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) July 29, 2008

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 July 29, 2008, Equity One, Inc. (the “Company”) announced its financial results for the three and six months ended June 30, 2008. 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 July 29, 2008, the Company announced its financial results for the three and six months ended June 30, 2008.  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 July 29, 2008.

99.2 — Supplemental Information Package of Equity One, Inc. June 30, 2008.

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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.

July 29, 2008	EQUITY ONE, INC.
	By:	/s/ Gregory R. Andrews
		Gregory R. Andrews
		Executive Vice President and Chief Financial Officer

4

EXHIBIT INDEX

Exhibit No	Document
99.1	Earnings Press Release of Equity One, Inc. dated July 29, 2008
99.2	Information Package of Equity One, Inc. June 30, 2008

5

EX-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 Second Quarter 2008 Operating Results

NORTH MIAMI BEACH, FL; July 29, 2008 -- Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers announced today its financial results for the three months and six months ended June 30, 2008.

Financial Highlights

Funds From Operations (FFO) for the second quarter was $23.3 million, or $0.32 per diluted share, compared to $25.2 million and $0.34 per diluted share for the same period in 2007.  FFO for the six months ended June 30, 2008 was $55.9 million, or $0.76 per diluted share, compared to $54.9 million, or $0.74 per diluted share for the same period in 2007.

Net income for the quarter was $29.4 million, or $0.40 per diluted share, compared to $12.9 million and $0.17 per diluted share for the same period in 2007.  Net income for the six months ended June 30, 2008 was $50.3 million, or $0.68 per diluted share, compared to $32.9 million, or $0.44 per diluted share for the same period in 2007.  Net income for the three months and six months ended June 30, 2008 included gains on sales of $18.0 million.  Net income for the three months and six months ended June 30, 2007 included gains on sales of $0.5 million and $3.3 million, respectively.

Operating Highlights

For the three months ended June 30, 2008, same-property net operating income decreased 2.9% as compared to the same period in 2007.  The decrease was primarily due to lower occupancy, lower CAM and tax recovery income, and the timing of percentage rents. At June 30, 2008, the company’s core operating portfolio was 92.8% occupied.  On a same-property basis, occupancy increased by 40 bps as compared to March 31, 2008 and declined by 110 bps as compared to June 30, 2007.

During the second quarter, the company executed 58 new leases totaling 255,664 square feet at an average rental rate of $14.79 per square foot, representing a 17.8% increase over prior rents on a same-space cash basis.  Also during the second quarter, the company renewed 81 leases for 168,001 square feet for an average rental rate increase of 8.6% to $18.50 per square foot on a cash basis.  In addition, the company renewed 17 leases for 132,691 square feet subject to tenant renewal option for an average rental rate increase of 7.6% to $9.73 per square foot on a cash basis.

"Considering the current state of the retail sector, we are pleased with our operating activities during the quarter," stated Jeff Olson, Chief Executive Officer. "Our accomplishments included a 40 basis point improvement in sequential occupancy, healthy rent spreads and building a strong pipeline of leases under negotiation. While we are encouraged with our recent leasing activity, we are mindful of the effects of the economic environment and challenges that contributed to our lower same-property NOI results. The current environment has resulted in more tenant turnover but has allowed us to replace weaker tenants with stronger operators at higher rental rates. We expect our recent leasing activity will start to impact our same-property cash NOI later this year and in early 2009 as our new tenants open for business."

Development and Redevelopment Activities

At June 30, 2008, the company had approximately $58.6 million of development projects and approximately $22.4 million of redevelopment projects underway.  The estimated remaining cost to complete these projects was approximately $38.2 million.

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Joint Ventures

During the quarter, the company sold seven properties and one out-parcel to GRI-EQY I, LLC, a joint venture between the company and Global Retail Investors, LLC, for an aggregate gross sales price of approximately $176.8 million. The company recognized a gain on sale of approximately $18.5 million, net of $2.4 million of costs incurred in connection with the defeasance of existing mortgage debt paid by the joint venture. The company expects to sell two additional properties to the joint venture in the third quarter for $24.4 million, including the assumption of approximately $12.9 million in debt, and expects to recognize a gain on sale of approximately $2.2 million.

Net proceeds from the sale of properties to GRI-EQYI, LLC of approximately $132.0 million were used to reduce total debt by approximately $60.0 million and to purchase $63.0 million in short-term corporate debt securities, with the balance held in cash.

Balance Sheet Highlights

During the quarter, Equity One repaid or defeased approximately $56.0 million in mortgage debt, at a weighted-average interest rate of 7.25%.  In addition, the company repurchased $10.5 million of its outstanding unsecured bonds at a yield to maturity of 7.4%.  The company also repaid $24.5 million of borrowings under its unsecured line of credit.  As of June 30, 2008, the company had no outstanding borrowings under the line.

Included in investment in securities at June 30, 2008 is approximately $63.0 million of short term, investment-grade corporate debt securities.  These bonds mature in 2009 and are intended to serve as one source of repayment for a portion of the company’s $198.5 million of bonds due April 15, 2009.  In addition, the company held $20.3 million in cash at June 30, 2008.

At June 30, 2008, the company’s total market capitalization equaled $2.5 billion, comprising 73.5 million shares of common stock (on a diluted basis) valued at $1.5 billion, and $1.0 billion of net debt (excluding any unamortized fair market premium/discount and net of cash).  Its ratio of net debt to total market capitalization was 40.4% and its ratio of net debt to gross real estate and securities investments was 48.9%.  On a trailing four quarter basis, the company’s interest coverage ratio was 2.6 times.

FFO and Earnings Guidance

The company is updating its 2008 FFO and earnings guidance.  FFO per diluted share is expected to be $1.36 to $1.40 for the year ending December 31, 2008, and net income per diluted share is expected to be $1.03 to $1.05.  This compares to our previous FFO guidance of $1.40 - $1.45 per diluted share, and our previous earnings guidance of $0.79 to $0.82 per diluted share, respectively.  The primary reason for the lower FFO guidance is that 2008 annual same-property NOI is expected to be 0-1% as compared to a prior expectation of 2-3%. 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 for the full year 2008:

	Low			High
Estimated net income per diluted share (1)	$	1.03		$	1.05
Adjustments:
Rental property depreciation and amortization		0.61			0.61
Pro rata share of JV property depreciation and amortization		0.00			0.01
Minority interest		0.00			0.00
Gain on sales of depreciable real estate		(0.28	)		(0.27	)
Estimated Funds From Operations (FFO) per diluted share	$	1.36		$	1.40

(1) Excluding future gains on sale of real estate not under contract.

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ACCOUNTING AND OTHER DISCLOSURES

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

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

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

CONFERENCE CALL/WEB CAST INFORMATION

We will host a conference call on Wednesday, July 30, 2008, at 9:00 a.m. EST to review the 2008 second quarter earnings and operating results.  Stockholders, analysts and other interested parties can access the earnings call by dialing 888-680-0878 (U.S./Canada) or 617-213-4885 (international) using pass code 77236100.  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 77510142 through August 6, 2008.

FOR ADDITIONAL INFORMATION

For a copy of our second 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 June 30, 2008, the Company owned or had interests in 162 properties, consisting of 145 shopping centers comprising approximately 15.9 million square feet, seven projects in development/redevelopment, six non-retail properties, and four parcels of land.  Additionally, we own a 10% interest in the GRI Venture which owns eight neighborhood shopping centers totaling approximately 1.2 million square feet of GLA as of June 30, 2008.

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FORWARD LOOKING STATEMENTS

Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws.  Although Equity One believes that the expectations reflected in such forward-looking statements 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 the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One successfully to integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.

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EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

June 30, 2008 and December 31, 2007

(In thousands, except per share data)

(Unaudited)

	June 30, 2008			December 31, 2007
ASSETS
Properties:
Income producing	$	1,878,248		$	2,047,993
Less: accumulated depreciation		(179,515	)		(172,651	)
Income-producing property, net		1,698,733			1,875,342
Construction in progress and land held for development		63,124			81,574
Properties held for sale		32,565			323
Properties, net		1,794,422			1,957,239
Cash and cash equivalents		20,290			1,313
Cash held in escrow		-			54,460
Accounts and other receivables, net		10,879			14,148
Investment and advances in real estate joint ventures		7,661			-
Securities		119,874			72,299
Goodwill		12,385			12,496
Other assets		60,478			62,429
TOTAL ASSETS	$	2,025,989		$	2,174,384
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes Payable
Mortgage notes payable	$	324,552		$	397,112
Mortgage notes payable related to properties held for sale		13,670			-
Unsecured revolving credit facilities		-			37,000
Unsecured senior notes payable		706,645			744,685
		1,044,867			1,178,797
Unamortized premium/discount on notes payable		6,973			10,042
Total notes payable		1,051,840			1,188,839
Other liabilities
Accounts payable and accrued expenses		35,957			30,499
Tenant security deposits		9,025			9,685
Other liabilities		17,883			28,440
Total liabilities		1,114,705			1,257,463
Minority interest		989			989
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 73,416 and 73,300 shares issued and outstanding as of June 30, 2008 and December 31, 2007, respectively		734			733
Additional paid-in capital		909,729			906,174
Retained earnings		23,858			17,987
Accumulated other comprehensive loss		(24,026	)		(8,962	)
Total stockholders’ equity		910,295			915,932
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,025,989		$	2,174,384

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EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the three and six months ended June 30, 2008 and 2007

(In thousands, except per share data)

(Unaudited)

	Three months ended						Six months ended
	June 30,						June 30,
	2008			2007			2008			2007
REVENUE:
Minimum rent	$	46,815		$	47,979		$	94,816		$	94,325
Expense recoveries		13,101			14,026			26,769			26,949
Percentage rent		164			373			1,613			1,633
Management and leasing services		814			149			997			986
Total revenue		60,894			62,527			124,195			123,893
COSTS AND EXPENSES:
Property operating		16,032			15,112			32,102			29,841
Rental property depreciation and amortization		11,667			11,618			23,434			22,544
General and administrative		7,553			6,826			14,355			16,630
Total costs and expenses		35,252			33,556			69,891			69,015
INCOME BEFORE OTHER INCOME AND EXPENSE,  MINORITY  INTEREST AND DISCONTINUED OPERATIONS		25,642			28,971			54,304			54,878
OTHER INCOME AND EXPENSE:
Investment income		672			547			6,862			6,753
Equity in income in unconsolidated joint ventures		170			-			170			-
Other income		45			58			88			240
Interest expense		(15,413	)		(17,046	)		(31,395	)		(32,626	)
Amortization of deferred financing fees		(420	)		(422	)		(849	)		(809	)
Loss on sale of fixed assets		-			(283	)		-			(283	)
Gain on sale of real estate		18,499			518			18,457			1,585
Gain on extinguishment of debt		696			-			3,076			-
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		29,891			12,343			50,713			29,738
Minority interest		(28	)		(28	)		(56	)		(56	)
INCOME FROM CONTINUING OPERATIONS		29,863			12,315			50,657			29,682
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		38			565			98			1,485
(Loss) gain on disposal of income-producing properties		(483	)		(12	)		(483	)		1,720
(Loss) income from discontinued operations		(445	)		553			(385	)		3,205
NET INCOME	$	29,418		$	12,868		$	50,272		$	32,887
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.41		$	0.17		$	0.69		$	0.41
Discontinued operations		(0.01	)		0.01			(0.01	)		0.04
	$	0.40		$	0.18		$	0.68		$	0.45
Number of Shares Used in Computing Basic Earnings per Share		73,408			73,101			73,366			73,038
EARNINGS PER COMMON SHARE – DILUTED:
Continuing operations	$	0.41		$	0.16		$	0.69		$	0.40
Discontinued operations		(0.01	)		0.01			(0.01	)		0.04
	$	0.40		$	0.17		$	0.68		$	0.44
Number of Shares Used in Computing Diluted Earning per Share		73,541			74,128			73,503			74,056

