8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) November 8, 2005

Equity One, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-13499	52-1794271
(Commission File Number)	(IRS Employer Identification No.

1600 NE Miami Gardens Drive

North Miami Beach, Florida 33179

(Address of Principal Executive Offices) (Zip Code)

(305) 947-1664

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

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

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

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

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

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

Section 2 - Financial Information 

Item 2.02 Results of Operations and Financial Condition.

On November 8, 2005, Equity One, Inc. (the “Company”) announced its financial results for the three and nine month periods ended September 30, 2005. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

On November 8, 2005, the Company announced its financial results for the three and nine month periods ended September 30, 2005. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01(c) Exhibits

(a) Financial Statements of Business Acquired.

Not applicable

(b) Pro Forma Financial Information.

Not applicable

(c) Exhibits

99.1 — Earnings Press Release of Equity One, Inc. dated November 8, 2005.

99.2 — Supplemental Information Package of Equity One, Inc. September 30, 2005.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

November 8, 2005	EQUITY ONE, INC.
	By: /s/ Howard Sipzner
	Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Document
99.1	Earnings Press Release of Equity One, Inc. dated November 8, 2005
99.2	Information Package of Equity One, Inc. September 30, 2005

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EX-99.1

Exhibit 99.1

Equity One, Inc. 1600 NE Miami Gardens Drive North Miami Beach, FL 33179 305-947-1664 For additional information at the Company: Howard Sipzner, EVP and CFO Feryal Akin, Communications

FOR IMMEDIATE RELEASE:

Equity One Reports a 12.8% Increase in Third Quarter 2005 FFO per Share

NORTH MIAMI BEACH, FL, November 8, 2005 - Equity One, Inc. (NYSE:EQY), an owner, developer and operator of community and neighborhood shopping centers located in high growth markets in the southern United States and in the metropolitan Boston, Massachusetts area, announced today its financial results for the three and nine month periods ended September 30, 2005 as follows:

Financial Highlights

· Third quarter 2005 Funds from Operations (“FFO”) increased 17.3% to $32.9 million from $28.1 million in 2004, and FFO for the first nine months of 2005 increased 15.1% to $95.9 million from $83.3 million in 2004;

· Third quarter 2005 FFO per diluted share increased 12.8% to $0.44 from $0.39 in 2004, and FFO per diluted share for the first nine months of 2005 increased 10.3% to $1.28 from $1.16 in 2004;

· Third quarter 2005 net income was $28.0 million versus $30.7 million in 2004, and net income for the first nine months of 2005 increased 7.9% to $74.9 million from $69.5 million in 2004;

· Third quarter 2005 net income per diluted share was $0.37 versus $0.43 in 2004, and net income per diluted share for the first nine months of 2005 increased 2.0% to $1.00 from $0.98 in 2004;

· Issued $120.0 million of 5.375% senior unsecured notes maturing in October 2015;

· Achieved an interest expense coverage ratio of 3.4 times for the third quarter 2005; and

· Recorded net debt to total market capitalization of 35.2% as of September 30, 2005.

Operating Highlights

· Produced a 1.6% increase in same property net operating income (“NOI”) and an overall NOI margin of 74.2% for the third quarter 2005;

· Increased the average rental rate by 3.8% to $16.19 per square foot on 87 lease renewals aggregating 165,930 square feet in the third quarter 2005, resulting in a 4.3% year-to-date 2005 increase on 565,201 square feet of total renewals;

· Executed 94 new leases totaling 378,162 square feet at an average rental rate of $10.35 per square foot representing a 1.0% spread for new leases versus lost leases in the third quarter of 2005, and for the nine months ended September 30, 2005, achieved an overall increase of 18.0% for 262 new leases totaling 1,229,882 square feet at an average rental rate of $9.68 square foot; and

· Achieved an occupancy rate in the stabilized core portfolio of 93.7% at September 30, 2005 versus 93.8% at September 30, 2004.

Investment Activities

· Acquired one shopping center, one office building and land for future development totaling $11.0 million in the third quarter of 2005, bringing year-to-date 2005 acquisitions to $47.9 million;

· Sold two non-core properties for $16.6 million in the third quarter of 2005 generating $6.1 million of gains, bringing year-to-date 2005 dispositions and gains to $45.2 million and $11.5 million, respectively; and

· Continued to consider alternatives for our Texas portfolio, including a possible sale or joint venture.

“We are pleased with our third quarter results and year-to-date accomplishments,” stated Chaim Katzman, Chairman and Chief Executive Officer. “A balanced approach to acquisitions and dispositions resulting in effective capital recycling, an increasing development pipeline, continual improvement of our tenant profile and leasing yields, and an outstanding balance sheet are the key factors for our continued strong performance. We recognize that traditional spread investing is currently difficult and have addressed that by targeting a variety of higher yielding opportunities. We have mitigated rising interest rates through our recently oversubscribed, ten-year $120 million bond deal in September, and have adequate capital to pursue a variety of investments. Our financial condition, low levels of leverage and operating margins remain at or near historically record levels. Overall, we remain optimistic about the neighborhood shopping center business and our future prospects, and hope to continue to deliver superior results for our stockholders, debt providers and other constituencies.”

FINANCIAL OVERVIEW

For the three months ended September 30, 2005, FFO increased 17.3% to $32.9 million from $28.1 million for the comparable period in 2004. FFO per diluted share increased 12.8% to $0.44 for the third quarter of 2005 from $0.39 for the third quarter of 2004. Net income in the third quarter of 2005 decreased to $28.0 million, or $0.37 per diluted share, versus $30.7 million, or $0.43 per diluted in the third quarter of 2004. Total rental revenues in the third quarter of 2005 increased 10.6% to $51.5 million from $46.6 million in the third quarter of 2004.

The quarter ended September 30, 2005 included $6.1 million of gains on the sale of real estate while the quarter ended September 30, 2004 included $12.2 million of gains on the sale of real estate.

For the nine months ended September 30, 2005, FFO increased 15.1% to $95.9 million from $83.3 million for the comparable period of 2004. FFO per diluted share increased 10.3% to $1.28 in the first nine months of 2005 from $1.16 for the comparable period in 2004. Net income for the nine months ended September 30, 2005 was $74.9 million, or $1.00 per diluted share, compared with $69.5 million for the nine months ended September 30, 2004, or $0.98 per diluted share. Total rental revenues in the nine months ended September 30, 2005 increased 15.3% to $155.9 million from $135.2 million in the nine months ended September 30, 2004.

The nine months ended September 30, 2005 included $11.5 million of gains on the sale of real estate while the nine months ended September 30, 2004 included $13.8 million of gains on the sale of real estate.

The financial results from continuing operations exclude 32 properties that are held for sale as of September 30, 2005 and properties that have been sold.

At September 30, 2005, our fully diluted market capitalization totaled $2.7 billion. We had $954.1 million of total debt (excluding any unamortized fair market premium/discount and net of cash), resulting in net debt to total market capitalization of 35.2% and net debt to gross real estate cost and securities investments of 47.0%.

PORTFOLIO OVERVIEW

As of September 30, 2005, our stabilized core portfolio was 93.7% occupied versus 93.8% at September 30, 2004. As of September 30, 2005, we own 191 properties consisting of 126 supermarket-anchored shopping centers, seven drug store-anchored shopping centers, 48 retail-anchored shopping centers, six development parcels and four commercial properties, as well as a non-controlling interest in one unconsolidated joint venture.

At September 30, 2005, the average base rent per leased square foot for our stabilized core portfolio was $11.05, an 11.5% increase from $9.91 per square foot at September 30, 2004.

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During the third quarter of 2005, we renewed 87 leases aggregating 165,930 square feet and increased the average rental rate 3.8% to $16.19 per square foot. We also signed 94 new leases aggregating 378,162 square feet and achieved a 1.0% leasing spread on new leases versus lost leases. Excluding lease termination revenues, our same property net operating income increased 1.6% in the third quarter of 2005 compared to the third quarter of 2004, incorporating 163 properties for which the occupancy rate was 93.7% versus 94.6%.

During the nine months ended September 30, 2005, we renewed 265 leases aggregating 565,201 square feet and increased the average rental rate 4.3% to $15.22 per square foot. We also signed 262 new leases aggregating 1,229,882 square feet and achieved an 18.0% leasing spread on new leases versus lost leases. Overall and excluding the effects of lease terminations, we gained approximately $1.1 million of annualized minimum rent in the nine months ended September 30, 2005 incorporating renewals, new leases and departing tenants. Excluding lease termination revenues, our same property net operating income increased 2.7% for the nine months ended September 30, 2005 compared to the nine months ended September 30, 2004, incorporating 153 properties for which the occupancy rate was 93.4% versus 94.5%.

ACQUISITIONS AND DISPOSITIONS

During the nine months ended September 30, 2005, we acquired two shopping centers, one office building and three development land parcels as follows:

Shopping Center	Location		Square Feet/ Acres		Purchase Price (in thousands)
Sunlake Development Parcel		Tampa, FL		155 acres	$	12,600
Winchester Plaza Development Parcel		Huntsville, AL		33 acres		2,326
Young Circle Shopping Center		Hollywood, FL		65,834		22,000
Hairston Center		Decatur, GA		13,000		2,175
Banco Popular Building		North Miami Beach, FL		32,737		5,200
River Green Land		Canton, GA		11.2 acres		3,600
Total					$	47,901

During the nine months ended September 30, 2005, we sold four shopping centers as follows:

Shopping Center	Location		Square Feet		Sales Price (in thousands)
North River Village		North Ellenton, FL		177,128	$	14,880
Big Curve		Yuma, AZ		126,402		13,640
Waterlick Plaza		Lynchburg, VA		98,694		8,485
Park Northern		Phoenix, AZ		126,852		8,155
Total					$	45,160

As of September 30, 2005, we had 32 properties held for sale, comprising our Texas portfolio.

DEVELOPMENTS AND REDEVELOPMENTS

As of September 30, 2005, we have over 15 development and redevelopment projects underway or in the planning stage totaling approximately $103.3 million of asset value, and based on current plans and estimates, requiring approximately $37.6 million of additional capital to complete beyond the $65.7 million already invested. These include:

· Shops at Skylake in North Miami Beach, Florida, where we are in the process of adding a 33,000 square foot anchor store to the existing center;

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· The development of two supermarket-anchored shopping centers, in McDonough, Georgia, and Huntsville, Alabama on parcels of land that we currently own; and

· The development of a 155 acre mixed use project encompassing a combination of retail, office and residential uses in Pasco County, north of Tampa, Florida.

These developments and redevelopments are scheduled for completion between the fourth quarter of 2005 and late 2007. During the nine month period ended September 30, 2005, we completed and leased a total of $17.9 million of development projects, including supermarket anchored centers, resulting in incremental, annualized net operating income of approximately $2.0 million.

DIM VASTGOED

Equity One has previously announced its commencement of an offer to acquire all of the outstanding shares of DIM Vastgoed N.V., a public company organized under the laws of the Netherlands, the shares of which are listed on Euronext Amsterdam. DIM Vastgoed operates as a closed-end investment company and owns a portfolio of 17 shopping center properties aggregating 2.5 million square feet in the southeastern United States. Equity One directly or indirectly owned 600,257 ordinary shares as of September 30, 2005 and 629,156 ordinary shares at the time its tender offer was announced on October 13, 2005, representing at the time of such offer approximately 8.53% of the issued and outstanding share capital of DIM Vastgoed N.V. The period for accepting the offer will end on November 14, 2005, unless extended by Equity One, and is subject to specified conditions.

FFO AND EARNINGS GUIDANCE

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in Equity One’s reports filed with the Securities and Exchange Commission, we are refining our guidance for calendar year 2005 FFO per diluted share to a range of $1.65 to $1.67 from the previously announced range of $1.64 to $1.68. We are also introducing guidance for 2006 FFO per diluted share to be in a range of $1.72 to $1.79. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share:

Guidance for 2005	Range
Earnings per diluted share	$	1.22		to	$	1.24
Less: gain on sale of real estate		(0.15	)	to		(0.15	)
Plus: real estate depreciation		0.58		to		0.58
FFO per diluted share	$	1.65		to	$	1.67

Guidance for 2006	Range
Earnings per diluted share	$	1.14	to	$	1.19
Plus: real estate depreciation		0.58	to		0.60
FFO per diluted share	$	1.72	to	$	1.79

For guidance purposes, we have assumed no additional gains from the sale of real estate beyond those already reported through September 30, 2005,   and no impairment write downs for any of our assets or securities.

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ACCOUNTING AND OTHER DISCLOSURES

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

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

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

CONFERENCE CALL/VIDEO WEB CAST INFORMATION

We will host a conference call on Wednesday, November 9, 2005 at 1:00 p.m. EDT to discuss our performance for the three and nine month periods ended September 30, 2005. The call will be web-cast and can be accessed in a listen-only mode at Equity One’s web site at www.equityone.net. Investors may also join the call by dialing 877-531-9985 (U.S./Canada) or 706-679-3073 (international). No passcode is required.

If you cannot participate during the call, a replay will be available following the call on our web site. You may also access the replay by dialing 800-642-1687 (U.S./Canada) or 706-645-9291 (international) using pass code 1344204. The telephone replay will be available through November 23, 2005.

FOR ADDITIONAL INFORMATION

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

LOOKING AHEAD - FOURTH QUARTER CONFERENCE CALL

We anticipate that we will release our 2005 year-end earnings on Wednesday, February 22, 2006, after the market close and will host our fourth quarter 2005 conference call on Thursday, February 23, 2006, at 1:00 p.m. EDT. We expect to issue a press release in advance of these events to confirm the dates and times and provide all related information.

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FORWARD LOOKING STATEMENTS

Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Texas, Georgia, Massachusetts and the other states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One successfully to integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.

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EQUITY ONE, INC.

