storage facility, an industrial property and three retail developments, as well as non-controlling interests in two unconsolidated joint ventures.

At September 30, 2004, the average base rent per leased square foot for our stabilized core portfolio was $9.91, a 2.1% increase from $9.71 per square foot at June 30, 2004, a 5.4% increase from $9.40 per square foot at December 31, 2003 and a 7.0% increase from $9.26 on September 30, 2003.

During the third quarter of 2004, we renewed 105 leases aggregating 201,594 square feet and increased the average rental rate 3.9% to $14.50 per square foot. We also signed 104 new leases aggregating 288,341 square feet at an average rental rate of $12.31 per square foot. Overall, we gained approximately $1.2 million of annualized minimum rent in the third quarter of 2004 including renewals, new leases and departing tenants. During the third quarter of 2004, we achieved a 3.4% overall leasing spread on new leases versus lost leases and had total net absorption of 82,857 square feet.

Excluding lease termination revenues, our same property net operating income increased 3.3% in the third quarter of 2004 compared to the third quarter of 2003, comprising 151 properties for which the occupancy rate increased to 93.3% from 92.3%, respectively.

During the first nine months of 2004, we renewed 290 leases aggregating 653,506 square feet and increased the average rental rate 4.2% to $13.59 per square foot. We also signed 314 new leases aggregating 1.2 million square feet at an average rental rate of $10.74 per square foot. Overall, we gained approximately $5.5 million of annualized minimum rent in the first nine months of 2004 including renewals, new leases and departing tenants. During the first nine months of 2004, we achieved a 76.7% spread on 351,469 square feet of net new leases versus lost leases of 10,000 square feet or above, and had total net absorption of 476,125 square feet.

Excluding lease termination revenues, our same property net operating income increased 3.5% for the nine months ended September 30, 2004 compared to the nine months ended September 30, 2003, comprising 67 properties for which the occupancy rate increased to 95.1% from 93.9%, respectively.

OTHER ACQUISITIONS AND DISPOSITIONS

During the nine months ended September 30, 2004, we acquired eight shopping centers and two parcels of land as follows:

Shopping Center	Location	Square Feet/ Acres	Purchase Price (in thousands)
Bluebonnet - out parcel	Baton Rouge, LA	0.9 acres	$ 500
Pavilion	Naples, FL	168,005	24,200
Village Center	Southlake, TX	118,092	17,475
Creekside Plaza	Arlington, TX	101,016	14,025
Sparkleberry Square	Columbia, SC	339,051	45,150
Venice Shopping Center	Venice, FL	111,934	6,447
Windy Hill	N. Myrtle Beach, SC	64,465	2,895
Hamilton Ridge - out parcel	Buford, GA	0.64 acres	425
Medical & Merchants	Jacksonville, FL	152,761	21,980
Westgate Marketplace	Houston, TX	298,354	47,100
Total			$ 180,197

2

During the nine months ended September 30, 2004, we sold ten shopping centers and an outparcel as follows:

Shopping Center	Location	Square Feet	Sales Price (in thousands)
Southwest Walgreens	Phoenix, AZ	93,402	$ 6,650
Watson Central	Warner Robbins, GA	227,747	6,000
Plaza Del Rey	Miami, FL	50,146	9,000
Forrest Gallery	Tullahoma, TN	214,450	10,500
Epsilon (Clematis)	West Palm Beach, FL	18,707	2,650
Miramar - out parcel	Miramar, FL	2.0 acres	1,500
Millervillage	Baton Rouge, LA	94,559	2,700
Plymouth Park (4 centers)	Irving, TX	728,566	24,000
			$ 63,000

As of September 30, 2004, we had four properties and a joint venture interest held for sale, of which three of the properties were sold in October 2004. In October 2004, we also completed the purchase of a six-property portfolio in the Boston, Massachusetts metropolitan area for $119.8 million.

INVESTMENT IN CEDAR SHOPPING CENTERS (NYSE:CDR)

As of September 30, 2004, we owned approximately 1.5 million shares of Cedar Shopping Centers, Inc. common stock representing approximately 9.0% of Cedar’s total outstanding shares of common stock, and 220,000 shares, representing a 9.4% stake, of Cedar’s 8.875% Series A Cumulative Redeemable Preferred Stock. Cedar is a self-managed REIT engaged in the ownership, development and management of community and neighborhood shopping centers anchored by supermarkets, drug stores and other retailers, with a geographic concentration in Pennsylvania and certain neighboring states. We are holding both the common and preferred shares for investment purposes.

DEVELOPMENTS AND REDEVELOPMENTS

As of September 30, 2004, we have over 20 development and redevelopment projects underway or in the planning stage totaling approximately $64.0 million of asset value, and, based on current plans and estimates, requiring approximately $19.4 million of additional capital to complete beyond the $44.7 million already invested. These include:

·   CVS Plaza in Miami, Florida where we are completing the lease up of the local space at a new 29,204 square foot drug store-anchored shopping center that we built across the street from our recently completed Publix supermarket-anchored Plaza Alegre shopping center;

·   Shops at Skylake in North Miami Beach, Florida, where we are in the process of adding 29,000 square feet of retail and office space;

·   Bandera Festival in San Antonio, Texas; Centre Pointe Plaza in Smithfield, North Carolina; Eustis Square in Eustis, Florida; Oakbrook Square in Palm Beach Gardens, Florida and Venice Plaza in Venice, Florida, where we have reconfigured and redeveloped previously vacant anchor and other space and are completing the associated lease-up;

·   Ambassador Row Courtyard in Lafayette, Louisiana where we are reconfiguring a portion of the center and adding an out parcel; and

·   The development of two supermarket-anchored shopping centers, one in Homestead, Florida and the other in McDonough, Georgia, both on parcels of land we currently own.

These developments and redevelopments are scheduled for completion between the fourth quarter of 2004 and mid 2006. Year to date though September 30, 2004, we have completed and leased a total of $41.8 million of development projects resulting in incremental net operating income of approximately $4.6 million on an annualized basis.

FFO AND 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 guidance for calendar year 2004 FFO per diluted share to be in a range of $1.56 to $1.59. We are providing preliminary guidance for 2005 FFO per diluted share to be in a range of $1.64 to $1.70. We currently anticipate that the growth in our FFO in 2005 will come from a combination of internal growth from increased rents and the continued lease-up of vacant space, as well as incremental income from property acquisitions, developments and redevelopments offset by our ongoing asset sales program. This guidance is provided for information purposes and is subject to change. The following is a reconciliation of the calculation of FFO p er diluted share and earnings per diluted share:

Guidance for 2004:				Range
Earnings per share	$	1.35			to	$	1.37
Less: gain on sale of real estate		(0.29	)				(0.29	)
Plus: real estate depreciation		0.50					0.51
FFO per diluted share	$	1.56			to	$	1.59
Guidance for 2005:					Range
Earnings per share	$	1.13			to	$	1.17
Plus: real estate depreciation		0.51					0.53
FFO per diluted share	$	1.64			to	$	1.70

For guidance purposes, we have assumed no additional gains from the sale of real estate beyond those already reported through October 27, 2004.

3

ACCOUNTING AND OTHER DISCLOSURES

We believe Funds from Operations (“FFO”) (combined with the primary GAAP presentations) is a useful supplemental measure of our operating performance that is a recognized metric used extensively by the real estate industry and in particular, REITs. The National Association of Real Estate Investment Trusts (“NAREIT”) stated in its April 2002 White Paper on Funds from Operations, “Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.”

FFO, as defined by NAREIT, is “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.” NAREIT states further that “adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.” We believe that financial analysts, investors and stockholders are better served by the clearer presentation of comparable period operating results generated from our FFO measure. Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

FFO is presented to assist investors in analyzing our operating performance. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cash flow as a measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO.

CONFERENCE CALL/WEB CAST INFORMATION

We will host a conference call on Thursday, October 28, 2004 at 1:00 p.m. EDT to discuss our performance for the three and nine month periods ended September 30, 2004. The call will be web-cast and can be accessed in a listen-only mode at Equity One’s web site at www.equityone.net.   Investors may also join the call by dialing 877-531-9985 (U.S./Canada) or 706-679-3073 (international). No passcode is required.

If you are unable to participate during the call, a replay will be available on Equity One's web site for future review. You may also access the replay by dialing 800-642-1687 (U.S./Canada) or 706-645-9291 (international) using passcode 1036055. The telephone replay will be available through November 12, 2004.

FOR ADDITIONAL INFORMATION

For a copy of our third 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 company notices, please send your e-mail address to Barbara Abreu at babreau@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, Texas, Georgia, Massachusetts 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 it s efforts to lease up vacant space; 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.

4

EQUITY ONE, INC.

UNAUDITED SUMMARY FINANCIAL INFORMATION

(In thousands, except per share data)        

	For the three months ended September 30,				For the nine months ended September 30,
Operating Data	2004		2003		2004		2003
Total Revenues	$	58,208	$	48,067	$	167,237	$	129,673
Net Income	$	30,701	$	17,249	$	69,475	$	45,945
Earnings per share (basic)	$	0.43	$	0.27	$	1.00	$	0.80
Earnings per share (diluted)	$	0.43	$	0.27	$	0.98	$	0.79
Number of shares used in computing earnings per share:
Basic		70,626		63,777		69,820		57,348
Diluted		72,327		65,523		71,525		58,977

Reconciliation of Net Income to Funds from Operations

Funds from Operations is a non-GAAP financial measure. We believe that FFO, as defined by NAREIT, is a widely used and appropriate supplemental measure of operating performance for REITs, and that it provides a relevant basis for comparison among REITs.

The following table reflects the reconciliation of FFO to net income, the most directly comparable GAAP measure, for the periods presented:

	For the three months ended September 30,						For the nine months ended September 30,
	2004			2003			2004			2003
Net income	$	30,701		$	17,249		$	69,475		$	45,945
Adjustments:
Rental property depreciation and amortization		9,276			7,574			26,798			19,706
Gain on sale of real estate		(12,215	)		(1,209	)		(13,767	)		(3,083	)
Minority interest		223			227			596			606
Other items:
Interest on convertible partnership units		-			-			-			43
Pro-rata share of real estate depreciation from joint ventures		65			83			197			383
Funds from operations	$	28,050		$	23,924		$	83,299		$	63,600

5

EQUITY ONE, INC.

UNAUDITED SUMMARY FINANCIAL INFORMATION

(In thousands)

Reconciliation of Earnings per Diluted Share to Funds from Operations per Diluted Share

The following table reflects the reconciliation of FFO per diluted share to earnings per diluted share, the most directly comparable GAAP measure, for the periods presented:

	For the three months ended September 30,						For the nine months ended September 30,
	2004			2003			2004			2003
Earnings per diluted share*	$	0.43		$	0.27		$	0.98		$	0.79
Adjustments:
Depreciation and amortization related to rental properties		0.13			0.12			0.37			0.33
Gain on sale of real estate		(0.17	)		(0.02	)		(0.19	)		(0.05	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			-			-			0.01
Funds from operations per diluted share	$	0.39		$	0.37		$	1.16		$	1.08

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

Balance Sheet	September 30, 2004		December 31, 2003
Investments in real estate
(before accumulated depreciation)	$	1,834,667	$	1,683,705
Total assets	$	1,875,256	$	1,677,386
Mortgage notes payable	$	480,739	$	459,103
Revolving credit facilities	$	64,000	$	162,000
Unsecured senior notes payable	$	350,000	$	150,000
Total liabilities before minority interests	$	969,614	$	834,162
Stockholders’ equity	$	904,254	$	830,552
Total liabilities, minority interests and stockholders’ equity	$	1,875,256	$	1,677,386

6

EX-99.2

Equity One, Inc.

