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) February 23, 2005

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 February 23, 2005, Equity One, Inc. (the “Company”) announced its financial results for the three and twelve month periods ended December 31, 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 February 23, 2005, the Company announced its financial results for the three and twelve month periods ended December 31, 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 February 23, 2005

99.2 — Supplemental Information Package of Equity One, Inc. December 31, 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: February 23, 2005	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 February 23, 2005
99.2	Supplemental Information Package of Equity One, Inc. December 31, 2004

3

EX-99.1

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

1696 NE Miami Gardens Drive                                                                     Howard Sipzner, EVP and CFO

North Miami Beach, FL 33179                                                                Media Contact:

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

FOR IMMEDIATE RELEASE:

Equity One Reports a 7.9% Increase in Fourth Quarter 2004 FFO per Share

NORTH MIAMI BEACH, FL, February 23, 2005 - Equity One, Inc. (NYSE:EQY), an owner, developer and operator of community and neighborhood shopping centers located 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 twelve month periods ended December 31, 2004. The highlights are as follows:

Fourth Quarter 2004 Financial Highlights

• Increased Funds from Operations (“FFO”) in the fourth quarter 14.9% to $30.2 million in 2004 from $26.3 million in 2003 and increased FFO per diluted share 7.9% to $0.41 in 2004 from $0.38 in 2003;
• Increased Net Income in the fourth quarter 60.0% to $28.3 million in 2004 from $17.7 million in 2003 and increased Net Income per diluted share 50.0% to $0.39 in 2004 from $0.26 in 2003;
• Achieved a 2.4% increase in same property net operating income (“NOI”) and an overall NOI margin of 73.6%;
• Acquired 9 properties and a parcel of land for a total of $136.7 million, adding over 495,000 square feet of gross leasable area; and
• Sold 4 income producing properties for a total of $21.1 million and a property held by a joint venture generating a total of $8.4 million of gains on sale.

Full Year 2004 Financial Highlights

• Increased FFO 26.3% to $113.5 million in 2004 from $89.9 million in 2003 and increased FFO per diluted share 8.2% to $1.58 in 2004 from $1.46 in 2003;
• Increased Net Income 53.7% to $97.8 million in 2004 from $63.6 million in 2003 and increased Net Income per diluted share 30.5% to $1.37 in 2004 from $1.05 in 2003;
• Achieved a 3.8% increase in same property NOI and an overall NOI margin of 73.7%;
• Acquired 17 properties and three parcels of land for a total of $317.0 million, adding over 1.8 million square feet of gross leasable area; and
• Sold 14 income producing properties for a total of $82.6 million and a property held by a joint venture generating a  total of $22.2 million of gains on sale.

Other 2004 Highlights

• Increased the occupancy rate in the core shopping center portfolio to 94.9% from 91.6% at December 31, 2003;
• Increased the rental rate by 4.5% to $13.96 per square foot on 362 lease renewals aggregating 796,994 square feet;
• Executed 418 new leases totaling 1.6 million square feet at an average rental rate of $10.53 per square foot;
• 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%; and
• Completed and leased $48.5 million worth of development projects with an incremental yield in excess of 11% on cost.

“I am very pleased with our fourth quarter and full year results for 2004,” stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One. “The execution of our strategic objectives by our property management, leasing, acquisition, disposition, development and finance personnel resulted in record-breaking occupancy and rent gains, superb financial performance and a durable and flexible balance sheet. Supporting these accomplishments are our talented legal, accounting and systems professionals. Among our many achievements are the net absorption of over 590,000 square feet, the attainment of a 94.9% occupancy rate in our core portfolio, the completion of over $48 million of development projects and a significant upgrade in the quality of our portfolio from the purchase of $317 million of new properties coupled with the sale of $84 million of non-core assets. We remain optimistic about our future prospects and hope to continue to deliver superior results for our stockholders, debt providers and other constituencies.”

FINANCIAL OVERVIEW

For the three months ended December 31, 2004, FFO increased 14.9% to $30.2 million from $26.3 million for the comparable period in 2003. FFO per diluted share increased 7.9% to $0.41 in the fourth quarter of 2004 from $0.38 in the fourth quarter of 2003. Net income in the fourth quarter of 2004 increased 60.0% to $28.3 million from $17.7 million in the fourth quarter of 2003. Net income per diluted share for the fourth quarter increased 50.0% to $0.39 in 2004 from $0.26 in the fourth quarter of 2003. Total rental revenues in the fourth quarter of 2004 increased 23.6% to $63.7 million from $51.6 million in the fourth quarter of 2003.

The quarter ended December 31, 2004 included $8.4 million of gains on the sale of real estate, while the quarter ended December 31, 2003 included no gains on the sale of real estate.

For the year ended December 31, 2004, FFO increased 26.3% to $113.5 million from $89.9 million for 2003. FFO per diluted share increased 8.2% to $1.58 for 2004 from $1.46 for 2003. Net income for 2004 was $97.8 million, or $1.37 per diluted share, compared with $63.6 million for 2003, or $1.05 per diluted share. Total rental revenues for 2004 increased 27.5% to $229.9 million from $180.3 million for 2003.

The year ended December 31, 2004 included $22.2 million of gains on the sale of real estate, while 2003 included $3.1 million of gains on the sale of real estate. The activity of the former IRT Property Company is included in 2003 operations commencing on February 12, 2003, the date we completed our merger with IRT.

At December 31, 2004, our fully diluted market capitalization totaled $2.75 billion, comprising 74.3 million shares of common stock and $986.9 million of net debt (excluding any unamortized fair market premium/discount and net of cash). Our ratio of net debt to total market capitalization was 35.9%, and our ratio of net debt to gross real estate cost and securities investments was 49.2%.

PORTFOLIO OVERVIEW

As of December 31, 2004, our core shopping center portfolio was 94.9% occupied, up from 93.8% at September 30, 2004 and 91.6% at December 31, 2003. We own 188 properties consisting of 133 supermarket-anchored shopping centers, eight drug store-anchored shopping centers, 40 other retail-anchored shopping centers, four development parcels and three commercial properties, as well as a non-controlling interest in one unconsolidated joint venture.

At December 31, 2004, the average base rent per leased square foot for our core portfolio was $10.14, a 2.3% increase from $9.91 per square foot at September 30, 2004 and a 7.9% increase from $9.40 per square foot at December 31, 2003.

During the fourth quarter of 2004, we renewed 72 leases aggregating 143,000 square feet and increased the average rental rate 5.9% to $15.67 per square foot. We also signed 104 new leases aggregating 410,000 square feet at an average rental rate of $9.92 per square foot. Overall, we gained approximately $1.0 million of annualized minimum rent in the fourth quarter of 2004 including renewals, new leases and departing tenants. In the fourth quarter of 2004, we achieved total net absorption of 117,000 square feet.

Excluding lease termination revenues, our same property net operating income increased 2.4% in the fourth quarter of 2004 compared to the fourth quarter of 2003, comprising 152 properties for which the occupancy rate increased to 94.8% from 93.8%, respectively.

During 2004, we renewed 362 leases aggregating 797,000 square feet and increased the average rental rate 4.5% to $13.96 per square foot. We also signed 418 new leases aggregating 1.6 million square feet at an average rental rate of $10.53 per square foot. Overall, we gained approximately $6.6 million of annualized minimum rent during 2004 including renewals, new leases and departing tenants. In 2004, we achieved total net absorption of 593,000 square feet.

Excluding lease termination revenues, our same property net operating income increased 3.8% for the year ended December 31, 2004 compared to the year ended December 31, 2003, comprising 66 properties for which the occupancy rate increased to 95.2% from 94.2%, respectively.

OTHER ACQUISITIONS AND DISPOSITIONS

During the year ended December 31, 2004, we acquired 17 shopping centers and 3 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	167,745	24,200
Southlake Village	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
Boston portfolio (6 properties)	Boston, MA	390,979	119,750
Homestead Gas Station	Homestead, FL	0.66 acres	1,150
DeSoto Shopping Center	DeSoto, TX	69,090	8,180
Westport Shopping Center	Davie, FL	36,212	7,200
Devaney Parcel	West Roxbury, MA	0.33 acres	475
Total			$ 316,952

During the year ended December 31, 2004, we sold 14 shopping centers, a property held by a joint venture and an out parcel as follows:

Shopping Center	Location	Square Feet/ Acres	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
Millervillage	Baton Rouge, LA	94,559	2,700
Plymouth Park (4 centers)	Irving, TX	728,566	24,000
East Bay Plaza	Largo, FL	85,426	5,600
Losco Corners	Jacksonville, FL	8,700	1,650
Gulf Gate Plaza	Naples, FL	204,551	10,000
City Centre*	Palm Beach Gardens, FL	N/A	N/A
Pinhook Plaza	Lafayette, LA	194,725	3,805
Sale of income producing properties			82,555
Miramar - out parcel	Miramar, FL	2.0 acres	1,500
Total			$ 84,055

*Property was sold by a joint venture.

As of December 31, 2004, we had one property held for sale, which was sold in January 2005.

INVESTMENT IN CEDAR SHOPPING CENTERS (NYSE:CDR)

As of December 31, 2004, we owned approximately 1.6 million shares of Cedar Shopping Centers, Inc. common stock, representing approximately 8.3% 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. As of February 23, 2005, we had increased our ownership of Cedar’s common stock to approximately 1.9 million shares, representing 9.8% of Cedar’s total outstanding shares of common 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 December 31, 2004, we had over 19 development and redevelopment projects underway or in the planning stage totaling approximately $66.7 million of asset value, and, based on current plans and estimates, requiring approximately $25.0 million of additional capital to complete beyond the $41.7 million already invested. These include:

• 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;
• Centre Pointe Plaza in Smithfield, North Carolina; Eustis Square in Eustis, Florida where we have reconfigured and redeveloped previously vacant anchor and other space and are completing the associated lease-up; 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 first quarter of 2005 and late 2006. In 2004, we completed and leased a total of $48.5 million of development projects resulting in incremental net operating income of approximately $5.4 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 revising our guidance for calendar year 2005 FFO per diluted share to be in a range of $1.64 to $1.68 compared to previous guidance of $1.64 to $1.70 per diluted share. 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 per diluted share and earnings per diluted share:

Guidance for 2005		Range
Earnings per share	$	1.15	to	$	1.16
Less: Gain on sale of real estate		(0.02	)		(0.02	)
Plus: real estate depreciation		0.51			0.52
FFO per diluted share	$	1.64	to	$	1.68

For guidance purposes, we have assumed no gains from the sale of real estate other than those already reported.

