8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) February 20, 2007

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:

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

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

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

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

Section 2 - Financial Information 

Item 2.02   Results of Operations and Financial Condition.

On February 20, 2007, Equity One, Inc. (the “Company”) announced its financial results for the three and twelve month periods ended December 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 February 20, 2007, the Company announced its financial results for the three and twelve months period ended December 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 February 20, 2007.

99.2 — Supplemental Information Package of Equity One, Inc. December 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.

February 20, 2007	EQUITY ONE, INC.
	By:	/s/ Gregory R. Andrews
	Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Document
99.1	Earnings Press Release of Equity One, Inc. dated February 20, 2007
99.2	Information Package of Equity One, Inc. December 31, 2006

4

EX-99.1

EXHIBIT 99.1

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

FOR IMMEDIATE RELEASE:

Equity One Reports Fourth Quarter and Full Year 2006 Operating Results and Provides 2007 FFO and Earnings Guidance

NORTH MIAMI BEACH, FL; February 20, 2007 -- Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers announced today its financial results for the three and twelve month periods ended December 31, 2006.

Financial Highlights

Funds From Operations (FFO) for the fourth quarter of 2006 was $20.0 million, or $0.27 per diluted share, compared to $28.9 million and $0.38 per diluted share for 2005. The fourth quarter of 2006 included severance payments, write-offs of abandoned transactions, and management transition costs of approximately $6.4 million, or $0.09 per diluted share.

For the year ended December 31, 2006, FFO was $110.3 million, or $1.48 per diluted share, compared to $124.8 million and $1.67 per diluted share for 2005. The full year 2006 included severance payments, write-offs of abandoned transactions, and management transition costs of approximately $8.4 million, or $0.11 per diluted share.

Net income for the fourth quarter of 2006 was $29.1 million, or $0.40 per diluted share, compared to $17.8 million and $0.24 per diluted share for 2005. Net income for the year ended December 31, 2006 was $177.0 million or $2.38 per diluted share, compared to $92.7 million and $1.24 per diluted share for 2005.

Operating Highlights

For the three months ended December 31, 2006, Equity One generated same-property net operating income (NOI) growth of 2.9%. For the year ended December 31, 2006, Equity One generated same-property NOI growth of 3.0%. At December 31, 2006, the company’s core operating portfolio was 95.0% occupied.

During the fourth quarter, the company executed 84 new leases totaling 204,567 square feet at an average rental rate of $14.10 per square foot and representing a 14.7% increase over prior rents on a same-space cash basis. Also during the fourth quarter, the company renewed 133 leases for 359,563 square feet for an average rental rate increase of 8.7% to $14.73 per square foot on a cash basis.

Investment and Financing Activities

During the fourth quarter, Equity One acquired five shopping centers and two parcels of land for $72.6 million. The company sold its 20% interest in a joint venture that owned a portfolio of 29 shopping centers in Texas for net proceeds of approximately $18.5 million. The company recognized a gain of $20.4 million on the sale.

In October, the company repurchased 180,900 shares of its common stock for $4.4 million, or an average price of $24.13 per share. In December, the company also sold its investment in Winn-Dixie bonds and recognized a gain of $598,000.

Subsequent to year end, the company has acquired one shopping center in Miami, FL and one outparcel adjacent to an owned center in Orlando, FL for an aggregate purchase price of $50.6 million. Also subsequent to year end, the company sold an office building in Lafayette, LA for a gross sale price of $350,000 and recognized a gain of $275,000.

During 2006, the company completed and leased $45.4 million of development projects with an incremental NOI yield on cost of approximately 9.2%. At December 31, 2006, the company had approximately $73 million of development and approximately $45 million of redevelopment projects underway. The estimated cost to complete these projects was approximately $59 million.

Balance Sheet Highlights

At December 31, 2006, our total market capitalization equaled $3.0 billion, comprising 73.6 million shares of common stock (on a diluted basis) valued at $2.0 billion, and $1.0 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 35.0% and our ratio of net debt to gross real estate and securities investments was 50.2%. On a trailing four quarter basis, the company’s interest coverage ratio was 3.0 times.

FFO and Earnings Guidance

The company is providing 2007 FFO and earnings guidance excluding gains on land sales. Although land sales are expected to be a recurring part of its development business, management does not believe it is prudent to offer predictions of the timing and amounts of such transactions.

FFO per diluted share is expected to be $1.33 to $1.40 for the year ending December 31, 2007, and net income per diluted share is expected to be $0.71 to $0.78. The following table provides the reconciliation of the range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share.

	Low		High
Estimated net income per diluted share	$	0.71	$	0.78
Adjustments:
Rental property depreciation and amortization		0.62		0.62
Minority interest		0.00		0.00
Estimated Funds From Operations (FFO) per diluted share	$	1.33	$	1.40

The company’s 2007 guidance estimates are based upon its internal budgeting process and management’s view of market conditions in the retail real estate business. Assumptions underlying the company’s 2007 guidance include:

· Same-property NOI growth of 3-4%.

· No net acquisition activity. The company anticipates disposing of $150 million in property during 2007 and re-investing the proceeds in acquisitions, developments, and redevelopments.

· The receipt of an annual dividend on the company’s investment in DIM Vastgoed, N.V.

· A stable retail and interest rate environment for the remainder of the year.

· General and administrative expenses of approximately $20-22 million.

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While Equity One is discontinuing providing FFO and earnings guidance on a quarter-by-quarter basis, it expects FFO to be higher in the first quarter of 2007 than in the subsequent three quarters of 2007 due to an expected first quarter accrual of approximately $5.9 million for an anticipated annual dividend on the company’s investment in shares of DIM Vastgoed, N.V. and due to the recognition of a disproportionate amount of percentage rent revenue in the first quarter.

Commenting on 2006 and the outlook for 2007, CEO Jeff Olson said: “Equity One has been through many changes over a short period of time. We have assembled a great team. We can now put the transition behind us and execute our long-term plan of creating value for our shareholders.”

ACCOUNTING AND OTHER DISCLOSURES

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

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

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

CONFERENCE CALL/WEB CAST INFORMATION

We will host a conference call on Wednesday, February 21, 2007, at 8:30 a.m. EST to review the 2006 fourth quarter and year-end earnings and operating results. Stockholders, analysts and other interested parties can access the earnings call by dialing 866-800-8651 (U.S./Canada) or 617-614-2704 (international) using pass code 24993407. 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 on Equity One’s web site for future review. You may also access the replay by dialing 888-286-8010 (U.S./Canada) or 617-801-6888 (international) using pass code 64759941 through February 28, 2007.

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FOR ADDITIONAL INFORMATION

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

ABOUT EQUITY ONE, INC.

As of December 31, 2006, the Company owns or has interests in 179 properties, consisting of 166 shopping centers comprising approximately 17.9 million square feet, six development parcels and seven non-retail properties.

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 is 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, 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.

4

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2006 and 2005

(In thousands, except per share amounts)

	2006			2005
ASSETS
PROPERTIES:
Income producing	$	1,896,843		$	1,661,243
Less: accumulated depreciation		(144,825	)		(111,031	)
Income producing property, net		1,752,018			1,550,212
Construction in progress and land held for development		113,340			64,202
Property held for sale		20,353			282,091
Properties, net		1,885,711			1,896,505
CASH AND CASH EQUIVALENTS		-			102
CASH HELD IN ESCROW		1,547			-
ACCOUNTS AND OTHER RECEIVABLES, NET		18,967			17,600
SECURITIES		75,102			67,588
GOODWILL		13,092			12,013
OTHER ASSETS		57,430			58,225
TOTAL	$	2,051,849		$	2,052,033
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
NOTES PAYABLE
Mortgage notes payable	$	391,647		$	392,480
Mortgage notes payable related to property held for sale		-			54,445
Unsecured revolving credit facilities		76,500			93,165
Unsecured senior notes payable		591,187			465,404
		1,059,334			1,005,494
Unamortized premium/discount on notes payable		10,322			15,830
Total notes payable		1,069,656			1,021,324
OTHER LIABILITIES
Accounts payable and accrued expenses		36,565			40,161
Tenant security deposits		9,622			9,561
Other liabilities		9,339			6,833
Total liabilities		1,125,182			1,077,879
MINORITY INTEREST		989			1,425
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value - 10,000 shares authorized but unissued		-			-
Common stock, $0.01 par value - 100,000 shares authorized, 72,756 and 75,409 shares issued and outstanding for 2006 and 2005, respectively		728			754
Additional paid-in capital		895,247			955,378
Retained earnings		37,201			22,950
Accumulated other comprehensive (loss) income		(7,498	)		3,404
Unamortized restricted stock compensation		-			(9,692	)
Notes receivable from issuance of common stock		-			(65	)
Total stockholders’ equity		925,678			972,729
TOTAL	$	2,051,849		$	2,052,033

5

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

	For the Three Months Ended						For the Twelve Months Ended
	Dec 31, 2006			Dec 31, 2005			Dec 31, 2006			Dec 31, 2005
REVENUE:
Minimum rents	$	47,245		$	40,453		$	176,474		$	159,017
Expense recoveries		14,063			12,854			51,076			44,251
Termination fees		541			913			1,741			4,776
Percentage rent		297			175			2,063			1,717
Management and leasing services		726			173			2,067			498
Total revenue		62,872			54,568			233,421			210,259
COSTS AND EXPENSES:
Property operating		18,012			16,049			65,102			55,703
Services		49			-			1,861			229
Lease termination		688			91			1002			-
Rental property depreciation and amortization		10,634			9,000			42,012			34,994
General and administrative		11,023			4,339			26,895			17,281
Total costs and expenses		40,406			29,479			136,872			108,207
INCOME BEFORE OTHER INCOME AND EXPENSES, MINORITY INTEREST, GAIN ON SALE OF REAL ESTATE AND DISCONTINUED OPERATIONS		22,466			25,089			96,549			102,052
OTHER INCOME AND (EXPENSES):
Interest expense		(14,312	)		(12,022	)		(54,458	)		(47,795	)
Amortization of deferred financing fees		(389	)		(376	)		(1,490	)		(1,454	)
Investment income		892			424			7,487			7,941
Gain on the sale of real estate		900			-			6,937			-
Equity in income of unconsolidated joint ventures		-			-			1,650			-
Gain on extinguishment of debt		-			-			165			-
Other income		-			-			389			-
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		9,557			13,115			57,229			60,744
MINORITY INTEREST		(28	)		(44	)		(206	)		(188	)
INCOME FROM CONTINUING OPERATIONS		9,529			13,071			57,023			60,556
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		(250	)		4,696			4,764			20,725
Gain on disposal of income-producing properties		19,844			-			115,168			11,460
Income from discontinued operations		19,594			4,696			119,932			32,185
NET INCOME	$	29,123		$	17,767		$	176,955		$	92,741
BASIC EARNINGS PER SHARE
Income from continuing operations	$	0.13		$	0.18		$	0.77		$	0.82
Income from discontinued operations		0.27			0.06			1.63			0.44
Total basic earnings per share	$	0.40		$	0.24		$	2.40		$	1.26
Number of shares used in computing basic earnings per share earnings per share		72,579			74,574			73,598			73,840
DILUTED EARNINGS PER SHARE
Income from continuing operations	$	0.13		$	0.18		$	0.77		$	0.81
Income from discontinued operations		0.27			0.06			1.61			0.43
Total diluted earnings per share	$	0.40		$	0.24		$	2.38		$	1.24
Number of shares used in computing diluted earnings per share		73,471			75,501			74,324			74,790

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EQUITY ONE, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Funds from Operations

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

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

	For the three months ended December 31,					For the year ended December 31,
	2006			2005		2006			2005
Net income	$	29,123		$	17,767	$	176,955		$	92,741
Adjustments
Rental property depreciation and amortization		10,630			11,137		44,791			43,445
Gain on sale of depreciable real estate		(19,844	)		-		(112,995	)		(11,460	)
Pro rata share of real estate depreciation from unconsolidated joint venture		110			-		1,354			-
Minority interest		28			28		206			110
Funds from operations	$	20,047		$	28,932	$	110,311		$	124,836

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

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

	For the three months ended December 31,					For the year ended December 31,
	2006			2005		2006			2005
Earnings per diluted share *	$	0.40		$	0.24	$	2.38		$	$1.24
Adjustments
Rental property depreciation and amortization		0.14			0.14		0.60			0.58
Gain on sale of depreciable real estate		(0.27	)		-		(1.52	)		(0.15	)
Pro rata share of real estate depreciation from unconsolidated joint venture		-			-		0.02			-
Funds from operations	$	0.27		$	0.38	$	1.48		$	1.67

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

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EX-99.2

EXHIBIT 99.2

Equity One, Inc.

