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)  May 2, 2006

Equity One, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

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

1600 NE Miami Gardens Drive

North Miami Beach, Florida  33179

(Address of Principal Executive Offices) (Zip Code)

(305) 947-1664

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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

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

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

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

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

Section 2 - Financial Information 

Item 2.02   Results of Operations and Financial Condition.

On May 2, 2006, Equity One, Inc. (the “Company”) announced its financial results for the three month period ended March 31`, 2006. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 7.01   Regulation FD Disclosure.

On May 2, 2006, the Company announced its financial results for the three month period ended March 31, 2006. 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 May 2, 2006.

99.2 — Supplemental Information Package of Equity One, Inc. March 31, 2006.

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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.

May 2, 2006	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 May 2, 2006

99.2 Information Package of Equity One, Inc. March 31, 2006

4

EX-99.1

EXHIBIT 99.1

Equity One, Inc.		Company Contacts (305-947-1664):
1600 NE Miami Gardens Drive		Howard Sipzner, EVP and CFO
North Miami Beach, FL 33179		Feryal Akin, Communications

FOR IMMEDIATE RELEASE:

Equity One Reports a 9.8% Increase in First Quarter 2006 FFO per Share

NORTH MIAMI BEACH, FL, May 2, 2006 - Equity One, Inc. (NYSE:EQY), an owner, developer and operator of community and neighborhood shopping centers located in high growth markets in the southern and northeastern United States, announced today its financial results for the three-month period ended March 31, 2006. The highlights are as follows:

Financial Highlights

· First quarter 2006 Funds from Operations (“FFO”) increased 10.7% to $33.9 million from $30.6 million for 2005;

· First quarter 2006 FFO per diluted share increased 9.8% to $0.45 from $0.41 for 2005;

· First quarter 2006 income from continuing operations increased 10.7% to $21.7 million from $19.6 million for 2005;

· First quarter 2006 net income totaled $22.4 million compared to $21.8 million for 2005. Net income for the first quarter of 2006 had $492,000 of gains on sale of income producing real estate, while the first quarter of 2005 had $1.6 million of gains on sale of income producing real estate;

· Net income per diluted share was $0.29 for the first quarter of both 2006 and 2005;

· We achieved an interest expense coverage ratio of 3.3 times for the first quarter of 2006; and

· We recorded net debt to total market capitalization of 37.8% as of March 31, 2006.

Operating Highlights

· We produced a 2.4% increase in same property net operating income (“NOI”) for the first quarter of 2006 and an overall NOI margin of 72.7%;

· We increased the average rental rate by 5.2% to $11.23 per square foot on 109 lease renewals aggregating 406,938 square feet in the first quarter of 2006;

· We executed 85 new leases totaling 264,789 square feet at an average rental rate of $11.71 per square foot, representing a 5.8% spread for new leases versus lost leases in the first quarter of 2006;

· During the first quarter of 2006, we completed and leased $4.0 million of development projects with an incremental NOI yield on cost of approximately 11.0%; and

· Achieved an occupancy rate of 94.4% in the core shopping center portfolio at March 31, 2006.

Investment and Financing Activities

· During the first quarter of 2006, we acquired three retail centers and two non-retail properties for aggregate consideration of $106.5 million;

· During the first quarter of 2006, we issued $125.0 million principal amount of 6% senior unsecured notes maturing September 2016;

· Standard & Poor’s announced a “positive outlook” for our BBB senior unsecured debt; and

· During the first quarter of 2006, we sold one non-core income producing property for total consideration of $2.5 million and realized gains of $492,000. We also sold an out parcel for total consideration of $875,000 and realized gains of $314,000.

Subsequent Events

· On April 25, 2006, we completed the disposition of 29 of our Texas community and neighborhood shopping centers to EQYInvest Texas, LLC, a Delaware limited liability company (the “JV”) for aggregate consideration of $387.2 million. In consideration for the sale, Equity One realized net proceeds of approximately $308.7 million and has received a 20% interest in the JV. In addition, we entered into a Management Agreement pursuant to which we will manage and lease the properties on behalf of the JV.

“We are very pleased with our results for the first quarter of 2006,” stated Chaim Katzman, Chairman and Chief Executive Officer of Equity One. “Not only did we successfully close the sale of 29 Texas properties to a joint venture in which we will retain a 20% interest, we also executed quite well on our leasing, acquisition, development and finance activities. We increased our renewal rents by 5.2%, achieved a gain of 5.8% on new versus lost leases, increased our core occupancy to 94.4% and realized a 2.4% gain in same store net operating income. Our $106.5 million of acquisitions reflect a mix of core properties and exciting mixed-use redevelopments which we expect to be an important component of our business in future periods. We are well positioned to deliver up to $40 million of finished developments in 2006, providing superior yields and enhancing our overall portfolio quality. Our financial condition is strong, having locked in $125 million of 10.5 year money at a 6% coupon in early March. Our credit facility balance is at zero following the Texas JV transaction, and together with our short-term securities investments and funds escrowed for future like-kind exchanges, provides ample capacity to fund anticipated shareholder distributions and future investment activity. Overall, our focus on the ownership of neighborhood shopping centers anchored by leading supermarkets, drug stores and discount retailers in the southern and northeastern United States together with an aggressive capital recycling program, will continue to deliver superior results for our stockholders, debt providers and other constituencies.”

FINANCIAL OVERVIEW

For the three months ended March 31, 2006, FFO was $33.9 million compared to $30.6 million for the comparable period in 2005. FFO per diluted share totaled $0.45 in the first quarter of 2006 compared to $0.41 in the first quarter of 2005. Net income in the first quarter of 2006 was $22.4 million, compared to $21.8 million in the first quarter of 2005. Net income per diluted share was $0.29 for both periods. Total rental revenues in the first quarter of 2006 increased 8.5% to $66.5 million from $61.3 million in the first quarter of 2005.

The first quarter of 2006 included $492,000 in gains on the sale of income producing real estate while the first quarter of 2005 included $1.6 million of gains on the sale of income producing real estate.

At March 31, 2006, our fully diluted market capitalization totaled $3.0 billion, comprising 76.2 million shares of common stock and $1.1 billion of net debt (excluding any unamortized fair market premium/discount and net of cash). Our ratio of net debt to total market capitalization was 37.8% and our ratio of net debt to gross real estate cost and securities investments was 51.1%.

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PORTFOLIO OVERVIEW

As of March 31, 2006, the Company owned a total of 196 properties, encompassing 127 supermarket-anchored shopping centers, four drug store-anchored shopping centers, 47 other retail-anchored shopping centers, eleven development parcels and seven other non-retail properties. As of March 31, 2006, our core shopping center portfolio was 94.4% occupied.

At March 31, 2006, the average base rent per leased square foot for our core portfolio was $10.66, a 4.5% increase from $10.20 per square foot at March 31, 2005 and a 1.4% increase from $10.51 per square foot at December 31, 2005.

During the first quarter of 2006, we renewed 109 leases aggregating 406,938 square feet and increased the average rental rate 5.2% to $11.23 per square foot. We also signed 85 new leases aggregating 264,789 square feet at an average rental rate of $11.71 per square foot, a gain of 5.8% versus the $11.07 average rental rate for lost leases.

Excluding lease termination revenues, our same property net operating income increased 2.4% for the quarter ended March 31, 2006 compared to the quarter ended March 31, 2005, comprising 171 properties for which the occupancy rate was 94.4% compared to 94.8%, respectively.

ACQUISITIONS AND DISPOSITIONS

During the three months ended March 31, 2006, we acquired three retail centers and two non-retail properties as follows:

Shopping Center	Location	Square Feet/ Acres		Purchase Price (in thousands)
Dolphin Village	St. Pete Beach, FL		138,129	$	28,000
Brookside Plaza	Enfield, CT		210,787		28,500
Commonwealth II	Jacksonville, FL		53,598		600
Piedmont Peachtree Crossing	Buckhead, GA		152,239		47,950
Prosperity Office Building	Palm Beach Gardens, FL		3,200		1,400
Total				$	106,450

During the three months ended March 31, 2006, we sold one non-core property and an out parcel, as follows:

Shopping Center	Location	Square Feet/ Acres	Gross Sales Price (in thousands)		Gain on Sale (in thousands)
Scottsville Square	Bowling Green, KY	38,450	$	2,500	$	492
Westridge out parcel	McDonough, GA	1.0 acres		875		314
Total			$	3,375	$	806

As of March 31, 2006, we had 31 properties located in Texas classified as held for sale, all have been subsequently sold.

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INVESTMENT IN DIM VASTGOED, N.V.

As of March 31, 2006, we directly and indirectly owned approximately 3.6 million shares of DIM Vastgoed N.V’s common stock, representing 46.4% of its total outstanding ordinary shares. DIM Vastgoed N.V. (“DIM”) is a public company organized under the laws of the Netherlands whose shares are listed on Euronext Amsterdam and which operates as a closed-end investment company owning and operating a portfolio of 19 shopping center properties aggregating 2.7 million square feet in the southeastern United States. During the first quarter of 2006, we recognized $4.3 million of investment income related to the March 2006 $1.20 dividend per ordinary share declared by DIM.

DEVELOPMENTS AND REDEVELOPMENTS

As of March 31, 2006, we had 15 significant development and redevelopment projects underway or in the planning stage totaling approximately $145.1 million of asset value, which, based on current plans and estimates is expected to require $33.7 million of additional capital to complete beyond the $111.4 million already invested. These include:

· The near-term completion of two supermarket-anchored shopping centers, in McDonough, Georgia, and Huntsville, Alabama;

· Shops at Skylake in North Miami Beach, Florida, where we completed the addition of 37,000 square feet of retail space in April 2006;

· Belfair Towne Village in Bluffton, South Carolina, where we are adding 41,250 square feet of retail space to the existing center;

· St. Lucie West Plaza, adjacent to our Cashmere Corners property in Port St. Lucie, Florida, where we are building 20,000 square feet of retail shops;

· Windy Hill in North Myrtle Beach, South Carolina, where we are adding 4,000 square feet of retail space to the existing center;

· West Roxbury in West Roxbury, Massachusetts, where we are adding 8,000 square feet of retail space to the existing center; and

· Bluebonnet Village in Baton Rouge, Louisiana, where we are adding 10,750 square feet of retail space on an out parcel.

These developments and redevelopments are scheduled for completion beginning in the second quarter of 2006. During the first quarter of 2006, we completed and leased a total of $4.0 million of development projects resulting in incremental net operating income of approximately $444,000 on an annualized basis.

FFO AND EARNINGS GUIDANCE

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in Equity One’s reports filed with the Securities and Exchange Commission, we are maintaining our previously announced guidance for calendar year 2006 FFO per diluted share to be between $1.65 and $1.72 and expect our second quarter 2006 FFO per diluted share to be between $0.44 and $0.46. 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:

4

Guidance for second quarter 2006	Range or Value
Earnings per diluted share	$	1.45		to	$	1.47
Less: gain on sale of real estate		(1.17	)			(1.17	)
Plus:  real estate depreciation		0.16		to		0.16
FFO per diluted share	$	0.44		to	$	0.46

Guidance for 2006	Range or Value
Earnings per diluted share	$	2.20		to	$	2.26
Less: gain on sale of real estate		(1.17	)			(1.17	)
Plus:  real estate depreciation		0.62		to		0.63
FFO per diluted share	$	1.65		to	$	1.72

For guidance purposes, we have not included gains from the sale of real estate not otherwise disclosed, the impact on operating income from future sales of properties or losses from impairment write-downs of our assets or securities.

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.

