EX-99.2 3 eqy-9302013xexhibit992.htm EXHIBIT 99.2 EQY-9.30.2013-Exhibit 99.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One, Inc.
 
 
 
 
 
 
 
Supplemental Information Package
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 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
September 30, 2013
(unaudited)

TABLE OF CONTENTS
 
Page
Overview
 
Disclosures
Summary Financial Results and Ratios
 
 
Assets, Liabilities, and Equity
 
Condensed Consolidated Balance Sheets
Market Capitalization
 
 
Income, EBITDA, and FFO
 
Condensed Consolidated Statements of Income
Pro Forma Financial Information for Discontinued Operations
Net Operating Income
Adjusted EBITDA
Consolidated Statements of Funds from Operations
11-12
Additional Disclosures
 
 
Leasing Data
 
Tenant Concentration - Top Twenty Five Tenants
Recent Leasing Activity
Shopping Center Lease Expiration Schedule
 
 
Property Data
 
Annual Minimum Rent of Operating Properties by Metro/Region
Property Status Report
18-25
Real Estate Acquisitions and Dispositions
26-27
Real Estate Developments and Redevelopments
 
 
Debt Schedules
 
Debt Summary
Consolidated Debt Maturity Schedule
Consolidated Debt Summary
31-32
 
 
Unconsolidated Joint Venture Supplemental Data
33-35
 
 
Portfolio Changes and Selected Property Metrics 2008 - 2013
36-37

Page 2


EQUITY ONE, INC.
DISCLOSURES
As of September 30, 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 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 income (loss) (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income (loss) attributable to Equity One is the most directly comparable GAAP measure to FFO and Recurring FFO. A reconciliation of net income attributable to Equity One to FFO and the reconciling components of FFO to Recurring FFO are provided in the accompanying tables.



Page 3


EQUITY ONE, INC.
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands, except per share data)

 
 
For the three months ended
 
For the nine months ended
 
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
Summary Financial Results
 
 
 
 
 
 
 
 
Total revenues*
 
$
85,980

 
$
84,068

 
$
260,619

 
$
249,862

Adjusted EBITDA* (see page 10)
 
$
53,822

 
$
52,021

 
$
163,495

 
$
150,629

Property net operating income* (see page 9)
 
$
62,297

 
$
60,550

 
$
187,992

 
$
180,312

General & administrative expenses (G&A)* - Adjusted (1) 
 
$
8,789

 
$
8,653

 
$
26,101

 
$
28,525

Net income attributable to Equity One
 
$
10,571

 
$
8,065

 
$
68,802

 
$
29,315

Earnings per diluted share
 
$
0.09

 
$
0.07

 
$
0.58

 
$
0.25

Funds from operations (FFO) (see page 11)
 
$
38,381

 
$
34,522

 
$
115,116

 
$
102,080

FFO per diluted share (see page 12)
 
$
0.30

 
$
0.27

 
$
0.89

 
$
0.82

Recurring FFO (see page 11)
 
$
39,309

 
$
35,947

 
$
119,942

 
$
104,674

Recurring FFO per diluted share (see page 12)
 
$
0.30

 
$
0.28

 
$
0.93

 
$
0.84

Total dividends paid per share
 
$
0.22

 
$
0.22

 
$
0.66

 
$
0.66

Weighted average diluted shares used in EPS computations
 
117,804

 
114,998

 
117,627

 
113,681

Weighted average diluted shares used in FFO computations (2)
 
129,161

 
126,356

 
128,985

 
125,039

 
 
 
 
 
 
 
 
 
Summary Operating and Financial Ratios
 
 
 
 
 
 
 
 
Core shopping center portfolio occupancy at end of period (see pages 18-25)
 
92.4
%
 
91.9
%
 
92.4
%
 
91.9
%
Same-property shopping center portfolio occupancy at end of period
 
92.2
%
 
92.2
%
 
92.2
%
 
92.2
%
Same-property NOI growth - cash basis (see page 9) (3)
 
3.7
%
 
3.6
%
 
3.3
%
 
3.1
%
NOI margin (see page 9)
 
73.0
%
 
72.5
%
 
72.5
%
 
72.7
%
Expense recovery ratio*
 
84.6
%
 
81.9
%
 
85.0
%
 
81.9
%
New, renewal and option rent spread - cash basis (see page 15)
 
9.3
%
 
9.5
%
 
11.0
%
 
9.47
%
Adjusted G&A expense to total revenues (1)
 
10.2
%
 
10.3
%
 
10.0
%
 
11.4
%
Net debt to total market capitalization (see page 6)
 
32.8
%
 
34.0
%
 
32.8
%
 
34.0
%
Net debt to Adjusted EBITDA (see page 10)
 
6.6

 
6.8

 
6.5

 
7.0

Adjusted EBITDA to interest expense* (see page 10)
 
3.1

 
2.9

 
3.2

 
2.8

Adjusted EBITDA to fixed charges* (see page 10)
 
2.8

 
2.6

 
2.8

 
2.5


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

(1) G&A expenses for the three months ended September 30, 2013 and 2012 deducts $0.8 million and $1.4 million, respectively, for external costs associated with acquired and disposed properties, acquisition/disposition related expenses and severance costs. G&A expenses for the nine months ended September 30, 2013 and 2012 deducts $2.1 million and $3.4 million, respectively, for external costs associated with acquired and disposed properties, acquisition/disposition related expenses and severance costs.
(2) Weighted average diluted shares for the three and nine months ended September 30, 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 September 30, 2013 and December 31, 2012 and 2011 (unaudited)
(in thousands)

 
 
 
 
 
 
 
 
 
September 30, 2013
 
December 31, 2012
 
December 31, 2011
Assets
 
 
 
 
 
 
Properties:
 
 
 
 
 
 
Income producing
 
$
3,099,509

 
$
2,986,776

 
$
2,658,927

Less: accumulated depreciation
 
(346,866
)
 
(304,651
)
 
(249,881
)
Income producing properties, net
 
2,752,643

 
2,682,125

 
2,409,046

Construction in progress and land held for development
 
88,655

 
108,711

 
110,332

Properties held for sale
 
24,710

 
219,504

 
298,168

Properties, net
 
2,866,008

 
3,010,340

 
2,817,546

 
 
 
 
 
 
 
Cash and cash equivalents (1)
 
67,866

 
27,858

 
103,524

Accounts and other receivables, net
 
15,669

 
14,320

 
17,790

Investments in and advances to unconsolidated joint ventures
 
80,680

 
72,171

 
50,158

Loans receivable, net
 
72,241

 
140,708

 
45,279

Goodwill
 
6,576

 
6,714

 
7,245

Other assets
 
236,838

 
230,557

 
181,029

Total assets
 
$
3,345,878

 
$
3,502,668

 
$
3,222,571

 
 
 
 
 
 
 
Liabilities, redeemable noncontrolling interests and equity
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Mortgage notes payable
 
$
396,374

 
$
425,755

 
$
434,352

Unsecured senior notes payable
 
731,136

 
731,136

 
691,136

Term loan
 
250,000

 
250,000

 

Unsecured revolving credit facilities
 
90,000

 
172,000

 
138,000

 
 
1,467,510

 
1,578,891

 
1,263,488

Unamortized premium on notes payable, net
 
4,649

 
6,432

 
7,438

Total notes payable
 
1,472,159

 
1,585,323

 
1,270,926

 
 
 
 
 
 
 
Accounts payable and other liabilities
 
229,357

 
260,028

 
222,106

Liabilities associated with properties held for sale
 
13,947

 
18,271

 
66,824

Deferred tax liability
 
11,726

 
12,016

 
14,709

Total liabilities
 
1,727,189

 
1,875,638

 
1,574,565

 
 
 
 
 
 
 
Redeemable noncontrolling interests
 
3,031

 
22,551

 
22,804

 
 
 
 
 
 
 
Total stockholders’ equity of Equity One, Inc.
 
1,407,958

 
1,396,726

 
1,417,316

 
 
 
 
 
 
 
Noncontrolling interests
 
207,700

 
207,753

 
207,886

 
 
 
 
 
 
 
Total liabilities, redeemable noncontrolling interests and equity
 
$
3,345,878

 
$
3,502,668

 
$
3,222,571

 
 
 
 
 
 
 

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

Page 5


EQUITY ONE, INC.
MARKET CAPITALIZATION
As of September 30, 2013 and December 31, 2012 and 2011 (unaudited)
(in thousands, except share data)

 
 
 
 
 
 
 
 
 
September 30, 2013
 
December 31, 2012
 
December 31, 2011
Closing market price of common stock
 
$
21.86

 
$
21.01

 
$
16.98

Common stock shares
 
 
 
 
 
 
Basic common shares
 
117,548.729

 
116,938.373

 
112,599.355

Diluted common shares
 
 
 
 
 
 
Unvested restricted common shares
 
132.549

 
119.442

 
107.888

DownREIT units (convertible into shares)
 
93.656

 
93.656

 
93.656

Common stock options (treasury method, closing price)
 
231.483

 
284.173

 
114.575

Long term incentive plan performance awards (treasury method, closing price)
 

 
213.006

 

Convertible CapCo Partnership Units
 
11,357.837

 
11,357.837

 
11,357.837

Diluted common shares
 
129,364.254

 
129,006.487

 
124,273.311

 
 
 
 
 
 
 
Equity market capitalization
 
$
2,827,903

 
$
2,710,426

 
$
2,110,161

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt (excluding unamortized/unaccreted premium/(discount)) (1)
 
$
1,480,771

 
$
1,595,110

 
$
1,328,174

Cash and equivalents
 
(67,866
)
 
(27,858
)
 
(103,524
)
Net debt (1)
 
$
1,412,905

 
$
1,567,252

 
$
1,224,650

 
 
 
 
 
 
 
Total debt (excluding unamortized/unaccreted premium/(discount)) (1)
 
$
1,480,771

 
$
1,595,110

 
$
1,328,174

Equity market capitalization
 
2,827,903

 
2,710,426

 
2,110,161

Total market capitalization
 
$
4,308,674

 
$
4,305,536

 
$
3,438,335

 
 
 
 
 
 
 
Net debt to total market capitalization at applicable market price
 
32.8
%
 
36.4
%
 
35.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross real estate investments (2)
 
$
3,295,706

 
$
3,482,806

 
$
3,131,599

 
 
 
 
 
 
 
Net debt to gross real estate investments
 
42.9
%
 
45.0
%
 
39.1
%
 
 
 
 
 
 
 

(1) Includes $13.3 million, $16.2 million and $64.7 million of secured mortgage debt related to assets held for sale as of September 30, 2013 and December 31, 2012 and 2011, respectively.
(2) Includes investments in mezzanine and mortgage loans receivable and the gross value of properties held for sale.

Page 6


EQUITY ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands, except per share amounts)
 
 
Three months ended
 
Percent
Change
 
Nine months ended
 
Percent
Change
 
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
 
REVENUE:
 
 
 
 
 
 
 
 
 
 
 
 
Minimum rent
 
$
63,640

 
$
57,936

 
 
 
$
187,097

 
$
170,071

 
 
Expense recoveries
 
18,972

 
17,191

 
 
 
57,912

 
50,689

 
 
Percentage rent
 
989

 
943

 
 
 
3,701

 
3,677

 
 
Management and leasing services
 
587

 
499

 
 
 
1,485

 
1,803

 
 
Total revenue
 
84,188

 
76,569

 
10.0
%
 
250,195

 
226,240

 
10.6
%
COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
Property operating
 
22,488

 
20,770

 
 
 
67,649

 
60,891

 
 
Depreciation and amortization
 
21,004

 
19,162

 
 
 
66,436

 
60,722

 
 
General and administrative
 
9,579

 
10,078

 
 
 
28,155

 
31,916

 
 
Total costs and expenses
 
53,071

 
50,010

 
6.1
%
 
162,240

 
153,529

 
5.7
%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
 
31,117

 
26,559

 
 
 
87,955

 
72,711

 
 
OTHER INCOME AND EXPENSE:
 
 
 
 
 
 
 
 
 
 
 
 
Investment income
 
1,453

 
1,583

 
 
 
5,866

 
4,610

 
 
Equity in income of unconsolidated joint ventures
 
716

 
469

 
 
 
1,766

 
129

 
 
Other income (expense)
 
38

 
(9
)
 
 
 
199

 
43

 
 
Interest expense
 
(16,923
)
 
(17,522
)
 
 
 
(50,860
)
 
(51,604
)
 
 
Amortization of deferred financing fees
 
(606
)
 
(627
)
 
 
 
(1,815
)
 
(1,829
)
 
 
Gain on extinguishment of debt
 

 

 
 
 
107

 
352

 
 
Impairment loss on goodwill and income producing properties
 
(1,213
)
 

 
 
 
(3,875
)
 

 
 
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
 
14,582

 
10,453

 
 
 
39,343

 
24,412

 
 
Income tax benefit (expense) of taxable REIT subsidiaries
 
382

 
(381
)
 
 
 
361

 
(140
)
 
 
INCOME FROM CONTINUING OPERATIONS
 
14,964

 
10,072

 
48.6
%
 
39,704

 
24,272

 
63.6
%
DISCONTINUED OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Operations of income producing properties
 
