EQY-3.31.2013-8K

0001042810-13-000017.txt : 20130501 0001042810-13-000017.hdr.sgml : 20130501 20130501160126 ACCESSION NUMBER: 0001042810-13-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130501 DATE AS OF CHANGE: 20130501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY ONE, INC. CENTRAL INDEX KEY: 0001042810 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521794271 FISCAL YEAR END: 0315 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13499 FILM NUMBER: 13803121 BUSINESS ADDRESS: STREET 1: 1600 N E MIAMI GARDENS DRIVE CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 BUSINESS PHONE: 305-947-1664 MAIL ADDRESS: STREET 1: 1600 N E MIAMI GARDENS DRIVE CITY: NORTH MIAMI BEACH STATE: FL ZIP: 33179 FORMER COMPANY: FORMER CONFORMED NAME: EQUITY ONE INC DATE OF NAME CHANGE: 19970723 8-K 1 eqy-3312013x8k.htm 8-K EQY-3.31.2013-8K

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) May 1, 2013

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.)

1600 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:

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

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

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

o 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 May 1, 2013, Equity One, Inc. (the “Company”) announced its financial results for the three months ended March 31, 2013. 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 this 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 May 1, 2013, the Company announced its financial results for the three months ended March 31, 2013. 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(d) Exhibits


(d)	Exhibits

99.1 — Earnings Press Release of Equity One, Inc. dated May 1, 2013.

99.2 — Supplemental Information Package of Equity One, Inc. as of March 31, 2013.

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.




	EQUITY ONE, INC.

May 1, 2013	By:	/s/ Mark Langer
		Mark Langer
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX


Exhibit No.	Document


99.1	Earnings Press Release of Equity One, Inc. dated May 1, 2013.


99.2	Supplemental Information Package of Equity One, Inc. as of March 31, 2013.

EX-99.1 2 eqy-3312013xexhibit991.htm EXHIBIT 99.1 - EARNINGS PRESS RELEASE EQY-3.31.2013-Exhibit 99.1

Exhibit 99.1



Equity One, Inc. 1600 NE Miami Gardens Drive North Miami Beach, FL 33179 305-947-1664		For additional information: Mark Langer, EVP and Chief Financial Officer

FOR IMMEDIATE RELEASE

Equity One Reports First Quarter 2013 Operating Results

North Miami Beach, FL, May 1, 2013 - Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three months ended March 31, 2013.

Highlights of the quarter and recent activity include:


•	Generated Recurring Funds From Operations (FFO) of $0.32 per diluted share for the quarter, a 14% increase compared to the same period of 2012


•	Generated FFO of $0.31 per diluted share for the quarter, a 15% increase compared to the same period of 2012


•	Increased same property net operating income by 3.0% as compared to the first quarter of 2012


•	Increased core occupancy by 60 basis points to 91.8% as compared to March 31, 2012


•	Increased same property occupancy by 20 basis points to 91.7% as compared to March 31, 2012


•	Executed 74 new leases, renewals, and options totaling 331,995 square feet at an average rent spread of 10.0% on a same space basis


•	Increased average base rents to $15.05 per square foot, up 6.4% as compared to March 31, 2012


•	Sold 15 non-core assets for $126.2 million and entered into contracts to sell an additional seven non-core assets for $41.4 million


•	Approved a $12 million redevelopment project at Willows Shopping Center located in Concord, California


•	Increased Recurring FFO guidance for 2013 to $1.19 to $1.23 per diluted share from previous guidance of $1.18 to $1.22 per diluted share

“We are very pleased with our results this quarter which provide further evidence of the growth characteristics in our upgraded portfolio and the ability to produce accretive returns on our development and redevelopment projects. We have made substantial progress on our capital recycling plan to dispose of non-core assets with approximately $168 million of properties currently sold or under executed contracts,” said Jeff Olson, CEO.

Financial Highlights

In the first quarter of 2013, the company generated FFO of $40.0 million, or $0.31 per diluted share, as compared to $33.2 million, or $0.27 per diluted share for the same period in 2012. Recurring FFO was $41.0 million, or $0.32 per diluted share, in the first quarter of 2013 after adjusting for debt extinguishment and transaction costs, up 14% as compared to $0.28 per diluted share in the first quarter of 2012.

Net income attributable to Equity One was $24.6 million, or $0.21 per diluted share, for the quarter ended March 31, 2013, as compared to $19.0 million, or $0.16 per diluted share, for the first quarter of 2012. Net income for the first quarter of 2013 and 2012 include gains on the sale of income producing non-core properties of $11.2 million and $13.1 million, respectively. A reconciliation of net income attributable to Equity One to FFO and the reconciling components of FFO to Recurring FFO are provided in the tables accompanying this press release.

Operating Highlights

Same property net operating income increased 3.0% for the first quarter of 2013 as compared to the first quarter of 2012. The increase was primarily attributable to increases in minimum rental income due to rent commencements and contractual rent increases and percentage rent increases related to higher tenant sales.

As of March 31, 2013, occupancy for the company's consolidated core portfolio was 91.8% as compared to 92.1% as of December 31, 2012 and 91.2% as of March 31, 2012. On a same property basis, occupancy increased 20 basis points to 91.7% as compared to March 31, 2012 and decreased 60 basis points as compared to December 31, 2012. The decrease in occupancy from year end 2012 was expected and was primarily due to the expiration of three junior anchor leases in lower tier assets that contributed less than $500,000 a year in annual rent.

During the first quarter of 2013, the company executed 74 new leases, renewals and options totaling 331,995 square feet at an average rent spread of 10.0% on a same space basis. This included 29 new leases in the core portfolio totaling 128,056 square feet. On a same space basis, 24 new leases were executed comprising 97,352 square feet at an average rental rate of $16.12 per square foot, representing a 22.6% increase from prior cash rents. Additionally, the company renewed 45 leases in its core portfolio totaling 203,939 square feet at an average rental rate of $16.27 per square foot, representing a 4.9% increase to prior rents on a same space, cash basis.

Development and Redevelopment Activities

As of March 31, 2013, the company had approximately $250.3 million of active development and redevelopment projects underway. The largest development project is The Gallery at Westbury in which the company has invested $135 million as of March 31, 2013. New tenants that opened during the first quarter include Gap Outlet and Banana Republic Outlet. Additional openings are expected during the second and third quarters for GNC, Orvis, Lane Bryant, Noodles and Company, Red Mango and Ruby & Jenna.

During the first quarter, construction commenced at Broadway Plaza, a development site located at 230th Street and Broadway in the Bronx, New York. Three letters of intent have been executed with national retailers that account for approximately 65% of the total square footage, including the majority of the top floor space. The project is expected to open in the fourth quarter of 2014 at a total cost of approximately $53 million.

Construction is ongoing for a two story, 83,000 square foot Dick's Sporting Goods at Serramonte Mall. Total costs are estimated to be approximately $19.3 million for this first phase of the expansion of Serramonte, which the company expects to be completed by the first quarter of 2014.

The company has five additional projects under active redevelopment at an expected cost of $28.4 million. These projects include expansions and new anchor re-tenanting with retailers such as LA Fitness, Publix, CVS Pharmacy, and Ross.

Additionally, a new $12 million redevelopment project at Willows Shopping Center located in Concord, California has been added to the pipeline, with plans to commence site work prior to year end. This redevelopment will improve the layout and functional design of the center and will include lifestyle components that will cater to a wide range of retailers. The redevelopment plan anticipates the addition of a new junior anchor as well as new restaurant and entertainment features.

Disposition Activity

During the first quarter of 2013 and through the date of this release, the company closed on the sale of 15 non-core assets totaling approximately 1.2 million square feet of gross leasable area (GLA) for $126.2 million as follows:



Property	Location	GLA	Date of Sale
Madison Centre	Madison, AL	64,837	5/1/2013
Lutz Lake	Lutz, FL	64,985	4/4/2013
Seven Hills	Spring Hill, FL	72,590	4/4/2013
Middle Beach Shopping Center	Panama City Beach, FL	69,277	3/29/2013
Douglas Commons	Douglasville, GA	97,027	3/22/2013
North Village Center	North Myrtle Beach, SC	60,356	3/22/2013
Windy Hill Shopping Center	North Myrtle Beach, SC	68,465	3/22/2013
Macland Pointe	Marietta, GA	79,699	2/13/2013
Shoppes of Eastwood	Orlando, FL	69,037	1/23/2013
Butler Creek	Acworth, GA	95,597	1/15/2013
Fairview Oaks	Ellenwood, GA	77,052	1/15/2013
Grassland Crossing	Alpharetta, GA	90,906	1/15/2013
Hamilton Ridge	Buford, GA	90,996	1/15/2013
Mableton Crossing	Mableton, GA	86,819	1/15/2013
Shops at Westridge	McDonough, GA	66,297	1/15/2013
		1,153,940

As of today, the company also has pending contracts to sell an additional seven non-core assets, including two outparcels, totaling approximately 464,000 square feet of GLA for $41.4 million, which are subject to various contingencies. The weighted average capitalization rate on the combined value of those properties sold and under contract is approximately 7.1%. The company continues to explore opportunities to dispose of non-core assets located in secondary markets as part of its capital recycling initiatives.

Investing and Financing Activities

During the first quarter of 2013, the company funded a $12.0 million mezzanine loan related to its existing investment in the Westwood Complex, a 22-acre property located in Bethesda, Maryland, bringing its total financing against the property to $107.0 million. The mezzanine loan bears interest at 5.0% per annum and matures on the earlier of June 1, 2013 or the company's acquisition of certain of the parcels that comprise the Westwood Complex. The company expects to acquire two of the Westwood parcels in May 2013 and the remaining five parcels no later than January 2014. In addition, the company expects to purchase the remaining 40% interest in both Southbury Green and Danbury Green Shopping Centers during May 2013 for approximately $19 million in accordance with the terms of the joint venture agreement.

During the first quarter of 2013, the company utilized the majority of the proceeds from non-core asset dispositions to pay down its revolving credit facilities by $67.5 million. In addition, the company repaid one mortgage with a principal amount of $2.8 million in connection with the sale of a non-core property, incurring a $0.7 million debt extinguishment charge.

Balance Sheet Highlights

At March 31, 2013, the company's total market capitalization (including debt and equity) was $4.6 billion, comprising 129.5 million shares of common stock outstanding (on a fully diluted basis) valued at approximately $3.1 billion and approximately $1.5 billion of net debt (excluding any debt premium/discount and net of cash). The company's ratio of net debt to total market capitalization was 32.4%. At March 31, 2013, the company had approximately $25.1 million of cash and cash equivalents on hand (including cash in escrow and restricted cash) and $104.5 million drawn on its revolving credit facilities. Additionally, during the first quarter of 2013, Standard and Poor's revised its outlook for the company's corporate credit and unsecured debt rating to Positive from Stable and maintained its BBB- rating.

FFO and Earnings Guidance

The company is increasing Recurring FFO guidance for 2013 to $1.19 to $1.23 per diluted share as compared to previous guidance of $1.18 to $1.22 per diluted share based on better than expected results in the first quarter. Recurring FFO excludes debt extinguishment gains/losses, land sale gains, impairment charges, transaction costs and certain other income or charges. The following table provides a reconciliation of the range of estimated net income per diluted share to estimated FFO and Recurring FFO per diluted share for the full year 2013:



	For the year ended December 31, 2013
	Low	High
Estimated net income attributable to Equity One	$0.38	$0.40
Adjustments:
Rental property depreciation and amortization including pro rata share of joint ventures	0.69	0.71
Net adjustment for unvested shares and non-controlling interest ⁽¹⁾	0.08	0.08
Estimated FFO attributable to Equity One	$1.15	$1.19

Transaction costs	0.04	0.04
Estimated Recurring FFO attributable to Equity One	$1.19	$1.23


⁽¹⁾	Includes effect of distributions paid with respect to unissued shares held by a non-controlling interest which are already included for purposes of calculating net income per diluted share.

ACCOUNTING AND OTHER DISCLOSURES

The company believes FFO (combined with the primary GAAP presentations) is a useful, supplemental measure of its 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.” The company also believes that Recurring FFO is a useful measure of its core operating performance that facilitates comparability of historical financial periods.

FFO, as defined by NAREIT, is “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of, or impairment charges related to, depreciable operating properties, 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.” The company believes that financial analysts, investors and stockholders are better served by the presentation of comparable period operating results generated from its FFO measure. The company's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

FFO and Recurring FFO are presented to assist investors in analyzing the company's operating performance. Neither FFO nor Recurring FFO (i) represents cash flow from operations as defined by GAAP, (ii) is indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is an alternative to cash flow as a measure of liquidity, or (iv) should be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating the company's operating performance. The company believes net income is the most directly comparable GAAP measure to FFO and Recurring FFO.