Supplemental Information Package

December 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

December 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
CONSOLIDATED DEBT SUMMARY	18
PROPERTY STATUS REPORT	23
ANNUAL MINIMUM RENT BY STATE	32
LEASING ACTIVITY AND OCCUPANCY STATISTICS	33
TENANT CONCENTRATION SCHEDULE	37
SHOPPING CENTER LEASE EXPIRATION SCHEDULES	38
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS	41
REAL ESTATE ACQUISITIONS AND DISPOSITIONS	42
ANALYST COVERAGE	43

EQUITY ONE, INC. AND SUBSIDIARIES

DISCLOSURES

As of December 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, 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 September 30, 2006 should be read in conjunction with the above information. Also, the subsequent filing of the Company's Form 10-K for the year ended December 31, 2006. 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 December 31, 2006

(in thousands, except per share data)

	For the three months ended						For the twelve months ended
	Dec 31, 2006			Dec 31, 2005			Dec 31, 2006			Dec 31, 2005
Selected Operating Items:
Total revenue*	$	62,686		$	65,324		$	248,014		$	255,239
Property operating expenses*		18,408			19,166			69,214			67,259
General & administrative expenses (G&A)*		11,023			4,339			26,895			17,281
Net income	$	29,123		$	17,767		$	176,955		$	92,741
Net income per diluted share		0.40			0.24			2.38			1.24
Income from continuing operations	$	9,529		$	13,071		$	57,023		$	60,556
Income from continuing operations per diluted share		0.13			0.18			0.77			0.81
Funds from operations (FFO)	$	20,047		$	28,932		$	110,311		$	124,836
FFO per diluted share		0.27			0.38			1.48			1.67
Funds available for distribution before debt payments (FAD)	$	14,579		$	24,956		$	89,882		$	106,846
FAD per diluted share		0.20			0.33			1.21			1.43
Total dividends paid per share (1)	$	0.30		$	0.30		$	2.20		$	1.17
Operating Ratios:
Net operating income margin (see page 7)*		70.3	%		70.6	%		71.9	%		73.6	%
Expense recovery ratio (expense recoveries/operating expenses)*		74.4	%		80.5	%		79.3	%		81.8	%
Consolidated EBITDA margin (see page 6)*		53.5	%		64.4	%		62.5	%		68.0	%
Consolidated EBITDA to interest coverage ratio*		2.4			3.3			3.0			3.4
G&A as % of total revenues*		17.1	%		6.6	%		10.2	%		6.6	%
G&A as % of total assets (annualized)		2.15	%		0.85	%		1.31	%		0.84	%
Dividend / FFO payout ratio (1)		111.1	%		78.9	%		81.1	%		70.1	%
FFO multiple (annualized if < 12 months)		24.7			15.2			18.0			13.8
Dividend / FAD payout ratio (1)		150.0	%		90.9	%		99.2	%		81.8	%
FAD multiple (annualized if < 12 months)		33.3			17.5			22.0			16.2

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

(1) Dividend amounts include a $1.00 per share special dividend paid on June 30, 2006. Payout ratios exclude the $1.00 per share special dividend.

Page 4

EQUITY ONE, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS - DEBT RATIOS - QUARTERLY BREAKOUT

As of December 31, 2006

(in thousands, except per share data)

	As of
	Dec 31, 2006			Sep 30, 2006			Jun 30, 2006			Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Fixed rate debt	$	886,647		$	859,487		$	811,699		$	928,108		$	816,925		$	819,564		$	704,203		$	738,817
Fixed rate debt - swapped to variable rate		96,187			95,479			93,999			94,052			95,404			95,514			97,310			95,165
Variable rate debt - unhedged		76,500			44,000			47,000			115,000			93,165			39,000			184,161			144,763
Total debt*	$	1,059,334		$	998,966		$	952,698		$	1,137,160		$	1,005,494		$	954,078		$	985,674		$	978,745
% Fixed rate debt		83.70	%		86.04	%		85.20	%		81.62	%		81.25	%		85.90	%		71.44	%		75.49	%
% Fixed rate debt - swapped to variable rate		9.08	%		9.56	%		9.87	%		8.27	%		9.49	%		10.01	%		9.87	%		9.72	%
% Variable rate debt - unhedged		7.22	%		4.40	%		4.93	%		10.11	%		9.26	%		4.09	%		18.68	%		14.79	%
Total		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
% Variable rate debt - total		16.30	%		13.96	%		14.80	%		18.38	%		18.75	%		14.10	%		28.56	%		24.51	%
Secured mortgage debt	$	391,647		$	360,471		$	366,699		$	433,108		$	446,925		$	449,546		$	454,203		$	488,817
Unsecured debt		667,687			638,495			585,999			704,052			558,569			504,532			531,471			489,928
Total debt*	$	1,059,334		$	998,966		$	952,698		$	1,137,160		$	1,005,494		$	954,078		$	985,674		$	978,745
% Secured mortgage debt		36.97	%		36.49	%		38.49	%		38.09	%		44.45	%		47.12	%		46.08	%		49.94	%
% Unsecured debt		63.03	%		63.51	%		61.51	%		61.91	%		55.55	%		52.88	%		53.92	%		50.06	%
Total		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
Total market capitalization (from page 8)	$	3,019,359		$	2,741,436		$	2,449,256		$	3,005,198		$	2,757,987		$	2,707,115		$	2,690,123		$	2,515,416
% Secured mortgage debt		12.97	%		13.30	%		14.97	%		14.41	%		16.20	%		16.61	%		16.88	%		19.43	%
% Unsecured debt		22.11	%		23.14	%		23.93	%		23.43	%		20.25	%		18.64	%		19.76	%		19.48	%
Total debt : Total market capitalization		35.08	%		36.44	%		38.90	%		37.84	%		36.45	%		35.24	%		36.64	%		38.91	%
Weighted-average interest rate on secured mortgage debt		7.26	%		7.29	%		7.30	%		7.30	%		7.19	%		7.24	%		7.24	%		7.26	%
Weighted-average interest rate on senior unsecured notes**		5.67	%		5.65	%		5.49	%		5.49	%		5.20	%		5.42	%		5.08	%		5.10	%
Weighted-average interest rate on revolving credit facilities		5.63	%		5.64	%		5.69	%		5.14	%		4.68	%		4.15	%		3.69	%		3.19	%
Weighted-average maturity on mortgage debt		5.4 years			5.4 years			5.4 years			4.8 years			5.2 years			5.6 years			5.8 years			5.6 years
Weighted-average maturity on senior unsecured notes		7.2 years			7.9 years			5.9 years			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 December 31, 2006

(in thousands, except per share data)

	For the three months ended						For the twelve months ended
	Dec 31, 2006			Dec 31, 2005			Dec 31, 2006			Dec 31, 2005
Net income	$	29,123		$	17,767		$	176,955		$	92,741
Rental property depreciation and amortization*		10,630			11,137			44,791			43,447
Other depreciation and amortization		200			163			726			577
Interest expense*		14,312			12,813			55,522			51,983
Amortization of deferred financing fees*		389			391			1,503			1,512
Minority interest*		28			44			206			188
Gain on disposal of income producing property		(19,844	)		-			(115,168	)		(11,460	)
Equity in income of unconsolidated joint ventures		(328	)		-			(203	)		-
Consolidated EBITDA*	$	34,510		$	42,315		$	164,332		$	178,988
Consolidated interest expense*	$	14,312		$	12,813		$	55,522		$	51,983
Consolidated EBITDA : interest coverage ratio*		2.4			3.3			3.0			3.4
Revenue
Total revenue*	$	62,686		$	65,324		$	248,014		$	255,239
Investment income		892			424			7,487			7,941
Sale of real estate		900			-			6,937			-
Other income		-			-			389			-
Total revenue*	$	64,478		$	65,748		$	262,827		$	263,180
Consolidated EBITDA margin (EBITDA/total revenue)*		53.5	%		64.4	%		62.5	%		68.0	%
Total market capitalization (see page 8)	$	3,019,359		$	2,757,987		$	3,019,359		$	2,757,987
Total market capitalization to total EBITDA multiple*		21.9			16.3			18.4			15.4

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

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES

NET OPERATING INCOME

For the quarter ended December 31, 2006

(in thousands, except per share data)

	For the three months ended						Percent			For the twelve months ended						Percent
	Dec 31, 2006			Dec 31, 2005			Change			Dec 31, 2006			Dec 31, 2005			Change
Consolidated net operating income (1)
Total rental revenue	$	61,960		$	65,151			(4.9	%)	$	245,947		$	254,741			(3.5	%)
Property operating expenses (2)		18,408			19,166			(4.0	%)		69,214			67,259			2.9	%
Consolidated net operating income	$	43,552		$	45,985			(5.3	%)	$	176,733		$	187,482			(5.7	%)
Consolidated NOI margin (NOI/total rental revenue)		70.3	%		70.6	%					71.9	%		73.6	%
Consolidated same property NOI (3)
Total rental revenue	$	52,204		$	50,814			2.7	%	$	196,792		$	187,905			4.7	%
Property operating expenses		15,957			15,594			2.3	%		56,945			52,073			9.4	%
Net operating income	$	36,247		$	35,220			2.9	%	$	139,847		$	135,832			3.0	%
Growth in same property NOI		2.9	%								3.0	%
Number of properties included in analysis		142									136
Same property occupancy		94.9	%		94.6	%					94.8	%		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, lease termination fees and prior year expense recoveries and adjustments, if any.

Page 7

EQUITY ONE, INC. AND SUBSIDIARIES

MARKET CAPITALIZATION - QUARTERLY BREAKOUT

As of December 31, 2006

(in thousands, except per share data)

	Dec 31, 2006			Sep 30, 2006			Jun 30, 2006			Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Closing market price of common stock	$	26.66		$	23.97		$	20.90		$	24.56		$	23.12		$	23.25		$	22.70		$	20.59
Dividend yield (based on current annualized dividend) (1)		4.50	%		5.01	%		5.74	%		4.89	%		5.19	%		4.99	%		5.11	%		5.63	%
Dividends paid per share (1)	$	0.30		$	0.30		$	1.30		$	0.30		$	0.30		$	0.29		$	0.29		$	0.29
Net book value per share (fully diluted, end of period)	$	12.58		$	12.49		$	12.75		$	12.84		$	12.83		$	12.83		$	12.73		$	12.64
Liquidity
Cash and cash equivalents (includes cash held in escrow)	$	1,547		$	18,560		$	47,884		$	2,216		$	102		$	3,308		$	-		$	-
Revolving credit facilities
Gross potential available under current credit facilities	$	280,000		$	280,000		$	280,000		$	280,000		$	345,000		$	345,000		$	345,000		$	345,000
less:        Outstanding balance		(76,500	)		(44,000	)		(47,000	)		(115,000	)		(93,165	)		(39,000	)		(179,387	)		(144,763	)
Holdback for letters of credit		(4,989	)		(5,943	)		(5,896	)		(1,371	)		(1,283	)		(1,283	)		(1,283	)		(1,289	)
Net potential available under credit facilities	$	198,511		$	230,057		$	227,104		$	163,629		$	250,552		$	304,717		$	164,330		$	198,948
Equity market capitalization (end of period)
Common stock shares (in thousands)
Basic common shares		72,755.717			72,673.863			73,235.641			75,360.212			74,891.792			74,522.955			74,029.497			73,561.218
Diluted common shares
Unvested restricted common shares		381.017			460.067			401.834			391.214			517.637			525.954			582.787			576.122
Walden Woods shares		93.656			93.656			93.656			93.656			93.656			93.656			93.656			93.656
Common stock options (treasury method, closing price)		346.938			240.482			165.612			305.327			301.217			399.136			379.914			400.907
Fully diluted common shares		73,577.328			73,468.068			73,896.743			76,150.409			75,804.302			75,541.701			75,085.854			74,631.903
Total debt (excluding unamortized premium/discount)	$	1,059,334		$	998,966		$	952,698		$	1,137,160		$	1,005,494		$	954,078		$	985,674		$	978,745
Cash and cash equivalents (includes cash held in escrow)		(1,547	)		(18,560	)		(47,884	)		(2,216	)		(102	)		(3,308	)		-			-
Net debt		1,057,787			980,406			904,814			1,134,944			1,005,392			950,770			985,674			978,745
Equity market capitalization (fully diluted, end of period)		1,961,572			1,761,030			1,544,442			1,870,254			1,752,595			1,756,345			1,704,449			1,536,671
Total market capitalization	$	3,019,359		$	2,741,436		$	2,449,256		$	3,005,198		$	2,757,987		$	2,707,115		$	2,690,123		$	2,515,416
Net debt to total market capitalization		35.0	%		35.8	%		36.9	%		37.8	%		36.5	%		35.1	%		36.6	%		38.9	%
Gross real estate and securities investments	$	2,105,641		$	2,020,902		$	1,961,722		$	2,222,135		$	2,088,063		$	2,028,990		$	2,044,787		$	2,016,111
Net debt to gross real estate and securities investments		50.2	%		48.5	%		46.1	%		51.1	%		48.1	%		46.9	%		48.2	%		48.5	%

(1) Dividend amount includes a $1.00 special dividend paid on June 30, 2006. Dividend yield excludes the special dividend.

