8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) November 4, 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 November 4, 2008, Equity One, Inc. (the “Company”) announced its financial results for the three and nine months ended September 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 November 4, 2008, the Company announced its financial results for the three and nine months ended September 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 November 4, 2008.

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

3

SIGNATURE

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

November 4, 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 November 4, 2008
99.2	Information Package of Equity One, Inc. September 30, 2008

5

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 Third Quarter 2008 Operating Results

NORTH MIAMI BEACH, FL; November 4, 2008 -- Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers announced today its financial results for the three months and nine months ended September 30, 2008.

Financial Highlights

Funds From Operations (FFO) for the three months ended September 30, 2008 was a loss of $9.8 million, or a loss of $0.13 per diluted share, and for the nine months ended September 30, 2008 was $46.1 million, or $0.63 per diluted share.

Excluding a non-cash impairment charge of $32.7 million related to the company’s investment in DIM Vastgoed, N.V. (DIM), FFO for the three months ended September 30, 2008 was $22.9 million, or $0.31 per diluted share, compared to FFO of $22.2 million, or $0.30 per diluted share, for the same period in 2007.  For the nine months ended September 30, 2008, FFO excluding the DIM non-cash impairment was $78.8 million, or $1.07 per diluted share, compared to $77.1 million, or $1.04 per diluted share, for the same period in 2007.  There were no similar impairment charges for the three and nine month 2007 periods.

Net loss for the 2008 quarter was $21.4 million, or $0.29 per diluted share, compared to income of $10.7 million or $0.14 per diluted share, for the same period in 2007.  Net income for the nine months ended September 30, 2008 was $28.9 million, or $0.39 per diluted share, compared to $43.6 million, or $0.59 per diluted share for the same period in 2007.  Net income for the nine months ended September 30, 2008 included gains on sales of $18.5 million compared to $2.0 million for the same period in 2007.

Impairment of Investment in DIM

The losses in FFO and net income for the third quarter resulted from a non-cash impairment charge of $32.7 million recorded against the company’s investment in DIM.  At September 30, 2008, Equity One owned approximately 3.8 million shares, or 46.5% of the outstanding shares of DIM with a market value of $46.6 million. Subsequent to the end of the quarter, the company determined that the decline in DIM’s fair value was other-than-temporary as a result of recent market conditions.

At September 30, 2008, DIM owned 20 shopping centers in the Southeastern U.S. with portfolio occupancy of 94.9%.  The portfolio is financed with approximately $263 million of individual non-recourse mortgage loans, with more than 80% of the debt extending beyond 2011.  On October 14, 2008, DIM reiterated its 2008 “direct results” earnings guidance, as reported under International Financial Reporting Standards, and its anticipated annual dividend of $1.00 per share.

Operating Highlights

For the three months ended September 30, 2008, same-property net operating income remained unchanged compared to the same period in 2007.  At September 30, 2008, the company’s core operating portfolio occupancy was 92.3%, down 40 basis points on a same-property basis as compared to June 30, 2008 and down 110 basis points as compared to September 30, 2007.

During the third quarter, the company executed 45 new leases totaling 104,202 square feet at an average rental rate of $22.65 per square foot, representing a 22.0% increase over prior rents on a same-space cash basis.  Also during the third quarter, the company renewed 81 leases for 152,131 square feet for an average rental rate increase of 7.8% to $17.36 per square foot on a cash basis.  In addition, the company renewed 20 leases for 184,505 square feet subject to tenant renewal option for an average rental rate increase of 8.6% to $8.61 per square foot on a cash basis.

Development and Redevelopment Activities

At September 30, 2008, the company had approximately $58.7 million of development projects and approximately $14.6 million of redevelopment projects underway.  The estimated remaining cost to complete these projects was approximately $26.0 million.

Joint Ventures

During the three months ended September 30, 2008, the company’s joint venture with an affiliate of DRA Advisors completed the acquisition of a portfolio of three properties comprising one office building and two neighborhood shopping centers totaling approximately 503,000 square feet of GLA for $53.0 million.  Equity One owns a 20% interest in that joint venture.

Balance Sheet Highlights

At September 30, 2008, the company’s total market capitalization equaled $2.6 billion, comprising 76.2 million shares of common stock (on a diluted basis) valued at $1.6 billion, and $1.0 billion of net debt (excluding any unamortized fair market debt premium/discount and net of cash).  Its ratio of net debt to total market capitalization was 39.5% and its ratio of net debt to gross real estate and securities investments was 47.4%.

During the quarter, Equity One completed a public offering and a concurrent private placement of common stock, raising net cash proceeds of approximately $54.7 million.  The company also obtained a $65 million 10-year mortgage loan secured by Sheridan Plaza and bearing interest at a fixed rate of 6.25%, generating $62.5 in net cash proceeds.

During the three months ended September 30, 2008, the company purchased $29.3 million of its unsecured senior notes with varying maturities, generating a gain on the early extinguishment of debt of $2.1 million.

Subsequent to quarter end, Equity One amended and restated its credit agreement with a syndicate of banks to provide for a $227 million unsecured revolving credit facility.  Commitments under the agreement may be increased up to a total of $400 million subject to certain terms and conditions.  The facility expires on October 17, 2011, with a one-year extension option.

Page 2 of 8

FFO and Earnings Guidance

The company is updating its 2008 FFO and earnings guidance.  FFO per diluted share excluding the DIM non-cash impairment is expected to be $1.34 to $1.37 for the year ending December 31, 2008.  This compares to Equity One’s previous FFO guidance of $1.36 - $1.40 per diluted share.  The lower FFO guidance is a result of a more difficult leasing environment and dilution related to our cash and short-term securities holdings. 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, both including and excluding impairment losses related to DIM:

	Low			High
Estimated net income per diluted share	$	0.56		$	0.58
Adjustments:
Rental property depreciation and amortization		0.61			0.61
Pro rata share of JV property depreciation and amortization		0.01			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		0.90			0.93
DIM non-cash impairment (1)		0.44			0.44
Estimated Funds From Operations (FFO) per diluted share, excluding the DIM non-cash impairment	$	1.34		$	1.37

(1) DIM non-cash impairment charge as of September 30, 2008.

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.

Page 3 of 8

CONFERENCE CALL/WEB CAST INFORMATION

We will host a conference call on Wednesday, November 5, 2008, at 9:00 a.m. EST to review the 2008 third quarter earnings and operating results.  Stockholders, analysts and other interested parties can access the earnings call by dialing 888-679-8038 (U.S./Canada) or 617-213-4850 (international) using pass code 37755248.  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 44075693 through November 12, 2008.

FOR ADDITIONAL INFORMATION

For a copy of our third quarter supplemental information package, please access the “Financial Reports” section in our web site at www.equityone.net. To be included in our e-mail distributions for 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 September 30, 2008, Equity One owned or had interests in 162 properties, consisting of 146 shopping centers comprising approximately 16.0 million square feet, six projects in development/redevelopment, six non-retail properties, and four parcels of land.  Equity One currently owns a 10% interest in a joint venture with the Global Retail Investors LLC the GRI Venture which owns eight neighborhood shopping centers totaling approximately 1.2 million square feet of GLA as of September 30, 2008.  Additionally, Equity One currently owns a 20% interest in a venture with an affiliate of DRA Advisors LLC which owns one office building and two neighborhood shopping centers totaling approximately 503,000 square feet of GLA as of September 30, 2008.

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.