CONFERENCE CALL/WEB CAST INFORMATION

Equity One will host a conference call on Thursday, May 2, 2013 at 9:00 a.m. Eastern Time to review its 2013 first quarter earnings and operating results. Stockholders, analysts and other interested parties can access the earnings call by dialing (888) 317-6003 (U.S.), (866) 284-3684 (Canada) or (412) 317-6061 (international) using pass code 2746646. The call will also be web cast and can be accessed in a listen-only mode on Equity One's web site at www.equityone.net.

A replay of the conference call will be available on Equity One's web site for future review. Interested parties may also access the telephone replay by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (international) using pass code 10026525 through May 12, 2013.

FOR ADDITIONAL INFORMATION

For a copy of the company's first quarter supplemental information package, please access the “Investors” section of Equity One's web site at www.equityone.net under “About Us”. To be included in the company's e-mail distributions for press releases and other company notices, please send e-mail addresses to Investor Relations at investorrelations@equityone.net.

ABOUT EQUITY ONE, INC.

As of March 31, 2013, our consolidated property portfolio comprised 156 properties, including 132 retail properties and six non-retail properties totaling approximately 16.0 million square feet of gross leasable area, or GLA, 11 development or redevelopment properties with approximately 2.1 million square feet of GLA upon completion, and seven land parcels. As of March 31, 2013, our core portfolio was 91.8% leased and included national, regional and local tenants. Additionally, we had joint venture interests in 18 retail properties and two office buildings totaling approximately 3.3 million square feet of GLA.

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 volatility in the capital markets and changes in borrowing rates; changes in macro-economic conditions and the demand for retail space in the states in which Equity One

owns properties; the continuing financial success of Equity One's current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; 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; changes in Equity One's credit ratings; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission.

EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets March 31, 2013 and December 31, 2012 (Unaudited) (In thousands, except share par value amounts)

	March 31, 2013			December 31, 2012
ASSETS
Properties:
Income producing	$	3,110,334		$	3,100,499
Less: accumulated depreciation	(341,009		)	(326,165		)
Income producing properties, net	2,769,325			2,774,334
Construction in progress and land held for development	98,485			108,721
Properties held for sale	36,949			123,949
Properties, net	2,904,759			3,007,004
Cash and cash equivalents	24,699			27,416
Cash held in escrow and restricted cash	442			442
Accounts and other receivables, net	11,866			14,320
Investments in and advances to unconsolidated joint ventures	71,710			72,171
Loans receivable, net	152,692			140,708
Goodwill	6,889			6,889
Other assets	242,799			233,718
TOTAL ASSETS (including $110,700 and $111,100 of consolidated variable interest entities at March 31, 2013 and December 31, 2012, respectively*)	$	3,415,856		$	3,502,668
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Notes payable:
Mortgage notes payable	$	437,163		$	439,156
Unsecured senior notes payable	731,136			731,136
Term loan	250,000			250,000
Unsecured revolving credit facilities	104,500			172,000
	1,522,799			1,592,292
Unamortized premium on notes payable, net	6,487			7,058
Total notes payable	1,529,286			1,599,350
Other liabilities:
Accounts payable and accrued expenses	45,545			55,248
Tenant security deposits	8,903			8,886
Deferred tax liability	12,070			12,016
Other liabilities	206,482			196,625
Liabilities associated with properties held for sale	117			3,513
Total liabilities (including $81,200 and $63,000 of consolidated variable interest entities at March 31, 2013 and December 31, 2012, respectively*)	1,802,403			1,875,638
Redeemable noncontrolling interests	3,635			22,551
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued	—			—
Common stock, $0.01 par value – 150,000 shares authorized, 117,208 and 116,938 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	1,172			1,169
Additional paid-in capital	1,684,539			1,679,227
Distributions in excess of earnings	(277,516		)	(276,085		)
Accumulated other comprehensive loss	(6,100		)	(7,585		)
Total stockholders’ equity of Equity One, Inc.	1,402,095			1,396,726
Noncontrolling interests	207,723			207,753
Total equity	1,609,818			1,604,479
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$	3,415,856		$	3,502,668

* The assets of these entities can only be used to settle obligations of the variable interest entities and the liabilities include third party liabilities of the variable interest entities for which the creditors or beneficial interest holders do not have recourse against us other than for customary environmental indemnifications and non-recourse carve-outs.

EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income For the three months ended March 31, 2013 and 2012 (Unaudited) (In thousands, except per share data)

	Three months ended March 31,
	2013			2012
REVENUE:
Minimum rent	$	64,156		$	57,716
Expense recoveries	19,801			17,124
Percentage rent	2,069			1,949
Management and leasing services	414			804
Total revenue	86,440			77,593
COSTS AND EXPENSES:
Property operating	23,348			21,006
Depreciation and amortization	23,021			21,045
General and administrative	8,897			11,382
Total costs and expenses	55,266			53,433
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS	31,174			24,160
OTHER INCOME AND EXPENSE:
Investment income	2,204			1,445
Equity in income (loss) of unconsolidated joint ventures	435			(188		)
Other income	—			45
Interest expense	(17,445		)	(17,080		)
Amortization of deferred financing fees	(606		)	(591		)
Loss on extinguishment of debt	—			(93		)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS	15,762			7,698
Income tax (expense) benefit of taxable REIT subsidiaries	(95		)	46
INCOME FROM CONTINUING OPERATIONS	15,667			7,744
DISCONTINUED OPERATIONS:
Operations of income producing properties	428			1,614
Gain on disposal of income producing properties	11,196			14,269
Impairment loss on income producing properties	—			(1,932		)
INCOME FROM DISCONTINUED OPERATIONS	11,624			13,951
NET INCOME	27,291			21,695
Net income attributable to noncontrolling interests	(2,698		)	(2,713		)
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	24,593		$	18,982
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.11		$	0.04
Discontinued operations	0.10			0.12
	$	0.21		$	0.16		*

Number of Shares Used in Computing Basic Earnings per Share	117,032			112,649
EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	0.11		$	0.04
Discontinued operations	0.10			0.12
	$	0.21		$	0.16		*

Number of Shares Used in Computing Diluted Earnings per Share	117,398			112,820

* Note: EPS does not foot due to the rounding of the individual calculations.

EQUITY ONE, INC. AND SUBSIDIARIES

Reconciliation of Net Income Attributable to Equity One to Funds from Operations (FFO) and to Recurring FFO

The following table reflects the reconciliation of FFO and Recurring FFO to net income attributable to Equity One, the most directly comparable GAAP measure, for the periods presented.



	Three months ended March 31,
	2013			2012
	(In thousands)
Net income attributable to Equity One, Inc.	$	24,593		$	18,982
Adjustments:
Rental property depreciation and amortization, net of noncontrolling interest ⁽¹⁾	22,988			21,758
Earnings allocated to noncontrolling interest ⁽²⁾	2,499			2,499
Pro rata share of real estate depreciation from unconsolidated joint ventures	1,085			1,157
Impairments of depreciable real estate, net of tax ⁽¹⁾	—			1,932
Gain on disposal of depreciable assets, net of tax ⁽¹⁾	(11,196		)	(13,086		)
Funds From Operations	39,969			33,242
Loss on debt extinguishment, net of tax	682			809
Transaction costs associated with acquisition and disposition activity, net of tax	304			1,267
Gain on land sales ⁽¹⁾	—			(1,183		)
Recurring Funds From Operations	$	40,955		$	34,135

_______________________

⁽¹⁾ Includes amounts classified as discontinued operations.

⁽²⁾ Represents earnings allocated to unissued shares held by Liberty International Holdings, Ltd. ("LIH"), which have been excluded for purposes of calculating earnings per diluted share for all periods presented. FFO and Recurring FFO calculations include earnings allocated to LIH and the respective weighted average share totals include the LIH shares outstanding as their inclusion is dilutive.

Funds from Operations and Recurring FFO are non-GAAP financial measures. 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. We believe that Recurring FFO provides additional comparability between historical financial periods.

Reconciliation of Net Income Attributable to Equity One to Funds from Operations per Diluted Share

The following table reflects the reconciliation of FFO per diluted share and Recurring FFO per diluted share to earnings per diluted share attributable to Equity One, the most directly comparable GAAP measure, for the periods presented.



	Three months ended March 31,
	2013			2012
Earnings per diluted share attributable to Equity One, Inc.	$	0.21		$	0.16
Adjustments:
Rental property depreciation and amortization, net of noncontrolling interest	0.18			0.18
Earnings allocated to noncontrolling interest ⁽¹⁾	0.02			0.02
Net adjustment for rounding and earnings attributable to unvested shares ⁽²⁾	(0.02		)	(0.01		)
Pro rata share of real estate depreciation from unconsolidated joint ventures	0.01			0.01
Impairments of depreciable real estate, net of tax	—			0.02
Gain on disposal of depreciable assets, net of tax	(0.09		)	(0.11		)
Funds From Operations per Diluted Share	$	0.31		$	0.27
Weighted Average Diluted Shares - Funds from Operations ⁽³⁾	128,755			124,178

Funds From Operations per Diluted Share	$	0.31		$	0.27
Loss on debt extinguishment, net of tax	0.01			0.01
Transaction costs associated with acquisition and disposition activity, net of tax	—			0.01
Gain on land sales	—			(0.01		)
Recurring Funds From Operations per Diluted Share	$	0.32		$	0.28
Weighted Average Diluted Shares - Recurring Funds from Operations ⁽³⁾	128,755			124,178

_______________________

⁽¹⁾ Represents earnings allocated to unissued shares held by LIH, which have been excluded for purposes of calculating earnings per diluted share for all periods presented. FFO and Recurring FFO calculations include earnings allocated to LIH and the respective weighted average share totals include the LIH shares outstanding as their inclusion is dilutive.

⁽²⁾ Represents an adjustment to compensate for the rounding of the individual calculations and to compensate for earnings allocated to unvested shares.

⁽³⁾ Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share for all the periods presented are higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by LIH which are convertible into our common stock, and also as a result of employee stock options. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive.

EX-99.2 3 eqy-3312013xexhibit992.htm EXHIBIT 99.1 - SUPPLEMENTAL INFORMATION PACKAGE EQY-3.31.2013-Exhibit 99.2





					Exhibit 99.2




		Equity One, Inc.

		Supplemental Information Package


		March 31, 2013















		Equity One, Inc.
		1600 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

March 31, 2013

(unaudited)



TABLE OF CONTENTS
	Page
Overview
Disclosures	3
Summary Financial Results and Ratios	4

Assets, Liabilities, and Equity
Condensed Consolidated Balance Sheets	5
Market Capitalization	6

Income, EBITDA, and FFO
Condensed Consolidated Statements of Income	7
Pro Forma Financial Information for Discontinued Operations	8
Net Operating Income	9
Adjusted EBITDA	10
Consolidated Statements of Funds from Operations	11-12
Additional Disclosures	13

Leasing Data
Tenant Concentration - Top Twenty Five Tenants	14
Recent Leasing Activity	15
Shopping Center Lease Expiration Schedule	16

Property Data
Annual Minimum Rent of Operating Properties by Metro/Region	17
Property Status Report	18-26
Real Estate Acquisitions and Dispositions	27
Real Estate Developments and Redevelopments	28

Debt Schedules
Debt Summary	29
Consolidated Debt Maturity Schedule	30
Consolidated Debt Summary	31-32

Unconsolidated Joint Venture Supplemental Data	33-35

Page 2

EQUITY ONE, INC.

DISCLOSURES

As of March 31, 2013

Forward Looking Statements

Certain information contained in this Supplemental Information Package constitutes 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 the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; 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; changes in Equity One’s credit ratings; 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 and is unaudited information. The Company’s Form 10-K for the year ended December 31, 2012, should be read in conjunction with this Supplemental Information Package. The results of operations of any property acquired are included in our financial statements since the date of its acquisition, although such properties may be excluded from certain metrics disclosed in this Supplemental Information Package.

EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We make certain adjustments to EBITDA, which we refer to as adjusted EBITDA, to account for items we do not believe are representative of ongoing operating results. Given the nature of our business as a real estate owner and operator, we believe that the use of EBITDA and Adjusted EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because these computations exclude 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 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 and Adjusted 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 and Adjusted 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 and Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from EBITDA and Adjusted 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 implicitly 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.” We also believe that Recurring FFO is a useful measure of our core operating performance that facilitates comparability of historical financial periods. FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding (gains or losses) from sales of, or any impairment charges related to, depreciable operating properties, 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.

FFO and Recurring FFO are presented to assist investors in analyzing our operating performance. Neither FFO nor Recurring FFO (i) represents cash flow from operations as defined by GAAP, (ii) is indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is an alternative to cash flow as a measure of liquidity, or (iv) should be considered as an alternative to net (loss) income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net (loss) income is the most directly comparable GAAP measure to FFO and Recurring FFO.