Page 8

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the quarter ended December 31, 2006

(in thousands, except per share data)

	For the three months ended						Percent			For the twelve months ended						Percent
	Dec 31, 2006			Dec 31, 2005			Change			Dec 31, 2006			Dec 31, 2005			Change
Revenue:
Minimum rents	$	47,245		$	40,453					$	176,474		$	159,017
Expense recoveries		14,063			12,854						51,076			44,251
Lease termination fees		541			913						1,741			4,776
Percentage rent		297			175						2,063			1,717
Property management and leasing services		726			173						2,067			498
Total revenue		62,872			54,568			15.2	%		233,421			210,259			11.0	%
Costs and expenses:
Property operating		18,012			16,049						65,102			55,701
Lease termination		49			-						1,002			-
Property management and leasing services		688			91						1,861			229
Rental property depreciation and amortization		10,634			9,000						42,012			34,996
General and administrative		11,023			4,339						26,895			17,281
Total costs and expenses		40,406			29,479			37.1	%		136,872			108,207			26.5	%
Income before other income and expenses, minority interest and discontinued operations		22,466			25,089						96,549			102,052
Other income and expenses:
Interest expense		(14,312	)		(12,022	)					(54,458	)		(47,795	)
Amortization of deferred financing fees		(389	)		(376	)					(1,490	)		(1,454	)
Investment income		892			424						7,487			7,941
Equity in income (loss) from unconsolidated joint ventures		-			-						1,650			-
Gain on sale of real estate		900			-						6,937			-
Gain (loss) on extinguishment of debt		-			-						165			-
Other income (loss)		-			-						389			-
Income before minority interest and discontinued operations		9,557			13,115						57,229			60,744
Minority interest		(28	)		(44	)					(206	)		(188	)
Income from continuing operations		9,529			13,071			-27.1	%		57,023			60,556			-5.8	%
Discontinued operations:
Operations of income producing properties sold or held for sale		(250	)		4,696						4,764			20,725
Gain on disposal of income producing properties		19,844			-						115,168			11,460
Income from discontinued operations		19,594			4,696						119,932			32,185
Net income	$	29,123		$	17,767			63.9	%	$	176,955		$	92,741			90.8	%
Basic earnings per share
Income from continuing operations	$	0.13		$	0.18			-27.8	%	$	0.77		$	0.82			-6.1	%
Income from discontinued operations		0.27			0.06						1.63			0.44
Net income	$	0.40		$	0.24			66.7	%	$	2.40		$	1.26			90.5	%
Diluted earnings per share
Income from continuing operations	$	0.13		$	0.18			-27.8	%	$	0.77		$	0.81			-4.9	%
Income from discontinued operations		0.27			0.06						1.61			0.43
Net income	$	0.40		$	0.24			66.7	%	$	2.38		$	1.24			91.9	%
Weighted average shares outstanding
Basic		72,579			74,574						73,598			73,840
Diluted		73,471			75,501						74,324			74,790

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY BREAKOUT

For the quarter ended December 31, 2006

(in thousands, except per share data)

	For the three months ended
	Dec 31, 2006			Sep 30, 2006			Jun 30, 2006			Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Revenue:
Minimum rents	$	47,245		$	44,065		$	43,374		$	41,790		$	40,453		$	39,897		$	39,464		$	39,203
Expense recoveries		14,063			12,024			12,840			12,149			12,854			10,482			10,747			10,168
Lease termination fees		541			399			532			269			913			818			2,617			428
Percentage rent		297			303			189			1,274			175			101			329			1,112
Property management and leasing services		726			745			441			155			173			133			128			64
Total revenue		62,872			57,536			57,376			55,637			54,568			51,431			53,285			50,975
Costs and expenses:
Property operating		18,012			16,140			15,880			15,070			16,049			13,711			13,165			12,776
Lease termination		49			-			598			355			-			-			-			-
Property management and leasing services		688			610			486			77			91			42			74			22
Rental property depreciation and amortization		10,634			10,629			10,798			9,951			9,000			8,795			8,748			8,453
General and administrative		11,023			6,591			4,665			4,616			4,339			4,232			4,370			4,340
Total costs and expenses		40,406			33,970			32,427			30,069			29,479			26,780			26,357			25,591
Income before other income and expenses, minority interest and discontinued operations		22,466			23,566			24,949			25,568			25,089			24,651			26,928			25,384
Other income and expenses:
Interest expense		(14,312	)		(13,229	)		(12,946	)		(13,971	)		(12,022	)		(13,017	)		(11,940	)		(10,816	)
Amortization of deferred financing fees		(389	)		(383	)		(373	)		(345	)		(376	)		(357	)		(356	)		(365	)
Investment income		892			830			1,113			4,652			424			5,593			1,215			709
Equity in income (loss) from unconsolidated joint venture		-			-			1,650			-			-			-			-			-
Gain on sale of real estate		900			439			5,284			314			-			-			-			-
Gain (loss) on extinguishment of debt		-			457			-			(292	)		-			-			-			-
Other income (loss)		-			-			39			350			-			-			-			-
Income before minority interest and discontinued operations		9,557			11,680			19,716			16,276			13,115			16,870			15,847			14,912
Minority interest		(28	)		(28	)		(122	)		(28	)		(44	)		(48	)		(46	)		(50	)
Income from continuing operations		9,529			11,652			19,594			16,248			13,071			16,822			15,801			14,862
Discontinued operations:
Operations of income producing properties sold or held for sale		(250	)		343			(954	)		5,625			4,696			5,131			5,585			5,313
Gain on disposal of income producing properties		19,844			2,125			92,707			492			-			6,088			3,757			1,615
Income from discontinued operations		19,594			2,468			91,753			6,117			4,696			11,219			9,342			6,928
Net income	$	29,123		$	14,120		$	111,347		$	22,365		$	17,767		$	28,041		$	25,143		$	21,790
Basic earnings per share
Income from continuing operations	$	0.13		$	0.16		$	0.27		$	0.22		$	0.18		$	0.23		$	0.21		$	0.21
Income from discontinued operations		0.27			0.03			1.23			0.08			0.06			0.15			0.13			0.09
Net income	$	0.40		$	0.19		$	1.50		$	0.30		$	0.24		$	0.38		$	0.34		$	0.30
Diluted earnings per share
Income from continuing operations	$	0.13		$	0.16		$	0.26		$	0.21		$	0.18		$	0.22		$	0.21		$	0.20
Income from discontinued operations		0.27			0.03			1.23			0.08			0.06			0.15			0.13			0.09
Net income	$	0.40		$	0.19		$	1.49		$	0.29		$	0.24		$	0.37		$	0.34		$	0.29
Weighted average shares outstanding
Basic		72,579			73,152			74,359			75,151			74,574			74,087			73,636			73,043
Diluted		73,471			73,893			75,071			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 December 31, 2006

(in thousands, except per share data)

	For the three months ended Dec 31, 2006															For the twelve months ended Dec 31, 2006
				Discontinued Operations															Discontinued Operations
	As Reported			Total			Held for Sale			Sold			Pre SfAS No. 144			As Reported			Total			Held for Sale			Sold			Pre SFAS No. 144
Revenue:
Minimum rents	$	47,245		$	181		$	143		$	38		$	47,426		$	176,474		$	10,744		$	199		$	10,545		$	187,218
Expense recoveries		14,063			(368	)		21			(389	)		13,695			51,076			3,784			18			3,766			54,860
Lease termination fees		541			-			-			-			541			1,741			32			-			32			1,773
Percentage rent		297			1			-			1			298			2,063			33			-			33			2,096
Property management and leasing services		726			-			-			-			726			2,067			-			-			-			2,067
Total revenue		62,872			(186	)		164			(350	)		62,686			233,421			14,593			217			14,376			248,014
Costs and expenses:
Property operating		18,012			396			36			360			18,408			65,102			4,112			63			4,049			69,214
Lease termination		49			-			-			-			49			1,002			-			-			-			1,002
Property management and leasing services		688			-			-			-			688			1,861			-			-			-			1,861
Rental property depreciation and amortization		10,634			(4	)		2			(6	)		10,630			42,012			2,779			4			2,775			44,791
General and administrative		11,023			-			-			-			11,023			26,895			-			-			-			26,895
Total costs and expenses		40,406			392			38			354			40,798			136,872			6,891			67			6,824			143,763
Income before other income and expenses, minority interest and discontinued operations		22,466			(578	)		126			(704	)		21,888			96,549			7,702			150			7,552			104,251
Other income and expenses:
Interest expense		(14,312	)		-			-			-			(14,312	)		(54,458	)		(1,064	)		-			(1,064	)		(55,522	)
Amortization of deferred financing fees		(389	)		-			-			-			(389	)		(1,490	)		(13	)		-			(13	)		(1,503	)
Investment income		892			-			-			-			892			7,487			-			-			-			7,487
Equity in income (loss) of unconsolidated joint venture		-			328			-			328			328			1,650			203			-			203			1,853
Gain on sale of real estate		900			-			-			-			900			6,937			-			-			-			6,937
Gain (loss) on extinguishment of debt		-			-			-			-			-			165			(1,978	)		-			(1,978	)		(1,813	)
Other income (loss)		-			-			-			-			-			389			(86	)		-			(86	)		303
Income before minority interest and discontinued operations		9,557			(250	)		126			(376	)		9,307			57,229			4,764			150			4,614			61,993
Minority interest		(28	)		-			-			-			(28	)		(206	)		-			-			-			(206	)
Income from continuing operations		9,529			(250	)		126			(376	)		9,279			57,023			4,764			150			4,614			61,787
Discontinued operations:
Operations of income producing properties sold or held for sale		(250	)		250			(126	)		376			-			4,764			(4,764	)		(150	)		(4,614	)		-
Gain on disposal of income producing properties		19,844			-			-			-			19,844			115,168			-			-			-			115,168
Income from discontinued operations		19,594			250			(126	)		376			19,844			119,932			(4,764	)		(150	)		(4,614	)		115,168
Net income	$	29,123		$	-		$	-		$	-		$	29,123		$	176,955		$	-		$	-		$	-		$	176,955

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 December 31, 2006

(in thousands, except per share data)

	For the three months ended Dec 31, 2005															For the twelve months ended Dec 31, 2005
				Discontinued Operations															Discontinued Operations
	As Reported			Total			Held for Sale			Sold			Pre SFAS No. 144			As Reported			Total			Held for Sale			Sold			Pre SFAS No. 144
Revenue:
Minimum rents	$	40,453		$	8,171		$	9		$	8,162		$	48,624		$	159,017		$	34,005		$	29		$	33,976		$	193,022
Expense recoveries		12,854			2,573			2			2,571			15,427			44,251			10,768			3			10,765			55,019
Lease termination fees		913			12			-			12			925			4,776			173			-			173			4,949
Percentage rent		175			-			-			-			175			1,717			34			-			34			1,751
Property management and leasing services		173			-			-			-			173			498			-			-			-			498
Total revenue		54,568			10,756			11			10,745			65,324			210,259			44,980			32			44,948			255,239
Costs and expenses:
Property operating		16,049			3,117			5			3,112			19,166			55,703			11,558			13			11,545			67,261
Property management and leasing services		91			-			-			-			91			229			-			-			-			229
Rental property depreciation and amortization		9,000			2,137			-			2,137			11,137			34,994			8,451			1			8,450			43,445
General and administrative		4,339			-			-			-			4,339			17,281			-			-			-			17,281
Total costs and expenses		29,479			5,254			5			5,249			34,733			108,207			20,009			14			19,995			128,216
Income before other income and expenses, minority interest and discontinued operations		25,089			5,502			6			5,496			30,591			102,052			24,971			18			24,953			127,023
Other income and expenses:
Interest expense		(12,022	)		(791	)		-			(791	)		(12,813	)		(47,795	)		(4,188	)		-			(4,188	)		(51,983	)
Amortization of deferred financing fees		(376	)		(15	)		-			(15	)		(391	)		(1,454	)		(58	)		-			(58	)		(1,512	)
Investment income		424			-			-			-			424			7,941			-			-			-			7,941
Other income (loss)		-			-			-			-			-			-			-			-			-			-
Income before minority interest and discontinued operations		13,115			4,696			6			4,690			17,811			60,744			20,725			18			20,707			81,469
Minority interest		(44	)		-			-			-			(44	)		(188	)		-			-			-			(188	)
Income from continuing operations		13,071			4,696			6			4,690			17,767			60,556			20,725			18			20,707			81,281
Discontinued operations:
Operations of income producing properties sold or held for sale		4,696			(4,696	)		(6	)		(4,690	)		-			20,725			(20,725	)		(18	)		(20,707	)		-
Gain on disposal of income producing properties		-			-			-			-			-			11,460			-			-			-			11,460
Income from discontinued operations		4,696			(4,696	)		(6	)		(4,690	)		-			32,185			(20,725	)		(18	)		(20,707	)		11,460
Net income	$	17,767		$	-		$	-		$	-		$	17,767		$	92,741		$	-		$	-		$	-		$	92,741

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 December 31, 2006

(in thousands, except per share data)