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EQUITY ONE, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Funds from Operations

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

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2008			2007		2008			2007
	(In thousands)					(In thousands)
Net income	$	29,418		$	12,868	$	50,272		$	32,887
Adjustments:
Rental property depreciation and amortization, including discontinue operations		11,696			12,010		23,493			23,383
Gain on disposal of depreciable real estate		(18,016	)		-		(18,016	)		(1,720	)
Loss on sale of fixed assets		-			283		-			283
Pro rata share of real estate depreciation from unconsolidated JV		138			-		138			-
Minority interest		28			28		56			56
Funds from operations	$	23,264		$	25,189	$	55,943		$	54,889

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 per diluted share to earnings per diluted share, the most directly comparable GAAP measure, for the periods presented:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2008			2007		2008			2007
Earnings per diluted share	$	0.40		$	0.17	$	0.68		$	0.44
Adjustments:
Rental property depreciation and amortization, including discontinue operations		0.16			0.17		0.32			0.32
Gain on disposal of depreciable real estate		(0.24	)		-		(0.24	)		(0.02	)
Loss on sale of fixed assets		-			-		-			-
Pro rata share of real estate depreciation from unconsolidated JV		-			-		-			-
Minority interest		-			-		-			-
Funds from operations per diluted share	$	0.32		$	0.34	$	0.76		$	0.74

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EX-99.2

Equity One, Inc.

Supplemental Information Package

June 30, 2008

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

Page 1

Equity One, Inc.

SUPPLEMENTAL INFORMATION

June 30, 2008

(unaudited)

TABLE OF CONTENTS

		Page
Overview
	Analyst Coverage	3
	Disclosures	4
	Summary Financial Results and Ratios	5
Assets, Liabilities, and Equity
	Consolidated Balance Sheets	6
	Market Capitalization	7
	Debt Summary	8
	Debt Maturity Schedule	9
Income, EBITDA, and FFO
	Consolidated Statements of Operations	10
	Pro Forma Financial Information for Discontinued Operations	11-12
	Net Operating Income	13
	EBITDA	14
	Consolidated Statements of Funds from Operations	15
	Additional Disclosures	16
Leasing Data
	Tenant Concentration - Top Ten Tenants	17
	Recent Leasing Activity	18
	Shopping Center Lease Expiration Schedule - All Tenants, Anchors, Shops	19-21
	Shopping Center Lease Expiration by Year Graph	22
Property Data
	Annual Minimum Rent of Operating Properties by Metro/Market Breakout	23
	Property Status Report	24-32
	Real Estate Acquisitions and Dispositions	33
	Real Estate Developments and Redevelopments	34
Debt Schedule Detail
	Consolidated Debt Summary - Property Mortgage Detail	35-37
	Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total	38
Joint Venture Section		39-42

EQUITY ONE, INC
ANALYST COVERAGE
As of June 30, 2008
BMO Capital Markets	Paul Adornato	(212) 885-4170
Credit Suisse	Michael Gorman	(212) 538-4357
Deutsche Bank Securities	Louis W. Taylor	(212) 250-4912
	Christeen Kim	(415) 617-4221
Friedman Billings Ramsey	Paul Morgan	(703) 469-1255
	Jorel Guilloty	(703) 875-1467
Green Street Advisors	Jim Sullivan	(949) 640-8780
	Nick Vedder	(949) 640-8780
JP Morgan Securities Inc.	Michael W. Mueller, CFA	(212) 622-6689
	Joseph Dazio	(212) 622-6416
Lehman Brothers	Ross Smotrich	(212) 526-2306
	George Hoglund
	Ryan Bennet
Merrill Lynch	Craig Schmidt	(212) 449-1944
	Steve Sakwa	(212) 449-0335
	David Wigginton	(212) 449-2729
Miller Tabak & Co., LLC	Tom Mitchell	(518) 523-3261
Raymond James & Assoc.	Paul D. Puryear	(727) 567-2253
	R.J. Milligan	(727) 567-2660
Royal Bank of Canada	Richard Moore	(440) 715-2646
	Wes Golladay	(440) 715-2650
Stifel, Nicolaus & Co., Inc.	David M. Fick, CPA	(410) 454-5018
	Nathan Isbee	(410) 454-4143

Page 3

EQUITY ONE, INC.
DISCLOSURES
As of June 30, 2008
	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, 2007 and Form 10-Q for the period ended June 30, 2008 should be read in conjunction with the above information. The results of operations of any property acquired are included in our financial statements since the date of its acquisition.
	Use of EBITDA as a Non-GAAP Financial Measure
	EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We compute EBITDA as the sum of net income before extraordinary items, depreciation and amortization, income taxes, interest expense, gain (loss) on disposal of income producing properties, and impairment 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 implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves."  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 cash flow 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 4

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

As of June 30, 2008

(in thousands, except per share data)

	For the three months ended						For the six months ended
	Jun 30, 2008			Jun 30, 2007			Jun 30, 2008			Jun 30, 2007
Summary Financial Results
Total revenues*	$	61,019		$	65,319		$	124,419		$	128,852
EBITDA		38,657			43,028			87,972			89,075
Property net operating income*		44,115			48,427			91,253			95,771
General & administrative expenses (G&A)*		7,553			6,855			14,355			16,659
Net income	$	29,418		$	12,868		$	50,272		$	32,887
Net income per diluted share		0.40			0.17			0.68			0.44
Funds from operations (FFO)	$	23,264		$	25,189		$	55,943		$	54,889
FFO per diluted share		0.32			0.34			0.76			0.74
Total dividends paid per share	$	0.30		$	0.30		$	0.30		$	0.30
Weighted average diluted shares (1)		73,541			74,128			73,503			74,056
Summary Operating and Financial Ratios
Operating shopping center portfolio occupancy (see pages 24-32)		92.8	%		93.9	%		92.8	%		93.9	%
Same-property NOI growth - cash basis (see page 13)		-2.9	%		4.6	%	NA			NA
NOI margin (see page 13)		73.3	%		74.3	%		73.9	%		74.9	%
Expense recovery ratio*		81.6	%		90.9	%		83.5	%		89.3	%
New, renewal and option rent spread - cash basis (see page 18)		11.7	%		9.4	%	NA			NA
G&A expense to total revenues		12.4	%		10.5	%		11.5	%		12.9	%
Debt to market capitalization (see page 7)		40.4	%		38.1	%		40.4	%		38.1	%
EBITDA to interest expense* (see page 14)		2.5			2.5			2.8			2.7
EBITDA to fixed charges* (see page 14)		2.2			2.2			2.4			2.3

Notes

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

(1) Diluted EPS calculation uses the treasury stock method for the period ended June 30, 2008.

Page 5

EQUITY ONE, INC.

CONSOLIDATED BALANCE SHEETS

As of June 30, 2008

(in thousands, except per share data)

	Jun 30, 2008			Dec 31, 2007			Dec 31, 2006
Assets
Properties
Income producing	$	1,878,248		$	2,047,993		$	1,896,843
Less: accumulated depreciation		(179,515	)		(172,651	)		(144,825	)
Rental property		1,698,733			1,875,342			1,752,018
Construction in progress and land held for development		63,124			81,574			113,340
Property held for sale, net		32,565			323			20,353
Properties, net		1,794,422			1,957,239			1,885,711
Cash and cash equivalents		20,290			1,313			-
Cash held in escrow		-			54,460			1,547
Accounts and other receivables, net		10,879			14,148			18,967
Investments and advances in real estate joint ventures		7,661			-			-
Securities		119,874			72,299			75,102
Goodwill		12,385			12,496			13,092
Other assets (1)		60,478			62,429			75,356
Total	$	2,025,989		$	2,174,384		$	2,069,775
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	324,552		$	397,112		$	391,647
Mortgage notes payable related to properties held for sale (2)		13,670			-			-
Unsecured revolving credit facilities		-			37,000			76,500
Unsecured senior notes payable		706,645			744,685			591,187
Total debt		1,044,867			1,178,797			1,059,334
Unamortized premium/discount on notes payable		6,973			10,042			10,322
Total notes payable		1,051,840			1,188,839			1,069,656
Accounts payable and other liabilities (1)		62,865			68,624			73,452
Total liabilities		1,114,705			1,257,463			1,143,108
Minority interest		989			989			989
Stockholders' equity		910,295			915,932			925,678
Total	$	2,025,989		$	2,174,384		$	2,069,775

(1) Amounts have been reclassified to conform to the 2008 presentation.

(2) Includes unamortized premium of $730,000.

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of June 30, 2008

(in thousands, except per share data)

	Jun 30, 2008			Jun 30, 2007			Dec 31, 2007
Closing market price of common stock	$	20.55		$	25.55		$	23.03
Common stock shares (in thousands)
Basic common shares		73,416.202			73,114.228			73,300.107
Diluted common shares
Unvested restricted common shares		12.851			615.166			55.707
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		10.349			169.840			60.573
Diluted common shares		73,533.058			73,992.890			73,510.043
Equity market capitalization	$	1,511,104		$	1,890,518		$	1,692,936
Total debt (excluding unamortized premium/discount) (1)	$	1,044,137		$	1,161,612		$	1,178,797
Cash and equivalents (including cash held in escrow)		(20,290	)		(142	)		(55,773	)
Net debt		1,023,847			1,161,470			1,123,024
Equity market capitalization		1,511,104			1,890,518			1,692,936
Total market capitalization	$	2,534,951		$	3,051,988		$	2,815,960
Net debt to total market capitalization		40.4	%		38.1	%		39.9	%
Gross real estate and securities investments	$	2,095,016		$	2,237,351		$	2,202,189
Net debt to gross real estate and securities investments		48.9	%		51.9	%		51.0	%

(1) Amount also excludes unamortized premium/discount related to held for sale debt reclassification of $730,000.