638

 
3,271

 
 
 
3,495

 
9,071

 
 
(Loss) gain on disposal of income producing properties
 
(187
)
 

 
 
 
36,672

 
14,269

 
 
Impairment loss on income producing properties
 
(2,576
)
 
(2,445
)
 
 
 
(2,704
)
 
(9,818
)
 
 
Income tax benefit (expense) of taxable REIT subsidiaries
 
212

 
(97
)
 
 
 
(648
)
 
(277
)
 
 
(LOSS) INCOME FROM DISCONTINUED OPERATIONS
 
(1,913
)
 
729

 
 
 
36,815

 
13,245

 
 
NET INCOME
 
13,051

 
10,801

 
20.8
%
 
76,519

 
37,517

 
104.0
%
Net income attributable to noncontrolling interests - continuing operations
 
(2,480
)
 
(2,730
)
 
 
 
(7,655
)
 
(8,183
)
 
 
Net income attributable to noncontrolling interests - discontinued operations
 

 
(6
)
 
 
 
(62
)
 
(19
)
 
 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
 
$
10,571

 
$
8,065

 
31.1
%
 
$
68,802

 
$
29,315

 
134.7
%
EARNINGS (LOSS) PER COMMON SHARE - BASIC:
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.10

 
$
0.06

 
 
 
$
0.27

 
$
0.13

 
 
Discontinued operations
 
(0.02
)
 
0.01

 
 
 
0.31

 
0.12

 
 
 
 
$
0.09

*
$
0.07

 
28.6
%
 
$
0.58

 
$
0.25

 
132.0
%
EARNINGS (LOSS) PER COMMON SHARE - DILUTED:
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.10

 
$
0.06

 
 
 
$
0.27

 
$
0.13

 
 
Discontinued operations
 
(0.02
)
 
0.01

 
 
 
0.31

 
0.12

 
 
 
 
$
0.09

*
$
0.07

 
28.6
%
 
$
0.58

 
$
0.25

 
132.0
%
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
117,538

 
114,699

 
 
 
117,320

 
113,359

 
 
Diluted
 
117,804

 
114,998

 
 
 
117,627

 
113,681

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

Page 7


EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands)

 
Three months ended
 
Nine months ended
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
REVENUE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum rent
$
63,640

 
$
1,214

 
$
64,854

 
$
57,936

 
$
5,844

 
$
63,780

 
$
187,097

 
$
7,854

 
$
194,951

 
$
170,071

 
$
18,590

 
$
188,661

Expense recoveries
18,972

 
578

 
19,550

 
17,191

 
1,660

 
18,851

 
57,912

 
2,564

 
60,476

 
50,689

 
4,776

 
55,465

Percentage rent
989

 

 
989

 
943

 
(5
)
 
938

 
3,701

 
6

 
3,707

 
3,677

 
256

 
3,933

Management and leasing services
587

 

 
587

 
499

 

 
499

 
1,485

 

 
1,485

 
1,803

 

 
1,803

Total revenue
84,188

 
1,792

 
85,980

 
76,569

 
7,499

 
84,068

 
250,195

 
10,424

 
260,619

 
226,240

 
23,622

 
249,862

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property operating
22,488

 
608

 
23,096

 
20,770

 
2,249

 
23,019

 
67,649

 
3,493

 
71,142

 
60,878

 
6,869

 
67,747

Depreciation and amortization
21,004

 
340

 
21,344

 
19,162

 
1,727

 
20,889

 
66,436

 
2,129

 
68,565

 
60,722

 
5,378

 
66,100

General and administrative
9,579

 

 
9,579

 
10,078

 

 
10,078

 
28,155

 

 
28,155

 
31,929

 

 
31,929

Total costs and expenses
53,071

 
948

 
54,019

 
50,010

 
3,976

 
53,986

 
162,240

 
5,622

 
167,862

 
153,529

 
12,247

 
165,776

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND
   DISCONTINUED OPERATIONS
31,117

 
844

 
31,961

 
26,559

 
3,523

 
30,082

 
87,955

 
4,802

 
92,757

 
72,711

 
11,375

 
84,086

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME AND EXPENSE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment income
1,453

 

 
1,453

 
1,583

 
3

 
1,586

 
5,866

 
3

 
5,869

 
4,610

 
6

 
4,616

Equity in income of unconsolidated joint ventures
716

 

 
716

 
469

 

 
469

 
1,766

 

 
1,766

 
129

 

 
129

Other income (expense)
38

 

 
38

 
(9
)
 
315

 
306

 
199

 
2

 
201

 
43

 
453

 
496

Interest expense
(16,923
)
 
(206
)
 
(17,129
)
 
(17,522
)
 
(570
)
 
(18,092
)
 
(50,860
)
 
(630
)
 
(51,490
)
 
(51,604
)
 
(2,027
)
 
(53,631
)
Amortization of deferred financing fees
(606
)
 

 
(606
)
 
(627
)
 

 
(627
)
 
(1,815
)
 

 
(1,815
)
 
(1,829
)
 
(11
)
 
(1,840
)
(Loss) gain on sale of real estate

 
(187
)
 
(187
)
 

 

 

 

 
36,672

 
36,672

 

 
14,269

 
14,269

Gain (loss) on extinguishment of debt

 

 

 

 

 

 
107

 
(682
)
 
(575
)
 
352

 
(725
)
 
(373
)
Impairment loss on goodwill and income producing properties
(1,213
)
 
(2,576
)
 
(3,789
)
 

 
(2,445
)
 
(2,445
)
 
(3,875
)
 
(2,704
)
 
(6,579
)
 

 
(9,818
)
 
(9,818
)
INCOME FROM CONTINUING OPERATIONS BEFORE
   TAX AND DISCONTINUED OPERATIONS
14,582

 
(2,125
)
 
12,457

 
10,453

 
826

 
11,279

 
39,343

 
37,463

 
76,806

 
24,412

 
13,522

 
37,934

Income tax benefit (expense) of taxable REIT subsidiaries
382

 
212

 
594

 
(381
)
 
(97
)
 
(478
)
 
361

 
(648
)
 
(287
)
 
(140
)
 
(277
)
 
(417
)
INCOME FROM CONTINUING OPERATIONS
14,964

 
(1,913
)
 
13,051

 
10,072

 
729

 
10,801

 
39,704

 
36,815

 
76,519

 
24,272

 
13,245

 
37,517

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operations of income producing properties
638

 
(638
)
 

 
3,271

 
(3,271
)
 

 
3,495

 
(3,495
)
 

 
9,071

 
(9,071
)
 

(Loss) gain on disposal of income producing properties
(187
)
 
187

 

 

 

 

 
36,672

 
(36,672
)
 

 
14,269

 
(14,269
)
 

Impairment loss on income producing properties
(2,576
)
 
2,576

 

 
(2,445
)
 
2,445

 

 
(2,704
)
 
2,704

 

 
(9,818
)
 
9,818

 

Income tax benefit (expense) of taxable REIT subsidiaries
212

 
(212
)
 

 
(97
)
 
97

 


 
(648
)
 
648

 

 
(277
)
 
277

 

(LOSS) INCOME FROM DISCONTINUED OPERATIONS
(1,913
)
 
1,913

 

 
729

 
(729
)
 

 
36,815

 
(36,815
)
 

 
13,245

 
(13,245
)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
13,051

 

 
13,051

 
10,801

 

 
10,801

 
76,519

 

 
76,519

 
37,517

 

 
37,517

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests - continuing
   operations
(2,480
)
 

 
(2,480
)
 
(2,730
)
 

 
(2,730
)
 
(7,655
)
 

 
(7,655
)
 
(8,183
)
 

 
(8,183
)
Net income attributable to noncontrolling interests - discontinued
   operations

 

 

 
(6
)
 

 
(6
)
 
(62
)
 

 
(62
)
 
(19
)
 

 
(19
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
$
10,571

 
$

 
$
10,571

 
$
8,065

 
$

 
$
8,065

 
$
68,802

 
$

 
$
68,802

 
$
29,315

 
$

 
$
29,315


Page 8


EQUITY ONE, INC.
NET OPERATING INCOME
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands)

 
Three months ended
 
Percent
Change
 
Nine months ended
 
Percent
Change
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
 
Total net operating income (1)
 
 
 
 
 
 
 
 
 
 
 
Total rental revenue
$
85,393

 
$
83,569

 
2.2%
 
$
259,134

 
$
248,059

 
4.5%
Property operating expenses
23,096

 
23,019

 
0.3%
 
71,142

 
67,747

 
5.0%
Net operating income
$
62,297

 
$
60,550

 
2.9%
 
$
187,992

 
$
180,312

 
4.3%
 
 
 
 
 
 
 
 
 
 
 
 
NOI margin (NOI / Total rental revenue)
73.0
%
 
72.5
%
 
 
 
72.5
%
 
72.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-property cash NOI (2) (3)
 
 
 
 
 
 
 
 
 
 
 
Minimum rent
$
50,515

 
$
48,993

 
 
 
$
137,611

 
$
133,597

 
 
Expense recoveries
16,537

 
16,285

 
 
 
42,897

 
42,189

 
 
Percentage rent
777

 
854

 
 
 
3,151

 
3,099

 
 
Total rental revenue
$
67,829

 
$
66,132

 
2.6%
 
$
183,659

 
$
178,885

 
2.7%
 
 
 
 
 
 
 
 
 
 
 
 
Recoverable operating expenses (4)
$
20,187

 
$
20,067

 
 
 
$
53,364

 
$
52,839

 
 
Non-recoverable operating expenses
783

 
834

 
 
 
1,863

 
2,195

 
 
Bad debt expense
167

 
214

 
 
 
995

 
433

 
 
Total property operating expenses
21,137

 
21,115

 
0.1%
 
56,222

 
55,467

 
1.4%
Net operating income
$
46,692

 
$
45,017

 
3.7%
 
$
127,437

 
$
123,418

 
3.3%
Growth in same-property NOI
3.7
%
 
 
 
 
 
3.3
%
 
 
 
 
Number of properties included in analysis (3)
117

 
 
 
 
 
113

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Physical occupancy
91.5
%
 
91.6
%
 
 
 
91.2
%
 
91.4
%
 
 
Leased occupancy
92.2
%
 
92.2
%
 
 
 
91.9
%
 
91.9
%
 
 




(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. For the three months ended September 30, 2013, one property that had been under redevelopment totaling approximately 394,500 square feet (Westbury Plaza) was moved into the same property pool.
(4) Recoverable operating expenses include intercompany management fee expense.

Page 9


EQUITY ONE, INC.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION - ADJUSTED EBITDA
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands)


 
 
Three months ended
 
Nine months ended
 
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
Net income attributable to Equity One, Inc.
 
$
10,571

 
$
8,065

 
$
68,802

 
$
29,315

Depreciation and amortization
 
21,344

 
20,889

 
68,565

 
66,100

Interest expense
 
17,129

 
18,092

 
51,490

 
53,631

Amortization of deferred financing fees
 
606

 
627

 
1,815

 
1,840

Loss on extinguishment of debt
 

 

 
575

 
373

Acquisition/disposition costs (1)
 
790

 
1,425

 
2,054

 
3,404

Impairment loss on goodwill and income producing properties
 
3,789

 
2,445

 
6,579

 
9,818

Loss (gain) on sale of depreciable real estate
 
187

 

 
(36,672
)
 
(14,269
)
Income tax (benefit) expense of taxable REIT subsidiaries
 
(594
)
 
478

 
287

 
417

Adjusted EBITDA
 
$
53,822

 
$
52,021

 
$
163,495

 
$
150,629

 
 
 
 
 
 
 
 
 
Interest expense
 
$
17,129

 
$
18,092

 
$
51,490

 
$
53,631

 
 
 
 
 
 
 
 
 
Adjusted EBITDA to interest expense
 
3.1

 
2.9

 
3.2

 
2.8

 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
Interest expense
 
$
17,129

 
$
18,092

 
$
51,490

 
$
53,631

Scheduled principal amortization (2)
 
1,979

 
2,031

 
5,953

 
6,354

Total fixed charges
 
$
19,108

 
$
20,123

 
$
57,443

 
$
59,985

 
 
 
 
 
 
 
 
 
Adjusted EBITDA to fixed charges
 
2.8

 
2.6

 
2.8

 
2.5

 
 
 
 
 
 
 
 
 
Net debt to Adjusted EBITDA (3)
 
6.6

 
6.8

 
6.5

 
7.0


Amounts reported above include discontinued operations.
(1) Amounts include external costs associated with acquired and disposed properties, acquisition/disposition related expenses and severance costs, 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 and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands)

 
 
Three months ended
 
Nine months ended
 
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
 
 
(In thousands)
Net income attributable to Equity One, Inc.
 