Supplemental Information Package

 September 30, 2004

Equity One, Inc.

1696 N.E. Miami Gardens Drive

North Miami Beach, Florida 33179

Tel: (305) 947-1664 Fax: (305) 947-1734

www.equityone.net

Equity One, Inc.

SUPPLEMENTAL INFORMATION

September 30, 2004

(unaudited)

TABLE OF CONTENTS

 

	Page
DISCLOSURES	3
SUMMARY OPERATING INFORMATION	4
SUMMARY BALANCE SHEET INFORMATION	5
CONSOLIDATED STATEMENTS OF OPERATIONS	6
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS	7
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS	9
CONSOLIDATED BALANCE SHEETS	10
DEBT SUMMARY	11
PROPERTY STATUS REPORT	15
ANNUAL MINIMUM RENT BY STATE	20
LEASING ACTIVITY	21
TENANT CONCENTRATION SCHEDULES	23
SHOPPING CENTER LEASE EXPIRATION SCHEDULES	24
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS	28
REAL ESTATE ACQUISITIONS AND DISPOSITIONS	29
JOINT VENTURE INVESTMENTS	30
ANALYST COVERAGE	31
STOCK PRICE AND VOLUME STATISTICS	32

Page 2

EQUITY ONE, INC. AND SUBSIDIARIES

DISCLOSURES

for the periods ended September 30, 2004 and 2003

Forward Looking Statements

Certain information contained in this Supplemental Information Package constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Texas, Georgia, Massachusetts 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 space; the effects of natural and other disasters; the ab ility of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission.

Basis of Presentation

The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company 's Form 10-K for the year ended December 31, 2003 and Form 10-Q for the quarter ended September 30, 2004 should be read in conjunction with the above information. On February 12, 2003, Equity One and IRT Property Company completed a statutory merger. The transaction has been accounted for as a purchase and the results of Equity One include the activity of the former IRT Property Company since February 12, 2003. Also, the results of operations of any property acquired are included in our financial statements since the date of its acquisition.

Use of EBITDA as a Non-GAAP Financial Measure

EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We compute EBITDA as the sum of net income before extraordinary items, depreciation and amortization, income taxes, interest expense, gain (loss) on disposal of income producing properties, and impariment of real estate. Given the nature of the Company's business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of oper ations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are included in earnings on a net basis. Accordingly, we believe that the use of EBITDA as opposed to earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated periods.

EBITDA should not be considered as an alternative to earnings as an indicator of our financial performance, or as an alternative to cash flow from operating activities as a measure of our liquidity. Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA. Investors are cautioned that items excluded from EBITDA are significant components in understanding and assessing the Company's financial performance.

Use of Funds from Operations as a Non-GAAP Financial Measure

We believe Funds from Operations (FFO) (combined with the primary GAAP presentations) is a useful supplemental measure of our operating performance that is a recognized metric used extensively by the real estate industry, particularly REITs. NAREIT stated in its April 2002 White Paper on FFO, "Historical cost accounting for real estate assets implicity assumes that the value of real estate assets diminishes predictably over time.Since real estate values have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves." FFO, as defined by NAREIT, is "net income (computed in accordance with GAAP), excluding (gains or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis."

We believe that financial analysts, investors and stockholders are better served by the clearer presentation of comparable period operating results generated from our FFO measure. Our method of calculating FFO may be different from methods used by other REITs and accordingly, may not be comparable to such other REITs. FFO is presented to assist investors in analyzing our operating performance. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cashflow as measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO.

Page 3

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION
for the periods ended September 30, 2004 and 2003
(in thousands, except per share data)
	Three months ended						Nine months ended
	September 30, 2004			September 30, 2003			September 30, 2004			September 30, 2003
Total dividends paid per share	$	0.28		$	0.28		$	0.84		$	0.82
Funds from operations per share (FFO)	$	0.39		$	0.37		$	1.16		$	1.08
Dividend / FFO payout ratio		71.8	%		75.7	%		72.4	%		75.9	%
FFO multiple (annualized if < 12 months)		12.6			11.5			12.7			11.8
Funds available for distribution per share (FAD)	$	0.31		$	0.29		$	0.96		$	0.84
Dividend / FAD payout ratio		90.3	%		96.6	%		87.5	%		97.6	%
FAD multiple (annualized if < 12 months)		15.8			14.7			15.3			15.2
Income before minority interest	$	30,940		$	17,476			70,117			46,551
Income from discontinued operations		(12,282	)		(2,676	)		(16,912	)		(7,397	)
Loss on extinguishment of debt		-			-			-			513
Interest expense		12,172			9,920			34,156			27,819
Amortization of deferred financing fees		379			230			990			764
Rental property depreciation and amortization,
excluding discontinued operations		9,005			7,231			25,934			18,654
Pro-rata share from unconsolidated joint ventures
Depreciation and amortization		65			83			197			383
Interest expense		140			189			417			889
EBITDA	$	40,419		$	32,453		$	114,899		$	88,176
Interest expense, including joint venture interest	$	12,312		$	10,109		$	34,573		$	28,708
EBITDA : interest coverage ratio		3.3			3.2			3.3			3.1
EBITDA margin (EBITDA/total rental revenue)		69.4	%		67.5	%		68.6	%		68.0	%
Net operating income (NOI) from continuing operations
Total rental revenue	$	58,208		$	48,067		$	167,237		$	129,673
Property operating expenses (1)		15,656			13,263			43,880			35,911
Net operating income	$	42,552		$	34,804		$	123,357		$	93,762
NOI margin (NOI/total rental revenue)		73.1	%		72.4	%		73.8	%		72.3	%
(1)net of intercompany expenses.
Same property NOI (2)
Total rental revenue	$	45,029		$	43,554		$	68,478		$	66,535
Property operating expenses		12,968			12,471			20,652			20,232
Net operating income	$	32,061		$	31,083		$	47,826		$	46,303
Growth in same property NOI		3.1	%					3.3	%
Growth in same property NOI, excluding termination fees		3.3	%					3.5	%
Same property occupancy		93.3	%		92.3	%		95.1	%		93.9	%
(2) Includes only those properties operated in the current and prior periods; excludes the effects of straight line rent, and prior year expense recoveries and adjustments.
General & administrative expenses	$	3,722		$	2,737		$	10,980		$	7,936
as % of total revenues		6.25	%		5.68	%		6.49	%		6.07	%
as % of total assets (annualized)		0.79	%		0.74	%		0.78	%		1.47	%

Page 4

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION
as of September 30, 2004 and December 31, 2003
(in thousands, except per share data)
	September 30, 2004			December 31, 2003
Closing market price	$	19.62		$	16.88
Dividend yield (based on current annualized dividend)		5.71	%		6.64	%
Net Book value per share (fully diluted, end of period)	$	12.35		$	11.77
Liquidity
Cash and cash equivalents	$	1,988		$	966
Cash held in escrow	$	8,734		$	-
Revolving credit facilities
Gross available under current credit facilities		345,000			345,000
less: Outstanding balance		(64,000	)		(162,000	)
Holdback for letters of credit		(1,378	)		(1,378	)
Net available under credit facilities	$	279,622		$	181,622
Equity market capitalization (end of period)
Common stock shares (in thousands)
Basic common stock shares		72,069.799			68,704.279
Diluted common shares
Unvested restricted common shares		700.632			649.133
Walden Woods shares (downREIT)		93.656			93.656
IRT Partners operating partnership units		-			734.266
Common stock options (treasury method, closing price)		383.661			370.164
Fully diluted common stock shares		73,247.748			70,551.498
Total debt (excluding unamortized premium/discount)	$	894,739		$	771,103
Cash and cash equivalents, cash held in escrow		(10,722	)		(966	)
Net debt		884,017			770,137
Equity market capitalization (fully diluted, end of period)		1,437,121			1,190,909
Total market capitalization	$	2,321,138		$	1,961,046
Net debt to total market capitalization		38.1	%		39.3	%
Gross real estate and securities investments	$	1,864,072		$	1,683,705
Net debt to gross real estate and securities investments		47.4	%		45.7	%
Fixed rate debt	$	730,739		$	609,103
Fixed rate debt - swapped to variable rate		100,000			-
Variable rate debt - swapped to fixed rate		-			70,000
Variable rate debt - unhedged		64,000			92,000
Total debt (excluding unamortized premium/discount)	$	894,739		$	771,103
% Fixed rate debt		81.67	%		78.99	%
% Fixed rate debt - swapped to variable rate		11.18	%		-	%
% Variable rate debt - swapped to fixed rate		-	%		9.08	%
% Variable rate debt - unhedged		7.15	%		11.93	%
% Variable rate debt - Total		18.33	%		11.93	%
Weighted-average interest rate on mortgage debt		7.22	%		7.45	%
Weighted-average interest rate on senior unsecured notes		5.14	%		7.55	%
Weighted-average interest rate on revolving credit facilities		2.13	%		2.06	%

Page 5

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended September 30, 2004 and 2003
(in thousands, except per share data)
	Three months ended						Nine months ended
	September 30, 2004			September 30, 2003			September 30, 2004			September 30, 2003
Rental revenue:
Minimum rents	$	44,851		$	37,217		$	129,034		$	99,305
Expense recoveries		12,865			10,243			35,686			27,902
Termination fees		210			300			618			787
Percentage rent payments		282			307			1,899			1,679
Total rental revenue		58,208			48,067			167,237			129,673
Costs and expenses:
Property operating expenses		15,656			13,263			43,880			35,911
Rental property depreciation and amortization		9,005			7,231			25,934			18,654
General and administrative expenses		3,722			2,737			10,980			7,936
Total costs and expenses		28,383			23,231			80,794			62,501
Income before other income and expenses,
discontinued operations and minority interest		29,825			24,836			86,443			67,172
Other income and expenses:
Interest expense		(12,172	)		(9,920	)		(34,156	)		(27,819	)
Amortization of deferred financing fees		(379	)		(230	)		(990	)		(764	)
Investment income		1,210			66			1,612			940
Other income		174			48			296			138
Loss on extinguishment of debt		-			-			-			(513	)
Income before discontinued operations and
minority interest		18,658			14,800			53,205			39,154
Discontinued operations:
Income from operations of sold properties		67			1,467			3,145			4,314
Gain on disposal of income producing properties		12,215			1,209			13,767			3,083
Income from discontinued operations		12,282			2,676			16,912			7,397
Income before minority interest		30,940			17,476			70,117			46,551
Minority interest		(239	)		(227	)		(642	)		(606	)
Net income	$	30,701		$	17,249		$	69,475		$	45,945
Basic earnings per share
Income before discontinued operations	$	0.26		$	0.23		$	0.76		$	0.67
Income from discontinued operations		0.17			0.04			0.24			0.13
Net income	$	0.43		$	0.27		$	1.00		$	0.80
Diluted earnings per share
Income before discontinued operations	$	0.26		$	0.23		$	0.74		$	0.66
Income from discontinued operations		0.17			0.04			0.24			0.13
Net income	$	0.43		$	0.27		$	0.98		$	0.79
Weighted average shares outstanding
Basic		70,626			63,777			69,820			57,348
Diluted		72,327			65,523			71,525			58,977