Page 4 of 8

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

September 30, 2008 and December 31, 2007

(In thousands, except per share data)

(Unaudited)

	September 30,			December 31,
	2008			2007
ASSETS
Properties:
Income producing	$	1,882,885		$	2,047,993
Less: accumulated depreciation		(188,048	)		(172,651	)
Income-producing property, net		1,694,837			1,875,342
Construction in progress and land held for development		77,553			81,574
Properties held for sale		21,950			323
Properties, net		1,794,340			1,957,239
Cash and cash equivalents		55,950			1,313
Cash held in escrow		-			54,460
Accounts and other receivables, net		15,596			14,148
Investment and advances in real estate joint ventures		11,141			-
Securities		167,392			72,299
Goodwill		12,385			12,496
Other assets		65,159			62,429
TOTAL ASSETS	$	2,121,963		$	2,174,384
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes Payable
Mortgage notes payable	$	381,410		$	397,112
Mortgage notes payable related to properties held for sale		13,507			-
Unsecured revolving credit facilities		4,049			37,000
Unsecured senior notes payable		677,147			744,685
		1,076,113			1,178,797
Unamortized/unaccreted premium/discount on notes payable		5,975			10,042
Total notes payable		1,082,088			1,188,839
Other liabilities
Accounts payable and accrued expenses		68,011			30,499
Tenant security deposits		8,895			9,685
Other liabilities		16,644			28,440
Total liabilities		1,175,638			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 76,069 and 73,300 shares issued and outstanding as of September 30, 2008 and December 31, 2007, respectively		761			733
Additional paid-in capital		965,877			906,174
(Distributions in excess of earnings) retained earnings		(19,746	)		17,987
Accumulated other comprehensive loss		(1,556	)		(8,962	)
Total stockholders’ equity		945,336			915,932
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,121,963		$	2,174,384

Page 5 of 8

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the three and nine months ended September 30, 2008 and 2007

(In thousands, except per share data)

(Unaudited)

	Three months ended						Nine months ended
	September 30,						September 30,
	2008			2007			2008			2007
REVENUE:
Minimum rent	$	44,337		$	47,565		$	139,153		$	141,891
Expense recoveries		11,863			13,792			38,633			40,740
Percentage rent		190			183			1,803			1,816
Management and leasing services		326			103			1,323			1,089
Total revenue		56,716			61,643			180,912			185,536
COSTS AND EXPENSES:
Property operating		14,881			15,849			46,985			46,187
Rental property depreciation and amortization		11,268			11,415			34,702			33,959
General and administrative		7,915			5,679			22,270			21,813
Total costs and expenses		34,064			32,943			103,957			101,959
INCOME BEFORE OTHER INCOME AND EXPENSE,  MINORITY  INTEREST AND DISCONTINUED OPERATIONS		22,652			28,700			76,955			83,577
OTHER INCOME AND EXPENSE:
Investment income		1,273			189			8,135			6,940
Equity in income in unconsolidated joint ventures		74			-			244			-
Other income		626			27			714			267
Interest expense		(15,182	)		(16,930	)		(46,577	)		(49,556	)
Amortization of deferred financing fees		(420	)		(426	)		(1,268	)		(1,234	)
Other-than-temporary impairment loss on available for sale securities		(32,688	)		-			(32,688	)		-
(Loss) on sale of fixed assets		-			-			-			(283	)
Gain on sale of real estate		57			407			18,513			1,991
Gain on extinguishment of debt		2,298			-			5,374			-
(LOSS) INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		(21,310	)		11,967			29,402			41,702
Minority interest		(28	)		(28	)		(84	)		(84	)
(LOSS) INCOME FROM CONTINUING OPERATIONS		(21,338	)		11,939			29,318			41,618
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		12			(1,528	)		110			(41	)
(Loss) gain on disposal of income-producing properties		(69	)		254			(552	)		1,975
(Loss) income from discontinued operations		(57	)		(1,274	)		(442	)		1,934
NET INCOME	$	(21,395	)	$	10,665		$	28,876		$	43,552
(LOSS) EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	(0.29	)	$	0.16		$	0.40		$	0.57
Discontinued operations		(0.00	)		(0.01	)		(0.01	)		0.03
	$	(0.29	)	$	0.15		$	0.39		$	0.60
Number of Shares Used in Computing Basic Earnings per Share		73,452			73,121			73,405			73,066
(LOSS) EARNINGS PER COMMON SHARE – DILUTED:
Continuing operations	$	(0.29	)	$	0.16		$	0.40		$	0.56
Discontinued operations		(0.00	)		(0.02	)		(0.01	)		0.03
	$	(0.29	)	$	0.14		$	0.39		$	0.59
Number of Shares Used in Computing Diluted Earning per Share		73,452			73,985			73,536			74,009

Page 6 of 8

EQUITY ONE, INC. AND SUBSIDIARIES

Reconciliation of Net (Loss) Income to Funds from Operations and Funds from Operations Excluding the DIM Non-Cash Impairment

Reconciliation of Earnings per Diluted Share to Funds from Operations per Diluted Share and Funds from Operations per Diluted Share Excluding the DIM Non-Cash Impairment

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
	(In thousands)						(In thousands)
Net (loss) income	$	(21,395	)	$	10,665		$	28,876		$	43,552
Adjustments:
Rental property depreciation and amortization, including discontinue operations		11,268			11,807			34,761			35,190
Gain on disposal of depreciable real estate		12			(254	)		(18,003	)		(1,975	)
Loss on sale of fixed assets		-			-			-			283
Pro rata share of real estate depreciation from unconsolidated JV		253			-			391			-
Minority interest		28			28			84			84
Funds from operations	$	(9,834	)	$	22,246		$	46,109		$	77,134

The following table reflects the reconciliation of FFO excluding the DIM non-cash impairment to net income, the most directly comparable GAAP measure, for the periods presented:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
	(In thousands)						(In thousands)
Net (loss) income	$	(21,395	)	$	10,665		$	28,876		$	43,552
Adjustments:
Rental property depreciation and amortization, including discontinue operations		11,268			11,807			34,761			35,190
Gain on disposal of depreciable real estate		12			(254	)		(18,003	)		(1,975	)
Loss on sale of fixed assets		-			-			-			283
Pro rata share of real estate depreciation from unconsolidated JV		253			-			391			-
Adjustment for DIM impairment		32,688						32,688
Minority interest		28			28			84			84
Funds from operations adjusted for DIM non-cash impairment	$	22,854		$	22,246		$	78,797		$	77,134

Page 7 of 8

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 tables reflect the reconciliation of FFO per diluted share, and FFO per diluted share excluding the DIM non-cash impairment, to earnings per diluted share, the most directly comparable GAAP measure, for the periods presented:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Earnings per diluted share	$	(0.29	)	$	0.14		$	0.39		$	0.59
Adjustments:
Rental property depreciation and amortization ,including discontinue operations		0.16			0.16			0.47			0.48
Gain on disposal of depreciable real estate		0.00			(0.00	)		(0.24	)		(0.03	)
Loss on sale of fixed assets		-			-			-			0.00
Pro rata share of real estate depreciation from unconsolidated JV		0.00			-			0.01			-
Minority interest		0.00			0.00			0.00			0.00
Funds from operations per diluted share	$	(0.13	)	$	0.30		$	0.63		$	1.04

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2008			2007		2008			2007
Earnings per diluted share	$	(0.29	)	$	0.14	$	0.39		$	0.59
Adjustments:					-		-			-
Rental property depreciation and amortization, including discontinue operations		0.16			0.16		0.47			0.48
Gain on disposal of depreciable real estate		-			-		(0.24	)		(0.03	)
Loss on sale of fixed assets		-			-		-			0.00
Pro rata share of real estate depreciation from unconsolidated JV		-			-		0.01			-
Adjustment for DIM impairment		0.44			-		0.44			-
Minority interest		-			-		-			-
Funds from operations per diluted share adjusted for DIM non-cash impairment	$	0.31		$	0.30	$	1.07		$	1.04
Diluted shares used in computation:		73,619			73,985		73,536			74,009

(1)   The FFO per diluted share excluding the DIM non-cash impairment calculation takes into account additional dilution in the amount of approximately 167,000 weighted average shares of common stock equivalents, not included in the calculation of earnings per diluted share, that would have been dilutive for the three months ended September 30, 2008 if the DIM non-cash impairment had not occurred.