5

CONFERENCE CALL/WEB CAST INFORMATION

We will host a conference call on Wednesday, May 3, 2006, at 1:00 p.m. EST to review our performance for the first quarter 2006. Investors may join the call by dialing 866-362-4831 (U.S./Canada) or 617-597-5347 (international) using passcode 64188534. The call will also be web-cast and can be accessed in a listen-only mode at Equity One’s web site at www.equityone.net.

If you are unable to participate during the call, a replay will be available following the call on our web site. You may also access the replay by dialing 888-286-8010 (U.S./Canada) or 617-801-6888 (international) using pass code 62719859. The telephone replay will be available through May 10, 2006.

FOR ADDITIONAL INFORMATION

For a copy of our first 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 press releases and other company notices, please send your e-mail address to Feryal Akin at fakin@equityone.net.

LOOKING AHEAD - SECOND QUARTER CONFERENCE CALL

We anticipate that we will release our second quarter 2006 earnings on Tuesday, August 1, 2006, after the market close and will host our second quarter 2006 conference call on Wednesday, August 2, 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.

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 March 31,
Operating Data	2006		2005
Total Rental Revenues	$	66,451	$	61,273
Net Income	$	22,365	$	21,790
Earnings per share (basic)	$	0.30	$	0.30
Earnings per share (diluted)	$	0.29	$	0.29
Number of shares used in computing earnings per share:
Basic		75,151		73,043
Diluted		75,978		74,193

Reconciliation of Net Income to Funds from Operations

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

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

	For the three months ended March 31,
	2006			2005
Net income	$	22,365		$	21,790
Adjustments:
Rental property depreciation and amortization		12,039			10,446
Gain on sale of depreciable real estate		(492	)		(1,615	)
Minority interest		28			28
Funds from operations	$	33,940		$	30,649

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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 March 31,
	2006		2005
Earnings per diluted share*	$	0.29	$	0.29
Adjustments:
Rental property depreciation and amortization		0.16		0.14
Gain on sale of depreciable real estate		-		(0.02	)
Funds from operations per diluted share	$	0.45	$	0.41

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

Balance Sheet Data	March 31, 2006		December 31, 2005
Investments in real estate (before accumulated depreciation)	$	2,136,799	$	2,020,475
Total assets	$	2,180,557	$	2,052,033
Mortgage notes payable	$	433,108	$	446,925
Unsecured revolving credit facilities	$	115,000	$	93,165
Unsecured senior notes payable	$	589,052	$	465,404
Total liabilities before minority interests	$	1,203,653	$	1,077,879
Stockholders’ equity	$	975,915	$	972,729
Total liabilities, minority interests and stockholders’ equity	$	2,180,557	$	2,052,033

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EX-99.2

EXHIBIT 99.2

Equity One, Inc.

Supplemental Information Package

March 31, 2006

Equity One, Inc.

1600 N.E. Miami Gardens Drive

North Miami Beach, Florida 33179

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

www.equityone.net

Equity One, Inc.

SUPPLEMENTAL INFORMATION

March 31, 2006

(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 March 31, 2006

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, 2005 and Form 10-Q for the period ended March 31, 2006 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.

Page 3

EQUITY ONE, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS - OPERATING RATIOS

As of March 31, 2006

(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2006			Mar 31, 2005			Dec 31, 2005
Selected Operating Items:
Total rental revenue*	$	66,842		$	62,677		$	254,741
Property operating expenses*		18,220			15,863			67,490
General & administrative expenses (G&A)*		4,616			4,340			17,281
Net income	$	22,365		$	21,790		$	92,741
Net income per diluted share		0.29			0.29			1.24
Income from continuing operations	$	21,714		$	19,615		$	79,863
Income from continuing operations per diluted share		0.28			0.26			1.07
Funds from operations (FFO)	$	33,940		$	30,649		$	124,836
FFO per diluted share		0.45			0.41			1.67
Funds available for distribution (FAD)	$	27,286		$	24,135		$	96,268
FAD per diluted share		0.36			0.33			1.29
Total dividends paid per share	$	0.30		$	0.29		$	1.17
Operating Ratios:
Net operating income margin (see page 7)*		72.7	%		74.7	%		73.5	%
Expense recovery ratio (expense recoveries/operating expenses)*		83.8	%		81.9	%		81.5	%
EBITDA margin (see page 6)*		68.2	%		68.3	%		68.0	%
EBITDA to interest coverage ratio*		3.3			3.6			3.4
G&A as % of total revenues*		6.4	%		6.8	%		6.6	%
G&A as % of total assets (annualized)		0.85	%		0.87	%		0.84	%
Dividend / FFO payout ratio		66.7	%		70.7	%		70.1	%
FFO multiple (annualized if < 12 months)		13.6			12.6			13.8
Dividend / FAD payout ratio		83.3	%		87.9	%		90.7	%
FAD multiple (annualized if < 12 months)		17.1			15.6			17.9

* 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 March 31, 2006

(in thousands, except per share data)

	As of
	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Fixed rate debt	$	928,108		$	816,925		$	819,564		$	704,203		$	738,817
Fixed rate debt - swapped to variable rate		94,052			95,404			95,514			97,310			95,165
Variable rate debt - unhedged		115,000			93,165			39,000			184,161			144,763
Total debt*	$	1,137,160		$	1,005,494		$	954,078		$	985,674		$	978,745
% Fixed rate debt		81.62	%		81.25	%		85.90	%		71.44	%		75.49	%
% Fixed rate debt - swapped to variable rate		8.27	%		9.49	%		10.01	%		9.87	%		9.72	%
% Variable rate debt - unhedged		10.11	%		9.27	%		4.09	%		18.68	%		14.79	%
Total		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
% Variable rate debt - total		18.38	%		18.75	%		14.10	%		28.56	%		24.51	%
Secured mortgage debt	$	433,108		$	446,925		$	449,546		$	454,203		$	488,817
Unsecured debt		704,052			558,569			504,532			531,471			489,928
Total debt*	$	1,137,160		$	1,005,494		$	954,078		$	985,674		$	978,745
% Secured mortgage debt		38.09	%		44.45	%		47.12	%		46.08	%		49.94	%
% Unsecured debt		61.91	%		55.55	%		52.88	%		53.92	%		50.06	%
Total		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
Total market capitalization (from page 8)	$	3,005,198		$	2,757,987		$	2,710,423		$	2,690,123		$	2,515,416
% Secured mortgage debt		14.41	%		16.20	%		16.59	%		16.88	%		19.43	%
% Unsecured debt		23.43	%		20.25	%		18.61	%		19.76	%		19.48	%
Total debt : Total market capitalization		37.84	%		36.46	%		35.20	%		36.64	%		38.91	%
Weighted-average interest rate on secured mortgage debt		7.30	%		7.19	%		7.24	%		7.24	%		7.26	%
Weighted-average interest rate on senior unsecured notes**		5.47	%		5.20	%		5.42	%		5.08	%		5.10	%
Weighted-average interest rate on revolving credit facilities		5.14	%		4.68	%		4.15	%		3.69	%		3.19	%
Weighted-average maturity on mortgage debt		4.8 years			5.2 years			5.6 years			5.8 years			5.6 years
Weighted-average maturity on senior unsecured notes		5.6 years			4.6 years			4.8 years			3.3 years			3.5 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 March 31, 2006

(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2006			Mar 31, 2005			Dec 31, 2005
Net income	$	22,365		$	21,790		$	92,741
Minority interest*		28			50			188
Interest expense*		14,804			12,197			51,983
Gain on disposal of income producing property		(492	)		(1,615	)		(11,460	)
Amortization of deferred financing fees*		355			379			1,512
Rental property depreciation and amortization*		12,039			10,446			43,445
Other depreciation and amortization		164			105			577
EBITDA*	$	49,263		$	43,352		$	178,986
Interest expense*	$	14,804		$	12,197		$	51,983
EBITDA : interest coverage ratio*		3.3			3.6			3.4
Revenue
Total rental revenue*	$	66,842		$	62,677		$	254,741
Investment income		4,652			709			7,941
Other income		733			64			498
Total revenue*	$	72,227		$	63,450		$	263,180
EBITDA margin (EBITDA/total revenue)*		68.2	%		68.3	%		68.0	%
Total market capitalization (see page 8)	$	3,005,198		$	2,515,416		$	2,757,987
Total market capitalization to EBITDA multiple*		15.3			14.5			15.4

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

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES

NET OPERATING INCOME

For the quarter ended March 31, 2006

(in thousands, except per share data)

	For the three months ended						Percent
	Mar 31, 2006			Mar 31, 2005			Change
Net operating income (1)
Total rental revenue	$	66,842		$	62,677			6.6	%
Property operating expenses (2)		18,220			15,863			14.9	%
Net operating income	$	48,622		$	46,814			3.9	%
NOI margin (NOI/total rental revenue)		72.7	%		74.7	%
Net operating income (NOI) from continuing operations
Total rental revenue	$	66,451		$	61,273			8.5	%
Property operating expenses (2)		18,143			15,391			17.9	%
Net operating income	$	48,308		$	45,882			5.3	%
NOI margin (NOI/total rental revenue)		72.7	%		74.9	%
Same property NOI (3)
Total rental revenue	$	62,279		$	59,356			4.9	%
Property operating expenses		20,451			18,156			12.6	%
Net operating income	$	41,828		$	41,200			1.5	%
Growth in same property NOI		1.5	%
Growth in same property NOI, excluding termination fees		2.4	%
Number of properties included in analysis		171
Same property occupancy		94.4	%		94.8	%

(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 March 31, 2006

(in thousands, except per share data)

	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Closing market price of common stock	$	24.56		$	23.12		$	23.25		$	22.70		$	20.59
Dividend yield (based on current annualized dividend)		4.89	%		5.19	%		4.99	%		5.11	%		5.63	%
Dividends paid per share	$	0.30		$	0.30		$	0.29		$	0.29		$	0.29
Net book value per share (fully diluted, end of period)	$	12.82		$	12.83		$	12.83		$	12.73		$	12.64
Liquidity
Cash and cash equivalents	$	2,216		$	102		$	-		$	-		$	-
Revolving credit facilities
Gross potential available under current credit facilities		280,000		$	345,000			345,000			345,000			345,000
less:   Outstanding balance		(115,000	)		(93,165	)		(39,000	)		(179,387	)		(144,763	)
Holdback for letters of credit		(1,371	)		(1,283	)		(1,283	)		(1,283	)		(1,289	)
Net potential available under credit facilities	$	163,629		$	250,552		$	304,717		$	164,330		$	198,948
Equity market capitalization (end of period)
Common stock shares (in thousands)
Basic common shares		75,360.212			74,891.792			74,522.955			74,029.497			73,561.218
Diluted common shares
Unvested restricted common shares		391.214			517.637			525.954			582.787			576.122
Walden Woods shares		93.656			93.656			93.656			93.656			93.656
Common stock options (treasury method, closing price)		305.327			301.217			399.136			379.914			400.907
Fully diluted common shares		76,150.409			75,804.302			75,541.701			75,085.854			74,631.903
Total debt (excluding unamortized premium/discount)	$	1,137,160		$	1,005,494		$	954,078		$	985,674		$	978,745
Cash and cash equivalents		(2,216	)	$	(102	)		-			-			-
Net debt		1,134,944			1,005,392			954,078			985,674			978,745
Equity market capitalization (fully diluted, end of period)		1,870,254			1,752,595			1,756,345			1,704,449			1,536,671
Total market capitalization	$	3,005,198		$	2,757,987		$	2,710,423		$	2,690,123		$	2,515,416
Net debt to total market capitalization		37.8	%		36.5	%		35.2	%		36.6	%		38.9	%
Gross real estate and securities investments	$	2,222,135		$	2,088,063		$	2,028,990		$	2,044,787		$	2,016,111
Net debt to gross real estate and securities investments		51.1	%		48.1	%		47.0	%		48.2	%		48.5	%