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended September 30, 2004
(in thousands, except per share data)
	Three months ended									Nine months ended
	September 30, 2004									September 30, 2004
	As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
	Reported			Operations			No. 144			Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	44,851		$	1,401		$	46,252		$	129,034		$	5,417		$	134,451
Expense recoveries		12,865			313			13,178			35,686			1,068			36,754
Termination fees		210			24			234			618			818			1,436
Percentage rent payments		282			27			309			1,899			247			2,146
Total rental revenue		58,208			1,765			59,973			167,237			7,550			174,787
Costs and expenses:
Property operating expenses		15,656			1,124			16,780			43,880			2,658			46,538
Rental property depreciation and amortization		9,005			271			9,276			25,934			864			26,798
General and administrative expenses		3,722			-			3,722			10,980			-			10,980
Total costs and expenses		28,383			1,395			29,778			80,794			3,522			84,316
Income before other income and expenses, discontinued
operations and minority interest		29,825			370			30,195			86,443			4,028			90,471
Other income and expenses:
Interest expense		(12,172	)		(243	)		(12,415	)		(34,156	)		(735	)		(34,891	)
Amortization of deferred financing fees		(379	)		(30	)		(409	)		(990	)		(89	)		(1,079	)
Investment income		1,210			-			1,210			1,612			-			1,612
Other income		174			-			174			296			-			296
Equity in (loss) income of joint ventures		-			(30	)		(30	)		-			(59	)		(59	)
Income before discontinued operations and								-
minority interest		18,658			67			18,725			53,205			(3,145	)		56,350
Discontinued operations:
Income from operations of sold properties		67			(67	)		-			3,145			(3,145	)		-
Gain on disposal of income producing properties		12,215			-			12,215			13,767			-			13,767
Total income from discontinued operations		12,282			(67	)		12,215			16,912			(3,145	)		13,767
Income before minority interest		30,940			-			30,940			70,117			-			70,117
Minority interest		(239	)		-			(239	)		(642	)		-			(642	)
Net income	$	30,701		$	-		$	30,701		$	69,475		$	-		$	69,475

Note: The Company adopted SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), effective January 1, 2002. This standard requires that operating results of income producing real estate assets that are sold or held for sale be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold or held for sale and the results before the impact of SFAS No. 144.

Page 7

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended September 30, 2004
(in thousands, except per share data)
	Three months ended									Nine months ended
	September 30, 2003									September 30, 2003
	As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
	Reported			Operations			No. 144			Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	37,217		$	2,537		$	39,754		$	99,305		$	7,289		$	106,594
Expense recoveries		10,243			477			10,720			27,902			1,413			29,315
Termination fees		300			4			304			787			14			801
Percentage rent payments		307			17			324			1,679			121			1,800
Total rental revenue		48,067			3,035			51,102			129,673			8,837			138,510
Costs and expenses:
Property operating expenses		13,263			939			14,202			35,911			2,672			38,583
Rental property depreciation and amortization		7,231			343			7,574			18,654			1,052			19,706
General and administrative expenses		2,737			-			2,737			7,936			-			7,936
Total costs and expenses		23,231			1,282			24,513			62,501			3,724			66,225
Income before other income and expenses, discontinued
operations and minority interest		24,836			1,753			26,589			67,172			5,113			72,285
Other income and expenses:
Interest expense		(9,920	)		(378	)		(10,298	)		(27,819	)		(1,107	)		(28,926	)
Amortization of deferred financing fees		(230	)		(29	)		(259	)		(764	)		(90	)		(854	)
Investment income		66			-			66			940			-			940
Other income		48			-			48			138			-			138
Equity in (loss) income of joint ventures		-			121			121			-			508			508
Loss on extinguishment of debt		-			-			-			(513	)		(110	)		(623	)
Income before discontinued operations and
minority interest		14,800			1,467			16,267			39,154			4,314			43,468
Discontinued operations:
Income from operations of sold properties		1,467			(1,467	)		-			4,314			(4,314	)		-
Gain on disposal of income producing properties		1,209			-			1,209			3,083			-			3,083
Total income from discontinued operations		2,676			(1,467	)		1,209			7,397			(4,314	)		3,083
Income before minority interest		17,476			-			17,476			46,551			-			46,551
Minority interest		(227	)		-			(227	)		(606	)		-			(606	)
Net income	$	17,249		$	-		$	17,249		$	45,945		$	-		$	45,945

Note: The Company adopted SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), effective January 1, 2002. This standard requires that operating results of income producing real estate assets that are sold or held for sale be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold or held for sale and the results before the impact of SFAS No. 144.

Page 8

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended September 30, 2004 and 2003
(in thousands, except per share data)
	Three months ended						Nine months ended
	September 30, 2004			September 30, 2003			September 30, 2004			September 30, 2003
Funds from Operations
Net income	$	30,701		$	17,249		$	69,475		$	45,945
Adjustments:
Rental property depreciation and amortization,
including discontinued operations		9,276			7,574			26,798			19,706
Gain on disposal of income producing properties		(12,215	)		(1,209	)		(13,767	)		(3,083	)
Minority interest		223			227			596			606
Other items:
Interest on convertible partnership units		-			-			-			43
Pro-rata share of real estate depreciation
from joint ventures		65			83			197			383
Funds from operations	$	28,050		$	23,924		$	83,299		$	63,600
Increase		17.2	%					31.0	%
Earnings per diluted share*	$	0.43		$	0.27		$	0.98		$	0.79
Adjustments:
Rental property depreciation and amortization,
including discontinued operations		0.13			0.12			0.37			0.33
Gain on disposal of income producing properties		(0.17	)		(0.02	)		(0.19	)		(0.05	)
Other items:
Pro-rata share of real estate depreciation
from joint ventures		0.00			0.00			0.00			0.01
Funds from operations per diluted share	$	0.39		$	0.37		$	1.16		$	1.08
Increase		5.4	%					7.4	%
*Earnings per diluted share reflect the add-back of interest on convertible partnership units and of those minority interests which are convertible to shares of our common stock.
Funds Available for Distribution
Funds from operations	$	28,050		$	23,924		$	83,299		$	63,600
Adjust for certain non-cash items:
Amortization of deferred financing fees		409			259			1,079			854
Amortization of restricted stock		1,368			762			3,800			1,851
Straight line rents		(1,100	)		(402	)		(2,715	)		(1,212	)
Capitalized interest		(676	)		(715	)		(2,208	)		(1,982	)
Amortization of debt premium/discount		(1,230	)		(1,099	)		(3,693	)		(2,465	)
Total adjusted for certain non-cash items		(1,229	)		(1,195	)		(3,737	)		(2,954	)
Adjust for recurring capital expenditures:
Tenant improvements		(295	)		(372	)		(934	)		(707	)
Leasing commissions and costs		(871	)		(897	)		(2,007	)		(1,428	)
Other capital expenditures		(405	)		(626	)		(931	)		(933	)
Total recurring capital expenditures		(1,571	)		(1,895	)		(3,872	)		(3,068	)
Funds available for distribution before debt payments	$	25,250		$	20,834		$	75,690		$	57,578
Scheduled debt payments		(2,514	)		(2,056	)		(7,207	)		(8,249	)
Funds available for distribution	$	22,736		$	18,778		$	68,483		$	49,329
Increase		21.1	%					38.8	%
Funds available for distribution per diluted share	$	0.31		$	0.29		$	0.96		$	0.84
Increase		6.9	%					14.3	%
Cash Dividends	$	20,272		$	18,159		$	59,627		$	51,373
Weighted average diluted shares		72,327			65,523			71,525			58,977

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of September 30, 2004 and December 31, 2003
(in thousands, except per share data)
	Sep 30, 2004			Dec 31, 2003
Assets
Properties
Income producing	$	1,777,783		$	1,594,579
Less: accumulated depreciation		(86,871	)		(66,406	)
Rental property		1,690,912			1,528,173
Construction in progress and land held for development		44,652			74,686
Property held for sale		12,232			14,440
Properties, net		1,747,796			1,617,299
Cash and cash equivalents		1,988			966
Cash held in escrow		8,734			-
Accounts and other receivables, net		12,135			13,492
Securities available for sale		29,405			-
Investments in joint ventures		2,803			2,861
Goodwill		14,184			14,014
Other assets		58,211			28,754
Total	$	1,875,256		$	1,677,386
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	480,739		$	459,103
Unsecured revolving credit facilities		64,000			162,000
Unsecured senior notes payable		350,000			150,000
Total debt		894,739			771,103
Unamortized premium/discount on notes payable		20,354			24,218
Total notes payable		915,093			795,321
Accounts payable and accrued expenses		42,564			25,211
Tenant security deposits		8,324			7,706
Other liabilities		3,633			5,924
Total liabilities		969,614			834,162
Minority interest		1,388			12,672
Stockholders' equity
Common stock		728			694
Additional paid-in capital		903,569			843,678
Retained earnings		10,429			-
Accumulated other comprehensive income (loss)		2,104			(122	)
Unamortized restricted stock compensation		(11,988	)		(10,091	)
Notes receivable from issuance of common stock		(588	)		(3,607	)
Total stockholders' equity		904,254			830,552
Total	$	1,875,256		$	1,677,386

Page 10

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2004
(in thousands)
	Maturity					Sep 30, 2004		Dec 31, 2003
Property	date		Rate (1)			balance		balance
Fixed rate mortgage debt
Middle Beach (2)		10/01/04		7.375	%	$	-	$	2,808
Lantana Village		02/15/05		6.950	%		3,552		3,669
Woodruff		05/10/05		7.580	%		3,001		3,096
Elmwood Oaks		06/01/05		8.375	%		7,500		7,500
Benchmark Crossing		08/01/05		9.250	%		3,248		3,313
Sterling Plaza		09/01/05		8.750	%		3,901		3,982
Townsend Square		10/01/05		8.500	%		4,789		4,848
Green Oaks		11/01/05		8.375	%		2,959		3,022
Melbourne Plaza		11/01/05		8.375	%		1,710		1,747
Walden Woods		08/01/06		7.875	%		2,302		2,387
Big Curve		10/01/06		9.190	%		5,343		5,437
Highland Square		12/01/06		8.870	%		3,976		4,047
Park Northern		12/01/06		8.370	%		2,209		2,284
Crossroads Square		12/01/06		8.440	%		12,372		12,510
Rosemeade		12/01/07		8.295	%		3,127		3,179
Colony Plaza		01/01/08		7.540	%		2,986		3,015
Parkwood		01/01/08		7.280	%		6,132		6,196
Richwood		01/01/08		7.280	%		3,159		3,192
Commonwealth		02/15/08		7.000	%		2,667		2,754
Mariners Crossing		03/01/08		7.080	%		3,345		3,380
Pine Island/Ridge Plaza		07/01/08		6.910	%		24,676		24,938
Forestwood		01/01/09		5.070	%		7,168		7,286
Shoppes of North Port		02/08/09		6.650	%		4,034		4,108
Prosperity Centre		03/01/09		7.875	%		6,117		6,390
North Village Center (3)		03/15/09		8.130	%		-		1,463
Shoppes of Ibis		09/01/09		6.730	%		5,733		5,865
Tamarac Town Square		10/01/09		9.190	%		6,144		6,206
Park Promenade		02/01/10		8.100	%		6,258		6,302
Skipper Palms		03/01/10		8.625	%		3,535		3,556
Jonathan's Landing		05/01/10		8.050	%		2,877		2,901
Bluff's Square		06/01/10		8.740	%		10,027		10,086
Kirkman Shoppes		06/01/10		8.740	%		9,469		9,524
Ross Plaza		06/01/10		8.740	%		6,604		6,642
Boynton Plaza		07/01/10		8.030	%		7,442		7,494
Pointe Royale		07/15/10		7.950	%		4,348		4,533
Westgate		07/31/10		4.880	%		29,739		-
Plymouth Park East 1 (4)		08/01/10		8.250	%		-		150
Plymouth Park East 2 (4)		08/01/10		8.250	%		-		451
Plymouth Park North (4)		08/01/10		8.250	%		-		8,043
Plymouth Park South (4)		08/01/10		8.250	%		-		601
Plymouth Park Story North (4)		08/01/10		8.250	%		-		370
Plymouth Park West (4)		08/01/10		8.250	%		-		2,404