Page 8 of 8

EX-99.2

Equity One, Inc.

Supplemental Information Package

September 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

Equity One, Inc.
SUPPLEMENTAL INFORMATION
September 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	39-46

EQUITY ONE, INC
ANALYST COVERAGE
As of September 30, 2008
Barclays Capital	Ross Smotrich	(212) 526-2306
	George Hoglund	(212) 526-4513
	Ryan Bennett	(212) 526-5309
BMO Capital Markets	Paul Adornato	(212) 885-4170
Credit Suisse	Michael Gorman	(212) 538-4357
Deutsche Bank Securities	Louis W. Taylor	(212) 250-4912
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
Merrill Lynch	Craig Schmidt	(212) 449-1944
	Steve Sakwa	(212) 449-0335
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 September 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 September 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 September 30, 2008

(in thousands, except per share data)

	For the three months ended						For the nine months ended
	Sep 30, 2008			Sep 30, 2007			Sep 30, 2008			Sep 30, 2007
Summary Financial Results
Total revenues*	$	56,716		$	61,643		$	180,912		$	185,536
EBITDA		36,040			39,929			120,935			129,003
Property net operating income*		41,521			47,596			132,773			142,870
General & administrative expenses (G&A)*		7,915			5,679			22,270			21,813
Net (loss) income	$	(21,395	)	$	10,665		$	28,876		$	43,552
Net (loss) income per diluted share		(0.29	)		0.14			0.39			0.59
Funds from operations (FFO)	$	(9,834	)	$	22,246		$	46,193		$	77,134
FFO per diluted share		(0.13	)		0.30			0.63			1.04
Total dividends paid per share	$	0.30		$	0.30		$	0.30		$	0.30
Weighted average diluted shares (1)		73,452			73,985			73,536			74,009
Summary Operating and Financial Ratios
Operating shopping center portfolio occupancy (see pages 24-32)		92.3	%		93.5	%		92.3	%		93.5	%
Same-property NOI growth - cash basis (see page 13)		0.0	%	NA				-1.0	%	NA
NOI margin (see page 13)		73.6	%		74.8	%		73.8	%		74.6	%
Expense recovery ratio*		79.8	%		88.7	%		82.3	%		88.2	%
New, renewal and option rent spread - cash basis (see page 18)		12.6	%		20.7	%	NA			NA
G&A expense to total revenues		14.0	%		9.2	%		12.3	%		11.8	%
Debt to market capitalization (see page 7)		39.5	%		36.6	%		39.5	%		36.6	%
EBITDA to interest expense* (see page 14)		2.4			2.3			2.6			2.6
EBITDA to fixed charges* (see page 14)		2.0			2.0			2.2			2.2

Notes

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

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

Page 5

EQUITY ONE, INC.

CONSOLIDATED BALANCE SHEETS

As of September 30, 2008

(in thousands, except per share data)

	Sep 30, 2008			Dec 31, 2007			Dec 31, 2006
Assets
Properties
Income producing	$	1,882,885		$	2,047,993		$	1,896,843
Less: accumulated depreciation		(188,048	)		(172,651	)		(144,825	)
Income-producing, net		1,694,837			1,875,342			1,752,018
Construction in progress and land held for development		77,553			81,574			113,340
Property held for sale		21,950			323			20,353
Properties, net		1,794,340			1,957,239			1,885,711
Cash and cash equivalents		55,950			1,313			-
Cash held in escrow		-			54,460			1,547
Accounts and other receivables, net		15,596			14,148			18,967
Investments and advances in real estate joint ventures		11,141			-			-
Securities		167,392			72,299			75,102
Goodwill		12,385			12,496			13,092
Other assets (1)		65,159			62,429			75,356
Total Assets	$	2,121,963		$	2,174,384		$	2,069,775
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	381,410		$	397,112		$	391,647
Mortgage notes payable related to properties held for sale (2)		13,507			-			-
Unsecured revolving credit facilities		4,049			37,000			76,500
Unsecured senior notes payable		677,147			744,685			591,187
Total debt		1,076,113			1,178,797			1,059,334
Unamortized/unaccreted premium/(discount) on notes payable		5,975			10,042			10,322
Total notes payable		1,082,088			1,188,839			1,069,656
Accounts payable and other liabilities (1)		93,550			68,624			73,452
Total liabilities		1,175,638			1,257,463			1,143,108
Minority interest		989			989			989
Stockholders' equity		945,336			915,932			925,678
Total Liabilities and Stockholders' Equity	$	2,121,963		$	2,174,384		$	2,069,775

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

(2) Includes unamortized premium of $698,795.

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of September 30, 2008

(in thousands, except per share data)

	Sep 30, 2008			Sep 30, 2007			Dec 31, 2007
Closing market price of common stock	$	20.49		$	27.20		$	23.03
Common stock shares (in thousands)
Basic common shares		76,069.241			73,164.263			73,300.107
Diluted common shares
Unvested restricted common shares		61.734			632.732			55.707
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		9.812			251.989			60.573
Diluted common shares		76,234.443			74,142.640			73,510.043
Equity market capitalization	$	1,562,044		$	2,016,680		$	1,692,936
Total debt (excluding unamortized/unaccreted premium/(discount)) (1)	$	1,075,414		$	1,162,180		$	1,178,797
Cash and equivalents (including cash held in escrow)		(55,950	)		-			(55,773	)
Net debt		1,019,464			1,162,180			1,123,024
Equity market capitalization		1,562,044			2,016,680			1,692,936
Total market capitalization	$	2,581,508		$	3,178,860		$	2,815,960
Net debt to total market capitalization		39.5	%		36.6	%		39.9	%
Gross real estate and securities investments	$	2,149,780		$	2,235,504		$	2,202,189
Net debt to gross real estate and securities investments		47.4	%		52.0	%		51.0	%

(1)  Amount excludes unamortized premium/discount related to held for sale debt reclassification of $698,795.

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

As of September 30, 2008

(in thousands, except per share data)

	Sep 30, 2008			Dec 31, 2007			Dec 31, 2006
Fixed rate debt ***	$	971,482		$	1,042,112		$	886,647
Fixed rate debt - swapped to variable rate		99,883			99,685			96,187
Variable rate debt - unhedged		4,049			37,000			76,500
Total debt* / ***	$	1,075,414		$	1,178,797		$	1,059,334
% Fixed rate debt		90.3	%		88.4	%		83.7	%
% Fixed rate debt - swapped to variable rate		9.3	%		8.5	%		9.1	%
% Variable rate debt - unhedged		0.4	%		3.1	%		7.2	%
Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		9.7	%		11.6	%		16.3	%
Secured mortgage debt***	$	394,218		$	397,112		$	391,647
Unsecured debt**		681,196			781,685			667,687
Total debt* / ***	$	1,075,414		$	1,178,797		$	1,059,334
% Secured mortgage debt		36.7	%		33.7	%		37.0	%
% Unsecured debt		63.3	%		66.3	%		63.0	%
Total		100.0	%		100.0	%		100.0	%
Total market capitalization (from page 7)	$	2,581,508		$	2,815,960		$	3,019,359
% Secured mortgage debt		15.3	%		14.1	%		13.0	%
% Unsecured debt		26.4	%		27.8	%		22.1	%
Total debt : Total market capitalization		41.7	%		41.9	%		35.1	%
Weighted-average interest rate on secured mortgage debt		7.1	%		7.4	%		7.3	%
Weighted-average interest rate on senior unsecured notes**		5.7	%		5.7	%		5.7	%
Interest rate on revolving credit facilities		3.3	%		5.0	%		5.6	%
Weighted-average maturity on mortgage debt	5.1 years			4.5 years			5.4 years
Weighted-average maturity on senior unsecured notes	6.8 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 $698,795.