Page 8

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the quarter ended March 31, 2006

(in thousands, except per share data)

	For the three months ended						Percent
	Mar 31, 2006			Mar 31, 2005			Change
Rental revenue:
Minimum rents	$	49,693		$	47,015
Expense recoveries		15,176			12,661
Termination fees		292			468
Percentage rent		1,290			1,129
Total rental revenue		66,451			61,273			8.5	%
Costs and expenses:
Property operating expenses		18,143			15,391
Rental property depreciation and amortization		11,970			10,241
General and administrative expenses		4,616			4,340
Total costs and expenses		34,729			29,972			15.9	%
Income before other income and expenses,
minority interest and discontinued operations		31,722			31,301
Other income and expenses:
Interest expense		(14,804	)		(12,030	)
Amortization of deferred financing fees		(355	)		(379	)
Investment income		4,652			709
Other income		819			64
Loss on extinguishment of debt		(292	)		-
Income before minority interest and discontinued operations		21,742			19,665
Minority interest		(28	)		(50	)
Income from continuing operations		21,714			19,615			10.7	%
Discontinued operations:
Income from rental properties sold or held for sale		159			560
Gain on disposal of income producing properties		492			1,615
Income from discontinued operations		651			2,175
Net income	$	22,365		$	21,790			2.6	%
Basic earnings per share
Income from continuing operations	$	0.29		$	0.27			7.4	%
Income from discontinued operations		0.01		$	0.03
Net income	$	0.30		$	0.30			0.0	%
Diluted earnings per share
Income from continuing operations	$	0.28		$	0.26			7.7	%
Income from discontinued operations		0.01			0.03
Net income	$	0.29		$	0.29			0.0	%
Weighted average shares outstanding
Basic		75,151			73,043
Diluted		75,978			74,193

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY BREAKOUT

For the quarter ended March 31, 2006

(in thousands, except per share data)

	For the three months ended
	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Rental revenue:
Minimum rents	$	49,693		$	48,347		$	47,824		$	47,411		$	47,015
Expense recoveries		15,176			15,385			12,753			13,617			12,661
Termination fees		292			925			835			2,649			468
Percentage rent		1,290			175			109			334			1,129
Total rental revenue		66,451			64,832			61,521			64,011			61,273
Costs and expenses:
Property operating expenses		18,143			19,197			16,149			15,825			15,391
Rental property depreciation and amortization		11,970			11,068			10,827			10,784			10,241
General and administrative expenses		4,616			4,339			4,232			4,370			4,340
Total costs and expenses		34,729			34,604			31,208			30,979			29,972
Income before other income and expenses,
minority interest and discontinued operations		31,722			30,228			30,313			33,032			31,301
Other income and expenses:
Interest expense		(14,804	)		(12,813	)		(13,874	)		(13,033	)		(12,030	)
Amortization of deferred financing fees		(355	)		(391	)		(372	)		(370	)		(379	)
Investment income		4,652			424			5,593			1,215			709
Other income		819			173			133			128			64
Loss on extinguishment of debt		(292	)		-			-			-			-
Income before minority interest and discontinued operations		21,742			17,621			21,793			20,972			19,665
Minority interest		(28	)		(44	)		(48	)		(46	)		(50	)
Income from continuing operations		21,714			17,577			21,745			20,926			19,615
Discontinued operations:
Income from rental properties sold or held for sale		159			190			208			460			560
Gain on disposal of income producing properties		492			-			6,088			3,757			1,615
Income from discontinued operations		651			190			6,296			4,217			2,175
Net income	$	22,365		$	17,767		$	28,041		$	25,143		$	21,790
Basic earnings per share
Income from continuing operations	$	0.29		$	0.24		$	0.30		$	0.28		$	0.27
Income from discontinued operations		0.01			0.00			0.08			0.06			0.03
Net income	$	0.30		$	0.24		$	0.38		$	0.34		$	0.30
Diluted earnings per share
Income from continuing operations	$	0.28		$	0.24		$	0.29		$	0.28		$	0.26
Income from discontinued operations		0.01			0.00			0.08			0.06			0.03
Net income	$	0.29		$	0.24		$	0.37		$	0.34		$	0.29
Weighted average shares outstanding
Basic		75,151			74,574			74,087			73,636			73,043
Diluted		75,978			75,501			75,144			74,656			74,193

Note: All prior period 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 March 31, 2006

(in thousands, except per share data)

	For the three months ended
	Mar 31, 2006
				Discontinued Operations
	As Reported			Total			Held for Sale			Sold			Pre SFAS No. 144
Rental revenue:
Minimum rents	$	49,693		$	305		$	254		$	51		$	49,998
Expense recoveries		15,176			86			69			17			15,262
Termination fees		292			-			-			-			292
Percentage rent		1,290			-			-			-			1,290
Total rental revenue		66,451			391			323			68			66,842
Costs and expenses:
Property operating expenses		18,143			77			61			16			18,220
Rental property depreciation and amortization		11,970			69			55			14			12,039
General and administrative expenses		4,616			-			-			-			4,616
Total costs and expenses		34,729			146			116			30			34,875
Income before other income and expenses,
minority interest and discontinued operations		31,722			245			207			38			31,967
Other income and expenses:
Interest expense		(14,804	)		-			-			-			(14,804	)
Amortization of deferred financing fees		(355	)		-			-			-			(355	)
Investment income		4,652			-			-			-			4,652
Other income		819			(86	)		(86	)		-			733
Loss on extinguishment of debt		(292	)		-			-			-			(292	)
Income before minority interest and discontinued operations		21,742			159			121			38			21,901
Minority interest		(28	)		-			-			-			(28	)
Income from continuing operations		21,714			159			121			38			21,873
Discontinued operations:
Income from rental properties sold or held for sale		159			(159	)		(121	)		(38	)		-
Gain on disposal of income producing properties		492			-			-			-			492
Income from discontinued operations		651			(159	)		(121	)		(38	)		492
Net income	$	22,365		$	-		$	-		$	-		$	22,365

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 March 31, 2006

(in thousands, except per share data)

	For the three months ended
	Mar 31, 2005
				Discontinued Operations
	As Reported			Total			Held for Sale			Sold			Pre SFAS No. 144
Rental revenue:
Minimum rents	$	47,015		$	1,076		$	218		$	858		$	48,091
Expense recoveries		12,661			324			43			281			12,985
Termination fees		468			-			-			-			468
Percentage rent		1,129			4			-			4			1,133
Total rental revenue		61,273			1,404			261			1,143			62,677
Costs and expenses:
Property operating expenses		15,391			472			38			434			15,863
Rental property depreciation and amortization		10,241			205			46			159			10,446
General and administrative expenses		4,340			-			-			-			4,340
Total costs and expenses		29,972			677			84			593			30,649
Income before other income and expenses,
minority interest and discontinued operations		31,301			727			177			550			32,028
Other income and expenses:
Interest expense		(12,030	)		(167	)		-			(167	)		(12,197	)
Amortization of deferred financing fees		(379	)		-			-			-			(379	)
Investment income		709			-			-			-			709
Other income		64			-			-			-			64
Income before minority interest and discontinued operations		19,665			560			177			383			20,225
Minority interest		(50	)		-			-			-			(50	)
Income from continuing operations		19,615			560			177			383			20,175
Discontinued operations:
Income from rental properties sold or held for sale		560			(560	)		(177	)		(383	)		-
Gain on disposal of income producing properties		1,615			-			-			-			1,615
Income from discontinued operations		2,175			(560	)		(177	)		(383	)		1,615
Net income	$	21,790		$	-		$	-		$	-		$	21,790

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 March 31, 2006

(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2006			Mar 31, 2005			Dec 31, 2005
Net income	$	22,365		$	21,790		$	92,741
Adjustments:
Rental property depreciation and amortization,
including discontinued operations		12,039			10,446			43,445
Gain on disposal of depreciable real estate		(492	)		(1,615	)		(11,460	)
Minority interest		28			28			110
Funds from operations	$	33,940		$	30,649		$	124,836
Increase		10.7	%
Earnings per diluted share*	$	0.29		$	0.29		$	1.24
Adjustments:
Rental property depreciation and amortization,
including discontinued operations		0.16			0.14		$	0.58
Gain on disposal of depreciable real estate		-			(0.02	)	$	(0.15	)
Funds from operations per diluted share	$	0.45		$	0.41		$	1.67
Increase		9.8	%

* 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 March 31, 2006

(in thousands, except per share data)

	For the three months ended
	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Net income	$	22,365		$	17,767		$	28,041		$	25,143		$	21,790
Adjustments:
Rental property depreciation and amortization,
including discontinued operations		12,039			11,137			10,924			10,938			10,446
Gain on disposal of depreciable real estate		(492	)		-			(6,088	)		(3,757	)		(1,615	)
Minority interest		28			28			27			27			28
Funds from operations	$	33,940		$	28,932		$	32,904		$	32,351		$	30,649
Sequential increase (decrease)		17.3	%		(12.1	%)		1.7	%		5.6	%
Earnings per diluted share*	$	0.29		$	0.24		$	0.37		$	0.34		$	0.29
Adjustments:
Rental property depreciation and amortization,
including discontinued operations		0.16			0.14			0.15			0.14			0.14
Gain on disposal of depreciable real estate		-			-			(0.08	)		(0.05	)		(0.02	)
Funds from operations per diluted share	$	0.45		$	0.38		$	0.44		$	0.43		$	0.41
Sequential increase (decrease)		18.4	%		(13.6	%)		2.3	%		4.9	%

* 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 March 31, 2006

(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2006			Mar 31, 2005			Dec 31, 2005
Funds from operations	$	33,940		$	30,649		$	124,836
Adjust for certain non-cash items:
Amortization of deferred financing fees		355			379			1,512
Amortization of above/below market rent intangibles		(523	)		(148	)		(1,006	)
Amortization of restricted stock and stock option expense		1,387			1,486			5,973
Straight line rents		(621	)		(1,267	)		(4,450	)
Capitalized interest		(1,076	)		(633	)		(3,354	)
Amortization of debt premium/discount		(2,886	)		(1,286	)		(5,159	)
Total non-cash items		(3,364	)		(1,469	)		(6,484	)
Adjust for recurring capital expenditures:
Tenant improvements		(711	)		(365	)		(4,935	)
Leasing commissions and costs		(1,077	)		(1,511	)		(4,583	)
Other capital expenditures		(426	)		(414	)		(1,988	)
Total recurring capital expenditures		(2,214	)		(2,290	)		(11,506	)
Funds available for distribution before debt payments		28,362			26,890			106,846
Scheduled debt payments		(2,713	)		(2,755	)		(10,578	)
Funds available for distribution	$	25,649		$	24,135		$	96,268
Increase		6.3	%
Funds available for distribution per diluted share	$	0.34		$	0.33		$	1.29
Increase		3.0	%
Cash dividends	$	22,753		$	21,426		$	87,272
Weighted average diluted shares		75,978			74,193			74,790

Page 15

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION - QUARTERLY BREAKOUT

For the quarter ended March 31, 2006

(in thousands, except per share data) 