UNAUDITED SUMMARY FINANCIAL INFORMATION

(In thousands, except per share data)

	For the three months ended September 30,				For the nine months ended September 30,
Operating Data	2005		2004		2005		2004
Total Rental Revenues	$	51,507	$	46,585	$	155,888	$	135,242
Net Income	$	28,041	$	30,701	$	74,974	$	69,475
Earnings per share (basic)	$	0.38	$	0.43	$	1.02	$	1.00
Earnings per share (diluted)	$	0.37	$	0.43	$	1.00	$	0.98
Number of shares used in computing earnings per share:
Basic		74,087		70,626		73,592		69,820
Diluted		75,144		72,327		74,637		71,525

Reconciliation of Net Income to Funds from Operations

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

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

	For the three months ended September 30,						For the nine months ended September 30,
	2005			2004			2005			2004
Net income	$	28,041		$	30,701		$	74,974		$	69,475
Adjustments:
Rental property depreciation and amortization		10,926			9,276			32,310			26,797
Gain on sale of real estate		(6,088	)		(12,215	)		(11,460	)		(13,767	)
Minority interest		27			223			82			596
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			65			-			196
Funds from operations	$	32,906		$	28,050		$	95,906		$	83,297

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EQUITY ONE, INC.

UNAUDITED SUMMARY FINANCIAL INFORMATION

(In thousands)

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

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

	For the three months ended September 30,						For the nine months ended September 30,
	2005			2004			2005			2004
Earnings per diluted share*	$	0.37		$	0.43		$	1.00		$	0.98
Adjustments:
Depreciation and amortization related to rental properties		0.15			0.13			0.43			0.37
Gain on sale of real estate		(0.08	)		(0.17	)		(0.15	)		(0.19	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			-			-			-
Funds from operations per diluted share	$	0.44		$	0.39		$	1.28		$	1.16

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

Balance Sheet	September 30, 2005		December 31, 2004
Investments in real estate
(before accumulated depreciation)	$	1,989,832	$	1,969,621
Total assets	$	2,003,612	$	1,992,292
Mortgage notes payable	$	449,546	$	495,056
Revolving credit facilities	$	39,000	$	147,000
Unsecured senior notes payable	$	465,532	$	347,261
Total liabilities before minority interests	$	1,033,286	$	1,059,507
Stockholders’ equity	$	968,869	$	931,388
Total liabilities, minority interests and stockholders’ equity	$	2,003,612	$	1,992,292

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EX-99.2

 

EXHIBIT 99.2

Equity One, Inc.

Supplemental Information Package

September 30, 2005
	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, 2005

(unaudited)

TABLE OF CONTENTS
	Page
DISCLOSURES	3
FINANCIAL HIGHLIGHTS - OPERATING RATIOS	4
FINANCIAL HIGHLIGHTS - DEBT RATIOS - QUARTERLY BREAKOUT	5
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)	6
NET OPERATING INCOME	7
MARKET CAPITALIZATION - QUARTERLY BREAKOUT	8
CONSOLIDATED STATEMENTS OF OPERATIONS	9
CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY BREAKOUT	10
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS	11
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS	13
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS - QUARTERLY BREAKOUT	14
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION	15
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION - QUARTERLY BREAKOUT	16
CONSOLIDATED BALANCE SHEETS	17
DEBT SUMMARY	18
DEBT MATURITIES	22
PROPERTY STATUS REPORT	23
ANNUAL MINIMUM RENT BY STATE	32
LEASING ACTIVITY AND OCCUPANCY STATISTICS	33
TENANT CONCENTRATION SCHEDULES	35
SHOPPING CENTER LEASE EXPIRATION SCHEDULES	37
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS	41
REAL ESTATE ACQUISITIONS AND DISPOSITIONS	42
ANALYST COVERAGE	43

EQUITY ONE, INC. AND SUBSIDIARIES

DISCLOSURES

As of September 30, 2005

Forward Looking Statements

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

Basis of Presentation

The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company 's Form 10-K for the year ended December 31, 2004 and Form 10-Q for the period ended September 30, 2005 should be read in conjunction with the above information. The results of operations of any property acquired are included in our financial statements since the date of its acquisition.

Use of EBITDA as a Non-GAAP Financial Measure

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

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

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

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

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

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EQUITY ONE, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS - OPERATING RATIOS
As of September 30, 2005
(in thousands, except per share data)
	For the three months ended						For the nine months ended						For the year ended
	Sep 30, 2005			Sep 30, 2004			Sep 30, 2005			Sep 30, 2004			Dec 31, 2004
Selected Operating Items:
Total rental revenue*	$	62,023		$	59,973		$	189,590		$	174,788		$	239,087
Property operating expenses*		16,329			16,780			48,232			46,538			63,395
General & administrative expenses (G&A)*		4,232			3,722			12,942			10,980			16,601
Net income	$	28,041		$	30,701		$	74,974		$	69,475		$	76,628
Net income per diluted share		0.37			0.43			1.00			0.98			1.37
Income from continuing operations	$	17,576		$	13,258		$	49,685		$	37,961		$	52,942
Income from continuing operations per diluted share		0.23			0.19			0.67			0.54			0.75
Funds from operations (FFO)	$	32,906		$	28,050		$	95,906		$	83,297		$	113,471
FFO per diluted share		0.44			0.39			1.28			1.16			1.58
Funds available for distribution (FAD)	$	25,670		$	22,748		$	74,005		$	68,612		$	92,613
FAD per diluted share		0.34			0.31			0.99			0.96			1.29
Total dividends paid per share	$	0.29		$	0.28		$	0.87		$	0.84		$	1.13
Operating Ratios:
Net operating income margin (see page 7)*		73.7	%		72.0	%		74.6	%		73.4	%		73.5	%
Expense recovery ratio (expense recoveries/operating expenses)*		78.5	%		78.5	%		82.1	%		79.0	%		79.2	%
EBITDA margin (see page 6)*		69.7	%		66.5	%		69.0	%		67.4	%		66.9	%
EBITDA to interest coverage ratio*		3.4			3.3			3.5			3.4			3.4
G&A as % of total revenues*		6.2	%		6.1	%		6.6	%		6.2	%		6.9	%
G&A as % of total assets (annualized)		0.84	%		0.79	%		0.86	%		0.78	%		0.83	%
Dividend / FFO payout ratio		65.9	%		71.8	%		68.0	%		72.4	%		71.5	%
FFO multiple (annualized if < 12 months)		13.2			12.6			13.6			12.7			15.0
Dividend / FAD payout ratio		85.3	%		90.3	%		87.9	%		87.5	%		87.6	%
FAD multiple (annualized if < 12 months)		17.1			15.8			17.6			15.3			18.4

* The indicated line item includes amounts reported in discontinued operations (except for any gain/(loss) on the disposal of income producing property).

Page 4

EQUITY ONE, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS - DEBT RATIOS - QUARTERLY BREAKOUT
As of September 30, 2005
(in thousands, except per share data)
	As of
	Sep 30, 2005			Jun 30, 2005			Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Fixed rate debt	$	819,546		$	701,513		$	733,982		$	742,317		$	730,739		$	747,741		$	720,263
Fixed rate debt - swapped to variable rate		100,000			100,000			100,000			100,000			100,000			100,000			100,000
Variable rate debt - swapped to fixed rate		-			-			-			-			-			20,000			20,000
Variable rate debt - unhedged		39,000			184,161			144,763			147,000			64,000			71,616			30,879
Total debt*	$	958,546		$	985,674		$	978,745		$	989,317		$	894,739		$	939,357		$	871,142
% Fixed rate debt		85.50	%		71.17	%		74.99	%		75.03	%		81.67	%		79.60	%		82.68	%
% Fixed rate debt - swapped to variable rate		10.43	%		10.15	%		10.22	%		10.11	%		11.18	%		10.65	%		11.48	%
% Variable rate debt - swapped to fixed rate		-			-			-			-			-			2.13	%		2.30	%
% Variable rate debt - unhedged		4.07	%		18.68	%		14.79	%		14.86	%		7.15	%		7.62	%		3.54	%
Total		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
% Variable rate debt - total		14.50	%		28.83	%		25.01	%		24.97	%		18.33	%		18.27	%		15.02	%
Secured mortgage debt	$	449,546		$	454,203		$	488,817		$	495,056		$	480,739		$	497,741		$	470,263
Unsecured debt		509,000			531,471			489,928			494,261			414,000			441,616			400,879
Total debt*	$	958,546		$	985,674		$	978,745		$	989,317		$	894,739		$	939,357		$	871,142
% Secured mortgage debt		46.90	%		46.08	%		49.94	%		50.04	%		53.73	%		52.99	%		53.98	%
% Unsecured debt		53.10	%		53.92	%		50.06	%		49.96	%		46.27	%		47.01	%		46.02	%
Total		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
Total market capitalization (from page 8)	$	2,710,423		$	2,690,123		$	2,515,416		$	2,746,539		$	2,321,138		$	2,235,352		$	2,242,810
% Secured mortgage debt		16.59	%		16.88	%		19.43	%		18.02	%		20.71	%		22.27	%		20.97	%
% Unsecured debt		18.78	%		19.76	%		19.48	%		18.00	%		17.84	%		19.76	%		17.87	%
Total debt : Total market capitalization		35.37	%		36.64	%		38.91	%		36.02	%		38.55	%		42.02	%		38.84	%
Weighted-average interest rate on secured mortgage debt		7.24	%		7.24	%		7.26	%		7.26	%		7.22	%		7.25	%		7.40	%
Weighted-average interest rate on senior unsecured notes**		5.42	%		5.08	%		5.10	%		5.12	%		5.14	%		5.16	%		5.18	%
Weighted-average interest rate on revolving credit facilities		4.15	%		3.69	%		3.19	%		2.80	%		2.13	%		2.05	%		2.15	%
Weighted-average maturity on mortgage debt		5.6 years			5.8 years			5.6 years			5.8 years			5.9 years			6.1 years			6.4 years
Weighted-average maturity on senior unsecured notes		4.8 years			3.3 years			3.5 years			3.7 years			3.9 years			4.2 years			4.5 years

*	excluding unamortized premium/discount
**	excluding the effect of interest rate swaps

Page 5

EQUITY ONE, INC. AND SUBSIDIARIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the quarter ended September 30, 2005
(in thousands, except per share data)
													For the
	For the three months ended						For the nine months ended						year ended
	Sep 30, 2005			Sep 30, 2004			Sep 30, 2005			Sep 30, 2004			Dec 31, 2004
Net income	$	28,041		$	30,701		$	74,974		$	69,475		$	97,804
Minority interest*		48			239			144			642			689
Interest expense*		13,889			12,415			39,170			34,892			47,129
(Gain)/loss on disposal of income producing property		(6,088	)		(12,215	)		(11,460	)		(13,767	)		(22,176	)
Amortization of deferred financing fees*		372			409			1,120			1,080			1,459
Rental property depreciation and amortization*		10,926			9,276			32,308			26,798			37,023
EBITDA*	$	47,188		$	40,825		$	136,256		$	119,120		$	161,928
Interest expense*	$	13,889		$	12,415		$	39,170		$	34,892		$	47,129
EBITDA : interest coverage ratio*		3.4			3.3			3.5			3.4			3.4
Revenue
Total rental revenue*	$	62,023		$	59,973		$	189,590		$	174,788		$	239,087
Investment income		5,593			1,210			7,516			1,612			2,346
Other income		133			174			324			297			537
Total revenue*	$	67,749		$	61,357		$	197,430		$	176,697		$	241,970
EBITDA margin (EBITDA/total revenue)*		69.7	%		66.5	%		69.0	%		67.4	%		66.9	%
Total market capitalization (see page 8)	$	2,710,423		$	2,235,352		$	2,710,423		$	2,235,352		$	2,746,539
Total market capitalization to EBITDA multiple*		14.4			13.7			14.9			14.1			17.0

* The indicated line item includes amounts reported in discontinued operations (except for any gain/(loss) on the disposal of income producing property).

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES
NET OPERATING INCOME
For the quarter ended September 30, 2005
(in thousands, except per share data)
	For the three months ended						Percent			For the nine months ended						Percent
	Sep 30, 2005			Sep 30, 2004			Change			Sep 30, 2005			Sep 30, 2004			Change
	_____________			_____________						_____________			_____________
Net operating income (1)
Total rental revenue		62,023			59,973			3.4	%		189,590			174,788			8.5	%
Property operating expenses (2)		16,329			16,780			(2.7	%)		48,232			46,538			3.6	%
Net operating income		45,694			43,193			5.8	%		141,358			128,250			10.2	%
NOI margin (NOI/total rental revenue)		73.7	%		72.0	%					74.6	%		73.4	%
Net operating income (NOI) from continuing operations
Total rental revenue	$	51,507		$	46,585			10.6	%	$	155,888		$	135,242			15.3	%
Property operating expenses (2)		13,310			12,413			7.2	%		38,432			35,114			9.4	%
Net operating income	$	38,197		$	34,172			11.8	%	$	117,456		$	100,128			17.3	%
NOI margin (NOI/total rental revenue)		74.2	%		73.4	%					75.3	%		74.0	%
Same property NOI (3)
Total rental revenue	$	55,439		$	54,005			2.7	%	$	153,047		$	145,343			5.3	%
Property operating expenses		15,548			15,414			0.9	%		42,336			40,697			4.0	%
Net operating income	$	39,891		$	38,591			3.4	%	$	110,711		$	104,646			5.8	%
Growth in same property NOI		3.4	%								5.8	%
Growth in same property NOI, excluding termination fees		1.6	%								2.7	%
Number of properties included in analysis		163									153
Same property occupancy		93.7	%		94.6	%					93.4	%		94.5	%

(1)	Amounts included in discontinued operations have been included for purposes of this presentation of net operating income.
(2)	Net of intercompany expenses.
(3)	Excludes the effects of straight line rent, and prior year expense recoveries and adjustments, if any.