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, particularly 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 depreciable 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, February 24, 2004 at 1:00 p.m. EDT to discuss our performance for the three and twelve month periods ended December 31, 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 pass code 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 pass code 3500026. The telephone replay will be available through Friday, March 11, 2005.

FOR ADDITIONAL INFORMATION

For a copy of our fourth quarter supplemental information package, please access the “Financial Reports” section in our web site at www.equityone.net. To be included in our e-mail distributions for future press releases and other company notices, please send your e-mail address to Barbara Abreu at babreu@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 its 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.

EQUITY ONE, INC.

UNAUDITED SUMMARY FINANCIAL INFORMATION

(In thousands, except per share data)

	For the three months ended December 31,				For the year ended December 31,
Operating Data		2004		2003		2004		2003
Total Rental Revenues	$	63,733	$	51,582	$	229,857	$	180,295
Net Income	$	28,330	$	17,703	$	97,804	$	63,647
Earnings per share (basic)	$	0.39	$	0.26	$	1.39	$	1.06
Earnings per share (diluted)	$	0.39	$	0.26	$	1.37	$	1.05
Number of shares used in computing earnings per share:
Basic		72,315		67,858		70,447		59,998
Diluted		73,616		69,748		72,036		61,665

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 December 31,					For the year ended December 31,
		2004			2003		2004			2003
Net income	$	28,330		$	17,703	$	97,804		$	63,647
Adjustments:
Rental property depreciation and amortization		10,226			8,300		37,023			28,007
Gain on sale of real estate		(8,409	)		-		(22,176	)		(3,083	)
Minority interest		27			197		623			803
Other items:
Interest on convertible partnership units		-			-		-			43
Pro-rata share of real estate depreciation from joint ventures		-			70		197			453
Funds from operations	$	30,174		$	26,270	$	113,471		$	89,870

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 December 31,					For the year ended December 31,
		2004			2003		2004			2003
Earnings per diluted share*	$	0.39		$	0.26	$	1.37		$	1.05
Adjustments:
Depreciation and amortization related to rental properties		0.14			0.12		0.52			0.45
Gain on sale of real estate		(0.12	)		-		(0.31	)		(0.05	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			-		-			0.01
Funds from operations per diluted share	$	0.41		$	0.38	$	1.58		$	1.46

 

*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		December 31, 2004		December 31, 2003
Investments in real estate (before accumulated depreciation)	$	1,969,621	$	1,683,705
Total assets	$	1,992,292	$	1,677,386
Mortgage notes payable	$	495,056	$	459,103
Unsecured revolving credit facilities	$	147,000	$	162,000
Unsecured senior notes payable	$	350,000	$	150,000
Total liabilities before minority interests	$	1,062,246	$	834,162
Stockholders’ equity	$	928,649	$	830,552
Total liabilities, minority interests and stockholders’ equity	$	1,992,292	$	1,677,386

EX-99.2

Equity One, Inc.

Supplemental Information Package

 December 31, 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

December 31, 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

EQUITY ONE, INC. AND SUBSIDIARIES

DISCLOSURES

for the periods ended December 31, 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 ability 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 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 operations 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 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.

3

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION
for the periods ended December 31, 2004 and 2003
(in thousands, except per share data)
	Three months ended						Twelve months ended
	December 31, 2004			December 31, 2003			December 31, 2004			December 31, 2003
Total dividends paid per share	$	0.29		$	0.28		$	1.13		$	1.10
Funds from operations per share (FFO)	$	0.41		$	0.38		$	1.58		$	1.46
Dividend / FFO payout ratio		70.7	%		73.7	%		71.5	%		75.3	%
FFO multiple (annualized if < 12 months)		14.5			11.1			15.0			11.6
Funds available for distribution per share (FAD)	$	0.33		$	0.27		$	1.29		$	1.13
Dividend / FAD payout ratio		87.9	%		103.7	%		87.6	%		97.3	%
FAD multiple (annualized if < 12 months)		18.0			15.6			18.4			14.9
Income before minority interest	$	28,377		$	17,900			98,493			64,450
Income from discontinued operations		(8,865	)		(1,880	)		(26,449	)		(9,883	)
Loss on extinguishment of debt		-			-			-			513
Interest expense		12,218			8,996			46,413			36,814
Amortization of deferred financing fees		381			228			1,370			992
Rental property depreciation and amortization,
excluding discontinued operations		10,156			7,905			35,910			26,411
Pro-rata share from unconsolidated joint ventures
Depreciation and amortization		-			70			197			453
Interest expense		-			147			417			1,030
EBITDA	$	42,267		$	33,360		$	156,351		$	120,780
Interest expense, including joint venture interest	$	12,218		$	9,137		$	46,830		$	37,844
EBITDA : interest coverage ratio		3.5			3.7			3.3			3.2
EBITDA margin (EBITDA/total rental revenue)		66.3	%		64.7	%		68.6	%		67.0	%
Net operating income (NOI) from continuing operations
Total rental revenue	$	63,733		$	51,582		$	229,857		$	180,295
Property operating expenses (1)		16,823			16,021			60,402			51,728
Net operating income	$	46,910		$	35,561		$	169,455		$	128,567
NOI margin (NOI/total rental revenue)		73.6	%		68.9	%		73.7	%		71.3	%
(1)net of intercompany expenses.
Same property NOI (2)
Total rental revenue	$	53,626		$	51,256		$	98,260		$	96,728
Property operating expenses		17,050			17,784			34,708			34,939
Net operating income	$	36,576		$	33,472		$	63,552		$	61,789
Growth in same property NOI		9.3	%					2.9	%
Growth in same property NOI, excluding termination fees		2.4	%					3.8	%
Same property occupancy		94.8	%		93.8	%		95.2	%		94.2	%
(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	$	5,618		$	3,108		$	16,601		$	11,046
as % of total revenues		8.68	%		5.95	%		7.13	%		6.07	%
as % of total assets (annualized)		1.13	%		0.83	%		0.83	%		2.05	%

4

EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION
as of December 31, 2004 and December 31, 2003
(in thousands, except per share data)
	September 30, 2004			December 31, 2003
Closing market price	$	23.73		$	16.88
Dividend yield (based on current annualized dividend)		4.89	%		6.64	%
Net Book value per share (fully diluted, end of period)	$	12.50		$	11.77
Liquidity
Cash and cash equivalents	$	5,122		$	966
Revolving credit facilities
Gross available under current credit facilities		345,000			345,000
less: Outstanding balance		(147,000	)		(162,000	)
Holdback for letters of credit		(1,339	)		(1,378	)
Net available under credit facilities	$	196,661		$	181,622
Equity market capitalization (end of period)
Common stock shares (in thousands)
Basic common stock shares		72,904.922			68,704.279
Diluted common shares
Unvested restricted common shares		692.699			649.133
Walden Woods shares (downREIT)		93.656			93.656
IRT Partners operating partnership units		-			734.266
Common stock options (treasury method, closing price)		575.229			370.164
Fully diluted common stock shares		73,266.506			70,551.498
Total debt (excluding unamortized premium/discount)	$	992,056		$	771,103
Cash and cash equivalents, cash held in escrow		(5,122	)		(966	)
Net debt		986,934			770,137
Equity market capitalization (fully diluted, end of period)		1,762,344			1,190,909
Total market capitalization	$	2,749,278		$	1,961,046
Net debt to total market capitalization		35.9	%		39.3	%
Gross real estate and securities investments	$	2,005,825		$	1,683,705
Net debt to gross real estate and securities investments		49.2	%		45.7	%
Fixed rate debt	$	745,056		$	609,103
Fixed rate debt - swapped to variable rate		100,000			-
Variable rate debt - swapped to fixed rate		-			70,000
Variable rate debt - unhedged		147,000			92,000
Total debt (excluding unamortized premium/discount)	$	992,056		$	771,103
% Fixed rate debt		75.10	%		78.99	%
% Fixed rate debt - swapped to variable rate		10.08	%		-	%
% Variable rate debt - swapped to fixed rate		-	%		9.08	%
% Variable rate debt - unhedged		14.82	%		11.93	%
% Variable rate debt - Total		24.90	%		11.93	%
Weighted-average interest rate on mortgage debt		7.26	%		7.45	%
Weighted-average interest rate on senior unsecured notes		5.12	%		7.55	%
Weighted-average interest rate on revolving credit facilities		2.80	%		2.06	%