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

As of June 30, 2008

(in thousands, except per share data)

	Jun 30, 2008			Dec 31, 2007			Dec 31, 2006
Fixed rate debt***	$	944,071		$	1,042,112		$	886,647
Fixed rate debt - swapped to variable rate		100,066			99,685			96,187
Variable rate debt - unhedged		-			37,000			76,500
Total debt* / ***	$	1,044,137		$	1,178,797		$	1,059,334
% Fixed rate debt		90.4	%		88.4	%		83.7	%
% Fixed rate debt - swapped to variable rate		9.6	%		8.5	%		9.1	%
% Variable rate debt - unhedged		0.0	%		3.1	%		7.2	%
Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		9.6	%		11.6	%		16.3	%
Secured mortgage debt***	$	337,492		$	397,112		$	391,647
Unsecured debt**		706,645			781,685			667,687
Total debt* / ***	$	1,044,137		$	1,178,797		$	1,059,334
% Secured mortgage debt		32.3	%		33.7	%		37.0	%
% Unsecured debt		67.7	%		66.3	%		63.0	%
Total		100.0	%		100.0	%		100.0	%
Total market capitalization (from page 7)	$	2,534,951		$	2,815,960		$	3,019,359
% Secured mortgage debt		13.3	%		14.1	%		13.0	%
% Unsecured debt		27.9	%		27.8	%		22.1	%
Total debt : Total market capitalization		41.2	%		41.9	%		35.1	%
Weighted-average interest rate on secured mortgage debt		7.3	%		7.4	%		7.3	%
Weighted-average interest rate on senior unsecured notes**		5.7	%		5.7	%		5.7	%
Interest rate on revolving credit facilities	NA				5.0	%		5.6	%
Weighted-average maturity on mortgage debt	4.4 years			4.5 years			5.4 years
Weighted-average maturity on senior unsecured notes	6.1 years			6.7 years			7.2 years

* Excluding unamortized premium/discount.

** Including the effect of interest rate swaps.

*** Amount also excludes unamortized premium/discount related to held for sale debt reclassification of $730,000.

Page 8

EQUITY ONE, INC.

DEBT MATURITY SCHEDULE

As of June 30, 2008

(in thousands)

	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving Credit		Senior				Percent of debt
by year	amortization		payments		Facilities (1)		Notes (2)		Total		maturing
2008	$	5,175	$	-	$	-	$	-	$	5,175		0.5	%
2009		10,361		13,246		-		198,500		222,107		21.3	%
2010		9,770		72,076		-		-		81,846		7.8	%
2011		8,572		68,570		-		-		77,142		7.4	%
2012		7,597		33,044		-		25,000		65,641		6.3	%
2013		6,975		39,658		-		-		46,633		4.5	%
2014		6,075		6,509		-		-		12,584		1.2	%
2015		4,464		30		-		117,000		121,494		11.6	%
2016		4,092		2,602		-		116,000		122,694		11.8	%
2017		3,989		-		-		250,079		254,068		24.3	%
Thereafter		24,558		10,129		-		-		34,687		3.3	%
Total	$	91,628	$	245,864	$	-	$	706,579	$	1,044,071		100.0	%

(1) 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.

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

Page 9

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the quarter ended June 30, 2008

(in thousands, except per share data)

	Three months ended						Percent			Six months ended						Percent
	Jun 30, 2008			Jun 30, 2007			Change			Jun 30, 2008			Jun 30, 2007			Change
REVENUE:
Minimum rent	$	46,815		$	47,979					$	94,816		$	94,325
Expense recoveries		13,101			14,026						26,769			26,949
Percentage rent		164			373						1,613			1,633
Property management and leasing services		814			149						997			986
Total revenue		60,894			62,527			-2.6	%		124,195		$	123,893			0.2	%
COSTS AND EXPENSES:
Property operating		16,032			15,112						32,102			29,841
Rental property depreciation and amortization		11,667			11,618						23,434			22,544
General and administrative		7,553			6,826						14,355			16,630
Total costs and expenses		35,252			33,556			5.1	%		69,891		$	69,015			1.3	%
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST AND DISCONTINUED OPERATIONS		25,642			28,971						54,304			54,878
OTHER INCOME AND EXPENSE:
Investment income		672			547						6,862			6,753
Other income		45			58						88			240
Interest expense		(15,413	)		(17,046	)					(31,395	)		(32,626	)
Amortization of deferred financing fees		(420	)		(422	)					(849	)		(809	)
Equity in income in unconsolidated joint ventures		170			-						170			-
Gain on sale of real estate		18,499			518						18,457			1,585
Loss on sale of fixed assets		-			(283	)					-			(283	)
Gain on extinguishment of debt		696			-						3,076			-
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		29,891			12,343						50,713			29,738
Minority interest		(28	)		(28	)					(56	)		(56	)
INCOME FROM CONTINUING OPERATIONS		29,863			12,315			142.5	%		50,657			29,682			70.7	%
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		38			565						98			1,485
(Loss) gain on disposal of income-producing properties		(483	)		(12	)					(483	)		1,720
(Loss) income from discontinued operations		(445	)		553						(385	)		3,205
NET INCOME	$	29,418		$	12,868			128.6	%	$	50,272		$	32,887			52.9	%
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations		0.41			0.17						0.69			0.41
Discontinued operations		(0.01	)		0.01						(0.01	)		0.04
NET INCOME	$	0.40		$	0.18			127.7	%	$	0.68		$	0.45			49.9	%
EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	0.41		$	0.16					$	0.69		$	0.40
Discontinued operations		(0.01	)		0.01						(0.01	)		0.04
NET INCOME	$	0.40		$	0.17			140.4	%	$	0.68		$	0.44			54.6	%
Weighted average shares outstanding
Basic		73,408			73,101						73,366			73,038
Diluted (1)		73,541			74,128						73,503			74,056

Notes

_____________________________________________________________________

(1) Diluted EPS calculation uses the treasury stock method for period ended June 30, 2008.

Page 10

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the quarter ended June 30, 2008

(in thousands, except per share data)

	Three months ended									Six months ended
	Jun 30, 2008									Jun 30, 2008
	As			Disc. Ops			Pre SFAS			As			Disc. Ops			Pre SFAS
	Reported			Total			No. 144			Reported			Total			No. 144
REVENUE:
Minimum rent	$	46,815		$	102		$	46,917		$	94,816		$	125		$	94,941
Expense recoveries		13,101			23			13,124			26,769			99			26,868
Percentage rent		164			-			164			1,613			-			1,613
Property management and leasing services		814			-			814			997			-			997
Total revenue		60,894			125			61,019			124,195			224			124,419
COSTS AND EXPENSES:
Property operating		16,032			58			16,090			32,102			67			32,169
Rental property depreciation and amortization		11,667			29			11,696			23,434			59			23,493
General and administrative		7,553			-			7,553			14,355			-			14,355
Total costs and expenses		35,252			87			35,339			69,891			126			70,017
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS		25,642			38			25,680			54,304			98			54,402
OTHER INCOME AND EXPENSE:
Investment income		672			-			672			6,862			-			6,862
Other income		45			-			45			88			-			88
Interest expense		(15,413	)		-			(15,413	)		(31,395	)		-			(31,395	)
Amortization of deferred financing fees		(420	)		-			(420	)		(849	)		-			(849	)
Equity in income in unconsolidated joint ventures		170			-			170			170			-			170
Gain on sale of real estate		18,499			(483	)		18,016			18,457			(483	)		17,974
Gain on extinguishment of debt		696			-			696			3,076			-			3,076
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		29,891			(445	)		29,446			50,713			(385	)		50,328
Minority interest		(28	)		-			(28	)		(56	)		-			(56	)
INCOME FROM CONTINUING OPERATIONS		29,863			(445	)		29,418			50,657			(385	)		50,272
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		38			(38	)		-			98			(98	)		-
Loss on disposal of income-producing properties		(483	)		483			-			(483	)		483			-
(Loss) Income from discontinued operations		(445	)		445			-			(385	)		385			-
NET INCOME	$	29,418		$	-		$	29,418		$	50,272		$	-		$	50,272

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.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the quarter ended June 30, 2008

(in thousands, except per share data)

	Three months ended									Six months ended
	Jun 30, 2007									Jun 30, 2007
	As			Disc. Ops			Pre SFAS			As			Disc. Ops			Pre SFAS
	Reported			Total			No. 144			Reported			Total			No. 144
REVENUE:
Minimum rent	$	47,979		$	1,602		$	49,581		$	94,325		$	3,245		$	97,570
Expense recoveries		14,026			1,186			15,212			26,949			1,710			28,659
Percentage rent		373			4			377			1,633			4			1,637
Property management and leasing services		149			-			149			986			-			986
Total revenue		62,527			2,792			65,319			123,893			4,959			128,852
COSTS AND EXPENSES:
Property operating		15,112			1,631			16,743			29,841			2,254			32,095
Rental property depreciation and amortization		11,618			392			12,010			22,544			839			23,383
General and administrative		6,826			29			6,855			16,630			29			16,659
Total costs and expenses		33,556			2,052			35,608			69,015			3,122			72,137
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS		28,971			740			29,711			54,878			1,837			56,715
OTHER INCOME AND EXPENSE:
Investment income		547			4			551			6,753			5			6,758
Other income		58			-			58			240			-			240
Interest expense		(17,046	)		(177	)		(17,223	)		(32,626	)		(354	)		(32,980	)
Amortization of deferred financing fees		(422	)		(2	)		(424	)		(809	)		(3	)		(812	)
Gain on sale of real estate		518			(12	)		506			1,585			1,720			3,305
Loss on sale of fixed assets		(283	)		-			(283	)		(283	)		-			(283	)
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		12,343			553			12,896			29,738			3,205			32,943
Minority interest		(28	)		-			(28	)		(56	)		-			(56	)
INCOME FROM CONTINUING OPERATIONS		12,315			553			12,868			29,682			3,205			32,887
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		565			(565	)		-			1,485			(1,485	)		-
Gain (loss) on disposal of income-producing properties		(12	)		12			-			1,720			(1,720	)		-
Income from discontinued operations		553			(553	)		-			3,205			(3,205	)		-
NET INCOME	$	12,868		$	-		$	12,868		$	32,887		$	-		$	32,887

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.