Page 3

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

For the three months ended March 31, 2013 and 2012 (unaudited)

(in thousands, except per share data)



	For the three months ended
	March 31, 2013			March 31, 2012
Summary Financial Results
Total revenues*	$	88,448		$	83,067
Adjusted EBITDA* (see page 10)	$	55,775		$	50,126
Property net operating income* (see page 9)	$	64,011		$	59,581
General & administrative expenses (G&A)* - Adjusted ⁽¹⁾	$	8,593		$	10,128
Net income attributable to Equity One	$	24,593		$	18,982
Earnings per diluted share	$	0.21		$	0.16
Funds from operations (FFO) (see page 11)	$	39,969		$	33,242
FFO per diluted share (see page 12)	$	0.31		$	0.27
Recurring FFO (see page 11)	$	40,955		$	34,135
Recurring FFO per diluted share (see page 12)	$	0.32		$	0.28
Total dividends paid per share	$	0.22		$	0.22
Weighted average diluted shares used in EPS computations	117,398			112,820
Weighted average diluted shares used in FFO computations ⁽²⁾	128,755			124,178
Weighted average diluted shares used in Recurring FFO computations ⁽²⁾	128,755			124,178

Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 18-26)	91.8		%	91.2		%
Same-property shopping center portfolio occupancy at end of period ⁽³⁾	91.7		%	91.5		%
Same-property NOI growth - cash basis (see page 9)	3.0		%	4.5		%
NOI margin (see page 9)	72.7		%	72.4		%
Expense recovery ratio*	84.5		%	79.3		%
New, renewal and option rent spread - cash basis (see page 15)	10.0		%	3.5		%
Adjusted G&A expense to total revenues ⁽¹⁾	9.7		%	12.2		%
Net debt to total market capitalization (see page 6)	32.4		%	35.1		%
Net debt to Adjusted EBITDA (see page 10)	6.7			6.9
Adjusted EBITDA to interest expense* (see page 10)	3.2			2.8
Adjusted EBITDA to fixed charges* (see page 10)	2.9			2.5

* The indicated line item includes amounts reported in discontinued operations.

⁽¹⁾G&A expenses for the three months ended March 31, 2013 and 2012 deducts $304,000 and $1.3 million, respectively, for external costs associated with acquisition and disposition related expenses.

⁽²⁾ Weighted average diluted shares for the three months ended March 31, 2013 and 2012 are higher than the GAAP diluted weighted average shares as a result of the 11.4 million units held by Liberty International Holdings, Ltd. which are convertible into our common stock, and also as a result of employee stock options. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive.

⁽³⁾ Information provided on a same property basis is provided for only those properties that were owned and operated for the entirety of both periods being compared, excludes properties that were redeveloped, expanded or under development and properties purchased or sold at any time during the periods being compared.

Page 4

EQUITY ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2013 and December 31, 2012 and 2011 (unaudited)

(in thousands)




	March 31, 2013			December 31, 2012			December 31, 2011
Assets
Properties:
Income producing	$	3,110,334		$	3,100,499		$	2,777,587
Less: accumulated depreciation	(341,009		)	(326,165		)	(268,419		)
Income producing properties, net	2,769,325			2,774,334			2,509,168
Construction in progress and land held for development	98,485			108,721			111,844
Properties held for sale	36,949			123,949			188,870
Properties, net	2,904,759			3,007,004			2,809,882

Cash and cash equivalents ⁽¹⁾	25,141			27,858			103,524
Accounts and other receivables, net	11,866			14,320			17,790
Investments in and advances to unconsolidated joint ventures	71,710			72,171			50,158
Loans receivable, net	152,692			140,708			45,279
Goodwill	6,889			6,889			7,420
Other assets	242,799			233,718			188,518
Total assets	$	3,415,856		$	3,502,668		$	3,222,571

Liabilities, redeemable noncontrolling interests and equity
Liabilities:
Mortgage notes payable	$	437,163		$	439,156		$	452,915
Unsecured senior notes payable	731,136			731,136			691,136
Term loan	250,000			250,000			—
Unsecured revolving credit facilities	104,500			172,000			138,000
	1,522,799			1,592,292			1,282,051
Unamortized premium on notes payable, net	6,487			7,058			8,043
Total notes payable	1,529,286			1,599,350			1,290,094

Accounts payable and other liabilities	260,930			260,759			222,688
Liabilities associated with properties held for sale	117			3,513			47,074
Deferred tax liability	12,070			12,016			14,709
Total liabilities	1,802,403			1,875,638			1,574,565

Redeemable noncontrolling interests	3,635			22,551			22,804

Total stockholders’ equity of Equity One, Inc.	1,402,095			1,396,726			1,417,316

Noncontrolling interests	207,723			207,753			207,886

Total liabilities, redeemable noncontrolling interests and equity	$	3,415,856		$	3,502,668		$	3,222,571

⁽¹⁾ Includes restricted cash and cash held in escrow.

Page 5

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of March 31, 2013 and December 31, 2012 and 2011 (unaudited)

(in thousands, except share data)




	March 31, 2013			December 31, 2012			December 31, 2011
Closing market price of common stock	$	23.97		$	21.01		$	16.98
Common stock shares
Basic common shares	117,207.638			116,938.373			112,599.355
Diluted common shares
Unvested restricted common shares	155.147			119.442			107.888
DownREIT units (convertible into shares)	93.656			93.656			93.656
Common stock options (treasury method, closing price)	424.917			284.173			114.575
Long term incentive plan performance awards (treasury method, closing price)	245.981			213.006			—
Convertible CapCo Partnership Units	11,357.837			11,357.837			11,357.837
Diluted common shares	129,485.176			129,006.487			124,273.311

Equity market capitalization	$	3,103,760		$	2,710,426		$	2,110,161


Total debt (excluding unamortized/unaccreted premium/(discount)) ⁽¹⁾	$	1,522,799		$	1,595,110		$	1,328,174
Cash and equivalents	(25,141		)	(27,858		)	(103,524		)
Net debt ⁽¹⁾	$	1,497,658		$	1,567,252		$	1,224,650

Total debt (excluding unamortized/unaccreted premium/(discount)) ⁽¹⁾	$	1,522,799		$	1,595,110		$	1,328,174
Equity market capitalization	3,103,760			2,710,426			2,110,161
Total market capitalization	$	4,626,559		$	4,305,536		$	3,438,335

Net debt to total market capitalization at applicable market price	32.4		%	36.4		%	35.6		%


Gross real estate investments ⁽²⁾	$	3,398,460		$	3,482,806		$	3,131,599

Net debt to gross real estate investments	44.1		%	45.0		%	39.1		%

⁽¹⁾ Includes $2.8 million and $39.4 million of secured mortgage debt related to assets held for sale as of December 31, 2012 and 2011, respectively.

⁽²⁾ Includes investments in mezzanine and mortgage loans receivable.

Page 6

EQUITY ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three months ended March 31, 2013 and 2012 (unaudited)

(in thousands, except per share amounts)



	Three months ended						Percent Change
	March 31, 2013			March 31, 2012
REVENUE:
Minimum rent	$	64,156		$	57,716
Expense recoveries	19,801			17,124
Percentage rent	2,069			1,949
Management and leasing services	414			804
Total revenue	86,440			77,593			11.4	%
COSTS AND EXPENSES:
Property operating	23,348			21,006
Depreciation and amortization	23,021			21,045
General and administrative	8,897			11,382
Total costs and expenses	55,266			53,433			3.4	%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS	31,174			24,160
OTHER INCOME AND EXPENSE:
Investment income	2,204			1,445
Equity in income (loss) of unconsolidated joint ventures	435			(188		)
Other income	—			45
Interest expense	(17,445		)	(17,080		)
Amortization of deferred financing fees	(606		)	(591		)
Loss on extinguishment of debt	—			(93		)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS	15,762			7,698
Income tax (expense) benefit of taxable REIT subsidiaries	(95		)	46
INCOME FROM CONTINUING OPERATIONS	15,667			7,744			102.3	%
DISCONTINUED OPERATIONS:
Operations of income producing properties	428			1,614
Gain on disposal of income producing properties	11,196			14,269
Impairment loss on income producing properties	—			(1,932		)
INCOME FROM DISCONTINUED OPERATIONS	11,624			13,951
NET INCOME	27,291			21,695			25.8	%
Net income attributable to noncontrolling interests	(2,698		)	(2,713		)
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	24,593		$	18,982		29.6	%
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.11		$	0.04
Discontinued operations	0.10			0.12
	$	0.21		$	0.16		31.3	%
EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	0.11		$	0.04
Discontinued operations	0.10			0.12
	$	0.21		$	0.16		31.3	%
Weighted average shares outstanding:
Basic	117,032			112,649
Diluted	117,398			112,820

Page 7

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three months ended March 31, 2013 and 2012 (unaudited)

(in thousands)



	Three months ended March 31, 2013									Three months ended March 31, 2012
	As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	64,156		$	1,502		$	65,658		$	57,716		$	4,353		$	62,069
Expense recoveries	19,801			501			20,302			17,124			866			17,990
Percentage rent	2,069			5			2,074			1,949			255			2,204
Management and leasing services	414			—			414			804			—			804
Total revenue	86,440			2,008			88,448			77,593			5,474			83,067

COSTS AND EXPENSES:
Property operating	23,348			675			24,023			21,006			1,676			22,682
Depreciation and amortization	23,021			218			23,239			21,045			932			21,977
General and administrative	8,897			—			8,897			11,382			13			11,395
Total costs and expenses	55,266			893			56,159			53,433			2,621			56,054

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS	31,174			1,115			32,289			24,160			2,853			27,013

OTHER INCOME AND EXPENSE:
Investment income	2,204			2			2,206			1,445			1			1,446
Equity in income (loss) of unconsolidated joint ventures	435			—			435			(188		)	—			(188		)
Other income	—			—			—			45			96			141
Interest expense	(17,445		)	(7		)	(17,452		)	(17,080		)	(616		)	(17,696		)
Amortization of deferred financing fees	(606		)	—			(606		)	(591		)	(4		)	(595		)
Gain on sale of real estate	—			11,196			11,196			—			14,269			14,269
Loss on extinguishment of debt	—			(682		)	(682		)	(93		)	(716		)	(809		)
Impairment loss	—			—			—			—			(1,932		)	(1,932		)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS	15,762			11,624			27,386			7,698			13,951			21,649
Income tax (expense) benefit of taxable REIT subsidiaries	(95		)	—			(95		)	46			—			46
INCOME FROM CONTINUING OPERATIONS	15,667			11,624			27,291			7,744			13,951			21,695

DISCONTINUED OPERATIONS:
Operations of income producing properties	428			(428		)	—			1,614			(1,614		)	—
Gain on disposal of income producing properties	11,196			(11,196		)	—			14,269			(14,269		)	—
Impairment loss on income producing properties	—			—			—			(1,932		)	1,932			—
INCOME FROM DISCONTINUED OPERATIONS	11,624			(11,624		)	—			13,951			(13,951		)	—

NET INCOME	27,291			—			27,291			21,695			—			21,695

Net income attributable to noncontrolling interests	(2,698		)	—			(2,698		)	(2,713		)	—			(2,713		)

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	24,593		$	—		$	24,593		$	18,982		$	—		$	18,982

Page 8

EQUITY ONE, INC.

NET OPERATING INCOME

For the three months ended March 31, 2013 and 2012 (unaudited)

(in thousands)



	Three months ended						Percent Change
	March 31, 2013			March 31, 2012			Percent Change
Total net operating income ⁽¹⁾
Total rental revenue	$	88,034		$	82,263		7.0%
Property operating expenses	24,023			22,682			5.9%
Net operating income	$	64,011		$	59,581		7.4%

NOI margin (NOI / Total rental revenue)	72.7		%	72.4		%


Same-property cash NOI ^{(2) (3)}
Total rental revenue	$	66,758		$	65,048		2.6%
Property operating expenses ⁽⁴⁾	20,112			19,743			1.9%
Net operating income	$	46,646		$	45,305		3.0%

Growth in same-property NOI	3.0		%

Number of properties included in analysis ⁽³⁾	126

⁽¹⁾ Amounts included in discontinued operations have been included for purposes of this presentation of net operating income ("NOI"). NOI is presented on a GAAP basis.

⁽²⁾ Excludes the effects of straight-line rent, above/below market rents, lease termination fees, prior year expense recovery adjustments and other items that affect the comparability of the same-property results, if any.

⁽³⁾ The same-property pool includes only those properties that were owned and operated for the entirety of both periods being compared and excludes developments and redevelopments, unconsolidated joint venture properties and any properties purchased or sold during the periods being compared.

⁽⁴⁾ Property operating expenses include intercompany management fee expense.