	For the three months ended					For the twelve months ended
	Dec 31, 2006			Dec 31, 2005		Dec 31, 2006			Dec 31, 2005
Net income	$	29,123		$	17,767	$	176,955		$	92,741
Adjustments:
Rental property depreciation and amortization, including discontinued operations		10,630			11,137		44,791			43,445
Gain on disposal of depreciable real estate		(19,844	)		-		(112,995	)		(11,460	)
Pro rata share of real estate depreciation from unconsolidated joint venture		110			-		1,354			-
Minority interest		28			28		206			110
Funds from operations	$	20,047		$	28,932	$	110,311		$	124,836
Increase		-30.7	%				-11.6	%
Earnings per diluted share*	$	0.40		$	0.24	$	2.38		$	1.24
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.14			0.14	$	0.60			0.58
Gain on disposal of depreciable real estate		(0.27	)		-	$	(1.52	)		(0.15	)
Pro rata share of real estate depreciation from unconsolidated joint venture		-			-	$	0.02			-
Funds from operations per diluted share	$	0.27		$	0.38	$	1.48		$	1.67
Increase		-28.9	%				-11.4	%
Weighted average diluted shares		73,471			75,501		74,324			74,790

* 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 December 31, 2006

(in thousands, except per share data)

	For the three months ended
	Dec 31, 2006			Sep 30, 2006			Jun 30, 2006			Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Net income	$	29,123		$	14,120		$	111,347		$	22,365		$	17,767		$	28,041		$	25,143		$	21,790
Adjustments:
Rental property depreciation and amortization, including discontinued operations		10,630			10,629			11,493			12,039			11,137			10,924			10,938			10,446
Gain on disposal of depreciable real estate		(19,844	)		-			(92,659	)		(492	)		-			(6,088	)		(3,757	)		(1,615	)
Pro rata share of real estate depreciation from unconsolidated joint venture		110			736			508			-			-			-			-			-
Minority interest		28			28			122			28			28			27			27			28
Funds from operations	$	20,047		$	25,513		$	30,811		$	33,940		$	28,932		$	32,904		$	32,351		$	30,649
Sequential increase (decrease)		(21.4	%)		(17.1	%)		(9.2	%)		17.3	%		(12.1	%)		1.7	%		5.6	%
Earnings per diluted share*	$	0.40		$	0.19		$	1.49		$	0.29		$	0.24		$	0.37		$	0.34		$	0.29
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.14			0.15			0.15			0.16			0.14			0.15			0.14			0.14
Gain on disposal of depreciable real estate		(0.27	)		-			(1.24	)		-			-			(0.08	)		(0.05	)		(0.02	)
Pro rata share of real estate depreciation from unconsolidated joint venture		0.00			0.01			0.01			-			-			0.00			-			-
Funds from operations per diluted share	$	0.27		$	0.35		$	0.41		$	0.45		$	0.38		$	0.44		$	0.43		$	0.41
Sequential increase (decrease)		(22.9	%)		(14.6	%)		(8.9	%)		18.4	%		(13.6	%)		2.3	%		4.9	%
Weighted average diluted shares		73,471			73,893			75,071			75,978			75,501			75,144			74,656			74,193

* 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 December 31, 2006

(in thousands, except per share data)

	For the three months ended						For the twelve months ended
	Dec 31, 2006			Dec 31, 2005			Dec 31, 2006			Dec 31, 2005
Funds from operations	$	20,047		$	28,932		$	110,311		$	124,836
Adjust for certain non-cash items:
Amortization of deferred financing fees		389			391			1,503			1,512
Amortization of above/below market rent intangibles		(665	)		(254	)		(2,612	)		(1,006	)
Amortization of restricted stock and stock option expense		1,909			1,498			6,125			5,973
Straight line rents		(1,895	)		(940	)		(4,066	)		(4,450	)
Capitalized interest		(1,471	)		(1,055	)		(5,820	)		(3,354	)
Amortization of debt premium/discount		(481	)		(1,264	)		(5,864	)		(5,159	)
Total non-cash items		(2,214	)		(1,624	)		(10,734	)		(6,484	)
Adjust for recurring capital expenditures:
Tenant improvements		(1,046	)		(572	)		(3,748	)		(4,935	)
Leasing commissions and costs		(1,147	)		(1,094	)		(3,713	)		(4,583	)
Other capital expenditures		(1,061	)		(686	)		(2,234	)		(1,988	)
Total recurring capital expenditures		(3,254	)		(2,352	)		(9,695	)		(11,506	)
Funds available for distribution before debt payments	$	14,579		$	24,956		$	89,882		$	106,846
		-41.6	%					-15.9	%
Funds available for distribution per diluted share	$	0.20		$	0.33		$	1.21		$	1.43
Increase		-39.4	%					-15.4	%
Cash dividends (1)	$	21,976		$	22,588		$	162,704		$	87,272
Weighted average diluted shares		73,471			75,501			74,324			74,790

(1) Dividend amount includes a $1.00 special dividend paid on June 30, 2006.

Page 15

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION - QUARTERLY BREAKOUT

For the quarter ended December 31, 2006

(in thousands, except per share data)

	For the three months ended
	Dec 31, 2006			Sep 30, 2006			Jun 30, 2006			Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Funds from operations	$	20,047		$	25,513		$	30,811		$	33,940		$	28,932		$	32,904		$	32,351		$	30,649
Adjust for certain non-cash items:
Amortization of deferred financing fees		389			383			376			355			391			372			370			379
Amortization of above/below market rent intangibles		(665	)		(651	)		(773	)		(523	)		(254	)		(240	)		(364	)		(148	)
Stock-based compensation		1,909			1,447			1,382			1,387			1,498			1,523			1,466			1,486
Straight line rents		(1,895	)		(834	)		(716	)		(621	)		(940	)		(1,157	)		(1,086	)		(1,267	)
Capitalized interest		(1,471	)		(1,673	)		(1,600	)		(1,076	)		(1,055	)		(876	)		(790	)		(633	)
Amortization of debt premium/discount		(481	)		(2,304	)		(193	)		(2,886	)		(1,264	)		(1,274	)		(1,335	)		(1,286	)
Total non-cash items		(2,214	)		(3,632	)		(1,524	)		(3,364	)		(1,624	)		(1,652	)		(1,739	)		(1,469	)
Adjust for recurring capital expenditures:
Tenant improvements		(1,046	)		(864	)		(1,127	)		(711	)		(572	)		(1,624	)		(2,374	)		(365	)
Leasing commissions and costs		(1,147	)		(702	)		(787	)		(1,077	)		(1,094	)		(1,097	)		(881	)		(1,511	)
Other capital expenditures		(1,061	)		(379	)		(368	)		(426	)		(686	)		(386	)		(502	)		(414	)
Total recurring capital expenditures		(3,254	)		(1,945	)		(2,282	)		(2,214	)		(2,352	)		(3,107	)		(3,757	)		(2,290	)
Funds available for distribution before debt payments	$	14,579		$	19,936		$	27,005		$	28,362		$	24,956		$	28,145		$	26,855		$	26,890
Sequential increase (decrease)		(26.9	%)		(26.4	%)		(4.8	%)		13.6	%		(11.3	%)		4.8	%		(0.1	%)
Funds available for distribution per diluted share	$	0.20		$	0.27		$	0.36		$	0.37		$	0.33		$	0.37		$	0.36		$	0.36
Sequential increase (decrease)		(25.9	%)		(25.0	%)		(2.7	%)		12.1	%		(10.8	%)		2.8	%		-
Cash dividends (1)	$	21,976		$	22,125		$	95,850		$	22,753		$	22,588		$	21,683		$	21,575		$	21,426
Weighted average diluted shares		73,471			73,893			75,071			75,978			75,501			75,144			74,656			74,193

(1) Dividend amount includes a $1.00 special dividend paid on June 30, 2006.

Page 16

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

	As of
	Dec 31, 2006			Sep 30, 2006			Jun 30, 2006			Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
Assets
Properties
Income producing	$	1,896,843		$	1,724,194		$	1,742,017		$	1,737,809		$	1,661,243		$	1,644,783		$	1,488,652		$	1,911,819
Less: accumulated depreciation		(144,825	)		(128,266	)		(127,293	)		(119,522	)		(111,031	)		(102,620	)		(86,123	)		(104,718	)
Rental property		1,752,018			1,595,928			1,614,724			1,618,287			1,550,212			1,542,163			1,402,529			1,807,101
Construction in progress and land held for development		113,340			99,339			128,767			102,784			64,202			57,950			52,818			50,026
Property held for sale		20,353			116,650			9,827			281,579			282,091			287,099			432,936			9,199
Properties, net		1,885,711			1,811,917			1,753,318			2,002,650			1,896,505			1,887,212			1,888,283			1,866,326
Cash and cash equivalents		-			12,272			3,424			2,216			102			-			-			-
Cash held in escrow		1,547			6,288			44,460			-			-			3,308			-			-
Accounts and other receivables, net		18,967			16,444			14,207			19,139			17,600			13,978			12,643			10,204
Securities		75,102			80,719			81,074			85,336			67,588			27,601			52,303			44,593
Goodwill		13,092			11,504			13,092			11,982			12,013			12,007			13,807			13,807
Investment in and advances to unconsolidated joint venture		-			-			209			285			285			273			273			273
Other assets		57,430			57,397			54,123			58,949			57,940			59,233			48,060			57,446
Total	$	2,051,849		$	1,996,541		$	1,963,907		$	2,180,557		$	2,052,033		$	2,003,612		$	2,015,369		$	1,992,649
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	391,647		$	360,471		$	366,699		$	378,922		$	392,480		$	391,801		$	389,907		$	488,817
Mortgage notes payable related to properties held for sale		-			4,016			-			54,186			54,445			57,745			64,296			-
Unsecured revolving credit facilities		76,500			44,000			47,000			115,000			93,165			39,000			179,387			144,763
Unsecured senior notes payable		591,187			590,479			538,999			589,052			465,404			465,532			347,310			345,165
Payable for securities		-			-			-			-			-			-			4,774			-
Total debt		1,059,334			998,966			952,698			1,137,160			1,005,494			954,078			985,674			978,745
Unamortized premium/discount on notes payable		10,322			8,890			11,898			12,041			15,830			17,093			18,984			20,318
Total notes payable		1,069,656			1,007,856			964,596			1,149,201			1,021,324			971,171			1,004,658			999,063
Accounts payable and other liabilities		55,526			70,126			55,926			52,531			56,555			62,115			53,446			48,787
Total liabilities		1,125,182			1,077,982			1,020,522			1,201,732			1,077,879			1,033,286			1,058,104			1,047,850
Minority interest		989			989			989			989			1,425			1,457			1,437			1,417
Stockholders' equity		925,678			917,570			942,396			977,836			972,729			968,869			955,828			943,382
Total	$	2,051,849		$	1,996,541		$	1,963,907		$	2,180,557		$	2,052,033		$	2,003,612		$	2,015,369		$	1,992,649

Page 17

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED DEBT SUMMARY

As of December 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Dec 31, 2006 balance		Dec 31, 2005 balance		Percent of total indebtedness at Dec 31, 2006
Mortgage debt
Medford		03/01/06		8.690%	$	-	$	5,206		0.00	%
Plymouth		03/01/06		8.690%		-		3,805		0.00	%
Swampscott		03/01/06		8.690%		-		2,262		0.00	%
Colony Plaza (2)		04/25/06		7.540%		-		2,932		0.00	%
Forestwood (2)		04/25/06		5.070%		-		6,961		0.00	%
Highland Square (2)		04/25/06		8.870%		-		3,847		0.00	%
Minyards (2)		04/25/06		8.320%		-		2,432		0.00	%
Parkwood (2)		04/25/06		7.280%		-		6,015		0.00	%
Richwood (2)		04/25/06		7.280%		-		3,099		0.00	%
Westgate Marketplace (2)		04/25/06		4.880%		-		29,159		0.00	%
Walden Woods		05/03/06		7.875%		-		2,148		0.00	%
Crossroads Square		06/01/06		8.440%		-		12,123		0.00	%
Rosemeade		12/01/07		8.295%		2,947		3,031		0.28	%
Commonwealth		02/15/08		7.000%		2,374		2,510		0.22	%
Mariners Crossing		03/01/08		7.080%		3,224		3,280		0.30	%
Pine Island/Ridge Plaza		07/01/08		6.910%		23,781		24,195		2.22	%
North Port Shopping Center		02/08/09		6.650%		3,788		3,902		0.35	%
Prosperity Centre		03/01/09		7.875%		5,193		5,624		0.49	%
Ibis Shopping Center		09/01/09		6.730%		5,294		5,497		0.49	%
Tamarac Town Square		10/01/09		9.190%		5,927		6,029		0.55	%
Park Promenade		02/01/10		8.100%		6,100		6,173		0.57	%
Skipper Palms		03/01/10		8.625%		3,456		3,493		0.32	%
Jonathan's Landing		05/01/10		8.050%		2,793		2,832		0.26	%
Bluff's Square		06/01/10		8.740%		9,815		9,914		0.92	%