Page 8

EQUITY ONE, INC.

DEBT MATURITY SCHEDULE

As of September 30, 2008

(in thousands)

	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving		Senior				Percent of
by year	amortization		payments		Credit Facilities (1)		Notes (2)		Total		debt maturing
2008	$	2,718	$	-					$	2,718		0.3	%
2009		11,020		7,663		4,049		188,685		211,417		19.6	%
2010		10,589		72,076						82,665		7.7	%
2011		9,444		68,570						78,014		7.3	%
2012		8,525		33,044				17,500		59,069		5.5	%
2013		7,963		39,658						47,621		4.4	%
2014		7,126		6,509						13,635		1.3	%
2015		5,583		30				117,000		122,613		11.4	%
2016		5,282		2,601				115,000		122,883		11.4	%
2017		5,256		-				239,079		244,335		22.7	%
Thereafter		25,677		64,884						90,561		8.4	%
Total	$	99,183	$	295,035	$	4,049	$	677,264	$	1,075,531		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 September 30, 2008

(in thousands, except per share data)

	Three months ended						Percent			Nine months ended						Percent
	Sep 30, 2008			Sep 30, 2007			Change			Sep 30, 2008			Sep 30, 2007			Change
REVENUE:
Minimum rent	$	44,337		$	47,565					$	139,153		$	141,891
Expense recoveries		11,863			13,792						38,633			40,740
Percentage rent		190			183						1,803			1,816
Management and leasing services		326			103						1,323			1,089
Total revenue		56,716			61,643			-8.0	%		180,912		$	185,536			-2.5	%
COSTS AND EXPENSES:
Property operating		14,881			15,849						46,985			46,187
Rental property depreciation and amortization		11,268			11,415						34,702			33,959
General and administrative		7,915			5,679						22,270			21,813
Total costs and expenses		34,064			32,943			3.4	%		103,957		$	101,959			2.0	%
INCOME (LOSS) BEFORE OTHER INCOME AND EXPENSE, MINORITY
INTEREST AND DISCONTINUED OPERATIONS		22,652			28,700			76,955			76,955			83,577
OTHER INCOME AND EXPENSE:
Investment income		1,273			189						8,135			6,940
Equity in income in unconsolidated joint ventures		74			-						244			-
Other income		626			27						714			267
Interest expense		(15,182	)		(16,930	)					(46,577	)		(49,556	)
Amortization of deferred financing fees		(420	)		(426	)					(1,268	)		(1,234	)
Other-than-temporary loss on available for sale securities		(32,688	)		-						(32,688	)		-
(Loss) on sale of fixed assets		-			-						-			(283	)
Gain on sale of real estate		57			407						18,513			1,991
Gain on extinguishment of debt		2,298			-						5,374			-
(LOSS) INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		(21,310	)		11,967						29,402			41,702
Minority interest		(28	)		(28	)					(84	)		(84	)
(LOSS) INCOME FROM CONTINUING OPERATIONS		(21,338	)		11,939			-278.7	%		29,318			41,618			-29.6	%
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		12			(1,528	)					110			(41	)
(Loss) gain on disposal of income-producing properties		(69	)		254						(552	)		1,975
Income (loss) from discontinued operations		(57	)		(1,274	)					(442	)		1,934
NET (LOSS) INCOME	$	(21,395	)	$	10,665			-300.6	%	$	28,876		$	43,552			-33.7	%
(LOSS) EARNINGS PER COMMON SHARE - BASIC:
Continuing operations		(0.29	)		0.16						0.40			0.57
Discontinued operations		-			(0.01	)					(.01	)		0.03
NET (LOSS) INCOME	$	(0.29	)	$	0.15			-299.6	%	$	0.39		$	0.60			-34.0	%
EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	(0.29	)	$	0.16					$	0.40		$	0.56
Discontinued operations		-			(0.02	)					(.01	)		0.03
NET (LOSS) INCOME	$	(0.29	)	$	0.14			-301.2	%	$	0.39		$	0.59			-33.4	%
Weighted average shares outstanding
Basic		73,452			73,121						73,405			73,066
Diluted (1)		73,452			73,985						73,536			74,009

Notes

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

Page 10

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the quarter ended September 30, 2008

(in thousands, except per share data)

	Three months ended									Nine months ended
	Sep 30, 2008									Sep 30, 2008
	As			Disc. Ops			Pre SFAS			As			Disc. Ops			Pre SFAS
	Reported			Total			No. 144			Reported			Total			No. 144
REVENUE:
Minimum rent	$	44,337		$	1		$	44,338		$	139,153		$	126		$	139,279
Expense recoveries		11,863			(13	)		11,850			38,633			85			38,718
Percentage rent		190			-			190			1,803			-			1,803
Management and leasing services		326			-			326			1,323			-			1,323
Total revenue		56,716			(12	)		56,704			180,912			211			181,123
COSTS AND EXPENSES:
Property operating		14,881			(24	)		14,857			46,985			42			47,027
Rental property depreciation and amortization		11,268			-			11,268			34,702			59			34,761
General and administrative		7,915			-			7,915			22,270			-			22,270
Total costs and expenses		34,064			(24	)		34,040			103,957			101			104,058
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS		22,652			12			22,664			76,955			110			77,065
OTHER INCOME AND EXPENSE:
Investment income		1,273			-			1,273			8,135			-			8,135
Equity in income in unconsolidated joint ventures		74			-			74			244			-			244
Other income		626			-			626			714			-			714
Interest expense		(15,182	)		-			(15,182	)		(46,577	)		-			(46,577	)
Amortization of deferred financing fees		(420	)		-			(420	)		(1,268	)		-			(1,268	)
Other-than-temporary loss on available for sale securities		(32,688	)		-			(32,688	)		(32,688	)		-			(32,688	)
(Loss) on sale of fixed assets		-			-			-			-			-			-
Gain (loss) on sale of real estate		57			(69	)		(12	)		18,513			(552	)		17,961
Gain on extinguishment of debt		2,298			-			2,298			5,374			-			5,374
(LOSS) INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		(21,310	)		(57	)		(21,367	)		29,402			(442	)		28,960
Minority interest		(28	)		-			(28	)		(84	)		-			(84	)
(LOSS) INCOME FROM CONTINUING OPERATIONS		(21,338	)		(57	)		(21,395	)		29,318			(442	)		28,876
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		12			(12	)		-			110			(110	)		-
(Loss) on disposal of income-producing properties		(69	)		69			-			(552	)		552			-
Income (loss) from discontinued operations		(57	)		57			-			(442	)		442			-
NET (LOSS) INCOME	$	(21,395	)	$	-		$	(21,395	)	$	28,876		$	-		$	28,876

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 September 30, 2008

(in thousands, except per share data)