	For the three months ended
	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Funds from operations	$	33,940		$	28,932		$	32,904		$	32,351		$	30,649
Adjust for certain non-cash items:
Amortization of deferred financing fees		355			391			372			370			379
Amortization of above/below market rent intangibles		(523	)		(254	)		(240	)		(364	)		(148	)
Amortization of restricted stock and stock option expense		1,387			1,498			1,523			1,466			1,486
Straight line rents		(621	)		(940	)		(1,157	)		(1,086	)		(1,267	)
Capitalized interest		(1,076	)		(1,055	)		(876	)		(790	)		(633	)
Amortization of debt premium/discount		(2,886	)		(1,264	)		(1,274	)		(1,335	)		(1,286	)
Total non-cash items		(3,364	)		(1,624	)		(1,652	)		(1,739	)		(1,469	)
Adjust for recurring capital expenditures:
Tenant improvements		(711	)		(572	)		(1,624	)		(2,374	)		(365	)
Leasing commissions and costs		(1,077	)		(1,094	)		(1,097	)		(881	)		(1,511	)
Other capital expenditures		(426	)		(686	)		(386	)		(502	)		(414	)
Total recurring capital expenditures		(2,214	)		(2,352	)		(3,107	)		(3,757	)		(2,290	)
Funds available for distribution before debt payments		28,362			24,956			28,145			26,855			26,890
Scheduled debt payments		(2,713	)		(2,621	)		(2,547	)		(2,655	)		(2,755	)
Funds available for distribution	$	25,649		$	22,335		$	25,598		$	24,200		$	24,135
Sequential increase (decrease)		14.8	%		(12.7	%)		5.8	%		0.3	%
Funds available for distribution per diluted share	$	0.34		$	0.30		$	0.34		$	0.32		$	0.33
Sequential increase (decrease)		13.3	%		(11.8	%)		6.3	%		(3.0	%)
Cash dividends	$	22,753		$	22,588		$	21,683		$	21,575		$	21,426

Page 16

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

	As of
	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Assets
Properties
Income producing	$	1,737,809		$	1,661,243		$	1,644,783		$	1,488,652		$	1,911,819
Less: accumulated depreciation		(119,522	)		(111,031	)		(102,620	)		(86,123	)		(104,718	)
Rental property		1,618,287			1,550,212			1,542,163			1,402,529			1,807,101
Construction in progress and land held for development		102,784			64,202			57,950			52,818			50,026
Property held for sale		281,579			282,091			287,099			432,936			9,199
Properties, net		2,002,650			1,896,505			1,887,212			1,888,283			1,866,326
Cash and cash equivalents		2,216			102			-			-			-
Cash held in escrow		-			-			3,308			-			-
Accounts and other receivables, net		19,139			17,600			13,978			12,643			10,204
Securities		85,336			67,588			27,601			52,303			44,593
Goodwill		11,982			12,013			12,007			13,807			13,807
Other assets		59,234			58,225			59,506			48,333			57,719
Total	$	2,180,557		$	2,052,033		$	2,003,612		$	2,015,369		$	1,992,649
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	378,922		$	392,480			391,801		$	389,907		$	488,817
Mortgage notes payable related to properties held for sale		54,186			54,445			57,745			64,296			-
Unsecured revolving credit facilities		115,000			93,165			39,000			179,387			144,763
Unsecured senior notes payable		589,052			465,404			465,532			347,310			345,165
Payable for securities		-			-			-			4,774			-
Total debt		1,137,160			1,005,494			954,078			985,674			978,745
Unamortized premium/discount on notes payable		12,041			15,830			17,093			18,984			20,318
Total notes payable		1,149,201			1,021,324			971,171			1,004,658			999,063
Accounts payable and other liabilities		54,452			56,555			62,115			53,446			48,787
Total liabilities		1,203,653			1,077,879			1,033,286			1,058,104			1,047,850
Minority interest		989			1,425			1,457			1,437			1,417
Stockholders' equity		975,915			972,729			968,869			955,828			943,382
Total	$	2,180,557		$	2,052,033		$	2,003,612		$	2,015,369		$	1,992,649

Page 17

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of March 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Mar 31, 2006 balance		Dec 31, 2005 balance		Percent of total indebtedness
Mortgage debt
Medford		03/01/06		8.690%	$	-	$	5,206		0.00	%
Swampscott		03/01/06		8.690%		-		2,262		0.00	%
Plymouth		03/01/06		8.690%		-		3,805		0.00	%
Walden Woods (2)		05/03/06		7.875%		2,116		2,148		0.18	%
Crossroads Square (2)		06/01/06		8.440%		12,069		12,123		1.05	%
Highland Square (3)		12/01/06		8.870%		3,819		3,847		0.33	%
Rosemeade		12/01/07		8.295%		3,010		3,031		0.26	%
Colony Plaza (3)		01/01/08		7.540%		2,920		2,932		0.25	%
Parkwood (3)		01/01/08		7.280%		5,989		6,015		0.52	%
Richwood (3)		01/01/08		7.280%		3,085		3,099		0.27	%
Commonwealth		02/15/08		7.000%		2,477		2,510		0.22	%
Mariners Crossing		03/01/08		7.080%		3,265		3,280		0.28	%
Pine Island/Ridge Plaza		07/01/08		6.910%		24,089		24,195		2.10	%
Forestwood (3)		01/01/09		5.070%		6,918		6,961		0.60	%
North Port Shopping Center		02/08/09		6.650%		3,874		3,902		0.34	%
Prosperity Centre		03/01/09		7.875%		5,520		5,624		0.48	%
Ibis Shopping Center		09/01/09		6.730%		5,448		5,497		0.47	%
Tamarac Town Square		10/01/09		9.190%		6,004		6,029		0.52	%
Park Promenade		02/01/10		8.100%		6,154		6,173		0.54	%
Skipper Palms		03/01/10		8.625%		3,483		3,493		0.30	%
Jonathan's Landing		05/01/10		8.050%		2,823		2,832		0.25	%
Bluff's Square		06/01/10		8.740%		9,887		9,914		0.86	%
Kirkman Shoppes		06/01/10		8.740%		9,336		9,362		0.81	%
Ross Plaza		06/01/10		8.740%		6,512		6,529		0.57	%
Boyton Plaza		07/01/10		8.030%		7,322		7,345		0.64	%

Page 18

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of March 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Mar 31, 2006 balance		Dec 31, 2005 balance		Percent of total indebtedness
Pointe Royale		07/15/10		7.950%	$	3,945	$	4,015		0.34	%
Westgate Marketplace (3)		07/31/10		4.880%		29,034		29,159		2.53	%
Shops at Skylake		08/01/10		7.650%		13,772		13,874		1.20	%
Parkwest Crossing		09/01/10		8.100%		4,622		4,636		0.40	%
Spalding Village		09/01/10		8.190%		9,811		9,899		0.85	%
Minyards		11/01/10		8.320%		2,421		2,432		0.21	%
Charlotte Square		02/01/11		9.190%		3,461		3,479		0.30	%
Forest Village		04/01/11		7.270%		4,374		4,389		0.38	%
Boca Village		05/01/11		7.200%		8,087		8,114		0.70	%
MacLand Pointe		05/01/11		7.250%		5,712		5,731		0.50	%
Pine Ridge Square		05/01/11		7.020%		7,160		7,184		0.62	%
Sawgrass Promenade		05/01/11		7.200%		8,087		8,115		0.70	%
Presidential Markets		06/01/11		7.650%		26,784		26,872		2.33	%
Lake Mary		11/01/11		7.250%		23,934		24,011		2.08	%
Lake St. Charles		11/01/11		7.130%		3,777		3,790		0.33	%
Belfair Towne Village		12/01/11		7.320%		10,928		10,984		0.95	%
Marco Town Center		01/01/12		6.700%		8,368		8,413		0.73	%
Riverside Square		03/01/12		9.190%		7,443		7,474		0.65	%
Sparkleberry Square (4)		11/30/12		6.170%		6,491		6,526		0.56	%
Cashmere Corners		11/01/12		5.880%		5,003		5,032		0.44	%
Eastwood		11/01/12		5.880%		5,962		5,996		0.52	%
Meadows Shopping Center		11/01/12		5.870%		6,265		6,301		0.55	%
Lutz Lake		12/01/12		6.280%		7,500		7,500		0.65	%
Summerlin Square		02/01/14		6.750%		3,249		3,326		0.28	%
Bird Ludlum		02/15/15		7.680%		8,863		9,035		0.77	%
Treasure Coast Plaza		04/01/15		8.000%		4,161		4,238		0.36	%

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of March 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Mar 31, 2006 balance		Dec 31, 2005 balance		Percent of total indebtedness
Shoppes of Silverlakes		07/01/15		7.750%	$	2,416	$	2,460		0.21	%
Grassland Crossing		12/01/16		7.870%		5,612		5,657		0.49	%
Mableton Crossing		08/15/18		6.850%		3,934		3,961		0.34	%
Sparkleberry Square (4)		06/30/20		6.750%		7,540		7,618		0.66	%
BridgeMill		05/05/21		7.940%		9,175		9,221		0.80	%
Westport Plaza		08/24/23		7.490%		4,758		4,782		0.41	%
Chastain Square		02/28/24		6.500%		3,691		3,719		0.32	%
Daniel Village		02/28/24		6.500%		4,035		4,064		0.35	%
Douglas Commons		02/28/24		6.500%		4,807		4,842		0.42	%
Fairview Oaks		02/28/24		6.500%		4,550		4,583		0.40	%
Madison Centre		02/28/24		6.500%		3,691		3,718		0.32	%
Paulding Commons		02/28/24		6.500%		6,267		6,312		0.55	%
Siegen Village		02/28/24		6.500%		4,078		4,107		0.35	%
Wesley Chapel Crossing		02/28/24		6.500%		3,220		3,242		0.28	%
Total mortgage debt (62 loans)		4.80		7.30%		433,108		446,925		37.69	%
Net interest premium/discount	(wtd-avg maturity)		(wtd-avg interest rate)			8,995		11,006		0.78	%
Total mortgage debt (including net interest premium/discount)					$	442,103	$	457,931		38.47	%

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of March 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Mar 31, 2006 balance			Dec 31, 2005 balance			Percent of total indebtedness
Unsecured senior notes payable
7.77% senior notes		04/01/06		7.770%	$	50,000		$	50,000			4.35	%
7.25% senior notes		08/15/07		7.250%		75,000			75,000			6.53	%
3.875% senior notes (5)		04/15/09		3.875%		200,000			200,000			17.40	%
Fair value of $100MM fixed-to-floating interest rate swap (5)		04/15/09		6-month Libor + 0.4375%		(5,948	)		(4,596	)		(0.52	%)
7.84% senior notes		01/23/12		7.840%		25,000			25,000			2.18	%
5.375% senior notes		10/15/15		5.375%		120,000			120,000			10.44	%
6.00% senior notes		09/15/16		6.000%		125,000			-			10.88	%
Total unsecured senior notes payable		5.60		5.47%		589,052			465,404			51.26	%
Net interest premium/discount		(wtd-avg maturity)		(wtd-avg interest rate)		3,046			4,824			0.27	%
Total unsecured senior notes payable (including net interest premium/discount)					$	592,098		$	470,228			51.52	%
Revolving credit facilities
$275MM Wells Fargo Unsecured		01/17/09		5.14%		115,000			93,000			10.01	%
$5MM City National Bank Unsecured		05/12/06		NA		-			165			0.00	%
Total revolving credit facilities					$	115,000		$	93,165			10.01	%
Total debt						1,137,160			1,005,494			98.95	%
Net interest premium/discount						12,041			15,830			1.05	%
Total debt (including net interest premium/discount)					$	1,149,201		$	1,021,324			100.00	%
Senior Unsecured Debt Ratings
Moody's						Baa3 (Positive)			Baa3 (Stable)
S&P						BBB- (Positive)			BBB- (Stable)

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT MATURITIES

As of March 31, 2006

(in thousands)

	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving Credit		Senior				Percent of
by year	amortization		payments		Facilities (6)		Notes (7)		Total		debt maturing
2006	$	7,487	$	17,829	$	-	$	50,000	$	75,316		6.6	%
2007		10,464		2,864		-		75,000		88,328		7.7	%
2008		10,532		40,104		-		-		50,636		4.4	%
2009		10,189		24,332		115,000		200,000		349,521		30.6	%
2010		9,203		98,471		-		-		107,674		9.4	%
2011		7,376		93,433		-		-		100,809		8.8	%
2012		6,110		40,056		-		25,000		71,166		6.2	%
2013		5,696		-		-		-		5,696		0.5	%
2014		5,666		-		-		-		5,666		0.5	%
2015		4,192		30		-		120,000		124,222		10.9	%
Thereafter		29,089		9,985		-		125,000		164,074		14.4	%
Total	$	106,004	$	327,104	$	115,000	$	595,000	$	1,143,108		100.0	%

(1) The rate in effect on March 31, 2006.