Page 7

EQUITY ONE, INC. AND SUBSIDIARIES
MARKET CAPITALIZATION - QUARTERLY BREAKOUT
As of September 30, 2005
(in thousands, except per share data)
	As of
	Sep 30, 2005			Jun 30, 2005			Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Closing market price of common stock	$	23.25		$	22.70		$	20.59		$	23.73		$	19.62		$	18.08		$	19.22
Dividend yield (based on current annualized dividend)		4.99	%		5.11	%		5.63	%		4.89	%		5.71	%		6.19	%		5.83	%
Dividends paid per share	$	0.29		$	0.29		$	0.29		$	0.29		$	0.28		$	0.28		$	0.28
Net book value per share (fully diluted, end of period)	$	12.83		$	12.73		$	12.64		$	12.54		$	12.35		$	11.86		$	11.87
Liquidity
Cash and cash equivalents	$	-		$	-		$	-		$	5,122		$	10,722		$	5,814		$	1,901
Revolving credit facilities
Gross potential available under current credit facilities		345,000			345,000			345,000			345,000			345,000			345,000			345,000
less:    Outstanding balance		(39,000	)		(179,387	)		(144,763	)		(147,000	)		(64,000	)		(80,541	)		(50,879	)
Holdback for letters of credit		(1,283	)		(1,283	)		(1,289	)		(1,339	)		(1,378	)		(1,456	)		(1,378	)
Net potential available under credit facilities	$	304,717		$	164,330		$	198,948		$	196,661		$	279,622		$	263,003		$	292,743
Equity market capitalization (end of period)
Common stock shares (in thousands)
Basic common shares		74,522.955			74,029.497			73,561.218			72,904.922			72,069.799			70,241.851			69,580.460
Diluted common shares
Unvested restricted common shares		525.954			582.787			576.122			692.699			700.632			513.131			524.799
Walden Woods shares		93.656			93.656			93.656			93.656			93.656			93.656			93.656
IRT Partners operating partnership units		-			-			-			-			-			734.266			734.266
Common stock options (treasury method, closing price)		399.136			379.914			400.907			575.229			383.661			419.820			532.424
Fully diluted common shares		75,541.701			75,085.854			74,631.903			74,266.506			73,247.748			72,002.724			71,465.605
Total debt (excluding unamortized premium/discount)	$	954,078		$	985,674		$	978,745		$	989,317		$	894,739		$	939,357		$	871,142
Cash and cash equivalents		-			-			-			(5,122	)		(10,722	)		(5,814	)		(1,901	)
Net debt		954,078			985,674			978,745			984,195			884,017			933,543			869,241
Equity market capitalization (fully diluted, end of period)		1,756,345			1,704,449			1,536,671			1,762,344			1,437,121			1,301,809			1,373,569
Total market capitalization	$	2,710,423		$	2,690,123		$	2,515,416		$	2,746,539		$	2,321,138		$	2,235,352		$	2,242,810
Net debt to total market capitalization		35.2	%		36.6	%		38.9	%		35.8	%		38.1	%		41.8	%		38.8	%
Gross real estate and securities investments	$	2,029,002		$	2,044,861		$	2,016,111		$	2,006,266		$	1,865,041		$	1,885,082		$	1,795,632
Net debt to gross real estate and securities investments		47.0	%		48.2	%		48.5	%		49.1	%		47.4	%		49.5	%		48.4	%

Page 8

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the quarter ended September 30, 2005
(in thousands, except per share data)
	For the three months ended						Percent			For the nine months ended						Percent
	Sep 30, 2005			Sep 30, 2004			Change			Sep 30, 2005			Sep 30, 2004			Change
	_____________			_____________						_____________			_____________
Rental revenue:
Minimum rents	$	40,108		$	36,147					$	119,129		$	105,113
Expense recoveries		10,480			10,011						31,354			27,837
Termination fees		818			145						3,863			498
Percentage rent		101			282						1,542			1,794
Total rental revenue		51,507			46,585			10.6	%		155,888			135,242			15.3	%
Costs and expenses:
Property operating expenses		13,310			12,413						38,432			35,114
Rental property depreciation and amortization		8,758			7,353						25,875			21,178
General and administrative expenses		4,232			3,719						12,936			10,976
Total costs and expenses		26,300			23,485			12.0	%		77,243			67,268			14.8	%
Income before other income and expenses, minority interest and discontinued operations		25,207			23,100						78,645			67,974
Other income and expenses:
Interest expense		(12,952	)		(10,705	)					(35,580	)		(30,425	)
Amortization of deferred financing fees		(357	)		(371	)					(1,076	)		(968	)
Investment income		5,593			1,210						7,516			1,612
Other income		133			174						324			297
Income before minority interest and discontinued operations		17,624			13,408						49,829			38,490
Minority interest		(48	)		(150	)					(144	)		(529	)
Income from continuing operations		17,576			13,258			32.6	%		49,685			37,961			30.9	%
Discontinued operations:
Income from rental properties sold or held for sale		4,377			5,317						13,829			17,860
Gain (loss) on disposal of income producing properties		6,088			12,215						11,460			13,767
Minority interest		-			(89	)					-			(113	)
Income from discontinued operations		10,465			17,443						25,289			31,514
Net income	$	28,041		$	30,701			-8.7	%	$	74,974		$	69,475			7.9	%
Basic earnings per share
Income from continuing operations	$	0.24		$	0.19			26.3	%	$	0.68		$	0.55			23.6	%
Income from discontinued operations		0.14			0.24						0.34			0.45
Net income	$	0.38		$	0.43			-11.6	%	$	1.02		$	1.00			2.0	%
Diluted earnings per share
Income from continuing operations	$	0.23		$	0.19			21.1	%	$	0.66		$	0.54			24.1	%
Income from discontinued operations		0.14			0.24						0.34			0.44
Net income	$	0.37		$	0.43			-14.0	%	$	1.00		$	0.98			3.1	%
Weighted average shares outstanding
Basic		74,087			70,626						73,592			69,820
Diluted		75,144			72,327						74,637			71,525

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY BREAKOUT
For the quarter ended September 30, 2005
(in thousands, except per share data)
	For the three months ended
	Sep 30, 2005			Jun 30, 2005			Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Rental revenue:
Minimum rents	$	40,108		$	39,653		$	39,368		$	39,025		$	36,147		$	35,667		$	33,299
Expense recoveries		10,480			10,728			10,146			10,244			10,011			8,684			9,142
Termination fees		818			2,617			428			2,918			145			307			46
Percentage rent		101			329			1,112			40			282			257			1,255
Total rental revenue		51,507			53,327			51,054			52,227			46,585			44,915			43,742
Costs and expenses:
Property operating expenses		13,310			12,796			12,326			13,071			12,413			11,594			11,107
Rental property depreciation and amortization		8,758			8,707			8,410			8,322			7,353			7,185			6,640
General and administrative expenses		4,232			4,367			4,337			5,616			3,719			3,807			3,450
Total costs and expenses		26,300			25,870			25,073			27,009			23,485			22,586			21,197
Income before other income and expenses, minority interest and discontinued operations		25,207			27,457			25,981			25,218			23,100			22,329			22,545
Other income and expenses:
Interest expense		(12,952	)		(11,876	)		(10,752	)		(10,796	)		(10,705	)		(10,459	)		(9,261	)
Amortization of deferred financing fees		(357	)		(354	)		(365	)		(369	)		(371	)		(367	)		(230	)
Investment income		5,593			1,214			709			734			1,210			194			208
Other income		133			127			64			241			174			59			64
Income before minority interest and discontinued operations		17,624			16,568			15,637			15,028			13,408			11,756			13,326
Minority interest		(48	)		(46	)		(50	)		(47	)		(150	)		(177	)		(202	)
Income from continuing operations		17,576			16,522			15,587			14,981			13,258			11,579			13,124
Discontinued operations:
Income from rental properties sold or held for sale		4,377			4,864			4,588			4,940			5,317			7,450			5,093
Gain (loss) on disposal of income producing properties		6,088			3,757			1,615			8,409			12,215			(483	)		2,035
Minority interest		-			-			-			-			(89	)		(11	)		(13	)
Income from discontinued operations		10,465			8,621			6,203			13,349			17,443			6,956			7,115
Net income	$	28,041		$	25,143		$	21,790		$	28,330		$	30,701		$	18,535		$	20,239
Basic earnings per share
Income from continuing operations	$	0.24		$	0.22		$	0.21		$	0.21		$	0.19		$	0.17		$	0.19
Income from discontinued operations		0.14			0.12			0.09			0.18			0.24			0.10			0.10
Net income	$	0.38		$	0.34		$	0.30		$	0.39		$	0.43		$	0.27		$	0.29
Diluted earnings per share
Income from continuing operations	$	0.23		$	0.22		$	0.21		$	0.21		$	0.19		$	0.16		$	0.19
Income from discontinued operations		0.14			0.12			0.08			0.18			0.24			0.10			0.10
Net income	$	0.37		$	0.34		$	0.29		$	0.39		$	0.43		$	0.26		$	0.29
Weighted average shares outstanding
Basic		74,087			73,636			73,043			72,315			70,626			69,711			69,115
Diluted		75,144			74,656			74,193			73,616			72,327			71,419			71,021

All prior figures have been restated to reflect the effects of reporting for discontinued operations

Page 10

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended September 30, 2005
(in thousands, except per share data)
	For the three months ended															For the nine months ended
	Sep 30, 2005															Sept 30, 2005
	As			Discontinued Operations									Pre SFAS			As			Discontinued Operations									Pre SFAS
	Reported			Total			Held for Sale			Sold			No. 144			Reported			Total			Held for Sale			Sold			No. 144
Rental revenue:
Minimum rents	$	40,108		$	8,139		$	7,988		$	151		$	48,247		$	119,129		$	25,269		$	23,887		$	1,382		$	144,398
Expense recoveries		10,480			2,343			2,327			16			12,823			31,354			8,238			7,864			374			39,592
Termination fees		818			26			17			9			844			3,863			161			153			8			4,024
Percentage rent		101			8			8			-			109			1,542			34			30			4			1,576
Total rental revenue		51,507			10,516			10,340			176			62,023			155,888			33,702			31,934			1,768			189,590
Costs and expenses:
Property operating expenses		13,310			3,019			2,916			103			16,329			38,432			9,800			9,132			668			48,232
Rental property depreciation and amortization		8,758			2,168			2,132			36			10,926			25,875			6,433			6,151			282			32,308
General and administrative expenses		4,232			-			-			-			4,232			12,936			6			6			-			12,942
Total costs and expenses		26,300			5,187			5,048			139			31,487			77,243			16,239			15,289			950			93,482
Income before other income and expenses, minority interest and discontinued operations		25,207			5,329			5,292			37			30,536			78,645			17,463			16,645			818			96,108
Other income and expenses:
Interest expense		(12,952	)		(937	)		(922	)		(15	)		(13,889	)		(35,580	)		(3,590	)		(3,357	)		(233	)		(39,170	)
Amortization of deferred financing fees		(357	)		(15	)		(15	)		-			(372	)		(1,076	)		(44	)		(44	)		-			(1,120	)
Investment income		5,593			-			-			-			5,593			7,516			-			-			-			7,516
Other income		133			-			-			-			133			324			-			-			-			324
Income before minority interest and discontinued operations		17,624			4,377			4,355			22			22,001			49,829			13,829			13,244			585			63,658
Minority interest		(48	)		-			-			-			(48	)		(144	)		-			-			-			(144	)
Income from continuing operations		17,576			4,377			4,355			22			21,953			49,685			13,829			13,244			585			63,514
Discontinued operations:
Income from rental properties sold or held for sale		4,377			(4,377	)		(4,355	)		(22	)		-			13,829			(13,829	)		(13,244	)		(585	)		-
Gain on disposal of income producing properties		6,088			-			-			-			6,088			11,460			-			-			-			11,460
Minority interest		-			-			-			-			-			-			-			-			-			-
Income from discontinued operations		10,465			(4,377	)		(4,355	)		(22	)		6,088			25,289			(13,829	)		(13,244	)		(585	)		11,460
Net income	$	28,041		$	-		$	-		$	-		$	28,041		$	74,974		$	-		$	-		$	-		$	74,974

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

Page 11

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended September 30, 2005
(in thousands, except per share data)
	For the three months ended															For the nine months ended
	Sep 30, 2004															Sep 30, 2004
	As			Discontinued Operations									Pre SFAS			As			Discontinued Operations									Pre SFAS
	Reported			Total			Held for Sale			Sold			No. 144			Reported			Total			Held for Sale			Sold			No. 144
Rental revenue:
Minimum rents	$	36,147		$	10,105		$	7,724		$	2,381		$	46,252		$	105,113		$	29,366		$	21,039		$	8,327		$	134,479
Expense recoveries		10,011			3,167			2,616			551			13,178			27,837			8,917			7,131			1,786			36,754
Termination fees		145			89			21			68			234			498			911			46			865			1,409
Percentage rent		282			27			-			27			309			1,794			352			77			275			2,146
Total rental revenue		46,585			13,388			10,361			3,027			59,973			135,242			39,546			28,293			11,253			174,788
Costs and expenses:
Property operating expenses		12,413			4,367			3,080			1,287			16,780			35,114			11,424			8,325			3,099			46,538
Rental property depreciation and amortization		7,353			1,923			1,473			450			9,276			21,178			5,620			4,248			1,372			26,798
General and administrative expenses		3,719			3			3			-			3,722			10,976			4			4			-			10,980
Total costs and expenses		23,485			6,293			4,556			1,737			29,778			67,268			17,048			12,577			4,471			84,316
Income before other income and expenses, minority interest and discontinued operations		23,100			7,095			5,805			1,290			30,195			67,974			22,498			15,716			6,782			90,472
Other income and expenses:
Interest expense		(10,705	)		(1,710	)		(1,298	)		(412	)		(12,415	)		(30,425	)		(4,467	)		(3,220	)		(1,247	)		(34,892	)
Amortization of deferred financing fees		(371	)		(38	)		(8	)		(30	)		(409	)		(968	)		(112	)		(22	)		(90	)		(1,080	)
Investment income		1,210			-			-			-			1,210			1,612			-			-			-			1,612
Other income		174			-			-			-			174			297			-			-			-			297
Equity in loss of joint ventures		-			(30	)		-			(30	)		(30	)		-			(59	)		-			(59	)		(59	)
Income before minority interest and discontinued operations		13,408			5,317			4,499			818			18,725			38,490			17,860			12,474			5,386			56,350
Minority interest		(150	)		(89	)		-			(89	)		(239	)		(529	)		(113	)		-			(113	)		(642	)
Income from continuing operations		13,258			5,228			4,499			729			18,486			37,961			17,747			12,474			5,273			55,708
Discontinued operations:
Income from rental properties sold or held for sale		5,317			(5,317	)		(4,499	)		(818	)		-			17,860			(17,860	)		(12,474	)		(5,386	)		-
Gain on disposal of income producing properties		12,215			-			-			-			12,215			13,767			-			-			-			13,767
Minority interest		(89	)		89			-			89			-			(113	)		113			-			113			-
Income from discontinued operations		17,443			(5,228	)		(4,499	)		(729	)		12,215			31,514			(17,747	)		(12,474	)		(5,273	)		13,767
Net income	$	30,701		$	-		$	-		$	-		$	30,701		$	69,475		$	-		$	-		$	-		$	69,475