NET OPERATING INCOME

For the quarter ended June 30, 2008

(in thousands, except per share data)

	Three months ended						Percent	Six months ended						Percent
	Jun 30, 2008			Jun 30, 2007			Change	Jun 30, 2008			Jun 30, 2007			Change
Total net operating income(1)
Total rental revenue	$	60,205		$	65,170		(7.6%)	$	123,422		$	127,866			(3.5	%)
Property operating expenses		16,090			16,743		(3.9%)		32,169			32,095			0.2	%
Net operating income	$	44,115		$	48,427		(8.9%)	$	91,253		$	95,771			(4.7	%)
NOI margin (NOI / Total rental revenue)		73.3	%		74.3	%			73.9	%		74.9	%
Same-property NOI (2)
Total rental revenue	$	52,664		$	52,785		(0.2%)
Property operating expenses		15,779			14,813		6.5%
Net operating income	$	36,885		$	37,972		(2.9%)
Growth in same property NOI		(2.9	%)
Number of properties included in analysis		146
Same-property occupancy		92.7	%		93.8	%

(1) Amounts included in discontinued operations have been included for purposes of this presentation of net operating income.

(2) Retail centers only.  Excludes the effects of straight-line rent, SFAS 141 / 142, lease termination fees, and prior year expense recoveries and adjustments, if any.

Page 13

EQUITY ONE, INC.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)

For the quarter ended June 30, 2008

(in thousands, except per share data)

	Three months ended					Six months ended
	Jun 30, 2008			Jun 30, 2007		Jun 30, 2008			Jun 30, 2007
Net income	$	29,418		$	12,868	$	50,272		$	32,887
Rental property depreciation and amortization*		11,696			12,010		23,493			23,383
Other depreciation and amortization		181			192		364			394
Interest expense*		15,413			17,223		31,395			32,980
Amortization of deferred financing fees*		420			424		849			812
Minority interest*		28			28		56			56
Gain on disposal of income-producing properties		(18,499	)		-		(18,457	)		(1,720	)
Loss on sale of fixed assets		-			283		-			283
EBITDA*	$	38,657		$	43,028	$	87,972		$	89,075
Interest expense*	$	15,413		$	17,223	$	31,395		$	32,980
EBITDA to interest expense*		2.5			2.5		2.8			2.7
Fixed charges
Interest expense*	$	15,413		$	17,223	$	31,395		$	32,980
Scheduled principal amortization (1)		2,561			2,626		5,304			5,156
Total fixed charges	$	17,974		$	19,849	$	36,699		$	38,136
EBITDA to fixed charges*		2.2			2.2		2.4			2.3
Total market capitalization (see page 7)	$	2,534,951		$	3,051,988	$	2,534,951		$	3,051,988

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

(1) Excludes balloon payments upon maturity.

Page 14

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the quarter ended June 30, 2008

(in thousands, except per share data)

	Three months ended					Six months ended
	Jun 30, 2008			Jun 30, 2007		Jun 30, 2008			Jun 30, 2007
Net income	$	29,418		$	12,868	$	50,272		$	32,887
Adjustments:
Rental property depreciation and amortization, including discontinued operations		11,696			12,010		23,493			23,383
Gain on disposal of depreciable real estate		(18,016	)		-		(18,016	)		(1,720	)
Loss on sale of fixed assets		-			283		-			283
Pro rata share of real estate depreciation from unconsolidated JV		138			-		138			-
Minority interest		28			28		56			56
Funds from operations	$	23,264		$	25,189	$	55,943		$	54,889
Change		-7.6	%				1.9	%
Earnings per diluted share*	$	0.40		$	0.17	$	0.68		$	0.44
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.16			0.17		0.32			0.32
Gain on disposal of depreciable real estate		(0.24	)		-		(0.24	)		(0.02	)
Loss on sale of fixed assets		-			0.00		-			0.00
Pro rata share of real estate depreciation from unconsolidated JV		0.00			-		0.00			-
Funds from operations per diluted share	$	0.32		$	0.34	$	0.76		$	0.74
Change		-6.2	%				3.7	%
Weighted average diluted shares (1)		73,541			74,128		73,503			74,056

Notes

(1) Diluted EPS calculation uses the treasury stock method for period ended June 30, 2008.

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

Page 15

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the quarter ended June 30, 2008

(in thousands, except per share data)

				Three months ended						Six months ended
				Jun 30, 2008			Jun 30, 2007			Jun 30, 2008			Jun 30, 2007
Certain non-cash items:
Amortization of deferred financing fees				$	420		$	424		$	849		$	812
Amortization of above/below market rent intangibles					(882	)		(1,403	)		(1,991	)		(2,337	)
Amortization of restricted stock and stock option expense					1,581			1,317			3,215			3,726
Straight line rents					(138	)		(687	)		(409	)		(1,142	)
Capitalized interest					(686	)		(693	)		(1,476	)		(1,809	)
Amortization of debt premium/discount					(568	)		(541	)		(1,106	)		(997	)
Total non-cash items				$	(273	)	$	(1,583	)	$	(1,767	)	$	(2,559	)
Certain capital expenditures:
Tenant improvements				$	(742	)	$	(1,147	)	$	(4,280	)	$	(1,971	)
Leasing commissions and costs					(866	)		(579	)		(1,669	)		(1,862	)
Total tenant improvements and leasing costs				$	(1,608	)	$	(1,726	)	$	(5,949	)	$	(3,833	)
Certain balance sheet accounts at 06/30/08:
Straight-line rent receivable	$	13,731
Lease intangible asset, net		14,184
Lease intangibles liability, net		(15,845	)
Deferred expenses, net		15,728
Total balance sheet accounts	$	27,798

Page 16

EQUITY ONE, INC.
TENANT CONCENTRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2008
Tenant	Number of stores		Square feet		% of total square feet			Annualized minimum rent		% of total annualized minimum rent			Average annual minimum rent per square foot
Top ten tenants
Publix		50		2,230,333		14.0	%	$	17,611,244		10.2	%	$	7.90
Supervalu		7		458,273		2.9	%		8,302,236		4.9	%		18.12
Kroger		13		747,025		4.7	%		6,057,487		3.6	%		8.11
Bed Bath & Beyond		8		261,332		1.6	%		3,049,214		1.8	%		11.67
Winn Dixie		9		398,128		2.5	%		2,892,815		1.7	%		7.27
LA Fitness		3		144,307		0.9	%		2,517,941		1.5	%		17.45
TJ Maxx Companies		8		248,658		1.6	%		2,227,042		1.3	%		8.96
Blockbuster		21		112,430		0.7	%		2,189,048		1.3	%		19.47
CVS Pharmacy		12		133,460		0.8	%		2,073,237		1.2	%		15.53
Kmart Corporation		5		439,558		2.9	%		1,939,705		1.1	%		4.41
Sub-total top ten tenants		136		5,173,504		32.6	%	$	48,859,969		28.6	%	$	9.44
Remaining tenants		2,435		9,568,946		60.2	%		121,910,863		71.4	%		12.74
Sub-total all tenants		2,571		14,742,450		92.8	%	$	170,770,832		100.0	%	$	11.74
Vacant		417		1,148,504		7.2	%	NA		NA			NA
Total including vacant		2,988		15,890,954		100.0	%	$	170,770,832		100.0	%	NA

Note:  Excludes developments and non-retail properties.

Page 17

EQUITY ONE, INC.
RECENT LEASING ACTIVITY
For the three months ended June 30, 2008
Category	Total Leases		Sq. Ft.		Prior Rent PSF		New Rent PSF		Rent Spread PSF			TIs PSF
New Leases (1)		58		255,664	$	12.53	$	14.79		17.8	%	$	19.49
Renewals		81		168,001		17.03		18.50		8.6	%		0.51
Options		17		132,691		9.04		9.73		7.6	%		-
Total New, Renewals & Options		156		556,356	$	13.15	$	14.69		11.7	%	$	9.11

Note: Prior rent and new rent are presented on a “cash basis”, not on a straight-line basis.

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

Page 18

EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2008
ALL TENANTS
Date	Number of leases		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		79		151,251		1.0	%	$	2,100,409		1.2	%	$	13.89
2008		314		789,509		5.0	%		10,708,851		6.0	%		13.56
2009		518		1,822,008		11.5	%		22,621,020		12.7	%		12.42
2010		523		1,952,087		12.3	%		23,431,304		13.2	%		12.00
2011		412		2,044,988		12.9	%		24,800,533		14.0	%		12.13
2012		303		1,691,566		10.6	%		19,329,166		10.9	%		11.43
2013		173		1,019,438		6.4	%		12,925,777		7.3	%		12.68
2014		41		727,260		4.6	%		5,794,793		3.3	%		7.97
2015		33		384,069		2.4	%		4,238,877		2.4	%		11.04
2016		35		901,311		5.7	%		13,806,445		7.8	%		15.32
2017		28		563,886		3.5	%		6,994,270		3.9	%		12.40
Thereafter		112		2,695,077		16.9	%		30,788,204		17.3	%		11.42
Sub-total / average		2,571		14,742,450		92.8	%	$	177,539,649		100.0	%	$	12.04
									.
Vacant		417		1,148,504		7.2	%	NA		NA			NA
Total / average		2,988		15,890,954		100.0	%	$	177,539,649		100.0	%	NA

Note:  Excludes developments and non-retail properties.

Page 19

EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2008
ANCHOR TENANTS (SF >= 10,000)
Date	Number of leases		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		1		11,928		0.1	%	$	107,352		0.1	%	$	11.49
2008		5		83,831		0.8	%		657,011		0.8	%		6.96
2009		32		815,450		8.1	%		5,938,623		7.0	%		6.83
2010		34		947,204		9.4	%		5,763,180		6.8	%		6.15
2011		42		1,207,813		12.0	%		8,933,501		10.5	%		7.24
2012		31		1,062,287		10.6	%		6,800,180		8.0	%		6.83
2013		21		722,045		7.2	%		5,521,577		6.5	%		8.12
2014		15		645,769		6.4	%		4,160,123		4.9	%		6.90
2015		10		305,831		3.0	%		2,524,013		3.0	%		8.59
2016		16		833,255		8.3	%		12,215,738		14.4	%		14.49
2017		12		481,417		4.8	%		5,269,493		6.2	%		10.68
Thereafter		62		2,546,442		25.4	%		26,920,693		31.8	%		10.35
Sub-total / average		281		9,663,272		96.1	%	$	84,811,484		100.0	%	$	8.78
Vacant		17		389,830		3.9	%	NA		NA			NA
Total / average		298		10,053,102		100.0	%	$	84,811,484		100.0	%	NA

Note:  Excludes developments and non-retail properties.