5

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended December 31, 2004 and 2003
(in thousands, except per share data)
	Three months ended						Nine months ended
	December 31, 2004			December 31, 2003			December 31, 2004			December 31, 2003
Rental revenue:
Minimum rents	$	47,513		$	38,445		$	175,588		$	137,284
Expense recoveries		13,257			12,500			48,789			39,908
Termination fees		2,919			575			3,536			1,363
Percentage rent payments		44			62			1,944			1,740
Total rental revenue		63,733			51,582			229,857			180,295
Costs and expenses:
Property operating expenses		16,823			16,021			60,402			51,728
Rental property depreciation and amortization		10,156			7,905			35,910			26,411
General and administrative expenses		5,618			3,108			16,601			11,046
Total costs and expenses		32,597			27,034			112,913			89,185
Income before other income and expenses,
discontinued operations and minority interest		31,136			24,548			116,944			91,110
Other income and expenses:
Interest expense		(12,218	)		(8,996	)		(46,413	)		(36,814	)
Amortization of deferred financing fees		(381	)		(228	)		(1,370	)		(992	)
Investment income		734			148			2,346			1,089
Other income		241			548			537			687
Loss on extinguishment of debt		-			-			-			(513	)
Income before discontinued operations and
minority interest		19,512			16,020			72,044			54,567
Discontinued operations:
Income from operations of sold properties		456			1,880			4,273			6,800
Gain on disposal of income producing properties		8,409			-			22,176			3,083
Income from discontinued operations		8,865			1,880			26,449			9,883
Income before minority interest		28,377			17,900			98,493			64,450
Minority interest		(47	)		(197	)		(689	)		(803	)
Net income	$	28,330		$	17,703		$	97,804		$	63,647
Basic earnings per share
Income before discontinued operations	$	0.27		$	0.23		$	1.01		$	0.90
Income from discontinued operations		0.12			0.03			0.38			0.16
Net income	$	0.39		$	0.26		$	1.39		$	1.06
Diluted earnings per share
Income before discontinued operations	$	0.27		$	0.23		$	1.00		$	0.89
Income from discontinued operations		0.12			0.03			0.37			0.16
Net income	$	0.39		$	0.26		$	1.37		$	1.05
Weighted average shares outstanding
Basic		72,315			67,858			70,447			59,998
Diluted		73,616			69,748			72,036			61,665

6

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the three and twelve months ended December 31, 2004
(in thousands, except per share data)
	Three months ended									Twelve months ended
	December 31, 2004									December 31, 2004
	As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
	Reported			Operations			No. 144			Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	47,513		$	387		$	47,900		$	175,588		$	6,763		$	182,351
Expense recoveries		13,257			165			13,422			48,789			1,387			50,176
Termination fees		2,919			8			2,927			3,536			827			4,363
Percentage rent payments		44			7			309			1,944			253			2,197
Total rental revenue		63,733			567			64,300			229,857			9,230			239,087
Costs and expenses:
Property operating expenses		16,823			35			16,858			60,402			2,993			63,395
Rental property depreciation and amortization		10,156			70			10,226			35,910			1,113			37,023
General and administrative expenses		5,618			-			5,618			16,601			-			16,601
Total costs and expenses		32,597			105			32,702			112,913			4,106			117,019
Income before other income and expenses, discontinued
operations and minority interest		31,136			462			31,598			116,944			5,124			122,068
Other income and expenses:
Interest expense		(12,218	)		(19	)		(12,237	)		(46,413	)		(716	)		(47,129	)
Amortization of deferred financing fees		(381	)		-			(381	)		(1,370	)		(89	)		(1,459	)
Investment income		734			-			734			2,346			-			2,346
Other income		241			-			241			537			-			537
Equity in (loss) income of joint ventures		-			13			13			-			(46	)		(46	)
Income before discontinued operations and								-
minority interest		19,512			456			19,968			72,044			4,273			76,317
Discontinued operations:
Income from operations of sold properties		456			(456	)		-			4,273			(4,273	)		-
Gain on disposal of income producing properties		8,409			-			8,409			22,176			-			22,176
Total income from discontinued operations		8,865			(456	)		8,409			26,449			(4,273	)		22,176
Income before minority interest		28,377			-			28,377			98,493			-			98,493
Minority interest		(47	)		-			(47	)		(689	)		-			(689	)
Net income	$	28,330		$	-		$	28,330		$	97,804		$	-		$	97,804

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.

7

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the three and twelve months ended December 31, 2004
(in thousands, except per share data)
	Three months ended									Nine months ended
	December 31, 2003									December 31, 2003
	As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
	Reported			Operations			No. 144			Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	38,445		$	2,704		$	41,149		$	137,284		$	10,805		$	148,089
Expense recoveries		12,500			1,102			13,602			39,908			2,661			42,569
Termination fees		575			5			580			1,363			19			1,382
Percentage rent payments		62			10			72			1,740			131			1,871
Total rental revenue		51,582			3,821			55,403			180,295			13,616			193,911
Costs and expenses:
Property operating expenses		16,021			1,243			17,264			51,728			4,118			55,846
Rental property depreciation and amortization		7,905			395			8,300			26,411			1,596			28,007
General and administrative expenses		3,108			-			3,108			11,046			-			11,046
Total costs and expenses		27,034			1,638			28,672			89,185			5,714			94,899
Income before other income and expenses, discontinued
operations and minority interest		24,548			2,183			26,731			91,110			7,902			99,012
Other income and expenses:
Interest expense		(8,996	)		(265	)		(9,261	)		(36,814	)		(1,372	)		(38,186	)
Amortization of deferred financing fees		(228	)		(30	)		(258	)		(992	)		(120	)		(1,112	)
Investment income		148			-			148			1,089			-			1,089
Other income		548			-			548			687			-			687
Equity in (loss) income of joint ventures		-			(8	)		(8	)		-			500			500
Loss on extinguishment of debt		-			-			-			(513	)		(110	)		(623	)
Income before discontinued operations and
minority interest		16,020			1,880			17,900			54,567			6,800			61,367
Discontinued operations:
Income from operations of sold properties		1,880			(1,880	)		-			6,800			(6,800	)		-
Gain on disposal of income producing properties		-			-			-			3,083			-			3,083
Total income from discontinued operations		1,880			(1,880	)		-			9,883			(6,800	)		3,083
Income before minority interest		17,900			-			17,900			64,450			-			64,450
Minority interest		(197	)		-			(197	)		(803	)		-			(803	)
Net income	$	17,703		$	-		$	17,703		$	63,647		$	-		$	63,647

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.

8

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS and FUNDS AVAILABLE FOR DISTRIBUTION
for the periods ended December 31, 2004 and 2003
(in thousands, except per share data)
	Three months ended						Twelve months ended
	December 31, 2004			December 31, 2003			December 31, 2004			December 31, 2003
Funds from Operations
Net income	$	28,330		$	17,703		$	97,804		$	63,647
Adjustments:
Rental property depreciation and amortization,
including discontinued operations		10,226			8,300			37,023			28,007
Gain on disposal of income producing properties		(8,409	)		-			(22,176	)		(3,083	)
Minority interest		27			197			623			803
Other items:
Interest on convertible partnership units		-			-			-			43
Pro-rata share of real estate depreciation
from joint ventures		-			70			197			453
Funds from operations	$	30,174		$	26,270		$	113,471		$	89,870
Increase		14.9	%					26.3	%
Earnings per diluted share*	$	0.39		$	0.26		$	1.37		$	1.05
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.14			0.12			0.52			0.45
Gain on disposal of income producing properties		(0.12	)		-			(0.31	)		(0.05	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			-			-			-
Funds from operations per diluted share	$	0.41		$	0.38		$	1.58		$	1.46
Increase		7.9	%					8.2	%
*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	$	30,194		$	26,270		$	113,537		$	89,870
Adjust for certain non-cash items:
Amortization of deferred financing fees		381			258			1,459			1,112
Amortization of restricted stock		1,363			982			5,163			2,833
Straight line rents		(1,120	)		(763	)		(3,835	)		(1,974	)
Capitalized interest		(996	)		(1,840	)		(3,204	)		(3,822	)
Amortization of debt premium/discount		(1,265	)		(1,119	)		(4,958	)		(3,584	)
Total adjusted for certain non-cash items		(1,637	)		(2,482	)		(5,375	)		(5,435	)
Adjust for recurring capital expenditures:
Tenant improvements		(570	)		(157	)		(1,504	)		(960	)
Leasing commissions and costs		(737	)		(954	)		(2,744	)		(2,382	)
Other capital expenditures		(305	)		(1,353	)		(1,236	)		(2,979	)
Total recurring capital expenditures		(1,612	)		(2,464	)		(5,484	)		(6,321	)
Funds available for distribution before debt payments	$	26,945		$	21,324		$	102,678		$	78,114
Scheduled debt payments		(2,600	)		(2,162	)		(9,807	)		(8,411	)
Funds available for distribution	$	24,345		$	19,162		$	92,871		$	69,703
Increase		27.0	%					33.2	%
Funds available for distribution per diluted share	$	0.33		$	0.27		$	1.29		$	1.13
Increase		22.2	%					14.2	%
Cash Dividends	$	21,277		$	19,304		$	80,904		$	70,677
Weighted average diluted shares		73,616			69,748			72,036			61,665

9

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of December 31 2004 and December 31, 2003
(in thousands, except per share data)
	December 31, 2004			December 31, 2003
Assets
Properties
Income producing	$	1,915,216		$	1,594,579
Less: accumulated depreciation		(95,934	)		(66,406	)
Rental property		1,819,282			1,528,173
Construction in progress and land held for development		41,759			74,686
Property held for sale		12,646			14,440
Properties, net		1,873,687			1,617,299
Cash and cash equivalents		5,122			966
Accounts and other receivables, net		15,699			13,492
Securities		35,756			-
Investments in joint ventures		273			2,861
Goodwill		14,020			14,014
Other assets		47,735			28,754
Total	$	1,992,292		$	1,677,386
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	495,056		$	459,103
Unsecured revolving credit facilities		147,000			162,000
Unsecured senior notes payable		350,000			150,000
Total debt		992,056			771,103
Unamortized premium/discount on notes payable		21,603			24,218
Total notes payable		1,013,659			795,321
Accounts payable and accrued expenses		32,857			25,211
Tenant security deposits		8,559			7,706
Other liabilities		7,171			5,924
Total liabilities		1,062,246			834,162
Minority interest		1,397			12,672
Stockholders' equity
Common stock		736			694
Additional paid-in capital		920,616			843,678
Retained earnings		17,481			-
Accumulated other comprehensive income (loss)		1,894			(122	)
Unamortized restricted stock compensation		(11,928	)		(10,091	)
Notes receivable from issuance of common stock		(150	)		(3,607	)
Total stockholders' equity		928,649			830,552
Total	$	1,992,292		$	1,677,386