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

Page 12

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the quarter ended September 30, 2005
(in thousands, except per share data)
													For the
	For the three months ended						For the nine months ended						year ended
	Sep 30, 2005			Sep 30, 2004			Sep 30, 2005			Sep 30, 2004			Dec 31, 2004
Net income	$	28,041		$	30,701		$	74,974		$	69,475		$	97,804
Adjustments:
Rental property depreciation and amortization, including discontinued operations		10,926			9,276			32,310			26,797			37,023
Gain on disposal of income producing properties		(6,088	)		(12,215	)		(11,460	)		(13,767	)		(22,176	)
Minority interest		27			223			82			596			623
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			65			-			196			197
Funds from operations	$	32,906		$	28,050		$	95,906		$	83,297		$	113,471
Increase		17.3	%					15.1	%
Earnings per diluted share*	$	0.37		$	0.43		$	1.00		$	0.98		$	1.37
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.15			0.13			0.43			0.37			0.52
Gain on disposal of income producing properties		(0.08	)		(0.17	)		(0.15	)		(0.19	)		(0.31	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			-			-			-			-
Funds from operations per diluted share	$	0.44		$	0.39		$	1.28		$	1.16		$	1.58
Increase		12.8	%					10.3	%

* Earnings per diluted share include the add-back of those minority interests which are convertible to shares of our common stock.

Page 13

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS - QUARTERLY BREAKOUT
For the quarter ended September 30, 2005
(in thousands, except per share data)
	For the three months ended
	Sep 30, 2005			Jun 30, 2005			Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Net income	$	28,041		$	25,143		$	21,790		$	28,330		$	30,701		$	18,535		$	20,239
Adjustments:
Rental property depreciation and amortization, including discontinued operations		10,926			10,938			10,446			10,226			9,276			9,089			8,432
(Gain) loss on disposal of income producing properties		(6,088	)		(3,757	)		(1,615	)		(8,409	)		(12,215	)		483			(2,035	)
Minority interest		27			27			28			27			223			174			199
Other items:
Pro-rata share of real estate depreciation from joint ventures		-			-			-			-			65			66			65
Funds from operations	$	32,906		$	32,351		$	30,649		$	30,174		$	28,050		$	28,347		$	26,900
Sequential increase (decrease)		1.7	%		5.6	%		1.6	%		7.6	%		(1.0	%)		5.4	%
Earnings per diluted share*	$	0.37		$	0.34		$	0.29		$	0.39		$	0.43		$	0.26		$	0.29
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.15			0.14			0.14			0.14			0.13			0.13			0.12
(Gain) loss on disposal of income producing properties		(0.08	)		(0.05	)		(0.02	)		(0.12	)		(0.17	)		0.01			(0.03	)
Other items:
Pro-rata share of real estate depreciation from joint ventures					-			-			-			-			-			-
Funds from operations per diluted share	$	0.44		$	0.43		$	0.41		$	0.41		$	0.39		$	0.40		$	0.38
Sequential increase (decrease)		2.3	%		4.9	%		-			5.1	%		(2.5	%)		5.3	%

* Earnings per diluted share include the add-back of those minority interests which are convertible to shares of our common stock

Page 14

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION
For the quarter ended September 30, 2005
(in thousands, except per share data)
													For the
	For the three months ended						For the nine months ended						year ended
	Sep 30, 2005			Sep 30, 2004			Sep 30, 2005			Sep 30, 2004			Dec 31, 2004
Funds from operations	$	32,906		$	28,050		$	95,906		$	83,297		$	113,471
Adjust for certain non-cash items:
Amortization of deferred financing fees		372			409			1,120			1,080			1,459
Amortization of above/below market rent intangibles		(240	)		(48	)		(752	)		(65	)		(192	)
Amortization of restricted stock		1,523			1,428			4,475			3,978			5,163
Straight line rents		(1,157	)		(1,100	)		(3,510	)		(2,714	)		(3,835	)
Capitalized interest		(876	)		(676	)		(2,299	)		(2,208	)		(3,204	)
Amortization of debt premium/discount		(1,274	)		(1,230	)		(3,895	)		(3,692	)		(4,958	)
Total non-cash items		(1,652	)		(1,217	)		(4,861	)		(3,621	)		(5,567	)
Adjust for recurring capital expenditures:
Tenant improvements		(1,624	)		(295	)		(4,363	)		(934	)		(1,504	)
Leasing commissions and costs		(1,027	)		(871	)		(3,419	)		(2,007	)		(2,744	)
Other capital expenditures		(386	)		(405	)		(1,302	)		(931	)		(1,236	)
Total recurring capital expenditures		(3,037	)		(1,571	)		(9,084	)		(3,872	)		(5,484	)
Funds available for distribution before debt payments		28,217			25,262			81,961			75,804			102,420
Scheduled debt payments		(2,547	)		(2,514	)		(7,956	)		(7,192	)		(9,807	)
Funds available for distribution	$	25,670		$	22,748		$	74,005		$	68,612		$	92,613
Increase		12.8	%					7.9	%
Funds available for distribution per diluted share	$	0.34		$	0.31		$	0.99		$	0.96		$	1.29
Increase		9.7	%					3.1	%
Cash dividends	$	21,683		$	20,272		$	64,684		$	59,627		$	80,903

Page 15

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION - QUARTERLY BREAKOUT
For the quarter ended September 30, 2005
(in thousands, except per share data)
	For the three months ended
	Sep 30, 2005			Jun 30, 2005			Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Funds from operations	$	32,906		$	32,351		$	30,649		$	30,174		$	28,050		$	28,347		$	26,900
Adjust for certain non-cash items:
Amortization of deferred financing fees		372			370			378			381			409			404			267
Amortization of above/below market rent intangibles		(240	)		(364	)		(148	)		(127	)		(48	)		(15	)		(2	)
Amortization of restricted stock		1,523			1,466			1,486			1,363			1,428			1,378			1,172
Straight line rents		(1,157	)		(1,086	)		(1,267	)		(1,120	)		(1,100	)		(1,070	)		(544	)
Capitalized interest		(876	)		(790	)		(633	)		(996	)		(676	)		(720	)		(812	)
Amortization of debt premium/discount		(1,274	)		(1,335	)		(1,286	)		(1,265	)		(1,230	)		(1,247	)		(1,215	)
Total non-cash items		(1,652	)		(1,739	)		(1,470	)		(1,764	)		(1,217	)		(1,270	)		(1,134	)
Adjust for recurring capital expenditures:
Tenant improvements		(1,624	)		(2,374	)		(365	)		(570	)		(295	)		(409	)		(230	)
Leasing commissions and costs		(1,027	)		(881	)		(1,511	)		(737	)		(871	)		(967	)		(169	)
Other capital expenditures		(386	)		(502	)		(414	)		(305	)		(405	)		(285	)		(241	)
Total recurring capital expenditures		(3,037	)		(3,757	)		(2,290	)		(1,612	)		(1,571	)		(1,661	)		(640	)
Funds available for distribution before debt payments		28,217			26,855			26,889			26,798			25,262			25,416			25,126
Scheduled debt payments		(2,547	)		(2,655	)		(2,754	)		(2,600	)		(2,514	)		(2,405	)		(2,273	)
Funds available for distribution	$	25,670		$	24,200		$	24,135		$	24,198		$	22,748		$	23,011		$	22,853
Sequential increase (decrease)		6.1	%		0.3	%		(0.3	%)		6.4	%		(1.1	%)		0.7	%
Funds available for distribution per diluted share	$	0.34		$	0.32		$	0.33		$	0.33		$	0.31		$	0.32		$	0.32
Sequential increase (decrease)		6.3	%		(3.0	%)		-			6.5	%		(3.1	%)		-
Cash dividends	$	21,683		$	21,575		$	21,426		$	21,276		$	20,272		$	19,725		$	19,630

Page 16

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
	As of
	Sep 30, 2005			Jun 30, 2005			Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Assets
Properties
Income producing	$	1,644,783		$	1,488,652		$	1,911,819		$	1,915,216		$	1,777,783		$	1,780,145		$	1,740,063
Less: accumulated depreciation		(102,620	)		(86,123	)		(104,718	)		(95,934	)		(86,871	)		(78,492	)		(74,485	)
Rental property		1,542,163			1,402,529			1,807,101			1,819,282			1,690,912			1,701,653			1,665,578
Construction in progress and land held for development		57,950			52,818			50,026			41,759			44,652			38,803			54,338
Property held for sale		287,099			432,936			9,199			12,646			12,232			44,185			1,231
Properties, net		1,887,212			1,888,283			1,866,326			1,873,687			1,747,796			1,784,641			1,721,147
Cash and cash equivalents		-			-			-			5,122			1,988			-			17
Cash held in escrow		3,308			-			-			-			8,734			5,814			1,884
Accounts and other receivables, net		13,978			12,643			10,204			15,699			12,135			9,403			8,919
Securities		27,601			52,303			44,593			35,756			29,405			18,287			-
Goodwill		12,007			13,807			13,807			14,020			14,184			14,477			14,578
Other assets		59,506			48,333			57,719			48,008			61,014			46,958			45,554
Total	$	2,003,612		$	2,015,369		$	1,992,649		$	1,992,292		$	1,875,256		$	1,879,580		$	1,792,099
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable		391,801		$	389,907		$	488,817		$	495,056		$	480,739		$	497,741		$	470,263
Mortgage notes payable related to properties held for sale		57,745			64,296			-			-			-			-			-
Unsecured revolving credit facilities		39,000			179,387			144,763			147,000			64,000			80,541			50,879
Unsecured senior notes payable		465,532			347,310			345,165			347,261			350,000			350,000			350,000
Payable for securities		-			4,774			-			-			-			11,075			-
Total debt		954,078			985,674			978,745			989,317			894,739			939,357			871,142
Unamortized premium/discount on notes payable		17,093			18,984			20,318			21,603			20,354			21,585			23,894
Total notes payable		971,171			1,004,658			999,063			1,010,920			915,093			960,942			895,036
Accounts payable and other liabilities		62,115			53,446			48,787			48,587			54,521			52,192			36,639
Total liabilities		1,033,286			1,058,104			1,047,850			1,059,507			969,614			1,013,134			931,675
Minority interest		1,457			1,437			1,417			1,397			1,388			12,400			12,444
Stockholders' equity		968,869			955,828			943,382			931,388			904,254			854,046			847,980
Total	$	2,003,612		$	2,015,369		$	1,992,649		$	1,992,292		$	1,875,256		$	1,879,580		$	1,792,099

Page 17

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of September 30, 2005

(in thousands)

	Maturity				Sep 30, 2005		Dec 31, 2004		Percent of total
Debt Instrument	date		Rate (1)		balance		balance		indebtedness
Mortgage debt
Lantana Village		03/15/05		6.950%	$	-	$	3,512		NA
Elmwood Oaks		06/01/05		8.375%		-		7,500		NA
Benchmark Crossing (2)		08/01/05		9.250%		-		3,226		NA
Sterling Plaza (2)		09/01/05		8.750%		-		3,874		NA
Woodruff (2)		09/10/05		7.580%		-		2,969		NA
Townsend Square (2)		10/01/05		8.500%		-		4,768		NA
Green Oaks (2)		11/01/05		8.375%		-		2,937		NA
Melbourne Plaza (2)		11/01/05		8.375%		-		1,698		NA
Walden Woods		08/01/06		7.875%		2,180		2,272		0.22	%
Big Curve (3)		10/01/06		9.190%		-		5,310		NA
Highland Square		12/01/06		8.870%		3,874		3,951		0.40	%
Park Northern		12/01/06		8.370%		-		2,182		NA
Crossroads Square		12/01/06		8.440%		12,175		12,324		1.25	%
Rosemeade		12/01/07		8.295%		3,051		3,109		0.31	%
Colony Plaza		01/01/08		7.540%		2,943		2,976		0.30	%
Parkwood		01/01/08		7.280%		6,040		6,110		0.62	%
Richwood		01/01/08		7.280%		3,111		3,147		0.32	%
Commonwealth		02/15/08		7.000%		2,542		2,636		0.26	%
Mariners Crossing		03/01/08		7.080%		3,293		3,332		0.34	%
Pine Island/Ridge Plaza		07/01/08		6.910%		24,296		24,582		2.50	%
Forestwood		01/01/09		5.070%		7,003		7,128		0.72	%
North Port Shopping Center		02/08/09		6.650%		3,929		4,008		0.40	%
Prosperity Centre		03/01/09		7.875%		5,727		6,022		0.59	%
Ibis Shopping Center		09/01/09		6.730%		5,546		5,687		0.57	%
Tamarac Town Square		10/01/09		9.190%		6,053		6,122		0.62	%
Park Promenade		02/01/10		8.100%		6,191		6,241		0.64	%