$
10,571

 
$
8,065

 
$
68,802

 
$
29,315

Adjustments:
 
 
 
 
 
 
 
 
Rental property depreciation and amortization, net of noncontrolling interest (1)
 
21,115

 
20,701

 
67,871

 
65,481

Earnings allocated to noncontrolling interest (2)
 
2,499

 
2,499

 
7,497

 
7,497

Pro rata share of real estate depreciation from unconsolidated joint ventures
 
1,041

 
812

 
3,202

 
3,055

Impairments of depreciable real estate, net of tax (1)
 
3,000

 
2,445

 
3,215

 
9,818

Loss (gain) on disposal of depreciable assets, net of tax (1)
 
155

 

 
(35,471
)
 
(13,086
)
Funds From Operations
 
38,381

 
34,522

 
115,116

 
102,080

Transaction costs associated with acquisition and disposition activity, net of tax (1) (3)
 
790

 
1,425

 
2,054

 
3,404

Impairment of goodwill and land held for development
 
138

 

 
2,658

 

Loss on debt extinguishment, net of tax
 

 

 
575

 
373

Gain on land and outparcel sales, net of controlling interests (1)
 

 

 
(461
)
 
(1,183
)
Recurring Funds From Operations
 
$
39,309

 
$
35,947

 
$
119,942

 
$
104,674




(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.
(3) Includes $107,000 and $417,000 of severance costs for the three and nine months ended September 30, 2013, respectively. Also includes $68,000 of dead deal costs for the three and nine months ended September 30, 2013.




Page 11


EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands, except per share data)

 
 
Three months ended
 
Nine months ended
 
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
Earnings per diluted share attributable to Equity One, Inc.
 
$
0.09

 
$
0.07

 
$
0.58

 
$
0.25

Adjustments:
 
 
 
 
 
 
 
 
Rental property depreciation and amortization, net of noncontrolling interest
 
0.16

 
0.16

 
0.53

 
0.52

Earnings allocated to noncontrolling interest (1)
 
0.02

 
0.02

 
0.06

 
0.06

Net adjustment for rounding and earnings attributable to unvested shares (2)
 

 
(0.01
)
 
(0.04
)
 
(0.01
)
Pro rata share of real estate depreciation from unconsolidated joint ventures
 
0.01

 
0.01

 
0.02

 
0.02

Impairments of depreciable real estate, net of tax
 
0.02

 
0.02

 
0.02

 
0.08

Gain on disposal of depreciable assets, net of tax
 

 

 
(0.28
)
 
(0.10
)
Funds From Operations per Diluted Share
 
$
0.30

 
$
0.27

 
$
0.89

 
$
0.82

 
 
 
 
 
 
 
 
 
Funds From Operations per Diluted Share
 
$
0.30

 
$
0.27

 
$
0.89

 
$
0.82

Transaction costs associated with acquisition and disposition activity, net of tax
 

 
0.01

 
0.02

 
0.03

Impairment of goodwill and land held for development
 

 

 
0.02

 

Gain on land and outparcel sales
 

 

 

 
(0.01
)
Recurring Funds From Operations per Diluted Share
 
$
0.30

 
$
0.28

 
$
0.93

 
$
0.84

Weighted Average Diluted Shares (in thousands) (3)
 
129,161

 
126,356

 
128,985

 
125,039



(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 and shares issuable to LIH.
(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.


Page 12


EQUITY ONE, INC.
ADDITIONAL DISCLOSURES
For the three and nine months ended September 30, 2013 and 2012 (unaudited)
(in thousands)


 
 
Three months ended
 
Nine months ended
 
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
Certain non-cash items:
 
 
 
 
 
 
 
 
Amortization of deferred financing fees
 
$
606

 
$
627

 
$
1,815

 
$
1,840

Accretion of below market lease intangibles, net
 
3,047

 
3,003

 
8,889

 
9,476

Share-based compensation expense
 
1,487

 
1,594

 
4,652

 
5,214

Straight line rent
 
866

 
1,130

 
1,827

 
3,126

Capitalized interest
 
590

 
1,312

 
2,236

 
3,806

Amortization of premium (discount) on notes payable, net
 
551

 
(471
)
 
1,882

 
(2,063
)
 
 
 
 
 
 
 
 
 
Capital expenditures:
 
 
 
 
 
 
 
 
Tenant improvements and allowances
 
$
2,410

 
$
3,452

 
$
8,821

 
$
9,516

Leasing commissions and costs
 
1,793

 
1,848

 
6,132

 
4,836

Developments
 
8,102

 
7,083

 
14,003

 
47,595

Redevelopments and expansions
 
9,413

 
4,773

 
15,983

 
6,983

Maintenance capital expenditures
 
1,804

 
862

 
3,132

 
3,181

Total capital expenditures
 
$
23,522

 
$
18,018

 
$
48,071

 
$
72,111

 
 
 
 
 
 
 
 
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
 
Other assets:
 
 
 
 
 
 
 
 
Lease intangible assets, net
 
$
118,031

 
$
129,250

 
 
 
 
Leasing commissions, net
 
36,535

 
35,432

 
 
 
 
Prepaid expenses and other receivables
 
29,869

 
24,357

 
 
 
 
Straight-line rent receivable, net
 
21,568

 
20,059

 
 
 
 
Deferred financing costs, net
 
8,968

 
10,777

 
 
 
 
Deposits and mortgage escrow
 
14,038

 
5,195

 
 
 
 
Furniture and fixtures, net
 
4,285

 
2,519

 
 
 
 
Fair value of interest rate swap
 
1,137

 

 
 
 
 
Deferred tax asset
 
2,407

 
2,968

 
 
 
 
Total other assets
 
$
236,838

 
$
230,557

 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities:
 
 
 
 
 
 
 
 
Lease intangible liabilities, net
 
$
158,777

 
$
185,477

 
 
 
 
Prepaid rent
 
9,722

 
10,687

 
 
 
 
Accounts payable and other
 
60,858

 
63,864

 
 
 
 
Total accounts payable and other liabilities
 
$
229,357

 
$
260,028

 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and Maximum Available Under Lines of Credit as of 9/30/13:
 
 
 
 
 
 
 
 
Cash and cash equivalents - unrestricted
 
$
26,724

 
 
 
 
 
 
Available under lines of credit
 
430,300

 
 
 
 
 
 
Total Available Funds
 
$
457,024

 
 
 
 
 
 


Page 13


EQUITY ONE, INC.
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
CONSOLIDATED PROPERTIES
As of September 30, 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
 
31

 
NA
 
1,307,863

 
8.0
%
 
$
9,760,725

 
4.1
%
 
$
7.46

 
6.1

Supervalu
 
6

 
B3/B+
 
398,625

 
2.4
%
 
8,995,251

 
3.8
%
 
22.57

 
2.9

L.A. Fitness
 
7

 
NA
 
320,897

 
2.0
%
 
5,874,153

 
2.5
%
 
18.31

 
9.4

Great Atlantic & Pacific Tea Co.
 
2

 
NA
 
88,018

 
0.5
%
 
5,489,260

 
2.3
%
 
62.37

 
13.5

The TJX Companies
 
12

 
A3/A
 
347,243

 
2.1
%
 
4,935,355

 
2.1
%
 
14.21

 
3.6

Bed Bath & Beyond
 
11

 
NA/BBB+
 
335,293

 
2.0
%
 
4,546,469

 
1.9
%
 
13.56

 
3.0

Office Depot
 
9

 
B2/B-
 
227,821

 
1.4
%
 
3,633,615

 
1.5
%
 
15.95

 
3.0

CVS Pharmacy
 
13

 
Baa1/BBB+
 
153,211

 
0.9
%
 
3,514,154

 
1.5
%
 
22.94

 
8.2

The Gap, Inc.
 
7

 
Baa3/BBB-
 
119,729

 
0.7
%
 
3,414,675

 
1.4
%
 
28.52

 
6.8

Costco
 
1

 
A1/A+
 
148,295

 
0.9
%
 
3,085,914

 
1.3
%
 
20.81

 
0.9

Winn Dixie
 
8

 
NA
 
352,628

 
2.2
%
 
2,692,884

 
1.1
%
 
7.64

 
4.4

Staples
 
7

 
Baa2/BBB
 
144,726

 
0.9
%
 
2,688,874

 
1.1
%
 
18.58

 
3.2

Sports Authority
 
3

 
B3/B-
 
78,146

 
0.5
%
 
2,656,570

 
1.1
%
 
33.99

 
5.1

Trader Joe's
 
6

 
NA
 
68,479

 
0.4
%
 
2,372,470

 
1.0
%
 
34.65

 
8.5

The Container Store
 
2

 
B3/B-
 
49,661

 
0.3
%
 
2,174,212

 
0.9
%
 
43.78

 
9.0

Goodwill
 
15

 
NA
 
184,712

 
1.1
%
 
2,158,254

 
0.9
%
 
11.68

 
6.8

Best Buy
 
4

 
Baa2/BB
 
142,831

 
0.9
%
 
2,104,708

 
0.9
%
 
14.74

 
2.7

Kroger
 
6

 
Baa2/BBB
 
283,689

 
1.7
%
 
2,022,653

 
0.8
%
 
7.13

 
2.8

Nordstrom
 
2

 
Baa1/A-
 
75,418

 
0.5
%
 
1,958,780

 
0.8
%
 
25.97

 
8.0

Target
 
1

 
A2/A+
 
160,346

 
1.0
%
 
1,924,152

 
0.8
%
 
12.00

 
4.8

WalMart
 
2

 
Aa2/AA
 
175,984

 
1.1
%
 
1,892,468

 
0.8
%
 
10.75

 
4.8

Ross Stores
 
6

 
NA/A-
 
185,241

 
1.1
%
 
1,860,173

 
0.8
%
 
10.04

 
4.9

Whole Foods
 
2

 
NA/BBB-
 
85,907

 
0.5
%
 
1,746,911

 
0.7
%
 
20.33

 
11.2

JP Morgan Chase
 
10

 
Aa3/A
 
47,941

 
0.3
%
 
1,686,509

 
0.7
%
 
35.18

 
4.1

Stop & Shop
 
1

 
NA
 
59,015

 
0.4
%
 
1,685,484

 
0.7
%
 
28.56

 
11.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total top twenty-five tenants
 
174

 
 
 
5,541,719

 
33.8
%
 
$
84,874,673

 
35.5
%
 
$
15.32

 
5.9

Note: The above schedule includes properties under development/redevelopment and excludes non-retail properties and properties held in unconsolidated joint ventures and Brawley Commons (see footnote 5 on page 32).
(1) Ratings as of September 30, 2013. Source: Moody’s/S&P.
(2) In years, excluding tenant renewal options.

Page 14


EQUITY ONE, INC.
RECENT LEASING ACTIVITY
For the three and nine months ended September 30, 2013 (unaudited)



Category
 
Total
Leases
 
Total
Sq. Ft.
 
Same Space
Leases
 
Same Space
Sq. Ft.
 
Prior Rent
PSF
 
New Rent
PSF
 
Rent
Spread (1)
 
Same Space
TIs PSF (3)
Three Months ended September 30, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Leases (1)
 
54

 
251,173

 
32

 
109,401

 
$
14.73

 
$
15.99

 
8.5
%
 
$
16.88

Renewals & Options
 
85

 
561,322

 
81

 
541,298

 
$
12.66

 
$
13.87

 
9.5
%
 
$
0.18

Total New, Renewals & Options (4)
 
139

 
812,495

 
113

 
650,699

 
$
13.01

 
$
14.22

 
9.3
%
 
$
2.99

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months ended September 30, 2013: (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Leases (1)
 
113

 
453,379

 
67

 
203,963

 
$
16.30

 
$
18.43

 
13.1
%
 
$
18.87

Renewals & Options
 
209

 
1,116,183

 
201

 
1,065,666

 
$
13.73

 
$
15.18

 
10.5
%
 
$
0.74

Total New, Renewals & Options (4)
 
322

 
1,569,562

 
268

 
1,269,629

 
$
14.14

 
$
15.70

 
11.0
%
 
$
3.66

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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) Rent spreads for the nine months ended September 30, 2013 exclude leases signed in previous quarters for properties that were subsequently sold.
(3) Amount reflects the impact of tenant concessions and work to be performed by us prior to delivery of the space to the tenant.
(4) 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 September 30, 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

 

 
%
 
$

97

 
198,032

 
3.9
%
 
$
16.62

97

 
198,032

 
1.3
%
 
$
16.62

2013
12

 
328,600

 
3.4
%
 
10.78

106

 
247,841

 
4.9
%
 
20.89

118

 
576,441

 
3.9
%
 
15.13

2014
47

 
1,467,687

 
15.2
%
 
10.27

349

 
775,842

 
15.3
%
 
21.68

396

 
2,243,529

 
15.2
%
 
14.22

2015
40

 
1,118,610

 
11.5
%
 
7.78

306

 
723,659

 
14.3
%
 
23.25

346

 
1,842,269

 
12.5
%
 
13.86

2016
43

 
1,567,571

 
16.2
%
 
12.91

274

 
620,685

 
12.3
%
 
24.92

317

 
2,188,256

 
14.9
%
 
16.32

2017
32

 
937,508

 
9.7
%
 
13.99

230

 
509,527

 
10.1
%
 
27.82

262

 
1,447,035

 
9.8
%
 
18.86

2018
23

 
694,584

 
7.2
%
 
11.14

129

 
356,263

 
7.0
%
 
26.81

152

 
1,050,847

 
7.1
%
 
16.45

2019
10

 
588,849

 
6.1
%
 
8.30

33

 
105,005

 
2.1
%
 
26.32

43

 
693,854

 
4.7
%
 
11.03

2020
18

 
555,872

 
5.7
%
 
12.73

34

 
103,128

 
2.0
%
 
30.99

52

 
659,000

 
4.5
%
 
15.59

2021
12

 
221,709

 
2.3
%
 
17.24

28

 
78,754

 
1.6
%
 
44.44

40

 
300,463

 
2.1
%
 
24.37

2022
16

 
498,827

 
5.1
%
 
14.13

40

 
130,544

 
2.6
%
 
39.05

56

 
629,371

 
4.3
%
 
19.30

Thereafter
46

 
1,516,695

 
15.7
%
 
18.13

77

 
271,721

 
5.4
%
 
37.98

123

 
1,788,416

 
12.1
%
 
21.14

Sub-total / Avg.
299

 
9,496,512

 
98.1
%
 
12.50

1,703

 
4,121,001

 
81.5
%
 
25.77

2,002

 
13,617,513

 
92.4
%
 
16.52

Vacant
8

 
187,912

 
1.9
%
 
N/A

468

 
938,493

 
18.5
%
 
N/A

476

 
1,126,405

 
7.6
%
 
N/A

Total / Avg.
307

 
9,684,424

 
100.0
%
 
N/A

2,171

 
5,059,494

 
100.0
%
 
N/A

2,478

 
14,743,918

 
100.0
%
 
N/A

Note: The above schedules exclude properties under development/redevelopment, non-retail properties, and properties held in unconsolidated joint ventures and Brawley Commons (see footnote 5 on page 32).