10

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2004
(in thousands)
	Maturity					Dec 30, 2004		Dec 31, 2003
Debt Instruments	date		Rate (1)			balance		balance
Fixed rate mortgage debt
Middle Beach (2)		09/01/04		7.375	%	$	-	$	2,807
Lantana Village		03/15/05		6.950	%		3,512		3,669
Woodruff		05/10/05		7.580	%		2,969		3,096
Elmwood Oaks		06/01/05		8.375	%		7,500		7,500
Benchmark Crossing		08/01/05		9.250	%		3,226		3,313
Sterling Plaza		09/01/05		8.750	%		3,874		3,982
Townsend Square		10/01/05		8.500	%		4,768		4,848
Green Oaks		11/01/05		8.375	%		2,937		3,022
Melbourne Plaza		11/01/05		8.375	%		1,698		1,747
Walden Woods		08/01/06		7.875	%		2,272		2,387
Big Curve		10/01/06		9.190	%		5,310		5,437
Highland Square		12/01/06		8.870	%		3,951		4,047
Park Northern		12/01/06		8.370	%		2,182		2,284
Crossroads Square		12/01/06		8.440	%		12,324		12,510
Rosemeade		12/01/07		8.295	%		3,109		3,179
Colony Plaza		01/01/08		7.540	%		2,976		3,015
Parkwood		01/01/08		7.280	%		6,110		6,196
Richwood		01/01/08		7.280	%		3,147		3,192
Commonwealth		02/15/08		7.000	%		2,636		2,754
Mariners Crossing		03/01/08		7.080	%		3,332		3,380
Pine Island/Ridge Plaza		07/01/08		6.910	%		24,582		24,938
Forestwood		01/01/09		5.070	%		7,128		7,286
Shoppes of North Port		02/08/09		6.650	%		4,008		4,108
Prosperity Centre		03/01/09		7.875	%		6,022		6,390
North Village Center (3)		03/15/09		8.130	%		-		1,463
Shoppes of Ibis		09/01/09		6.730	%		5,687		5,865
Tamarac Town Square		10/01/09		9.190	%		6,122		6,206
Park Promenade		02/01/10		8.100	%		6,241		6,302
Skipper Palms		03/01/10		8.625	%		3,526		3,556
Jonathan's Landing		05/01/10		8.050	%		2,868		2,901
Bluff's Square		06/01/10		8.740	%		10,005		10,086
Kirkman Shoppes		06/01/10		8.740	%		9,448		9,524
Ross Plaza		06/01/10		8.740	%		6,589		6,642
Boynton Plaza		07/01/10		8.030	%		7,423		7,494
Pointe Royale		07/15/10		7.950	%		4,284		4,533
Westgate		07/31/10		4.880	%		29,625		-
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

11

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

Shops at Skylake	08/01/10	7.650	%	$	14,266	$	14,628
Parkwest Crossing	09/01/10	8.100	%		4,684		4,728
Spalding Village	09/01/10	8.190	%		10,231		10,537
Minyards	11/01/10	8.320	%		2,473		2,511
Charlotte Square	02/01/11	9.190	%		3,550		3,614
Forest Village	04/01/11	7.270	%		4,441		4,488
Boca Village	05/01/11	7.200	%		8,211		8,298
MacLand Pointe	05/01/11	7.250	%		5,798		5,859
Pine Ridge Square	05/01/11	7.020	%		7,273		7,354
Sawgrass Promenade	05/01/11	7.200	%		8,211		8,298
Presidential Markets	06/01/11	7.650	%		27,159		27,420
Lake Mary	11/01/11	7.250	%		24,282		24,529
Lake St. Charles	11/01/11	7.130	%		3,833		3,873
Belfair Towne Village	12/01/11	7.320	%		11,197		11,379
Marco Town Center	01/01/12	6.700	%		8,578		8,731
Riverside Square	03/01/12	9.190	%		7,589		7,694
Sparkleberry Square (5)	11/30/12	6.170	%		6,655		-
Cashmere	11/01/12	5.880	%		5,141		5,245
Eastwood	11/01/12	5.880	%		6,126		6,250
Meadows	11/01/12	5.870	%		6,438		6,568
Lutz Lake	12/01/12	6.280	%		7,500		7,500
Summerlin Square	02/01/14	6.750	%		3,622		3,898
Bird Ludlum	02/15/15	7.680	%		9,690		10,296
Treasure Coast	04/01/15	8.000	%		4,532		4,804
Shoppes of Silverlakes	07/01/15	7.750	%		2,627		2,781
Medford	02/01/16	8.690	%		5,512		-
Swampscott	02/01/16	8.690	%		2,395		-
Plymouth	02/01/16	8.690	%		4,029		-
Grassland Crossing	12/01/16	7.870	%		5,827		5,985
Mableton Crossing	08/15/18	6.850	%		4,062		4,157
Sparkleberry Square (5)	06/30/20	6.750	%		7,918		-
BridgeMill	05/05/21	7.940	%		9,395		9,555
Westport Plaza	08/24/23	7.490	%		4,876		-
Chastain Square	02/28/24	6.500	%		3,821		3,918
Daniel Village	02/28/24	6.500	%		4,177		4,282
Douglas Commons	02/28/24	6.500	%		4,976		5,102
Fairview Oaks	02/28/24	6.500	%		4,710		4,829
Madison Centre	02/28/24	6.500	%		3,821		3,918
Paulding Commons	02/28/24	6.500	%		6,487		6,651
Siegen Village	02/28/24	6.500	%		4,221		4,328
Wesley Chapel Crossing	02/28/24	6.500	%		3,332		3,417
Total fixed rate mortgage debt (71 loans)	5.81 years	7.260	%	$	495,056	$	459,103
Net interest premium/discount	(wtd-avg maturity)	(wtd-avg rate)			12,721		11,779
Total fixed rate mortgage debt (including net interest premium/discount)				$	507,777	$	470,882

12

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2004
(in thousands)
	Maturity		Dec 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	3.74 years		5.124	%		350,000			150,000
Net interest premium/discount	(wtd-avg maturity	)	(wtd-avg rate	)		8,882			12,439
Total fixed rate unsecured senior notes payable (including net interest premium/discount)					$	358,882		$	162,439
Total fixed rate debt					$	845,056		$	609,103
Net interest premium/discount						21,603			24,218
Total fixed rate debt (including net interest premium/discount)					$	866,659		$	633,321
Revolving credit facilities
$340MM Wells Fargo Unsecured	02/12/06		2.798	%		147,000			162,000
$5MM City National Bank Unsecured	11/13/04		Libor + 1	%		-			-
Total revolving credit facilities					$	147,000		$	162,000
Total debt					$	992,056		$	771,103
Net interest premium/discount						21,603			24,218
Total debt (including net interest premium/discount)					$	1,013,659		$	795,321
Senior Unsecured Debt Ratings
Moody's						Baa3 (Stable	)		Baa3 (Stable	)
S&P						BBB- (Stable	)		BBB- (Stable	)

13

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2004
(in thousands)
	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving		Senior
by year	amortization		payments (7)		Credit Facilities (7)		Notes		Total (7)
2005	$	10,809	$	30,079	$	-	$	-	$	40,888
2006		11,069		24,758		147,000		50,000		232,827
2007		11,252		2,864		-		75,000		88,116
2008		11,391		40,104		-		-		51,495
2009		11,125		24,332		-		200,000		235,457
2010		10,224		98,471		-		-		108,695
2011		8,489		93,433		-		-		101,922
2012		7,324		40,056		-		25,000		72,380
2013		7,020		-		-		-		7,020
2014		7,110		10,015		-		-		17,125
Thereafter		35,131		-		-		-		35,131
Total	$	130,944	$	364,112	$	147,000	$	350,000	$	992,056

(1)	The rate in effect on December 31, 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.