Page 20

EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2008
SHOP TENANTS (SF < 10,000)
Date	Number of leases		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		78		139,323		2.4	%	$	1,993,057		2.2	%	$	14.31
2008		309		705,678		12.1	%		10,051,840		10.7	%		14.24
2009		486		1,006,558		17.2	%		16,682,397		17.9	%		16.57
2010		489		1,004,883		17.2	%		17,668,124		19.1	%		17.58
2011		370		837,175		14.3	%		15,867,032		17.1	%		18.95
2012		272		629,279		10.8	%		12,528,986		13.5	%		19.91
2013		152		297,393		5.1	%		7,404,200		8.0	%		24.90
2014		26		81,491		1.4	%		1,634,670		1.8	%		20.06
2015		23		78,238		1.3	%		1,714,864		1.9	%		21.92
2016		19		68,056		1.2	%		1,590,707		1.7	%		23.37
2017		16		82,469		1.5	%		1,724,777		1.9	%		20.91
Thereafter		50		148,635		2.5	%		3,867,511		4.2	%		26.02
Sub-total / average		2,290		5,079,178		87.0	%	$	92,728,165		100.0	%	$	18.26
Vacant		400		758,674		13.0	%	NA		NA			NA
Total / average		2,690		5,837,852		100.0	%	$	92,728,165		100.0	%	NA

Note:  Excludes developments and non-retail properties.

Page 21

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION GRAPH

CONSOLIDATED PROPERTIES

As of June 30, 2008

Page 22

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of June 30, 2008

Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County, FL		13		1,933,454		25,400,632		14.9	%
Miami Dade County, FL		11		1,240,895		16,888,323		9.8	%
Palm Beach County, FL		10		1,103,325		13,440,753		7.9	%
South Florida		34		4,277,674		55,729,708		32.6	%
Atlanta, GA		19		1,933,631		22,771,779		13.3	%
Orlando, FL		10		1,129,335		13,737,299		8.0	%
Tampa- St. Petersburg, FL		11		952,040		9,066,629		5.3	%
Naples/Cape Coral/Venice, FL		8		885,156		8,479,451		5.0	%
Jacksonville, FL		5		669,168		6,872,190		4.0	%
Boston, MA		6		401,454		8,455,013		5.0	%
Florida Treasure/Northeast Coast		8		711,278		7,812,491		4.6	%
Columbia, SC		1		184,834		1,935,970		1.1	%
Lafayette, LA		5		714,691		3,951,495		2.3	%
New Orleans, LA		4		458,125		3,617,008		2.1	%
Baton Rouge, LA		3		349,146		3,013,381		1.8	%
Raleigh Durham, NC		3		357,701		2,957,092		1.7	%
Florida Panhandle		2		140,803		1,342,134		0.8	%
Greenville, SC		2		164,176		2,051,300		1.2	%
Hilton Head-Beaufort, SC		1		166,639		2,102,102		1.2	%
Hartford, CT		1		210,588		2,012,705		1.2	%
Other		22		2,184,515		14,863,085		8.8	%
Total		145		15,890,954	$	170,770,832		100.0	%

Note:  Excludes developments, non-retail properties, and joint-venture properties.

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor  tenants	Average Base rent per   leased  SF
Property
ALABAMA (2)
Madison Centre	Madison	1997		64,837		95.7	%		11		2		37,912	Publix	06/01/17	Rite Aid	$	9.70
Winchester Plaza	Huntsville	2006		78,544		91.9	%		16		5		45,600	Publix	08/31/26			12.12
TOTAL SHOPPING CENTERS ALABAMA (2)				143,381		93.6	%		27		7		83,512				$	11.00
CONNECTICUT (1)
Brookside Plaza	Enfield	1985 / 2006		210,588		84.2	%		23		5		59,648	Shaw's	08/31/10	Bed Bath & Beyond / Walgreens / Staples	$	11.35
TOTAL SHOPPING CENTERS CONNECTICUT (1)				210,588		84.2	%		23		5		59,648				$	11.35
FLORIDA (78)
Orlando / Central Florida (10)
Alafaya Commons	Orlando	1987		126,333		93.6	%		25		5		54,230	Publix	11/30/10		$	13.90
Alafaya Village	Orlando	1986		38,118		85.0	%		12		4							19.89
Conway Crossing	Orlando	2002		76,321		89.2	%		14		4		44,271	Publix	04/30/22			11.79
Eastwood, Shoppes of	Orlando	1997		69,037		100.0	%		13		-		51,512	Publix	11/01/17			12.18
Hunter's Creek	Orlando	1998		73,204		100.0	%		10		-					Office Depot / Lifestyle Family Fitness		13.78
Kirkman Shoppes	Orlando	1973		88,820		98.6	%		30		1					Party America		18.58
Lake Mary Centre	Orlando	1988 / 2001		339,084		98.5	%		69		17		63,139	Albertsons	06/30/12	Kmart / Lifestyle Fitness Center /    Office Depot		13.05
Park Promenade	Orlando	1987 / 2000		128,848		86.5	%		20		6					Beauty Depot / Orange County Library		8.15
Town & Country	Kissimmee	1993		72,043		97.8	%		13		1		52,883	Albertsons*	10/31/18			8.01
														(Ross / DD's Discount)
Unigold Shopping Center	Winter Park	1987		117,527		97.3	%		23		2		52,500	Winn-Dixie	04/30/12	Lifestyle Family Fitness		11.72
Jacksonville / North Florida (7)
Beauclerc Village	Jacksonville	1962 / 1988		70,429		81.3	%		8		3					Big Lots / Goodwill / Bealls Outlet		8.11
Forest Village	Tallahassee	2000		71,526		86.7	%		13		3		37,866	Publix	04/30/20			10.67

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
Ft. Caroline	Jacksonville	1985 / 1995		74,546		93.6	%		9		4		45,500	Winn-Dixie	05/31/15	Citi Trends	$	7.49
Medical & Merchants	Jacksonville	1993		156,153		91.6	%		13		5		55,999	Publix	02/10/13	Memorial Hospital		13.20
Middle Beach	Panama City Beach	1994		69,277		100.0	%		9		-		56,077	Publix	09/30/14			9.81
Oak Hill	Jacksonville	1985 / 1997		78,492		94.3	%		17		3		39,795	Publix	03/11/10	Beall's		7.39
South Beach	Jacksonville Beach	1990 / 1991		289,548		96.8	%		45		4					Beall's / Bed Bath & Beyond / Home Depot / Stein Mart		12.31
Miami-Dade / Broward / Palm Beach (34)
Bird Ludlum	Miami	1988 / 1998		192,282		94.2	%		39		4		44,400	Winn-Dixie	12/31/12	CVS Pharmacy / Bird Executive / Goodwill		16.71
Boca Village	Boca Raton	1978		93,428		92.2	%		18		3		36,000	Publix	03/31/12	CVS Pharmacy		15.49
Boynton Plaza	Boynton Beach	1978 / 1999		99,324		95.6	%		26		3		37,664	Publix	08/31/18	CVS Pharmacy		13.30
Bluffs Square	Jupiter	1986		132,395		91.0	%		42		5		39,795	Publix	10/22/11	Walgreens		13.59
Chapel Trail	Pembroke Pines	2007		56,378		97.2	%		3		1					LA Fitness		22.05
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990		74,680		84.8	%		15		2					Office Depot		20.54
Countryside Shops	Cooper City	1986 / 1988 / 1991		179,561		98.0	%		43		3		39,795	Publix	12/04/10	CVS Pharmacy / Stein Mart		13.42
Crossroads Square	Pembroke Pines	1973		84,387		74.0	%		20		6					CVS Pharmacy		17.80
CVS Plaza	Miami	2004		29,204		100.0	%		8		-					CVS Pharmacy		17.08
El Novillo	Miami Beach	1970 / 2000		10,000		100.0	%		1		-					Jumbo Buffet		21.00
Greenwood	Palm Springs	1982 / 1994		132,325		95.8	%		34		2		50,032	Publix	12/05/14	Bealls Outlet		12.70
Jonathan's Landing	Jupiter	1997		26,820		60.1	%		9		3			Publix				22.28
														(shadow)
Lago Mar	Miami	1995		82,613		95.4	%		20		2		42,323	Publix	09/13/15			14.21
Lantana Village	Lantana	1976 / 1999		181,780		93.6	%		21		4		39,473	Winn-Dixie	02/15/11	Kmart / Rite Aid* (Family Dollar)		6.96
Meadows	Miami	1997		75,524		100.0	%		20		-		47,955	Publix	07/09/17			13.72
Oakbrook Square	Palm Beach Gardens	1974 / 2000 / 2003		212,074		89.6	%		25		5		44,400	Publix	11/30/20	Stein Mart / TJ Maxx / Home Goods / CVS / Basset Furniture / Duffy's		14.52

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
Oaktree Plaza	North Palm Beach	1985		23,745		85.3	%		17		3						$	15.62
Pine Island	Davie	1983 / 1999		254,907		95.8	%		42		4		39,943	Publix	11/30/13	Home Depot Expo / Staples		11.60
Pine Ridge Square	Coral Springs	1986 / 1998 / 1999		117,399		94.3	%		31		4		17,441	Fresh Market	06/30/09	Bed Bath & Beyond / Nordic Interiors		14.67
Plaza Alegre	Miami	2003		91,611		96.1	%		19		2		44,271	Publix	03/14/23	Goodwill		15.60
Point Royale	Miami	1970 / 2000		216,760		93.5	%		22		4		45,350	Winn-Dixie	02/18/11	Best Buy		6.52
Prosperity Centre	Palm Beach Gardens	1993		122,014		96.6	%		9		1					Office Depot / CVS / Bed Bath & Beyond /  TJ Maxx		17.39
Ridge Plaza	Davie	1984 / 1999		155,204		99.0	%		29		1					AMC Theater / Kabooms / Wachovia* (United Collection) / Round Up/ Goodwill		11.37
Riverside Square	Coral Springs	1987		104,241		88.4	%		28		6		39,795	Publix	02/18/12			13.67
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		89.4	%		24		5		36,464	Publix	12/15/09	Walgreens		11.52
Sheridan Plaza**	Hollywood	1973 / 1991		504,495		99.2	%		61		2		65,537	Publix	10/09/11	Kohl's / Ross / Bed Bath & Beyond / Office Depot / CVS / LA Fitness / USA Baby & Child Space / Assoc. in Neurology		13.76
Shoppes of Andros Isles	West Palm Beach	2000		79,420		91.2	%		14		3		51,420	Publix	02/29/20			12.82
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997		126,788		95.9	%		37		3		47,813	Publix	06/14/15			17.61
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		284,943		99.3	%		48		2		51,420	Publix	07/31/19	TJMaxx / LA Fitness / Goodwill		15.94
Tamarac Town Square	Tamarac	1987		127,635		87.1	%		30		10		37,764	Publix	12/15/14	Dollar Tree		11.62
Waterstone	Homestead	2005		82,531		100.0	%		13		-		45,600	Publix	07/31/25	Walgreens		15.20
West Lakes Plaza	Miami	1984 / 2000		100,747		100.0	%		27		-		46,216	Winn-Dixie	10/31/16	Navarro Pharmacy		12.27
Westport Plaza	Davie	2002		49,533		100.0	%		8		-		27,887	Publix	11/30/22			18.05
Young Circle	Hollywood	1962 / 1997		65,834		92.3	%		7		3		23,124	Publix	11/30/16	Walgreens		15.45