Page 11

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2004
(in thousands)
	Maturity		Sep 30, 2004	Dec 31, 2003
Property	date	Rate (1)	balance	balance

Shops at Skylake	08/01/10	7.650	%	$	14,359	$	14,628
Parkwest Crossing	09/01/10	8.100	%		4,696		4,728
Spalding Village	09/01/10	8.190	%		10,310		10,537
Minyards	11/01/10	8.320	%		2,483		2,511
Charlotte Square	02/01/11	9.190	%		3,567		3,614
Forest Village	04/01/11	7.270	%		4,453		4,488
Boca Village	05/01/11	7.200	%		8,234		8,298
MacLand Pointe	05/01/11	7.250	%		5,814		5,859
Pine Ridge Square	05/01/11	7.020	%		7,294		7,354
Sawgrass Promenade	05/01/11	7.200	%		8,234		8,298
Presidential Markets	06/01/11	7.650	%		27,229		27,420
Lake Mary	11/01/11	7.250	%		24,348		24,529
Lake St. Charles	11/01/11	7.130	%		3,844		3,873
Belfair Towne Village	12/01/11	7.320	%		11,248		11,379
Marco Town Center	01/01/12	6.700	%		8,618		8,731
Riverside Square	03/01/12	9.190	%		7,616		7,694
Sparkleberry Square (5)	10/31/12	6.170	%		6,687		-
Cashmere	11/01/12	5.880	%		5,168		5,245
Eastwood	11/01/12	5.880	%		6,158		6,250
Meadows	11/01/12	5.870	%		6,471		6,568
Lutz Lake	12/01/12	6.280	%		7,500		7,500
Summerlin Square	02/01/14	6.750	%		3,693		3,898
Bird Ludlum	02/15/15	7.680	%		9,846		10,296
Treasure Coast	04/01/15	8.000	%		4,602		4,804
Shoppes of Silverlakes	07/01/15	7.750	%		2,666		2,781
Grassland Crossing	12/01/16	7.870	%		5,868		5,985
Mableton Crossing	08/15/18	6.850	%		4,086		4,157
Sparkleberry Square (5)	06/30/20	6.750	%		7,989		-
BridgeMill	05/05/21	7.940	%		9,436		9,555
Chastain Square	02/28/24	6.500	%		3,846		3,918
Daniel Village	02/28/24	6.500	%		4,204		4,282
Douglas Commons	02/28/24	6.500	%		5,009		5,102
Fairview Oaks	02/28/24	6.500	%		4,740		4,829
Madison Centre	02/28/24	6.500	%		3,846		3,918
Paulding Commons	02/28/24	6.500	%		6,528		6,651
Siegen Village	02/28/24	6.500	%		4,247		4,328
Wesley Chapel Crossing	02/28/24	6.500	%		3,353		3,416
Total fixed rate mortgage debt (71 loans)	5.94 years	7.220	%	$	480,739	$	459,103
Net interest premium/discount	(wtd-avg maturity)	(wtd-avg rate)			10,633		11,779
Total fixed rate mortgage debt (including net interest premium/discount)				$	491,372	$	470,882

Page 12

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2004
(in thousands)
	Maturity		Sep 30, 2004	Dec 31, 2003
Property	date	Rate (1)	balance	balance

Fixed rate unsecured senior notes payable
7.77% senior notes	04/01/06	7.770	%	$	50,000		$	50,000
7.25% senior notes	08/15/07	7.250	%		75,000			75,000
3.875% senior notes (6)	04/15/09	3.875	%		200,000			-
7.84% senior notes	01/23/12	7.840	%		25,000			25,000
Total fixed rate unsecured senior notes payable	3.99 years	5.144	%		350,000			150,000
Net interest premium/discount		(wtd-avg rate	)		9,721			12,439
Total fixed rate unsecured senior notes payable (including net interest premium/discount)				$	359,721		$	162,439
Total fixed rate debt				$	830,739		$	609,103
Net interest premium/discount					20,354			24,218
Total fixed rate debt (including net interest premium/discount)				$	851,093		$	633,321
Revolving credit facilities
$340MM Wells Fargo Unsecured	02/12/06	2.126	%		64,000			162,000
$5MM City National Bank Unsecured	11/13/04	Libor + 2.25	%		-			-
Total revolving credit facilities				$	64,000		$	162,000
Total debt				$	894,739		$	771,103
Net interest premium/discount					20,354			24,218
Total debt (including net interest premium/discount)				$	915,093		$	795,321
Senior Unsecured Debt Ratings
Moody's					Baa3 (Stable	)		Baa3 (Stable	)
S&P					BBB- (Stable	)		BBB- (Stable	)

Page 13

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2004
(in thousands)
	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving		Senior
by year	amortization		payments (7)		Credit Facilities (7)		Notes		Total (7)
2004	$	2,495	$	-	$	-	$	-	$	2,495
2005		10,039		30,093		-		-		40,132
2006		10,246		24,758		64,000		50,000		149,004
2007		10,356		2,864		-		75,000		88,220
2008		10,415		40,104		-		-		50,519
2009		10,063		24,332		-		200,000		234,395
2010		9,067		98,471		-		-		107,538
2011		7,230		93,433		-		-		100,663
2012		5,951		40,056		-		25,000		71,007
2013		5,526		-		-		-		5,526
Thereafter		36,446		8,794		-		-		45,240
Total	$	117,834	$	362,905	$	64,000	$	350,000	$	894,739

(1)	The rate in effect on September 30, 2004.
(2)	This loan was repaid in September 2004.
(3)	This loan was repaid in January 2004.
(4)	The buyer assumed the notes on the sale of the property in September 2004.
(5)	The Sparkleberry property is encumbered by two separate mortgages.
(6)	The $100M of the outstanding balance has been swapped to a floating interest rate based on 6 month LIBOR in arrears, plus 0.4375%.  The indicated rate and weighted average rate for the unsecured notes does not reflect this interest rate swap.
(7)	Represents the entire principal balance of a maturing loan on the maturity date. Credit facilities are shown as due on the initial maturity dates, though certain extension options are available.

Page 14

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

as of September 30, 2004

										Number of tenants				Supermarket anchor
Property	City		Year built/ renovated		Total square footage		Percent leased			leased		vacant		owned SF		shadow SF		name expiration date		Other anchor tenants		Average base per leased SF
ALABAMA (2)
Madison Centre		Madison		1997		64,837		100.0	%		13		0		37,912				Publix		Rite Aid	$	9.70
																			(6/1/2017)
West Gate Plaza		Mobile		1974, 1995 / 1985		64,378		99.2	%		8		1		44,000				Winn-Dixie		Rite Aid		7.13
																			(7/19/2015)
TOTAL SHOPPING CENTERS ALABAMA (2)						129,215		99.6	%		21		1		81,912		0					$	8.43
ARIZONA (2)
Big Curve		Yuma		1969 / 1996		126,402		94.6	%		31		2				60,000		Albertsons		Miller's Outpost		9.73
Park Northern		Phoenix		1982 / 1996		126,852		94.1	%		22		3		51,511				Safeway		Bealls, Chuck E Cheese, Life Skills Center		6.81
																			(5/31/2008)
TOTAL SHOPPING CENTERS ARIZONA (2)						253,254		94.4	%		53		5		51,511		60,000					$	8.27
FLORIDA (73)
North Florida (14)
Atlantic Village		Atlantic Beach		1984 / 1998		100,559		98.0	%		25		1		39,795				Publix		JoAnn Fabrics, Dollar Tree		10.38
																			(10/31/2008)
Beauclerc Village		Jacksonville		1962 / 1988		70,429		86.9	%		10		1								Big Lots, Goodwill, Bealls Outlet		7.74
Commonwealth		Jacksonville		1984 / 1998		81,467		95.6	%		15		1		48,997				Winn-Dixie/Save Rite				8.34
																			(2/28/2018)
Forest Village		Tallahassee		2000		71,526		93.9	%		14		3		37,866				Publix				10.47
																			(4/30/2020)
Ft. Caroline		Jacksonville		1985 / 1995		74,546		80.7	%		9		4		45,500				Winn-Dixie				7.40
																			(5/31/2015)
**Losco		Jacksonville		2000		8,700		100.0	%		7		0				45,820		Winn-Dixie				19.39
Mandarin Landing		Jacksonville		1976 / 2000		141,565		100.0	%		38		0		34,400				Publix		Office Depot, CVS Pharmacy		9.43
																			(2/14/2007)
Medical & Merchants		Jacksonville		1993		152,761		96.1	%		15		4		55,999				Publix		Memorial Health Group, Blockbuster		11.83
																			(2/10/2013)
Middle Beach		Panama City Beach		1994		69,277		98.3	%		8		1		56,077				Publix		Movie Gallery		9.28
																			(9/30/2014)
Monument Point		Jacksonville		1985 / 1997		75,128		100.0	%		12		0		46,772				Winn-Dixie		CVS Pharmacy		6.70
																			(3/27/2005)
Oak Hill		Jacksonville		1985 / 1997		78,492		100.0	%		19		0		39,795				Publix		Walgreens*		6.96
																			(3/11/2005)
Parkmore Plaza		Milton		1986		159,067		96.4	%		10		3								Wal-Mart*(Bealls), Big Lots		4.40
Pensacola Plaza		Pensacola		1985		56,098		91.4	%		2		1		42,848				FoodWorld				4.27
																			(12/31/2009)
South Beach		Jacksonville Beach		1990, 1991		289,964		94.7	%		44		8		29,000				Food Lion		Kmart, Stein Mart, Bealls		9.27
																			(3/31/2010)
Central Florida (10)
Alafaya Commons		Orlando		1987		123,133		97.5	%		28		2		54,230				Publix		Blockbuster		11.77
																			(11/30/2007)
Conway Crossing		Orlando		2002		76,321		98.0	%		18		1		44,271				Publix				11.56
																			(4/30/2022)
Eastwood		Orlando		1997		69,037		100.0	%		14		0		51,512				Publix				11.30
																			(11/1/2017)
Hunters Creek		Orlando		1998		68,032		100.0	%		9		0		51,255				Winn-Dixie				10.83
																			(9/23/2018)
Kirkman Shoppes		Orlando		1973		88,820		98.6	%		30		1								CVS Pharmacy		16.02
Lake Mary		Orlando		1988 / 2001		342,384		97.1	%		64		24		63,139				Albertsons		Kmart, Euro Fitness, Sun Star Theatres		11.08
																			(6/30/2012)
Park Promenade		Orlando		1987 / 2000		125,818		97.9	%		26		1		55,000				Publix*		Orange County Library, Blockbuster, Goodwill		8.72
																			(2/9/2007)
Town & Country		Kissimmee		1993		72,043		98.3	%		13		1		52,883				Albertsons				6.82
																			(10/31/2018)
Unigold		Winter Park		1987		117,527		89.9	%		24		1		52,500				Winn-Dixie		Blockbuster		11.09
																			(4/30/2007)
Walden Woods		Plant City, FL		1985 / 1998, 2003		72,950		100.0	%		12		1								Walgreens, Dollar Tree, Aaron Rents, Dollar General		6.28
Florida West Coast (17)
Bay Pointe Plaza		St. Petersburg		1984 / 2002		103,986		89.2	%		16		8		52,610				Publix		CVS Pharmacy* (Bealls Outlet), West Marine		9.47
																			(11/30/2021)
Carrollwood		Tampa		1970 / 2002		94,203		80.0	%		26		10		27,887				Publix		CVS Pharmacy		11.09
																			(11/30/2022)
Charlotte Square		Port Charlotte		1980		96,188		96.3	%		24		3		44,024				Publix		Pet Supermarket		7.62
																			(1/31/2011)
Chelsea Place		New Port Richey		1992		81,144		100.0	%		18		0		48,890				Publix		CVS Pharmacy		11.07
																			(5/27/2012)
Lake St. Charles		Tampa		1999		57,015		100.0	%		8		0		46,295				Kash n' Karry				9.80
																			(6/30/2019)
Lutz Lake		Lutz		2002		64,985		100.0	%		15		0		44,270				Publix				13.75
																			(5/31/2022)
Marco Town Center		Marco Island		2001		109,830		94.4	%		39		6		27,887				Publix		West Marine		16.56
																			(1/31/2018)
Mariners Crossing		Spring Hill		1989 / 1999		85,507		96.1	%		13		2		48,315				Kash n' Karry				8.24
																			(8/15/2020)
North River Village		Ellenton		1988, 1993		177,128		100.0	%		16		0		42,112				Publix		Kmart, Walgreens* (Dollar Tree), Bealls Outlet		7.29
																			(7/20/2008)
Pavilion		Naples		1982		168,005		91.5	%		38		4		50,795				Publix		Pavillion 6 Theatre, Anthony's		14.12
																			(2/28/2013)
Regency Crossing		Port Richey		1986 / 2001		85,864		85.3	%		15		10		44,270				Publix				10.48
																			(2/28/2011)
Ross Plaza		Tampa		1984 / 1996		85,359		80.0	%		16		4								Ross Dress for Less		11.06
Seven Hills		Spring Hill		1991		64,590		97.7	%		11		1		48,890				Publix				9.52
																			(9/25/2011)
Shoppes of North Port		North Port		1991		84,705		100.0	%		22		0		48,890				Publix		Bealls Outlet		9.61
																			(12/11/2011)