14

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

as of December 31, 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	$	9.71
																			(6/1/2017)
West Gate Plaza		Mobile		1974, 1995 / 1985		64,378		96.9	%		7		2		44,000				Winn-Dixie		Rite Aid		6.99
																			(7/19/2015)
TOTAL SHOPPING CENTERS ALABAMA (2)						129,215		98.5	%		20		2		81,912		0					$	8.37
ARIZONA (2)
Big Curve		Yuma		1969 / 1996		126,402		95.3	%		31		2				60,000		Albertsons		Miller's Outpost		9.76
Park Northern		Phoenix		1982 / 1996		126,852		95.8	%		23		2		51,511				Safeway		Bealls, Chuck E Cheese, Life Skills Center		6.62
																			(5/31/2008)
TOTAL SHOPPING CENTERS ARIZONA (2)						253,254		95.6	%		54		4		51,511		60,000					$	8.18
FLORIDA (75)
North Florida (13)
Atlantic Village		Atlantic Beach		1984 / 1998		100,559		95.9	%		24		2		39,795				Publix		JoAnn Fabrics, Dollar Tree		10.24
																			(10/31/2008)
Beauclerc Village		Jacksonville		1962 / 1988		70,429		86.9	%		10		1								Big Lots, Goodwill, Bealls Outlet		7.76
Commonwealth		Jacksonville		1984 / 1998		81,467		95.6	%		15		1		48,997				Winn-Dixie/ Save Rite				8.35
																			(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				7.41
																			(5/31/2015)
Mandarin Landing		Jacksonville		1976 / 2000		141,565		91.6	%		35		2		34,400				Publix		Office Depot		9.94
																			(2/14/2007)
Medical & Merchants		Jacksonville		1993		152,761		96.1	%		15		4		55,999				Publix		Memorial Health Group, Blockbuster		11.84
																			(2/10/2013)
Middle Beach		Panama City Beach		1994		69,277		100.0	%		9		0		56,077				Publix		Movie Gallery		9.47
																			(9/30/2014)
Monument Point		Jacksonville		1985 / 1997		75,128		100.0	%		12		0		46,772				Winn-Dixie		CVS Pharmacy		6.71
																			(3/27/2010)
Oak Hill		Jacksonville		1985 / 1997		78,492		100.0	%		19		0		39,795				Publix		Walgreens*		7.01
																			(3/11/2010)
Parkmore Plaza		Milton		1986		159,067		97.9	%		11		2								Wal-Mart*(Bealls), Big Lots		4.47
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		93.6	%		42		9		29,000				Food Lion		Kmart, Stein Mart, Bealls		9.24
																			(3/31/2010)
Central Florida (10)
Alafaya Commons		Orlando		1987		123,133		98.3	%		28		1		54,230				Publix		Blockbuster		11.82
																			(11/30/2007)
Conway Crossing		Orlando		2002		76,321		100.0	%		18		0		44,271				Publix				11.69
																			(4/30/2022)
Eastwood		Orlando		1997		69,037		100.0	%		13		0		51,512				Publix				11.35
																			(11/1/2017)
Hunters Creek		Orlando		1998		68,032		100.0	%		9		0		51,255				Winn-Dixie				10.86
																			(9/23/2018)
Kirkman Shoppes		Orlando		1973		88,820		98.6	%		29		1								CVS Pharmacy		16.08
Lake Mary		Orlando		1988 / 2001		342,384		96.6	%		62		25		63,139				Albertsons		Kmart, Lifestyle Fitness, Sun Star Theatres		11.18
																			(6/30/2012)
Park Promenade		Orlando		1987 / 2000		125,818		97.9	%		25		1		55,000				Publix*		Orange County Library, Blockbuster, Goodwill		8.91
																			(2/9/2007)
Town & Country		Kissimmee		1993		72,043		96.1	%		11		2		52,883				Albertsons				6.61
																			(10/31/2018)
Unigold		Winter Park		1987		117,527		100.0	%		25		0		52,500				Winn-Dixie		Blockbuster		10.68
																			(4/30/2007)
Walden Woods		Plant City, FL		1985 / 1998, 2003		75,874		100.0	%		13		0								Walgreens, Dollar Tree, Aaron Rents, Dollar General		6.87
Florida West Coast (18)
Bay Pointe Plaza		St. Petersburg		1984 / 2002		103,986		89.5	%		16		8		52,610				Publix		CVS Pharmacy* (Bealls Outlet), West Marine		9.35
																			(11/30/2021)
Carrollwood		Tampa		1970 / 2002		94,203		87.8	%		29		7		27,887				Publix		CVS Pharmacy		11.23
																			(11/30/2022)
Charlotte Square		Port Charlotte		1980		96,188		93.8	%		22		5		44,024				Publix		Pet Supermarket		7.78
																			(1/31/2011)
Chelsea Place		New Port Richey		1992		81,144		100.0	%		18		0		48,890				Publix		CVS Pharmacy		11.10
																			(5/27/2012)
Lake St. Charles		Tampa		1999		57,015		100.0	%		8		0		46,295				Kash n' Karry				9.84
																			(6/30/2019)
Lutz Lake		Lutz		2002		64,985		100.0	%		15		0		44,270				Publix				13.80
																			(5/31/2022)
Marco Town Center		Marco Island		2001		109,830		96.4	%		41		4		27,887				Publix		West Marine		16.68
																			(1/31/2018)
Mariners Crossing		Spring Hill		1989 / 1999		85,507		96.1	%		13		3		48,315				Kash n' Karry				8.26
																			(8/15/2020)
North River Village**		Ellenton		1988, 1993		177,128		100.0	%		16		0		42,112				Publix		Kmart, Walgreens* (Dollar Tree), Bealls Outlet		7.30
																			(7/20/2008)
Pavilion		Naples		1982		167,745		91.2	%		38		4		50,795				Publix		Pavillion 6 Theatre, Anthony's		13.96
																			(2/28/2013)
Regency Crossing		Port Richey		1986 / 2001		85,864		87.2	%		16		9		44,270				Publix				10.52
																			(2/28/2021)
Ross Plaza		Tampa		1984 / 1996		85,359		97.0	%		17		3								Ross Dress for Less		10.38
Seven Hills		Spring Hill		1991		64,590		100.0	%		12		0		48,890				Publix				9.79
																			(9/25/2011)
Shoppes of North Port		North Port		1991		84,705		100.0	%		22		0		48,890				Publix		Bealls Outlet		9.91
																			(12/11/2011)

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		$	8.55
										(5/31/2016)
Summerlin Square	Fort Myers	1986 / 1998	109,156	90.3	%	21	7	45,500		Winn-Dixie	CVS Pharmacy, West Marine		9.97
										(6/4/2006)
Venice Plaza	Venice	1971/1979/ 1999	157,940	79.4	%	14	2	42,582		Kash n' Karry	TJ Maxx, Blockbuster		5.50
										(9/30/2018)
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	98.2	%	46	2	39,795		Publix	Walgreens		12.08
										(10/22/2006)
Cashmere Corners	Port St. Lucie	2001	89,234	100.0	%	18	0	59,448		Albertsons			8.12
										(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	97.1	%	33	1	42,112		Publix	Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster		10.09
										(9/30/2007)
Old King Commons	Palm Coast	1988	84,759	100.0	%	19	0				Wal-Mart* (Bealls Outlet)		8.03
Ryanwood	Vero Beach	1987	114,925	99.2	%	31	1	39,795		Publix	Bealls Outlet, Books-A-Million		9.75
										(3/23/2017)
Salerno Village	Stuart	1987	79,903	91.2	%	14	7	49,802		Winn-Dixie	CVS Pharmacy		10.30
										(3/23/2024)
Treasure Coast	Vero Beach	1983	133,781	94.5	%	21	4	59,450		Winn-Dixie	TJ Maxx		8.67
										(4/12/2015)
South Florida / Atlantic Coast (26)
Bird Ludlum	Miami	1988 / 1998	192,282	96.7	%	44	2	44,400		Winn-Dixie	CVS Pharmacy, Blockbuster, Goodwill		15.12
										(12/31/2007)
Boca Village	Boca Raton	1978	93,428	100.0	%	22	0	36,000		Publix	CVS Pharmacy		15.45
										(3/31/2007)
Boynton Plaza	Boynton Beach	1978 / 1999	99,324	100.0	%	29	0	37,664		Publix	CVS Pharmacy, Hollywood Video		11.05
										(8/31/2008)
Countryside Shops	Cooper City	1986, 1988, 1991	179,561	100.07	%	46	0	39,795		Publix	CVS Pharmacy, Stein Mart		12.74
										(12/4/2005)
Crossroads Square	Ft. Lauderdale	1973	270,206	97.7	%	23	4				Lowe's, CVS Pharmacy, Goodyear		7.76
El Novillo	Miami Beach	1970 / 2000	10,000	100.0	%	1	0				Jumbo Buffet		15.49
Greenwood	Palm Springs	1982, 1994	132,325	91.7	%	31	5	50,032		Publix	Bealls Outlet, World Savings Bank		12.01
										(12/5/2014)
Lago Mar	Miami	1995	82,613	97.3	%	20	1	42,323		Publix	Blockbuster		12.24
										(9/13/2015)
Lantana Village	Lantana	1976 / 1999	181,780	96.7	%	23	4	39,473		Winn-Dixie	Kmart, Rite Aid* (Dollar Store), Hollywood Video		6.90
										(2/15/2011)
Meadows	Miami	1997	75,524	100.0	%	20	0	47,955		Publix			12.36
										(7/9/2017)
Oakbrook Square	Palm Beach Gdns	1974/2000, 2003	212,074	90.2	%	25	5	44,400		Publix	Stein Mart, Homegoods, CVS, Basset Funiture		13.39
										(11/30/2020)
Pine Island	Davie	1983 / 1999	254,907	100.0	%	47	0	39,943		Publix	Home Depot Expo, Bealls Outlet		10.06
										(11/30/2013)
Pine Ridge Square	Coral Springs	1986 / 1998, 1999	117,399	98.5	%	33	2	17,441		Fresh Market	Bed Bath & Beyond, Off Main Furniture, Blockbuster		13.42
										(6/30/2009)
Plaza Alegre	Miami	2003	91,611	96.1	%	19	2	44,271		Publix	Goodwill, Blockbuster		14.66
										(3/14/2023)
Point Royale	Miami	1970 / 2000	209,863	94.3	%	23	2	45,350		Winn-Dixie	Best Buy, CVS Pharmacy* (Anna's Linens)		6.58
										(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		15.56
Ridge Plaza	Davie	1984 / 1999	155,204	98.7	%	28	1		(see Pine Island)		AMC Theater, Kabooms, Wachovia* (United Collection), Uncle Funny's, Round Up		9.38
Riverside Square	Coral Springs	1987	107,941	97.1	%	34	2	39,795		Publix	Tuesday Morning		13.64
										(2/18/2007)
Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	91.1	%	26	3	36,464		Publix	Walgreens, Blockbuster		10.83
										(12/15/2009)
Sheridan	Hollywood	1973 / 1991	455,843	86.7	%	61	5	65,537		Publix	Ross, Bed Bath & Beyond, Office Depot, AMC Theater, CVS Pharmacy, Blockbuster		14.02
										(10/9/2011)
Shoppes of Ibis	West Palm Beach	1999	79,420	100.0	%	18	0	51,420		Publix			12.71
										(4/30/2019)
Shoppes of Silverlakes	Pembroke Pines	1995, 1997	126,788	99.1	%	39	1	47,813		Publix	Blockbuster		16.63
										(6/14/2015)
Shops at Skylake	North Miami Beach	1999-2003	219,199	99.5	%	44	3	51,420		Publix	Goodwill, L.A. Fitness, Blockbuster		15.75
										(7/30/2019)
Tamarac Town Square	Tamarac	1987	127,635	87.3	%	30	9	37,764		Publix			10.69
										(12/15/2014)
West Lakes Plaza	Miami	1984 / 2000	100,747	100.0	%	27	0	46,216		Winn-Dixie	Navarro Pharmacy		11.07
										(10/31/2016)
Westport Plaza	Davie	2002	36,212	100.0	%	5	0	27,887		Publix	Blockbuster		16.74
										(11/30/2022)
TOTAL SHOPPING CENTERS FLORIDA (75)			9,026,499	95.5	%	1,716	182	2,882,532	53,850			$	10.75
GEORGIA (23)
Atlanta (18)
BridgeMill	Canton	2000	89,102	93.0	%	26	4	37,888		Publix			14.91
										(1/31/2020)
Butler Creek	Acworth	1990	95,597	97.0	%	17	2	59,997		Kroger			10.76
										(6/30/2018)
Chastain Square	Atlanta	1981 / 2001	91,637	96.5	%	26	2	37,366		Publix			16.23
										(5/31/2024)
Commerce Crossing	Commerce	1988	100,668	95.0	%	9	1	32,000		Ingles	Wal-Mart*		4.09
										(9/26/2009)