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001		92,734		96.0	%		16		2		59,448	Albertsons	04/30/25		$	9.46
New Smyrna Beach	New Smyrna Beach	1987		118,451		100.0	%		34		-		42,112	Publix	09/30/12	Walgreens* (Bealls Outlet) / Bealls Home Outlet		11.43
Old King Commons	Palm Coast	1988		84,759		97.2	%		18		1					Wal-Mart / Staples / Bealls Outlet		8.81
Ryanwood	Vero Beach	1987		114,925		96.3	%		30		2		39,795	Publix	03/23/17	Bealls Outlet / Books-A-Million		11.08
Salerno Village	Stuart	1987		82,477		94.2	%		17		3		45,802	Winn-Dixie	03/23/24	CVS Pharmacy		10.78
Shops at St. Lucie	Port St. Lucie	2006		19,361		93.6	%		9		3							22.44
South Point Center	Vero Beach	2003		64,790		92.4	%		12		4		44,840	Publix	11/30/23			15.74
Treasure Coast	Vero Beach	1983		133,781		97.0	%		21		3		59,450	Publix	07/31/26	TJ Maxx		11.39
Tampa / St. Petersburg / Venice / Cape Coral / Naples (19)
Bay Pointe Plaza	St. Petersburg	1984 / 2002		103,986		93.7	%		19		5		52,610	Publix	11/30/21	Bealls Outlet		10.03
Carrollwood	Tampa	1970 / 2002		94,203		93.4	%		30		6		27,887	Publix	11/30/22	Golf Locker		13.17
Charlotte Square	Port Charlotte	1980		96,188		92.9	%		18		6		40,024	Publix* [AmericanSignature Furniture]		Seafood Buffet		8.29
Chelsea Place	New Port Richey	1992		81,144		98.3	%		17		1		48,890	Publix	05/27/12			11.76
Lake St. Charles	Tampa	1999		57,015		100.0	%		8		-		46,295	Sweet Bay	06/30/19			10.14
Lutz Lake	Lutz	2002		64,985		92.0	%		12		3		44,270	Publix	05/31/22			13.62
Marco Town Center	Marco Island	2001		109,830		88.4	%		36		6		27,887	Publix	01/31/18			17.55
Mariners Crossing	Spring Hill	1989 / 1999		92,808		92.1	%		14		6		48,315	Kash n' Karry	08/15/20			9.85
Midpoint Center	Cape Coral	2002		75,386		100.0	%		10		-		60,667	Publix	10/31/22			12.23
Pavilion	Naples	1982		167,745		90.9	%		33		7		50,795	Publix	02/28/13	Pavilion 6 Theatre		13.80
Regency Crossing	Port Richey	1986 / 2001		85,864		81.6	%		15		10		44,270	Publix	02/28/21			10.39
Ross Plaza	Tampa	1984 / 1996		91,197		91.3	%		18		4					Ross Dress for Less / Deals		12.18

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
Seven Hills	Spring Hill	1991		72,590		89.5	%		13		4		48,890	Publix	09/25/11		$	10.54
Shoppes of North Port	North Port	1991		84,705		96.2	%		19		2		48,890	Publix	12/11/11	Bealls Outlet		10.42
Summerlin Square	Fort Myers	1986 / 1998		109,156		77.0	%		13		15		45,500	Winn-Dixie	06/04/11	Lee County Sheriff's Office		9.66
Sunpoint Shopping Center	Ruskin	1984		132,374		63.6	%		19		5					Beall's / Goodwill / Ozzie's Buffet / Big Lots		9.03
Venice Plaza	Venice	1971 / 1979 / 1999		132,345		98.7	%		14		1		42,582	Sweet Bay	09/30/18	TJ Maxx / Blockbuster		6.03
Venice Shopping Center	Venice	1968 / 2000		109,801		92.7	%		13		1		44,271	Publix	12/31/26	Beall's Outlet		5.52
Walden Woods	Plant City	1985 / 1998 / 2003		75,874		95.0	%		14		1					Dollar Tree / Aaron Rents / Dollar General		7.94
TOTAL SHOPPING CENTERS FLORIDA (78)				8,765,454		93.8	%		1,645		259		2,569,120				$	12.54
GEORGIA (24)
Atlanta (20)
BridgeMill	Canton	2000		89,102		94.3	%		27		3		37,888	Publix	01/31/20		$	15.36
Buckhead Station	Atlanta	1996		233,930		89.7	%		15		3					Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Golfsmith / Ulta		19.73
Butler Creek	Acworth	1990		95,597		95.0	%		19		1		59,997	Kroger	06/30/18			11.03
Chastain Square	Atlanta	1981 / 2001		91,637		100.0	%		27		-		37,366	Publix	05/31/24			17.75
Commerce Crossing	Commerce	1988		100,668		62.4	%		8		3		32,000	Ingles	09/26/09	Fred's Store		4.77
Douglas Commons	Douglasville	1988		97,027		98.9	%		16		1		59,431	Kroger	08/31/13			10.46
Fairview Oaks	Ellenwood	1997		77,052		93.6	%		11		3		54,498	Kroger	09/30/16			11.24
Grassland Crossing	Alpharetta	1996		90,906		97.3	%		12		2		70,086	Kroger	06/30/16			11.70
Hairston Center	Decatur	2000		13,000		46.2	%		4		5							14.51
Hamilton Ridge	Buford	2002		90,996		86.3	%		15		6		54,166	Kroger	11/30/22			12.04
Mableton Crossing	Mableton	1997		86,819		98.1	%		16		1		63,419	Kroger	08/31/17			10.60
Macland Pointe	Marietta	1992-93		79,699		98.5	%		16		1		55,999	Publix	12/29/12			10.06

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
Market Place	Norcross	1976		77,706		84.2	%		18		4					Peachtree Cinema	$	12.28
Paulding Commons	Dallas	1991		192,391		95.6	%		26		4		49,700	Kroger	02/28/11	Kmart		8.05
Piedmont Peachtree Crossing	Buckhead	1978 / 1998		152,239		100.0	%		28		-		55,520	Kroger	05/31/10	Cost Plus Store / Binders Art Supplies		16.82
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998		86,473		93.6	%		21		4					Micro Center		9.94
Shops of Huntcrest	Lawrenceville	2003		97,040		92.8	%		22		4		54,340	Publix	01/31/23			13.60
Shops of Westridge	McDonough	2006		66,297		89.4	%		13		5		38,997	Publix	04/30/26			13.86
Wesley Chapel	Decatur	1989		170,792		65.0	%		15		11		32,000	Ingles*	09/25/09	CVS Pharmacy / Corinthian College		6.02
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		83.1	%		24		2							20.68
Central / South Georgia (4)
Daniel Village	Augusta	1956 / 1997		171,932		94.7	%		34		5		45,971	Bi-Lo	03/25/22	St. Joseph Home Health Care		8.62
McAlpin Square	Savannah	1979		176,807		87.1	%		23		2		43,600	Kroger	08/31/15	Big Lots /  U.S Post Office		7.75
Spalding Village	Griffin	1989		235,318		67.8	%		21		7		59,431	Kroger	05/31/14	JC Penney* / Blockbuster / Fred's Store		7.98
Walton Plaza	Augusta	1990		43,460		97.2	%		7		1		32,960	Harris Teeter* (Omni Fitness)	04/01/11			10.19
TOTAL SHOPPING CENTERS GEORGIA (24)				2,661,816		80.4	%		438		78		937,369				$	11.68
LOUISIANA (14)
Ambassador Row	Lafayette	1980 / 1991		193,978		84.1	%		24		2					Conn's Appliances / Big Lots / Chuck E Cheese / Goody's	$	9.84
Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005		146,697		100.0	%		23		-					Bed Bath & Beyond / Marshall's / Hancock Fabrics / United Training Academy / Tuesday Morning		10.10
Bluebonnet Village	Baton Rouge	1983		101,623		95.6	%		22		3		33,387	Matherne's	11/30/10	Office Depot		11.63
Boulevard	Lafayette	1976 / 1994		68,012		98.4	%		13		1					Piccadilly / Harbor Freight Tools / Golfballs.com		8.86
Country Club Plaza	Slidell	1982 / 1994		64,686		97.5	%		9		1		33,387	Winn-Dixie	01/31/13			6.58

Page 29

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
Crossing	Slidell	1988 / 1993		114,806		93.8	%		13		3		58,432	Save A Center	09/29/09	A-1 Home Appliance / Piccadilly	$	5.66
Elmwood Oaks	Harahan	1989		133,995		100.0	%		11		-					Academy Sports / Dollar Tree / Home Décor		9.88
Grand Marche (ground lease)	Lafayette	1969		200,585		100.0	%		1		-					Grand Marche	NA
Plaza Acadienne	Eunice	1980		105,419		54.2	%		6		2		28,092	Super 1 Store	06/30/10	Fred's Store		4.24
Sherwood South	Baton Rouge	1972 / 1988 / 1992		77,107		86.0	%		8		1					Burke's Outlet / Harbor Freight Tools / Fred's Store		6.15
Siegen Village	Baton Rouge	1988		170,416		98.7	%		18		2					Office Depot / Big Lots / Dollar Tree / Stage / Party City		8.77
Tarpon Heights	Galliano	1982		56,605		69.3	%		5		5					Stage / Dollar General		4.51
Village at Northshore	Slidell	1988		144,638		100.0	%		14		-					Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot		8.77
Wal-Mart Mathews	Mathews	1985		54,223		100.0	%		1		-					Wal-Mart*		2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)				1,632,790		92.4	%		168		20		153,298				$	8.32
MASSACHUSETTS (7)
Cambridge Star Market	Cambridge	1953 / 1997		66,108		100.0	%		1		-		66,108	Star Market	01/02/16		$	26.89
Medford Shaw's Supermarket	Medford	1995		62,656		100.0	%		2		-		60,356	Shaw's	01/01/16			23.94
Plymouth Shaw's Supermarket	Plymouth	1993		59,726		100.0	%		1		-		59,726	Shaw's	01/01/16			17.77
Quincy Star Market	Quincy	1965 / 1995		100,741		100.0	%		1		-		100,741	Star Market	01/02/16			17.36
Swampscott Whole Foods	Swampscott	1967 / 2005		35,907		100.0	%		1		-		35,907	Whole Foods	01/01/16			21.00
Webster Plaza	Webster	1963 / 1998		201,425		99.0	%		14		1		56,766	Shaw's	02/28/23	K Mart / Family Dollar / Dollar Tree		7.99
West Roxbury Shaw's Plaza	West Roxbury	1973 / 1995/ 2006		76,316		90.6	%		10		2		54,928	Shaw's	01/02/16			23.32
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				602,879		98.5	%		30		3		434,532				$	16.92
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987		66,857		100.0	%		8		-					Big Lots / Buffalo Wild Wings	$	7.14
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		100.0	%		8		-		-				$	7.14