Page 16


EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION
As of September 30, 2013 (unaudited)


 
Metro or Region
 
#
Properties
 
Total SF
 
AMR
 
% of AMR
 
Miami Dade/Broward/Palm Beach
 
32

 
4,219,862

 
$
59,212,581

 
28.0
%
 
Naples/Port St. Lucie/Stuart
 
4

 
358,817

 
3,934,991

 
1.9
%
 
South Florida Region
 
36

 
4,578,679

 
63,147,572

 
29.9
%
 
California
 
8

 
1,779,297

 
40,990,679

 
19.4
%
 
Arizona
 
1

 
202,196

 
1,671,188

 
0.8
%
 
West Coast Region
 
9

 
1,981,493

 
42,661,867

 
20.2
%
 
Atlanta, Georgia
 
10

 
969,727

 
14,260,427

 
6.7
%
 
Louisiana
 
11

 
1,183,601

 
9,641,610

 
4.6
%
 
North Carolina
 
4

 
489,863

 
3,227,238

 
1.5
%
 
Central/South Georgia
 
4

 
625,168

 
3,756,463

 
1.8
%
 
Other
 
2

 
193,698

 
1,251,745

 
0.6
%
 
Southeast Region
 
31

 
3,462,057

 
32,137,483

 
15.2
%
 
Connecticut
 
7

 
866,850

 
16,117,160

 
7.6
%
 
Maryland
 
1

 
59,153

 
652,651

 
0.3
%
 
Massachusetts
 
7

 
602,879

 
11,128,131

 
5.3
%
 
New York
 
6

 
633,780

 
19,763,047

 
9.3
%
 
Northeast Region
 
21

 
2,162,662

 
47,660,989

 
22.5
%
 
Jacksonville/North Florida
 
7

 
884,606

 
9,115,398

 
4.3
%
 
Tampa/St. Petersburg/Venice/Cape Coral
 
7

 
671,708

 
6,439,202

 
3.1
%
 
Orlando/Central Florida
 
5

 
486,007

 
4,510,913

 
2.1
%
 
North Palm Coast
 
5

 
516,706

 
5,722,179

 
2.7
%
 
North Florida Region
 
24

 
2,559,027

 
25,787,692

 
12.2
%
 
 
 
 
 
 
 
 
 
 
 
Total
 
121

 
14,743,918

 
$
211,395,603

 
100.0
%


Note: The above excludes properties under development/redevelopment, non-retail properties, properties held in unconsolidated joint ventures and Brawley Commons (see footnote 5 on page 32).

Page 17


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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 (24)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orlando / Central Florida (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alafaya Commons
 
Orlando
 
1987
 
126,333

 
77.9
%
 
20

 
10

 
54,230

 
Publix
 
11/30/2013
 
 
 
$
13.72

Alafaya Village
 
Orlando
 
1986
 
38,118

 
79.9
%
 
12

 
4

 
 
 
 
 
 
 
 
 
$
23.09

Park Promenade
 
Orlando
 
1987 / 2000
 
128,848

 
71.5
%
 
13

 
10

 
 
 
 
 
 
 
Beauty Depot / Dollar General
 
$
7.88

Town & Country
 
Kissimmee
 
1993
 
75,181

 
94.1
%
 
11

 
3

 
52,883

 
Albertsons* (Ross Dress For Less)
 
10/31/2018
 
 
 
$
8.07

Unigold Shopping Center
 
Winter Park
 
1987
 
117,527

 
90.6
%
 
19

 
6

 
52,500

 
Winn-Dixie
 
4/30/2017
 
You Fit
 
$
10.91

Jacksonville / North Florida (7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beauclerc Village
 
Jacksonville
 
1962 / 1988
 
68,846

 
94.3
%
 
8

 
3

 
 
 
 
 
 
 
Big Lots / Goodwill / Beall’s Outlet
 
$
9.22

Forest Village
 
Tallahassee
 
2000
 
71,526

 
78.7
%
 
9

 
7

 
37,866

 
Publix
 
4/30/2020
 
 
 
$
10.33

Ft. Caroline
 
Jacksonville
 
1985 / 1995
 
71,816

 
86.8
%
 
6

 
6

 
45,500

 
Winn-Dixie
 
5/31/2015
 
Citi Trends
 
$
6.90

Mandarin Landing
 
Jacksonville
 
1976
 
139,580

 
88.6
%
 
21

 
8

 
50,000

 
Whole Foods
 
12/31/2023
 
Office Depot / Aveda Institute
 
$
16.57

Oak Hill (2)
 
Jacksonville
 
1985 / 1997
 
78,492

 
100.0
%
 
17

 

 
39,795

 
Publix
 
3/11/2015
 
Planet Fitness
 
$
8.34

Pablo Plaza
 
Jacksonville
 
1974 / 1998 / 2001 / 2008
 
146,473

 
86.0
%
 
18

 
10

 
34,400

 
Publix*
(Office Depot)
 
11/30/2018
 
Marshalls / HomeGoods
 
$
11.44

South Beach
 
Jacksonville Beach
 
1990 / 1991
 
307,873

 
87.2
%
 
33

 
16

 
 
 
 
 
 
 
Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples
 
$
12.51

Tampa / St. Petersburg / Venice / Cape Coral (7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charlotte Square
 
Port Charlotte
 
1980
 
96,626

 
69.9
%
 
12

 
13

 
 
 
 
 
 
 
Seafood Buffet / American Signature Furniture
 
$
7.66

Glengary Shoppes
 
Sarasota
 
1995
 
92,844

 
100.0
%
 
5

 

 
 
 
 
 
 
 
Best Buy / Barnes & Noble
 
$
17.60

Mariners Crossing
 
Spring Hill
 
1989 / 1999
 
97,812

 
86.9
%
 
16

 
2

 
48,315

 
Sweet Bay
 
8/15/2020
 
 
 
$
10.27

Shoppes of North Port
 
North Port
 
1991
 
84,705

 
86.2
%
 
14

 
7

 
 
 
 
 
 
 
You Fit Health Club / Goodwill
 
$
8.33

Sunlake
 
Tampa
 
2008
 
94,397

 
92.8
%
 
20

 
5

 
45,600

 
Publix
 
12/31/2028
 
 
 
$
18.18

Sunpoint Shopping Center
 
Ruskin
 
1984
 
132,374

 
81.2
%
 
18

 
7

 
 
 
 
 
 
 
Goodwill / Big Lots / Chapter 13 Trustee / The Crossing Church
 
$
6.68

Walden Woods
 
Plant City
 
1985 /1998 / 2003
 
72,950

 
87.3
%
 
10

 
5

 
 
 
 
 
 
 
Dollar Tree / Aaron Rents / Dollar General
 
$
7.79


Page 18


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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 Palm Coast (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Smyrna Beach
 
New Smyrna Beach
 
1987
 
118,451

 
87.8
%
 
29

 
4

 
42,112

 
Publix
 
9/23/2017
 

 
$
12.21

Old King Commons
 
Palm Coast
 
1988
 
84,759

 
94.6
%
 
12

 
3

 
 
 
 
 
 
 
Staples / Beall's Outlet / Planet Fitness
 
$
8.07

Ryanwood
 
Vero Beach
 
1987
 
114,925

 
83.9
%
 
21

 
11

 
39,795

 
Publix
 
3/23/2017
 
Beall’s Outlet / Books-A-Million
 
$
11.18

South Point Center
 
Vero Beach
 
2003
 
64,790

 
94.1
%
 
12

 
3

 
44,840

 
Publix
 
11/30/2023
 
 
 
$
15.74

Treasure Coast
 
Vero Beach
 
1983
 
133,781

 
98.9
%
 
23

 
1

 
59,450

 
Publix
 
7/31/2026
 
TJ Maxx
 
$
13.36

TOTAL SHOPPING CENTERS NORTH FLORIDA REGION (24)
 
2,559,027

 
87.1
%
 
379

 
144

 
647,286

 
 
 
 
 
 
 
$
11.57

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOUTH FLORIDA REGION (36)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Miami-Dade / Broward / Palm Beach (32)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
94.2
%
 
42

 
6

 
44,400

 
Winn-Dixie
 
12/31/2017
 
CVS Pharmacy / Goodwill
 
$
19.53

Bluffs Square
 
Jupiter
 
1986
 
123,917

 
81.0
%
 
22

 
9

 
39,795

 
Publix
 
10/22/2016
 
Walgreens
 
$
12.97

Chapel Trail
 
Pembroke Pines
 
2007
 
56,378

 
100.0
%
 
4

 

 
 
 
 
 
 
 
LA Fitness
 
$
23.70

Coral Reef Shopping Center
 
Palmetto Bay
 
1968 / 1990
 
74,680

 
93.4
%
 
14

 
3

 
 
 
 
 
 
 
Office Depot / Walgreens
 
$
26.22

Countryside Shops
 
Cooper City
 
1986 /1988 / 1991
 
179,561

 
85.3
%
 
37

 
9

 
39,795

 
Publix
 
12/4/2015
 
Stein Mart
 
$
13.35

Crossroads Square
 
Pembroke Pines
 
1973
 
81,587

 
86.0
%
 
15

 
8

 
 
 
 
 
 
 
CVS Pharmacy / Goodwill / Party City
 
$
18.23

El Novillo
 
Miami Beach
 
1970 / 2000
 
10,000

 
100.0
%
 
1

 

 
 
 
 
 
 
 
Sakura Japanese Buffet
 
$
17.00

Greenwood
 
Palm Springs
 
1982 / 1994
 
133,438

 
89.4
%
 
28

 
7

 
50,032

 
Publix
 
12/5/2014
 
Beall’s Outlet
 
$
13.72

Hammocks Town Center
 
Miami
 
1987 / 1993
 
168,834

 
97.7
%
 
34

 
3

 
39,795

 
Publix
 
6/24/2017
 
Metro Dade Library / CVS Pharmacy / Porky’s Gym
 
$
14.84

Jonathan’s Landing
 
Jupiter
 
1997
 
26,820

 
75.4
%
 
9

 
3

 
 
 
 
 
 
 
 
 
$
20.91

Lago Mar
 
Miami
 
1995
 
82,613

 
90.0
%
 
14

 
5

 
42,323

 
Publix
 
9/13/2015
 
 
 
$
12.31

Lantana Village
 
Lantana
 
1976 / 1999
 
181,780

 
97.6
%
 
22

 
3

 
39,473

 
Winn-Dixie
 
2/15/2016
 
Kmart / Rite Aid* (Family Dollar)
 
$
7.51

Magnolia Shoppes
 
Fort Lauderdale
 
1998
 
114,118

 
94.5
%
 
15

 
3

 
 
 
 
 
 
 
Regal Cinemas / Deal$
 
$
12.46

Shoppes of Oakbrook
 
Palm Beach Gardens
 
1974 / 2000 / 2003
 
199,633

 
92.6
%
 
22

 
8

 
44,400

 
Publix
 
11/30/2020
 
Stein Mart / Homegoods / CVS Pharmacy / Bassett Furniture / Duffy’s
 
$
14.81

Oaktree Plaza
 
North Palm Beach
 
1985
 
23,745

 
81.9
%
 
14

 
6

 
 
 
 
 
 
 
 
 
$
14.75

Pine Island
 
Davie
 
1999
 
254,907

 
91.9
%
 
37

 
9

 
39,943

 
Publix
 
11/30/2018
 
Burlington Coat Factory/Staples
 
$
12.63


Page 19


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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
Point Royale
 