Page 18

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED DEBT SUMMARY

As of December 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Dec 31, 2006 balance		Dec 31, 2005 balance		Percent of total indebtedness at Dec 31, 2006
Kirkman Shoppes		06/01/10		8.740%	$	9,268	$	9,362		0.87	%
Ross Plaza		06/01/10		8.740%		6,464		6,529		0.60	%
Shoppes of Andros Isle		06/10/10		7.900%		6,419		-		0.60	%
Boynton Plaza		07/01/10		8.030%		7,259		7,345		0.68	%
Pointe Royale		07/15/10		7.950%		3,724		4,015		0.35	%
Shops at Skylake		08/01/10		7.650%		13,453		13,874		1.26	%
Parkwest Crossing		09/01/10		8.100%		4,584		4,636		0.43	%
Spalding Village		09/01/10		8.190%		9,538		9,899		0.89	%
Charlotte Square		02/01/11		9.190%		3,402		3,479		0.32	%
Forest Village		04/01/11		7.270%		4,333		4,389		0.41	%
Boca Village		05/01/11		7.200%		8,011		8,114		0.75	%
MacLand Pointe		05/01/11		7.250%		5,659		5,731		0.53	%
Pine Ridge Square		05/01/11		7.020%		7,090		7,184		0.66	%
Sawgrass Promenade		05/01/11		7.200%		8,011		8,115		0.75	%
Presidential Markets		06/01/11		7.650%		26,561		26,872		2.48	%
Lake Mary		11/01/11		7.250%		23,720		24,011		2.22	%
Lake St. Charles		11/01/11		7.130%		3,743		3,790		0.35	%
Belfair Towne Village		12/01/11		7.320%		10,755		10,984		1.01	%
Marco Town Center		01/01/12		6.700%		8,236		8,413		0.77	%
Riverside Square		03/01/12		9.190%		7,347		7,474		0.69	%
Cashmere Corners		11/01/12		5.880%		4,916		5,032		0.46	%
Eastwood		11/01/12		5.880%		5,857		5,996		0.55	%
Meadows Shopping Center		11/01/12		5.870%		6,155		6,301		0.58	%
Sparkleberry Square (3)		11/30/12		6.170%		6,389		6,526		0.60	%
Lutz Lake		12/01/12		6.280%		7,500		7,500		0.70	%
Midpoint Center		07/10/13		5.770%		6,714		-		0.63	%

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED DEBT SUMMARY

As of December 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Dec 31, 2006 balance		Dec 31, 2005 balance		Percent of total indebtedness at Dec 31, 2006
Alafaya Village		11/11/13		5.990%	$	4,090	$	-		0.38	%
Summerlin Square		02/01/14		6.750%		3,010		3,326		0.28	%
South Point		07/10/14		5.720%		8,198		-		0.77	%
Bird Ludlum		02/15/15		7.680%		8,328		9,035		0.78	%
Treasure Coast Plaza		04/01/15		8.000%		3,920		4,238		0.37	%
Shoppes of Silverlakes		07/01/15		7.750%		2,280		2,460		0.21	%
Grassland Crossing		12/01/16		7.870%		5,473		5,657		0.51	%
Mableton Crossing		08/15/18		6.850%		3,852		3,961		0.36	%
Sparkleberry Square (3)		06/30/20		6.750%		7,297		7,618		0.68	%
BridgeMill		05/05/21		7.940%		9,033		9,221		0.84	%
Westport Plaza		08/24/23		7.490%		4,681		4,782		0.44	%
Chastain Square		02/28/24		6.500%		3,608		3,719		0.34	%
Daniel Village		02/28/24		6.500%		3,943		4,064		0.37	%
Douglas Commons		02/28/24		6.500%		4,699		4,842		0.44	%
Fairview Oaks		02/28/24		6.500%		4,447		4,583		0.42	%
Madison Centre		02/28/24		6.500%		3,608		3,718		0.34	%
Paulding Commons		02/28/24		6.500%		6,126		6,312		0.57	%
Siegen Village		02/28/24		6.500%		3,985		4,107		0.37	%
Wesley Chapel Crossing		02/28/24		6.500%		3,147		3,242		0.29	%
Webster Plaza		08/15/24		8.070%		8,122		-		0.76	%
Total mortgage debt (58 loans outstanding)		5.4 years		7.260%		391,647		446,925		36.61	%
Net interest premium/(discount)		(wtd-avg maturity)		(wtd-avg interest rate)		10,463		11,006		0.98	%
Total mortgage debt (including net interest premium/discount)					$	402,110	$	457,931		37.59	%

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED DEBT SUMMARY

As of December 31, 2006

(in thousands)

Debt Instrument	Maturity date		Rate (1)		Dec 31, 2006 balance			Dec 31, 2005 balance			Percent of total indebtedness at Dec 31, 2006
Unsecured senior notes payable
7.77% senior notes		04/01/06		7.770%	$	-		$	50,000			0.00	%
7.25% senior notes		08/25/06		7.250%		-			75,000			0.00	%
3.875% senior notes (4)		04/15/09		3.875%		200,000			200,000			18.70	%
Fair value of $100MM fixed-to-floating interest rate swap		04/15/09		6-month Libor + 0.4375%		(3,813	)		(4,596	)		(0.36	%)
7.84% senior notes		01/23/12		7.840%		25,000			25,000			2.34	%
5.375% senior notes		10/15/15		5.375%		120,000			120,000			11.22	%
6.00% senior notes		09/15/16		6.000%		125,000			-			11.69	%
6.25% senior notes		01/15/17		6.250%		125,000			-			11.69	%
Total unsecured senior notes payable		7.2 years		5.666%		591,187			465,404			55.27	%
Net interest premium/(discount)		(wtd-avg maturity)		(wtd-avg interest rate)		(141	)		4,824			(0.01	%)
Total unsecured senior notes payable (including net interest premium/discount)					$	591,046		$	470,228			55.26	%
Revolving credit facilities
$275MM Wells Fargo Unsecured		01/17/09		5.627%		76,500			93,000			7.15	%
$5MM City National Bank Unsecured		05/11/07		Libor + 1.000%		-			165			0.00	%
Total revolving credit facilities					$	76,500		$	93,165			7.15	%
Total debt						1,059,333			1,005,494			99.03	%
Net interest premium/(discount)						10,322			15,830			0.97	%
Total debt (including net interest premium/discount)					$	1,069,656		$	1,021,324			100.00	%
Senior Unsecured Debt Ratings
Moody's						Baa3 (Positive)			Baa3 (Positive)
S&P						BBB- (Positive)			BBB- (Stable)

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED DEBT MATURITIES

As of December 31, 2006

(in thousands)

	Secured Debt				Unsecured Debt
Maturity schedule by year	Scheduled amortization		Balloon payments		Revolving Credit Facilities (5)		Senior Notes (6)		Total		Percent of debt maturing
2007	$	10,205	$	2,864	$	-	$	-	$	13,069		1.2	%
2008		10,502		28,474		-		-		38,976		3.7	%
2009		10,369		17,926		76,500		200,000		304,795		28.7	%
2010		9,563		75,394		-		-		84,957		8.0	%
2011		8,080		93,433		-		-		101,513		9.5	%
2012		6,860		40,057		-		25,000		71,917		6.8	%
2013		6,392		9,062		-		-		15,454		1.5	%
2014		6,073		6,509		-		-		12,582		1.2	%
2015		4,463		30		-		120,000		124,493		11.7	%
2016		4,089		2,601		-		125,000		131,690		12.4	%
Thereafter		28,525		10,176		-		125,000		163,701		15.4	%
Total	$	105,121	$	286,526	$	76,500	$	595,000	$	1,063,147		100.0	%

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

(2) Repaid as part of the sale of the Texas Properties.

(3) Sparkleberry Square is encumbered by two separate mortgages.

(4) $100,000 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.

(5) 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 may be available.

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

Page 22

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	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	$ 9.61
										(6/1/2017)
	West Gate Plaza	Mobile	1974 / 1985	64,378	96.2%	6	3	44,000		Winn-Dixie	Rite Aid	7.22
										(7/19/2015)
TOTAL SHOPPING CENTERS ALABAMA (2)				129,215	96.9%	18	4	81,912	0			$ 8.43
FLORIDA (85)
Central Florida (11)
	Alafaya Commons	Orlando	1987	123,133	99.0%	28	1	54,230	53,979	Publix	Blockbuster	12.36
										(11/30/2007)
	Alafaya Village	Orlando	1986	39,477	86.7%	14	1			Super Saver		16.51
	Conway Crossing	Orlando	2002	76,321	98.2%	17	1	44,271		Publix		12.07
										(4/30/2022)
	Eastwood	Orlando	1997	69,037	100.0%	13	0	51,512		Publix		11.63
										(11/1/2017)
	Eustis Square	Eustis	1983 / 1997 / 2004	126,791	95.4%	23	2	15,872		Save-a-Lot	Accent Marketing, Goodwill, Fred's Store	5.98
										(5/31/2013)
	Kirkman Shoppes	Orlando	1973	88,820	93.9%	30	1				Party Depot	17.28
	Lake Mary	Orlando	1988 / 2001	342,384	97.4%	68	17	63,139		Albertsons	Kmart, Lifestyle Fitness, Sunstar Movie Theatres	11.58
										(6/30/2012)
	Park Promenade	Orlando	1987 / 2000	125,818	96.2%	24	2	55,000		Publix*	Orange County Library, Blockbuster, Goodwill	8.70
										(2/9/2007)
	Town & Country	Kissimmee	1993	72,043	100.0%	14	0	52,883		Albertsons*		8.63
										(10/31/2018)
	Unigold	Winter Park	1987	117,527	100.0%	25	0	52,500		Winn-Dixie	Blockbuster, Lifestyle Family Fitness	11.41
										(4/30/2012)
	Walden Woods	Plant City	1985 / 1998, 2003	75,874	89.7%	13	1				Dollar Tree, Aaron Rents, Dollar General	7.15
North Florida (12)
	Atlantic Village	Atlantic Beach	1984 / 1998	100,559	100.0%	25	0	39,795		Publix	JoAnn Fabrics, Dollar Tree	11.16
										(10/31/2008)
	Beauclerc Village	Jacksonville	1962 / 1988	70,429	84.7%	9	2				Big Lots, Goodwill, Bealls Outlet	8.14
	Commonwealth	Jacksonville	1984 / 1998	81,467	98.4%	15	1	48,997		Winn-Dixie/Save Rite		8.38
										(2/28/2018)
	Forest Village	Tallahassee	2000	71,526	92.3%	13	4	37,866		Publix		10.52
										(4/30/2020)
	Ft. Caroline	Jacksonville	1985 / 1995	74,546	95.0%	10	3	45,500		Winn-Dixie	Citi Trends	7.33
										(5/31/2015)
	Medical & Merchants	Jacksonville	1993	152,761	96.9%	14	3	55,999		Publix	Memorial Health Group, Blockbuster	12.27
										(2/10/2013)
	Middle Beach	Panama City Beach	1994	69,277	100.0%	9	0	56,077		Publix	Movie Gallery	9.67
										(9/30/2014)
	Monument Point	Jacksonville	1985 / 1997	75,128	98.0%	11	1	46,772		Winn-Dixie	CVS Pharmacy	6.75
										(3/27/2010)