Page 30

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
NORTH CAROLINA (9)
Centre Pointe Plaza	Smithfield	1989		163,642		95.8	%		21		3					Belk's / Goody's / Dollar Tree / Aaron Rents	$	6.57
Chestnut Square	Brevard	1985 / 2008		34,260		95.3	%		7		1					Walgreen		14.51
Galleria	Wrightsville Beach	1986 / 1990		92,114		90.6	%		29		6		28,000	Harris Teeter*	04/05/11			10.36
Parkwest Crossing	Durham	1990		85,602		93.0	%		15		2		38,052	Food Lion	12/14/10			10.34
Riverview Shopping Center	Durham	1973 / 1995		128,498		96.5	%		14		2		53,538	Kroger	12/31/14	Upchurch Drugs / Riverview Galleries		7.95
Salisbury Marketplace	Salisbury	1987		79,732		88.6	%		15		5		31,762	Food Lion	02/11/23			10.75
Stanley Market Place	Stanley	2007		53,228		93.4	%		5		2		34,928	Food Lion	05/15/27	Family Dollar		9.83
Thomasville Commons	Thomasville	1991		148,754		96.2	%		11		2		32,000	Ingles	09/29/12	Kmart		5.79
Willowdaile Shopping Center	Durham	1986		143,601		94.3	%		20		6		48,000	Harris Teeter	05/14/09	Hall of Fitness		8.48
TOTAL SHOPPING CENTERS NORTH CAROLINA (9)				929,431		94.2	%		137		29		266,280				$	8.46
SOUTH CAROLINA (8)
Belfair Towne Village	Bluffton	2000 / 2003 / 2006		166,639		95.3	%		30		4		55,696	Kroger	10/31/19	Stein Mart	$	13.23
Lancaster Plaza	Lancaster	1971 / 1990		77,400		64.9	%		3		2		19,200	Bi-Lo	09/30/10	Tractor Supply		3.61
Lancaster Shopping Center	Lancaster	1963 / 1987		29,047		100.0	%		2		-					Sweet Union Furniture		2.09
Milestone Plaza	Greenville	1995		96,121		89.2	%		9		3		61,695	Bi-Lo	03/31/30			15.54
North Village Center	North Myrtle Beach	1984		60,356		90.8	%		8		5		24,806	Bi-Lo	05/31/09	Dollar General / Gold's Gym		8.75
Sparkleberry Square	Columbia	1997 / 2004		184,834		99.0	%		14		2		67,943	Kroger	08/31/17	Ross Dress for Less / Pier One / Kohl's		10.58
Windy Hill	North Myrtle Beach	1968 / 1988 / 2006		68,465		100.0	%		5		-					Rose's Store / Family Dollar Store		6.56
Woodruff	Greenville	1995		68,055		100.0	%		10		-		47,955	Publix	08/06/15			10.56
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8)				750,917		93.0	%		81		16		277,295				$	10.40
VIRGINIA (1)
Smyth Valley Crossing	Marion	1989		126,841		100.0	%		14		-		32,000	Ingles	09/25/10	Wal-Mart	$	6.04
TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841		100.0	%		14		-		32,000				$	6.04
TOTAL CORE SHOPPING CENTER PORTFOLIO (145)				15,890,954		92.8	%		2,571		417		4,813,054				$	11.74

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2008

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.	Name	Expiration Date	Other anchor tenants	Average Base rent per leased SF
OTHER PROPERTIES (6)
4101 South I-85 Industrial	Charlotte, NC	1956 / 1963		188,513		38.0	%		2		7
Banco Popular Office Building	Miami, FL	1971		32,737		88.0	%		17		3
Laurel Walk Apartments	Charlotte, NC	1985		106,480		100.0	%		98		-
Mandarin Mini-Storage	Jacksonville, FL	1982		52,300		74.4	%		405		139
Prosperity Office Building	Palm Beach Gdns, FL	1972		3,200		0.0	%		-		1
Providence Square	Charlotte, NC	1973		85,930		28.5	%		10		15
TOTAL OTHER PROPERTIES (6)				469,160		58.4	%		532		165
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (151)				16,360,114		91.8	%		3,103		582
DEVELOPMENTS, REDEVELOPMENTS & LAND (11)
Developments (3)	Various - See Schedule on Page 34.
Redevelopments (4)	Various - See Schedule on Page 34.
Land Held for Development (4)	Various
TOTAL CONSOLIDATED - 162 Properties

Total square footage does not include shadow anchor square footage that 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 ( ).

** Future contractual lease obligations included.

Page 32

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

As of June 30, 2008

(in thousands, except acreage)

2008 Disposition Activity
Date Sold	Property Name	City	State	Square Feet / Acres		Gross Sales Price		Gain (Loss) on Sale
Properties sold to JV - partial sale with continuing involvement
April 1, 2008	Concord Shopping Center	Miami	FL		298,986	$	48,201	$	(965	)
April 1, 2008	Concord Shopping Center Outparcel	Miami	FL		N/A		2,449		-
April 1, 2008	Shoppes at Ibis	West Palm Beach	FL		79,420		14,500		5,856
April 1, 2008	Shoppes at Quail Roost	Miami	FL		73,550		15,400		(76	)
April 1, 2008	Shoppes of Sunset	Miami	FL		21,704		5,000		(30	)
April 1, 2008	Shoppes of Sunset II	Miami	FL		27,767		5,400		(46	)
June 9, 2008	Presidential Markets	Snellville	GA		396,408		62,309		10,964
June 9, 2008	Sparkleberry Square (2)	Columbia	SC		154,217		23,545		2,796
Sale of income producing properties sold to JV					1,052,052	$	176,804	$	18,499
Income producing property sale
June 30, 2008	Rosemeade	Carrollton	TX		51,231	$	2,750	$	(483	)
Sale of income producing property						$	2,750	$	(483	)
Real estate sale
March 21, 2008	Waterlick Land Parcel	Lynchburg	VA		7.96	$	550	$	(42	)
Total sale of real estate						$	550	$	(42	)
Total sales						$	180,104	$	17,974
Properties Held for Sale as of June 30, 2008
	Property Name	City	State
	Shops of Hampton Oaks Outparcel (1)	Atlanta	GA
	Sparkleberry Kohl's (2)	Columbia	SC
	Sparkleberry Kroger (2)	Columbia	SC
	Sunlake Land Parcel (1)	Tampa	FL

Notes

____________________________________

(1) Only a portion of this property is held for sale.

(2) Constitutes a portion of a single center.  The two portions classified as held for sale are expected to be sold to GRI JV in the third quarter of 2008.

Page 33

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of June 30, 2008

(in thousands, except square footage data)

Project	Location	Project GLA*		Total GLA**		Anchors	Target Stabilization Date	Estimated Gross Cost (1)		Estimated Net Cost (2)		Funded as of 06/30/08		Balance to Complete (Gross Cost)
Developments
Shops at Hampton Oaks (3)	Fairburn, GA (Atlanta)		21,000		21,000	CVS (not owned)	1Q09	$	8,505	$	4,920	$	4,138	$	4,367
Sunlake (3) (4)	Tampa, FL		110,000		110,000	Publix	4Q09		39,317		24,669		26,619		12,698
River Green	Canton, GA (Atlanta)		59,997		59,997	CVS (not owned)	2010		10,803		8,811		3,228		7,575
Subtotal			190,997		190,997			$	58,625	$	38,400	$	33,985	$	24,640
Redevelopments / Expansions / Outparcels
Mariners Crossing - Outparcel	Spring Hill, FL (Tampa)		6,300		6,300	NA (outparcel)	3Q08	$	1,494	$	1,494	$	1,304	$	190
Mandarin Landing	Jacksonville, FL		50,000		145,820	Whole Foods	2Q09		8,208		8,058		4,316		3,892
Atlantic Village	Atlantic Beach, FL		54,340		100,559	Publix	4Q09		7,731		6,026		337		7,394
Dolphin Village	St. Pete Beach, FL		138,129		138,129	Publix	4Q09		4,940		4,940		2,846		2,094
Subtotal			248,769		390,808			$	22,373	$	20,518	$	8,803	$	13,570
Total Development Activity			439,766		581,805			$	80,998	$	58,918	$	42,788	$	38,210

Project notes

____________________________________________________

(1) Includes actual / allocated cost of land.

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

(3) Indicates a portion of this property is classified as held for sale as of June 30, 2008.

(4) Being developed in a JV.  Equity One funds all capital, on which it receives an 8% preferred return, and receives 60% of the project's  residual cash flow.

(5) As of June 30, 2008, Dolphin Village was held in a joint venture to which Equity One had funded all capital.

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

** Owned GLA (for redevelopments, includes portions of center not subject to redevelopment).

Page 34

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2008

(in thousands)

	Maturity		Jun 30, 2008		Dec 31, 2007		Percent of
Debt Instrument	date	Rate (1)	balance		balance		debt maturing
Mortgage debt
Pine Island/Ridge Plaza	07/01/08	6.910%	$	-	$	23,336		0.0	%
North Port Shopping Center	02/08/09	6.650%		3,603		3,667		0.3	%
Prosperity Centre	03/01/09	7.875%		4,482		4,728		0.4	%
Shoppes at Ibis	09/01/09	6.730%		-		5,077		0.0	%
Tamarac Town Square	10/01/09	9.190%		5,756		5,816		0.5	%
Park Promenade	02/01/10	8.100%		5,978		6,019		0.6	%
Jonathan's Landing	05/01/10	8.050%		2,729		2,752		0.3	%
Bluff's Square	06/01/10	8.740%		9,649		9,706		0.9	%
Kirkman Shoppes	06/01/10	8.740%		9,112		9,166		0.9	%
Ross Plaza	06/01/10	8.740%		6,355		6,393		0.6	%
Shoppes of Andros Isle	06/10/10	7.900%		6,174		6,259		0.6	%
Boynton Plaza	07/01/10	8.030%		7,119		7,167		0.7	%
Pointe Royale	07/15/10	7.950%		3,242		3,409		0.3	%
Shops at Skylake	08/01/10	7.650%		12,755		12,996		1.2	%
Parkwest Crossing	09/01/10	8.100%		4,498		4,527		0.4	%
Spalding Village	09/01/10	8.190%		8,939		9,146		0.8	%
Charlotte Square	02/01/11	9.190%		3,272		3,317		0.3	%
Forest Village	04/01/11	7.270%		4,242		4,273		0.4	%
Boca Village	05/01/11	7.200%		7,842		7,900		0.7	%
MacLand Pointe	05/01/11	7.250%		5,540		5,581		0.5	%
Pine Ridge Square	05/01/11	7.020%		6,935		6,988		0.7	%
Sawgrass Promenade	05/01/11	7.200%		7,842		7,900		0.7	%
Presidential Markets	06/01/11	7.650%		-		26,225		0.0	%
Lake Mary Centre	11/01/11	7.250%		23,243		23,406		2.2	%