(2) We have notified the lender of our intent to prepay the loan on the date indicated in the Maturity date column.

(3) In April 2006 these loans were repaid or defeased in conjunction with the sale of the 29 Texas properties.

(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 maybe available.

(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 March 31, 2006

			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	$ 9.58
										(6/1/2017)
	West Gate Plaza	Mobile	1974 / 1985	64,378	96.2%	6	3	44,000		Winn-Dixie	Rite Aid	6.98
										(7/19/2015)
TOTAL SHOPPING CENTERS ALABAMA (2)				129,215	96.9%	18	4	81,912	0			$ 8.29
CONNECTICUT (1)
	Brookside Plaza	Enfield	1985	210,787	91.3%	26	2	59,648		Shaw's	Walgreens, Marshalls*, Staples, Old Country Buffet, Blockbuster	10.84
										(8/31/2010)
TOTAL SHOPPING CENTERS CONNECTICUT (1)				210,787	91.3%	26	2	59,648	0			$ 10.84
FLORIDA (79)
Central Florida (10)
	Alafaya Commons	Orlando	1987	123,133	100.0%	29	0	54,230		Publix	Blockbuster	11.96
										(11/30/2007)
	Conway Crossing	Orlando	2002	76,321	100.0%	18	0	44,271		Publix		11.93
										(4/30/2022)
	Eastwood	Orlando	1997	69,037	100.0%	13	0	51,512		Publix		11.56
										(11/1/2017)
	Eustis Square	Eustis	1983 / 1997 / 2004	126,791	96.2%	22	4	15,872		Save-a-Lot	Accent Marketing, Goodwill, Fred's Store	5.95
										(5/31/2013)
	Kirkman Shoppes	Orlando	1973	88,820	100.0%	30	0				Party Depot	17.21
	Lake Mary	Orlando	1988 / 2001	342,384	98.2%	67	18	63,139		Albertsons	Kmart, Lifestyle Fitness, Sunstar Movie Theatres	11.50
										(6/30/2012)
	Park Promenade	Orlando	1987 / 2000	125,818	97.9%	25	1	55,000		Publix*	Orange County Library, Blockbuster, Goodwill	8.68
										(2/9/2007)
	Town & Country	Kissimmee	1993	72,043	100.0%	13	0	52,883		Albertsons		7.64
										(10/31/2018)
	Unigold	Winter Park	1987	117,527	95.9%	23	2	52,500		Winn-Dixie	Blockbuster, Lifestyle Family Fitness	10.89
										(4/30/2007)
	Walden Woods	Plant City	1985 / 1998, 2003	75,874	82.9%	12	1				Dollar Tree, Aaron Rents, Dollar General	6.73
North Florida (13)
	Atlantic Village	Atlantic Beach	1984 / 1998	100,559	92.4%	22	3	39,795		Publix	JoAnn Fabrics, Dollar Tree	10.39
										(10/31/2008)
	Beauclerc Village	Jacksonville	1962 / 1988	70,429	86.9%	10	1				Big Lots, Goodwill, Bealls Outlet	8.03
	Commonwealth	Jacksonville	1984 / 1998	81,467	94.0%	14	2	48,997		Winn-Dixie/Save Rite		8.43
										(2/28/2018)
	Forest Village	Tallahassee	2000	71,526	90.5%	12	5	37,866		Publix		10.43
										(4/30/2020)
	Ft. Caroline	Jacksonville	1985 / 1995	74,546	96.2%	11	2	45,500		Winn-Dixie	Citi Trends	7.29
										(5/31/2015)
	Mandarin Landing	Jacksonville	1976 / 2000	141,565	87.1%	30	7	34,400		Publix	Office Depot	10.12
										(2/14/2007)
	Medical & Merchants	Jacksonville	1993	152,761	96.9%	14	3	55,999		Publix	Memorial Health Group, Blockbuster	12.10
										(2/10/2013)

Page 23

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
	Middle Beach	Panama City Beach	1994	69,277	100.0%	9	0	56,077		Publix	Movie Gallery	$ 9.61
										(9/30/2014)
	Monument Point	Jacksonville	1985 / 1997	75,128	100.0%	12	0	46,772		Winn-Dixie	CVS Pharmacy	6.87
										(3/27/2010)
	Oak Hill	Jacksonville	1985 / 1997	78,492	100.0%	19	0	39,795		Publix	Beall's	7.26
										(3/11/2010)
	Parkmore Plaza	Milton	1986	159,093	100.0%	13	0				Bealls, Big Lots	4.50
	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	92.1%	40	11				Home Depot, Stein Mart, Bealls, Bed Bath & Beyond	10.85
South Florida / Atlantic Coast (30)
	Bird Ludlum	Miami	1988 / 1998	192,282	99.4%	43	1	44,400		Winn-Dixie	CVS Pharmacy, Blockbuster, Goodwill, Bird Executive Suites	15.32
										(12/31/2007)
	Boca Village	Boca Raton	1978	93,428	97.5%	19	2	36,000		Publix	CVS Pharmacy	14.15
										(3/31/2012)
	Boynton Plaza	Boynton Beach	1978 / 1999	99,324	100.0%	29	0	37,664		Publix	CVS Pharmacy, Hollywood Video	11.50
										(8/31/2008)
	Countryside Shops	Cooper City	1986, 1988, 1991	179,561	94.8%	42	5	39,795		Publix	CVS Pharmacy, Stein Mart	12.67
										(12/4/2010)
	Crossroads Square	Ft. Lauderdale	1973	270,206	98.6%	25	2				Lowe's, CVS Pharmacy, 99 Cent Stuff	7.94
	CVS Plaza	Miami	2004	29,204	100.0%	8	0				CVS Pharmacy	16.46
	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					21.34
	Greenwood	Palm Springs	1982, 1994	132,325	94.8%	33	5	50,032		Publix	Bealls Outlet, World Savings Bank	12.29
										(12/5/2014)
	Lago Mar	Miami	1995	82,613	93.9%	19	1	42,323		Publix		13.05
										(9/13/2015)
	Lantana Village	Lantana	1976 / 1999	181,780	99.6%	25	1	39,473		Winn-Dixie	Kmart, Rite Aid* (Family Dollar), Hollywood Video	7.29
										(2/15/2011)
	Meadows	Miami	1997	75,524	100.0%	20	0	47,955		Publix		12.96
										(7/9/2017)
	Oakbrook Square	Palm Beach Gardens	1974 / 2000, 2003	212,074	92.7%	28	2	44,400		Publix	Stein Mart, Homegoods, CVS, Basset Furniture, Duffy's Sports Bar	13.71
										(11/30/2020)
	Pine Island	Davie	1983 / 1999	254,907	96.8%	46	1	39,943		Publix	Home Depot Expo, Bealls Outlet	10.56
										(11/30/2013)
	Pine Ridge Square	Coral Springs	1986 / 1998, 1999	117,399	96.9%	32	3	17,441		Fresh Market	Bed Bath & Beyond, Off Main Furniture, Blockbuster	13.89
										(6/30/2009)
	Plaza Alegre	Miami	2003	91,611	98.7%	20	1	44,271		Publix	Goodwill, Blockbuster	14.75
										(3/14/2023)
	Point Royale	Miami	1970 / 2000	209,863	94.6%	23	2	45,350		Winn-Dixie	Best Buy, CVS Pharmacy* (Anna's Linens)	6.87
										(2/18/2011)
	Prosperity Centre	Palm Beach Gardens	1993	122,106	100.0%	9	0				Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine's, TJ Maxx	15.68
	Ridge Plaza	Davie	1984 / 1999	155,204	98.7%	28	1		(see Pine Island)		AMC Theater, Kabooms, Wachovia* (United Collection), Sofa Kings, Round Up	9.70

Page 24

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
	Riverside Square	Coral Springs	1987	107,941	93.7%	32	4	39,795		Publix	Tuesday Morning	$ 13.68
										(2/18/2007)
	Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	95.7%	27	2	36,464		Publix	Walgreens, Blockbuster	11.30
										(12/15/2009)
	Sheridan	Hollywood	1973 / 1991	455,843	97.7%	62	4	65,537		Publix	CVS Pharmacy, Ross, Bed Bath & Beyond, Blockbuster, Office Depot, AMC Theater, LA Fitness	14.03
										(10/9/2011)
	Shoppes of Ibis	West Palm Beach	1999	79,420	100.0%	18	0	51,420		Publix		12.90
										(4/30/2019)
	Shoppes of Silverlakes	Pembroke Pines	1995, 1997	126,788	100.0%	40	0	47,813		Publix	Blockbuster	16.69
										(6/14/2015)
	Shops at Skylake	North Miami Beach	1999-2005	247,919	99.1%	47	2	51,420		Publix	Goodwill, L.A. Fitness, Blockbuster	16.04
										(7/31/2019)
	Tamarac Town Square	Tamarac	1987	127,635	93.1%	35	5	37,764		Publix	Dollar Tree	11.13
										(12/15/2014)
	Waterstone	Homestead	2005	82,531	100.0%	13	0	45,600		Publix	Walgreens	15.09
										(7/31/2025)
	West Lakes Plaza	Miami	1984 / 2000	100,747	100.0%	27	0	46,216		Winn-Dixie	Navarro Pharmacy	11.40
										(10/31/2016)
	Westport Plaza	Davie	2002	36,212	100.0%	5	0	27,887		Publix	Blockbuster	16.86
										(11/30/2022)
	Young Circle	Hollywood	1962 / 1997	65,834	96.7%	8	2	23,124		Publix	Walgreens	15.52
										(11/30/2016)
Florida Treasure Coast (8)
	Bluffs Square	Jupiter	1986	132,395	99.8%	46	1	39,795		Publix	Walgreens	12.88
										(10/22/2006)
	Cashmere Corners	Port St. Lucie	2001	89,234	100.0%	17	0	59,448		Albertsons		8.45
										(4/30/2025)
	Jonathan's Landing	Jupiter	1997	26,820	100.0%	12	0		53,850	Albertsons	Blockbuster	19.27
	New Smyrna Beach	New Smyrna Beach	1987	118,451	100.0%	34	0	42,112		Publix	Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster	10.30
										(9/30/2007)
	Old King Commons	Palm Coast	1988	84,759	98.6%	18	1				Wal-Mart* (Bealls Outlet)	8.17
	Ryanwood	Vero Beach	1987	114,925	100.0%	32	0	39,795		Publix	Bealls Outlet, Books-A-Million	10.10
										(3/23/2017)
	Salerno Village	Stuart	1987	79,903	96.8%	17	3	45,802		Winn-Dixie	CVS Pharmacy	10.55
										(3/23/2024)
	Treasure Coast	Vero Beach	1983	133,781	97.2%	23	2	59,450		Winn-Dixie	TJ Maxx	9.01
										(4/12/2015)
Florida West Coast (18)
	Bay Pointe Plaza	St. Petersburg	1984 / 2002	103,986	95.6%	20	4	52,610		Publix	Bealls Outlet, West Marine	9.76
										(11/30/2021)
	Carrollwood	Tampa	1970 / 2002	94,203	91.8%	30	5	27,887		Publix	Floors Today	12.24
										(11/30/2022)
	Charlotte Square	Port Charlotte	1980	96,188	98.2%	23	1				American Signature Furniture, Seafood Buffet	8.24
	Chelsea Place	New Port Richey	1992	81,144	100.0%	18	0	48,890		Publix	CVS Pharmacy	11.37
										(5/27/2012)
	Dolphin Village	St. Pete Beach	1967 / 1990	138,129	92.2%	39	7	33,238		Publix	Dollar Tree, CVS	10.24
										(11/07/2013)