	Three months ended									Nine months ended
	Sep 30, 2007									Sep 30, 2007
	As			Disc. Ops			Pre SFAS			As			Disc. Ops			Pre SFAS
	Reported			Total			No. 144			Reported			Total			No. 144
REVENUE:
Minimum rent	$	47,565		$	1,664		$	49,229		$	141,891		$	4,908		$	146,799
Expense recoveries		13,792			426			14,218			40,740			2,137			42,877
Percentage rent		183			-			183			1,816			4			1,820
Management and leasing services		103			-			103			1,089			-			1,089
Total revenue		61,643			2,090			63,733			185,536			7,049			192,585
COSTS AND EXPENSES:
Property operating		15,849			185			16,034			46,187			2,439			48,626
Rental property depreciation and amortization		11,415			392			11,807			33,959			1,231			35,190
General and administrative		5,679			(28	)		5,651			21,813			-			21,813
Total costs and expenses		32,943			549			33,492			101,959			3,670			105,629
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS		28,700			1,541			30,241			83,577			3,379			86,956
OTHER INCOME AND EXPENSE:
Investment income		189			-			189			6,940			7			6,947
Equity in income in unconsolidated joint ventures		-			-			-			-			-			-
Other income		27			-			27			267			-			267
Interest expense		(16,930	)		(137	)		(17,067	)		(49,556	)		(491	)		(50,047	)
Amortization of deferred financing fees		(426	)		(2	)		(428	)		(1,234	)		(6	)		(1,240	)
Impairment loss - income-producing properties		-			(2,930	)		(2,930	)		-			(2,930	)		(2,930	)
(Loss) on sale of fixed assets		-			-			-			(283	)		-			(283	)
Gain on sale of real estate		407			254			661			1,991			1,975			3,966
Gain on extinguishment of debt		-			-			-			-			-			-
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS		11,967			(1,274	)		10,693			41,702			1,934			43,636
Minority interest		(28	)		-			(28	)		(84	)		-			(84	)
INCOME FROM CONTINUING OPERATIONS		11,939			(1,274	)		10,665			41,618			1,934			43,552
DISCONTINUED OPERATIONS:
Operations of income-producing properties sold or held for sale		(1,528	)		1,528			-			(41	)		41			-
Gain on disposal of income-producing properties		254			(254	)		-			1,975			(1,975	)		-
Income/(loss) from discontinued operations		(1,274	)		1,274			-			1,934			(1,934	)		-
NET INCOME	$	10,665		$	-		$	10,665		$	43,552		$	-		$	43,552

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 September 30, 2008

(in thousands, except per share data)

	Three months ended						Percent			Nine months ended						Percent
	Sep 30, 2008			Sep 30, 2007			Change			Sep 30, 2008			Sep 30, 2007			Change
Total net operating income(1)
Total rental revenue	$	56,378		$	63,630			(11.4	%)	$	179,800		$	191,496			(6.1	%)
Property operating expenses		14,857			16,034			(7.3	%)		47,027			48,626			(3.3	%)
Net operating income	$	41,521		$	47,596			(12.8	%)	$	132,773		$	142,870			(7.1	%)
NOI margin (NOI / Total rental revenue)		73.6	%		74.8	%					73.8	%		74.6	%
Same-property NOI (2)
Total rental revenue	$	53,513		$	53,493			0.0	%	$	154,310		$	153,761			0.4	%
Property operating expenses		15,756			15,730			0.2	%		45,125			43,516			3.7	%
Net operating income	$	37,757		$	37,763			(0.0	%)	$	109,185		$	110,245			(1.0	%)
Growth in same property NOI		(0.0	%)								(1.0	%)
Number of properties included in analysis		149									149
Same-property occupancy		92.3	%		93.4	%					92.3	%		93.4	%

(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 September 30, 2008

(in thousands, except per share data)

	Three months ended						Nine months ended
	Sep 30, 2008			Sep 30, 2007			Sep 30, 2008			Sep 30, 2007
Net (loss) income	$	(21,395	)	$	10,665		$	28,876		$	43,552
Rental property depreciation and amortization*		11,268			11,807			34,761			35,190
Other depreciation and amortization		204			188			568			582
Interest expense*		15,182			17,067			46,577			50,047
Amortization of deferred financing fees*		420			428			1,268			1,240
Minority interest*		28			28			84			84
Gain on sale of real estate		(57	)		(254	)		(18,513	)		(1,975	)
Gain on extinguishment of debt		(2,298	)		-			(5,374	)		-
Other-than-temporary impairment loss on available for sale securities		32,688			-			32,688			-
(Loss) on sale of fixed assets		-			-			-			283
EBITDA*	$	36,040		$	39,929		$	120,935		$	129,003
Interest expense*	$	15,182		$	17,067		$	46,577		$	50,047
EBITDA to interest expense*		2.4			2.3			2.6			2.6
Fixed charges
Interest expense*	$	15,182		$	17,067		$	46,577		$	50,047
Scheduled principal amortization (1)		2,549			2,655			7,853			7,811
Total fixed charges	$	17,731		$	19,722		$	54,430		$	57,858
EBITDA to fixed charges*		2.0			2.0			2.2			2.2
Total market capitalization (see page 7)	$	2,581,508		$	3,178,860		$	2,581,508		$	3,178,860

*  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 September 30, 2008

(in thousands, except per share data)

	Three months ended						Nine months ended
	Sep 30, 2008			Sep 30, 2007			Sep 30, 2008			Sep 30, 2007
Net (loss) income	$	(21,395	)	$	10,665		$	28,876		$	43,552
Adjustments:
Rental property depreciation and amortization, including discontinued operations		11,268			11,807			34,761			35,190
Gain on disposal of depreciable real estate		12			(254	)		(18,003	)		(1,975	)
(Loss) on sale of fixed assets		-			-			-			283
Pro rata share of real estate depreciation from unconsolidated JV		253			-			391			-
Minority interest		28			28			84			84
Funds from operations	$	(9,834	)	$	22,246		$	46,109		$	77,134
Change		-144.2	%					-40.1	%
Earnings per diluted share*	$	(0.29	)	$	0.14		$	0.39		$	0.59
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.16			0.16			0.47			0.48
Gain on disposal of depreciable real estate		0.00			(0.00	)		(0.24	)		(0.03	)
(Loss) on sale of fixed assets		-			-			-			0.00
Pro rata share of real estate depreciation from unconsolidated JV		0.00			-			0.01			-
Funds from operations per diluted share	$	(0.13	)	$	0.30		$	0.63		$	1.04
Change		-142.3	%					-39.2	%
Weighted average diluted shares (1)		73,452			73,985			73,536			74,009

Notes

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

(in thousands, except per share data)

				Three months ended						Nine months ended
				Sep 30, 2008			Sep 30, 2007			Sep 30, 2008			Sep 30, 2007
Certain non-cash items:
Amortization of deferred financing fees				$	420		$	428		$	1,268		$	1,240
Amortization of above/below market rent intangibles					(867	)		(1,070	)		(2,858	)		(3,406	)
Amortization of restricted stock and stock option expense					1,606			1,582			4,822			5,308
Straight line rents					(194	)		(665	)		(603	)		(1,806	)
Capitalized interest					(666	)		(789	)		(2,142	)		(2,597	)
Amortization of debt premium/discount					(432	)		(559	)		(1,540	)		(1,556	)
Total non-cash items				$	(133	)	$	(1,073	)	$	(1,053	)	$	(2,817	)
Certain capital expenditures:
Tenant improvements				$	(417	)	$	(1,222	)	$	(4,697	)	$	(3,193	)
Leasing commissions and costs					(1,107	)		(721	)		(4,195	)		(3,236	)
Total tenant improvements and leasing costs				$	(1,524	)	$	(1,943	)	$	(8,892	)	$	(6,429	)
Certain balance sheet accounts at 09/30/08:
Straight-line rent receivable	$	13,927
Lease intangible asset, net		13,404
Lease intangibles liability, net		(14,864	)
Deferred expenses, net		17,343
Total balance sheet accounts	$	29,810