Page 9

EQUITY ONE, INC.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION - (ADJUSTED EBITDA) (unaudited)

For the three months ended March 31, 2013 and 2012

(in thousands)



	Three months ended
	March 31, 2013			March 31, 2012
Net income attributable to Equity One, Inc.	$	24,593		$	18,982
Depreciation and amortization	23,239			21,977
Interest expense	17,452			17,696
Amortization of deferred financing fees	606			595
Loss on extinguishment of debt	682			809
Acquisition/disposition costs ⁽¹⁾	304			1,267
Impairment loss	—			1,932
Gain on sale of depreciable real estate	(11,196		)	(13,086		)
Income tax (benefit) expense of taxable REIT subsidiaries	95			(46		)
Adjusted EBITDA	$	55,775		$	50,126

Interest expense	$	17,452		$	17,696

Adjusted EBITDA to interest expense	3.2			2.8

Fixed charges
Interest expense	$	17,452		$	17,696
Scheduled principal amortization ⁽²⁾	2,006			2,220
Total fixed charges	$	19,458		$	19,916

Adjusted EBITDA to fixed charges	2.9			2.5

Net debt to Adjusted EBITDA ⁽³⁾	6.7			6.9

Amounts reported above include discontinued operations.

⁽¹⁾ Amounts include external costs associated with acquired and disposed properties and acquisition/disposition related expenses during the period.

⁽²⁾ Excludes balloon payments upon maturity.

⁽³⁾ Adjusted EBITDA for the period has been annualized.

Page 10

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the three months ended March 31, 2013 and 2012 (unaudited)

(in thousands)



	Three months ended March 31,
	2013			2012
	(In thousands)
Net income attributable to Equity One, Inc.	$	24,593		$	18,982
Adjustments:
Rental property depreciation and amortization, net of noncontrolling interest ⁽¹⁾	22,988			21,758
Earnings allocated to noncontrolling interest ⁽²⁾	2,499			2,499
Pro rata share of real estate depreciation from unconsolidated joint ventures	1,085			1,157
Impairments of depreciable real estate, net of tax ⁽¹⁾	—			1,932
Gain on disposal of depreciable assets, net of tax ⁽¹⁾	(11,196		)	(13,086		)
Funds From Operations	39,969			33,242
Transaction costs associated with acquisition and disposition activity, net of tax	304			1,267
Loss on debt extinguishment, net of tax	682			809
Gain on land sales ⁽¹⁾	—			(1,183		)
Recurring Funds From Operations	$	40,955		$	34,135

⁽¹⁾ Includes amounts classified as discontinued operations.

Page 11

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the three months ended March 31, 2013 and 2012 (unaudited)

(in thousands, except per share data)



	Three months ended March 31,
	2013			2012
Earnings per diluted share attributable to Equity One, Inc.	$	0.21		$	0.16
Adjustments:
Rental property depreciation and amortization, net of noncontrolling interest	0.18			0.18
Earnings allocated to noncontrolling interest ⁽¹⁾	0.02			0.02
Net adjustment for rounding and earnings attributable to unvested shares ⁽²⁾	(0.02		)	(0.01		)
Pro rata share of real estate depreciation from unconsolidated joint ventures	0.01			0.01
Impairments of depreciable real estate, net of tax	—			0.02
Gain on disposal of depreciable assets, net of tax	(0.09		)	(0.11		)
Funds From Operations per Diluted Share	$	0.31		$	0.27
Weighted Average Diluted Shares - Funds from Operations ⁽³⁾	128,755			124,178

Funds From Operations per Diluted Share	$	0.31		$	0.27
Loss on debt extinguishment, net of tax	0.01			0.01
Transaction costs associated with acquisition and disposition activity, net of tax	—			0.01
Gain on land sales	—			(0.01		)
Recurring Funds From Operations per Diluted Share	$	0.32		$	0.28
Weighted Average Diluted Shares - Recurring Funds from Operations ⁽³⁾	128,755			124,178

⁽²⁾ Represents an adjustment to compensate for the rounding of the individual calculations and to compensate for earnings allocated to unvested shares.

Page 12

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the three months ended March 31, 2013 and 2012 (unaudited)

(in thousands)



	Three months ended
	March 31, 2013			March 31, 2012
Certain non-cash items:
Amortization of deferred financing fees	$	606		$	595
Accretion of below market lease intangibles, net	2,918			2,948
Share-based compensation expense	1,687			2,063
Straight line rent	721			1,024
Capitalized interest	831			1,143
Amortization of premium on notes payable, net	(594		)	(784		)

Certain capital expenditures:
Tenant improvements	$	2,138		$	2,947
Leasing commissions and costs	1,837			1,365
Developments, redevelopments and expansions	2,514			20,176
Maintenance capital expenditures	248			2,676
Total tenant improvements and leasing costs	$	6,737		$	27,164

	March 31, 2013			December 31, 2012
Other assets:
Lease intangibles, net	$	126,091		$	130,678
Lease commissions, net	36,795			36,327
Prepaid expenses and other receivables	34,269			24,384
Straight-line rent receivable, net	21,593			20,857
Deposits and mortgage escrow	8,071			5,208
Deferred financing costs, net	10,177			10,777
Furniture and fixtures, net	2,876			2,519
Deferred tax asset	2,927			2,968
Total other assets	$	242,799		$	233,718

Accounts payable and other liabilities:
Lease intangible liabilities, net	$	181,340		$	185,494
Mandatorily redeemable noncontrolling interests	19,081			—
Prepaid rent	5,329			10,916
Accounts payable and other	55,180			64,349
Total accounts payable and other liabilities	$	260,930		$	260,759

Liquidity as of 3/31/13:
Cash and Cash Equivalents	$	24,699
Available under Lines of Credit	448,500
Total Available Funds	$	473,199

Page 13

EQUITY ONE, INC.

TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS

CONSOLIDATED PROPERTIES

As of March 31, 2013 (unaudited)



Tenant	Number of stores	Credit Rating Moody’s/S&P ⁽¹⁾	Square feet	% of total square feet		Annualized minimum rent		% of total annualized minimum rent		Average annual minimum rent per square foot		Average remaining term of AMR ⁽²⁾
Top twenty-five tenants
Publix	38	NA	1,631,430	9.3	%	$	12,599,061	5.2	%	$	7.72	6.6
Supervalu	6	B3/B+	398,625	2.3	%	8,995,251		3.7	%	22.57		3.4
L.A. Fitness	7	NA	320,897	1.8	%	5,267,279		2.2	%	16.41		9.3
Bed Bath & Beyond	12	NA/BBB+	365,657	2.1	%	4,602,653		1.9	%	12.59		3.1
The TJX Companies	12	A3/A	348,879	2.0	%	4,432,079		1.8	%	12.70		2.9
Office Depot	9	B2/B-	227,821	1.3	%	3,633,615		1.5	%	15.95		3.5
CVS Pharmacy	13	Baa2/BBB+	153,211	0.9	%	3,511,754		1.4	%	22.92		8.7
The Gap, Inc.	7	Baa3/BB+	119,729	0.7	%	3,340,605		1.4	%	27.90		6.8
Costco	1	A1/A+	148,295	0.8	%	3,057,583		1.3	%	20.62		1.4
Pathmark	1	NA	62,668	0.4	%	2,820,060		1.2	%	45.00		17.7
Winn Dixie	8	NA	352,628	2.0	%	2,692,884		1.1	%	7.64		4.9
Staples	7	Baa2/BBB	144,726	0.8	%	2,668,306		1.1	%	18.44		3.6
Sports Authority	3	B3/B-	78,146	0.4	%	2,656,570		1.1	%	33.99		5.7
Goodwill	15	NA	195,562	1.1	%	2,307,554		0.9	%	11.80		7.1
The Container Store	2	B3/B-	49,661	0.3	%	2,174,212		0.9	%	43.78		9.5
Best Buy	4	Baa2/BB	142,831	0.8	%	2,104,708		0.9	%	14.74		3.2
Trader Joe's	5	NA	55,962	0.3	%	2,059,545		0.8	%	36.80		8.8
Kroger	6	Baa2/BBB	283,689	1.6	%	2,022,653		0.8	%	7.13		3.3
Nordstrom	2	Baa1/A-	75,418	0.4	%	1,958,780		0.8	%	25.97		8.5
KMart	5	NA	439,558	2.5	%	1,939,705		0.8	%	4.41		2.3
Target	1	A2/A+	160,346	0.9	%	1,924,152		0.8	%	12.00		5.3
Dollar Tree	20	NA	225,050	1.3	%	1,915,718		0.8	%	8.51		2.4
WalMart	2	Aa2/AA	175,984	1.0	%	1,892,468		0.8	%	10.75		5.3
Ross Stores	6	NA/BBB+	185,241	1.1	%	1,860,173		0.8	%	10.04		5.4
Walgreens	6	Baa1/BBB	96,562	0.6	%	1,824,815		0.7	%	18.90		15.0

Total top twenty-five tenants	198		6,438,576	36.7	%	$	84,262,183	34.7	%	$	13.09	5.9

Note: The above schedule includes properties under development/redevelopment and excludes non-retail properties and properties held in unconsolidated joint ventures.

⁽¹⁾ Ratings as of March 31, 2013. Source: Moody’s/S&P.

⁽²⁾ In years, excluding tenant renewal options.

Page 14

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended March 31, 2013 (unaudited)



Category	Total Leases	Total Sq. Ft.	Same Space Leases	Same Space Sq. Ft.	Prior Rent PSF		New Rent PSF		Rent Spread		Same Space TIs PSF ⁽²⁾
Three Months ended March 31, 2013:
New Leases ⁽¹⁾	29	128,056	24	97,352	$	13.15	$	16.12	22.6	%	$	20.22
Renewals & Options	45	203,939	45	203,939	$	15.51	$	16.27	4.9	%	$	1.27
Total New, Renewals & Options ⁽³⁾	74	331,995	69	301,291	$	14.74	$	16.22	10.0	%	$	7.39

Note: Prior rent and new rent are presented on a “cash basis”, not on a straight-line basis. Excludes unconsolidated joint venture properties, non-retail properties, and developments/redevelopments.

⁽¹⁾ Rent spreads for new leases reflect same-space leasing where amount of rent paid by prior tenant is available regardless of the amount of time the space has been vacant.

⁽²⁾ Amount reflects the impact of tenant concessions and work to be performed by us prior to delivery of the space to the tenant.

⁽³⁾ Prior rent per square foot and new rent per square foot is computed on a weighted average basis by lease.

Page 15

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

As of March 31, 2013 (unaudited)



	ANCHOR TENANTS (SF >= 10,000)						SHOP TENANTS (SF < 10,000)						TOTAL TENANTS
Year	# of leases	Square Feet	% of Total SF		Average Annual Minimum Rent PSF at Expiration		# of leases	Square Feet	% of Total SF		Average Annual Minimum Rent PSF at Expiration		# of leases	Square feet	% of Total SF		Average Annual Minimum Rent PSF at Expiration

M-T-M	1	22,050	0.2	%	$	6.80	126	253,921	4.6	%	$	19.47	127	275,971	1.8	%	$	18.46
2013	22	518,615	5.2	%	11.99		255	570,887	10.4	%	20.64		277	1,089,502	7.0	%	16.52
2014	44	1,280,510	12.7	%	8.29		367	820,721	14.9	%	21.74		411	2,101,231	13.5	%	13.54
2015	38	1,088,519	10.8	%	7.70		329	777,270	14.1	%	23.23		367	1,865,789	12.0	%	14.17
2016	45	1,658,913	16.5	%	12.70		255	619,415	11.2	%	24.43		300	2,278,328	14.6	%	15.89
2017	41	1,167,062	11.6	%	13.23		255	572,897	10.4	%	27.02		296	1,739,959	11.2	%	17.77
2018	20	678,764	6.8	%	11.03		78	246,587	4.5	%	26.41		98	925,351	6.0	%	15.13
2019	11	530,145	5.3	%	8.22		27	83,496	1.5	%	27.34		38	613,641	3.9	%	10.82
2020	18	555,872	5.5	%	13.07		30	95,771	1.7	%	29.71		48	651,643	4.2	%	15.52
2021	12	252,683	2.5	%	15.11		28	74,938	1.4	%	44.70		40	327,621	2.1	%	21.88
2022	17	543,097	5.4	%	13.81		42	133,837	2.4	%	38.77		59	676,934	4.3	%	18.75
Thereafter	47	1,544,148	15.3	%	16.46		60	204,886	3.7	%	38.61		107	1,749,034	11.2	%	19.05
Sub-total / Avg.	316	9,840,378	97.8	%	11.96		1,852	4,454,626	80.8	%	24.99		2,168	14,295,004	91.8	%	16.02
Vacant	11	223,782	2.2	%	NA		536	1,055,528	19.2	%	NA		547	1,279,310	8.2	%	NA
Total / Avg.	327	10,064,160	100.0	%	NA		2,388	5,510,154	100.0	%	NA		2,715	15,574,314	100.0	%	NA

Note: The above schedules exclude properties under development/redevelopment, non-retail properties, and properties held in unconsolidated joint ventures.