Miami
 
1970 / 2000
 
181,381

 
93.8
%
 
23

 
4

 
45,350

 
Winn-Dixie
 
2/15/2015
 
Best Buy / Pasteur Medical
 
$
12.28

Prosperity Centre
 
Palm Beach Gardens
 
1993
 
122,014

 
96.6
%
 
9

 
1

 
 
 
 
 
 
 
Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx
 
$
17.79

Ridge Plaza
 
Davie
 
1984 / 1999
 
155,204

 
95.3
%
 
21

 
6

 
 
 
 
 
 
 
Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill
 
$
11.91

Riverside Square
 
Coral Springs
 
1987
 
103,241

 
80.1
%
 
19

 
13

 
39,795

 
Publix
 
2/18/2017
 
 
 
$
11.23

Sawgrass Promenade
 
Deerfield Beach
 
1982 / 1998
 
107,092

 
80.8
%
 
16

 
8

 
36,464

 
Publix
 
12/15/2014
 
Walgreens / Dollar Tree
 
$
10.64

Sheridan Plaza
 
Hollywood
 
1973 / 1991
 
508,455

 
99.8
%
 
61

 
2

 
65,537

 
Publix
 
10/9/2016
 
Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / Office Depot / Assoc. in Neurology
 
$
15.90

Shoppes of Andros Isles
 
West Palm Beach
 
2000
 
79,420

 
82.4
%
 
10

 
8

 
51,420

 
Publix
 
2/29/2020
 
 
 
$
11.26

Shoppes of Silverlakes
 
Pembroke Pines
 
1995 / 1997
 
126,789

 
87.1
%
 
28

 
9

 
47,814

 
Publix
 
6/14/2015
 
Goodwill
 
$
15.24

Shops at Skylake
 
North Miami Beach
 
1999 / 2005 / 2006
 
287,168

 
95.3
%
 
44

 
5

 
51,420

 
Publix
 
7/31/2019
 
TJ Maxx / LA Fitness / Goodwill
 
$
19.13

Tamarac Town Square
 
Tamarac
 
1987
 
124,585

 
86.8
%
 
28

 
11

 
37,764

 
Publix
 
12/15/2019
 
Dollar Tree / Pivot Education
 
$
11.75

Waterstone
 
Homestead
 
2005
 
61,000

 
100.0
%
 
9

 

 
45,600

 
Publix
 
7/31/2025
 
 
 
$
14.90

West Bird
 
Miami
 
1977 / 2000
 
99,864

 
91.1
%
 
24

 
4

 
37,949

 
Publix
 
8/31/2020
 
CVS Pharmacy
 
$
13.38

West Lakes Plaza
 
Miami
 
1984 / 2000
 
100,747

 
95.3
%
 
26

 
1

 
46,216

 
Winn-Dixie
 
5/22/2016
 
Navarro Pharmacy
 
$
14.43

Westport Plaza
 
Davie
 
2002
 
49,533

 
97.6
%
 
7

 
1

 
27,887

 
Publix
 
11/30/2022
 
 
 
$
17.75

Young Circle
 
Hollywood
 
1962 / 1997
 
65,834

 
98.1
%
 
9

 
1

 
23,124

 
Publix
 
11/30/2016
 
Walgreens
 
$
15.64

Naples / Port St. Lucie / Stuart (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cashmere Corners
 
Port St. Lucie
 
2001
 
89,234

 
84.8
%
 
11

 
5

 
59,448

 
Albertsons
 
4/30/2025
 
 
 
$
7.42

Pavilion
 
Naples
 
1982 / 2001 / 2011
 
167,745

 
89.0
%
 
31

 
9

 
 
 
 
 
 
 
Paragon Theaters / L.A. Fitness / Anthony's
 
$
15.61

Salerno Village
 
Stuart
 
1987
 
82,477

 
86.3
%
 
11

 
9

 
45,802

 
Winn-Dixie
 
3/23/2019
 
CVS Pharmacy
 
$
10.79

Shops at St. Lucie
 
Port St. Lucie
 
2006
 
19,361

 
65.2
%
 
7

 
3

 
 
 
 
 
 
 
 
 
$
21.77

TOTAL SHOPPING CENTERS SOUTH FLORIDA REGION (36)
 
4,578,679

 
92.3
%
 
734

 
182

 
1,041,546

 
 
 
 
 
 
 
$
14.94


Page 20


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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
SOUTHEAST REGION (31)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GEORGIA (14)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta (10)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BridgeMill
 
Canton
 
2000
 
89,102

 
90.6
%
 
24

 
5

 
37,888

 
Publix
 
1/31/2020
 
 
 
$
16.23

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

 
100.0
%
 
25

 
1

 
37,366

 
Publix
 
5/31/2024
 
 
 
$
17.93

Hairston Center
 
Decatur
 
2000
 
13,000

 
92.3
%
 
7

 
1

 
 
 
 
 
 
 
 
 
$
11.85

Hampton Oaks
 
Fairburn
 
2009
 
20,842

 
29.2
%
 
3

 
8

 
 
 
 
 
 
 
 
 
$
11.66

Market Place
 
Norcross
 
1976
 
73,686

 
96.7
%
 
19

 
4

 
 
 
 
 
 
 
Galaxy Cinema
 
$
11.85

Piedmont Peachtree Crossing
 
Buckhead
 
1978 / 1998
 
152,239

 
98.6
%
 
28

 
1

 
55,520

 
Kroger
 
2/28/2015
 
Cost Plus Store / Binders Art Supplies
 
$
17.55

Powers Ferry Plaza
 
Marietta
 
1979 / 1987 / 1998
 
86,401

 
84.4
%
 
17

 
7

 
 
 
 
 
 
 
Micro Center
 
$
9.91

Wesley Chapel
 
Decatur
 
1989
 
164,153

 
84.5
%
 
17

 
11

 
 
 
 
 
 
 
Everest Institute* / Little Giant / Deal$ / Planet Fitness
 
$
8.09

Williamsburg @ Dunwoody
 
Dunwoody
 
1983
 
44,928

 
86.3
%
 
21

 
5

 
 
 
 
 
 
 
 
 
$
19.16

Central / South Georgia (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Daniel Village
 
Augusta
 
1956 / 1997
 
172,438

 
69.0
%
 
26

 
13

 
45,971

 
Bi-Lo
 
3/31/2022
 

 
$
9.63

McAlpin Square
 
Savannah
 
1979
 
173,952

 
96.6
%
 
23

 
2

 
43,600

 
Kroger
 
8/31/2015
 
Big Lots / Habitat for Humanity / Savahhah-Skidaway
 
$
8.16

Spalding Village
 
Griffin
 
1989
 
235,318

 
57.7
%
 
12

 
16

 
59,431

 
Kroger
 
5/31/2014
 
Fred’s Store / Goodwill
 
$
7.03

Walton Plaza
 
Augusta
 
1990
 
43,460

 
92.4
%
 
5

 
3

 
 
 
 
 
 
 
Gold’s Gym
 
$
7.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS GEORGIA (14)
 
1,594,895

 
85.2
%
 
242

 
77

 
279,776

 
 
 
 
 
 
 
$
13.26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LOUISIANA (11)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ambassador Row
 
Lafayette
 
1980 / 1991
 
194,678

 
98.4
%
 
24

 
2

 
 
 
 
 
 
 
KW Smith Furniture & Mattress / Big Lots /
Chuck E Cheese / Planet Fitness / JoAnn Fabrics
 
$
10.48

Ambassador Row Courtyard
 
Lafayette
 
1986 / 1991 / 2005
 
146,697

 
89.3
%
 
20

 
3

 
 
 
 
 
 
 
Bed Bath & Beyond / Marshalls / Hancock Fabrics / Unitech Training Academy / Tuesday Morning
 
$
10.05

Bluebonnet Village
 
Baton Rouge
 
1983
 
101,585

 
98.2
%
 
22

 
4

 
33,387

 
Matherne’s
 
11/30/2015
 
Office Depot
 
$
12.15

Boulevard
 
Lafayette
 
1976 / 1994
 
68,012

 
93.1
%
 
12

 
2

 
 
 
 
 
 
 
Piccadilly / Harbor Freight Tools / Golfballs.com
 
$
9.19


Page 21


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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
Country Club Plaza
 
Slidell
 
1982 / 1994
 
64,686

 
86.8
%
 
8

 
2

 
33,387

 
Winn-Dixie
 
1/31/2018
 
 
 
$
6.79

Crossing
 
Slidell
 
1988 / 1993
 
113,989

 
92.8
%
 
10

 
5

 
58,432

 
Save A Center
 
9/28/2039
 
A-1 Home Appliance / Piccadilly
 
$
5.23

Elmwood Oaks
 
Harahan
 
1989
 
130,284

 
100.0
%
 
10

 

 
 
 
 
 
 
 
Academy Sports / Dollar Tree / Tuesday Morning
 
$
9.14

Plaza Acadienne
 
Eunice
 
1980
 
59,419

 
100.0
%
 
7

 

 
28,092

 
Super 1 Store
 
6/30/2020
 
Fred’s Store
 
$
4.38

Sherwood South
 
Baton Rouge
 
1972 / 1988 / 1992
 
77,230

 
100.0
%
 
7

 

 
 
 
 
 
 
 
Burke’s Outlet / Harbor Freight Tools / Ideal Market
 
$
5.21

Siegen Village
 
Baton Rouge
 
1988
 
170,416

 
98.9
%
 
19

 
1

 
 
 
 
 
 
 
Office Depot / Big Lots / Dollar Tree / Stage / Party City
 
$
8.36

Tarpon Heights
 
Galliano
 
1982
 
56,605

 
95.5
%
 
8

 
1

 
 
 
 
 
 
 
Stage / Dollar General
 
$
6.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS LOUISIANA (11)
 
1,183,601

 
96.1
%
 
147

 
20

 
153,298

 
 
 
 
 
 
 
$
8.48

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MISSISSIPPI (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shipyard Plaza
 
Pascagoula
 
1987
 
66,857

 
100.0
%
 
8

 

 
 
 
 
 
 
 
Big Lots / Dragon City
 
$
7.40

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS MISSISSIPPI (1)
 
66,857

 
100.0
%
 
8

 

 
 
 
 
 
 
 
 
 
$
7.40

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NORTH CAROLINA (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Centre Pointe Plaza
 
Smithfield
 
1989
 
159,383

 
99.2
%
 
23

 
1

 
 
 
 
 
 
 
Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores
 
$
6.34

Riverview Shopping Center
 
Durham
 
1973 / 1995
 
128,498

 
93.1
%
 
12

 
4

 
53,538

 
Kroger
 
12/31/2014
 
Upchurch Drugs / Riverview Galleries
 
$
8.35

Stanley Market Place
 
Stanley
 
2007
 
53,228

 
96.7
%
 
6

 
1

 
34,928

 
Food Lion
 
5/15/2027
 
Family Dollar
 
$
9.79

Thomasville Commons
 
Thomasville
 
1991
 
148,754

 
89.9
%
 
9

 
5

 
32,000

 
Ingles
 
9/30/2017
 
Kmart
 
$
5.39

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS NORTH CAROLINA (4)
 
489,863

 
94.5
%
 
50

 
11

 
120,466

 
 
 
 
 
 
 
$
6.97

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VIRGINIA (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Smyth Valley Crossing
 
Marion
 
1989
 
126,841

 
98.0
%
 
13

 
1

 
32,000

 
Ingles
 
9/25/2015
 
Walmart
 
$
6.09

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS VIRGINIA (1)
 
126,841

 
98.0
%
 
13

 
1

 
32,000

 
 
 
 
 
 
 
$
6.09

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS SOUTHEAST REGION (31)
 
3,462,057

 
91.0
%
 
460

 
109

 
585,540

 
 
 
 
 
 
 
$
10.20


Page 22


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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
NORTHEAST REGION (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONNECTICUT (7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brookside Plaza
 
Enfield
 
1985 / 2006
 
214,030

 
93.9
%
 
24

 
2

 
59,648

 
Wakefern Food
 
8/31/2015
 
Bed Bath & Beyond / Walgreens / Staples /PetSmart
 
$
13.80

Compo Acres
 
Westport
 
1960 / 2011
 
42,779

 
93.2
%
 
15

 
1

 
11,731

 
Trader Joe’s
 
2/28/2022
 

 
$
46.33

Copps Hill
 
Ridgefield
 
1979 / 2002
 
184,528

 
100.0
%
 
9

 

 
59,015

 
Stop & Shop
 
12/31/2024
 
Kohl’s / Rite Aid
 
$
13.61

Darinor Plaza (1)
 
Norwalk
 
1978
 
151,198

 
100.0
%
 
13

 

 
 
 
 
 
 
 
Kohl's / Old Navy / Party City
 
$
16.71

Danbury Green
 
Danbury
 
1985 / 2006
 
98,095

 
100.0
%
 
10

 

 
11,850

 
Trader Joe’s
 
1/31/2023
 
Rite Aid / Annie Sez / Staples / DSW
 
$
22.73

Post Road Plaza
 
Darien
 
1978
 
20,005

 
100.0
%
 
4

 

 
8,487

 
Trader Joe's
 
8/13/2017
 
 
 