Page 35

 

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2008

(in thousands)

	Maturity		Jun 30, 2008		Dec 31, 2007		Percent of
Debt Instrument	date	Rate (1)	balance		balance		debt maturing
Lake St. Charles	11/01/11	7.130%	$	3,666	$	3,691		0.3	%
Belfair Towne Village	12/01/11	7.320%		10,378		10,509		1.0	%
Marco Town Center	01/01/12	6.700%		7,948		8,046		0.8	%
Riverside Square	03/01/12	9.190%		7,135		7,209		0.7	%
Cashmere Corners	11/01/12	5.880%		4,728		4,793		0.4	%
Eastwood	11/01/12	5.880%		5,634		5,711		0.5	%
Meadows Shopping Center	11/01/12	5.870%		5,920		6,001		0.6	%
Sparkleberry Square (Kohl's) (2)	11/30/12	6.170%		6,165		6,242		0.6	%
Lutz Lake Crossing	12/01/12	6.280%		7,464		7,500		0.7	%
Midpoint Center	07/10/13	5.770%		6,468		6,552		0.6	%
Buckhead Station	09/01/13	6.880%		27,086		27,355		2.6	%
Alafaya Village	11/11/13	5.990%		4,001		4,032		0.4	%
Summerlin Square	02/01/14	6.750%		2,494		2,672		0.2	%
South Point	07/10/14	5.720%		7,919		8,014		0.8	%
Bird Ludlum	02/15/15	7.680%		7,162		7,565		0.7	%
Treasure Coast Plaza	04/01/15	8.000%		3,392		3,575		0.3	%
Shoppes of Silverlakes I	07/01/15	7.750%		1,982		2,085		0.2	%
Grassland Crossing	12/01/16	7.870%		5,168		5,274		0.5	%
Mableton Crossing	08/15/18	6.850%		3,675		3,736		0.3	%
Sparkleberry Square (Kroger) (2)	06/30/20	6.750%		6,774		6,954		0.6	%
BridgeMill	05/05/21	7.940%		8,720		8,829		0.8	%
Westport Plaza	08/24/23	7.490%		4,515		4,573		0.4	%
Chastain Square	02/28/24	6.500%		3,429		3,491		0.3	%
Daniel Village	02/28/24	6.500%		3,748		3,816		0.4	%
Douglas Commons	02/28/24	6.500%		4,466		4,546		0.4	%

Page 36

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2008

(in thousands)

	Maturity		Jun 30, 2008		Dec 31, 2007		Percent of
Debt Instrument	date	Rate (1)	balance		balance		debt maturing
Fairview Oaks	02/28/24	6.500%	$	4,227	$	4,303		0.4	%
Madison Centre	02/28/24	6.500%		3,429		3,491		0.3	%
Paulding Commons	02/28/24	6.500%		5,822		5,926		0.6	%
Siegen Village	02/28/24	6.500%		3,788		3,855		0.4	%
Wesley Chapel Crossing	02/28/24	6.500%		2,991		3,044		0.3	%
Webster Plaza	08/15/24	8.070%		7,891		7,968		0.8	%
Total mortgage debt (52 loans outstanding)		7.309%	$	337,492	$	397,112		32.0	%
Net interest premium/(discount) (4)		(wtd-avg interest rate)		8,069		10,455		0.8	%
Total mortgage debt (including net interest premium/discount)			$	345,561	$	407,567		32.8	%

Page 37

 

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2008

(in thousands)

	Maturity		Jun 30, 2008			Dec 31, 2007			Percent of
Debt Instrument	date	Rate (1)	balance			balance			debt maturing
Unsecured senior notes payable
3.875% senior notes (3)	04/15/09	3.875%	$	198,500		$	200,000			18.9	%
Fair value of $100MM fixed-to-floating interest rate swap	04/15/09	6-month Libor + 0.4375%		66			(315	)		0.0	%
7.84% senior notes	01/23/12	7.840%		25,000			25,000			2.4	%
5.375% senior notes	10/15/15	5.375%		117,000			120,000			11.1	%
6.00% senior notes	09/15/16	6.000%		117,500			125,000			11.2	%
6.25% senior notes	01/15/17	6.250%		116,000			125,000			11.0	%
6.00% senior notes	09/15/17	6.000%		132,579			150,000			12.6	%
Total unsecured senior notes payable	6.09	5.658%	$	706,645		$	744,685			67.2	%
Net interest premium/(discount)	(wtd-avg maturity)	(wtd-avg interest rate)		(366	)		(413	)		(0.0	%)
Total unsecured senior notes payable (including net interest premium/discount)			$	706,279		$	744,272			67.2	%
Revolving credit facilities
$275MM Wells Fargo Unsecured	1/17/09	NA	$	-		$	37,000			0.0	%
$5MM City National Bank Unsecured	8/10/08	NA		-			-			0.0	%
Total revolving credit facilities			$	-		$	37,000			0.0	%
Total debt (4)			$	1,044,137		$	1,178,797			99.3	%
Net interest premium/(discount)(4)				7,703			10,042			0.7	%
Total debt (including net interest premium/discount)			$	1,051,840		$	1,188,839			100.0	%
Senior Unsecured Debt Ratings
Moody's			Baa3 (Stable)
S&P			BBB- (Stable)

(1) The rate in effect on June 30, 2008.

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

(3) $100,000 of the outstanding balance has been swapped to a floating interest rate based on a six month LIBOR in arrears, plus 0.4375%. The indicated rate and the weighted rate for the unsecured notes reflects the effect of the interest rate swap.

(4) Amount includes held for sale reclassification of $730,000 for June 30, 2008.

Page 38

EQUITY ONE, INC.

UNCONSOLIDATED BALANCE SHEET- GRI-EQY I, LLC

As of June 30, 2008

	As of
	June 30, 2008
Assets	(in thousands)
Properties
Income producing	$	225,355
Less: accumulated depreciation		(629	)
Rental property	$	224,726
Cash and cash equivalents	$	11,066
Accounts and other receivables, net		1,133
Other assets		18,859
Total	$	255,783
Liabilities and joint ventures' equity
Liabilities
Mortgage notes payable	$	120,000
Accounts payable and other liabilities		26,627
Total liabilities	$	146,627
Joint venture equity	$	109,156
Total	$	255,783

Note:  Properties were contributed to GRI-EQY I, LLC during second quarter of 2008, accordingly there is no activity prior to 2Q 2008.  Equity One has a 10% interest in the joint venture.

Page 39

EQUITY ONE, INC.

UNCONSOLIDATED STATEMENT OF OPERATIONS - GRI-EQY I, LLC

As of June 30, 2008

	Three months ended
	June 30, 2008		June 30, 2007
	(in thousands)		(in thousands)
REVENUES	$	4,711	$	-
COSTS AND EXPENSES
Property operating		1,175		-
Rental property depreciation and amortization		1,378		-
General and administrative		41		-
Interest expense		413		-
Total costs and expenses	$	3,008	$	-
NET INCOME	$	1,703	$	-

Note:  Properties were contributed to GRI-EQY I, LLC during second quarter of 2008, accordingly there is no activity prior to 2Q 2008.  Equity One has a 10% interest in the joint venture.

Page 40

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT  - GRI-EQY I, LLC

As of June 30, 2008

								Number of tenant				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft.		Percent Leased			Leased		Vacant		sq. ft.		Name	Expiration Date	Other anchor tenants	Average base rent per leased SF
Airpark Plaza Shopping Center	Miami	1971 / 1998 / 2004 / 2008		172,093		100.0	%		38		-		30,000	Publix	10/31/24	Home Depot Expo / Office Depot	$	14.43
Concord Shopping Plaza (1)	Miami	1962 / 1992 / 1993		298,986		99.8	%		24		1		78,000	Winn Dixie	09/30/09	Home Depot / Big Lots / Dollar Tree		10.51
Presidential Markets (1)	Snellville	1993 / 2000		396,408		96.0	%		32		5		56,146	Publix	12/31/19	Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Grand Harbor Import Co. / Borders		11.37
Shoppes of Ibis (1)	West Palm Beach	1999		79,420		96.5	%		16		2		51,420	Publix	04/30/19			13.20
Shoppes at Quail Roost (1)	Miami	2005		73,550		98.2	%		19		1		44,840	Publix	06/30/25			15.77
Shoppes of Sunset (1)	Miami	1979		21,704		92.8	%		15		2							17.90
Shoppes of Sunset II (1)	Miami	1980		27,767		68.8	%		11		5							18.97
Sparkleberry Square (1)	Columbia	1997 / 2004		154,217		100.0	%		11		-					Circuit City / PETsMART / Bed Bath and Beyond		12.28
TOTAL JV SHOPPING CENTER PORTFOLIO (8)				1,224,145		97.5	%		166		16		260,406				$	12.33

(1)  Properties were contributed to GRI-EQY I, LLC during second quarter of 2008, accordingly there is no activity prior to 2Q 2008. Equity One has a 10% interest in the joint venture.

Page 41

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY-GRI-EQY I, LLC

As of June 30, 2008

(in thousands)

	Equity One's			Maturity		Jun 30, 2008		Dec 31, 2007
Debt Instrument	Ownership			date	Rate (1)	balance		balance
Mortgage debt
Floating rate Loan(2)		10	%	06/01/13	LIBOR + 1.95%	$	120,000	$	-
Fair value of $120MM floating-to-fixed interest rate swap		10	%	06/01/13	3.685%		29		-
Total mortgage debt				4.92	5.635%	$	120,029	$	-
				(wtd-avg maturity)	(Net effective int rate)
Equity One's pro-rata share of unconsolidated debt						$	12,003	$	-

(1)  The rate in effect on June 30, 2008.

(2) Mortgage encumbers GRI-EQY (Airpark Plaza) LLC, GRI-EQY (Concord) LLC, GRI-EQY (IBIS) LLC, GRI-EQY (Presidential Markets) LLC, GRI-EQY (Quail Roost) LLC and GRI-EQY (Sparkleberry Square) LLC. The full balance has been swapped to a fixed rate of 3.685% plus the spread of 1.95%.

Page 42