Page 16

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of September 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		51		2,270,128		14.2	%	$	17,896,911		10.5	%	$	7.88
Supervalu		7		458,273		2.9	%		8,302,236		4.8	%		18.12
Kroger		13		747,025		4.7	%		6,057,487		3.5	%		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		20		106,544		0.7	%		2,095,873		1.2	%		19.67
CVS Pharmacy		12		133,460		0.8	%		2,073,237		1.2	%		15.53
Kmart Corporation		5		439,558		2.7	%		1,939,705		1.1	%		4.41
Sub-total top ten tenants		136		5,207,413		32.6	%	$	49,052,461		28.6	%	$	9.42
Remaining tenants		2,426		9,539,913		59.7	%		122,436,698		71.4	%		12.83
Sub-total all tenants		2,562		14,747,326		92.3	%	$	171,489,159		100.0	%	$	11.79
Vacant		442		1,228,746		7.7	%	NA		NA			NA
Total including vacant		3,004		15,976,072		100.0	%	$	171,489,159		100.0	%	NA

Note: Excludes developments and non-retail properties.

Page 17

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended September 30, 2008

Category	Total Leases		Sq. Ft.		Prior Rent PSF		New Rent PSF		Rent Spread PSF			TIs PSF
New Leases (1)		45		104,202	$	18.56	$	22.65		22.0	%	$	6.45
Renewals		81		152,131		16.10		17.36		7.8	%		0.85
Options		20		184,505		7.93		8.61		8.6	%		-
Total New, Renewals & Options		146		440,838	$	13.21	$	14.87		12.6	%	$	1.84

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 September 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		78		155,820		1.0	%	$	2,258,870		1.3	%	$	14.50
2008		179		391,836		2.5	%		5,522,003		3.1	%		14.09
2009		523		1,728,004		10.8	%		21,960,271		12.3	%		12.71
2010		525		2,000,651		12.5	%		23,631,982		13.2	%		11.81
2011		448		2,056,507		12.9	%		25,669,493		14.3	%		12.48
2012		305		1,673,602		10.5	%		19,317,561		10.8	%		11.54
2013		231		1,308,792		8.2	%		16,489,901		9.2	%		12.60
2014		59		826,830		5.2	%		7,099,650		4.0	%		8.59
2015		32		353,140		2.2	%		4,115,870		2.3	%		11.66
2016		35		901,311		5.7	%		13,806,445		7.7	%		15.32
2017		28		563,886		3.5	%		7,009,352		3.9	%		12.43
Thereafter		119		2,786,947		17.3	%		32,106,967		17.9	%		11.52
Sub-total / average		2,562		14,747,326		92.3	%	$	178,988,365		100.0	%	$	12.14
									.
Vacant		442		1,228,746		7.7	%	NA		NA			NA
Total / average		3,004		15,976,072		100.0	%	$	178,988,365		100.0	%	NA

Note:  Excludes developments and non-retail properties.

Page 19

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of September 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	%	$	9.00
2008		2		35,356		0.4	%		419,716		0.5	%	$	11.87
2009		28		717,361		7.1	%		5,113,979		6.0	%	$	7.13
2010		35		992,554		9.8	%		5,916,501		6.9	%	$	5.96
2011		41		1,162,463		11.5	%		8,804,526		10.3	%	$	7.57
2012		30		1,037,287		10.3	%		6,800,180		7.9	%	$	6.56
2013		25		810,315		8.0	%		6,035,116		7.0	%	$	7.45
2014		19		710,456		7.0	%		4,744,109		5.5	%	$	6.68
2015		9		277,831		2.7	%		2,328,013		2.7	%	$	8.38
2016		16		833,255		8.3	%		12,215,738		14.3	%	$	14.66
2017		12		481,417		4.8	%		5,269,493		6.1	%	$	10.95
Thereafter		65		2,626,242		26.1	%		27,949,163		32.7	%	$	10.64
Sub-total / average		283		9,696,465		96.1	%	$	85,703,887		100.0	%	$	8.84
Vacant		16		395,167		3.9	%	NA		NA			NA
Total / average		299		10,091,632		100.0	%	$	85,703,887		100.0	%	NA

Note:  Excludes developments and non-retail properties.

Page 20

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of September 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		77		143,892		2.4	%	$	2,151,518		2.3	%	$	14.95
2008		177		356,480		6.1	%		5,102,287		5.4	%		14.31
2009		495		1,010,643		17.2	%		16,846,292		18.0	%		16.67
2010		490		1,008,097		17.1	%		17,715,481		19.0	%		17.57
2011		407		894,044		15.2	%		16,864,967		18.1	%		18.86
2012		275		636,315		10.8	%		12,517,381		13.4	%		19.67
2013		206		498,477		8.5	%		10,454,784		11.2	%		20.97
2014		40		116,374		2.0	%		2,355,542		2.6	%		20.24
2015		23		75,309		1.3	%		1,787,857		1.9	%		23.74
2016		19		68,056		1.1	%		1,590,706		1.7	%		23.37
2017		16		82,469		1.4	%		1,739,859		1.9	%		21.10
Thereafter		54		160,705		2.7	%		4,157,804		4.5	%		25.87
Sub-total / average		2,279		5,050,861		85.8	%	$	93,284,478		100.0	%	$	18.47
Vacant		426		833,579		14.2	%	NA		NA			NA
Total / average		2,705		5,884,440		100.0	%	$	93,284,478		100.0	%	NA

Note:  Excludes developments and non-retail properties.

Page 21

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION GRAPH

CONSOLIDATED PROPERTIES

As of September 30, 2008

Page 22

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of September 30, 2008

Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County, FL		13		1,933,454		25,260,408		14.7	%
Miami Dade County, FL		11		1,239,895		17,337,132		10.0	%
Palm Beach County, FL		10		1,090,884		13,408,685		7.8	%
South Florida		34		4,264,233		56,006,225		32.5	%
Atlanta, GA		19		1,933,631		22,962,895		13.4	%
Orlando, FL		10		1,129,335		13,505,214		7.9	%
Tampa- St. Petersburg, FL		11		952,040		9,039,546		5.3	%
Naples/Cape Coral/Venice, FL		8		885,156		8,422,274		4.9	%
Jacksonville, FL		6		769,727		7,590,601		4.4	%
Boston, MA		6		401,454		8,396,974		4.9	%
Florida Treasure/Northeast Coast		8		711,278		7,889,779		4.6	%
Columbia, SC		1		184,834		1,937,569		1.1	%
Lafayette, LA		5		714,691		3,704,461		2.2	%
New Orleans, LA		4		458,125		3,601,055		2.1	%
Baton Rouge, LA		3		349,146		3,013,601		1.8	%
Raleigh Durham, NC		3		357,701		2,944,199		1.7	%
Florida Panhandle		2		140,803		1,330,921		0.8	%
Greenville, SC		2		164,176		2,093,184		1.2	%
Hilton Head-Beaufort, SC		1		166,639		2,150,298		1.3	%
Hartford, CT		1		210,588		2,088,576		1.2	%
Other		22		2,182,515		14,811,786		8.7	%
Total		146		15,976,072	$	171,489,159		100.0	%

Note:  Excludes developments and non-retail properties.