$
43.92

Southbury Green
 
Southbury
 
1979 / 2002
 
156,215

 
97.6
%
 
22

 
2

 
60,113

 
ShopRite
 
7/31/2022
 
Staples
 
$
21.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS CONNECTICUT (7)
 
866,850

 
97.7
%
 
97

 
5

 
210,844

 
 
 
 
 
 
 
$
19.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MARYLAND (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Westwood Complex (1)
 
Bethesda
 
1958-1960 /
2001
 
59,153

 
100.0
%
 
3

 

 
 
 
 
 
 
 
Bowlmor Lanes / CITGO
 
$
11.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS MARYLAND (1)
 
59,153

 
100.0
%
 
3

 

 
 
 
 
 
 
 
 
 
$
11.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
201,425

 
98.2
%
 
14

 
1

 
56,766

 
Shaw’s
 
2/28/2023
 
K Mart
 
$
8.08

West Roxbury Shaw’s Plaza
 
West Roxbury
 
1973 / 1995 / 2006
 
76,316

 
93.3
%
 
9

 
4

 
54,928

 
Shaw’s
 
1/2/2016
 
 
 
$
26.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)
 
602,879

 
98.6
%
 
29

 
5

 
434,532

 
 
 
 
 
 
 
$
18.73


Page 23


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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
NEW YORK (6)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1175 Third Avenue
 
Manhattan
 
1995
 
25,350

 
100.0
%
 
1

 

 
25,350

 
Food Emporium
 
4/30/2023
 
 
 
$
105.29

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
 
$
97.12

Clocktower Plaza (1)
 
Queens
 
1985/1995
 
78,820

 
100.0
%
 
8

 

 
62,668

 
Pathmark
 
11/30/2030
 
 
 
$
45.04

Westbury Plaza
 
Westbury
 
1993 / 2004
 
394,451

 
100.0
%
 
13

 

 

 
0
 
0
 
Costco / Marshalls / Sports Authority / Walmart
 
$
21.82

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS NEW YORK (6)
 
633,780

 
98.5
%
 
33

 
1

 
98,908

 
 
 
 
 
 
 
$
31.36

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS NORTHEAST REGION (21)
 
2,162,662

 
98.5
%
 
162

 
11

 
744,284

 
 
 
 
 
 
 
$
22.37

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WEST COAST REGION (9)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARIZONA (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Canyon Trails
 
Goodyear
 
2008
 
202,196

 
63.0
%
 
17

 
15

 
 
 
 
 
 
 
Office Max / PetSmart / Ross / Cost Plus / Dollar Tree
 
$
13.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS ARIZONA (1)
 
202,196

 
63.0
%
 
17

 
15

 
 
 
 
 
 
 
 
 
$
13.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALIFORNIA (8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle Center West
 
Long Beach
 
1989
 
64,403

 
94.1
%
 
14

 
3

 
 
 
 
 
 
 
Marshalls
 
$
20.15

Culver Center
 
Culver City
 
1950 / 2000
 
216,646

 
97.1
%
 
31

 
2

 
36,578

 
Ralph’s
 
10/31/2015
 
LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy
 
$
27.80

Marketplace Shopping Center
 
Davis
 
1990
 
111,156

 
100.0
%
 
23

 

 
35,018

 
Safeway
 
7/31/2014
 
Petco / CVS Pharmacy
 
$
21.95

Plaza Escuela
 
Walnut Creek
 
2002
 
152,452

 
100.0
%
 
23

 
3

 
 
 
 
 
 
 
AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority
 
$
45.24

Potrero
 
San Francisco
 
1968 / 1997
 
226,642

 
99.9
%
 
26

 
1

 
59,566

 
Safeway
 
9/30/2020
 
24 Hour Fitness / Party City / Petco / Office Depot / Ross
 
$
29.81

Ralph's Circle Center
 
Long Beach
 
1983
 
59,837

 
100.0
%
 
12

 

 
35,022

 
Ralph’s
 
11/30/2025
 
 
 
$
17.35

Serramonte
 
Daly City
 
1968
 
799,808

 
98.0
%
 
97

 
6

 
 
 
 
 
 
 
Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / Crunch Gym
 
$
18.13

Von’s Circle Center
 
Long Beach
 
1972
 
148,353

 
100.0
%
 
24

 

 
45,253

 
Von’s
 
7/31/2022
 
Rite Aid / Ross
 
$
17.37

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS CALIFORNIA (8)
 
1,779,297

 
98.5
%
 
250

 
15

 
211,437

 
 
 
 
 
 
 
$
23.38

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS WEST COAST REGION (9)
 
1,981,493

 
94.9
%
 
267

 
30

 
211,437

 
 
 
 
 
 
 
$
22.68

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CORE SHOPPING CENTER PORTFOLIO (121)
 
14,743,918

 
92.4
%
 
2,002

 
476

 
3,230,093

 
 
 
 
 
 
 
$
15.52


Page 24


 EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2013 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
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 (7) (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 Potrero
 
San Francisco, CA
 
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

 
 
 
 
 
 
 
 
 
 
Westwood - Manor Care
 
Bethesda, MD
 
1976
 
41,123

 


 
1

 
 
 
 
 
 
 
 
 
Manor Care
 
 
Prosperity Office Building
 
Palm Beach Gdns, FL
 
1972
 
3,200

 


 

 
1

 
 
 
 
 
 
 
 
 
 
Danville - San Ramon Medical (2)
 
Danville, CA
 
1982-1986
 
74,599

 
67.9
%
 
39

 
15

 
 
 
 
 
 
 
 
 
 
Westwood Towers
 
Bethesda, MD
 
1968 / 1997
 
211,020

 
100.0
%
 
2

 

 
 
 
 
 
 
 
Housing Opportunities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL OTHER PROPERTIES (7) (1)
 
581,692

 
92.0
%
 
58

 
22

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (128)
 
15,325,610

 
92.3
%
 
2,060

 
498

 
3,230,093

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DEVELOPMENTS, REDEVELOPMENTS & LAND (16) (1)
 
 
 
 
 
 
 
 
 
 
 
 
Developments
 
See Schedule on Page 28.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redevelopments
 
See Schedule on Page 28.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land Held for Development (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CONSOLIDATED - 144 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. Additionally, Brawley Commons in the Southeast Region with totaling 119,189 was excluded from the above and from the same property pool. See footnote 5 on page 32.
* 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 same property pool for the quarter ended September 30, 2013.
(2) Property is classified as held for sale.
(3) The total carrying value of land held for development as of September 30, 2013 is $28.1million.

Page 25


EQUITY ONE, INC.
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
For the nine months ended September 30, 2013 (unaudited)
(in thousands, except for square footage)


2013 Acquisition Activity
 
 
 
 
 
 
 
 
 
 
 
 
Date Purchased
 
Property Name
 
City
 
State
 
Square Feet 
 
Purchase
Price
 
Mortgage Assumed
September 5, 2013
 
Manor Care
 
Bethesda
 
MD
 
41,123

 
$
13,000

 
$

September 5, 2013
 
5335 CITGO
 
Bethesda
 
MD
 
18,128

 
6,000

 

September 5, 2013
 
5471 CITGO
 
Bethesda
 
MD
 
14,025

 
4,000

 

June 5, 2013
 
Westwood Towers
 
Bethesda
 
MD
 
211,020

 
25,000

 

May 7, 2013
 
Bowlmor Lanes
 
Bethesda
 
MD
 
27,000

 
12,000

 

Total Purchased
 
 
 
 
 
 
 
 
 
$
60,000

 
$




 





















Page 26


EQUITY ONE, INC.
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
For the nine months ended September 30, 2013 (unaudited)
(in thousands, except for square footage)

2013 Disposition Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
Date Sold
 
Property Name
 
City
 
State
 
Square Feet
 
Gross Sales
Price
 
Gain (loss)
on Sale
 
Income producing properties sold
 
 
 
 
 
 
 
 
 
 
 
 
 
September 25, 2013
 
Regency Crossing
 
Port Richey
 
FL
 
85,864

 
$
6,550

 
$
(84
)
(1 
) 
September 18, 2013
 
Paulding Commons
 
Hiram
 
GA
 
209,676

 
18,150

 
(171
)
 
August 16, 2013
 
Willowdaile Shopping Center
 
Durham
 
NC
 
95,601

 
5,200

 
(27
)
 
August 7, 2013
 
Village at Northshore
 
Slidell
 
LA
 
144,638

 
9,450

 
(104
)
 
July 19, 2013
 
The Galleria
 
Wilmington
 
NC
 
92,114

 
3,760

 
(12
)
 
July 1, 2013
 
CVS Plaza
 
Miami
 
FL
 
18,214

 
4,400

 
223

 
June 27, 2013
 
Providence Square
 
Charlotte
 
NC
 
85,930

 
2,000

 
194

 
June 18, 2013
 
Medical & Merchants
 
Jacksonville
 
FL
 
156,153

 
12,000

 

(2 
) 
June 18, 2013
 
Meadows
 
Miami
 
FL
 
75,524

 
15,242

 
7,652

 
June 18, 2013
 
Plaza Alegre
 
Miami
 
FL
 
88,411

 
20,633

 
11,989

 
June 7, 2013
 
Chestnut Square
 
Brevard
 
NC
 
34,260

 
6,000

 
507

 
May 1, 2013
 
Madison Centre
 
Madison
 
AL
 
64,837

 
7,350

 
2,184

 
April 4, 2013
 
Lutz Lake Crossing
 
Lutz
 
FL
 
64,985

 
10,550

 
1,897

 
April 4, 2013
 
Seven Hills
 
Spring Hill
 
FL
 
72,590

 
7,750

 
728

 
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
 
Mableton Crossing
 
Mableton
 
GA
 
86,819

 
11,500

 
2,789

(3 
) 
January 15, 2013
 
Hamilton Ridge
 
Buford
 
GA
 
90,996

 
11,800

 
(239
)
 
January 15, 2013
 
Shops at Westridge
 
McDonough
 
GA
 
66,297

 
7,550

 
687

 
 
 
 
 
 
 
 
 
 
 
$
229,635

 
$
36,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outparcels sold
 
 
 
 
 
 
 
 
 
 
 
 
 
September 10, 2013
 
Willowdaile - Subway
 
Durham
 
NC
 
2,384

 
$
700

 
$
(12
)
 
June 21, 2013
 
Canyon Trails - Jack in the Box
 
Goodyear
 
AZ
 
4,000

 
1,980

 
152

 
May 23, 2013
 
Canyon Trails - Chase Pad
 
Goodyear
 
AZ
 
4,200

 
3,850

 
360

 
 
 
 
 
 
 
 
 
 
 
$
6,530

 
$
500

 
 
 
 
 
 
 
 
 
 
 
$
236,165

 
$
36,672

 

(1) Provided financing to the buyer through a loan receivable of $4.3 million.
(2) Provided financing to the buyer through a loan receivable of $8.5 million and the related gain on disposal of $1.0 million was deferred at September 30, 2013.
(3) $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 September 30, 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 9/30/13
 
Balance to
Complete
(Gross Cost)
Active Developments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Gallery at Westbury
 
Westbury, NY
 
311,706

 
311,706

 
Container Store / Nordstrom Rack /
Trader Joe's / Saks Off Fifth / Banana Republic Outlet/ Bloomingdales Outlet / Sports Authority Elite / Old Navy / Ulta / Home Goods
 
2013
 
$
149,600

 
$
128,600

(8) 
$
139,296

 
$
10,304

Broadway Plaza
 
Bronx, NY
 
115,000

 
115,000

 
TBD
 
2014
 
52,766


52,766

 
19,351

 
33,415

Subtotal
 
 
 
426,706

 
426,706

 
 
 
 
 
202,366

 
181,366

 
158,647

 
43,719

Active Redevelopments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Boca Village Square
 
Boca Raton, FL
 
42,012

 
93,000

 
CVS Pharmacy
 
2Q14
 
11,161

 
10,911

 
7,460

 
3,701

Boynton Plaza
 
Boynton Beach, FL
 
53,785

 
107,479

 
Publix
 
1Q15
 
8,109

 
7,608

 
299

 
7,810

Kirkman Shoppes
 
Orlando, FL
 
41,000

 
99,625

 
L.A. Fitness
 
3Q15
 
6,590

 
6,590

 
86

 
6,504

Lake Mary Centre
 
Lake Mary, FL
 
56,468

 
340,434

 
Ross / Fresh Market
 
3Q14
 
4,001

 
4,001

 
1,621

 
2,380

Serramonte Shopping Center (6)
 
Daly City, CA
 
83,218

 
883,026

 
Dick's Sporting Goods
 
2Q14
 
19,270

 
19,150

 
10,948

 
8,322

Summerlin Square (7)
 
Ft. Myers, FL
 
15,000

 
195,000

 
Large National Retailer
 
1Q14
 
2,227

 
2,127

 
1,250

 
977

Willows Shopping Center
 
Concord, CA
 
47,656

 
251,467

 
Ulta / Lazy Dog / Old Navy / UFC Gym
 
 3Q15
 
13,460

 
13,460

 
1,491

 
11,969

Subtotal
 
 
 
339,139

 
1,970,031

 
 
 
 
 
64,818

 
63,847

 
23,155

 
41,663

Total Active Developments and Redevelopments
 
765,845

 
2,396,737

 
 
 
 
 
267,184

 
245,213

 
181,802

 
85,382

Redevelopments Pending Twelve Month Stabilization
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic Village (9)
 
Atlantic Beach, FL
 
39,795

 
100,559

 
L.A. Fitness
 
2Q13
 
$
4,609

 
$
4,609

 
$
4,625

 
$

Pine Ridge (9)
 
Coral Springs, FL
 
41,886

 
117,744

 
Marshalls / Ulta
 
4Q12
 
4,605

 
4,605

 
4,812

 

Subtotal
 
 
 
81,681

 
218,303

 
 
 
 
 
9,214

 
9,214

 
9,437

 

Total Development and Redevelopment Activity
 
847,526

 
2,615,040

 
 
 
 
 
$
276,398

 
$
254,427

 
$
191,239

(10) 
$
85,382


(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) This property is included in the same property pool as of September 30, 2013.
(7) This property is classified as held for sale as of September 30, 2013. Three outparcels will be retained and redeveloped.
(8) 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.
(9) Project is complete. See Note (3) above.
(10) Includes an aggregate of $8.8 million in costs incurred but not yet funded as of September 30, 2013.