Page 23

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Oak Hill	Jacksonville	1985 / 1997	78,492	100.0%	19	0	39,795		Publix	Beall's	$ 7.36
										(3/11/2010)
	Parkmore Plaza	Milton	1986	159,093	99.4%	12	1				Bealls, Big Lots	4.87
	Pensacola Plaza	Pensacola	1985	56,098	100.0%	3	0	42,848		FoodWorld		4.61
										(12/31/2009)
	South Beach	Jacksonville Beach	1990, 1991	289,964	94.4%	44	6				Home Depot, Bed Bath & Beyond, Bealls, Stein Mart	11.36
South Florida / Atlantic Coast (36)
	Bird Ludlum	Miami	1988 / 1998	192,282	100.0%	43	0	44,400		Winn-Dixie	CVS Pharmacy, Blockbuster, Goodwill, Bird Executive Suites	15.63
										(12/31/2007)
	Boca Village	Boca Raton	1978	93,428	95.0%	18	3	36,000		Publix	CVS Pharmacy	16.04
										(3/31/2012)
	Boynton Plaza	Boynton Beach	1978 / 1999	99,324	100.0%	29	0	37,664		Publix	CVS Pharmacy, Hollywood Video	11.72
										(8/31/2008)
	Bluffs Square	Jupiter	1986	132,395	100.0%	47	0	39,795		Publix	Walgreens	13.34
										(10/22/2011)
	Coral Reef Shopping Center	Palmetto Bay	1968 / 1990	74,680	98.7%	16	1				Office Depot, My Pharmacy, ABC Fine Wine and Spirits	19.39
	Countryside Shops	Cooper City	1986, 1988, 1991	179,561	98.7%	44	2	39,795		Publix	CVS Pharmacy, Stein Mart	13.25
										(12/4/2010)
	Crossroads Square	Pembroke Pines	1973	92,257	98.4%	26	1				Lowe's, CVS Pharmacy, 99 Cent Stuff	14.52
	CVS Plaza	Miami	2004	29,204	100.0%	8	0				CVS Pharmacy	16.71
	El Novillo	Miami Beach	1970 / 2000	10,000	100.0%	1	0				Jumbo Buffet	20.00
	Homestead Gas Station	Homestead	1959	2,136	100.0%	1	0					21.34
	Greenwood	Palm Springs	1982, 1994	132,325	94.8%	34	3	50,032		Publix	Bealls Outlet, World Savings Bank	12.34
										(12/5/2014)
	Jonathan's Landing	Jupiter	1997	26,820	79.5%	11	1		53,850	Albertsons	Blockbuster	20.13
	Lago Mar	Miami	1995	82,613	93.9%	19	1	42,323		Publix		13.28
										(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	7.33
										(2/15/2011)
	Meadows	Miami	1997	75,524	100.0%	20	0	47,955		Publix		13.16
										(7/9/2017)
	Oakbrook Square	Palm Beach Gardens	1974 / 2000, 2003	212,074	92.7%	28	2	44,400		Publix	Stein Mart, TJ Maxx/Home Goods, CVS, Basset Furniture, Duffy's Sports Bar	14.57
										(11/30/2020)
	Oaktree Plaza	North Palm Beach	1985	24,145	91.8%	18	1					13.01
	Pine Island	Davie	1983 / 1999	254,907	99.3%	44	1	39,943		Publix	Home Depot Expo, Staples	10.99
										(11/30/2013)
	Pine Ridge Square	Coral Springs	1986 / 1998, 1999	117,399	99.1%	34	1	17,441		Fresh Market	Bed Bath & Beyond, Off Main Furniture, Blockbuster	14.29
										(6/30/2009)
	Plaza Alegre	Miami	2003	91,611	100.0%	21	0	44,271		Publix	Goodwill, Blockbuster	15.12
										(3/14/2023)
	Point Royale	Miami	1970 / 2000	216,760	95.0%	24	2	45,350		Winn-Dixie	Best Buy, CVS Pharmacy* (Anna's Linens)	6.72
										(2/18/2011)
	Prosperity Centre	Palm Beach Gardens	1993	122,106	88.8%	8	1				Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine's, TJ Maxx	15.59

Page 24

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Ridge Plaza	Davie	1984 / 1999	155,204	92.8%	27	2		(see Pine Island)		AMC Theater, Kabooms, Wachovia* (United Collection), Sofa Kings, Round Up	10.14
	Riverside Square	Coral Springs	1987	107,941	99.0%	34	1	39,795		Publix	Tuesday Morning	13.94
										(2/18/2007)
	Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	97.0%	28	1	36,464		Publix	Walgreens, Blockbuster	$ 11.54
										(12/15/2009)
	Sheridan	Hollywood	1973 / 1991	455,843	98.2%	63	3	65,537		Publix	CVS Pharmacy, Ross, Bed Bath & Beyond, Blockbuster, Office Depot, AMC, LA Fitness	14.25
										(10/9/2011)
	Shoppes at Quail Roost	Miami	2005	73,550	92.0%	17	3	44,840		Publix		14.93
	Shoppes of Andros Isles	West Palm Beach	2000	79,420	98.2%	16	1	51,420		Publix		12.53
										(2/29/2020)
	Shoppes of Ibis	West Palm Beach	1999	79,420	100.0%	18	0	51,420		Publix		13.11
										(4/30/2019)
	Shoppes of Silverlakes	Pembroke Pines	1995, 1997	126,788	100.0%	40	0	47,813		Publix	Blockbuster	17.09
										(6/14/2015)
	Shops at Skylake	North Miami Beach	1999/2005/2006	284,943	99.6%	49	1	51,420		Publix	Goodwill, L.A. Fitness, Blockbuster	16.03
										(7/31/2019)
	Tamarac Town Square	Tamarac	1987	127,635	92.8%	35	5	37,764		Publix	Dollar Tree	11.27
										(12/15/2014)
	Waterstone	Homestead	2005	82,531	100.0%	13	0	45,600		Publix	Walgreens	15.11
										(7/31/2025)
	West Lakes Plaza	Miami	1984 / 2000	100,747	100.0%	27	0	46,216		Winn-Dixie	Navarro Pharmacy	11.63
										(10/31/2016)
	Westport Plaza	Davie	2002	49,980	93.9%	7	1	27,887		Publix	Blockbuster	16.21
										(11/30/2022)
	Young Circle	Hollywood	1962 / 1997	65,834	96.7%	8	2	23,124		Publix	Walgreens	15.62
										(11/30/2016)
Florida Treasure Coast (8)
	Cashmere Corners	Port St. Lucie	2001	92,734	100.0%	18	0	59,448		Albertsons		9.47
										(4/30/2025)
	New Smyrna Beach	New Smyrna Beach	1987	118,451	100.0%	34	0	42,112		Publix	Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster	10.43
										(9/30/2012)
	Old King Commons	Palm Coast	1988	84,759	100.0%	19	0				Wal-Mart* (Bealls Outlet)	8.54
	Ryanwood	Vero Beach	1987	114,925	100.0%	32	0	39,795		Publix	Bealls Outlet, Books-A-Million	10.38
										(3/23/2017)
	Salerno Village	Stuart	1987	79,903	99.1%	19	1	45,802		Winn-Dixie	CVS Pharmacy	10.65
										(3/23/2024)
	Shops at St. Lucie	Port St. Lucie	2006	19,361	100.0%	12	0					21.96
	South Point Center	Vero Beach	2003	64,790	98.4%	14	1	44,840		Publix		14.33
										(11/30/2023)
	Treasure Coast	Vero Beach	1983	133,781	97.5%	22	2	59,450		Publix		9.58
										(7/31/2026)
Florida West Coast (18)
	Bay Pointe Plaza	St. Petersburg	1984 / 2002	103,986	95.6%	20	4	52,610		Publix	Bealls Outlet, West Marine	10.09
										(11/30/2021)
	Carrollwood	Tampa	1970 / 2002	94,203	88.9%	29	6	27,887		Publix	Floors Today	12.47
										(11/30/2022)
	Charlotte Square	Port Charlotte	1980	96,188	97.3%	22	2				American Signature Furniture, Seafood Buffet	8.31

Page 25

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Chelsea Place	New Port Richey	1992	81,144	100.0%	18	0	48,890		Publix	CVS Pharmacy	11.54
										(5/27/2012)
	Lake St. Charles	Tampa	1999	57,015	100.0%	8	0	46,295		Sweet Bay		10.00
										(6/30/2019)
	Lutz Lake	Lutz	2002	64,985	98.3%	14	1	44,270		Publix		$ 13.94
										(5/31/2022)
	Marco Town Center	Marco Island	2001	109,830	98.2%	40	2	27,887		Publix	West Marine	17.03
										(1/31/2018)
	Mariners Crossing	Spring Hill	1989 / 1999	91,608	100.0%	15	0	48,315		Kash n' Karry		9.20
										(8/15/2020)
	Midpoint Center	Cape Coral	2002	75,386	100.0%	10	0	60,667		Publix		11.89
										(10/31/2022)
	Pavilion	Naples	1982	167,745	94.5%	38	4	50,795		Publix	Pavillion 6 Theatre, Anthony's	14.69
										(2/28/2013)
	Regency Crossing	Port Richey	1986 / 2001	85,864	83.0%	16	9	44,270		Publix		10.23
										(2/28/2021)
	Ross Plaza	Tampa	1984 / 1996	85,359	91.3%	15	4				Ross Dress for Less, Laminate Kingdom	10.34
	Seven Hills	Spring Hill	1991	72,590	95.6%	16	1	48,890		Publix		10.67
										(9/25/2011)
	Shoppes of North Port	North Port	1991	84,705	98.6%	20	1	48,890		Publix	Bealls Outlet	9.91
										(12/11/2011)
	Skipper Palms	Tampa	1984	89,482	95.0%	16	2	53,440		Winn-Dixie		9.72
										(5/31/2016)
	Summerlin Square	Fort Myers	1986 / 1998	109,156	85.7%	17	12	45,500		Winn-Dixie	West Marine	10.62
										(6/4/2011)
	Venice Plaza	Venice	1971/ 1979 / 1999	148,779	88.3%	13	2	42,582		Sweet Bay	TJ Maxx/Home Goods, Blockbuster	5.75
										(9/30/2018)
	Venice Shopping Center	Venice	1968 / 2000	111,934	96.1%	13	2	44,271		Publix	Beall's Outlet, Dollar Tree, Wachovia Bank	5.49
										(12/31/2026)
TOTAL SHOPPING CENTERS FLORIDA (85)				9,315,487	96.7%	1,864	144	2,968,104	107,829			$ 11.75
GEORGIA (24)
Atlanta (19)
	BridgeMill	Canton	2000	89,102	95.3%	28	3	37,888		Publix		15.16
										(1/31/2020)
	Butler Creek	Acworth	1990	95,597	98.5%	19	1	59,997		Kroger		11.01
										(6/30/2018)
	Chastain Square	Atlanta	1981 / 2001	91,637	100.0%	27	0	37,366		Publix		16.91
										(5/31/2024)
	Commerce Crossing	Commerce	1988	105,188	56.9%	7	4	32,000		Ingles	Fred's Store	4.68
										(9/26/2009)
	Douglas Commons	Douglasville	1988	97,027	97.6%	15	1	59,431		Kroger		10.23
										(8/31/2013)
	Fairview Oaks	Ellenwood	1997	77,052	94.4%	11	2	54,498		Kroger	Blockbuster	11.28
										(9/30/2016)
	Grassland Crossing	Alpharetta	1996	90,906	98.6%	13	1	70,086		Kroger		11.69
										(6/30/2016)
	Hairston Center	Decatur	2000	13,000	53.8%	5	4					14.89
	Hamilton Ridge	Buford	2002	89,496	90.3%	17	3	54,166		Kroger		12.67
										(11/30/2022)

Page 26

			Year	Total		number		Supermarket anchor				Average
			built /	square footage	Percent	of tenants		owned	shadow	name		base rent
Property	City		renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Mableton Crossing	Mableton	1997	86,819	98.6%	16	1	63,419		Kroger		10.60
										(8/31/2017)
	Macland Pointe	Marietta	1992-1993	79,699	98.5%	16	1	55,999		Publix		9.82
										(12/29/2012)
	Market Place	Norcross	1976	77,706	84.5%	19	4				Peachtree Cinema	$ 11.88
	Paulding Commons	Dallas	1991	192,391	94.4%	24	6	49,700		Kroger	Kmart	7.70
										(2/28/2011)
	Piedmont Peachtree Crossing	Buckhead	1978 / 1998	152,239	100.0%	28	0	55,520		Kroger	Cost Plus Store, Binders Art Supplies	16.14
										(5/31/2010)
	Powers Ferry Plaza	Marietta	1979, 1987 / 1998	86,473	99.7%	23	1				Micro Center	10.66
										Publix	Bed Bath & Beyond, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot	10.17
	Presidential Markets	Snellville	1993-2000	396,408	94.7%	31	4	56,146		(12/31/2019)
	Shops of Huntcrest	Lawrenceville	2003	97,040	98.5%	25	1	54,340		Publix		13.76
										(1/31/2023)
	West Towne Square	Rome	1988	89,596	81.0%	11	7				Big Lots	5.28
	Williamsburg @ Dunwoody	Dunwoody	1983	44,928	100.0%	27	0					18.54
Central Georgia (3)
	Daniel Village	Augusta	1956 / 1997	171,932	94.4%	34	5	45,971		Bi-Lo	Eckerd, St. Joseph Home Health Care	8.25
										(3/25/2022)
	Spalding Village	Griffin	1989	235,318	70.3%	24	4	59,431		Kroger	JC Penney*, Blockbuster, Fred's Store	7.99
										(5/31/2014)
	Walton Plaza	Augusta	1990	43,460	97.2%	7	1	32,960		Harris Teeter* (Omni Fitness)		9.63
										(4/1/2011)
South Georgia (2)
	Colony Square	Fitzgerald	1987	50,000	92.8%	4	2	32,200		Food Lion* (Harvey's)		5.83
										(12/31/2007)
	McAlpin Square	Savannah	1979	176,807	91.6%	23	4	43,600		Kroger	US Post Office, Big Lots, In Fashion Menswear Outlet	7.33
										(8/31/2015)
TOTAL SHOPPING CENTERS GEORGIA (24)				2,729,821	91.3%	454	60	954,718	0			$ 10.52
LOUISIANA (14)
	Ambassador Row	Lafayette	1980, 1991	193,978	84.1%	24	2				Conn's Appliances, Big Lots, Chuck E Cheese, Goody's	9.17
	Ambassador Row Courtyard	Lafayette	1986, 1991 / 2005	146,697	91.8%	20	3				Bed Bath & Beyond, Marshall's, Hancock Fabrics, United Training Academy	9.71
	Bluebonnet Village	Baton Rouge	1983	101,623	79.6%	21	3	33,387		Matherne's	Ace Hardware	9.98
										(11/30/2010)
	Boulevard	Lafayette	1976, 1994	68,012	100.0%	14	0				Piccadilly, Harbor Freight Tools, Golfballs.com	7.55
	Country Club Plaza	Slidell	1982 / 1994	64,686	100.0%	10	0	33,387		Winn-Dixie	Dollar General	6.08
										(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	96.5%	10	1				Academy Sports, Dollar Tree, Home Décor	9.57
	Grand Marche (ground lease)	Lafayette	1969	200,585	100.0%	1	0				Grand Marche	0.14