Page 15

					Number of tenants		Supermarket anchor
Property	City	Year built/ renovated	Total square footage	Percent leased	leased	vacant	owned SF	shadow SF	name expiration date	Other anchor tenants	Average base per leased SF

Florida West Coast (continued)
Skipper Palms	Tampa	1984	88,000	92.9	%	14	3	53,440		Winn-Dixie		$	8.53
										(5/31/2016)
Summerlin Square	Fort Myers	1986 / 1998	109,156	92.4	%	22	6	45,500		Winn-Dixie	CVS Pharmacy, West Marine		10.34
										(6/4/2006)
Venice Shopping Center	Venice	1968 / 2000	111,934	91.4	%	13	2	44,271		Publix	Beall's Outlet, Dollar Tree, Wachovia Bank		5.06
										(12/31/2026)
Florida Treasure Coast (8)
Bluffs Square	Jupiter	1986	132,395	99.1	%	46	2	39,795		Publix	Walgreens		12.00
										(10/22/2006)
Cashmere Corners	Port St. Lucie	2001	89,234	100.0	%	18	0	59,448		Albertsons			8.11
										(4/30/2025)
Jonathan's Landing	Jupiter	1997	26,820	100.0	%	12	0		53,850	Albertsons	Blockbuster		18.64
New Smyrna Beach	New Smyrna Beach	1987	118,451	96.5	%	33	2	42,112		Publix	Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster		10.00
										(9/30/2007)
Old King Commons	Palm Coast	1988	84,759	100.0	%	19	0				Wal-Mart* (Bealls Outlet)		8.02
Ryanwood	Vero Beach	1987	114,925	100.0	%	32	0	39,795		Publix	Bealls Outlet, Books-A-Million		9.71
										(3/23/2017)
Salerno Village	Stuart	1987	79,903	90.9	%	14	7	49,802		Winn-Dixie	CVS Pharmacy		10.23
										(3/23/2024)
Treasure Coast	Vero Beach	1983	133,781	94.5	%	21	4	59,450		Winn-Dixie	TJ Maxx		8.68
										(4/12/2015)
South Florida / Atlantic Coast (24)
Bird Ludlum	Miami	1988 / 1998	192,282	97.9	%	46	1	44,400		Winn-Dixie	CVS Pharmacy, Blockbuster, Goodwill		14.89
										(12/31/2007)
Boca Village	Boca Raton	1978	93,428	100.0	%	22	0	36,000		Publix	CVS Pharmacy		15.35
										(3/31/2007)
Boynton Plaza	Boynton Beach	1978 / 1999	99,324	100.0	%	29	0	37,664		Publix	CVS Pharmacy, Hollywood Video		11.02
										(8/31/2008)
Countryside Shops	Cooper City	1986, 1988, 1991	179,561	97.7	%	45	1	39,795		Publix	CVS Pharmacy, Stein Mart		12.39
										(12/4/2005)
Crossroads Square	Ft. Lauderdale	1973	270,206	97.3	%	23	4				Lowe's, CVS Pharmacy, Goodyear		7.72
El Novillo	Miami Beach	1970 / 2000	10,000	100.0	%	1	0				Jumbo Buffet		15.49
Greenwood	Palm Springs	1982, 1994	132,325	88.8	%	29	6	50,032		Publix	Bealls Outlet, World Savings Bank		11.95
										(12/5/2014)
Lago Mar	Miami	1995	82,613	89.6	%	19	3	42,323		Publix	Blockbuster		12.85
										(9/13/2015)
Lantana Village	Lantana	1976 / 1999	181,780	99.2	%	24	2	39,473		Winn-Dixie	Kmart, Rite Aid* (Dollar Store), Hollywood Video		7.02
										(2/15/2011)
Meadows	Miami	1997	75,524	98.7	%	20	1	47,955		Publix			12.49
										(7/9/2017)
Pine Island	Davie	1983 / 1999	254,907	98.8	%	46	1	39,943		Publix	Home Depot Expo, Bealls Outlet		10.00
										(11/30/2013)
Pine Ridge Square	Coral Springs	1986 / 1998, 1999	117,399	98.7	%	33	2	17,441		Fresh Market	Bed Bath & Beyond, Off Main Furniture, Blockbuster		13.30
										(6/30/2009)
Plaza Alegre	Miami	2003	91,611	97.4	%	21	1	44,271		Publix	Goodwill, Blockbuster		14.76
										(3/14/2023)
Point Royale	Miami	1970 / 2000	209,863	93.2	%	24	2	45,350		Winn-Dixie	Best Buy, CVS Pharmacy* (Anna's Linens)		6.47
										(2/18/2011)
Prosperity Centre	Palm Beach Gardens	1993	122,106	100.0	%	9	0				Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine's, TJ Maxx		15.53
Ridge Plaza	Davie	1984 / 1999	155,204	94.7	%	24	5		(see Pine Island)		AMC Theater, Kabooms, Wachovia* (United Collection), Uncle Funny's, Round Up		9.25
Riverside Square	Coral Springs	1987	107,941	98.6	%	35	1	39,795		Publix	Tuesday Morning		13.90
										(2/18/2007)
Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	91.1	%	26	3	36,464		Publix	Walgreens, Blockbuster		10.78
										(12/15/2009)
Sheridan	Hollywood	1973 / 1991	455,843	96.3	%	61	5	65,537		Publix	Ross, Bed Bath & Beyond, Office Depot, AMC Theater, CVS Pharmacy, Blockbuster		13.59
										(10/9/2011)
Shoppes of Ibis	West Palm Beach	1999	79,420	100.0	%	18	0	51,420		Publix			12.66
										(4/30/2019)
Shoppes of Silverlakes	Pembroke Pines	1995, 1997	126,788	97.6	%	38	2	47,813		Publix	Blockbuster		16.16
										(6/14/2015)
Shops at Skylake	North Miami Beach	1999-2003	219,199	99.5	%	45	3	51,420		Publix	Goodwill, L.A. Fitness, Blockbuster		15.68
										(7/30/2019)
Tamarac Town Square	Tamarac	1987	127,635	87.3	%	30	9	37,764		Publix			10.63
										(12/15/2014)
West Lakes Plaza	Miami	1984 / 2000	100,747	100.0	%	28	0	46,216		Winn-Dixie	Navarro Pharmacy		11.02
										(10/31/2016)
TOTAL SHOPPING CENTERS FLORIDA (73)			8,626,309	95.9	%	1,683	185	2,767,663	99,670			$	10.69
GEORGIA (23)
Atlanta (18)
BridgeMill	Canton	2000	89,102	95.3	%	27	3	37,888		Publix			14.98
										(1/31/2020)
Butler Creek	Acworth	1990	95,597	96.0	%	16	3	59,997		Kroger			10.46
										(6/30/2018)
Chastain Square	Atlanta	1981 / 2001	91,637	97.8	%	27	1	37,366		Publix			16.21
										(5/31/2024)
Commerce Crossing	Commerce	1988	100,668	95.0	%	9	1	32,000		Ingles	Wal-Mart*		4.09
										(9/26/2009)

Page 16

					Number of tenants		Supermarket anchor
Property	City	Year built/ renovated	Total square footage	Percent leased	leased	vacant	owned SF	shadow SF	name expiration date	Other anchor tenants	Average base per leased SF