Page 28


EQUITY ONE, INC.
DEBT SUMMARY
As of September 30, 2013 and December 31, 2012 and 2011 (unaudited)
(in thousands)
 
 
September 30, 2013
 
December 31, 2012
 
December 31, 2011
Fixed rate debt
 
$
1,140,771

 
$
1,173,110

 
$
1,190,174

Variable rate debt - swapped to fixed rate
 
250,000

 
250,000

 

Variable rate debt - unhedged
 
90,000

 
172,000

 
138,000

Total debt
 
$
1,480,771

 
$
1,595,110

 
$
1,328,174

 
 
 
 
 
 
 
% Fixed rate debt
 
77.0
%
 
73.5
%
 
89.6
%
% Variable rate debt - swapped to fixed rate
 
16.9
%
 
15.7
%
 
%
% Variable rate debt - unhedged
 
6.1
%
 
10.8
%
 
10.4
%
Total
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured mortgage debt
 
$
409,635

 
$
441,974

 
$
499,038

Unsecured debt
 
1,071,136

 
1,153,136

 
829,136

Total debt
 
$
1,480,771

 
$
1,595,110

 
$
1,328,174

 
 
 
 
 
 
 
% Secured mortgage debt
 
27.7
%
 
27.7
%
 
37.6
%
% Unsecured debt
 
72.3
%
 
72.3
%
 
62.4
%
Total
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total market capitalization (from page 6)
 
$
4,308,674

 
$
4,305,536

 
$
3,438,335

 
 
 
 
 
 
 
% Secured mortgage debt
 
9.5
%
 
10.3
%
 
14.5
%
% Unsecured debt
 
24.9
%
 
26.8
%
 
24.1
%
Total debt : Total market capitalization
 
34.4
%
 
37.1
%
 
38.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average interest rate on secured mortgage debt (1)
 
6.04
%
 
6.09
%
 
6.14
%
Weighted-average interest rate on unsecured senior notes (1)
 
5.02
%
 
5.02
%
 
6.06
%
Interest rate on term loans
 
3.17
%
 
3.37
%
 
N/A

Weighted-average interest rate on total debt (1) (2)
 
4.99
%
 
5.06
%
 
6.09
%
Weighted-average interest rate on revolving credit facilities (1)
 
1.32
%
 
1.77
%
 
1.85
%
 
 
 
 
 
 
 
Weighted-average maturity on secured mortgage debt
 
4.7 years

 
5.2 years

 
5.8 years

Weighted-average maturity on unsecured senior notes
 
5.6 years

 
6.3 years

 
4.1 years

Maturity on term loan
 
5.4 years

 
6.1 years

 
N/A

Weighted-average maturity on total debt (2)
 
5.3 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 and weighted-average interest rate 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 September 30, 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
$
1,832

 
$
6,485

(3) 
$

 
$

 
$

 
$
537

 
$
8,854

 
6.3
%
 
0.6
%
2014
 
7,488

 
6,509

 

 

 

 
2,081

 
16,078

 
5.7
%
 
1.1
%
2015
 
7,371

 
54,462

 
90,000

 
107,505

 

 
1,173

 
260,511

 
4.0
%
(1) 
17.5
%
2016
 
7,032

 
120,876

 

 
105,230

 

 
869

 
234,007

 
6.0
%
 
15.8
%
2017
 
6,350

 
64,000

 

 
218,401

 

 
513

 
289,264

 
6.0
%
 
19.5
%
2018
 
6,547

 
54,754

 

 

 

 
149

 
61,450

 
6.3
%
 
4.1
%
2019
 
5,372

 
17,142

 

 

 
250,000

 
29

 
272,543

 
3.4
%
 
18.3
%
2020
 
5,506

 

 

 

 

 
(29
)
 
5,477

 
%
 
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
%
 
22.1
%
Total
 
$
77,632

 
$
332,003

 
$
90,000

 
$
731,136

 
$
250,000

 
$
5,208

 
$
1,485,979

 
4.9
%
(2) 
100.0
%
 

(1) Excluding the revolving credit facility, the weighted average interest rate would be 5.4% for 2015.
(2) Excludes the revolving credit facility.
(3) Balloon payment pertains to mortgage debt that matured on July 1, 2013 and remains unpaid. We are in discussions with the lender to resolve this matter, likely by means of a sale of the property to a third party or a transfer of the title to the lender.


Page 30


EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of September 30, 2013 and December 31, 2012 (unaudited)
(in thousands)
Debt Instrument
 
Maturity
Date
 
Rate
 
September 30, 2013
 
December 31, 2012
 
Percent of Overall
Debt Maturing
Mortgage Debt
 
 
 
 
 
 
 
 
 
 
Buckhead Station
 
09/01/2013
 
6.880
%
 
$

 
$
24,166

 
%
Brawley Commons (5)
 
07/01/2013
 
6.250
%
 
6,485

 
6,534

 
0.4
%
South Point
 
07/10/2014
 
5.720
%
 
6,732

 
6,924

 
0.5
%
Southbury Green
 
01/05/2015
 
5.200
%
 
21,000

 
21,000

 
1.4
%
Marketplace Shopping Center
 
02/19/2015
 
6.250
%
 
15,994

 
16,164

 
1.1
%
Darinor Plaza
 
04/01/2015
 
5.370
%
 
18,408

 
18,658

 
1.2
%
Danbury Green
 
01/05/2016
 
5.850
%
 
24,700

 
24,700

 
1.7
%
1225-1239 Second Avenue
 
06/01/2016
 
6.325
%
 
16,508

 
16,655

 
1.1
%
Glengary Shoppes
 
06/11/2016
 
5.750
%
 
15,878

 
16,079

 
1.1
%
Magnolia Shoppes
 
07/11/2016
 
6.160
%
 
13,622

 
13,807

 
0.9
%
Willows Shopping Center
 
10/11/2016
 
5.900
%
 
54,725

 
55,245

 
3.7
%
Culver Center
 
05/06/2017
 
5.580
%
 
64,000

 
64,000

 
4.2
%
Sheridan Plaza
 
10/10/2018
 
6.250
%
 
60,753

 
61,488

 
4.1
%
1175 Third Avenue
 
05/01/2019
 
7.000
%
 
6,826

 
7,001

 
0.5
%
BridgeMill
 
05/05/2021
 
7.940
%
 
7,285

 
7,528

 
0.5
%
Westport Plaza
 
08/01/2023
 
7.490
%
 
3,764

 
3,890

 
0.2
%
Aventura Square / Oakbrook Square / Treasure Coast Plaza
 
02/28/2024
 
6.500
%
 
24,740

 
25,944

 
1.7
%
Webster Plaza
 
08/15/2024
 
8.070
%
 
6,899

 
7,070

 
0.5
%
Vons Circle Center
 
10/10/2028
 
5.200
%
 
10,457

 
10,793

 
0.7
%
Copps Hill Plaza
 
01/01/2029
 
6.060
%
 
17,598

 
18,109

 
1.2
%
Total mortgage debt excluding mortgage debt associated
with properties held for sale (19 loans outstanding)
 
4.67 years
 
6.01
%
(3) 
$
396,374

 
$
425,755

 
26.7
%
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
6,426

 
8,438

 
0.4
%
Total mortgage debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
402,800

 
$
434,193

 
27.1
%
Mortgage Debt Associated with Properties Held for Sale
 
 
 
 

 
 
 
 
 
 
Mableton Crossing
 
08/15/2018
 
6.850
%
 
$

 
$
2,818

 
%
Danville-San Ramon Medical
 
03/15/2019
 
6.900
%
 
$
13,261

 
$
13,401

 
0.9
%
Total mortgage debt on properties held for sale
 
5.45
 years
 
6.90
%
(3) 
$
13,261

 
$
16,219

 
0.9
%
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
559

 
700

 
%
Total mortgage debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
13,820

 
$
16,919

 
0.9
%
 
 
 
 
 
 
 
 
 
 
 
Total Secured debt (20 loans outstanding)
 
4.70 years
 
6.04
%
(3) 
$
409,635

 
$
441,974

 
27.6
%
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
6,985

 
9,138

 
0.4
%
Total mortgage debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
416,620

 
$
451,112

 
28.0
%
 
 
 
 
 
 
 
 
 
 
 
See footnotes on page 32.

.

Page 31


EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of September 30, 2013 and December 31, 2012 (unaudited)
(in thousands)
Debt Instrument
 
Maturity
Date
 
Rate
 
September 30, 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

 
7.2
 %
6.00% senior notes
 
09/15/2016
 
6.000
%
 
105,230

 
105,230

 
7.1
 %
6.25% senior notes
 
01/15/2017
 
6.250
%
 
101,403

 
101,403

 
6.8
 %
6.00% senior notes
 
09/15/2017
 
6.000
%
 
116,998

 
116,998

 
7.9
 %
3.75% senior notes
 
11/15/2022
 
3.750
%
 
300,000

 
300,000

 
20.2
 %
Total unsecured senior notes payable
 
5.56 years
 
5.02
%
(3) 
$
731,136

 
$
731,136

 
49.2
 %
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
(1,777
)
 
(2,006
)
 
(0.1
%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
729,359

 
$
729,130

 
49.1
 %
 
 
 
 
 
 
 
 
 
 
 
Term Loan
 
 
 
 

 
 
 
 
 
 
$250MM - Term Loan (2)
 
02/13/2019
 
3.168
%
(1) 
250,000

 
250,000

 
16.8
 %
Total term loans
 
5.37 years
 
3.17
%
(3) 
$
250,000

 
$
250,000

 
16.8
 %
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facilities
 
 
 
 

 
 
 
 
 
 
$575MM Line of Credit Unsecured
 
09/30/2015
 
1.320
%
 
$
90,000

 
$
172,000

 
6.1
 %
$15MM Bank Line of Credit Unsecured
 
11/08/2013
 
N/A

 

 

 
 %
Total revolving credit facilities
 
 
 
 
 
$
90,000

 
$
172,000

 
6.1
 %
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
5.27 years(4)
 
4.99
%
(3) (4) 
$
1,480,771

 
$
1,595,110

 
99.7
 %
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
5,208

 
7,132

 
0.3
 %
Total debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
1,485,979

 
$
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 September 30, 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. At September 30, 2013, the fair value of our interest rate swaps consisted of an asset of $1.1 million, which is included in other assets, and a liability of $174,000, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet.
(3) Calculated based on weighted average interest rates of outstanding balances at September 30, 2013.
(4) Weighted average maturity in years and weighted average interest rate as of September 30, 2013 excludes $90 million drawn under the revolving credit facility which expires on September 30, 2015.
(5) Mortgage debt matured on July 1, 2013 and remains unpaid. The bank has not yet commenced formal foreclosure proceedings, but all excess cash flow derived from the property is being remitted to the lender. We are in discussions with the lender to resolve this matter, likely by means of a sale of the property to a third party or a transfer of the title to the lender through a deed in lieu of foreclosure.