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		$	9.96
										(8/31/2013)
Fairview Oaks	Ellenwood	1997	77,052	100.0	%	13	0	54,498		Kroger	Blockbuster		11.27
										(9/30/2016)
Grassland Crossing	Alpharetta	1996	90,906	93.3	%	11	3	70,086		Kroger			11.53
										(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			10.23
										(8/31/2017)
Macland Pointe	Marietta	1992, 1993	79,699	100.0	%	17	0	55,999		Publix			9.76
										(12/29/2012)
Market Place	Norcross	1976	77,706	96.0	%	20	3				Peachtree Cinema		9.45
Paulding Commons	Dallas	1991	192,391	98.3	%	30	1	49,700		Kroger	Kmart		8.08
										(2/28/2011)
Powers Ferry Plaza	Marietta	1979, 1987 / 1998	86,473	87.4	%	21	4				Micro Center		10.66
Presidential Markets	Snellville	1993-2000	396,408	99.0	%	34	1	56,146		Publix	Bed Bath & Beyond, GAP, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot		9.95
										(12/31/2019)
Shops of Huntcrest	Lawrenceville	2003	97,040	98.5	%	25	1	54,340		Publix			13.42
										(1/31/2023)
Wesley Chapel Crossing	Decatur	1989	170,792	96.8	%	22	3	32,000		Ingles	Wal-Mart, CVS Pharmacy		6.55
										(9/25/2009)
West Towne Square	Rome	1988	89,596	88.6	%	15	3				Big Lots, Eckerd*		5.77
Williamsburg @ Dunwoody	Dunwoody	1983	44,928	100.0	%	27	0						17.56
Central Georgia (3)
Daniel Village	Augusta	1956 / 1997	171,932	95.9	%	36	3	45,971		Bi-Lo	Eckerd, St. Joseph Home Health Care		7.90
										(3/25/2022)
Spalding Village	Griffin	1989	235,318	60.3	%	22	6	59,431		Kroger	JC Penney, Blockbuster		7.72
										(5/31/2014)
Walton Plaza	Augusta	1990	43,460	100.0	%	8	0	32,960		Harris Teeter* /Omni Fitness			9.54
										(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	93.0	%	458	48	931,198	0			$	9.63
KENTUCKY (1)
Scottsville Square	Bowling Green	1986	38,450	41.6	%	6	6				Hancock Fabrics, Zap Zone		6.66
TOTAL SHOPPING CENTERS KENTUCKY (1)			38,450	41.6	%	6	6	0	0			$	6.66
LOUISIANA (14)
Ambassador Row	Lafayette	1980, 1991	193,978	96.1	%	21	4				Hobby Lobby*, Conn's Appliances, Big Lots, Chuck E Cheese		7.99
Ambassador Row Courtyard	Lafayette	1986, 1991	146,697	93.5	%	21	3				Bed, Bath & Beyond, Marshall's		9.33
Bluebonnet Village	Baton Rouge	1983	90,215	98.4	%	19	1	33,387		Matheme's			8.10
										(11/30/2010)
Boulevard	Lafayette	1976, 1994	68,012	96.8	%	14	1				Piccadilly, Harbor Freight Tools		7.21
Country Club Plaza	Slidell	1982 / 1994	64,686	94.6	%	10	1	33,387		Winn-Dixie	Dollar General		5.86
										(1/31/2008)
Crossing	Slidell	1988, 1993	113,989	97.4	%	14	1	58,432		Save A Center	A-1 Home Appliance, Piccadilly		5.65
										(9/29/2009)
Elmwood Oaks	Harahan	1989	133,995	92.9	%	7	2				Wal-Mart* (Academy Sports, Dollar Tree), Advance Auto* (Goodwill)		9.97
Grand Marche (ground lease)	Lafayette	1969	200,585	100.0	%	1	0				Academy Sports, JoAnn Fabrics		0.14
Plaza Acadienne	Eunice	1980	105,419	96.2	%	7	1	28,092		Super 1 Store	Fred's, Howard Brothers*		3.52
										(6/30/2010)
Sherwood South	Baton Rouge	1972, 1988, 1992	77,107	97.7	%	9	1	22,500		Piggly Wiggly*	Burke's Outlet, Harbor Freight Tools, Blockbuster		6.15
										(2/28/2007)
Siegen Village	Baton Rouge	1988	170,416	100.0	%	20	0				Office Depot, Big Lots, Dollar Tree, Stage, Party City		8.43
Tarpon Heights	Galliano	1982	56,605	92.0	%	8	2				CVS Pharmacy, Stage, Dollar General		4.75
Village at Northshore	Slidell	1988	144,638	100.0	%	13	0				Marshalls, Dollar Tree, Kirschman's, Bed Bath & Beyond		8.50
Wal-Mart Mathews	Mathews	1985	54,223	100.0	%	1	0				Wal-Mart		2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)			1,620,565	97.1	%	165	17	175,798	0			$	6.42
MASSACHUSETTS (6)
Cambridge Star Market	Cambridge	1953/1997	66,108	100.0	%	1	0	66,108			Star Markets		23.90
											(1/1/2016)
Medford Shaw's Supermarket	Medford	1995	60,356	100.0	%	1	0	60,356			Shaw's		21.37
											(1/1/2016)
Plymouth Shaw's Supermarket	Plymouth	1993	59,726	100.0	%	1	0	59,726			Shaw's		15.79
											(1/1/2016)
Quincy Star Market	Quincy	1965/1995	100,741	100.0	%	1	0	100,741			Star Markets		15.43
											(1/2/2016)
Swampscott Whole Foods	Swampscott	1967	35,907	100.0	%	1	0	35,907			Whole Foods		21.00
											(1/1/2016)
West Roxbury Shaw's Plaza	West Roxbury	1973/1995	68,141	97.8	%	6	1	54,928			Shaw's		21.06
											(1/1/2016)
TOTAL SHOPPING CENTERS MASSACHUSETTS (6)			390,979	99.6	%	11	1	377,766	0			$	19.32

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

MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987	66,857	100.0	%	7	0				Rite Aid, Big Lots		5.76
TOTAL SHOPPING CENTERS MISSISSIPPI (1)			66,857	100.0	%	7	0	0	0			$	5.76
NORTH CAROLINA (12)
Centre Pointe Plaza	Smithfield	1989	163,642	95.7	%	20	3				Wal-Mart* (Belk's, Goody's), Dollar Tree	$	5.36
Chestnut Square	Brevard	1985	39,640	83.9	%	4	3	21,000		Food Lion*	Eckerd* (Dollar General)		6.38
										(9/28/2010)
Galleria	Wrightsville Beach	1986, 1990	92,114	95.2	%	32	6	28,000		Harris Teeter	Eckerd		9.57
										(4/5/2006)
Parkwest Crossing	Durham	1990	85,602	100.0	%	17	0	38,052		Food Lion			10.25
										(12/14/2010)
Plaza North	Hendersonville	1986	47,240	97.5	%	8	1	25,590		Bi-Lo*	CVS Pharmacy		7.09
										(8/31/2006)
Providence Square	Charlotte	1973	85,930	85.8	%	18	7	35,702		Harris Teeter*	Eckerd		8.22
										(4/30/2006)
Riverview Shopping Center	Durham	1973 / 1995	127,498	91.8	%	10	2	53,538		Kroger	Upchurch Drugs, Blockbuster		7.36
										(12/31/2014)
Salisbury Marketplace	Salisbury	1987	79,732	93.9	%	17	3	37,308		Food Lion			9.97
										(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	100.0	%	13	0	32,000		Ingles	Kmart, CVS Pharmacy		5.99
										(9/29/2012)
Willowdale Shopping Center	Durham	1986	121,376	94.9	%	25	3	27,985		Harris Teeter	Carmike Cinemas, Eckerd* (Family Dollar)		11.49
										(5/14/2009)
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)			1,135,128	95.3	%	175	28	327,575	0			$	7.45
SOUTH CAROLINA (8)
Belfair Towne Village	Bluffton	2000-2003	125,389	100.0	%	29	0	55,696		Kroger	Blockbuster		14.02
										(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		8.28
										(5/31/2009)
Sparkleberry Square	Columbia	1997/ 2004	339,051	98.4	%	23	2	67,943		Kroger	Kohl's, Ross Dress for Less, Circuit City, Bed Bath & Beyond		11.16
										(8/31/2017)
Spring Valley	Columbia	1978/ 1997	75,415	95.8	%	16	1	45,070		Bi-Lo	Eckerd		9.07
										(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	95.0	%	95	8	260,670	0			$	9.76
TENNESSEE (1)
Smyrna Village	Smyrna	1992	83,334	93.1	%	9	3	59,214		Kroger			8.20
										(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (1)			83,334	93.1	%	9	3	59,214	0			$	8.20
TEXAS (32)
Houston (17)
Barker Cypress	Houston	1999	66,945	94.8	%	14	3	41,320		H.E.B.			12.56
										(1/31/2014)
Beechcrest	Houston	1981/ 2001	90,647	100.0	%	15	0	40,345		Randall's* (Viet Ho)	Walgreens*		8.83
										(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		16.35
Colony Plaza	Sugarland	1997	26,513	100.0	%	15	0						18.60
Copperfield	Houston, TX	1994	133,984	95.4	%	30	3				JoAnn Fabrics, Dollar Tree, 24 Hour Fitness		12.15
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		12.18
										(6/24/2016)
Hedwig	Houston	1974	69,504	78.8	%	11	2				Ross Dress for Less		15.01
Highland Square	Sugarland	1998	64,171	93.9	%	25	3						17.12
Market at First Colony	Sugarland	1988	107,301	98.1	%	34	1		62,000	Kroger	TJ Maxx, Eckerd		16.19
Mason Park	Katy	1998	160,047	73.6	%	33	6		58,890	Kroger	Walgreens* (Eloise Collectibles), Palais Royal, Petco		12.19
Mission Bend	Houston	1980 / 1999	131,575	91.3	%	24	3	46,112		Randall's	Remarkable Furniture		8.83
										(6/24/2016)
Spring Shadows	Houston	1999	106,995	96.1	%	17	1	65,161		H.E.B.			9.64
										(4/30/2023)
Steeplechase	Jersey Village	1985	105,152	96.9	%	23	2	56,208		Randall's			11.22
										(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	100.0	%	25	0	75,154		H.E.B.	Kohl's, Oshman's Sporting Goods, Office Max, Pier One Imports		11.75
										(12/31/2015)