Atlanta (continued)
Douglas Commons	Douglasville	1988	97,027	98.6	%	17	1	59,431		Kroger		$	9.95
										(8/31/2013)
Fairview Oaks	Ellenwood	1997	77,052	100.0	%	13	0	54,498		Kroger	Blockbuster		11.23
										(9/30/2016)
Grassland Crossing	Alpharetta	1996	90,906	93.3	%	11	3	70,086		Kroger			11.46
										(6/30/2016)
Hamilton Ridge	Buford	2002	89,496	96.4	%	19	2	54,166		Kroger			12.92
										(11/30/2022)
Mableton Crossing	Mableton	1997	86,819	95.5	%	15	1	63,419		Kroger			10.19
										(8/31/2017)
Macland Pointe	Marietta	1992, 1993	79,699	95.5	%	16	1	55,999		Publix			9.71
										(12/29/2012)
Market Place	Norcross	1976	77,706	96.0	%	20	3				Peachtree Cinema		9.39
Paulding Commons	Dallas	1991	192,391	98.3	%	30	1	49,700		Kroger	Kmart		8.05
										(2/28/2011)
Powers Ferry Plaza	Marietta	1979, 1987 / 1998	86,473	86.1	%	20	4				Micro Center		10.55
Presidential Markets	Snellville	1993-2000	396,408	99.0	%	39	1	56,146		Publix	Bed Bath & Beyond, GAP, Shoe Carnival, Marshalls, Carmike Cinema, Office Depot		9.93
										(12/31/2019)
Shops of Huntcrest	Lawrenceville	2003	97,040	98.5	%	25	1	54,340		Publix			13.41
										(1/31/2023)
Wesley Chapel Crossing	Decatur	1989	170,792	100.0	%	25	0	32,000		Ingles	Wal-Mart, CVS Pharmacy		6.81
										(9/25/2009)
West Towne Square	Rome	1988	89,596	88.6	%	15	3				Big Lots, Eckerd*		5.76
Williamsburg @ Dunwoody	Dunwoody	1983	44,928	97.6	%	26	1						17.49
Central Georgia (3)
Daniel Village	Augusta	1956 / 1997	171,932	93.5	%	35	4	45,971		Bi-Lo	Eckerd, St. Joseph Home Health Care		8.02
										(3/25/2022)
Spalding Village	Griffin	1989	235,318	60.3	%	22	6	59,431		Kroger	JC Penney, Blockbuster		7.70
										(5/31/2014)
Walton Plaza	Augusta	1990	43,460	100.0	%	8	0	32,960		Harris Teeter* /Omni Fitness			9.53
										(4/1/2011)
South Georgia (2)
Colony Square	Fitzgerald	1987	50,000	83.6	%	4	4	32,200		Food Lion			6.47
										(12/31/2007)
McAlpin Square	Savannah	1979	176,807	93.0	%	24	3	43,600		Kroger	US Post Office, Big Lots, In Fashion Menswear Outlet		7.39
										(8/31/2015)
TOTAL SHOPPING CENTERS GEORGIA (23)			2,730,854	92.9	%	463	47	931,198	0			$	9.62
KENTUCKY (1)
Scottsville Square	Bowling Green	1986	38,450	67.6	%	5	7				Hancock Fabrics, Zap Zone		6.24
TOTAL SHOPPING CENTERS KENTUCKY (1)			38,450	67.6	%	5	7	0	0			$	6.24
LOUISIANA (14)
Ambassador Row	Lafayette	1980, 1991	193,978	98.5	%	23	2				Hobby Lobby*, Conn's Appliances, Big Lots, Chuck E Cheese		8.07
Bluebonnet Village	Baton Rouge	1983	90,215	98.4	%	20	1	33,387		Matheme's			8.06
										(11/30/2010)
Boulevard	Lafayette	1976, 1994	68,012	64.1	%	11	4				Piccadilly, Harbor Freight Tools		8.01
Country Club Plaza	Slidell	1982 / 1994	64,686	91.9	%	9	2	33,387		Winn-Dixie	Dollar General		5.75
										(1/31/2008)
Crossing	Slidell	1988, 1993	113,989	97.4	%	14	1	58,432		Save A Center	A-1 Home Appliance, Piccadilly		5.62
										(9/29/2009)
Elmwood Oaks	Harahan	1989	133,995	92.9	%	7	2				Wal-Mart* (Academy Sports, Dollar Tree), Advance Auto* (Goodwill)		9.59
Grand Marche (ground lease)	Lafayette	1969	200,585	100.0	%	1	0				Academy Sports, JoAnn Fabrics		0.14
**Pinhook Plaza	Lafayette	1979, 1992	194,725	13.5	%	13	18				Rite Aid		8.47
Plaza Acadienne	Eunice	1980	105,419	96.2	%	7	1	28,092		Super 1 Store	Fred's, Howard Brothers*		3.52
										(6/30/2005)
Sherwood South	Baton Rouge	1972, 1988, 1992	77,107	97.7	%	9	1	22,500		Piggly Wiggly*	Burke's Outlet, Harbor Freight Tools, Blockbuster		6.14
										(2/28/2007)
Siegen Village	Baton Rouge	1988	170,416	100.0	%	20	0				Office Depot, Big Lots, Dollar Tree, Stage, Party City		8.41
Tarpon Heights	Galliano	1982	56,605	92.0	%	8	2				CVS Pharmacy, Stage, Dollar General		4.74
Village at Northshore	Slidell	1988	144,638	100.0	%	13	0				Marshalls, Dollar Tree, Kirschman's, Bed Bath & Beyond		8.49
Wal-Mart Mathews	Mathews	1985	54,223	100.0	%	1	0				Wal-Mart		2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)			1,668,593	86.5	%	156	34	175,798	0			$	6.17
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987	66,857	100.0	%	7	0				Rite Aid, Big Lots		5.73
TOTAL SHOPPING CENTERS MISSISSIPPI (1)			66,857	100.0	%	7	0	0	0			$	5.73

Page 17

					Number of tenants		Supermarket anchor
Property	City	Year built/ renovated	Total square footage	Percent leased	leased	vacant	owned SF	shadow SF	name expiration date	Other anchor tenants	Average base per leased SF

NORTH CAROLINA (12)
Centre Pointe Plaza	Smithfield	1989	163,642	87.6	%	17	3				Wal-Mart* (Belk's, Goody's), Dollar Tree	$	5.35
Chestnut Square	Brevard	1985	39,640	87.9	%	5	2	21,000		Food Lion*	Eckerd* (Dollar General)		6.26
										(9/28/2010)
Galleria	Wrightsville Beach	1986, 1990	92,114	97.8	%	31	6	28,000		Harris Teeter	Eckerd		9.10
										(4/5/2006)
Parkwest Crossing	Durham	1990	85,602	100.0	%	17	0	38,052		Food Lion			10.23
										(12/14/2010)
Plaza North	Hendersonville	1986	47,240	94.9	%	7	2	25,590		Bi-Lo*	CVS Pharmacy		7.05
										(8/31/2006)
Providence Square	Charlotte	1973	85,930	82.1	%	17	8	35,702		Harris Teeter*	Eckerd		8.10
										(4/30/2006)
Riverview Shopping Center	Durham	1973 / 1995	127,498	75.8	%	8	3	53,538		Kroger	Upchurch Drugs, Riverview Furniture, Blockbuster		7.91
										(12/31/2014)
Salisbury Marketplace	Salisbury	1987	82,578	97.0	%	17	1	37,308		Food Lion			9.26
										(2/11/2023)
Shelby Plaza	Shelby	1972	103,200	100.0	%	8	0				Big Lots, Aaron Rents* (Hancock Fabrics)		3.15
Stanley Market Place	Stanley	1980, 1987	40,400	100.0	%	3	0	28,400		Winn-Dixie	Family Dollar		5.47
										(10/31/2006)
Thomasville Commons	Thomasville	1991	148,754	99.2	%	12	1	32,000		Ingles	Kmart, CVS Pharmacy		5.94
										(9/29/2012)
Willowdale Shopping Center	Durham	1986	121,376	94.9	%	25	3	27,985		Harris Teeter	Carmike Cinemas, Eckerd* (Family Dollar)		9.04
										(5/14/2009)
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)			1,137,974	92.5	%	167	29	327,575	0			$	7.16
SOUTH CAROLINA (8)
Belfair Towne Village	Bluffton	2000-2003	125,389	95.6	%	27	2	55,696		Kroger	Blockbuster		14.00
										(10/31/2019)
Lancaster Plaza	Lancaster	1971 / 1990	77,400	91.5	%	3	1	19,200		Bi-Lo			1.44
										(9/30/2010)
Lancaster Shopping Center	Lancaster	1963, 1987	29,047	17.2	%	1	1						6.00
North Village Center	North Myrtle Beach	1984	60,356	96.8	%	12	2	24,806		Bi-Lo	Dollar General, Gold's Gym		8.25
										(5/31/2009)
Sparkleberry Square	Columbia	1997 / 2004	339,051	92.7	%	22	3	67,943		Kroger	Kohl's, Ross Dress for Less, Circuit City, Bed Bath & Beyond		11.05
										(8/31/2017)
Spring Valley	Columbia	1978 / 1997	75,415	93.6	%	15	2	45,070		Bi-Lo	Eckerd		9.03
										(12/31/2017)
Windy Hill	North Myrtle Beach	1968 / 1988	64,465	100.0	%	2	0				Rose's Store, Family Dollar Store		5.49
Woodruff	Greenville	1995	68,055	98.7	%	9	1	47,955		Publix	Blockbuster		10.03
										(8/6/2015)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8)			839,178	91.8	%	91	12	260,670	0			$	9.64
TENNESSEE (1)
Smyrna Village	Smyrna	1992	83,334	93.1	%	9	3	59,214		Kroger			8.19
										(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (1)			83,334	93.1	%	9	3	59,214	0			$	8.19
TEXAS (30)
Houston (17)
Barker Cypress	Houston	1999	66,945	92.9	%	13	4	41,320		H.E.B.			12.48
										(1/31/2014)
Beechcrest	Houston	1981 / 2001	90,647	100.0	%	15	0	40,345		Randall's* (Viet Ho)	Walgreens*		9.00
										(6/24/2016)
Benchmark Crossing	Houston	1986	58,384	100.0	%	5	0				Bally's Fitness		12.53
Bissonnet	Houston	1999	15,542	73.6	%	7	1		63,000	Kroger	Blockbuster		16.32
Colony Plaza	Sugarland	1997	26,513	100.0	%	15	0						18.57
Copperfield	Houston, TX	1994	132,960	96.5	%	31	2				JoAnn Fabrics, Dollar Tree, 24 Hour Fitness		12.22
Forestwood	Houston	1993	88,760	100.0	%	16	0	59,334		Kroger	Blockbuster		11.30
										(7/31/2013)
Grogan's Mill	The Woodlands	1986	118,493	97.4	%	25	1	56,558		Randall's* (99¢ Store)	Petco. Blockbuster		12.14
										(6/24/2016)
Hedwig	Houston	1974	69,504	79.2	%	12	2				Ross Dress for Less		15.04
Highland Square	Sugarland	1998	64,171	93.9	%	25	3						17.52
Market at First Colony	Sugarland	1988	107,301	95.4	%	33	2		62,000	Kroger	TJ Maxx, Eckerd		16.16
Mason Park	Katy	1998	160,047	73.8	%	33	6		58,890	Kroger	Walgreens* (Eloise Collectibles), Palais Royal, Petco		12.15
Mission Bend	Houston	1980 / 1999	131,575	92.1	%	25	2	46,112		Randall's	Remarkable Furniture		8.88
										(6/24/2016)
Spring Shadows	Houston	1999	106,995	94.7	%	16	2	65,161		H.E.B.			9.56
										(4/30/2023)
Steeplechase	Jersey Village	1985	105,152	100.0	%	25	0	56,208		Randall's			11.47
										(6/24/2016)
Wal-Mart Marble Falls	Marble Falls	1985	53,571	100.0	%	1	0				Wal-Mart* (Sutherland Lumber)		3.27
Westgate	Houston	1996 / 1998	298,354	99.5	%	24	1	75,154		H.E.B.	Kohl's, Oshman's Sporting Goods		11.68
										(12/31/2015)

Page 18

					Number of tenants		Supermarket anchor
Property	City	Year built/ renovated	Total square footage	Percent leased	leased	vacant	owned SF	shadow SF	name expiration date	Other anchor tenants	Average base per leased SF