Page 18

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of September 30, 2005

(in thousands)

	Maturity				Sep 30, 2005		Dec 31, 2004		Percent of total
Debt Instrument	date		Rate (1)		balance		balance		indebtedness
Skipper Palms		03/01/10		8.625%	$	3,502	$	3,526		0.36	%
Jonathan's Landing		05/01/10		8.050%		2,841		2,868		0.29	%
Bluff's Square		06/01/10		8.740%		9,938		10,005		1.02	%
Kirkman Shoppes		06/01/10		8.740%		9,385		9,448		0.97	%
Ross Plaza		06/01/10		8.740%		6,545		6,589		0.67	%
Boynton Plaza		07/01/10		8.030%		7,365		7,423		0.76	%
Pointe Royale		07/15/10		7.950%		4,085		4,284		0.42	%
Westgate Marketplace		07/31/10		4.880%		29,279		29,625		3.01	%
Shops at Skylake		08/01/10		7.650%		13,975		14,266		1.44	%
Parkwest Crossing		09/01/10		8.100%		4,649		4,684		0.48	%
Spalding Village		09/01/10		8.190%		9,984		10,231		1.03	%
Minyards		11/01/10		8.320%		2,443		2,473		0.25	%
Charlotte Square		02/01/11		9.190%		3,498		3,550		0.36	%
Forest Village		04/01/11		7.270%		4,402		4,441		0.45	%
Boca Village		05/01/11		7.200%		8,140		8,211		0.84	%
MacLand Pointe		05/01/11		7.250%		5,748		5,798		0.59	%
Pine Ridge Square		05/01/11		7.020%		7,207		7,273		0.74	%
Sawgrass Promenade		05/01/11		7.200%		8,140		8,211		0.84	%
Presidential Markets		06/01/11		7.650%		26,947		27,159		2.77	%
Lake Mary		11/01/11		7.250%		24,082		24,282		2.48	%
Lake St. Charles		11/01/11		7.130%		3,801		3,833		0.39	%
Belfair Towne Village		12/01/11		7.320%		11,039		11,197		1.14	%
Marco Town Center		01/01/12		6.700%		8,455		8,578		0.87	%
Riverside Square		03/01/12		9.190%		7,503		7,589		0.77	%
Sparkleberry Square (4)		11/30/12		6.170%		6,559		6,655		0.68	%
Cashmere Corners		11/01/12		5.880%		5,060		5,141		0.52	%
Eastwood		11/01/12		5.880%		6,029		6,126		0.62	%

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of September 30, 2005

(in thousands)

	Maturity				Sep 30, 2005		Dec 31, 2004		Percent of total
Debt Instrument	date		Rate (1)		balance		balance		indebtedness
Meadows Shopping Center		11/01/12		5.870%	$	6,336	$	6,438		0.65	%
Lutz Lake		12/01/12		6.280%		7,500		7,500		0.77	%
Summerlin Square		02/01/14		6.750%		3,402		3,622		0.35	%
Bird Ludlum		02/15/15		7.680%		9,203		9,690		0.95	%
Treasure Coast Plaza		04/01/15		8.000%		4,314		4,532		0.44	%
Shoppes of Silverlakes		07/01/15		7.750%		2,503		2,627		0.26	%
Medford		02/01/16		8.690%		5,285		5,512		0.54	%
Swampscott		02/01/16		8.690%		2,296		2,395		0.24	%
Plymouth		02/01/16		8.690%		3,863		4,029		0.40	%
Grassland Crossing		12/01/16		7.870%		5,701		5,827		0.59	%
Mableton Crossing		08/15/18		6.850%		3,987		4,062		0.41	%
Sparkleberry Square (4)		06/30/20		6.750%		7,695		7,918		0.79	%
BridgeMill		05/05/21		7.940%		9,265		9,395		0.95	%
Westport Plaza		08/24/23		7.490%		4,806		4,876		0.49	%
Chastain Square		02/28/24		6.500%		3,744		3,821		0.39	%
Daniel Village		02/28/24		6.500%		4,093		4,177		0.42	%
Douglas Commons		02/28/24		6.500%		4,876		4,976		0.50	%
Fairview Oaks		02/28/24		6.500%		4,616		4,710		0.48	%
Madison Centre		02/28/24		6.500%		3,745		3,821		0.39	%
Paulding Commons		02/28/24		6.500%		6,358		6,487		0.65	%
Siegen Village		02/28/24		6.500%		4,137		4,221		0.43	%
Wesley Chapel Crossing		02/28/24		6.500%		3,266		3,332		0.34	%
Total mortgage debt (65 loans)		5.6 years		7.24%		449,546		495,056		46.29	%
Net interest premium/discount		(wtd-avg maturity)		(wtd-avg interest rate)		11,401		12,721		1.17	%
Total mortgage debt (including net interest premium/discount)					$	460,947	$	507,777		47.46	%

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of September 30, 2005

(in thousands)

	Maturity				Sep 30, 2005			Dec 31, 2004			Percent of total
Debt Instrument	date		Rate (1)		balance			balance			indebtedness
Unsecured senior notes payable
7.77% senior notes		04/01/06		7.770	$	50,000		$	50,000			5.15	%
7.25% senior notes		08/15/07		7.250		75,000			75,000			7.72	%
3.875% senior notes (5)		04/15/09		3.875		200,000			200,000			20.59	%
Fair value of interest rate swap		04/15/09		6-month Libor + 0.4375		(4,468	)		(2,739	)		-0.46	%
7.84% senior notes		01/23/12		7.840		25,000			25,000			2.57	%
5.375% senior notes		10/15/15		5.375		120,000			-			12.36	%
Total unsecured senior notes payable		4.8 years		5.42%		465,532			347,261			47.94	%
Net interest premium/discount		(wtd-avg maturity)		(wtd-avg interest rate)		5,692			8,882			0.59	%
Total unsecured senior notes payable (including net interest premium/discount)					$	471,224		$	356,143			48.52	%
Revolving credit facilities
$340MM Wells Fargo Unsecured		02/12/06		4.15%		39,000			147,000			4.02	%
$5MM City National Bank Unsecured		11/11/05		NA		-			-			0.00	%
Total revolving credit facilities					$	39,000		$	147,000			4.02	%
Total debt						954,078			989,317			98.24	%
Net interest premium/discount						17,093			21,603			1.76	%
Total debt (including net interest premium/discount)					$	971,171		$	1,010,920			100.00	%
Senior Unsecured Debt Ratings
Moody's						Baa3 (Positive)			Baa3 (Stable)
S&P						BBB- (Stable)			BBB- (Stable)

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT MATURITIES
As of September 30, 2005
(in thousands)
	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving		Senior				Percent of
by year	amortization		payments (6)		Credit Facilities (6)		Notes (7)		Total		debt maturing
2005	$	2,621	$	-	$	-	$	-	$	2,621		0.3	%
2006		10,847		17,737		39,000		50,000		117,584		12.3	%
2007		11,252		2,864		-		75,000		89,116		9.3	%
2008		11,391		40,104		-		-		51,495		5.4	%
2009		11,125		24,332		-		200,000		235,457		24.6	%
2010		10,224		98,471		-		-		108,695		11.3	%
2011		8,490		93,433		-		-		101,923		10.6	%
2012		7,324		40,056		-		25,000		72,380		7.6	%
2013		7,020		-		-		-		7,020		0.7	%
2014		7,110		-		-		-		7,110		0.7	%
Thereafter		35,130		10,015		-		120,000		165,145		17.2	%
Total	$	122,534	$	327,012	$	39,000	$	470,000	$	958,546		100.0	%

(1) The rate in effect on September 30, 2005.

(2) These loans have been paid off prior to the stated maturity without incurring any pre-payment penalties.

(3) This loan was assumed by the buyer in connection with the sale of this property.

(4) The Sparkleberry property is encumbered by two separate mortgages.

(5) $100M of the outstanding balance has been swapped to a floating interest rate based on six-month LIBOR in arrears, plus 0.4375%. The indicated rate and weighted average rate for the unsecured notes does not reflect the effect of the interest rate swap.

(6) Represents the entire principal balance of a maturing loan on the maturity date. Credit facilities are shown as due on the initial maturity dates, though certain extension options are available. Includes amounts payable for securities.

(7) Excludes the adjustment attributable to the fair value of the associated interest rate swap.

Page 22

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of September 30, 2005
			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
ALABAMA (2)
	Madison Centre	Madison	1997	64,837	97.5%	12	1	37,912		Publix	Rite Aid	$ 9.56
										(6/1/2017)
	West Gate Plaza	Mobile	1974, 1995 / 1985	64,378	99.2%	8	1	44,000		Winn-Dixie	Rite Aid	7.19
										(7/19/2015)
TOTAL SHOPPING CENTERS ALABAMA (2)				129,215	98.4%	20	2	81,912	0			$ 8.37
FLORIDA (78)
North Florida (13)
	Atlantic Village	Atlantic Beach	1984 / 1998	100,559	96.4%	23	2	39,795		Publix	JoAnn Fabrics, Dollar Tree	10.37
										(10/31/2008)
	Beauclerc Village	Jacksonville	1962 / 1988	70,429	86.9%	10	1				Big Lots, Goodwill, Bealls Outlet	8.00
	Commonwealth	Jacksonville	1984 / 1998	81,467	89.1%	13	3	48,997		Winn-Dixie/Save Rite		8.36
										(2/28/2018)
	Forest Village	Tallahassee	2000	71,526	90.5%	12	5	37,866		Publix		10.32
										(4/30/2020)
	Ft. Caroline	Jacksonville	1985 / 1995	74,546	82.3%	10	3	45,500		Winn-Dixie		7.48
										(5/31/2015)
	Mandarin Landing	Jacksonville	1976 / 2000	141,565	96.4%	34	3	34,400		Publix	Office Depot	10.03
										(2/14/2007)
	Medical & Merchants	Jacksonville	1993	152,761	97.8%	15	2	55,999		Publix	Memorial Health Group, Blockbuster	11.83
										(2/10/2013)
	Middle Beach	Panama City Beach	1994	69,277	100.0%	9	0	56,077		Publix	Movie Gallery	9.57
										(9/30/2014)
	Monument Point	Jacksonville	1985 / 1997	75,128	100.0%	12	0	46,772		Winn-Dixie	CVS Pharmacy	6.80
										(3/27/2010)
	Oak Hill	Jacksonville	1985 / 1997	78,492	100.0%	19	0	39,795		Publix	Beall's	7.18
										(3/11/2010)
	Parkmore Plaza	Milton	1986	159,093	100.0%	13	0				Bealls, Big Lots	3.71
	Pensacola Plaza	Pensacola	1985	56,098	100.0%	3	0	42,848		FoodWorld		4.52
										(12/31/2009)
	South Beach	Jacksonville Beach	1990, 1991	289,964	93.2%	42	9	29,000		Food Lion	Home Depot, Stein Mart, Bealls	10.12
										(3/31/2010)
Central Florida (11)
	Alafaya Commons	Orlando	1987	123,133	99.2%	28	1	54,230		Publix	Blockbuster	11.99
										(11/30/2007)
	Conway Crossing	Orlando	2002	76,321	100.0%	18	0	44,271		Publix		11.89
										(4/30/2022)
	Eastwood	Orlando	1997	69,037	100.0%	13	0	51,512		Publix		11.45
										(11/1/2017)
	Eustis Square	Eustis	1983 / 1997 / 2004	126,791	93.6%	20	7	15,872		Save-a-Lot	Accent Marketing, Goodwill	$ 5.51
										(5/31/2013)
	Hunters Creek	Orlando	1998	68,032	24.7%	8	1					19.09