Page 16

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of March 31, 2013 (unaudited)



Metro or Region	# Properties	Total SF	AMR		% of AMR
Miami Dade/Broward/Palm Beach	35	4,401,906	$	61,882,503	28.8	%
Treasure Coast	4	358,817	4,062,287		1.9	%
South Florida Region	39	4,760,723	65,944,790		30.7	%
California	9	2,035,396	45,494,845		21.1	%
Arizona	1	210,396	1,843,495		0.9	%
West Coast Region	10	2,245,792	47,338,340		22.0	%
Atlanta, Georgia	10	969,727	14,333,820		6.7	%
Louisiana	12	1,328,277	11,014,661		5.1	%
North Carolina	7	738,913	5,174,991		2.4	%
Central/South Georgia	4	624,662	3,706,902		1.7	%
Other	3	258,535	1,872,684		0.9	%
Southeast Region	36	3,920,114	36,103,058		16.8	%
Connecticut	7	866,937	15,640,279		7.3	%
Massachusetts	7	600,879	11,169,655		5.2	%
New York	5	239,329	9,482,012		4.4	%
Northeast Region	19	1,707,145	36,291,946		16.9	%
Jacksonville/North Florida	8	1,036,342	11,043,972		5.1	%
Tampa/St. Petersburg/Venice/Cape Coral/Naples	10	901,485	8,617,386		4.0	%
Orlando/Central Florida	5	486,007	4,398,537		2.0	%
North Palm Coast	5	516,706	5,378,434		2.5	%
North Florida Region	28	2,940,540	29,438,329		13.6	%

Total	132	15,574,314	$	215,116,463	100.0	%

Note: The above excludes properties under development/redevelopment, non-retail properties, and properties held in unconsolidated joint ventures.

Page 17

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
NORTH FLORIDA REGION (28)
Orlando / Central Florida (5)
Alafaya Commons	Orlando	1987	126,333	77.9	%	20	10	54,230	Publix	11/30/2013		$	13.74
Alafaya Village	Orlando	1986	38,118	79.9	%	12	4					$	22.83
Park Promenade	Orlando	1987 / 2000	128,848	71.5	%	13	10				Beauty Depot / Dollar General	$	7.84
Town & Country	Kissimmee	1993	75,181	94.1	%	11	3	52,883	Albertsons* (Ross Dress For Less)	10/31/2018		$	7.66
Unigold Shopping Center	Winter Park	1987	117,527	88.6	%	19	6	52,500	Winn-Dixie	4/30/2017	You Fit	$	10.46
Jacksonville / North Florida (8)
Beauclerc Village	Jacksonville	1962 / 1988	68,846	94.3	%	8	3				Big Lots / Goodwill / Beall’s Outlet	$	8.91
Forest Village	Tallahassee	2000	71,526	78.7	%	9	7	37,866	Publix	4/30/2020		$	10.31
Ft. Caroline	Jacksonville	1985 / 1995	71,816	86.8	%	6	6	45,500	Winn-Dixie	5/31/2015	Citi Trends	$	6.89
Mandarin Landing	Jacksonville	1976	139,580	88.6	%	21	8	50,000	Whole Foods	12/31/2023	Office Depot / Aveda Institute	$	16.54
Medical & Merchants	Jacksonville	1993	156,153	97.0	%	11	2	55,999	Publix	2/10/2018	Memorial Hospital* / Planet Fitness	$	13.17
Oak Hill	Jacksonville	1985 / 1997	78,492	100.0	%	17	—	39,795	Publix	3/11/2015	Planet Fitness	$	8.29
Pablo Plaza	Jacksonville	1974 / 1998 / 2001 / 2008	146,473	89.5	%	21	7	34,400	Publix* (Office Depot)	11/30/2013	Marshalls / HomeGoods	$	11.76
South Beach	Jacksonville Beach	1990 / 1991	303,456	86.7	%	32	17				Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	$	12.25
Tampa / St. Petersburg / Venice / Cape Coral / Naples (10)
Charlotte Square	Port Charlotte	1980	96,626	69.9	%	12	13				Seafood Buffet / American Signature Furniture	$	7.09
Glengary Shoppes	Sarasota	1995	99,182	100.0	%	6	—				Best Buy / Barnes & Noble	$	18.47
Lutz Lake^{(2) (3)}	Lutz	2002	64,985	85.8	%	9	5	44,270	Publix	5/31/2022		$	12.34
Mariners Crossing	Spring Hill	1989 / 1999	97,812	93.7	%	17	1	48,315	Sweet Bay	8/15/2020		$	10.80
Regency Crossing ⁽²⁾	Port Richey	1986 / 2001	85,864	74.8	%	11	14	44,270	Publix	2/28/2021		$	9.31

Page 18

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
Seven Hills ^{(2) (3)}	Spring Hill	1991	72,590	90.6	%	14	4	48,890	Publix	9/25/2016		$	10.17
Shoppes of North Port	North Port	1991	84,705	84.4	%	13	8				You Fit Health Club / Goodwill	$	8.99
Sunlake	Tampa	2008	94,397	91.3	%	19	6	45,600	Publix	12/31/2028		$	18.07
Sunpoint Shopping Center	Ruskin	1984	132,374	80.5	%	16	9				Goodwill / Big Lots / Chapter 13 Trustee / The Crossing Church	$	6.36
Walden Woods	Plant City	1985 /1998 / 2003	72,950	87.3	%	10	5				Dollar Tree / Aaron Rents / Dollar General	$	7.57
North Palm Coast (5)
New Smyrna Beach	New Smyrna Beach	1987	118,451	82.8	%	28	5	42,112	Publix	9/23/2017	Beall’s Outlet	$	10.99
Old King Commons	Palm Coast	1988	84,759	95.6	%	13	2				Staples / Beall's Outlet / Planet Fitness	$	7.92
Ryanwood	Vero Beach	1987	114,925	83.9	%	21	11	39,795	Publix	3/23/2017	Beall’s Outlet / Books-A-Million	$	11.07
South Point Center	Vero Beach	2003	64,790	94.1	%	12	3	44,840	Publix	11/30/2023		$	15.67
Treasure Coast	Vero Beach	1983	133,781	95.4	%	21	2	59,450	Publix	7/31/2026	TJ Maxx	$	12.83
TOTAL SHOPPING CENTERS NORTH FLORIDA REGION (28)			2,940,540	87.2	%	422	171	840,715				$	11.48

SOUTH FLORIDA REGION (39)
Miami-Dade / Broward / Palm Beach (35)
Aventura Square	Aventura	1991	143,250	100.0	%	10	—				Babies R Us / Jewelry Exchange / Old Navy / Bed Bath & Beyond / DSW	$	24.22
Bird Ludlum	Miami	1988 / 1998	192,274	95.2	%	42	6	44,400	Winn-Dixie	12/31/2017	CVS Pharmacy / Goodwill	$	18.54
Bluffs Square	Jupiter	1986	123,917	76.0	%	20	11	39,795	Publix	10/22/2016	Walgreens	$	12.94
Chapel Trail	Pembroke Pines	2007	56,378	100.0	%	4	—				LA Fitness	$	23.63
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990	74,680	93.4	%	14	3				Office Depot / Walgreens	$	26.08
Countryside Shops	Cooper City	1986 /1988 / 1991	179,561	86.0	%	36	10	39,795	Publix	12/4/2015	Stein Mart	$	14.14
Crossroads Square	Pembroke Pines	1973	81,587	86.0	%	15	8				CVS Pharmacy / Goodwill	$	17.11
CVS Plaza	Miami	2004	18,214	100.0	%	6	—					$	23.50
El Novillo	Miami Beach	1970 / 2000	10,000	100.0	%	1	—				Sakura Japanese Buffet	$	17.00
Greenwood	Palm Springs	1982 / 1994	133,339	92.7	%	32	6	50,032	Publix	12/5/2014	Beall’s Outlet	$	14.17
Hammocks Town Center	Miami	1987 / 1993	168,834	96.7	%	33	4	39,795	Publix	6/24/2017	Metro Dade Library / CVS Pharmacy / Porky’s Gym	$	14.47
Jonathan’s Landing	Jupiter	1997	26,820	74.4	%	10	2					$	21.00

Page 19

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
Lago Mar	Miami	1995	82,613	89.5	%	15	5	42,323	Publix	9/13/2015		$	14.63
Lantana Village	Lantana	1976 / 1999	181,780	97.5	%	23	2	39,473	Winn-Dixie	2/15/2016	Kmart / Rite Aid* (Family Dollar)	$	7.60
Magnolia Shoppes	Fort Lauderdale	1998	114,118	94.5	%	15	3				Regal Cinemas / Deal$	$	12.07
Meadows	Miami	1997	75,524	94.2	%	16	4	47,955	Publix	9/30/2017		$	14.19
Shoppes of Oakbrook	Palm Beach Gardens	1974 / 2000 / 2003	199,633	93.9	%	23	7	44,400	Publix	11/30/2020	Stein Mart / Homegoods / CVS Pharmacy / Bassett Furniture / Duffy’s	$	14.49
Oaktree Plaza	North Palm Beach	1985	23,745	71.8	%	12	8					$	15.76
Pine Island	Davie	1999	254,907	93.0	%	37	9	39,943	Publix	11/30/2018	Burlington Coat Factory/Staples	$	13.40
Plaza Alegre	Miami	2003	88,411	94.6	%	17	3	44,271	Publix	3/14/2023	Goodwill	$	16.27
Point Royale	Miami	1970 / 2000	181,375	92.8	%	22	5	45,350	Winn-Dixie	2/15/2015	Best Buy / Pasteur Medical	$	11.95
Prosperity Centre	Palm Beach Gardens	1993	122,014	100.0	%	10	—				Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx	$	17.88
Ridge Plaza	Davie	1984 / 1999	155,204	95.3	%	21	6				Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill	$	11.71
Riverside Square	Coral Springs	1987	103,241	76.1	%	18	15	39,795	Publix	2/18/2017		$	11.08
Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	83.8	%	18	6	36,464	Publix	12/15/2014	Walgreens / Dollar Tree	$	10.47
Sheridan Plaza	Hollywood	1973 / 1991	508,455	98.8	%	60	3	65,537	Publix	10/9/2016	Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / Office Depot / Assoc. in Neurology	$	15.98
Shoppes of Andros Isles	West Palm Beach	2000	79,420	83.3	%	10	8	51,420	Publix	2/29/2020		$	12.25
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997	126,789	87.8	%	28	7	47,814	Publix	6/14/2015	Goodwill	$	15.97
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006	287,168	95.9	%	44	5	51,420	Publix	7/31/2019	TJ Maxx / LA Fitness / Goodwill	$	18.77
Tamarac Town Square	Tamarac	1987	124,585	89.2	%	30	9	37,764	Publix	12/15/2019	Dollar Tree / Pivot Education	$	11.55
Waterstone	Homestead	2005	61,000	100.0	%	9	—	45,600	Publix	7/31/2025		$	11.67
West Bird	Miami	1977 / 2000	99,864	91.2	%	24	4	37,949	Publix	8/31/2020	CVS Pharmacy	$	13.95
West Lakes Plaza	Miami	1984 / 2000	100,747	94.2	%	26	2	46,216	Winn-Dixie	5/22/2016	Navarro Pharmacy	$	14.13
Westport Plaza	Davie	2002	49,533	84.1	%	6	2	27,887	Publix	11/30/2022		$	17.96
Young Circle	Hollywood	1962 / 1997	65,834	98.1	%	9	1	23,124	Publix	11/30/2016	Walgreens	$	15.47

Page 20

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
Treasure Coast (4)
Cashmere Corners	Port St. Lucie	2001	89,234	93.7	%	13	3	59,448	Albertsons	4/30/2025		$	9.03
Pavilion	Naples	1982/2001	167,745	85.6	%	31	9				Pavilion 6 / L.A. Fitness / Anthony's	$	15.67
Salerno Village	Stuart	1987	82,477	87.7	%	12	8	45,802	Winn-Dixie	3/23/2024	CVS Pharmacy	$	10.78
Shops at St. Lucie	Port St. Lucie	2006	19,361	65.2	%	7	3					$	21.94

TOTAL SHOPPING CENTERS SOUTH FLORIDA REGION (39)			4,760,723	92.4	%	779	187	1,133,772				$	14.99

SOUTHEAST REGION (36)

ALABAMA (1)
Madison Centre ⁽²⁾	Madison	1997	64,837	95.7	%	12	2	37,912	Publix	6/1/2017	Rite Aid	$	10.08