Dallas (11)
Creekside	Arlington	1997 /1998	101,016	100.0	%	17	0	60,932		Kroger	Hollywood Video	$	12.04
										(11/30/2021)
Green Oaks	Arlington	1983	65,091	84.3	%	27	7		58,000	Kroger			10.96
Melbourne Plaza	Hurst	1983	47,517	89.2	%	15	3						11.38
Minyards	Garland	2000	65,295	100.0	%	2	0	58,695		Minyards/Sack N Save			6.12
										(4/30/2020)
Parkwood	Plano	1985	81,590	97.2	%	19	1		62,000	Albertsons	Planet Pizza		13.22
Richwood	Richardson	1984	54,871	88.3	%	24	3		61,877	Albertsons	Blockbuster		12.94
Rosemeade	Carrollton	1986	51,231	57.5	%	11	7				Blockbuster		12.79
Sterling Plaza	Irving	1989	65,765	100.0	%	16	0				Bank One, Irving City Library, 99 cent Only Store		14.11
Townsend Square	Desoto	1990	146,953	83.9	%	31	7		60,349	Albertsons	Bealls, Victory Gym, Dollar General		8.83
Village by the Park	Arlngton	1988	44,523	92.4	%	9	1				Petco, Movie Trading		16.55
Village Center	Southlake	1996	118,092	94.8	%	20	2	60,932		Kroger			12.73
										(10/31/2021)
San Antonio (2)
Blanco Village	San Antonio	2000	108,325	100.0	%	16	0	74,627		H.E.B.			15.74
										(4/30/2015)
Wurzbach	San Antonio	1979	59,771	100.0	%	3	0	52,957		Albertsons*			2.86
										(12/31/2004)
TOTAL SHOPPING CENTERS TEXAS (30)			2,704,954	93.4	%	531	57	748,335	426,116			$	11.71
VIRGINA (2)
Smyth Valley Crossing	Marion	1989	126,841	100.0	%	14	0	32,000		Ingles	Wal-Mart		5.89
										(9/25/2010)
Waterlick Plaza	Lynchburg	1973, 1988	98,694	93.8	%	20	4	30,780		Kroger	CVS Pharmacy*, Dollar Tree		7.92
										(3/18/2008)
TOTAL SHOPPING CENTERS VIRGINIA (2)			225,535	97.3	%	34	4	62,780	0			$	6.75
TOTAL STABILIZED SHOPPING CENTERS (169)			18,504,507	93.8	%	3,220	384	5,466,656	585,786			$	9.91
DEVELOPMENTS & REDEVELOPMENTS (11)
Ambassador Row Courtyard	Lafayette, LA	1986, 1991	146,697	90.9	%	19	5				Marshalls, Bed Bath & Body, Hancock Fabrics		9.25
Bandera Festival	San Antonio, TX	1989	195,438	77.0	%	31	5				Bealls, CVS Pharmacy* (Scrapbook Heaven), Blockbuster, Dollar Tree, Big Lots		8.52
CVS Plaza	Miami, FL	2004	29,204	73.3	%	5	4				CVS Pharmacy		14.87
**East Bay Plaza	Largo, FL	1985 / 1997	85,426	77.8	%	21	2		53,000	Albertsons	Family Dollar, Hollywood Video, Harbor Freight Tools		9.53
Eustis Square	Eustis, FL	1983 / 1997	126,791	82.5	%	17	11	15,872		Save-a-Lot	Walgreens* (Bealls Outlet), Accent Marketing Services		6.30
										(5/31/2013)
**Gulf Gate Plaza	Naples, FL	1969, 1974/ 2004 Redev.	204,551	73.1	%	17	6				Bealls Outlet, JoAnn Fabrics, Dockside Improvement, Big Lots		6.80
Oakbrook Square	Palm Beach Gdns, FL	1974 / 2000, 2003 Redev.	212,074	89.1	%	24	6	44,400		Publix	CVS Pharmacy, Duffy's, Stein Mart, Homegoods		13.29
										(10/31/2020)
Shops at St. Lucie	Port St. Lucie, FL	2004-2005 Development	4.0 acres
Venice Plaza	Venice, FL	1971/ 1979 / 1999	157,940	64.6	%	13	4	42,582		Kash n' Karry	TJ Maxx, Blockbuster		5.29
										(9/30/2018)
Waterstone	Homestead, FL	2004-05 Development	12.0 acres
Westridge	McDonough, GA	2005-06 Development	13.5 acres
TOTAL DEVELOPMENTS & REDEVELOPMENTS (11)			1,158,121	79.2	%	147	43	102,854	53,000			$	8.94
TOTAL RETAIL PROPERTIES (180)			19,662,628	92.9	%	3,367	427	5,569,510	638,786			$	9.86
OTHER PROPERTIES (2)
4101 South I-85 Industrial	Charlotte, NC	1956, 1963	188,513	81.7	%	3	6
Mandarin Mini-storage	Jacksonville, FL	1982	52,880	98.5	%	526	8
GRAND TOTAL (182)			19,904,021	92.9	%	3,896	441	5,569,510	638,786
Total square footage does not include shadow anchor square footage which is not owned or controlled by Equity One.
*Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ).
**Indicates properties that were classified as held for sale as of September 30, 2004.

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES

ANNUAL MINIMUM RENT BY STATE

as of September 30, 2004

State	Count	Total SF	# Leased	# Vacant	Leased %	AMR
Florida	79	9,442,295	1,780	218	94.1%	$ 94,155,180
Texas	31	2,900,392	562	62	92.3%	30,870,518
Georgia	23	2,730,854	463	47	92.9%	24,417,752
Louisiana	15	1,815,290	175	39	86.9%	10,133,415
North Carolina	12	1,137,974	167	29	92.5%	7,536,834
South Carolina	8	839,178	91	12	91.8%	7,432,730
Arizona	2	253,254	53	5	94.4%	1,977,221
Virginia	2	225,535	34	4	97.3%	1,480,350
Alabama	2	129,215	21	1	99.6%	1,084,558
Tennessee	1	83,334	9	3	93.1%	635,817
Mississippi	1	66,857	7	0	100.0%	383,004
Kentucky	1	38,450	5	7	67.6%	162,175
Total	177	19,662,628	3,367	427	92.9%	$ 180,269,554
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels.

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the three months ended September 30, 2004
Renewals
			Average	Average	Annualized
		Average	Expiring	New	Minimum
# of Leases	Square Feet	Size	Rent psf	Rent psf	Rent
105	201,594	1,920	$13.95	$14.50	$2,922,136
			% Increase psf	3.9%
			Net Increase (AMR)		$110,327
New Leases
				Average	Annualized
		Average		New	Minimum
# of Leases	Square Feet	Size		Rent psf	Rent
104	288,341	2,773		$12.31	$3,548,401
New Leases greater than or equal to 10,000 square feet
4	67,777	16,944		$7.11	$482,216
New Leases less than 10,000 square feet
100	220,564	2,206		$13.90	$3,066,185
Lost Leases
			Average		Annualized
		Average	Expiring		Minimum
# of Leases	Square Feet	Size	Rent psf		Rent
89	205,484	2,309	$11.90		$2,445,916
Lost Leases greater than or equal to 10,000 square feet
4	60,256	15,064		$4.59	$276,554
Lost Leases less than 10,000 square feet
85	145,228	1,709		$14.94	$2,169,362
Net Absorption	82,857	New Leases - Lost Leases
Leasing Spread	54.9%	New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf
	-7.0%	New Leases versus Lost Leases (rate psf) - under 10,000 sf
	3.4%	New Leases versus Lost Leases (rate psf) - all leases
				Net Gain/(Loss) of AMR	$1,212,812
Retention Ratio	45.9%	Renewals / (Renewals + Lost Leases)

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the nine months ended September 30, 2004
Renewals
			Average	Average	Annualized
		Average	Expiring	New	Minimum
# of Leases	Square Feet	Size	Rent psf	Rent psf	Rent
290	653,506	2,253	$13.04	$13.59	$8,880,610
			% Increase psf	4.2%
			Net Increase (AMR)		$357,884
New Leases
				Average	Annualized
		Average		New	Minimum
# of Leases	Square Feet	Size		Rent psf	Rent
314	1,239,386	3,947		$10.74	$13,306,966
New Leases greater than or equal to 10,000 square feet
26	598,060	23,002		$7.67	$4,589,954
New Leases less than 10,000 square feet
288	641,326	2,227		$13.59	$8,717,012
Lost Leases
			Average		Annualized
		Average	Expiring		Minimum
# of Leases	Square Feet	Size	Rent psf		Rent
257	763,261	2,970	$10.65		$8,131,273
New Leases greater than or equal to 10,000 square feet
10	246,591	24,659	$4.34		$1,070,803
New Leases less than 10,000 square feet
247	516,670	2,092	$13.67		$7,060,470
Net Absorption	476,125	New Leases - Lost Leases
Leasing Spread	76.7%	New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf
	-0.6%	New Leases versus Lost Leases (rate psf) - under 10,000 sf
	0.8%	New Leases versus Lost Leases (rate psf) - all leases
				Net Gain/Loss) of AMR	$5,533,577
Retention Ratio	46.1%	Renewals / (Renewals + Lost Leases)

Page 22

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of September 30, 2004
Tenant	Number of stores		Square feet		% of total square feet			Annualized minimum rent		% of total annualized minimum rent			Average minimum rent
Top ten tenants
Publix		48		2,155,645		11.0	%	$	15,311,340		8.5	%	$	7.10
Kroger		17		962,697		4.9	%		7,998,271		4.4	%		8.31
Winn Dixie		16		730,442		3.7	%		5,059,331		2.8	%		6.93
Wal-Mart		9		646,682		3.3	%		2,892,980		1.6	%		4.47
Kmart		6		524,937		2.7	%		2,795,865		1.6	%		5.33
H.E. Butt Grocery		4		256,262		1.3	%		2,775,355		1.5	%		10.83
Blockbuster		27		160,037		0.8	%		2,431,846		1.3	%		15.20
CVS Pharmacy		24		245,425		1.2	%		2,381,143		1.3	%		9.70
Bed Bath & Beyond		7		227,689		1.2	%		2,192,856		1.2	%		9.63
Food Lion/Kash n' Karry		8		294,752		1.5	%		1,964,126		1.1	%		6.66
Sub-total top ten tenants		166		6,204,568		31.6	%	$	45,803,113		25.4	%	$	7.38
Remaining tenants		3,201		12,070,595		61.3	%		134,466,441		74.6	%		11.14
Sub-total all tenants		3,367		18,275,163		92.9	%	$	180,269,554		100.0	%	$	9.86
Vacant		427		1,387,465		7.1	%		NA		NA			NA
Total including vacant		3,794		19,662,628		100.0	%	$	180,269,554		100.0	%	$	9.17
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels.