Page 23

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of September 30, 2005

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Kirkman Shoppes	Orlando	1973	88,820	100.0%	30	0					17.06
	Lake Mary	Orlando	1988 / 2001	342,384	98.9%	66	20	63,139		Albertsons (6/30/2012)	Kmart, Lifestyle Fitness, Sunstar Movie Theatres	12.39
	Park Promenade	Orlando	1987 / 2000	125,818	97.9%	25	1	55,000		Publix* (2/9/2007)	Orange County Library, Blockbuster, Goodwill	9.04
	Town & Country	Kissimmee	1993	72,043	98.3%	12	1	52,883		Albertsons		7.38
										(10/31/2018)
	Unigold	Winter Park	1987	117,527	98.8%	24	1	52,500		Winn-Dixie (4/30/2007)	Blockbuster, Lifestyle Family Fitness	10.91
	Walden Woods	Plant City	1985 / 1998, 2003	75,874	82.9%	12	1				Dollar Tree, Aaron Rents, Dollar General	6.71
Florida West Coast (17)
	Bay Pointe Plaza	St. Petersburg	1984 / 2002	103,986	95.6%	20	4	52,610		Publix (11/30/2021)	Bealls Outlet, West Marine	9.49
	Carrollwood	Tampa	1970 / 2002	94,203	89.8%	29	7	27,887		Publix (11/30/2022)	Floors Today	12.24
	Charlotte Square	Port Charlotte	1980	96,188	99.1%	23	1	44,024		Publix* (1/31/2011)	Pet Supermarket	8.32
	Chelsea Place	New Port Richey	1992	81,144	98.8%	17	1	48,890		Publix (5/27/2012)	CVS Pharmacy	11.18
	Lake St. Charles	Tampa	1999	57,015	100.0%	8	0	46,295		Kash n' Karry (6/30/2019)		9.86
	Lutz Lake	Lutz	2002	64,985	98.2%	14	1	44,270		Publix (5/31/2022)		13.77
	Marco Town Center	Marco Island	2001	109,830	98.8%	42	1	27,887		Publix (1/31/2018)	West Marine	17.69
	Mariners Crossing	Spring Hill	1989 / 1999	85,507	98.5%	14	1	48,315		Kash n' Karry (8/15/2020)		8.43
	Pavilion	Naples	1982	167,745	93.6%	40	2	50,795		Publix (2/28/2013)	Pavillion 6 Theatre, Anthony's	14.72
	Regency Crossing	Port Richey	1986 / 2001	85,864	83.5%	14	11	44,270		Publix (2/28/2021)		10.42
	Ross Plaza	Tampa	1984 / 1996	85,359	98.4%	17	2				Ross Dress for Less, Laminate Kingdom	10.15
	Seven Hills	Spring Hill	1991	64,590	100.0%	12	0	48,890		Publix (9/25/2011)		9.84
	Shoppes of North Port	North Port	1991	84,705	100.0%	22	0	48,890		Publix (12/11/2011)	Bealls Outlet	10.05
	Skipper Palms	Tampa	1984	88,000	87.8%	13	4	53,440		Winn-Dixie (5/31/2016)		8.52
	Summerlin Square	Fort Myers	1986 / 1998	109,156	90.8%	21	7	45,500		Winn-Dixie (6/4/2006)	CVS Pharmacy, West Marine	10.63
	Venice Plaza	Venice	1971/ 1979 / 1999	148,779	84.2%	14	2	42,582		Kash n' Karry (9/30/2018)	TJ Maxx, Blockbuster	5.52
	Venice Shopping Center	Venice	1968 / 2000	111,934	98.1%	14	1	44,271		Publix (12/31/2026)	Beall's Outlet, Dollar Tree, Wachovia Bank	5.38

Page 24

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of September 30, 2005

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
Florida Treasure Coast (8)
	Bluffs Square	Jupiter	1986	132,395	99.5%	47	2	39,795		Publix	Walgreens	$ 12.48
										(10/22/2006)
	Cashmere Corners	Port St. Lucie	2001	89,234	100.0%	18	0	59,448		Albertsons		8.19
										(4/30/2025)
	Jonathan's Landing	Jupiter	1997	26,820	100.0%	12	0		53,850	Albertsons	Blockbuster	18.99
	New Smyrna Beach	New Smyrna Beach	1987	118,451	98.5%	33	1	42,112		Publix (9/30/2007)	Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster	9.79
	Old King Commons	Palm Coast	1988	84,759	100.0%	19	0				Wal-Mart* (Bealls Outlet)	8.19
	Ryanwood	Vero Beach	1987	114,925	100.0%	32	0	39,795		Publix	Bealls Outlet, Books-A-Million	9.94
										(3/23/2017)
	Salerno Village	Stuart	1987	79,903	97.4%	18	2	45,802		Winn-Dixie	CVS Pharmacy	10.52
										(3/23/2024)
	Treasure Coast	Vero Beach	1983	133,781	95.7%	22	3	59,450		Winn-Dixie	TJ Maxx	8.81
										(4/12/2015)
South Florida / Atlantic Coast (29)
	Bird Ludlum	Miami	1988 / 1998	192,282	97.9%	44	1	44,400		Winn-Dixie	CVS Pharmacy, Blockbuster, Goodwill	15.32
										(12/31/2007)
	Boca Village	Boca Raton	1978	93,428	100.0%	22	0	36,000		Publix	CVS Pharmacy	15.76
										(3/31/2007)
	Boynton Plaza	Boynton Beach	1978 / 1999	99,324	100.0%	29	0	37,664		Publix	CVS Pharmacy, Hollywood Video	11.28
										(8/31/2008)
	Countryside Shops	Cooper City	1986, 1988, 1991	179,561	100.0%	47	0	39,795		Publix	CVS Pharmacy, Stein Mart	12.93
										(12/4/2010)
	Crossroads Square	Ft. Lauderdale	1973	270,206	98.6%	25	2				Lowe's, CVS Pharmacy, 99 Cent Stuff	7.84
	CVS Plaza	Miami	2004	29,204	100.0%	8	0				CVS Pharmacy	14.95
	El Novillo	Miami Beach	1970 / 2000	10,000	100.0%	1	0				Jumbo Buffet	15.94
	Homestead Gas Station	Homestead	1959	2,136	100.0%	1	0					20.33
	Greenwood	Palm Springs	1982, 1994	132,325	94.8%	33	5	50,032		Publix (12/5/2014)	Bealls Outlet, World Savings Bank	12.22
	Lago Mar	Miami	1995	82,613	97.3%	20	1	42,323		Publix	Blockbuster	12.86
										(9/13/2015)
	Lantana Village	Lantana	1976 / 1999	181,780	99.2%	24	2	39,473		Winn-Dixie (2/15/2011)	Kmart, Rite Aid* (Family Dollar), Hollywood Video	7.15
	Meadows	Miami	1997	75,524	100.0%	21	0	47,955		Publix		12.84
										(7/9/2017)
	Oakbrook Square	Palm Beach Gardens	1974 / 2000, 2003	212,074	91.8%	27	3	44,400		Publix (11/30/2020)	Stein Mart, Homegoods, CVS, Basset Furniture	13.61
	Pine Island	Davie	1983 / 1999	254,907	96.8%	46	1	39,943		Publix	Home Depot Expo, Bealls Outlet	10.47
										(11/30/2013)
	Pine Ridge Square	Coral Springs	1986 / 1998, 1999	117,399	98.3%	33	2	17,441		Fresh Market (6/30/2009)	Bed Bath & Beyond, Off Main Furniture, Blockbuster	13.78
	Plaza Alegre	Miami	2003	91,611	98.7%	20	1	44,271		Publix	Goodwill, Blockbuster	14.74
										(3/14/2023)
	Point Royale	Miami	1970 / 2000	209,863	98.2%	25	1	45,350		Winn-Dixie (2/18/2011)	Best Buy, CVS Pharmacy* (Anna's Linens)	6.47

Page 25

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of September 30, 2005

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Prosperity Centre	Palm Beach Gardens	1993	122,106	100.0%	9	0				Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine's, TJ Maxx	$ 15.60
	Ridge Plaza	Davie	1984 / 1999	155,204	98.7%	28	1	(see Pine Island)			AMC Theater, Kabooms, Wachovia* (United Collection), Sofa Kings, Round Up	9.57
	Riverside Square	Coral Springs	1987	107,941	95.1%	33	3	39,795		Publix	Tuesday Morning	13.51
										(2/18/2007)
	Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	95.8%	27	2	36,464		Publix	Walgreens, Blockbuster	11.26
										(12/15/2009)
	Sheridan	Hollywood	1973 / 1991	455,843	99.0%	62	3	65,537		Publix (10/9/2011)	Ross, Bed Bath & Beyond, Blockbuster, Office Depot, AMC Theater, CVS, LA Fitness	12.49
	Shoppes of Ibis	West Palm Beach	1999	79,420	100.0%	18	0	51,420		Publix		12.86
										(4/30/2019)
	Shoppes of Silverlakes	Pembroke Pines	1995, 1997	126,788	100.0%	40	0	47,813		Publix	Blockbuster	16.34
										(6/14/2015)
	Shops at Skylake	North Miami Beach	1999-2005	247,919	99.6%	47	1	51,420		Publix	Goodwill, L.A. Fitness, Blockbuster	15.96
										(7/31/2019)
	Tamarac Town Square	Tamarac	1987	127,635	91.5%	33	7	37,764		Publix		109.64
										(12/15/2014)
	Waterstone	Homestead	2005	61,000	92.9%	7	3	45,600		Publix		13.53
										(7/31/2025)
	West Lakes Plaza	Miami	1984 / 2000	100,747	99.0%	27	1	46,216		Winn-Dixie	Navarro Pharmacy	11.20
										(10/31/2016)
	Westport Plaza	Davie	2002	36,212	100.0%	5	0	27,887		Publix	Blockbuster	16.77
										(11/30/2022)
	Young Circle	Hollywood	1962 / 1997	65,834	98.1%	9	1	23,124		Publix	Walgreens	15.18
										(11/30/2016)
TOTAL SHOPPING CENTERS FLORIDA (79)				9,153,921	96.3%	1,777	155	2,873,761	53,850			$ 12.32
GEORGIA (24)
Atlanta (19)
	BridgeMill	Canton	2000	89,102	89.9%	25	6	37,888		Publix		14.79
										(1/31/2020)
	Butler Creek	Acworth	1990	95,597	93.9%	16	3	59,997		Kroger		10.80
										(6/30/2018)
	Chastain Square	Atlanta	1981 / 2001	91,637	98.7%	27	1	37,366		Publix		16.46
										(5/31/2024)
	Commerce Crossing	Commerce	1988	100,668	60.0%	8	3	32,000		Ingles		4.79
										(9/26/2009)
	Douglas Commons	Douglasville	1988	97,027	100.0%	17	0	59,431		Kroger		10.08
										(8/31/2013)
	Fairview Oaks	Ellenwood	1997	77,052	100.0%	13	0	54,498		Kroger	Blockbuster	11.38
										(9/30/2016)
	Grassland Crossing	Alpharetta	1996	90,906	93.2%	11	3	70,086		Kroger		11.56
										(6/30/2016)
	Hairston Center	Decatur	2000	13,000	84.6%	7	2					17.83
	Hamilton Ridge	Buford	2002	89,496	94.9%	18	2	54,166		Kroger		12.82
										(11/30/2022)
	Mableton Crossing	Mableton	1997	86,819	98.6%	16	1	63,419		Kroger		10.27
										(8/31/2017)

Page 26

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of September 30, 2005

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Macland Pointe	Marietta	1992-1993	79,699	98.5%	16	1	55,999		Publix		9.68
										(12/29/2012)
	Market Place	Norcross	1976	77,706	94.3%	19	4				Peachtree Cinema	10.94
	Paulding Commons	Dallas	1991	192,391	95.9%	27	4	49,700		Kroger (2/28/2011)	Kmart	$ 8.04
	Powers Ferry Plaza	Marietta	1979, 1987 / 1998	86,473	91.5%	20	5				Micro Center	10.49
	Presidential Markets	Snellville	1993-2000	396,408	98.5%	33	2	56,146		Publix (12/31/2019)	Bed Bath & Beyond, GAP, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot	10.43
	Shops of Huntcrest	Lawrenceville	2003	97,040	100.0%	26	0	54,340		Publix		13.67
										(1/31/2023)
	Wesley Chapel Crossing	Decatur	1989	170,792	37.9%	17	8	32,000		Ingles* (9/25/2009)	CVS Pharmacy	8.10
	West Towne Square	Rome	1988	89,596	84.4%	13	5				Big Lots, Eckerd*	5.44
	Williamsburg @ Dunwoody	Dunwoody	1983	44,928	100.0%	27	0					18.17
Central Georgia (3)
	Daniel Village	Augusta	1956 / 1997	171,932	95.4%	35	4	45,971		Bi-Lo	Eckerd, St. Joseph Home Health Care	8.02
										(3/25/2022)
	Spalding Village	Griffin	1989	235,318	67.3%	21	8	59,431		Kroger	JC Penney, Blockbuster	7.85
										(5/31/2014)
	Walton Plaza	Augusta	1990	43,460	97.9%	7	1	32,960	Harris Teeter* (Omni Fitness) (4/1/2011)			9.56
South Georgia (2)
	Colony Square	Fitzgerald	1987	50,000	71.6%	2	5	32,200		Food Lion* (Harvey's)		5.86
										(12/31/2007)
	McAlpin Square	Savannah	1979	176,807	94.4%	25	2	43,600		Kroger (8/31/2015)	US Post Office, Big Lots, In Fashion Menswear Outlet	7.51
TOTAL SHOPPING CENTERS GEORGIA (14)				2,743,854	88.1%	446	70	931,198	0			$ 10.09
KENTUCKY (1)
	Scottsville Square	Bowling Green	1986	38,450	79.2%	9	3				Hancock Fabrics	4.21
TOTAL SHOPPING CENTERS KENTUCKY (1)				38,450	79.2%	9	3	0	0			$ 4.21
LOUISIANA (14)
	Ambassador Row	Lafayette	1980, 1991	193,978	84.3%	22	4				Conn's Appliances, Big Lots, Chuck E Cheese, Goody's	8.81
	Ambassador Row Courtyard	Lafayette	1986, 1991 / 2005	146,697	93.1%	20	3				Bed. Bath & Beyond, Marshall's, Hancock Fabrics	9.36
	Bluebonnet Village	Baton Rouge	1983	90,215	98.4%	19	2	33,387		Matherne's	Ace Hardware	8.25
										(11/30/2010)
	Boulevard	Lafayette	1976, 1994	68,012	96.8%	14	1				Piccadilly, Harbor Freight Tools, Golfballs.com	7.37
	Country Club Plaza	Slidell	1982 / 1994	64,686	94.6%	10	1	33,387		Winn-Dixie (1/31/2008)	Dollar General	5.92
	Crossing	Slidell	1988, 1993	113,989	94.7%	13	2	58,432		Save A Center (9/29/2009)	A-1 Home Appliance, Piccadilly	5.48