Page 25

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
	Lake St. Charles	Tampa	1999	57,015	100.0%	8	0	46,295		Kash n' Karry		$ 9.92
										(6/30/2019)
	Lutz Lake	Lutz	2002	64,985	98.3%	14	1	44,270		Publix		13.83
										(5/31/2022)
	Marco Town Center	Marco Island	2001	109,830	100.0%	42	0	27,887		Publix	West Marine	17.12
										(1/31/2018)
	Mariners Crossing	Spring Hill	1989 / 1999	91,608	100.0%	15	0	48,315		Kash n' Karry		9.07
										(8/15/2020)
	Pavilion	Naples	1982	167,745	92.3%	39	3	50,795		Publix	Pavillion 6 Theatre, Anthony's	14.88
										(2/28/2013)
	Regency Crossing	Port Richey	1986 / 2001	85,864	88.6%	17	8	44,270		Publix		10.40
										(2/28/2021)
	Ross Plaza	Tampa	1984 / 1996	85,359	97.9%	17	2				Ross Dress for Less, Laminate Kingdom	10.18
	Seven Hills	Spring Hill	1991	64,590	100.0%	12	0	48,890		Publix		9.90
										(9/25/2011)
	Shoppes of North Port	North Port	1991	84,705	100.0%	22	0	48,890		Publix	Bealls Outlet	10.15
										(12/11/2011)
	Skipper Palms	Tampa	1984	88,000	87.8%	13	4	53,440		Winn-Dixie		9.12
										(5/31/2016)
	Summerlin Square	Fort Myers	1986 / 1998	109,156	90.5%	20	8	45,500		Winn-Dixie	CVS Pharmacy*, West Marine	10.11
										(6/4/2011)
	Venice Plaza	Venice	1971/ 1979 / 1999	148,779	84.2%	14	2	42,582		Kash n' Karry	TJ Maxx, Blockbuster	5.59
										(9/30/2018)
	Venice Shopping Center	Venice	1968 / 2000	111,934	98.1%	14	1	44,271		Publix	Beall's Outlet, Dollar Tree, Wachovia Bank	5.42
										(12/31/2026)
TOTAL SHOPPING CENTERS FLORIDA (79)				9,251,650	96.5%	1,802	159	2,833,975	53,850			$ 11.15
GEORGIA (24)
Atlanta (19)
	BridgeMill	Canton	2000	89,102	91.4%	26	5	37,888		Publix		14.89
										(1/31/2020)
	Butler Creek	Acworth	1990	95,597	92.5%	15	4	59,997		Kroger		10.68
										(6/30/2018)
	Chastain Square	Atlanta	1981 / 2001	91,637	100.0%	28	0	37,366		Publix		16.72
										(5/31/2024)
	Commerce Crossing	Commerce	1988	105,188	56.9%	7	4	32,000		Ingles	Fred's Store	4.70
										(9/26/2009)
	Douglas Commons	Douglasville	1988	97,027	100.0%	16	0	59,431		Kroger		10.24
										(8/31/2013)
	Fairview Oaks	Ellenwood	1997	77,052	100.0%	13	0	54,498		Kroger	Blockbuster	11.46
										(9/30/2016)
	Grassland Crossing	Alpharetta	1996	90,906	93.2%	11	3	70,086		Kroger		11.66
										(6/30/2016)
	Hairston Center	Decatur	2000	13,000	69.2%	6	3					15.95
	Hamilton Ridge	Buford	2002	89,496	95.3%	18	2	54,166		Kroger		12.91
										(11/30/2022)
	Mableton Crossing	Mableton	1997	86,819	100.0%	17	0	63,419		Kroger		10.40
										(8/31/2017)
	Macland Pointe	Marietta	1992-1993	79,699	98.5%	16	1	55,999		Publix		9.76
										(12/29/2012)

Page 26

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
	Market Place	Norcross	1976	77,706	96.5%	20	3				Peachtree Cinema	$ 11.06
	Paulding Commons	Dallas	1991	192,391	93.2%	24	7	49,700		Kroger	Kmart	7.89
										(2/28/2011)
	Piedmont Peachtree Crossing	Buckhead	1978 / 1998	152,239	100.0%	28	0	55,520		Kroger	Cost Plus Store, Binders Art Supplies	15.77
										(5/31/2010)
	Powers Ferry Plaza	Marietta	1979, 1987 / 1998	86,473	93.2%	21	4				Micro Center	10.56
											Bed Bath & Beyond, GAP, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot
	Presidential Markets	Snellville	1993-2000	396,408	96.0%	30	5	56,146		Publix		10.32
										(12/31/2019)
	Shops of Huntcrest	Lawrenceville	2003	97,040	100.0%	26	0	54,340		Publix		13.68
										(1/31/2023)
	West Towne Square	Rome	1988	89,596	84.1%	13	5				Big Lots	5.60
	Williamsburg @ Dunwoody	Dunwoody	1983	44,928	100.0%	27	0					18.13
Central Georgia (3)
	Daniel Village	Augusta	1956 / 1997	171,932	95.3%	35	4	45,971		Bi-Lo	Eckerd, St. Joseph Home Health Care	8.16
										(3/25/2022)
	Spalding Village	Griffin	1989	235,318	69.0%	22	6	59,431		Kroger	JC Penney*, Blockbuster, Fred's Store	7.74
										(5/31/2014)
	Walton Plaza	Augusta	1990	43,460	100.0%	8	0	32,960		Harris Teeter* (Omni Fitness)		9.58
										(4/1/2011)
South Georgia (2)
	Colony Square	Fitzgerald	1987	50,000	75.2%	3	4	32,200		Food Lion* (Harvey's)		5.80
										(12/31/2007)
	McAlpin Square	Savannah	1979	176,807	94.4%	25	2	43,600		Kroger	US Post Office, Big Lots, In Fashion Menswear Outlet	7.63
										(8/31/2015)
TOTAL SHOPPING CENTERS GEORGIA (24)				2,729,821	91.5%	455	62	954,718	0			$ 10.50
LOUISIANA (14)
	Ambassador Row	Lafayette	1980, 1991	193,978	82.5%	23	3				Conn's Appliances, Big Lots, Chuck E Cheese, Goody's	9.02
	Ambassador Row Courtyard	Lafayette	1986, 1991 / 2005	146,697	94.5%	22	1				Bed Bath & Beyond, Marshall's, Hancock Fabrics, United Training Academy	9.58
	Bluebonnet Village	Baton Rouge	1983	90,215	98.4%	19	1	33,387		Matherne's	Ace Hardware	8.52
										(11/30/2010)
	Boulevard	Lafayette	1976, 1994	68,012	95.1%	13	2				Piccadilly, Harbor Freight Tools, Golfballs.com	7.39
	Country Club Plaza	Slidell	1982 / 1994	64,686	92.3%	9	1	33,387		Winn-Dixie	Dollar General	5.99
										(1/31/2008)
	Crossing	Slidell	1988, 1993	113,989	95.1%	12	3	58,432		Save A Center	A-1 Home Appliance, Piccadilly	5.58
										(9/29/2009)
	Elmwood Oaks	Harahan	1989	133,995	88.4%	9	2				Academy Sports, Dollar Tree, Home Décor	9.74
	Grand Marche (ground lease)	Lafayette	1969	200,585	100.0%	1	0				Grand Marche	0.14
	Plaza Acadienne	Eunice	1980	105,419	52.6%	6	2	28,092		Super 1 Store	Fred's	4.17
										(6/30/2010)
	Sherwood South	Baton Rouge	1972, 1988, 1992	77,107	100.0%	9	0				Burke's Outlet, Harbor Freight Tools, Blockbuster, Fred's Store	6.88

Page 27

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
	Siegen Village	Baton Rouge	1988	170,416	100.0%	20	0				Office Depot, Big Lots, Dollar Tree, Stage, Party City	$ 8.50
	Tarpon Heights	Galliano	1982	56,605	85.6%	7	3				CVS Pharmacy, Stage, Dollar General	4.78
	Village at Northshore	Slidell	1988	144,638	97.8%	12	1				Marshalls, Dollar Tree, Kirschman's*, Bed Bath & Beyond, Office Depot	8.38
	Wal-Mart Mathews	Mathews	1985	54,223	100.0%	1	0				Wal-Mart	2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)				1,620,565	91.7%	163	19	153,298	0			$ 6.68
MASSACHUSETTS (6)
	Cambridge Star Market	Cambridge	1953 / 1997	66,108	100.0%	1	0	66,108		Star Market		26.89
										(1/2/2016)
	Medford Shaw's Supermarket	Medford	1995	60,356	100.0%	1	0	60,356		Shaw's		24.04
										(1/1/2016)
	Plymouth Shaw's Supermarket	Plymouth	1993	59,726	100.0%	1	0	59,726		Shaw's		17.77
										(1/1/2016)
	Quincy Star Market	Quincy	1965 / 1995	100,741	100.0%	1	0	100,741		Star Market		17.36
										(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	76,316	97.2%	10	2	54,928		Shaw's		23.51
										(1/2/2016)
TOTAL SHOPPING CENTERS MASSACHUSETTS (6)				399,154	99.5%	15	2	377,766	0			$ 21.50
MISSISSIPPI (1)
	Shipyard Plaza	Pascagoula	1987	66,857	92.5%	7	1				Big Lots, Buffalo Wild Wings Gill & Bar	4.89
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857	92.5%	7	1	0	0			$ 4.89
NORTH CAROLINA (9)
	Centre Pointe Plaza	Smithfield	1989	163,642	93.7%	21	3				Belk's, Goody's, Dollar Tree, Aaron Rents	6.26
	Galleria	Wrightsville Beach	1986, 1990	92,114	93.1%	31	5	28,000		Harris Teeter	Eckerd	8.99
										(4/5/2006)
	Parkwest Crossing	Durham	1990	85,602	100.0%	17	0	38,052		Food Lion		10.29
										(12/14/2010)
	Plaza North	Hendersonville	1986	47,240	40.7%	6	3				CVS Pharmacy	7.45
	Riverview Shopping Center	Durham	1973 / 1995	127,498	96.5%	11	2	53,538		Kroger	Upchurch Drugs, Blockbuster, Riverview Galleries	7.27
										(12/31/2014)
	Salisbury Marketplace	Salisbury	1987	79,732	96.9%	19	1	31,762		Food Lion		10.14
										(2/11/2023)
	Shelby Plaza	Shelby	1972	103,200	100.0%	9	0				Big Lots, Aaron Rents, Burke's Outlet, Tractor Supply Company	3.86
	Thomasville Commons	Thomasville	1991	148,754	98.1%	11	2	32,000		Ingles	Kmart, CVS Pharmacy	5.83
										(9/29/2012)
	Willowdaile Shopping Center	Durham	1986	121,376	84.0%	20	7	53,368		Harris Teeter	Hall of Fitness	10.48
										(5/14/2009)
TOTAL SHOPPING CENTERS NORTH CAROLINA (9)				969,158	92.4%	145	23	262,310	0			$ 7.54