Page 27

			Year	Total		number of tenants		Supermarket anchor				Average
			built /	square footage	Percent			owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Plaza Acadienne	Eunice	1980	105,419	52.6%	6	2	28,092		Super 1 Store	Fred's	4.20
										(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	6.91
	Siegen Village	Baton Rouge	1988	170,416	100.0%	20	0				Office Depot, Big Lots, Dollar Tree, Stage, Party City	$ 8.68
	Tarpon Heights	Galliano	1982	56,605	96.5%	8	1				CVS Pharmacy, Stage, Dollar General	4.96
	Village at Northshore	Slidell	1988	144,638	100.0%	14	0				Marshalls, Dollar Tree, Kirschman's*, Bed Bath & Beyond, Office Depot	8.59
	Wal-Mart Mathews	Mathews	1985	54,223	100.0%	1	0				Wal-Mart	2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)				1,631,973	92.3%	170	15	153,298	0			$ 6.84
MASSACHUSETTS (7)
	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)
	Webster Plaza	Webster	1963 / 1998	200,681	97.0%	13	2	55,900		Shaw's	K Mart	7.91
										(2/28/2023)
	West Roxbury Shaw's Plaza	West Roxbury	1973 / 1995/ 2006	76,316	98.5%	11	1	54,928		Shaw's		23.65
										(1/2/2016)
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				599,835	98.8%	29	3	433,666	0			$ 17.06
MISSISSIPPI (1)
	Shipyard Plaza	Pascagoula	1987	66,857	100.0%	8	0				Big Lots, Buffalo Wild Wings Gill & Bar	6.49
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857	100.0%	8	0	0	0			$ 6.49
NORTH CAROLINA (9)
	Centre Pointe Plaza	Smithfield	1989	163,642	95.7%	22	2				Belk's, Goody's, Dollar Tree, Aaron Rents	6.04
	Galleria	Wrightsville Beach	1986, 1990	92,114	93.8%	33	3	28,000		Harris Teeter	Eckerd	9.81
										(4/5/2011)
	Parkwest Crossing	Durham	1990	85,602	94.9%	16	1	38,052		Food Lion		10.29
										(12/14/2010)
	Plaza North	Hendersonville	1986	47,240	84.8%	7	3				CVS Pharmacy	6.49
	Riverview Shopping Center	Durham	1973 / 1995	128,498	89.9%	11	5	53,538		Kroger	Upchurch Drugs, Blockbuster, Riverview Galleries	7.27
										(12/31/2014)
	Salisbury Marketplace	Salisbury	1987	79,732	98.1%	19	1	31,762		Food Lion		9.93
										(2/11/2023)
	Shelby Plaza	Shelby	1972	103,200	98.1%	8	1				Big Lots, Aaron Rents, Burke's Outlet, Tractor Supply Company	3.84

Page 28

			Year	Total		number of tenants		Supermarket anchor				Average
			built /	square footage	Percent			owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Thomasville Commons	Thomasville	1991	148,754	95.2%	10	3	32,000		Ingles	Kmart, CVS Pharmacy	5.65
										(9/29/2012)
	Willowdaile Shopping Center	Durham	1986	120,984	80.3%	18	8	53,368		Harris Teeter	Hall of Fitness	10.04
										(5/14/2009)
TOTAL SHOPPING CENTERS NORTH CAROLINA (9)				969,766	92.6%	144	27	236,720	0			$ 7.43
SOUTH CAROLINA (9)
	Belfair Towne Village	Bluffton	2000-2003/ 2006	166,639	96.1%	30	4	55,696		Kroger	Blockbuster, Steinmart	$ 13.14
										(10/31/2019)
	Lancaster Plaza	Lancaster	1971 / 1990	77,400	32.6%	2	2	19,200		Bi-Lo		3.62
										(9/30/2010)
	Lancaster Shopping Center	Lancaster	1963, 1987	29,047	100.0%	2	0				Sweet Union Furniture	2.07
	Milestone Plaza	Greenville	1995	93,655	100.0%	11	0	61,695		Bi-Lo		15.96
										(3/31/30
	North Village Center	North Myrtle Beach	1984	60,356	98.4%	12	1	24,806		Bi-Lo	Dollar General, Gold's Gym	8.67
										(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	11.30
										(8/31/2017)
	Spring Valley	Columbia	1978 / 1997	75,415	96.8%	16	2	45,070		Bi-Lo		9.21
										(12/31/2017)
	Windy Hill	North Myrtle Beach	1968 / 1988/ 2006	68,465	100.0%	5	0				Rose's Store, Family Dollar Store	6.16
	Woodruff	Greenville	1995	68,055	100.0%	10	0	47,955		Publix	Blockbuster	10.28
										(8/6/2015)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (9)				978,083	93.6%	114	10	322,365	0			$ 10.80
TENNESSEE (1)
	Smyrna Village	Smyrna	1992	83,334	100.0%	12	0	59,214		Kroger		8.38
										(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (1)				83,334	100.0%	12	0	59,214	0			$ 8.38
TEXAS (1)
	Rosemeade	Carrollton	1986	51,231	74.3%	10	7				Blockbuster	6.32
TOTAL SHOPPING CENTERS TEXAS (1)				51,231	74.3%	10	7	0	0			$ 6.32
VIRGINA (1)
	Smyth Valley Crossing	Marion	1989	126,841	97.8%	12	2	32,000		Ingles	Wal-Mart	5.84
										(9/25/2010)
TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841	97.8%	12	2	32,000	0			$ 5.84
TOTAL CORE SHOPPING CENTER PORTFOLIO (154)				16,682,443	95.0%	2,835	272	5,241,997	107,829			$ 10.86
DEVELOPMENTS & REDEVELOPMENTS (18)
	Brookside Plaza	Enfield, CT	1985	210,588	79.5%	25	3	59,648		Shaw's	Walgreens, Staples, Old Country Buffet, Blockbuster	11.16
										(8/31/2010)
	Chapel Trail Plaza	Pembroke Pines, FL	1996	56,378	8.3%	3	1					25.03
	Chestnut Square	Brevard, NC	1985	40,710	40.6%	5	3				Dollar General	8.67

Page 29

			Year	Total		number of tenants		Supermarket anchor				Average
			built /	square footage	Percent			owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
	Union City Land	Fairburn, GA	TBD	101.0 Acres
	Dolphin Village	St. Pete Beach, FL	1967 / 1990	138,129	91.3%	38	8	33,238		Publix	Dollar Tree, CVS	$ 10.25
										(11/07/2013)
	Hampton Oaks	Atlanta, GA	TBD	13.2 acres
	Hunters Creek	Orlando, FL	1998	68,204	59.4%	9	1					14.47
	Mandarin Landing	Jacksonville, FL	1976 / 2000	141,565	55.7%	24	13				Office Depot	9.00
	Providence Square	Charlotte, NC	1973	85,930	89.7%	18	7	35,702		Harris Teeter*	Eckerd	8.02
	River Green	Canton, GA	2008 Development	9.2 acres
	Stanley Market Place	Stanley, NC	1980, 1987	40,400	29.7%	2	1				Family Dollar	4.02
	St. Lucie Land	Port St. Lucie, FL	TBD	15.93 acres
***	Sunlake Development Parcel	Tampa, FL	TBD	155.0 acres
	Sunpoint Shopping Center	Ruskin, FL	1984	132,374	74.7%	22	2					9.24
	The Shops at Westridge	McDonough, GA	2006	66,297	83.1%	11	8	38,997		Publix		13.57
										(4/30/2026)
	Waterlick Plaza	Lynchburg, VA	TBD	8.0 acres
	Wesley Chapel Crossing	Decatur, GA	1989	170,792	37.3%	16	10	32,000		Ingles*	CVS Pharmacy	7.73
										(9/25/2009)
**	Winchester Plaza	Huntsville, AL	2006	77,844	82.4%	12	12	45,600		Publix		11.74
										(8/31/26)
TOTAL DEVELOPMENTS & REDEVELOPMENTS (18)				1,229,211	65.5%	185	69	245,185	0			$ 10.30
TOTAL RETAIL PROPERTIES (172)				17,911,654	93.0%	3,020	341	5,487,182	107,829			$ 10.83

Page 30

			Year	Total		number of tenants		Supermarket anchor				Average
			built /	square footage	Percent			owned	shadow	name		base rent
Property		City	renovated	owned	Occupied	leased	vacant	SF	SF	expiration date	Other anchor tenants	per leased SF
OTHER PROPERTIES (7)
	4101 South I-85 Industrial	Charlotte, NC	1956, 1963	188,513	38.0%	2	7					1.86
	Banco Popular Office Building	Miami, FL	1971	32,737	100.0%	21	0					23.17
	Commonwealth II	Jacksonville, FL	1984	53,598	0.0%	0	1
	Laurel Walk Apartments	Charlotte, NC	1985	106,480	96.3%	94	4
	Mandarin Mini-storage	Jacksonville, FL	1982	52,880	94.0%	502	32
**	Pinhook Office Building	Lafayette, LA	1979, 1992	4,406	0.0%	0	2
	Prosperity Office Building	Palm Beach Gardens, FL	1972	3,200	0.0%	0	1
TOTAL OTHER PROPERTIES (7)				441,814	58.1%	619	47	0	0			$ 6.47
GRAND TOTAL (179)				18,353,468	92.1%	3,639	388	5,487,182	107,829			$ 10.76
Total square footage does not include shadow anchor square footage which is not owned 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 this property is classified as held for sale as of December 31, 2006.
***	Indicates a portion of this property is classified as held for sale as of December 31, 2006.

Page 31

EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
As of December 31, 2006
State	Count		Total SF		# Leased		# Vacant		Leased %			AMR
Florida
South Florida / Atlantic Coast		37		4,396,637		904		42		96.1	%	$	56,475,824
Florida West Coast		20		2,000,462		400		62		92.8	%		19,601,440
Other Florida		33		3,455,038		656		65		92.5	%		33,262,621
Florida- subtotal		90		9,852,137		1,960		169		95.0	%		109,339,885
Georgia		26		2,966,910		481		78		88.0	%		27,467,283
Louisiana		14		1,631,973		170		15		92.3	%		10,304,178
Massachusetts		7		599,835		29		3		98.8	%		10,111,269
South Carolina		9		978,083		114		10		93.6	%		9,886,378
North Carolina		12		1,136,806		169		38		88.3	%		7,479,801
Connecticut		1		210,588		25		3		79.5	%		1,868,609
Alabama		3		207,059		30		16		91.4	%		1,808,338
Virginia		1		126,841		12		2		97.8	%		724,090
Tennessee		1		83,334		12		0		100.0	%		698,415
Mississippi		1		66,857		8		0		100.0	%		434,078
Texas		1		51,231		10		7		0.0	%		240,428
Total		166		17,911,654		3,020		341		93.0	%	$	180,362,752

Note: Excludes the six development parcels and the seven other properties.

Page 32

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the three months ended December 31, 2006
Renewals
			Average	Average	Annualized
		Average	Expiring	New	Minimum
# of Leases	Square Feet	Size	Rent psf	Rent psf	Rent
133	359,563	2,703	$13.55	$14.73	$5,295,268
			% Increase psf	8.7%
			Net Increase (AMR)		$424,841
New Leases
				Average	Annualized
		Average		New	Minimum
# of Leases	Square Feet	Size		Rent psf	Rent
84	204,567	2,435		$14.10	$2,884,845
Lost Leases
			Average		Annualized
		Average	Expiring		Minimum
# of Leases	Square Feet	Size	Rent psf		Rent
76	191,080	2,514	$13.72		$2,620,869
New Leases - Same Space Only
			Average	Average
		Average	Expiring	New	%
# of Leases	Square Feet	Size	Rent psf	Rent psf	Change (1)
41	85,072	2,075	$13.51	$15.49	14.7%
Note:      Excludes six development parcels and seven non-retail properties.
(1) .         Compares beginning year AMR of new tenant versus final year AMR of prior tenant

 

Page 33

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the twelve months ended December 31, 2006
Renewals
			Average	Average	Annualized
		Average	Expiring	New	Minimum
# of Leases	Square Feet	Size	Rent psf	Rent psf	Rent
434	1,436,628	3,310	$11.77	$12.53	$18,001,766
			% Increase psf	6.5%
			Net Increase (AMR)		$1,091,204
New Leases
				Average	Annualized
		Average		New	Minimum
# of Leases	Square Feet	Size		Rent psf	Rent
336	1,119,946	3,333		$12.44	$13,927,244
Lost Leases
			Average		Annualized
		Average	Expiring		Minimum
# of Leases	Square Feet	Size	Rent psf		Rent
277	854,627	3,085	$11.34		$9,688,286
New Leases - Same Space Only
			Average	Average
		Average	Expiring	New	%
# of Leases	Square Feet	Size	Rent psf	Rent psf	Change (1)
181	528,514	2,920	$11.77	$12.69	7.8%

Note:    Excludes development parcels and non-retail properties. Texas properties only reflected in Q1 2006.