Page 27

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of September 30, 2005
			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Elmwood Oaks	Harahan	1989	133,995	88.4%	9	2				Academy Sports, Dollar Tree, Advance Auto* (Goodwill)	9.56
	Grand Marche (ground lease)	Lafayette	1969	200,585	100.0%	1	0				Academy Sports, JoAnn Fabrics	0.14
	Plaza Acadienne	Eunice	1980	105,419	52.6%	6	2	28,092		Super 1 Store (6/30/2010)	Fred's, Howard Brothers*	$  4.09
	Sherwood South	Baton Rouge	1972, 1988, 1992	77,107	87.4%	8	1				Burke's Outlet, Harbor Freight Tools, Blockbuster	7.01
	Siegen Village	Baton Rouge	1988	170,416	99.5%	19	1				Office Depot, Big Lots, Dollar Tree, Stage, Party City	8.41
	Tarpon Heights	Galliano	1982	56,605	85.6%	7	3				CVS Pharmacy, Stage, Dollar General	4.77
	Village at Northshore	Slidell	1988	144,638	97.6%	12	1				Marshalls, Dollar Tree, Kirschman's, Bed Bath & Beyond, Office Depot	8.45
	Wal-Mart Mathews	Mathews	1985	54,223	100.0%	1	0				Wal-Mart	2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)				1,620,565	91.3%	161	23	153,298	0			$  6.60
MASSACHUSETTS (6)
	Cambridge Star Market	Cambridge	1953 / 1997	66,108	100.0%	1	0	66,108		Star Market		23.90
										(1/2/2016)
	Medford Shaw's Supermarket	Medford	1995	60,356	100.0%	1	0	60,356		Shaw's		21.37
										(1/1/2016)
	Plymouth Shaw's Supermarket	Plymouth	1993	59,726	100.0%	1	0	59,726		Shaw's		15.79
										(1/1/2016)
	Quincy Star Market	Quincy	1965 / 1995	100,741	100.0%	1	0	100,741		Star Market		15.43
										(1/2/2016)
	Swampscott Whole Foods	Swampscott	1967 / 2005	35,907	100.0%	1	0	35,907		Whole Foods		21.00
										(1/1/2016)
	West Roxbury Shaw's Plaza	West Roxbury	1973 / 1995	68,141	100.0%	7	0	54,928		Shaw's		21.28
										(1/2/2016)
TOTAL SHOPPING CENTERS MASSACHUSETTS (6)				390,979	100.0%	12	0	377,766	0			$  19.37
MISSISSIPPI (1)
	Shipyard Plaza	Pascagoula	1987	66,857	98.2%	6	1				Rite Aid, Big Lots	5.71
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857	98.2%	6	1	0	0			$  5.71
NORTH CAROLINA (12)
	Centre Pointe Plaza	Smithfield	1989	163,642	95.7%	22	2				Belk's, Goody's, Dollar Tree	6.10
	Chestnut Square	Brevard	1985	39,640	96.0%	6	1	21,000		Food Lion*	Dollar General	4.78
										(9/28/2010)
	Galleria	Wrightsville Beach	1986, 1990	92,114	86.4%	32	6	28,000		Harris Teeter (4/5/2006)	Eckerd	9.39
	Parkwest Crossing	Durham	1990	85,602	98.4%	16	1	38,052		Food Lion		10.30
										(12/14/2010)
	Plaza North	Hendersonville	1986	47,240	94.9%	7	2	25,590		Bi-Lo*	CVS Pharmacy	7.04
										(8/31/2006)

Page 28

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of September 30, 2005
			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Providence Square	Charlotte	1973	85,930	90.7%	18	7	35,702		Harris Teeter*	Eckerd	8.20
										(4/30/2006)
	Riverview Shopping Center	Durham	1973 / 1995	127,498	96.5%	11	2	53,538		Kroger	Upchurch Drugs, Blockbuster	7.19
										(12/31/2014)
	Salisbury Marketplace	Salisbury	1987	79,732	93.9%	17	3	31,762		Food Lion		$ 10.09
										(2/11/2023)
	Shelby Plaza	Shelby	1972	103,200	100.0%	8	0				Big Lots, Aaron Rents* (Hancock Fabrics), Tractor Supply Company	3.16
	Stanley Market Place	Stanley	1980, 1987	40,400	29.7%	2	1				Family Dollar	3.99
	Thomasville Commons	Thomasville	1991	148,754	99.0%	12	1	32,000		Ingles	Kmart, CVS Pharmacy	5.91
										(9/29/2012)
	Willowdaile Shopping Center	Durham	1986	121,376	84.4%	22	6	53,368		Harris Teeter	Eckerd* (Family Dollar)	10.53
										(5/14/2009)
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)				1,135,128	92.0%	173	32	319,012	0			$ 7.35
SOUTH CAROLINA (8)
	Belfair Towne Village	Bluffton	2000-2003	125,389	98.9%	28	1	55,696		Kroger	Blockbuster	13.81
										(10/31/2019)
	Lancaster Plaza	Lancaster	1971 / 1990	77,400	32.6%	2	2	19,200		Bi-Lo		2.86
										(9/30/2010)
	Lancaster Shopping Center	Lancaster	1963, 1987	29,047	100.0%	2	0				Sweet Union Furniture	2.07
	North Village Center	North Myrtle Beach	1984	60,356	94.6%	11	3	24,806		Bi-Lo	Dollar General, Gold's Gym	8.50
										(5/31/2009)
	Sparkleberry Square	Columbia	1997 / 2004	339,051	99.5%	25	2	67,943		Kroger	Kohl's, Ross Dress for Less, Circuit City, Bed Bath & Beyond, Petsmart, Pier One	11.24
										(8/31/2017)
	Spring Valley	Columbia	1978 / 1997	75,415	95.2%	15	3	45,070		Bi-Lo		9.11
										(12/31/2017)
	Windy Hill	North Myrtle Beach	1968 / 1988	64,465	100.0%	2	0				Rose's Store, Family Dollar Store	5.35
	Woodruff	Greenville	1995	68,055	100.0%	10	0	47,955		Publix	Blockbuster	10.27
										(8/6/2015)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8)				839,178	92.6%	95	11	260,670	0			$ 10.06
TENNESSEE (1)
	Smyrna Village	Smyrna	1992	83,334	96.6%	11	1	59,214		Kroger		8.33
										(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (1)				83,334	96.6%	11	1	59,214	0			$ 8.33
TEXAS (32)
Houston (17)
**	Barker Cypress	Houston	1999	66,945	86.8%	12	5	41,320		H.E.B.		12.44
										(1/31/2014)
**	Beechcrest	Houston	1981 / 2001	90,647	98.7%	14	1	40,345		Randall's*	Walgreens*	8.67
										(6/24/2016)
**	Benchmark Crossing	Houston	1986	58,384	100.0%	5	0				Bally's Fitness	12.70
**	Bissonnet	Houston	1999	15,542	73.6%	7	1		63,000	Kroger	Blockbuster	16.51
**	Colony Plaza	Sugarland	1997	26,513	95.0%	14	1					19.01

Page 29

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of September 30, 2005
			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
**	Copperfield	Houston	1994	133,984	98.9%	32	1				JoAnn Fabrics, Dollar Tree, 24 Hour Fitness	$ 12.50
**	Forestwood	Houston	1993	88,760	95.2%	15	1	59,334		Kroger	Blockbuster	11.18
										(7/31/2013)
**	Grogan's Mill	The Woodlands	1986	118,493	96.4%	24	2	56,558		Randall's* (99¢ Store)	Petco. Blockbuster	12.16
										(6/24/2016)
**	Hedwig	Houston	1974	69,504	74.3%	12	2				Ross Dress for Less	14.91
**	Highland Square	Sugarland	1998	64,171	97.6%	26	2					17.52
**	Market at First Colony	Sugarland	1988	107,301	98.1%	34	1		62,000	Kroger	TJ Maxx, CVS Pharmacy	16.39
**	Mason Park	Katy	1998	160,047	90.8%	34	5		58,890	Kroger	Walgreens* (Eloise Collectibles), Palais Royal, Petco	9.76
**	Mission Bend	Houston	1980 / 1999	131,575	85.7%	23	4	46,112		Randall's	Remarkable Furniture	8.78
										(6/24/2016)
**	Spring Shadows	Houston	1999	106,995	96.1%	17	1	65,161		H.E.B.		9.84
										(4/30/2023)
**	Steeplechase	Jersey Village	1985	105,152	88.7%	19	6	56,208		Randall's		10.91
										(6/24/2016)
**	Sutherland Lumber	Marble Falls	1985	53,571	100.0%	1	0				Sutherland Lumber	2.82
**	Westgate	Houston	1996 / 1998	298,354	100.0%	25	0	75,154		H.E.B. (12/31/2015)	Kohl's, Oshman's Sporting Goods, Office Max, Pier One Imports	11.75
Dallas (12)
**	Creekside	Arlington	1997 / 1998	101,016	100.0%	17	0	60,932		Kroger	Hollywood Video	12.26
										(11/30/2021)
**	DeSoto Shopping Center	DeSoto	1996	69,090	100.0%	5	0	58,960		Tom Thumb	Blockbuster	9.53
										(11/15/2021)
**	Green Oaks	Arlington	1983	65,091	66.5%	22	12		58,000	Kroger		11.59
**	Melbourne Plaza	Hurst	1983	47,517	95.8%	17	1					11.58
**	Minyards	Garland	2000	65,295	100.0%	2	0	58,695		Minyards/Sack N Save		6.12
										(4/30/2020)
**	Parkwood	Plano	1985	81,590	89.7%	17	3		62,000	Albertsons	Hollywood Video	13.28
**	Richwood	Richardson	1984	54,871	93.4%	24	3		61,877	Albertsons	Blockbuster	12.71
**	Rosemeade	Carrollton	1986	51,231	28.3%	6	12				Blockbuster	13.67
**	Southlake Village	Southlake	1996	118,092	88.9%	19	3	60,932		Kroger		12.95
										(10/31/2021)
**	Sterling Plaza	Irving	1989	65,765	93.1%	14	2				Bank One, Irving City Library, 99 Cent Only Store	14.33
**	Townsend Square	Desoto	1990	146,953	82.3%	30	8		60,349	Albertsons	Bealls, Victory Gym, Dollar General	8.94
**	Village by the Park	Arlngton	1988	44,523	96.6%	9	1				Petco, Movie Trading	17.14

Page 30

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of September 30, 2005
			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	leased	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
San Antonio (3)
**	Bandera Festival	San Antonio	1989	195,438	86.3%	32	6				Beall's, Big Lots, Burke's Outlet, Dollar Tree, FWL Furniture	$ 8.43
**	Blanco Village	San Antonio	2000	108,325	100.0%	16	0	74,627		H.E.B.		16.09
										(4/30/2015)
**	Wurzbach	San Antonio	1979	59,771	100.0%	3	0	52,957		Albertsons*		3.04
										(1/31/2010)
TOTAL SHOPPING CENTERS TEXAS (32)				2,970,506	91.9%	547	84	807,295	426,116			$ 11.41
VIRGINA (1)
	Smyth Valley Crossing	Marion	1989	126,841	100.0%	14	0	32,000		Ingles	Wal-Mart	5.98
										(9/25/2010)
TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841	100.0%	14	0	32,000	0			$ 5.98
TOTAL CORE SHOPPING CENTER PORTFOLIO (181)				19,298,828	93.7%	3,271	382	5,896,126	479,966			$ 11.05
DEVELOPMENTS & REDEVELOPMENTS (6)
	River Green	Canton, GA	2008 Development	11.2 acres
	Shops at St. Lucie	Port St. Lucie, FL	2005 Development	4.0 acres
	Sunlake Development Parcel	Tampa, FL	TBD	155.0 acres
	Westridge	McDonough, GA	2005-06 Development	13.5 acres
	Winchester Plaza	Huntsville, AL	2005-06 Development	33.0 acres
	Waterlick Plaza	Lynchburg, VA	1973, 1988	8.0 acres
TOTAL DEVELOPMENTS & REDEVELOPMENTS (6)				0	0%	0	0	0	0
TOTAL RETAIL PROPERTIES (187)				19,298,828	93.7%	3,271	382	5,896,126	479,966			$ 11.05
OTHER PROPERTIES (4)
	4101 South I-85 Industrial	Charlotte, NC	1956, 1963	188,513	81.7%	3	6					2.72
	Pinhook Office Building	Lafayette, LA	1979, 1992	4,406	49.5%	1	1					9.00
	Banco Popular	Miami, FL	1971	32,737	74.2%	19	2					23.82
	Mandarin Mini-storage	Jacksonville, FL	1982	52,880	97.2%	524	15
GRAND TOTAL (191)				19,577,364	93.5%	3,818	406	5,896,126	479,966

Total square footage does not include shadow anchor square footage which is not owned or controlled by Equity One.

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

** Indicates properties that were classified as held for sale as of September 30, 2005.

Page 31

EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
As of September 30, 2005
State	Count	Total SF	# Leased	# Vacant	Leased %	AMR
Florida	79	9,153,921	1,777	155	96.3%	$ 108,491,698
Texas	32	2,970,506	547	84	91.9%	31,132,114
Georgia	24	2,743,854	446	70	88.1%	24,383,953
Louisiana	14	1,620,565	161	23	91.3%	9,757,916
North Carolina	12	1,135,128	173	32	92.0%	7,667,895
South Carolina	8	839,178	95	11	92.6%	7,818,779
Massachusetts	6	390,979	12	0	100.0%	7,571,871
Virginia	1	126,841	14	0	100.0%	758,289
Alabama	2	129,215	20	2	98.4%	1,064,192
Tennessee	1	83,334	11	1	96.6%	671,083
Mississippi	1	66,857	6	1	98.2%	375,128
Kentucky	1	38,450	9	3	79.2%	128,163
Total	181	19,298,828	3,271	382	93.7%	$ 199,821,081
Note: Excludes six development parcels and four commercial properties.