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
ALABAMA (2)
Madison Centre	Madison	1997		64,837		95.7	%		11		2		37,912	Publix	06/01/17	Rite Aid	$	9.48
Winchester Plaza	Huntsville	2006		78,544		90.3	%		15		6		45,600	Publix	08/31/26			12.11
TOTAL SHOPPING CENTERS ALABAMA (2)				143,381		92.8	%		26		8		83,512				$	10.88
CONNECTICUT (1)
Brookside Plaza	Enfield	1985 / 2006		210,588		85.4	%		24		4		59,648	Shaw's	08/31/10	Bed Bath & Beyond / Walgreens / Staples	$	11.62
TOTAL SHOPPING CENTERS CONNECTICUT (1)				210,588		85.4	%		24		4		59,648				$	11.62
FLORIDA (79)
Orlando / Central Florida (10)
Alafaya Commons	Orlando	1987		126,333		93.6	%		25		5		54,230	Publix	11/30/10		$	13.99
Alafaya Village	Orlando	1986		38,118		81.3	%		11		5					Metro Fitness (shadow)		20.21
Conway Crossing	Orlando	2002		76,321		89.2	%		14		4		44,271	Publix	04/30/22			11.55
Eastwood, Shoppes of	Orlando	1997		69,037		100.0	%		13		-		51,512	Publix	11/01/17			12.21
Hunter's Creek	Orlando	1998		73,204		100.0	%		10		-					Office Depot / Lifestyle Family Fitness		13.32
Kirkman Shoppes	Orlando	1973		88,820		98.6	%		30		1					Party America		18.61
Lake Mary Centre	Orlando	1988 / 2001		339,084		97.7	%		69		15		63,139	Albertsons	06/30/12	Kmart / Lifestyle Fitness Center /    Office Depot		12.93
Park Promenade	Orlando	1987 / 2000		128,848		82.0	%		19		7					Beauty Depot / Orange County Library		7.74
Town & Country	Kissimmee	1993		72,043		95.6	%		12		2		52,883	Albertsons*	10/31/18			8.32
														(Ross Dress For Less)
Unigold Shopping Center	Winter Park	1987		117,527		96.3	%		22		3		52,500	Winn-Dixie	04/30/12	Lifestyle Family Fitness		11.61
Jacksonville / North Florida (8)
Atlantic Village	Atlantic Beach, FL	1984		100,559		86.2	%		19		6		39,795	Publix	10/31/13	Jo-Ann Fabric & Crafts		10.72
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			10.72
Ft. Caroline	Jacksonville	1985 / 1995		74,546		89.5	%		8		5		45,500	Winn-Dixie	05/31/15	Citi Trends		7.32

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Medical & Merchants	Jacksonville	1993		156,153		91.6	%		13		4		55,999	Publix	02/10/13	Memorial Hospital	$	13.20
Middle Beach	Panama City Beach	1994		69,277		98.7	%		8		1		56,077	Publix	09/30/14			9.74
Oak Hill	Jacksonville	1985 / 1997		78,492		94.3	%		17		3		39,795	Publix	03/11/15	Beall's		7.53
South Beach	Jacksonville Beach	1990 / 1991		289,548		93.9	%		43		5					Beall's / Bed Bath & Beyond / Home Depot / Stein Mart		12.00
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		16.82
Boca Village	Boca Raton	1978		93,428		92.2	%		18		3		36,000	Publix Greenwise	03/31/12	CVS Pharmacy		15.74
Boynton Plaza	Boynton Beach	1978 / 1999		99,324		95.6	%		26		3		37,664	Publix	08/31/13	CVS Pharmacy		13.48
Bluffs Square	Jupiter	1986		132,395		91.8	%		42		5		39,795	Publix	10/22/11	Walgreens		13.27
Chapel Trail	Pembroke Pines	2007		56,378		94.3	%		2		2					LA Fitness		21.90
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990		74,680		98.7	%		16		1					Office Depot / Walgreen's		20.79
Countryside Shops	Cooper City	1986 / 1988 / 1991		179,561		99.3	%		44		1		39,795	Publix	12/04/10	CVS Pharmacy / Stein Mart		13.50
Crossroads Square	Pembroke Pines	1973		84,387		73.6	%		20		6					CVS Pharmacy		17.90
CVS Plaza	Miami	2004		29,204		95.5	%		7		1					CVS Pharmacy		17.19
El Novillo	Miami Beach	1970 / 2000		10,000		100.0	%		1		-					Jumbo Buffet		22.05
Greenwood	Palm Springs	1982 / 1994		132,325		89.0	%		31		5		50,032	Publix	12/05/14	Bealls Outlet		12.66
Jonathan's Landing	Jupiter	1997		26,820		68.3	%		10		2			Publix				23.00
														(shadow)
Lago Mar	Miami	1995		82,613		91.2	%		18		4		42,323	Publix	09/13/15			14.06
Lantana Village	Lantana	1976 / 1999		181,780		95.5	%		22		3		39,473	Winn-Dixie	02/15/11	Kmart / Rite Aid* (Family Dollar)		7.18
Meadows	Miami	1997		75,524		100.0	%		20		-		47,955	Publix	07/09/17			13.83
Oakbrook Square	Palm Beach Gardens	1974 / 2000 / 2003		199,633		94.4	%		24		5		44,400	Publix	11/30/20	Stein Mart / TJ Maxx / Home Goods / CVS / Basset Furniture / Duffy's		14.55
Oaktree Plaza	North Palm Beach	1985		23,745		75.2	%		15		5							15.75

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Pine Island	Davie	1983 / 1999		254,907		94.0	%		40		6		39,943	Publix	11/30/13	Home Depot Expo / Staples	$	11.51
Pine Ridge Square	Coral Springs	1986 / 1998 / 1999		117,399		93.7	%		30		5		17,441	Fresh Market	06/30/09	Bed Bath & Beyond / Nordic Interiors		14.77
Plaza Alegre	Miami	2003		91,611		96.1	%		19		2		44,271	Publix	03/14/23	Goodwill		15.97
Point Royale	Miami	1970 / 2000		216,760		96.0	%		23		3		45,350	Winn-Dixie	02/18/11	Best Buy		7.14
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		100.0	%		30		-					AMC Theater / Kabooms / Wachovia* (United Collection) / Round Up/ Goodwill		11.44
Riverside Square	Coral Springs	1987		104,241		88.4	%		28		6		39,795	Publix	02/18/12			13.74
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		89.4	%		24		5		36,464	Publix	12/15/09	Walgreens		11.57
Sheridan Plaza	Hollywood	1973 / 1991		504,495		97.8	%		60		3		65,537	Publix	10/09/11	Kohl's / Ross / Bed Bath & Beyond / Office Depot / CVS / LA Fitness / USA Baby & Child Space / Assoc. in Neurology		13.94
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			17.65
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		283,943		99.7	%		48		1		51,420	Publix	07/31/19	TJMaxx / LA Fitness / Goodwill		16.08
Tamarac Town Square	Tamarac	1987		127,635		85.9	%		29		11		37,764	Publix	12/15/14	Dollar Tree		10.79
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		12.45
Westport Plaza	Davie	2002		49,533		100.0	%		8		-		27,887	Publix	11/30/22			18.05
Young Circle	Hollywood	1962 / 1997		65,834		93.6	%		8		2		23,124	Publix	11/30/16	Walgreens		15.37
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001		92,734		96.0	%		16		2		59,448	Albertsons	04/30/25			9.48
New Smyrna Beach	New Smyrna Beach	1987		118,451		100.0	%		34		-		42,112	Publix	09/30/12	Walgreens* (Bealls Outlet) / Bealls Home Outlet		11.48
Old King Commons	Palm Coast	1988		84,759		96.1	%		17		2					Wal-Mart / Staples / Bealls Outlet		8.76