Page 23

EQUITY ONE, INC. AND SUBSIDIARIES

EXPIRING SQUARE FOOTAGE BY TENANT TYPE

as of September 30, 2004

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

Page 24

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of September 30, 2004
ALL TENANTS
Date	Number of tenants		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot
M-T-M		138		369,853		1.9	%	$	3,436,834		1.9	%	$	9.29
2004		174		528,819		2.7	%		4,974,218		2.7	%		9.41
2005		699		1,954,565		9.9	%		22,575,257		12.2	%		11.55
2006		670		2,046,445		10.4	%		24,741,061		13.4	%		12.09
2007		617		2,113,939		10.8	%		25,007,428		13.5	%		11.83
2008		381		1,581,295		8.0	%		18,477,004		10.0	%		11.68
2009		324		1,710,426		8.7	%		16,922,815		9.2	%		9.89
2010		74		680,213		3.5	%		6,525,747		3.5	%		9.59
2011		45		922,715		4.7	%		7,098,986		3.8	%		7.69
2012		42		880,194		4.5	%		7,661,620		4.1	%		8.70
2013		34		664,694		3.4	%		6,160,217		3.3	%		9.27
Thereafter		169		4,822,005		24.5	%		41,057,606		22.2	%		8.51
Sub-total / average		3,367		18,275,163		92.9	%	$	184,638,793		100.0	%	$	10.10
Vacant		427		1,387,465		7.1	%		NA		NA			NA
Total / average		3,794		19,662,628		100.0	%	$	184,638,793		100.0	%	$	9.39

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

Page 25

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of September 30, 2004
ANCHOR TENANTS (SF >= 10,000)
Date	Number of tenants		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot
M-T-M		6		141,727		1.2	%	$	591,234		0.7	%	$	4.17
2004		7		216,097		1.8	%		740,282		0.9	%		3.43
2005		27		547,253		4.5	%		2,757,957		3.4	%		5.04
2006		28		695,546		5.7	%		4,171,333		5.1	%		6.00
2007		34		852,291		7.0	%		5,716,981		7.0	%		6.71
2008		29		738,876		6.1	%		4,595,611		5.7	%		6.22
2009		35		1,056,580		8.7	%		6,551,107		8.1	%		6.20
2010		21		527,193		4.3	%		3,788,070		4.7	%		7.19
2011		21		846,431		7.0	%		5,385,087		6.6	%		6.36
2012		21		797,909		6.6	%		5,809,853		7.2	%		7.28
2013		15		589,538		4.9	%		4,590,453		5.7	%		7.79
Thereafter		97		4,572,787		37.6	%		36,419,308		44.9	%		7.96
Sub-total / average		341		11,582,228		95.3	%	$	81,117,276		100.0	%	$	7.00
Vacant		23		567,028		4.7	%		NA		NA			NA
Total / average		364		12,149,256		100.0	%	$	81,117,276		100.0	%	$	6.68

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

Page 26

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of September 30, 2004
LOCAL TENANTS (SF < 10,000)
Date	Number of tenants	Square feet	Percent of total square feet	Annualized minimum rent at expiration	Percent of total annualized minimum rent	Average annual minimum rent per square foot
M-T-M	132	228,126	3.0%	$ 2,845,600	2.7%	$ 12.47
2004	167	312,722	4.2%	4,233,936	4.1%	13.54
2005	672	1,407,312	18.7%	19,817,300	19.1%	14.08
2006	642	1,350,899	18.0%	20,569,728	19.9%	15.23
2007	583	1,261,648	16.8%	19,290,447	18.6%	15.29
2008	352	842,419	11.2%	13,881,393	13.4%	16.48
2009	289	653,846	8.7%	10,371,708	10.0%	15.86
2010	53	153,020	2.0%	2,737,677	2.6%	17.89
2011	24	76,284	1.0%	1,713,899	1.7%	22.47
2012	21	82,285	1.1%	1,851,767	1.8%	22.50
2013	19	75,156	1.0%	1,569,764	1.5%	20.89
Thereafter	72	249,218	3.3%	4,638,298	4.5%	18.61
Sub-total / average	3,026	6,692,935	89.1%	$ 103,521,517	100.0%	$ 15.47
Vacant	404	820,437	10.9%	NA	NA	NA
Total / average	3,430	7,513,372	100.0%	$ 103,521,517	100.0%	$ 13.78

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

Page 27

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

as of September 30, 2004

(in thousands, except square footage data)

Project	Location		Project Description		Target Completion Date		Estimated Cost Including Land		Funded as of 9/30/2004		Balance to Complete
Developments
Shops at St. Lucie		Port St. Lucie, FL		Develop a 20,000 sf retail center		TBD	$	3,127	$	1,192	$	1,935
CVS Plaza		Miami, FL		Lease up the balance of this CVS drug-store anchored retail center		Fourth quarter 2004		1,900		1,704		196
Skylake		N. Miami Beach, FL		Add additional space to existing development		Fourth quarter 2004		7,738		5,866		1,872
Waterstone		Homestead, FL		Develop a supermarket anchored center		Third quarter 2005		9,635		3,587		6,048
Westridge		McDonough, GA		Develop a supermarket anchored center		Third quarter 2006		9,000		1,936		7,064
Subtotal - Developments								31,400		14,285		17,115
Major Redevelopments
Ambassador Row Courtyard		Lafayette, LA		Reconfigure part of existing center; add an outparcel and 4,000 square feet of new space		Fourth quarter 2004		2,057		1,738		319
Bandera Festival		San Antonio, TX		Lease up the balance of the reconfigured former K Mart space		Fourth quarter 2004		2,086		2,044		42
Centre Pointe Plaza		Smithfield, NC		Lease up the balance of the reconfigured former Winn Dixie space		Fourth quarter 2004		800		763		37
Eustis Square		Eustis, FL		Lease up the balance of the reconfigured former Publix space		Fourth quarter 2004		1,089		1,038		51
Oakbrook Square		North Palm Beach, FL		Lease up the balance of the reconfigured former Jacobsen space		Fourth quarter 2004		2,700		2,350		350
Salerno		Stuart, FL		Lease up the balance of this redeveloped Winn Dixie supermarket-anchored retail center		Fourth quarter 2004		5,076		4,448		628
Spalding Village		Griffin, GA		Reconfigure the former K Mart into multi-tenant space		TBD		3,586		2,907		679
Venice Plaza		Venice, FL		Expand and reconfigure the existing TJ Maxx		Fourth quarter 2004		1,471		1,303		168
Subtotal - Major Redevelopments								16,746		14,472		2,274
Outparcel Developments/Expansions
Belfair		Bluffton, SC		Prospecting for new tenant(s) on land held for development/expansion		TBD		1,315		1,315		-
Blanco		San Antonio, TX		Prospecting for new tenant(s) on land held for development/expansion		TBD		2,996		2,996		-
Bluebonnet Village		Baton Rouge, LA		Prospecting for new tenant(s) on land held for development/expansion		TBD		923		923		-
Cashmere Corners		Port St. Lucie, FL		Prospecting for one or more tenants for out parcels		TBD		480		480		-
Creekside		Arlington, TX		Prospecting for one or more tenants for out parcels		TBD		600		600		-
Copperfield		Houston, TX		Prospecting for one or more tenants for out parcels		TBD		1,065		1,065		-
Forest Village		Tallahassee, FL		Prospecting for one or more tenants for out parcels		TBD		1,622		1,622		-
Walden Woods		Plant City, FL		Develop outparcel for fast food restaurant		Fourth quarter 2004		495		495		-
Westgate		Houston, TX		Prospecting for one or more tenants for out parcels		TBD		700		700		-
Subtotal - Outparcel Developments/Expansions								10,196		10,196		-
All other development activty								3,580		3,580		-
Total - All Development Activity							$	64,041	$	44,652	$	19,389

Page 28

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

as of September 30, 2004

(in thousands, except square footage data)

2004 Acquisition Activity
Date Purchased	Property Name		City		State		Square Feet/ Acres		Purchase Price
Feb. 3, 2004		Bluebonnet out parcel		Baton Rouge		LA		0.9 acres	$	500
Feb. 4, 2004		Pavilion Shopping Center		Naples		FL		168,005		24,200
March 24, 2004		Village Center		Southlake		TX		118,092		17,475
March 24, 2004		Creekside Plaza		Arlington		TX		101,016		14,025
March 31, 2004		Sparkleberry Square		Columbia		SC		339,051		45,150
March 31, 2004		Venice Shopping Center		Venice		FL		111,934		6,447
April 8, 2004		Windy Hill		North Myrtle Beach		SC		64,465		2,895
April 29, 2004		Hamilton out parcel		Buford		GA		0.64 acres		425
May 27, 2004		Medical & Merchants at San Pablo		Jacksonville		FL		152,761		21,980
June 2, 2004		Westgate Marketplace		Houston		TX		298,354		47,100
Total									$	180,197

2004 Disposition Activity
Date Sold	Property Name		City		State		Square Feet/ Acres		Sales Price		Gain (Loss) on Sale
Feb. 23, 2004		Southwest Walgreens		Phoenix		AZ		93,402	$	6,650	$	2,035
June 29, 2004		Watson Central		Warner Robbins		GA		227,747	$	6,000	$	(483	)
July 13, 2004		Plaza Del Rey		Miami		FL		50,146	$	9,000	$	6,197
July 19, 2004		Forrest Gallery		Tullahoma		TN		214,450	$	10,500	$	1,560
July 30, 2004		Epsilon (Clematis		West Palm Beach		FL		18,707	$	2,650	$	1,176
August 23, 2004		Miramar Outparcel		Miramar		FL		2.0	$	1,500	$	158
Sept. 2, 2004		Millervillage		Baton Rouge		LA		94,559	$	2,700	$	1,130
Sept. 24, 2004		Plymouth Park		Irving		TX		728,566	$	24,000	$	2,152
Total									$	63,000	$	13,925
Properties Held for Sale as of September 30, 2004

	Property Name	City	State	Square Feet/ Acres
	Gulf Gate	Naples	FL	204,551	*
	East Bay	Largo	FL	85,426	*
	Losco Corners	Jacksonville	FL	8,700	*
	Pinhook	Lafayette	LA	194,725
	City Centre Joint Venture Interest	Palm Beach Gardens	FL	93,565
	Total			586,967
*Sold in October 2004

Page 29

EQUITY ONE, INC. AND SUBSIDIARIES

JOINT VENTURE INVESTMENTS

as of September 30, 2004

(in thousands, except square footage data)

Owned joint ventures *

1)	City Centre
2)	City Centre Parcel F
	Palm Beach Gardens, Florida

City Centre is a 93,565 square foot office/retail center that was 90% leased as of September 30, 2004. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,794 as of September 30, 2004, which matures in April 2010. This property includes a parcel of land slated for future office development which is held in a separate joint venture. Equity One owns a 50% interest in both joint ventures.  This property was held for sale as of September 30, 2004.

* Equity One is not considered to be the primary beneficiary and, accordingly, uses the equity method of accounting for these joint ventures.

Page 30

EQUITY ONE, INC. AND SUBSIDIARIES
ANALYST COVERAGE
as of September 30, 2004
	BB&T Capital Markets		JP Morgan Securities Inc.
		Stephanie M. Krewson		Michael W. Meuller, CFA
		804-782-8784		212-622-6689
		Rob Whittemore		Joshua Bederman
		804-782-8796		212-622-6530
	Bear Stearns & Co. Inc.		Legg Mason Wood Walker, Inc.
		Ross Smotrich		David M. Fick, CPA
		212-272-8046		410-454-5018
		Amy L. Young, CFA		Nathen Isbee
		212-272-3523		410-454-4143
	Credit Suisse First Boston		McDonald Investments Inc.
		Andrew Rosivach		Richard C. Moore II CFA
		212-325-6205		216-443-2815
		Jessica Tully		Richard D. Sweigard
		404-897-2820		216-563-2501
	Deutsche Bank Securities Inc.		Raymond James & Associates, Inc.
		Louis W. Taylor		Paul D. Puryear
		212-250-4912		727-567-2253
		Christopher A. Capalongo		Ken Avalos
		212-250-7726		727-567-2660
	Friedman Billings Ramsey		UBS Securities LLC
		Paul Morgan		Keith A. Mills
		703-469-1255		212-713-3098
		Michael Blank		Ian C. Weissman
		703-469-1115		212-713-8602

Page 31

EQUITY ONE, INC. AND SUBSIDIARIES

STOCK PRICE AND VOLUME STATISTICS

for the three months ended September 30, 2004

Page 32