TOTAL SHOPPING CENTERS ALABAMA (1)			64,837	95.7	%	12	2	37,912				$	10.08

GEORGIA (14)
Atlanta (10)
BridgeMill	Canton	2000	89,102	91.9	%	25	4	37,888	Publix	1/31/2020		$	16.15
Buckhead Station	Atlanta	1996	233,739	100.0	%	15	—				Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack	$	21.51
Chastain Square	Atlanta	1981 / 2001	91,637	98.0	%	24	2	37,366	Publix	5/31/2024		$	18.17
Hairston Center	Decatur	2000	13,000	92.3	%	7	1					$	11.57
Hampton Oaks	Fairburn	2009	20,842	29.2	%	3	8					$	11.66
Market Place	Norcross	1976	73,686	98.5	%	20	3				Galaxy Cinema	$	11.43
Piedmont Peachtree Crossing	Buckhead	1978 / 1998	152,239	96.4	%	26	2	55,520	Kroger	2/28/2015	Cost Plus Store / Binders Art Supplies	$	19.04
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998	86,401	84.4	%	17	7				Micro Center	$	9.86
Wesley Chapel	Decatur	1989	164,153	84.3	%	17	11				Everest Institute* / Little Giant / Deal$ / Planet Fitness	$	8.21
Williamsburg @ Dunwoody	Dunwoody	1983	44,928	81.6	%	20	7					$	18.13

Page 21

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
Central / South Georgia (4)
Daniel Village	Augusta	1956 / 1997	171,932	68.7	%	27	13	45,971	Bi-Lo	3/25/2022	St. Joseph Home Health Care	$	9.46
McAlpin Square	Savannah	1979	173,952	94.7	%	21	3	43,600	Kroger	8/31/2015	Big Lots / Post Office / Habitat for Humanity	$	7.76
Spalding Village	Griffin	1989	235,318	59.5	%	14	14	59,431	Kroger	5/31/2014	Fred’s Store / Goodwill	$	7.65
Walton Plaza	Augusta	1990	43,460	92.4	%	5	3				Gold’s Gym	$	5.97

TOTAL SHOPPING CENTERS GEORGIA (14)			1,594,389	84.9	%	241	78	279,776				$	13.33

LOUISIANA (12)
Ambassador Row	Lafayette	1980 / 1991	194,678	98.4	%	24	2				Conn’s Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics	$	10.36
Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005	146,697	94.8	%	21	2				Bed Bath & Beyond / Marshalls / Hancock Fabrics / Unitech Training Academy / Tuesday Morning	$	9.98
Bluebonnet Village	Baton Rouge	1983	101,623	98.0	%	22	4	33,387	Matherne’s	11/30/2015	Office Depot	$	11.86
Boulevard	Lafayette	1976 / 1994	68,012	94.5	%	12	2				Piccadilly / Harbor Freight Tools / Golfballs.com	$	9.28
Country Club Plaza	Slidell	1982 / 1994	64,686	86.8	%	8	2	33,387	Winn-Dixie	1/31/2018		$	6.75
Crossing	Slidell	1988 / 1993	113,989	94.1	%	11	4	58,432	Save A Center	9/28/2039	A-1 Home Appliance / Piccadilly	$	5.34
Elmwood Oaks	Harahan	1989	130,284	100.0	%	10	—				Academy Sports / Dollar Tree / Tuesday Morning	$	9.35
Plaza Acadienne	Eunice	1980	59,419	100.0	%	7	—	28,092	Super 1 Store	6/30/2015	Fred’s Store	$	4.37
Sherwood South	Baton Rouge	1972 / 1988 / 1992	77,230	81.3	%	7	2				Burke’s Outlet / Harbor Freight Tools / Fred’s Store	$	6.41
Siegen Village	Baton Rouge	1988	170,416	98.9	%	19	1				Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	9.55
Tarpon Heights	Galliano	1982	56,605	100.0	%	9	—				Stage / Dollar General	$	6.00
Village at Northshore	Slidell	1988	144,638	96.5	%	13	2				Marshalls / Dollar Tree / JoAnn Fabrics / Bed Bath & Beyond / Baskins	$	7.77

TOTAL SHOPPING CENTERS LOUISIANA (12)			1,328,277	96.0	%	163	21	153,298				$	8.64

Page 22

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987	66,857	100.0	%	8	—				Big Lots / Dragon City	$	7.35

TOTAL SHOPPING CENTERS MISSISSIPPI (1)			66,857	100.0	%	8	—					$	7.35

NORTH CAROLINA (7)
Brawley Commons	Charlotte	1997 / 1998	119,189	62.9	%	20	18	42,142	Lowe’s Foods*	5/13/2017		$	11.66
Centre Pointe Plaza	Smithfield	1989	159,383	99.2	%	23	1				Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores	$	5.87
Chestnut Square	Brevard	1985 / 2008	34,260	90.7	%	6	2				Walgreens	$	15.68
Riverview Shopping Center	Durham	1973 / 1995	128,498	92.4	%	11	5	53,538	Kroger	12/31/2014	Upchurch Drugs / Riverview Galleries	$	8.23
Stanley Market Place	Stanley	2007	53,228	96.7	%	6	1	34,928	Food Lion	5/15/2027	Family Dollar	$	9.56
Thomasville Commons	Thomasville	1991	148,754	88.3	%	8	6	32,000	Ingles	9/29/2017	Kmart	$	5.34
Willowdaile Shopping Center	Durham	1986	95,601	88.5	%	16	6				Hall of Fitness / Ollie’s Bargain Outlet	$	8.43

TOTAL SHOPPING CENTERS NORTH CAROLINA (7)			738,913	88.0	%	90	39	162,608				$	7.96

VIRGINIA (1)
Smyth Valley Crossing	Marion	1989	126,841	98.0	%	13	1	32,000	Ingles	9/25/2015	Walmart	$	6.08

TOTAL SHOPPING CENTERS VIRGINIA (1)			126,841	98.0	%	13	1	32,000				$	6.08

TOTAL SHOPPING CENTERS SOUTHEAST REGION (36)			3,920,114	90.1	%	527	141	665,594				$	10.22

NORTHEAST REGION (19)
CONNECTICUT (7)
Brookside Plaza	Enfield	1985 / 2006	214,030	92.8	%	23	3	59,648	Wakefern Food	8/31/2015	Bed Bath & Beyond / Walgreens / Staples /PetSmart	$	12.95
Compo Acres ⁽¹⁾	Westport	1960 / 2011	42,866	93.2	%	14	1	11,731	Trader Joe’s	2/28/2022		$	45.54
Copps Hill	Ridgefield	1979 / 2002	184,528	100.0	%	9	—	59,015	Stop & Shop	12/31/2024	Kohl’s / Rite Aid	$	12.86
Darinor Plaza ⁽¹⁾	Norwalk	1978	151,198	100.0	%	13	—				Kohl's / Old Navy / Party City	$	16.39
Danbury Green	Danbury	1985 / 2006	98,095	100.0	%	10	—	11,850	Trader Joe’s	1/31/2023	Rite Aid / Annie Sez / Staples / DSW	$	22.52
Post Road Plaza ⁽¹⁾	Darien	1978	20,005	100.0	%	4	—	8,487	Trader Joe's	8/13/2017		$	38.57
Southbury Green	Southbury	1979 / 2002	156,215	100.0	%	24	—	60,113	ShopRite	7/31/2022	Staples	$	21.88

TOTAL SHOPPING CENTERS CONNECTICUT (7)			866,937	97.9	%	97	4	210,844				$	18.43

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
MASSACHUSETTS (7)
Cambridge Star Market	Cambridge	1953 / 1997	66,108	100.0	%	1	—	66,108	Star Market	1/2/2016		$	30.25
Medford Shaw’s Supermarket	Medford	1995	62,656	100.0	%	2	—	60,356	Shaw’s	1/1/2016		$	26.92
Plymouth Shaw’s Supermarket	Plymouth	1993	59,726	100.0	%	1	—	59,726	Shaw’s	1/1/2016		$	19.99
Quincy Star Market	Quincy	1965 / 1995	100,741	100.0	%	1	—	100,741	Star Market	1/2/2016		$	19.53
Swampscott Whole Foods	Swampscott	1967 / 2005	35,907	100.0	%	1	—	35,907	Whole Foods	1/1/2026		$	22.89
Webster Plaza	Webster	1963 / 1998	199,425	98.2	%	13	1	56,766	Shaw’s	2/28/2023	K Mart	$	8.15
West Roxbury Shaw’s Plaza	West Roxbury	1973 / 1995 / 2006	76,316	97.7	%	11	2	54,928	Shaw’s	1/2/2016		$	25.53

TOTAL SHOPPING CENTERS MASSACHUSETTS (7)			600,879	99.1	%	30	3	434,532				$	18.76

NEW YORK (5)
1175 Third Avenue	Manhattan	1995	25,350	100.0	%	1	—	25,350	Food Emporium	1/31/2019		$	41.66
90-30 Metropolitan	Queens	2007	59,815	93.9	%	4	1	10,890	Trader Joe's	1/31/2023	Staples / Michael’s	$	31.00
101 7th Avenue	Manhattan	1930	56,870	100.0	%	1	—				Loehmann’s	$	24.62
1225-1239 Second Avenue⁽¹⁾	Manhattan	1964/1987	18,474	100.0	%	6	—				CVS Pharmacy	$	96.91
Clocktower Plaza ⁽¹⁾	Queens	1985/1995	78,820	100.0	%	8	—	62,668	Pathmark	11/30/2030		$	44.33

TOTAL SHOPPING CENTERS NEW YORK (5)			239,329	98.5	%	20	1	98,908				$	40.23

TOTAL SHOPPING CENTERS NORTHEAST REGION (19)			1,707,145	98.4	%	147	8	744,284				$	21.61

WEST COAST REGION (10)
ARIZONA (1)
Canyon Trails	Goodyear	2008	210,396	64.4	%	19	15				Office Max / PetSmart / Ross / Cost Plus / Dollar Tree	$	13.61

TOTAL SHOPPING CENTERS ARIZONA (1)			210,396	64.4	%	19	15					$	13.61

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF
CALIFORNIA (9)
Circle Center West	Long Beach	1989	64,403	100.0	%	16	—				Marshalls	$	20.03
Culver Center	Culver City	1950 / 2000	216,646	97.7	%	32	1	36,578	Ralph’s	10/31/2015	LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy	$	27.55
Marketplace Shopping Center	Davis	1990	111,156	100.0	%	23	—	35,018	Safeway	7/31/2014	Petco / CVS Pharmacy	$	21.50
Plaza Escuela	Walnut Creek	2002	152,452	98.0	%	23	4				AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority	$	41.90
Potrero ⁽¹⁾	San Francisco	1968 / 1997	226,699	99.9	%	26	1	59,566	Safeway	9/30/2020	24 Hour Fitness / Party City / Petco / Office Depot / Ross	$	29.70
Ralph's Circle Center	Long Beach	1983	59,837	100.0	%	12	—	35,022	Ralph’s	11/30/2025		$	16.91
Serramonte	Daly City	1968	799,764	98.3	%	96	6				Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / Crunch Gym	$	18.01
Von’s Circle Center	Long Beach	1972	148,353	96.7	%	22	3	45,253	Von’s	7/31/2022	Rite Aid / Ross	$	16.89
Willows	Concord	1977	256,086	90.2	%	24	10				Lazy Dog / Claim Jumper / U Gym / REI / The Jungle / Old Navy / Pier 1 / Cost Plus	$	23.36

TOTAL SHOPPING CENTERS CALIFORNIA (9)			2,035,396	97.5	%	274	25	211,437				$	22.93

TOTAL SHOPPING CENTERS WEST COAST REGION (10)			2,245,792	94.4	%	293	40	211,437				$	22.34

TOTAL CORE SHOPPING CENTER PORTFOLIO (132)			15,574,314	91.8	%	2,168	547	3,595,802				$	15.05

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



		Year	Total			Number		Supermarket anchor				Average
		Built /	Sq. Ft.	Percent		of tenants		Owned		Expiration		base rent
Property	City	Renovated	Owned	Leased		Leased	Vacant	sq. ft.	Name	Date	Other anchor tenants	per leased SF

OTHER PROPERTIES (6) ⁽¹⁾
200 Potrero	San Francisco	1928	30,500	55.1	%	1	1				Golden Bear Sportswear
4101 South I-85 Industrial	Charlotte, NC	1956 / 1963	188,513	100.0	%	1	—				Park ’N Go
Banco Popular Office Building	Miami, FL	1971	32,737	82.5	%	14	5
Prosperity Office Building	Palm Beach Gdns, FL	1972	3,200			—	1
Providence Square	Charlotte, NC	1973	85,930	16.6	%	6	19
Danville - San Ramon Medical	Danville, CA	1982-1986	74,599	76.9	%	41	12

TOTAL OTHER PROPERTIES (6) ⁽¹⁾			415,479	73.2	%	63	38	—

TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (138)			15,989,793	91.3	%	2,231	585	3,595,802

DEVELOPMENTS, REDEVELOPMENTS & LAND (18) ⁽¹⁾
Developments (2)	See Schedule on Page 28.
Redevelopments (9)	See Schedule on Page 28.
Land Held for Development (7) ⁽⁴⁾

TOTAL CONSOLIDATED - 156 Properties

Note: Total square footage does not include shadow anchor square footage that is not owned by Equity One but does include square footage for ground leases.

* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ).

⁽¹⁾ Not included in the quarter to date March 31, 2013 same property pool.

⁽²⁾ Property is classified as held for sale.

⁽³⁾ Property was sold in 2013.

⁽⁴⁾ The total carrying value of land held for development as of March 31, 2013 is $34.0 million.

Page 26

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

For the three months ended March 31, 2013 (unaudited)

(in thousands, except for square footage/acres)

2013 Acquisition Activity - No activity for the period



2013 Disposition Activity
Date Sold	Property Name	City	State	Square Feet	Gross Sales Price			Gain (loss) on Sale
Income producing properties sold
March 29, 2013	Middle Beach Shopping Center	Panama City Beach	FL	69,277	$	2,350		$	(311	)
March 22, 2013	Douglas Commons	Douglasville	GA	97,027	12,000			2,088
March 22, 2013	North Village Center	North Myrtle Beach	SC	60,356	2,365			(230		)
March 22, 2013	Windy Hill Shopping Center	North Myrtle Beach	SC	68,465	2,635			(277		)
February 13, 2013	Macland Pointe	Marietta	GA	79,699	9,150			669
January 23, 2013	Shoppes of Eastwood	Orlando	FL	69,037	11,600			4,438
January 15, 2013	Butler Creek	Acworth	GA	95,597	10,650			1,136
January 15, 2013	Fairview Oaks	Ellenwood	GA	77,052	9,300			963
January 15, 2013	Grassland Crossing	Alpharetta	GA	90,906	9,700			(517		)
January 15, 2013	Hamilton Ridge	Buford	GA	90,996	11,800			(239		)
January 15, 2013	Mableton Crossing	Mableton	GA	86,819	11,500		⁽¹⁾	2,789
January 15, 2013	Shops at Westridge	McDonough	GA	66,297	7,550			687
Total					$	100,600		$	11,196

⁽¹⁾ $2.8 million of mortgage debt secured by this property was repaid at closing.

Page 27

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of March 31, 2013 (unaudited)

(in thousands, except square footage data)



Project	Location	Project GLA ⁽¹⁾	Total GLA ⁽²⁾	Anchors	Target Stabilization Date ⁽³⁾	Estimated Gross Cost ⁽⁴⁾			Estimated Net Cost ⁽⁵⁾			Incurred as of 3/31/13			Balance to Complete (Gross Cost)
Active Developments
The Gallery at Westbury	Westbury, NY	313,281	313,281	Container Store / Nordstrom Rack / Trader Joe's / Saks Off Fifth / Banana Republic Outlet/ Bloomingdales Outlet / Sports Authority Elite / Old Navy / Ulta	2013	$	149,600		$	128,600	⁽⁹⁾	$	135,471		$	14,129
Broadway Plaza	Bronx, NY	115,000	115,000	TBD	2014	53,000		⁽⁶⁾	53,000		⁽⁶⁾	9,926			43,074
Subtotal		428,281	428,281			202,600			181,600			145,397			57,203
Active Redevelopments
Boca Village	Boca Raton, FL	42,077	92,267	CVS Pharmacy	2Q14	7,505			7,255			4,903			2,602
Boynton Plaza	Boynton Beach, FL	53,785	107,479	Publix	4Q14	8,109			7,608			190			7,919
Kirkman Shoppes	Orlando, FL	41,000	99,625	L.A. Fitness	3Q15	6,590			6,590			20			6,570
Lake Mary Centre	Lake Mary, FL	56,468	340,434	Ross / National Grocer	1Q14	4,001			4,001			132			3,869
Serramonte Shopping Center ⁽⁷⁾	Daly City, CA	83,218	882,982	Dick's Sporting Goods	2Q14	19,270			19,150			2,754			16,516
Summerlin ⁽⁸⁾	Ft. Myers, FL	15,000	195,000	Large National Retailer	4Q13	2,227			2,127			1,250			977
Subtotal		291,548	1,717,787			47,702			46,731			9,249			38,453
Total Active Developments and Redevelopments		719,829	2,146,068			250,302			228,331			154,646			95,656
Redevelopments Pending Stabilization
Atlantic Village ⁽¹⁰⁾	Atlantic Beach, FL	39,795	100,559	L.A. Fitness	2Q13	$	4,609		$	4,609		$	4,623		$	—
Paulding Commons⁽¹⁰⁾	Hiram, GA	73,901	209,676	Academy Sports	3Q12	1,729			1,729			1,671			—
Pine Ridge⁽¹⁰⁾	Coral Springs, FL	41,886	117,744	Marshalls / Ulta	4Q12	4,605			4,605			4,774			—
Westbury Plaza ⁽¹⁰⁾	Westbury, NY	15,000	398,602	Costco / Marshalls / Sports Authority / Walmart	4Q11	2,096			2,096			2,120			—
Subtotal		170,582	826,581			13,039			13,039			13,188			—
Total Development and Redevelopment Activity		890,411	2,972,649			$	263,341		$	241,370		$	167,834	⁽¹¹⁾	$	95,656

⁽¹⁾ Project GLA is subject to change based upon changes related to build-to-suit requests and other tenant driven changes.

⁽²⁾ Total GLA represents all GLA for the corresponding property and for redevelopments, includes portions of center not subject to redevelopment.

⁽³⁾ Target stabilization date reflects the date that construction is expected to be complete and the anchors commence rent. Properties may continue to be reflected in development or redevelopment until they are included in our same property pool, which is normally one year from rent commencement. (This period may be in excess of one year to the extent that the anchors commence rent but receive rent concessions or other forms of reduced rent for a limited period following rent commencement.)

⁽⁴⁾ For developments, includes actual cost of land.

⁽⁵⁾ After sales of outparcels and construction cost reimbursements.

⁽⁶⁾ Budgeted amounts pending approval of the investment committee.

⁽⁷⁾ This property is included in the same property pool as of March 31, 2013.

⁽⁸⁾ This property is classified as held for sale as of March 31, 2013. Three outparcels will be retained and redeveloped.

⁽⁹⁾ Estimated net costs includes estimate of tax refunds for eligible costs incurred as part of our participation in New York State's Brownfield Cleanup Program.

⁽¹⁰⁾ Project is complete. See Note (3) above.

⁽¹¹⁾ Includes an aggregate of $5.3 million in costs incurred but not yet funded as of March 31, 2013.

Page 28

EQUITY ONE, INC.

DEBT SUMMARY

As of March 31, 2013 and December 31, 2012 and 2011 (unaudited)

(in thousands)



	March 31, 2013			December 31, 2012			December 31, 2011
Fixed rate debt	$	1,168,299		$	1,173,110		$	1,190,174
Variable rate debt - swapped to fixed rate	250,000			250,000			—
Variable rate debt - unhedged	104,500			172,000			138,000
Total debt	$	1,522,799		$	1,595,110		$	1,328,174

% Fixed rate debt	76.7		%	73.5		%	89.6		%
% Variable rate debt - swapped to fixed rate	16.4		%	15.7		%	0.0		%
% Variable rate debt - unhedged	6.9		%	10.8		%	10.4		%
Total	100.0		%	100.0		%	100.0		%


Secured mortgage debt	$	437,163		$	441,974		$	499,038
Unsecured debt	1,085,636			1,153,136			829,136
Total debt	$	1,522,799		$	1,595,110		$	1,328,174

% Secured mortgage debt	28.7		%	27.7		%	37.6		%
% Unsecured debt	71.3		%	72.3		%	62.4		%
Total	100.0		%	100.0		%	100.0		%


Total market capitalization (from page 6)	$	4,626,559		$	4,305,536		$	3,438,335

% Secured mortgage debt	9.4		%	10.3		%	14.5		%
% Unsecured debt	23.5		%	26.8		%	24.1		%
Total debt : Total market capitalization	32.9		%	37.1		%	38.6		%


Weighted-average interest rate on secured mortgage debt ⁽¹⁾	6.09		%	6.09		%	6.14		%
Weighted-average interest rate on unsecured senior notes ⁽¹⁾	5.02		%	5.02		%	6.06		%
Interest rate on term loans ⁽¹⁾	3.17		%	3.37		%	N/A
Weighted-average interest rate on total debt ⁽¹⁾	5.02		%	5.06		%	6.09		%
Interest rate on revolving credit facilities	1.46		%	1.77		%	1.85		%

Weighted-average maturity on secured mortgage debt	5.0 years			5.2 years			5.8 years
Weighted-average maturity on unsecured senior notes	6.1 years			6.3 years			4.1 years
Maturity on term loan	5.9 years			6.1 years			N/A
Weighted-average maturity on total debt ⁽²⁾	5.7 years			5.9 years			4.8 years

Note: All amounts and calculations exclude unamortized / unaccreted premium / (discount) on mortgages and senior notes and include secured mortgage debt related to properties held for sale.


⁽¹⁾	Weighted average interest rates are calculated based on balances outstanding at the respective dates.


⁽²⁾	Weighted average maturity on total debt excludes amounts drawn under the revolving credit facility which expires on September 30, 2015.

Page 29

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of March 31, 2013 (unaudited)

(in thousands)



	Secured Debt				Unsecured Debt						Premium/(Discount) Scheduled Amortization			Total		Weighted average interest rate at maturity				Percent of debt maturing
Maturity schedule by year	Scheduled amortization		Balloon payments		Revolving Credit Facilities		Senior Notes		Term Loan		Premium/(Discount) Scheduled Amortization			Total		Weighted average interest rate at maturity				Percent of debt maturing

2013	$	5,776	$	30,069	$	—	$	—	$	—	$	1,794		$	37,639	6.7	%			2.5	%
2014	7,488		6,509		—		—		—		2,096			16,093		5.7	%			1.1	%
2015	7,371		54,462		104,500		107,505		—		1,177			275,015		3.9	%	⁽¹⁾		18.0	%
2016	7,032		120,876		—		105,230		—		871			234,009		6.0	%			15.3	%
2017	6,350		64,000		—		218,401		—		514			289,265		6.0	%			18.9	%
2018	6,547		54,754		—		—		—		149			61,450		6.3	%			4.0	%
2019	5,372		17,142		—		—		250,000		29			272,543		3.4	%	⁽¹⁾		17.8	%
2020	5,506		—		—		—		—		(29		)	5,477		0.0	%			0.4	%
2021	5,513		3,761		—		—		—		(71		)	9,203		7.9	%			0.6	%
Thereafter	24,621		4,014		—		300,000		—		(43		)	328,592		3.8	%			21.4	%
Total	$	81,576	$	355,587	$	104,500	$	731,136	$	250,000	$	6,487		$	1,529,286	4.9	%	⁽²	⁾	100.0	%

Note: Includes amounts for secured mortgage debt related to assets held for sale.

⁽¹⁾ Excluding the revolving credit facility and term loan, the weighted average interest rate would be 5.4% for 2015 and 6.9% for 2019.

⁽²⁾ Excludes the revolving credit facility.