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 (12)
Creekside	Arlington	1997 /1998	101,016	100.0	%	17	0	60,932		Kroger	Hollywood Video	$	12.04
										(11/30/2021)
DeSoto Shoppoing Center	DeSoto	1996	69,090	100.0	%	5	0	58,960		Tom Thumb	Blockbuster		9.53
										(11/15/2021)
Green Oaks	Arlington	1983	65,091	81.7	%	26	8		58,000	Kroger			10.99
Melbourne Plaza	Hurst	1983	47,517	89.2	%	15	3						11.51
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	Hollywood Video		13.22
Richwood	Richardson	1984	54,871	99.8	%	26	1		61,877	Albertsons	Blockbuster		12.53
Rosemeade	Carrollton	1986	51,231	44.7	%	8	10				Blockbuster		13.07
Southlake Village	Southlake	1996	118,092	94.8	%	20	2	60,932		Kroger			12.74
										(10/31/2021)
Sterling Plaza	Irving	1989	65,765	96.7	%	15	1				Bank One, Irving City Library, 99 cent Only Store		14.25
Townsend Square	Desoto	1990	146,953	82.9	%	30	8		60,349	Albertsons	Bealls, Victory Gym, Dollar General		8.81
Village by the Park	Arlngton	1988	44,523	86.3	%	7	3				Petco, Movie Trading		16.25
San Antonio (3)
Bandera Festival	San Antonio	1989	195,438	91.5	%	33	5				Beall's, Big Lots, Burke's Outlet, Dollar Tree, FWL Furniture		8.12
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*			3.04
										(12/31/2010)
TOTAL SHOPPING CENTERS TEXAS (32)			2,970,506	93.2	%	562	68	807,295	426,116			$	11.41
VIRGINA (2)
Smyth Valley Crossing	Marion	1989	126,841	100.0	%	14	0	32,000		Ingles	Wal-Mart		5.90
										(9/25/2010)
Waterlick Plaza	Lynchburg	1973, 1988	98,694	95.1	%	21	3	30,780		Kroger	CVS Pharmacy*, Dollar Tree		7.96
										(3/18/2008)
TOTAL SHOPPING CENTERS VIRGINIA (2)			225,535	97.8	%	35	3	62,780	0			$	6.77
TOTAL STABILIZED SHOPPING CENTERS (179)			19,510,354	94.9	%	3,313	370	6,018,251	539,966			$	10.14
DEVELOPMENTS & REDEVELOPMENTS (6)
CVS Plaza	Miami, FL	2004	29,204	73.3	%	5	4				CVS Pharmacy		16.08
Eustis Square	Eustis, FL	1983 / 1997	126,791	77.6	%	18	9	15,872		Save-a-Lot	Accent Marketing Services, Fred's		5.73
										(5/31/2013)
Homestead Gas Station	Homestead, FL	1959	2,136	100.0	%	1	0						19.36
Shops at St. Lucie	Port St. Lucie, FL	2005 Development	4.0 acres
Waterstone	Homestead, FL	2004-05 Development	12.0 acres
Westridge	McDonough, GA	2005-06 Development	13.5 acres
TOTAL DEVELOPMENTS & REDEVELOPMENTS (6)			158,131	77.1	%	24	13	15,872	0			$	7.79
TOTAL RETAIL PROPERTIES (185)			19,668,485	94.8	%	3,337	383	6,034,123	539,966			$	10.12
OTHER PROPERTIES (3)
4101 South I-85 Industrial	Charlotte, NC	1956, 1963	188,513	81.7	%	3	6
Pinhook Office Building	Lafayette, LA	1979,1992	4,406	49.5	%	1	1
Mandarin Mini-storage	Jacksonville, FL	1982	52,880	97.0	%	518	16
GRAND TOTAL (188)			19,914,284	94.6	%	3,859	406	6,034,123	539,966
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.

19

EQUITY ONE, INC. AND SUBSIDIARIES

ANNUAL MINIMUM RENT BY STATE

as of December 31, 2004

State	Count	Total SF	# Leased	# Vacant	Leased %	AMR
Florida	78	9,184,630	1,740	195	94.9%	$ 93,497,995
Texas	32	2,970,506	562	68	93.2%	31,590,924
Georgia	23	2,730,854	458	48	93.0%	24,454,443
Louisiana	14	1,620,565	165	17	97.1%	10,108,908
North Carolina	12	1,135,128	175	28	95.3%	8,066,938
South Carolina	8	839,178	95	8	95.0%	7,778,466
Massachusetts	6	390,979	11	1	99.6%	7,525,074
Arizona	2	253,254	54	4	95.6%	1,980,671
Virginia	2	225,535	35	3	97.8%	1,494,215
Alabama	2	129,215	20	2	98.5%	1,065,162
Tennessee	1	83,334	9	3	93.1%	636,713
Mississippi	1	66,857	7	0	100.0%	385,404
Kentucky	1	38,450	6	6	41.6%	106,563
Total	182	19,668,485	3,337	383	94.8%	$ 188,691,476
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels.

20

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the three months ended December 31, 2004
Renewals
			Average	Average	Annualized
		Average	Expiring	New	Minimum
# of Leases	Square Feet	Size	Rent psf	Rent psf	Rent
72	143,488	1,993	$14.80	$15.67	$2,248,029
			% Increase psf	5.9%
			Net Increase (AMR)		$123,721
New Leases
				Average	Annualized
		Average		New	Minimum
# of Leases	Square Feet	Size		Rent psf	Rent
104	409,501	3,938		$9.92	$4,062,021
New Leases greater than or equal to 10,000 square feet
12	229,122	19,094		$7.15	$1,638,598
New Leases less than 10,000 square feet
92	180,379	1,961		$13.44	$2,423,423
Lost Leases
			Average		Annualized
		Average	Expiring		Minimum
# of Leases	Square Feet	Size	Rent psf		Rent
73	292,157	4,002	$10.81		$3,157,482
Lost Leases greater than or equal to 10,000 square feet
8	171,495	21,437		$8.60	$1,475,248
Lost Leases less than 10,000 square feet
65	120,662	1,856		$13.94	$1,682,234
Net Absorption	117,344	New Leases - Lost Leases
Leasing Spread	-16.9%	New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf
	-3.6%	New Leases versus Lost Leases (rate psf) - under 10,000 sf
	-8.2%	New Leases versus Lost Leases (rate psf) - all leases
				Net AMR Gain	$1,028,260
Retention Ratio	62.4%	Renewals / (Renewals + Non-Renewing Expired Leases)

21

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the twelve months ended December 31, 2004
Renewals
			Average	Average	Annualized
		Average	Expiring	New	Minimum
# of Leases	Square Feet	Size	Rent psf	Rent psf	Rent
362	796,994	2,202	$13.36	$13.96	$11,128,639
			% Increase psf	4.5%
			Net Increase (AMR)		$481,605
New Leases
				Average	Annualized
		Average		New	Minimum
# of Leases	Square Feet	Size		Rent psf	Rent
418	1,648,887	3,945		$10.53	$17,368,987
New Leases greater than or equal to 10,000 square feet
38	827,182	21,768		$7.53	$6,228,552
New Leases less than 10,000 square feet
380	821,705	2,162		$13.56	$11,140,435
Lost Leases
			Average		Annualized
		Average	Expiring		Minimum
# of Leases	Square Feet	Size	Rent psf		Rent
330	1,055,418	3,198	$10.70		$11,288,755
Lost Leases greater than or equal to 10,000 square feet
18	418,086	23,227	$6.09		$2,546,051
Lost Leases less than 10,000 square feet
312	637,332	2,043	$13.72		$8,742,704
Net Absorption	593,469	New Leases - Lost Leases
Leasing Spread	23.6%	New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf
	-1.2%	New Leases versus Lost Leases (rate psf) - under 10,000 sf
	-1.6%	New Leases versus Lost Leases (rate psf) - all leases
				Net AMR Gain	$6,561,837
Retention Ratio	67.2%	Renewals / (Renewals + Non-Recurring Expired Leases)

22

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of December 31, 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		49		2,183,532		11.1	%	$	15,722,674		8.3	%	$	7.20
Kroger		17		962,697		4.9	%		7,998,271		4.2	%		8.31
Albertsons/Shaw's		9		570,286		2.9	%	$	7,567,853		4.0	%		13.27
Winn Dixie		16		730,442		3.7	%		5,059,331		2.7	%		6.93
Wal-Mart		9		646,682		3.3	%		2,940,519		1.6	%		4.55
Kmart		6		524,937		2.7	%		2,795,865		1.5	%		5.33
H.E. Butt Grocery		4		256,262		1.3	%		2,775,355		1.5	%		10.83
Blockbuster		29		170,092		0.9	%		2,673,625		1.4	%		15.72
CVS Pharmacy		23		235,345		1.2	%		2,348,791		1.2	%		9.98
Bed Bath & Beyond		7		227,689		1.2	%		2,192,531		1.2	%		9.63
Sub-total top ten tenants		169		6,507,964		33.1	%	$	52,074,815		27.6	%	$	8.00
Remaining tenants		3,168		12,132,104		61.6	%		136,616,661		72.4	%		11.26
Sub-total all tenants		3,337		18,640,068		94.8	%	$	188,691,476		100.0	%	$	10.12
Vacant		383		1,028,417		5.2	%		NA		NA			NA
Total including vacant		3,720		19,668,485		100.0	%	$	188,691,476		100.0	%	$	9.59
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels.