Page 28

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
SOUTH CAROLINA (8)
	Belfair Towne Village	Bluffton	2000-2003	125,389	100.0%	29	0	55,696		Kroger	Blockbuster	$ 14.21
										(10/31/2019)
	Lancaster Plaza	Lancaster	1971 / 1990	77,400	24.8%	1	3	19,200		Bi-Lo		3.50
										(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	96.8%	12	2	24,806		Bi-Lo	Dollar General, Gold's Gym	8.60
										(5/31/2009)
	Sparkleberry Square	Columbia	1997 / 2004	339,051	99.9%	26	1	67,943		Kroger	Kohl's, Ross Dress for Less, Circuit City, Bed Bath & Beyond, Petsmart, Pier One	11.27
										(8/31/2017)
	Spring Valley	Columbia	1978 / 1997	75,415	95.2%	15	3	45,070		Bi-Lo		9.13
										(12/31/2017)
	Windy Hill	North Myrtle Beach	1968 / 1988	64,465	100.0%	2	0				Rose's Store, Family Dollar Store	5.43
	Woodruff	Greenville	1995	68,055	100.0%	10	0	47,955		Publix	Blockbuster	10.26
										(8/6/2015)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8)				839,178	92.4%	97	9	260,670	0			$ 10.23
TENNESSEE (1)
	Smyrna Village	Smyrna	1992	83,334	100.0%	12	0	59,214		Kroger		8.34
										(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (1)				83,334	100.0%	12	0	59,214	0			$ 8.34
TEXAS (32)
Dallas (12)
**	Creekside	Arlington	1997 / 1998	103,464	100.0%	18	0	60,932		Kroger	Hollywood Video	12.35
										(11/30/2021)
**	DeSoto Shopping Center	DeSoto	1996	69,090	100.0%	5	0	58,960		Tom Thumb	Blockbuster	9.65
										(11/15/2021)
**	Green Oaks	Arlington	1983	65,091	60.0%	20	14		58,000	Kroger		11.07
**	Melbourne Plaza	Hurst	1983	47,517	92.9%	16	2					11.74
**	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	82.6%	16	4		62,000	Albertsons	Planet Pizza	13.27
**	Richwood	Richardson	1984	54,871	90.4%	23	4		61,877	Albertsons	Blockbuster	12.71
	Rosemeade	Carrollton	1986	51,231	33.4%	8	10				Blockbuster	12.64
**	Southlake Village	Southlake	1996	118,092	87.1%	18	4	60,932		Kroger		12.81
										(10/31/2021)
**	Sterling Plaza	Irving	1989	65,765	96.7%	15	1				Bank One, Irving City Library, 99 Cent Only Store	14.29
**	Townsend Square	Desoto	1990	146,953	86.9%	30	5		60,349	Albertsons	Bealls, Victory Gym, Dollar General, Desoto Children's Academy	9.08
**	Village by the Park	Arlngton	1988	44,523	100.0%	10	0				Petco, Movie Trading	17.48

Page 29

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
Houston (17)
**	Barker Cypress	Houston	1999	66,945	85.0%	11	6	41,320		H.E.B.		$ 12.40
										(1/31/2014)
**	Beechcrest	Houston	1981 / 2001	90,647	100.0%	15	0	40,345		Randall's*	Walgreens*	8.69
										(6/24/2016)
**	Benchmark Crossing	Houston	1986	58,384	100.0%	5	0				Bally's Fitness	13.40
**	Colony Plaza	Sugarland	1997	26,513	95.0%	14	1					19.13
**	Copperfield	Houston	1994	133,984	96.1%	30	3				JoAnn Fabrics, Dollar Tree, 24 Hour Fitness	12.43
**	Forestwood	Houston	1993	88,760	95.2%	15	1	59,334		Kroger	Blockbuster	11.50
										(7/31/2013)
**	Grogan's Mill	The Woodlands	1986	118,517	96.4%	24	2	56,558		Randall's* (99¢ Store)	Petco, Blockbuster	12.29
										(6/24/2016)
**	Hedwig	Houston	1974	69,504	80.3%	13	1				Ross Dress for Less	15.75
**	Highland Square	Sugarland	1998	64,171	99.7%	27	1					17.67
**	Kirkwood Bissonnet	Houston	1999	15,542	49.3%	6	2		63,000	Kroger		17.00
**	Market at First Colony	Sugarland	1988	107,301	96.5%	33	2		62,000	Kroger	TJ Maxx, CVS Pharmacy	16.44
**	Mason Park	Katy	1998	160,047	94.7%	36	3		58,890	Kroger	Walgreens* (Eloise Collectibles), Palais Royal, Petco, Alamo Cimema	9.77
**	Mission Bend	Houston	1980 / 1999	131,575	84.0%	21	6	46,112		Randall's*	Remarkable Furniture	8.68
										(6/24/2016)
**	Spring Shadows	Houston	1999	106,995	94.9%	16	2	65,161		H.E.B.		9.77
										(4/30/2023)
**	Steeplechase	Jersey Village	1985	105,152	89.0%	19	6	56,208		Randall's		10.90
										(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.	Kohl's, Oshman's Sporting Goods, Office Max, Pier One Imports	11.76
										(12/31/2015)
San Antonio (3)
**	Bandera Festival	San Antonio	1989	195,438	93.9%	34	5				Beall's, Big Lots, Burke's Outlet, Dollar Tree, FWL Furniture	8.96
**	Blanco Village	San Antonio	2000	108,325	100.0%	16	0	74,627		H.E.B.		16.10
										(4/30/2015)
**	Wurzbach	San Antonio	1979	59,771	100.0%	3	0				Travis Associates	3.04
TOTAL SHOPPING CENTERS TEXAS (32)				2,972,978	92.3%	545	85	754,338	426,116			$ 11.46
VIRGINA (1)
	Smyth Valley Crossing	Marion	1989	126,841	97.8%	12	2	32,000		Ingles	Wal-Mart	5.82
										(9/25/2010)
TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841	97.8%	12	2	32,000	-			$ 5.82
TOTAL CORE SHOPPING CENTER PORTFOLIO (178)				19,399,538	94.4%	3,297	368	5,804,259	479,966			$ 10.66

Page 30

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2006

			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
DEVELOPMENTS & REDEVELOPMENTS (11)
	Chestnut Square	Brevard, NC	1985	39,640	91.9%	5	2	21,000		Food Lion*	Dollar General	$ 6.13
										(9/28/2010)
	Hunters Creek	Orlando, FL	1998	68,032	24.7%	8	1					19.59
	Providence Square	Charlotte, NC	1973	85,930	93.8%	20	5	35,702		Harris Teeter*	Eckerd	8.23
										(4/30/2006)
	River Green	Canton, GA	2008 Development	11.2 acres
	Shops at St. Lucie	Port St. Lucie, FL	2006 Development	4.0 acres
	Stanley Market Place	Stanley, NC	1980, 1987	40,400	29.7%	2	1				Family Dollar	3.99
	Sunlake Development Parcel	Tampa, FL	TBD	155.0 acres
	Waterlick Plaza	Lynchburg, VA	TBD	8.0 acres
	Wesley Chapel Crossing	Decatur, GA	1989	170,792	39.5%	18	8	32,000		Ingles*	CVS Pharmacy	8.07
										(9/25/2009)
	Westridge	McDonough, GA	2006 Development	12.5 acres
	Winchester Plaza	Huntsville, AL	2006 Development	33.0 acres
TOTAL DEVELOPMENTS & REDEVELOPMENTS (11)				404,794	52.7%	53	17	88,702	0			$ 8.47
TOTAL RETAIL PROPERTIES (189)				19,804,332	93.6%	3,350	385	5,892,961	479,966			$ 10.63
OTHER PROPERTIES (7)
	4101 South I-85 Industrial	Charlotte, NC	1956, 1963	188,513	81.7%	3	6					2.73
	Banco Popular Office Building	Miami, FL	1971	32,737	98.1%	20	1					22.67
	Commonwealth II	Jacksonville, FL		53,598	0.0%	0	1
	Laurel Walk Apartments	Charlotte, NC	1985	106,480	98.7%	97	1					7.54
	Mandarin Mini-storage	Jacksonville, FL	1982	52,880	96.7%	521	18
	Pinhook Office Building	Lafayette, LA	1979, 1992	4,406	49.5%	1	1					9.00
	Prosperity Office Building	Palm Beach Gardens, FL		3,200	0.0%	0	1
GRAND TOTAL (196)				20,246,146	93.2%	3,992	414	5,892,961	479,966			$ 10.54

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 March 31, 2006.

Page 31

EQUITY ONE, INC. AND SUBSIDIARIES

ANNUAL MINIMUM RENT BY STATE

As of March 31, 2006

State	Count	Total SF	# Leased	# Vacant	Leased %	AMR
Florida	80	9,319,682	1,810	160	96.0%	$ 99,858,757
Texas	32	2,972,978	545	85	92.3%	31,459,942
Georgia	25	2,900,613	473	70	88.5%	26,777,207
Louisiana	14	1,620,565	163	19	91.7%	9,933,872
Massachusetts	6	399,154	15	2	99.5%	8,536,701
South Carolina	8	839,178	97	9	92.4%	7,933,170
North Carolina	12	1,135,128	172	31	90.2%	7,685,352
Connecticut	1	210,787	26	2	91.3%	2,086,161
Alabama	2	129,215	18	4	96.9%	1,038,010
Virginia	1	126,841	12	2	97.8%	721,599
Tennessee	1	83,334	12	0	100.0%	695,205
Mississippi	1	66,857	7	1	92.5%	302,228
Total	183	19,804,332	3,350	385	93.6%	$ 197,028,204

Note: Excludes six development parcels and seven non-retail properties.

Page 32

EQUITY ONE, INC. AND SUBSIDIARIES

LEASING ACTIVITY

For the three months ended March 31, 2006

Renewals
			Average	Average	Annualized
		Average	Expiring	New	Minimum
# of Leases	Square Feet	Size	Rent psf	Rent psf	Rent
109	406,938	3,733	$10.67	$11.23	$4,571,931
			% Increase psf	5.2%
		Net Increase (AMR)			$228,768
New Leases
				Average	Annualized
		Average		New	Minimum
# of Leases	Square Feet	Size		Rent psf	Rent
85	264,789	3,115		$11.71	$3,100,878
Lost Leases
			Average		Annualized
		Average	Expiring		Minimum
# of Leases	Square Feet	Size	Rent psf		Rent
84	212,453	2,529	$11.07		$2,351,496
Net Absorption	52,336	New Leases - Lost Leases
Leasing Spread	5.8%	New Leases versus Lost Leases (rate psf)
				Net AMR Gain	$978,150

Page 33

EQUITY ONE, INC. AND SUBSIDIARIES

OCCUPANCY STATISTICS

As of March 31, 2006

 

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

Note: Reflects 160 properties owned by Equity One in each of the previous eight quarters.

Page 34

EQUITY ONE, INC. AND SUBSIDIARIES

SAME PROPERTY OCCUPANCY STATISTICS - STATE BREAKOUT

As of March 31, 2006

Note: Reflects 160 properties owned by Equity One in each of the previous eight quarters.