Page 30

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2013 and December 31, 2012

(in thousands)



Debt Instrument	Maturity Date	Rate			March 31, 2013		December 31, 2012		Percent of Overall Debt Maturing
Mortgage Debt
Brawley Commons	07/01/2013	6.250	%		$	6,508	$	6,534	0.4	%
Buckhead Station	09/01/2013	6.880	%		23,970		24,166		1.6	%
South Point	07/10/2014	5.720	%		6,861		6,924		0.4	%
Southbury Green	01/05/2015	5.200	%		21,000		21,000		1.4	%
Marketplace Shopping Center	02/19/2015	6.250	%		16,105		16,164		1.1	%
Darinor Plaza	04/01/2015	5.370	%		18,572		18,658		1.2	%
Danbury Green	01/05/2016	5.850	%		24,700		24,700		1.6	%
1225-1239 Second Avenue	06/01/2016	6.325	%		16,603		16,655		1.0	%
Glengary Shoppes	06/11/2016	5.750	%		16,010		16,079		1.0	%
Magnolia Shoppes	07/11/2016	6.160	%		13,743		13,807		0.9	%
Willows Shopping Center	10/11/2016	5.900	%		55,062		55,245		3.6	%
Culver Center	05/06/2017	5.580	%		64,000		64,000		4.2	%
Sheridan Plaza	10/10/2018	6.250	%		61,247		61,488		4.0	%
Danville-San Ramon Medical	03/15/2019	6.900	%		13,355		13,401		0.9	%
1175 Third Avenue	05/01/2019	7.000	%		6,943		7,001		0.5	%
BridgeMill	05/05/2021	7.940	%		7,448		7,528		0.5	%
Westport Plaza	08/01/2023	7.490	%		3,849		3,890		0.3	%
Aventura Square / Oakbrook Square / Treasure Coast Plaza	02/28/2024	6.500	%		25,549		25,944		1.7	%
Webster Plaza	08/15/2024	8.070	%		7,014		7,070		0.4	%
Vons Circle Center	10/10/2028	5.200	%		10,683		10,793		0.7	%
Copps Hill Plaza	01/01/2029	6.060	%		17,941		18,109		1.2	%
Total mortgage debt excluding mortgage debt associated with properties held for sale (21 loans outstanding)	4.96 years	6.09	%	⁽³⁾	$	437,163	$	439,156	28.6	%
Unamortized/unaccreted premium/(discount)					8,418		9,064		0.5	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))					$	445,581	$	448,220	29.1	%
Mortgage Debt Associated with Properties Held for Sale
Mableton Crossing	08/15/2018	6.850	%		$	—	$	2,818	—	%
Total mortgage debt on properties held for sale	—	—	%	⁽³⁾	$	—	$	2,818	—	%
Unamortized/unaccreted premium/(discount)					—		74		—	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))					$	—	$	2,892	—	%

Total Secured debt (21 loans outstanding)	4.96 years	6.09	%	⁽³⁾	$	437,163	$	441,974	28.6	%
Unamortized/unaccreted premium/(discount)					8,418		9,138		0.5	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))					$	445,581	$	451,112	29.1	%

See footnotes on page 32.

Page 31

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2013 and 2012 (unaudited)

(in thousands)



Debt Instrument	Maturity Date	Rate			March 31, 2013			December 31, 2012			Percent of Overall Debt Maturing

Unsecured senior notes payable
5.375% senior notes	10/15/2015	5.375	%		107,505			107,505			7.0	%
6.00% senior notes	09/15/2016	6.000	%		105,230			105,230			6.9	%
6.25% senior notes	01/15/2017	6.250	%		101,403			101,403			6.6	%
6.00% senior notes	09/15/2017	6.000	%		116,998			116,998			7.7	%
3.75% senior notes	11/15/2022	3.750	%		300,000			300,000			19.6	%
Total unsecured senior notes payable	6.06 years	5.02	%	⁽³⁾	$	731,136		$	731,136		47.8	%
Unamortized/unaccreted premium/(discount)					(1,931		)	(2,006		)	(0.1	%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))					$	729,205		$	729,130		47.7	%

Term Loan
$250MM - Term Loan ⁽²⁾	02/13/2019	3.170	%	⁽¹⁾	250,000			250,000			16.4	%
Total term loans	5.87 years	3.17	%	⁽³⁾	$	250,000		$	250,000		16.4	%

Revolving credit facilities
$575MM Line of Credit Unsecured	09/30/2015	1.460	%		$	104,500		$	172,000		6.8	%
$15MM Bank Line of Credit Unsecured	08/07/2013	N/A			—			—			—	%
Total revolving credit facilities					$	104,500		$	172,000		6.8	%

Total debt	5.69 years⁽⁴⁾	5.02	%	^{(3) (4)}	$	1,522,799		$	1,595,110		99.6	%
Unamortized/unaccreted premium/(discount)					6,487			7,132			0.4	%
Total debt (including unamortized/unaccreted premium/(discount))					$	1,529,286		$	1,602,242		100.0	%

Senior Unsecured Debt Ratings
Moody’s					Baa2 (Stable)			Baa2 (Stable)
S&P					BBB-(Positive)			BBB-(Stable)

⁽¹⁾ The effective fixed interest rate in effect on March 31, 2013.

⁽²⁾ The outstanding balance has been swapped to a fixed interest rate based on a one month LIBOR in arrears, plus 1.47%. The indicated interest rate and the weighted average interest rate for the term loan includes the effect of the swap. The fair value of the swap at March 31, 2013 was a liability of $5.6 million.

⁽³⁾ Calculated based on weighted average interest rates of outstanding balances at March 31, 2013.

⁽⁴⁾ Weighted average maturity in years and weighted average interest rate as of March 31, 2013 excludes $104.5 million drawn under the revolving credit facility which expires on September 30, 2015.

Page 32

EQUITY ONE, INC.

BALANCE SHEETS & STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES

March 31, 2013 (unaudited)

(in thousands)



BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES			As of March 31, 2013
Co-Investment Partner	EQY Ownership Interest	Type	Total Assets		Total Debt		Total Equity
DRA Advisors	20.0%	Retail/Office	$	54,759	$	35,364	$	17,852
GRI	10.0%	Retail	$	252,141	$	125,920	$	117,152
New York State Common Retirement Fund	30.0%	Retail	$	210,964	$	94,131	$	93,427
Various ⁽¹⁾	50.0-50.5% ⁽³⁾	Retail/Office	$	96,413	$	34,775	$	59,638



STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES			For the three months ended March 31, 2013
Co-Investment Partner	EQY Ownership Interest	Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense ⁽²⁾		Net (Loss)/ Income
DRA Advisors	20.0%	Retail/Office	$	1,634	$	679	$	497	$	579	$	(138	)
GRI	10.0%	Retail	$	5,721	$	1,689	$	1,345	$	2,141	$	546
New York State Common Retirement Fund	30.0%	Retail	$	4,643	$	1,507	$	1,560	$	997	$	554
Various ⁽¹⁾	50.0-50.5% ⁽³⁾	Retail/Office	$	2,942	$	1,134	$	781	$	454	$	571

Note: Amounts shown above reflect 100% of the joint venture balance sheet and income statement line items.

⁽¹⁾ Various includes Talega Village Center JV, LLC, Vernola Marketplace JV, LLC and Parnassus Heights Medical Center.

⁽²⁾ Interest expense includes amortization of deferred financing fees.

⁽³⁾ Our effective interest in Talega Village Center JV, LLC and Vernola Marketplace JV, LLC is 48% when considering the 5% noncontrolling interest held by Vestar Development Company.

Page 33

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT

As of March 31, 2013 (unaudited)



									Number of tenant		Supermarket anchor
Property	JV	EQY Ownership %	Type	City, State	Year Built / Renovated	Total Sq. Ft.	Percent Leased		Leased	Vacant	Sq. Ft.	Name	Expiration Date	Other anchor tenants	Average base rent per leased SF
Airpark Plaza Shopping Center	GRI	10.0%	Retail	Miami, FL	1971 / 1998 / 2004 / 2008	172,093	98.0	%	35	3	30,000	Publix	10/31/2024	Burlington Coat Factory / Office Depot	$	15.77
Concord Shopping Plaza	GRI	10.0%	Retail	Miami, FL	1962 / 1992 / 1993	298,182	99.0	%	21	2	78,000	Winn-Dixie	09/30/2014	Home Depot / Big Lots / Dollar Tree / You Fit Health Club	$	11.61
Presidential Markets	GRI	10.0%	Retail	Snellville, GA	1993 / 2000	396,432	95.3	%	35	2	56,146	Publix	12/31/2019	Marshalls / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / PetSmart	$	12.23
Shoppes of Ibis	GRI	10.0%	Retail	West Palm Beach, FL	1999	79,420	92.9	%	16	3	51,420	Publix	05/31/2019		$	13.16
Shoppes at Quail Roost	GRI	10.0%	Retail	Miami, FL	2005	73,550	88.6	%	14	6	44,840	Publix	06/30/2025		$	13.68
Shoppes of Sunset	GRI	10.0%	Retail	Miami, FL	1979 / 2009	21,784	71.9	%	11	3					$	22.15
Shoppes of Sunset II	GRI	10.0%	Retail	Miami, FL	1980 / 2009	27,676	71.7	%	14	3					$	18.34
Sparkleberry Square	GRI	10.0%	Retail	Columbia, SC	1997 / 2004	154,217	96.1	%	9	1				PetSmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy	$	11.61
Sparkleberry Kohl’s	GRI	10.0%	Retail	Columbia, SC	1997 / 2004	85,961	100.0	%	1	—				Kohl’s	$	8.45
Sparkleberry Kroger	GRI	10.0%	Retail	Columbia, SC	1997 / 2004	98,623	95.8	%	11	3	67,943	Kroger	08/31/2017		$	13.16
1900/2000 Offices	DRA	20.0%	Office	Boca Raton, FL	1979 / 1982 / 1986 / 2007	117,773	70.0	%	22	11				RN Network	$	18.22
Penn Dutch Plaza	DRA	20.0%	Retail	Margate, FL	1989	155,622	88.8	%	14	8	70,358	Penn Dutch Food Center	12/31/2013	You Fit Health Club / Florida Career College	$	9.37
Plantation Marketplace	DRA	20.0%	Retail	Plantation, FL	1963 / 1998	223,799	80.1	%	29	11	43,386	Winn-Dixie	11/05/2014	Beall’s / Just Fit / Big Lots / CVS / Disability Law Claims	$	11.51
Talega Village	VESTAR	50.5%	Retail	San Clemente, CA	2007	102,282	80.2	%	21	7	46,000	Ralph’s	12/31/2027		$	17.60
Vernola Market	VESTAR	50.5%	Retail	Mira Loma, CA	2007	382,963	91.0	%	31	7				PetCo / Ross / Bed Bath & Beyond / Michaels / Lowe’s	$	11.33
Parnassus Heights Medical Center	CSC	50.0%	Medical Office	San Francisco, CA	1968	146,046	99.3	%	50	2					$	29.12
Country Walk Plaza	NYSCRF	30.0%	Retail	Miami, FL	1985 / 2006 / 2008	100,686	86.9	%	24	5	39,795	Publix	10/23/2015	CVS Pharmacy	$	17.66
Veranda Shoppes	NYSCRF	30.0%	Retail	Plantation, FL	2007	44,888	100.0	%	9	—	28,800	Publix	04/30/2027		$	26.17
Northborough Crossing	NYSCRF	30.0%	Retail	Northborough, MA	2011	583,262	100.0	%	24	—	139,449	Wegmans	10/31/2036	TJ Maxx / Kohl's / Eastern Mountain Sports / BJ's / Golf Town USA / PetSmart / Michaels / Toys "R" Us / Babies "R" Us	$	13.86
Old Connecticut Path	NYSCRF	30.0%	Retail	Framingham, MA	1994	80,198	100.0	%	4	—	72,500	Stop & Shop	06/30/2014		$	20.10
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20)						3,345,457			395	77	768,637				$	14.07

Page 34

EQUITY ONE, INC.

DEBT SUMMARY OF UNCONSOLIDATED JOINT VENTURES

As of March 31, 2013 and December 31, 2012

(in thousands)



Co-Investment Partner	Debt Instrument	Equity One’s Ownership	Maturity Date	Rate⁽¹⁾	Balance at March 31, 2013		Balance at December 31, 2012

Mortgage debt
GRI	Floating rate loan ⁽²⁾	10.0%	07/01/2013	6.35%	$	120,000	$	120,000
GRI	Sparkleberry Square (Kroger)	10.0%	06/30/2020	6.75%	4,720		4,845
DRA Advisors	Fixed rate loan	20.0%	11/11/2014	5.57%	35,645		35,850
Vestar	Vestar/EQY Talega LLC	50.5%	10/01/2036	5.01%	11,549		11,613
Vestar	Vestar/EQY Vernola LLC	50.5%	08/06/2041	5.11%	23,226		23,315
New York State Common Retirement Fund	Equity One (Country Walk) LLC	30.0%	11/01/2015	5.22%	13,037		13,090
New York State Common Retirement Fund	Equity One JV Sub CT Path LLC	30.0%	01/01/2019	5.74%	9,948		10,043
New York State Common Retirement Fund	Equity One JV Sub Northborough LLC	30.0%	02/10/2021	4.18%	70,078		70,388

Interest Rate Swap
GRI	Fair value of $120MM floating-to-fixed interest rate swap	10.0%	06/01/2013	4.40%	1,284		2,107

	Net interest premium ⁽³⁾				703		715

	Total debt				$	290,190	$	291,966

	Equity One’s pro-rata share of unconsolidated joint venture debt				$	65,465	$	65,825


⁽¹⁾	The rate in effect on March 31, 2013.


⁽²⁾	The loan balance bears interest at a floating rate of LIBOR + 1.95%, which has been swapped to a fixed rate of 6.35%.


⁽³⁾	Net interest premium is the total for all joint ventures.

Page 35

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