Page 32


EQUITY ONE, INC.
BALANCE SHEETS & STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES
September 30, 2013 (unaudited)
(in thousands)

BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES
 
As of September 30, 2013
Co-Investment Partner
 
EQY Ownership
Interest
 
Type
 
Total Assets
 
Total Debt
 
Total Equity
DRA Advisors
 
20.0%
 
Retail/Office
 
$
54,444

 
$
35,046

 
$
17,631

GRI
 
10.0%
 
Retail
 
$
254,315

 
$
84,391

 
$
160,137

New York State Common Retirement Fund
 
30.0%
 
Retail
 
$
228,102

 
$
93,065

 
$
111,337

Various (1)
 
50.0-50.5% (3)
 
Retail/Office
 
$
95,310

 
$
34,475

 
$
58,806


 
STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES
 
For the three months ended September 30, 2013
Co-Investment Partner
 
EQY Ownership
Interest
 
Type
 
Total
Revenues
 
Property
Operating
Expenses
 
Depreciation/
Amortization
 
Interest
Expense (2)
 
Net 
Income
DRA Advisors
 
20.0%
 
Retail/Office
 
$
1,789

 
$
745

 
$
450

 
$
566

 
$
11

GRI
 
10.0%
 
Retail
 
$
6,072

 
$
1,863

 
$
1,290

 
$
501

 
$
2,418

New York State Common Retirement Fund
 
30.0%
 
Retail
 
$
4,531

 
$
1,229

 
$
1,569

 
$
998

 
$
641

Various (1)
 
50.0-50.5% (3)
 
Retail/Office
 
$
2,916

 
$
1,014

 
$
715

 
$
457

 
$
730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 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
 
$
4,991

 
$
2,143

 
$
1,434

 
$
1,716

 
$
(357
)
GRI
 
10.0%
 
Retail
 
$
17,635

 
$
5,416

 
$
3,978

 
$
4,409

 
$
3,832

New York State Common Retirement Fund
 
30.0%
 
Retail
 
$
13,842

 
$
4,264

 
$
4,744

 
$
2,998

 
$
1,692

Various (1)
 
50.0-50.5% (3)
 
Retail/Office
 
$
8,753

 
$
3,047

 
$
2,231

 
$
1,335

 
$
2,104


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 September 30, 2013 (unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
of tenants
 
Supermarket anchor
 
 
 
Average
in-place base
rent per leased SF
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
 
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
 
$
16.13

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
 
$
11.66

Presidential Markets
GRI
 
10.0%
 
Retail
 
Snellville, GA
 
1993 / 2000
 
396,432

 
98.7
%
 
35

 
1

 
56,146

 
Publix
 
12/31/2019
 
Marshalls / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / PetSmart / Party City
 
$
12.50

Shoppes of Ibis
GRI
 
10.0%
 
Retail
 
West Palm Beach, FL
 
1999
 
79,420

 
94.7
%
 
16

 
3

 
51,420

 
Publix
 
05/31/2019
 
 
 
$
13.42

Shoppes at Quail Roost
GRI
 
10.0%
 
Retail
 
Miami, FL
 
2005
 
73,550

 
85.2
%
 
13

 
2

 
44,840

 
Publix
 
06/30/2025
 
 
 
$
13.41

Shoppes of Sunset
GRI
 
10.0%
 
Retail
 
Miami, FL
 
1979 / 2009
 
21,784

 
84.6
%
 
11

 
3

 
 
 
 
 
 
 
 
 
$
22.46

Shoppes of Sunset II
GRI
 
10.0%
 
Retail
 
Miami, FL
 
1980 / 2009
 
27,676

 
71.7
%
 
14

 
3

 
 
 
 
 
 
 
 
 
$
19.01

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

 
94.5
%
 
10

 
4

 
67,943

 
Kroger
 
08/31/2017
 
 
 
$
13.03

1900/2000 Offices
DRA
 
20.0%
 
Office
 
Boca Raton, FL
 
1979 / 1982 /
1986 / 2007
 
117,773

 
67.7
%
 
22

 
11

 
 
 
 
 
 
 
RN Network
 
$
18.12

Penn Dutch Plaza
DRA
 
20.0%
 
Retail
 
Margate, FL
 
1989
 
155,622

 
89.4
%
 
15

 
7

 
70,358

 
Penn Dutch
Food Center
 
12/31/2018
 
You Fit Health Club / Florida Career College
 
$
9.34

Plantation Marketplace
DRA
 
20.0%
 
Retail
 
Plantation, FL
 
1963 / 1998
 
223,799

 
80.4
%
 
28

 
12

 
43,386

 
Winn-Dixie
 
11/05/2014
 
Beall’s / Just Fit / Big Lots / CVS / Disability Law Claims
 
$
10.23

Talega Village
VESTAR
 
50.5%
 
Retail
 
San Clemente, CA
 
2007
 
102,282

 
87.4
%
 
21

 
7

 
46,000

 
Ralph’s
 
12/31/2027
 
 
 
$
17.98

Vernola Market
VESTAR
 
50.5%
 
Retail
 
Mira Loma, CA
 
2007
 
382,963

 
90.6
%
 
30

 
8

 
 
 
 
 
 
 
PetCo / Ross / Bed Bath & Beyond / Michaels / Lowe’s
 
$
11.20

Parnassus Heights Medical Center
CSC
 
50.0%
 
Medical Office
 
San Francisco, CA
 
1968
 
146,046

 
99.3
%
 
50

 
2

 
 
 
 
 
 
 
 
 
$
29.93

Country Walk Plaza
NYSCRF
 
30.0%
 
Retail
 
Miami, FL
 
1985 / 2006 / 2008
 
100,686

 
84.6
%
 
22

 
7

 
39,795

 
Publix
 
10/23/2015
 
CVS Pharmacy
 
$
18.02

Veranda Shoppes
NYSCRF
 
30.0%
 
Retail
 
Plantation, FL
 
2007
 
44,888

 
100.0
%
 
9

 

 
28,800

 
Publix
 
04/30/2027
 
 
 
$
26.33

Northborough Crossing
NYSCRF
 
30.0%
 
Retail
 
Northborough, MA
 
2011
 
645,785

 
100.0
%
 
27

 

 
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 / Dick's Sporting Goods
 
$
14.09

Old Connecticut Path
NYSCRF
 
30.0%
 
Retail
 
Framingham, MA
 
1994
 
80,198

 
100.0
%
 
4

 

 
72,500

 
Stop & Shop
 
06/30/2019
 
 
 
$
20.10

TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20)
 
 
 
3,407,980

 
 
 
393

 
76

 
768,637

 
 
 
 
 
 
 
$
14.15


Page 34



EQUITY ONE, INC.
DEBT SUMMARY OF UNCONSOLIDATED JOINT VENTURES
As of September 30, 2013 and December 31, 2012 (unaudited)
(in thousands)


Co-Investment Partner
 
Debt Instrument
 
Equity One’s
Ownership
 
Maturity
Date
 
Rate (1)
 
Balance at
September 30, 2013
 
Balance at December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage debt
 
 
 
 
 
 
 
 
 
 
 
 
GRI
 
Floating rate loan (2) (3)
 
10.0%
 
07/01/2013
 
6.35%
 
$

 
$
120,000

GRI
 
Floating rate loans (3)
 
10.0%
 
06/28/2018
 
1-month LIBOR + 1.41%
 
80,000

 

GRI
 
Sparkleberry Square (Kroger)
 
10.0%
 
06/30/2020
 
6.75%
 
4,463

 
4,845

DRA Advisors
 
Fixed rate loan
 
20.0%
 
11/11/2014
 
5.57%
 
35,250

 
35,850

Vestar
 
Vestar/EQY Talega LLC
 
50.5%
 
10/01/2036
 
5.01%
 
11,419

 
11,613

Vestar
 
Vestar/EQY Vernola LLC
 
50.5%
 
08/06/2041
 
5.11%
 
23,056

 
23,315

New York State Common Retirement Fund
 
Equity One (Country Walk) LLC
 
30.0%
 
11/01/2015
 
5.22%
 
12,931

 
13,090

New York State Common Retirement Fund
 
Equity One JV Sub CT Path LLC
 
30.0%
 
01/01/2019
 
5.74%
 
9,752

 
10,043

New York State Common Retirement Fund
 
Equity One JV Sub Northborough LLC
 
30.0%
 
02/10/2021
 
4.18%
 
69,447

 
70,388

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

 
2,107

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest premium (4)
 
 
 
 
 
 
 
659

 
715

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
 
 
 
 
 
 
$
246,977

 
$
291,966

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One’s pro-rata share of unconsolidated joint venture debt
 
 
 
 
 
$
60,778

 
$
65,825

 
(1) 
The rate in effect on September 30, 2013.
(2) 
The loan balance bore interest at a floating rate of LIBOR + 1.95%, which was swapped to a fixed rate of 6.35%.
(3) 
In June 2013, GRI repaid its $120.0 million floating rate loan that was secured by Airpark Plaza Shopping Center, Concord Shopping Plaza, Presidential Markets, Shoppes of Ibis, Shoppes at Quail Roost and Sparkleberry Square by securing three separate loans totaling $80.0 million secured by Airpark Plaza Shopping Center, Concord Shopping Plaza and Presidential Markets bearing interest at a weighted-average rate for the three loans of 1-month LIBOR + 1.41%. The remaining balance, along with associated closing costs, was funded with a capital call from its equity partners. During the nine months ended September 30, 2013, Equity One made an investment of $4.1 million in connection with the repayment of the indebtedness by the joint venture.
(4) 
Net interest premium is the total for all joint ventures.



Page 35


EQUITY ONE, INC.
PORTFOLIO CHANGES AND SELECTED PROPERTY METRICS 2008 - 2013
As of September 30, 2013 (unaudited)


 
 
Pro Forma 12/31/2008 (1)
+
Acquisitions (2)
-
Dispositions (3)
=
Pro Forma 10/30/2013 (4)
-
Remaining
Non-Core Properties (5)
=
Core
Portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Properties (6)
 
171

 
37

 
80

 
128

 
33

 
95

Total Gross Leasable Area (GLA) (6)
 
18,945,330

 
6,011,813

 
8,123,476

 
16,659,715

 
3,653,249

 
13,006,466

Average GLA per Property
 
110,791

 
162,481

 
101,543

 
130,154

 
110,705

 
136,910

 
 
 
 
 
 
 
 
 
 
 
 
 
Property Value (000s) (7)
 
$
2,730,789

 
$
1,915,168

 
$
1,032,190

 
$
3,718,895

 
$
242,550

 
$
3,476,345

Property Value PSF
 
$
144

 
$
319

 
$
127

 
$
223

 
$
66

 
$
267

Average Property Value (000s)
 
$
15,970

 
$
51,761

 
$
12,902

 
$
29,054

 
$
7,350

 
$
36,593

 
 
 
 
 
 
 
 
 
 
 
 
 
Demographics (8)
 
 
 
 
 
 
 
 
 
 
 
 
3-Mile Population
 
81,238

 
278,350

 
53,903

 
204,605

 
50,986

 
215,324

3-Mile Average Household Income
 
$
76,077

 
$
109,710

 
$
73,047

 
$
95,390

 
$
61,052

 
$
97,786

 
 
 
 
 
 
 
 
 
 
 
 
 
Grocer Sales PSF (9)
 
$
473

 
$
854

 
$
441

 
$
558

 
$
336

 
$
609

Average Rent PSF (9)
 
$
11.97

 
$
22.43

 
$
11.42

 
$
16.23

 
$
8.40

 
$
18.27




Please see footnotes on following page.


Page 36


EQUITY ONE, INC.
PORTFOLIO CHANGES AND SELECTED PROPERTY METRICS 2008 - 2013
As of September 30, 2013 (unaudited)




(1) Includes 21 DIM Vastgoed properties. Equity One owned 48% of the outstanding shares of DIM at 12/31/2008, and increased its voting control to 75% during 1Q 2009. The 12/31/2008 property value ascribed to DIM properties is the value paid through 10/30/2013 for all DIM equity, plus assumed mortgage debt at assessed market value as of 3/31/2009.
(2) Acquisitions include properties acquired subsequent to 12/31/2008 or under contract for purchase as of 10/30/2013, as well as the budgeted cost of ground up development activities.
(3) Dispositions include properties sold subsequent to 12/31/2008 or under contract for sale as of 10/30/2013, and excludes the sales of outparcels.
(4) Includes properties under development or redevelopment based on 6/30/2013 IFRS fair values, except for Broadway Plaza, which is included at budgeted construction cost. Excludes properties under contract for sale as of 10/30/2013, which are included within Dispositions.
(5) Remaining Non-Core Properties consist of retail properties which are inconsistent with the company's long-term strategy and which may be sold in the future. These properties are generally in smaller, secondary or tertiary markets.
(6) Number of Properties and associated value exclude Other/Non Retail Properties (except for those properties acquired and subsequently disposed between 12/31/2008 and 10/30/2013) and Land Held for Development. Gross Leasable Area (GLA) does not cross foot from 12/31/2008 to 10/30/2013 due to additions and reductions of GLA from redevelopment activities, outparcel sales, and other activities that affect GLA.
(7) Property Value is based on IFRS fair value except for (i) Acquisitions and Dispositions, which are based on purchase price and sale price, respectively, (ii) the value of DIM Vastgoed assets (see footnote above), and (iii) in-process ground up development, which is based on budgeted construction cost. 12/31/2008 Property Value is based on IFRS fair value as of 12/31/2008; 10/30/2013 Property Value is based on IFRS fair value as of 6/30/2013.
(8) Demographic information derived from a third-party source. All demographic information, including with respect to properties sold prior to 2013, is as of May 2013.
(9) All per square foot amounts are based on the gross leasable area (GLA). Grocer Sales PSF exclude grocers who have vacated but are still paying rent. Average Rent PSF for Pro Forma 12/31/2008 and for Dispositions is as of 12/31/2008, except DIM Vastgoed properties which are as of 12/31/2009; Average Rent PSF for Acquisitions and for Pro Forma 10/30/2013 is as of 9/30/2013.


Page 37