(1)         Compares beginning year AMR of new tenant versus final year AMR of prior tenant.

Page 34

EQUITY ONE, INC. AND SUBSIDIARIES

OCCUPANCY STATISTICS

As of December 31, 2006

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

Note: Reflects 140 properties owned by Equity One in each of the previous eight quarters.

Page 35

EQUITY ONE, INC. AND SUBSIDIARIES

SAME PROPERTY OCCUPANCY STATISTICS - STATE BREAKOUT

As of December 31, 2006

Note:    These charts reflect 140 properties owned by Equity One in each of the previous eight quarters.

Page 36

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of December 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		56		2,510,772		14.0	%	$	19,524,845		10.8	%	$	7.78
Shaw's/Star Markets		7		457,407		2.6	%		8,300,236		4.6	%		18.15
Kroger		15		809,689		4.5	%		6,551,754		3.6	%		8.09
Winn Dixie		13		594,537		3.3	%		4,106,169		2.3	%		6.91
Bed Bath & Beyond		8		256,689		1.4	%		2,615,820		1.5	%		10.19
Blockbuster		25		140,924		0.8	%		2,366,300		1.3	%		16.79
TJX Companies		9		275,658		1.5	%		2,340,942		1.3	%		8.49
Kmart Corporation		5		439,558		2.5	%		1,939,705		1.1	%		4.41
CVS Pharmacy		16		166,674		0.9	%		1,878,518		1.0	%		11.27
Bi-Lo		5		196,742		1.1	%		1,757,404		0.9	%		8.93
Sub-total top ten tenants		159		5,848,650		32.7	%		51,381,693		28.5	%	$	8.79
Remaining tenants		2,861		10,807,104		60.3	%		128,981,059		71.5	%		11.93
Sub-total all tenants		3,020		16,655,754		93.0	%		180,362,752		100.0	%	$	10.83
Vacant		341		1,255,900		7.0	%		NA		NA			NA
Total including vacant		3,361		17,911,654		100.0	%	$	180,362,752		100.0	%	$	10.07
Note: Excludes the six development parcels and the seven other properties.

Page 37

EQUITY ONE, INC. AND SUBSIDIARIES

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of December 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		82		145,283		0.8	%	$	1,854,375		1.0	%	$	12.76
2007		652		2,051,112		11.5	%		24,566,599		13.0	%		11.98
2008		593		1,718,992		9.6	%		22,841,487		12.1	%		13.29
2009		599		2,083,288		11.6	%		25,395,777		13.5	%		12.19
2010		408		1,893,093		10.6	%		21,102,398		11.2	%		11.15
2011		358		2,060,865		11.5	%		23,089,224		12.2	%		11.20
2012		69		965,071		5.4	%		8,348,749		4.4	%		8.65
2013		39		610,539		3.4	%		5,924,879		3.1	%		9.70
2014		34		726,513		4.1	%		5,740,948		3.0	%		7.90
2015		33		459,982		2.6	%		4,305,573		2.3	%		9.36
2016		36		996,637		5.6	%		14,846,290		7.9	%		14.90
Thereafter		117		2,944,379		16.3	%		30,468,277		16.3	%		10.35
Sub-total / average		3,020		16,655,754		93.0	%		188,484,576		100.0	%	$	11.32
Vacant		341		1,255,900		7.0	%		NA		NA			NA
Total / average		3,361		17,911,654		100.0	%	$	188,484,576		100.0	%	$	10.52
Note: Excludes the six development parcels and the seven other properties.

Page 38

EQUITY ONE, INC. AND SUBSIDIARIES

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of December 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		0		0		0.0	%	$	0		0.0	%	$	0.00
2007		29		795,118		7.0	%		5,274,442		6.1	%		6.63
2008		22		541,663		4.8	%		3,681,582		4.2	%		6.80
2009		33		895,596		7.9	%		5,727,078		6.6	%		6.39
2010		42		1,039,531		9.2	%		6,485,178		7.4	%		6.24
2011		42		1,294,824		11.4	%		8,678,677		10.0	%		6.70
2012		22		809,866		7.1	%		5,346,895		6.1	%		6.60
2013		15		533,716		4.7	%		4,255,651		4.9	%		7.97
2014		15		661,561		5.8	%		4,415,767		5.1	%		6.67
2015		13		393,588		3.5	%		2,796,204		3.2	%		7.10
2016		19		936,602		8.2	%		13,377,706		15.4	%		14.28
Thereafter		66		2,766,002		24.5	%		27,063,224		31.0	%		9.78
Sub-total / average		318		10,668,067		94.0	%		87,102,404		100.0	%	$	8.16
Vacant		22		686,121		6.0	%		NA		NA			NA
Total / average		340		11,354,188		100.0	%	$	87,102,404		100.0	%	$	7.67

Note: Excludes the six development parcels and the seven other properties.

Note: Excludes the six development parcels and the seven other properties.

Page 39

EQUITY ONE, INC. AND SUBSIDIARIES

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of December 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		82		145,283		2.2	%	$	1,854,375		1.8	%	$	12.76
2007		623		1,255,994		19.2	%		19,292,157		19.0	%		15.36
2008		571		1,177,329		18.0	%		19,159,905		18.9	%		16.27
2009		566		1,187,692		18.1	%		19,668,699		19.4	%		16.56
2010		366		853,562		13.0	%		14,617,220		14.4	%		17.12
2011		316		766,041		11.6	%		14,410,547		14.2	%		18.81
2012		47		155,205		2.4	%		3,001,854		3.0	%		19.34
2013		24		76,823		1.2	%		1,669,228		1.6	%		21.73
2014		19		64,952		1.0	%		1,325,181		1.3	%		20.40
2015		20		66,394		1.0	%		1,509,369		1.5	%		22.73
2016		17		60,035		0.8	%		1,468,584		1.4	%		24.46
Thereafter		51		178,377		2.7	%		3,405,053		3.5	%		19.09
Sub-total / average		2,702		5,987,687		91.3	%		101,382,172		100.0	%	$	16.93
Vacant		319		569,779		8.7	%		NA		NA			NA
Total / average		3,021		6,557,466		100.0	%	$	101,382,172		100.0	%	$	15.46

Note:    Excludes the six development parcels and the seven other properties.

Note: Excludes the six development parcels and the seven other properties.

Page 40

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of December 31, 2006
(in thousands, except square footage data)
Project		Location	Project Description	Target Completion Date	Estimated Cost Including Land	Funded as of 12/31/2006	Balance to Complete
Developments
	Hampton Oaks	Atlanta, GA	13.2 acre site for future retail center.	2008	7,600	2,577	5,023
	River Green	Canton, GA	9.2 acre site for future retail center	2009	8,000	2,858	5,142
	Sunlake	Tampa, FL	Publix-anchored shopping center as part of a 155 acre mixed-use development project.	Fourth quarter 2008	37,600	7,395	30,205
	Westridge	McDonough, GA	Completed 66,297 sf Publix anchored center and currently leasing the balance of the space.	Third quarter 2007	8,300	7,395	905
	Winchester	Huntsville, AL	Completed 75,000 sf Publix anchored center and currently leasing the balance of the space.	Second quarter 2007	11,500	11,492	8
Subtotal - Developments					73,000	31,717	41,283
Redevelopments/Expansions/Outparcels
	Brookside Plaza	Enfield, CT	Redeveloping existing shopping center and reconfigure 25,000 sf of the existing center.	Second quarter 2007	7,000	5,901	1,099
	Chapel Trail	Pembroke Pines, FL	Reconfigure 51,703 sf of the existing center.	Fourth quarter 2007	11,500	8,603	2,897
	Chestnut Square	Brevard, NC	Construction of a new Walgreen's	Fourth quarter 2007	4,750	1,924	2,826
	Mandarin Landing	Jacksonville, FL	Construction of a new Whole Foods and add 4,500 sq ft of retail space.	2008	8,100	2,135	5,965
	Mariners Crossing	Spring Hill, FL	Construction of additional 6,300 sq ft out parcel building has commenced.	Fourth quarter 2007	1,500	318	1,182
	Stanley Market Place	Stanley, NC	Construction of a new Food Lion and add 7,000 sq ft of retail space.	Third quarter 2007	6,500	3,363	3,137
	Belfair Towne Village	Bluffton, SC	Completed the addition of 41,250 sq ft of retail space to the exisitng center.	Third quarter 2007	5,300	4,935	365
Subtotal - Redevelopments/Expansions/Outparcels					44,650	27,179	17,471
Total - Development Activity					$ 117,650	$ 58,896	$ 58,754

Page 41

EQUITY ONE, INC. AND SUBSIDIARIES

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

As of December 31, 2006

(in thousands, except square foot 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
Apr. 20, 2006	Alafaya Village	Orlando	FL	39,477	6,638
Apr. 26, 2006	Chestnut Square out parcel	Brevard	NC	1,070	475
May 5, 2006	Sunpoint Shopping Center	Ruskin	FL	132,374	7,500
May 10, 2006	Chapel Trail Plaza	Pembroke Pines	FL	56,378	8,900
Jun. 23, 2006	Union City	Fairburn	GA	101 Acres	8,000
Aug. 25, 2006	Milestone Plaza	Greenville	SC	93,655	20,200
Aug. 31, 2006	Shoppes at Quail Roost	Miami	FL	73,550	15,435
Sep. 1, 2006	Coral Reef Shopping Center	Palmetto Bay	FL	74,680	21,200
Sep. 14, 2006	Cutler Ridge	Miami	FL	6,897	1,350
Sep. 14, 2006	Westport out parcels (2)	Davie	FL	9,768	2,200
Oct. 12, 2006	Webster Plaza	Webster	MA	200,681	17,825
Oct. 16, 2006	Oaktree Plaza	North Palm Beach	FL	24,145	3,850
Nov. 27, 2006	St. Lucie Land	Port St. Lucie	FL	15.93 Acres	7,633
Nov. 30, 2006	Hampton Oaks	Atlanta	GA	13.2 Acres	2,400
Dec. 8, 2006	Midpoint Center	Cape Coral	FL	75,386	12,450
Dec. 8, 2006	Shoppes of Andros Isles	West Palm Beach	FL	79,420	13,835
Dec. 8, 2006	South Point Center	Vero Beach	FL	64,790	14,590
Total					$ 270,931

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	$ 478
Apr. 25, 2006	Sutherland Lumber	Marble Falls	TX	53,571	2,000	3
Apr. 25 & Dec 13, 2006	29 property portifolio	Various	TX	2,805,322	390,200	106,884
May 2, 2006	Hedwig	Houston	TX	69,504	13,350	5,630
Jul. 31, 2006	Crossroads (Lowe's)	Pembroke Pines	FL	177,929	7,678	2,173
Sale of income producing property					415,728	115,168
Feb. 7, 2006	Westridge out parcel	McDonough	GA	1.0 Acre	875	314
Apr. 10, 2006	Westridge out parcel	McDonough	GA	1.0 Acre	583	202
Apr. 25, 2006	6 Texas land parcels	Various	TX	Various	15,513	5,982
Sep. 29, 2006	River Green land parcel	Canton	GA	2.0 Acres	1,500	439
Sale of real estate					18,471	6,937
Total					$ 434,199	$ 122,105

	Properties Held for Sale as of December 31, 2006
		Property Name	City	State
		Winchester Plaza	Huntsville	AL
		Pinhook Office Building	Lafayette	LA
	*	Sunlake land parcel	Tampa	FL
*	Indicates a portion of this property is held for sale.

Page 42

EQUITY ONE, INC. AND SUBSIDIARIES

ANALYST COVERAGE

As of December 31, 2006

BB&T Capital Markets Stephanie M. Krewson 804-782-8784	Bear Stearns & Co. Inc. Ross Smotrich 212-272-8046	BMO Capital Markets Paul Adornato 212-885-4170
Rob Whittemore 804-782-8796	Amy L. Young, CFA 212-272-3523

Deutsche Bank Securities Inc. Louis W. Taylor 212-250-4912	Friedman Billings Ramsey Paul Morgan 703-469-1255	JP Morgan Securities Inc. Michael W. Meuller, CFA 212-622-6689	Merrill Lynch Craig Schmidt 212-449-1944
Christeen Kim 212-250-6771	Michael Blank 703-469-1115	Joseph Dazio 212-622-6416	Steve Sakwa 212-449-0335
	Ron She 703-312-9683		Bradley Kritzer 212-449-1167
Miller Tabak & Co., LLC Tom Mitchell 518-523-3261	Raymond James & Assoc. Paul D. Puryear 727-567-2253	Royal Bank of Canada Richard Moore 216-378-7625	Stifel, Nicolaus & Co., Inc. David M. Fick, CPA 410-454-5018
	Ken Avalos 727-567-2660		Nathen Isbee 410-454-4143