Page 35

EQUITY ONE, INC. AND SUBSIDIARIES

TENANT CONCENTRATION SCHEDULE

As of March 31, 2006

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	2,199,358	11.1%	$ 16,129,110	8.2%	$ 7.33
	Albertsons/Shaw's	8	519,329	2.6%	8,298,732	4.2%	15.98
	Kroger	17	990,887	5.0%	8,101,971	4.1%	8.18
	Winn Dixie	14	653,987	3.3%	4,462,868	2.3%	6.82
	H.E. Butt Grocery	4	256,262	1.3%	2,775,355	1.4%	10.83
	Blockbuster	29	171,260	0.9%	2,752,280	1.4%	16.07
	Bed Bath & Beyond	8	256,689	1.3%	2,615,820	1.3%	10.19
	CVS Pharmacy	19	193,889	1.0%	2,139,358	1.1%	11.03
	Safeway/Randalls	5	258,183	1.3%	1,927,503	1.0%	7.47
	TJ Maxx / Marshall's	8	239,117	1.2%	1,862,653	0.9%	7.79
Sub-total top ten tenants		162	5,738,961	29.0%	$ 51,065,650	25.9%	$ 8.90
	Remaining tenants	3,188	12,790,349	64.6%	145,962,554	74.1%	11.41
Sub-total all tenants		3,350	18,529,310	93.6%	$ 197,028,204	100.0%	$ 10.63
	Vacant	385	1,275,022	6.4%	NA	NA	NA
Total including vacant		3,735	19,804,332	100.0%	$ 197,028,204	100.0%	$ 9.95

Note: Excludes six development parcels and seven non-retail properties.

Page 36

EQUITY ONE, INC. AND SUBSIDIARIES

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

As of March 31, 2006

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	108	259,906	1.3%	$ 2,655,448	1.3%	10.22
	2006	585	1,586,630	8.0%	20,154,997	9.9%	12.70
	2007	683	2,191,844	11.1%	26,920,400	13.2%	12.28
	2008	685	1,998,438	10.1%	26,990,957	13.2%	13.51
	2009	449	1,882,684	9.5%	21,436,808	10.5%	11.39
	2010	404	1,962,153	9.9%	21,961,368	10.8%	11.19
	2011	137	1,333,082	6.7%	12,093,060	5.9%	9.07
	2012	53	960,123	4.8%	8,172,767	4.0%	8.51
	2013	40	749,400	3.8%	7,202,862	3.5%	9.61
	2014	34	778,329	3.9%	6,346,927	3.1%	8.15
	2015	37	707,445	3.6%	7,383,147	3.6%	10.44
	Thereafter	135	4,119,276	20.7%	42,792,172	21.0%	10.39
	Sub-total / average	3,350	18,529,310	93.6%	$ 204,110,913	100.0%	$ 11.02
	Vacant	385	1,275,022	6.4%	NA	NA	NA
	Total / average	3,735	19,804,332	100.0%	$ 204,110,913	100.0%	$ 10.31

Note: Excludes six development parcels and seven non-retail properties.

Page 37

EQUITY ONE, INC. AND SUBSIDIARIES

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

As of March 31, 2006

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	4	82,246	0.7%	$ 518,000	0.6%	$ 6.30
	2006	16	406,527	3.3%	2,652,139	2.8%	6.52
	2007	32	820,878	6.6%	5,488,897	5.9%	6.69
	2008	25	591,428	4.8%	3,993,247	4.3%	6.75
	2009	36	1,037,270	8.3%	6,270,963	6.7%	6.05
	2010	47	1,088,692	8.8%	6,668,035	7.1%	6.12
	2011	34	1,071,421	8.6%	7,005,894	7.5%	6.54
	2012	23	844,139	6.8%	5,757,365	6.1%	6.82
	2013	18	663,201	5.3%	5,397,143	5.8%	8.14
	2014	16	702,881	5.7%	4,859,622	5.2%	6.91
	2015	17	631,569	5.1%	5,881,851	6.3%	9.31
	Thereafter	84	3,932,717	31.7%	39,151,157	41.7%	9.96
	Sub-total / average	352	11,872,969	95.5%	$ 93,644,313	100.0%	$ 7.89
	Vacant	17	563,381	4.5%	NA	NA	NA
	Total / average	369	12,436,350	100.0%	$ 93,644,313	100.0%	$ 7.53

Note: Excludes six development parcels and seven non-retail properties.

Page 38

EQUITY ONE, INC. AND SUBSIDIARIES

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

As of March 31, 2006

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	104	177,660	2.4%	$ 2,137,448	1.9%	$ 12.03
	2006	569	1,180,103	16.0%	17,502,858	15.8%	14.83
	2007	651	1,370,966	18.6%	21,431,503	19.4%	15.63
	2008	660	1,407,010	19.1%	22,997,710	20.8%	16.35
	2009	413	845,414	11.5%	15,165,845	13.7%	17.94
	2010	357	873,461	11.8%	15,293,333	13.8%	17.51
	2011	103	261,661	3.6%	5,087,166	4.6%	19.44
	2012	30	115,984	1.6%	2,415,402	2.2%	20.83
	2013	22	86,199	1.2%	1,805,719	1.6%	20.95
	2014	18	75,448	1.0%	1,487,305	1.3%	19.71
	2015	20	75,876	0.9%	1,501,296	1.4%	19.79
	Thereafter	51	186,559	2.5%	3,641,015	3.5%	19.52
	Sub-total / average	2,998	6,656,341	90.3%	$ 110,466,600	100.0%	$ 16.60
	Vacant	368	711,641	9.7%	NA	NA	NA
	Total / average	3,366	7,367,982	100.0%	$ 110,466,600	100.0%	$ 14.99

Note: Excludes six development parcels and seven non-retail properties.

Page 39

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of March 31, 2006

(in thousands, except square footage data)

	Project	Location	Project Description	Target Completion Date	Estimated Cost Including Land	Funded as of 03/31/2006	Balance to Complete
Developments
	River Green	Canton, GA	11.2 acres held for future developemnt. Prospecting for tenant(s)	TBD	$ 3,663	$ 3,663	$ -
	Shops at St. Lucie	Port St. Lucie, FL	Develop a 20,000 sf retail center, adjacent to our Cashmere Corners property	Second quarter 2006	4,945	3,386	1,559
	Shops at Skylake	N. Miami Beach, FL	Adding 37,000 sq ft of retail space to existing property	Second quarter 2006	6,320	5,486	834
	Sunlake	Tampa, FL	155 acre mixed-use development project	TBD	23,603	14,296	9,307
	Westridge	McDonough, GA	Developing a supermarket anchored center	Second Quarter 2006	8,627	7,418	1,209
	Winchester Plaza	Huntsville, AL	Developing a supermarket anchored center	Third Quarter 2006	11,514	4,921	6,593
Subtotal - Developments					58,672	39,170	19,502
Major Redevelopments
	Chestnut Square	Brevard, NC	Redevelopment Existing Center	First Quarter 2007	4549	193	4,356
	Hunters Creek	Orlando, FL	Redevelopment Existing Center	Fourth Quarter 2006	5636	5436	200
	Providence Square	Charlotte, NC	Redevelopment Existing Center	TBD	-	-	-
	Stanley Market Place	Stanley, NC	Reconfigure the former Winn Dixie and add 7,000 sq ft of retail space; Approx. 35,000 sq ft has been leased; prospecting for new tenants for the remaining space	First Quarter 2007	5,483	939	4,544
	Wesley Chapel	Decatur, GA	Reconfigure the former WalMart space into multi-tenant space; prospecting for new tenants	TBD	4,865	4,865	-
Subtotal - Major Redevelopments					20,533	11,433	9,100
Out parcel Developments/Expansions
	Belfair Towne Village	Bluffton, SC	Adding 41,250 sq ft of retail space to existing property	Fourth quarter 2006	4,664	1,762	2,902
	Bluebonnet	Baton Rouge, LA	Adding 10,750 sq ft of retail on an out parcel at an existing property	Second quarter 2006	1,500	1,259	241
	Dolphin Village	St Pete Beach, FL	Future mixed-use development	TBD	10,554	10,554	-
	Piedmont Peachtree Crossing	Buckhead, GA	Future mixed-use development	TBD	14,618	14,618	-
	Riverview	Durham, NC	Construction of additional 5,000 sq ft out parcel building has commenced	Second quarter 2006	770	214	556
	West Roxbury	West Roxbury, MA	Construction of additional 8,000 sq ft out parcel building has commenced	Second quarter 2006	430	430	-
	Windy Hill	North Myrtle Beach, SC	Construction of additional 4,000 sq ft out parcel building: prospecting for new tenants	Second quarter 2006	687	687	-
	Young Circle	Hollywood, FL	Future mixed-use development	TBD	10,098	10,098	-
Subtotal - Out parcel Developments/Expansions					43,321	39,622	3,699
All other development activity					13,979	12,559	1,420
Total Development Activity - Continuing Operations					136,505	102,784	33,721
Development activity for properties held for sale					8,569	8,569	-
Total - All Development Activity					$ 145,074	$ 111,353	$ 33,721

Page 40

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

As of March 31, 2006

(in thousands, except square footage data)

2006 Acquisition Activity
Date Purchased	Property Name	City	State	Square Feet/ Acres	Purchase Price
Jan. 4, 2006	Dolphin Village	St. Pete Beach	FL	138,129	$ 28,000
Jan. 12, 2006	Brookside Plaza	Enfield	CT	210,787	28,500
Jan. 26, 2006	Commonwealth II	Jacksonville	FL	53,598	600
Mar. 3, 2006	Piedmont Peachtree Crossing	Buckhead	GA	152,239	47,950
Mar. 20, 2006	Prosperity Office Building	Palm Beach Gardens	FL	3,200	1,400
Total					$ 106,450
2006 Disposition Activity
Date Sold	Property Name	City	State	Square Feet/ Acres	Gross Sales Price	Gain on Sale
Mar. 27, 2006	Scottsville Square	Bowling Green	KY	38,450	$ 2,500	$ 492
Sale of income producing property					2,500	492
Feb. 22, 2006	Westridge Out Parcel	McDonough	GA	1.0 Acres	875	314
Total					$ 3,375	$ 806
Properties Held for Sale as of March 31, 2006
	Property Name	City	State
	29 property portfolio	Various	Texas	Sold April 2006
	Hedwig	Houston	Texas
	Sutherland Lumber	Marble Falls	Texas	Sold April 2006

Page 41

EQUITY ONE, INC. AND SUBSIDIARIES

ANALYST COVERAGE

As of March 31, 2006

BB&T Capital Markets		Bear Stearns & Co. Inc.		Deutsche Bank Securities Inc.
Stephanie M. Krewson		Ross Smotrich		Louis W. Taylor
804-782-8784		212-272-8046		212-250-4912
Rob Whittemore		Amy L. Young, CFA		Christeen Kim
804-782-8796		212-272-3523		212-250-6771
Friedman Billings Ramsey		Harris Nesbit		JP Morgan Securities Inc.
Paul Morgan		Paul Adornato		Michael W. Meuller, CFA
703-469-1255		212-885-4170		212-622-6689
Michael Blank		Joseph Dazio
703-469-1115		212-622-6416
	Raymond James & Associates		Stifel, Nicolaus & Company, Inc.
	Paul D. Puryear		David M. Fick, CPA
	727-567-2253		410-454-5018
	Ken Avalos		Nathen Isbee
	727-567-2660		410-454-4143

Page 42