Page 32

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the three months ended September 30, 2005
Renewals
# of Leases	Square Feet	Average Size		Average Expiring Rent psf	Average New Rent psf	Annualized Minimum Rent
87	165,930	1,907		$15.60	$ 16.19	$2,686,850
			% Increase psf		3.8%
			Net Increase (AMR)			$98,291
New Leases
# of Leases	Square Feet	Average Size			Average New Rent psf	Annualized Minimum Rent
94	378,162	4,023			$10.35	$3,912,517
Lost Leases
# of Leases	Square Feet	Average Size		Average Expiring Rent psf		Annualized Minimum Rent
96	337,333	3,514		$10.25		$3,458,762
Net Absorption	40,829	New Leases - Lost Leases
Leasing Spread	1.0%	New Leases versus Lost Leases (rate psf)
					Net AMR Gain	$552,047

Page 33

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the nine months ended September 30, 2005
Renewals
# of Leases	Square Feet	Average Size		Average Expiring Rent psf	Average New Rent psf	Annualized Minimum Rent
265	565,201	2,133		$14.59	$15.22	$8,601,268
			% Increase psf		4.3%
			Net Increase (AMR)			$352,732
New Leases
# of Leases	Square Feet	Average Size			Average New Rent psf	Annualized Minimum Rent
262	1,229,882	4,694			$9.68	$11,909,661
Lost Leases
# of Leases	Square Feet	Average Size		Average Expiring Rent psf		Annualized Minimum Rent
255	1,365,982	5,357		$8.20		$11,198,385
Net Absorption	(136,100)	New Leases - Lost Leases
Leasing Spread	18.0%	New Leases versus Lost Leases (rate psf)
					Net AMR Gain	$1,064,009

Page 34

EQUITY ONE, INC. AND SUBSIDIARIES

OCCUPANCY STATISTICS

For the three months ended September 30, 2005

Note:  Reflects those properties held in the core portfolio at the end of each indicated quarter.

Note:  Reflects 153 properties owned by Equity One in each of the previous nine quarters.

Page 35

EQUITY ONE, INC. AND SUBSIDIARIES

OCCUPANCY STATISTICS

For the three months ended September 30, 2005

Note: The charts reflect a state-by-state breakdown of 153 properties owned by Equity One in each of the previous nine quarters.

Page 36

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
As of September 30, 2005
Tenant		Number of stores	Square feet	% of total square feet	Annualized minimum rent	% of total annualized minimum rent	Average annual minimum rent per square foot
Top ten tenants
	Publix	50	2,210,144	11.5%	$        16,093,541	8.1%	$      7.28
	Kroger	16	935,367	4.8%	7,784,396	3.9%	8.32
	Albertsons/Shaw's	9	570,286	3.0%	7,567,853	3.8%	13.27
	Winn Dixie	14	653,987	3.4%	4,462,868	2.2%	6.82
	H.E. Butt Grocery	4	256,262	1.3%	2,775,355	1.4%	10.83
	Blockbuster	30	174,892	0.9%	2,822,373	1.4%	16.14
	CVS Pharmacy	19	193,889	1.0%	2,153,197	1.1%	11.11
	Bed Bath & Beyond	7	227,689	1.2%	2,192,531	1.1%	9.63
	Safeway/Randalls	5	258,183	1.3%	1,927,503	1.0%	7.47
	Food Lion/Kash N' Karry	9	292,256	1.5%	1,965,651	1.0%	6.73
Sub-total top ten tenants		163	5,772,955	29.9%	$     49,745,268	24.9%	$    8.62
	Remaining tenants	3,108	12,306,079	63.8%	150,075,813	75.1%	12.20
Sub-total all tenants		3,271	18,079,034	93.7%	$   199,821,081	100.0%	$  11.05
	Vacant	382	1,219,794	6.3%	NA	NA	NA
Total including vacant		3,653	19,298,828	100.0%	$   199,821,081	100.0%	$  10.35

Note:  Excludes six development parcels and four commercial properties.

Page 37

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of September 30, 2005
ALL TENANTS
	Date	Number of tenants	Square feet	Percent of total square feet	Annualized minimum rent at expiration	Percent of total annualized minimum rent	Average annual minimum rent per square foot
	M-T-M	121	239,186	1.2%	$         2,830,330	1.4%	11.83
	2005	201	551,968	2.9%	5,816,859	2.9%	10.54
	2006	694	2,056,565	10.7%	25,307,191	12.8%	12.31
	2007	660	2,093,040	10.8%	26,016,468	13.2%	12.43
	2008	589	1,802,169	9.3%	24,324,976	12.3%	13.50
	2009	371	1,753,384	9.1%	19,364,997	9.8%	11.04
	2010	328	1,631,467	8.5%	18,200,443	9.2%	11.16
	2011	59	952,048	4.9%	7,953,655	4.0%	8.35
	2012	49	930,787	4.8%	7,819,781	4.0%	8.40
	2013	34	664,694	3.4%	6,160,217	3.1%	9.27
	2014	34	763,469	4.0%	6,172,513	3.1%	8.08
	Thereafter	131	4,640,257	24.0%	47,463,856	24.1%	10.23
	Sub-total / average	3,271	18,079,034	93.7%	$  197,431,286	99.9%	$  10.92
	Vacant	382	1,219,794	6.3%	NA	NA	NA
	Total / average	3,653	19,298,828	100.0%	$  197,431,286	99.9%	$  10.23

Note:  Excludes six development parcels and four commercial properties.

Page 38

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of September 30, 2005
ANCHOR TENANTS (SF >= 10,000)
	Date	Number of tenants	Square feet	Percent of total square feet	Annualized minimum rent at expiration	Percent of total annualized minimum rent	Average annual minimum rent per square foot
	M-T-M	3	34,594	0.3%	$         275,811	0.3%	$  7.97
	2005	5	66,798	0.6%	440,273	0.5%	6.59
	2006	27	679,771	5.6%	3,926,033	4.3%	5.78
	2007	31	799,805	6.6%	5,475,643	6.0%	6.85
	2008	24	580,928	4.8%	3,999,967	4.4%	6.89
	2009	37	976,148	8.0%	6,330,732	6.9%	6.49
	2010	45	990,212	8.2%	6,293,176	6.9%	6.36
	2011	21	848,161	7.0%	5,558,674	6.1%	6.55
	2012	22	829,581	6.8%	5,570,295	6.1%	6.71
	2013	15	589,538	4.9%	4,590,453	5.0%	7.79
	2014	15	684,976	5.6%	4,689,677	5.1%	6.85
	Thereafter	97	4,537,704	37.4%	44,149,596	48.5%	9.73
	Sub-total / average	342	11,618,216	95.8%	$  91,300,330	100.1%	$  7.86
	Vacant	19	513,985	4.2%	NA	NA	NA
	Total / average	361	12,132,201	100.0%	$  91,300,330	100.1%	$  7.53

Note:  Excludes six development parcels and four commercial properties.

Page 39

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of September 30, 2005
LOCAL TENANTS (SF < 10,000)
Date	Number of tenants	Square feet	Percent of total square feet	Annualized minimum rent at expiration	Percent of total annualized minimum rent	Average annual minimum rent per square foot
M-T-M	118	204,592	2.9%	$     2,554,519	2.4%	$    12.49
2005	196	485,170	6.8%	5,376,586	5.1%	11.08
2006	667	1,376,794	19.2%	21,381,158	20.1%	15.53
2007	629	1,293,235	18.0%	20,540,825	19.4%	15.88
2008	565	1,221,241	17.0%	20,325,009	19.2%	16.64
2009	334	777,236	10.7%	13,034,265	12.3%	16.77
2010	283	641,255	8.9%	11,907,267	11.2%	18.57
2011	38	103,887	1.4%	2,394,981	2.3%	23.05
2012	27	101,206	1.4%	2,249,486	2.1%	22.23
2013	19	75,156	1.0%	1,569,764	1.5%	20.89
2014	19	78,493	1.0%	1,482,836	1.4%	18.89
Thereafter	34	102,553	1.4%	3,314,260	3.1%	32.32
Sub-total / average	2,929	6,460,818	90.2%	$   106,130,956	100.1%	$   16.43
Vacant	363	705,809	9.8%	NA	NA	NA
Total / average	3,292	7,166,627	100.0%	$   106,130,956	100.1%	$   14.81

Note: Excludes six development parcels and four commercial properties.

Page 40

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of September 30, 2005
(in thousands, except square footage data)
	Project	Location	Project Description	Target Completion Date		Estimated Cost Including Land		Funded as of 9/30/2005		Balance to Complete
Developments
	River Green	Canton, GA	11.2 acres held for future development. Prospecting for tenants(s).	TBD	$	4,945	$	3,566	$	1,379
	Shops at St. Lucie	Port St. Lucie, FL	Develop a 19,400 sf retail center and out parcel. Prospecting for new tenant(s)	First quarter 2006		4,945		2,194		2,751
	Shops at Skylake	N. Miami Beach, FL	Add additional space to existing development	First quarter 2006		6,320		3,087		3,233
	Sunlake	Tampa, FL	155 acre mixed-use development project	TBD		23,602		13,409		10,193
	Westridge	McDonough, GA	Develop a supermarket anchored center	First quarter 2006		8,627		3,537		5,090
	Winchester Plaza	Huntsville, AL	Develop a supermarket anchored center.	Second Quarter 2006		11,514		2,734		8,780
Subtotal - Developments						59,953		28,527		31,426
Major Redevelopments
	Spalding Village	Griffin, GA	Reconfigure the former K Mart space into multi-tenant space; Approx. 20,000 sq ft has been leased and prospecting for new tenants for the remainder of the space.	TBD		2,373		2,373		-
Subtotal - Major Redevelopments						2,373		2,373		-
Out parcel Developments/Expansions
	Belfair Towne Village	Bluffton, SC	Prospecting for new tenant(s) on land held for development/expansion	Third quarter 2006		4,664		1,446		3,218
	Bluebonnet	Baton Rouge, LA	Construction of additional 11,000 sq ft out parcel building has commenced.	Fourth quarter of 2005		1,500		1,246		254
	Cashmere Corners	Port St. Lucie, FL	Prospecting for one or more tenants for out parcels	TBD		511		511		-
	Forest Village	Tallahassee, FL	Prospecting for new tenant(s) on land held for development/expansion	TBD		1,775		1,775		-
	Mariners Crossing	Spring Hill, FL	The development of a Goodyear out parcel is underway; one other out pacel is planned	Fourth quarter 2005		1,820		783		1,037
	Riverview	Durham, NC	Construction of additional 5,000 sq ft out parcel building has commenced.	Second quarter 2006		770		199		571
	West Roxbury	West Roxbury, MA	Construction of additional 8,400 sq ft out parcel building has commenced.	Fourth quarter 2005		1,850		897		953
	Westport	Davie, FL	Prospecting for one or more tenants for out parcels	TBD		597		597		-
	Windy Hill	North Myrtle Beach, SC	Construction of additional 4,000 sq ft out parcel building has commenced.	Fourth quarter 2005		677		582		95
	Young Circle	Hollywood, FL	Future mixed-use development	TBD		9,724		9,724		-
Subtotal - Out parcel Developments/Expansions						23,888		17,760		6,128
All other development activity						9,339		9,290		49
Total Development Activity - Continuing Operations						95,553		57,950		37,603
Development activity for properties held for sale						7,739		7,739		-
Total - All Development Activity					$	103,292	$	65,689	$	37,603

Page 41

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
As of September 30, 2005
(in thousands, except square footage data)
	2005 Acquisition Activity
	Date Purchased	Property Name	City	State	Square Feet/ Acres		Purchase Price
	Feb. 1, 2005	Sunlake Development Parcel	Tampa	FL	155 acres	$	12,600
	Feb. 28, 2005	Winchester Plaza	Huntsville	AL	33 acres		2,326
	May 19, 2005	Young Circle	Hollywood	FL	65,834		22,000
	Aug. 25, 2005	Hairston Center	Decatur	GA	13,000		2,175
	Sep. 27, 2005	Banco Popular Building	N. Miami Beach	FL	32,737		5,200
	Sep. 27, 2005	River Green Land	Canton	GA	11.2 acres		3,600
	Total					$	47,901
	2005 Disposition Activity
	Date Sold	Property Name	City	State	Square Feet/ Acres		Sales Price		Gain on Sale
	Jan. 31, 2005	North River Village	North Ellenton	FL	177,128	$	14,880	$	1,615
	April 6, 2005	Big Curve	Yuma	AZ	126,402		13,640		3,757
	July 29, 2005	Waterlick Plaza	Lynchburg	VA	98,694		8,485		2,253
	Aug. 3, 2005	Park Northern	Phoenix	AZ	126,852		8,155		3,835
	Total					$	45,160	$	11,460
	Properties Held for Sale as of September 30, 2005
		Property Name	City	State
		32 property portfolio sale	Various	Texas

Page 42

EQUITY ONE, INC. AND SUBSIDIARIES
ANALYST COVERAGE
As of September 30, 2005
	BB&T Capital Markets	Bear Stearns & Co. Inc.	Credit Suisse First Boston	Deutsche Bank Securities Inc.
	Stephanie M. Krewson	Ross Smotrich	Jessica Tully	Louis W. Taylor
	804-782-8784	212-272-8046	404-897-2820	212-250-4912
	Rob Whittemore	Amy L. Young, CFA		Christopher A. Capalongo
	804-782-8796	212-272-3523		212-250-7726
	Friedman Billings Ramsey	JP Morgan Securities Inc.	Legg Mason Wood Walker, Inc.	McDonald Investments Inc.
	Paul Morgan	Michael W. Meuller, CFA	David M. Fick, CPA	Richard C. Moore II, CFA
	703-469-1255	212-622-6689	410-454-5018	216-443-2815
	Michael Blank	Joshua Bederman	Nathen Isbee
	703-469-1115	212-622-6530	410-454-4143
	Raymond James & Associates	Stifel, Nicolaus & Company, Inc.	UBS Securities LLC	Harris Nesbitt
	Paul D. Puryear	Philip Martin	Scott Crow	Paul Adornato
	727-567-2253	312-454-3985	212-713-8602	212-885-4170
	Ken Avalos		Jackson Eisenpresser
	727-567-2660		212-713-3226

Page 43