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.

24

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of December 31, 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		127		380,432		1.9	%	$	3,463,399		1.8	%	$	9.10
2005		691		1,938,316		9.9	%		22,730,802		11.5	%		11.73
2006		680		2,075,952		10.6	%		25,662,979		13.0	%		12.36
2007		669		2,167,412		11.0	%		26,518,888		13.5	%		12.24
2008		403		1,589,331		8.1	%		18,978,322		9.6	%		11.94
2009		361		1,927,224		9.8	%		19,720,921		10.0	%		10.23
2010		101		746,460		3.8	%		7,683,332		3.9	%		10.29
2011		44		907,595		4.6	%		7,098,986		3.6	%		7.82
2012		42		791,701		4.0	%		7,190,214		3.6	%		9.08
2013		34		664,694		3.4	%		6,160,217		3.1	%		9.27
2014		35		769,089		3.9	%		6,443,268		3.3	%		8.38
Thereafter		150		4,681,862		23.8	%		45,433,214		23.1	%		9.70
Sub-total / average		3,338		18,687,672		94.8	%	$	197,084,542		100.0	%	$	10.57
Vacant		383		1,028,417		5.2	%		NA		NA			NA
Total / average		3,720		19,668,485		100.0	%	$	197,084,542		100.0	%	$	10.02

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

25

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of December 31, 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		141,085		1.1	%	$	573,314		0.6	%	$	4.06
2005		26		553,843		4.5	%		2,773,580		3.0	%		5.01
2006		29		720,839		5.9	%		4,492,384		4.9	%		6.23
2007		33		833,921		6.8	%		5,664,629		6.2	%		6.79
2008		28		723,738		5.9	%		4,595,611		5.0	%		6.35
2009		38		1,167,037		9.5	%		7,099,310		7.8	%		6.08
2010		23		536,441		4.4	%		4,113,636		4.5	%		7.67
2011		20		831,311		6.8	%		5,385,087		5.9	%		6.48
2012		19		702,701		5.7	%		5,167,199		5.7	%		7.35
2013		15		589,538		4.8	%		4,590,453		5.0	%		7.79
2014		15		684,976		5.6	%		4,689,677		5.1	%		6.85
Thereafter		92		4,418,531		36.0	%		42,217,118		46.2	%		9.55
Sub-total / average		344		11,903,961		97.0	%	$	91,361,998		100.0	%	$	7.67
Vacant		14		367,940		3.0	%		NA		NA			NA
Total / average		358		12,271,901		100.0	%	$	91,361,998		100.0	%	$	7.44

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

26

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of December 31, 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	121	239,347	3.2%	$ 2,890,085	2.7%	$ 12.07
2005	665	1,384,473	18.7%	19,957,222	18.9%	14.42
2006	651	1,355,113	18.3%	21,170,595	20.0%	15.62
2007	636	1,333,491	18.0%	20,854,259	19.7%	15.64
2008	375	865,593	11.7%	14,382,711	13.6%	16.62
2009	323	760,187	10.3%	12,621,611	11.9%	16.60
2010	78	210,019	2.8%	3,569,696	3.4%	17.00
2011	24	76,284	1.0%	1,713,899	1.6%	22.47
2012	23	89,000	1.2%	2,023,015	1.9%	22.73
2013	19	75,156	1.0%	1,569,764	1.5%	20.89
2014	20	84,113	1.1%	1,753,591	1.7%	20.85
Thereafter	58	263,331	3.6%	3,216,096	3.0%	12.21
Sub-total / average	2,993	6,736,107	91.1%	$ 105,722,544	100.0%	$ 15.69
Vacant	369	660,477	8.9%	NA	NA	NA
Total / average	3,362	7,396,584	100.0%	$ 105,722,544	100.0%	$ 14.29

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

27

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

as of December 31, 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.  Prospecting for new tenant(s)		TBD	$	3,127	$	1,243	$	1,884
CVS Plaza		Miami, FL		Lease up the balance of this CVS drug-store anchored retail center		First quarter 2005		1,900		1,745		155
Shops at Skylake		N. Miami Beach, FL		Add additional space to existing development		First quarter 2005 & third quarter 2005		10,488		7,485		3,003
Waterstone		Homestead, FL		Develop a supermarket anchored center		Third quarter 2005		9,635		5,858		3,777
Westridge		McDonough, GA		Develop a supermarket anchored center		Late 2006		9,000		2,073		6,927
Subtotal - Developments								34,150		18,404		15,746
Major Redevelopments
Centre Pointe Plaza		Smithfield, NC		Lease up the balance of the reconfigured former Winn Dixie space		First quarter 2005		1,127		1,088		39
Spalding Village		Griffin, GA		Reconfigure the former K Mart into multi-tenant space; Prospecting for new tenants		TBD		3,586		2,956		630
Subtotal - Major Redevelopments								4,713		4,044		669
Outparcel Developments/Expansions
Belfair Towne Village		Bluffton, SC		Prospecting for new tenant(s) on land held for development/expansion		Fourth quarter 2005		2,582		1,382		1,200
Blanco Village		San Antonio, TX		Prospecting for new tenant(s) on land held for development/expansion		Fourth quarter 2005		4,929		3,085		1,844
Bluebonnet Village		Baton Rouge, LA		Prospecting for new tenant(s) on land held for development/expansion		Third quarter 2005		2,221		967		1,254
Cashmere Corners		Port St. Lucie, FL		Prospecting for one or more tenants for out parcels		TBD		489		489		-
Creekside		Arlington, TX		Prospecting for one or more tenants for out parcels		Fourth quarter 2005		1,212		612		600
Copperfield		Houston, TX		Prospecting for one or more tenants for out parcels		Fourth quarter 2005		2,270		1,089		1,181
Forest Village		Tallahassee, FL		Prospecting for new tenant(s) on land held for development/expansion		TBD		1,699		1,699		-
Mariners		Spring Hill, FL		Develop out parcel for retail store		Second quarter 2005		1,460		506		954
West Roxbury		West Roxbury, MA		Prospecting for one or more tenants for out parcels		TBD		1,480		480		1,000
Westgate		Houston, TX		Prospecting for one or more tenants for out parcels		TBD		711		711		-
Westport		David, FL		Prospecting for one or more tenants for out parcels		TBD		571		571		-
Windy Hill		North Myrtle Beach, SC		Propspecting for one or more tenants for out parcels		Fourth quarter 2005		660		160		500
Subtotal - Outparcel Developments/Expansions								20,284		11,751		8,533
All other development activty								7,560		7,560		-
Total - All Development Activity							$	66,707	$	41,759	$	24,948

28

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

as of December 31, 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		167,745		24,200
March 24, 2004		Southlake Village		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
Oct. 7, 2004		Boston portfolio (6 properties)		Boston area		MA		390,979		119,750
Nov. 8, 2004		Homestead Gas Station		Homestead		FL		0.66 acres		1,150
Nov. 11, 2004		DeSoto Shopping Center		DeSoto		TX		69,090		8,180
Dec. 17, 2004		Westport Shopping Center		Davie		FL		36,212		7,200
Dec. 24, 2004		Devaney Parcel		West Roxbury		MA		0.33 acres		475
Total									$	316,952

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	$	2,060
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
Sept. 2, 2004		Millervillage		Baton Rouge		LA		94,559	$	2,700	$	1,130
Sept. 24, 2004		Plymouth Park (4 centers)		Irving		TX		728,566	$	24,000	$	2,142
Oct. 4, 2004		East Bay Plaza		Largo		FL		85,426	$	5,600	$	4,037
Oct. 4, 2004		Losco Corners		Jacksonville		FL		8,700	$	1,650	$	571
Oct. 4, 2004		Gulf Gate Plaza		Naples		FL		204,551	$	10,000	$	2,370
Nov. 15, 2004		City Centre (JV)*		Palm Beach Gardens		FL		NA	$	NA	$	578
Dec. 28, 2004		Pinhook Plaza		Layfayette		LA		194,725	$	3,805	$	838
Sale of income producing properties										82,555		22,176
Aug. 23, 2004		Miramar out parcel		Miramar		FL		2.0 acres		1,500		158
Total									$	84,055	$	22,334
Properties Held for Sale as of December 31, 2004

	Property Name	City	State	Square Feet/ Acres
	North River Village	Ellenton	FL	177,128	Sold in January 2005
	Total			177,128
* Equity One held an unconsolidated 50% interest in this property.

29

EQUITY ONE, INC. AND SUBSIDIARIES

JOINT VENTURE INVESTMENTS

as of December 31, 2004

(in thousands, except square footage data)

Owned joint venture*

1)	Parcel F
	Palm Beach Gardens, Florida

 This joint venture owns a parcel of land for future development or sale.  Equity One owns a 50% interest in the joint venture.

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

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		Stifel, Nicolaus & Company, Inc.
		Paul Morgan		Philip Martin
		703-469-1255		314-342-2000
		Michael Blank	UBS Securities LLC
		703-469-1115		Ian C. Weissman
				212-713-8602

31

EQUITY ONE, INC. AND SUBSIDIARIES

STOCK PRICE AND VOLUME STATISTICS

for the three months ended December 31, 2004

* Data obtained from Yahoo Chart Services.