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Ryanwood	Vero Beach	1987		114,925		96.3	%		30		2		39,795	Publix	03/23/17	Bealls Outlet / Books-A-Million	$	11.16
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		100.0	%		10		-							22.83
South Point Center	Vero Beach	2003		64,790		92.4	%		12		4		44,840	Publix	11/30/23			15.78
Treasure Coast	Vero Beach	1983		133,781		97.2	%		21		3		59,450	Publix	07/31/26	TJ Maxx		11.62
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		10.20
Carrollwood	Tampa	1970 / 2002		94,203		92.2	%		29		7		27,887	Publix	11/30/22	Golf Locker		13.26
Charlotte Square	Port Charlotte	1980		96,188		82.3	%		16		8		44,024	Publix*	01/31/11	Seafood Buffet		8.39
														(American Signature Furniture)
Chelsea Place	New Port Richey	1992		81,144		98.3	%		17		1		48,890	Publix	05/27/12			11.44
Lake St. Charles	Tampa	1999		57,015		100.0	%		8		-		46,295	Sweet Bay	06/30/19			10.18
Lutz Lake	Lutz	2002		64,985		92.0	%		12		3		44,270	Publix	05/31/22			13.72
Marco Town Center	Marco Island	2001		109,830		90.6	%		37		5		27,887	Publix	01/31/18			17.63
Mariners Crossing	Spring Hill	1989 / 1999		92,808		93.4	%		15		5		48,315	Sweet Bay	08/15/20			10.09
Midpoint Center	Cape Coral	2002		75,386		100.0	%		10		-		60,667	Publix	10/31/22			12.23
Pavilion	Naples	1982		167,745		88.1	%		31		9		50,795	Publix	02/28/13	Pavilion 6 Theatre		13.48
Regency Crossing	Port Richey	1986 / 2001		85,864		81.6	%		15		10		44,270	Publix	02/28/21			10.12
Ross Plaza	Tampa	1984 / 1996		91,197		93.0	%		19		3					Ross Dress for Less / Deals		12.13
Seven Hills	Spring Hill	1991		72,590		89.5	%		13		4		48,890	Publix	09/25/11			10.55
Shoppes of North Port	North Port	1991		84,705		94.6	%		18		3		48,890	Publix	12/11/11	Bealls Outlet		10.37

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Summerlin Square	Fort Myers	1986 / 1998		109,156		77.0	%		13		15		45,500	Winn-Dixie	06/04/11	Lee County Sheriff's Office	$	10.84
Sunpoint Shopping Center	Ruskin	1984		132,374		60.0	%		17		7					Beall's / Goodwill / Ozzie's Buffet / Big Lots		9.04
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		93.1	%		13		2					Dollar Tree / Aaron Rents / Dollar General		8.02
TOTAL SHOPPING CENTERS FLORIDA (79)				8,852,572		93.3	%		1,642		278		2,652,939				$	12.57
GEORGIA (24)
Atlanta (20)
BridgeMill	Canton	2000		89,102		95.7	%		28		2		37,888	Publix	01/31/20		$	15.44
Buckhead Station	Atlanta	1996		233,930		89.7	%		14		4					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			11.07
Chastain Square	Atlanta	1981 / 2001		91,637		100.0	%		27		-		37,366	Publix	05/31/24			17.84
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			10.51
Fairview Oaks	Ellenwood	1997		77,052		93.6	%		11		3		54,498	Kroger	09/30/16			11.25
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		83.6	%		13		8		54,166	Kroger	11/30/22			11.86
Mableton Crossing	Mableton	1997		86,819		98.1	%		16		1		63,419	Kroger	08/31/17			10.65
Macland Pointe	Marietta	1992-93		79,699		98.5	%		16		1		55,999	Publix	12/29/12			9.89
Market Place	Norcross	1976		77,706		89.4	%		19		4					Peachtree Cinema		12.34
Paulding Commons	Hiram	1991		192,391		94.9	%		25		5		49,700	Kroger	02/28/11	Kmart		8.00

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Piedmont Peachtree Crossing	Buckhead	1978 / 1998		152,239		100.0	%		28		-		55,520	Kroger	05/31/10	Cost Plus Store / Binders Art Supplies	$	16.93
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998		86,473		93.6	%		21		4					Micro Center		9.98
Shops of Huntcrest	Lawrenceville	2003		97,040		92.8	%		22		4		54,340	Publix	01/31/23			13.76
Shops of Westridge	McDonough	2006		66,297		89.4	%		13		5		38,997	Publix	04/30/26			13.97
Wesley Chapel	Decatur	1989		170,792		63.7	%		14		12		32,000	Ingles*	09/25/09	CVS Pharmacy / Corinthian College		6.05
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		100.0	%		26		-							20.24
Central / South Georgia (4)
Daniel Village	Augusta	1956 / 1997		171,932		94.2	%		33		6		45,971	Bi-Lo	03/25/22	St. Joseph Home Health Care		8.63
McAlpin Square	Savannah	1979		176,807		85.3	%		22		3		43,600	Kroger	08/31/15	Big Lots /  U.S Post Office		7.73
Spalding Village	Griffin	1989		235,318		67.8	%		21		7		59,431	Kroger	05/31/14	JC Penney* / Blockbuster / Fred's Store		7.99
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		88.1	%		435		82		937,369				$	11.74
LOUISIANA (14)
Ambassador Row	Lafayette	1980 / 1991		193,978		69.7	%		23		3					Conn's Appliances / Big Lots / Chuck E Cheese	$	10.16
Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005		146,697		100.0	%		23		-					Bed Bath & Beyond / Marshall's / Hancock Fabrics / United Training Academy / Tuesday Morning		10.17
Bluebonnet Village	Baton Rouge	1983		101,623		98.2	%		24		1		33,387	Matherne's	11/30/10	Office Depot		11.81
Boulevard	Lafayette	1976 / 1994		68,012		96.8	%		12		2					Piccadilly / Harbor Freight Tools / Golfballs.com		8.63
Country Club Plaza	Slidell	1982 / 1994		64,686		95.2	%		8		2		33,387	Winn-Dixie	01/31/13			6.51
Crossing	Slidell	1988 / 1993		114,806		93.8	%		13		3		58,432	Save A Center	09/29/09	A-1 Home Appliance / Piccadilly		5.62
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		73.3	%		7		2					Burke's Outlet / Harbor Freight Tools / Fred's Store		6.09

Page 29

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Siegen Village	Baton Rouge	1988		170,416		98.7	%		18		2					Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	8.86
Tarpon Heights	Galliano	1982		56,605		69.3	%		5		5					Stage / Dollar General		4.55
Village at Northshore	Slidell	1988		144,638		100.0	%		14		-					Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot		8.79
Wal-Mart Mathews	Mathews	1985		54,223		100.0	%		1		-					Wal-Mart*		2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)				1,632,790		90.1	%		166		22		153,298				$	8.36
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		199,425		100.0	%		14		-		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		87.8	%		8		4		54,928	Shaw's	01/02/16			23.19
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				600,879		98.5	%		28		4		434,532				$	16.89
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987		66,857		100.0	%		8		-					Big Lots / Buffalo Wild Wings	$	7.18
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		100.0	%		8		-		-				$	7.18
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		14.72
Galleria	Wrightsville Beach	1986 / 1990		92,114		90.6	%		29		6		28,000	Harris Teeter*	04/05/11			10.41
Parkwest Crossing	Durham	1990		85,602		93.0	%		15		2		38,052	Food Lion	12/14/10			10.36

Page 30

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year	Total					Number				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Riverview Shopping Center	Durham	1973 / 1995		128,498		95.7	%		13		3		53,538	Kroger	12/31/14	Upchurch Drugs / Riverview Galleries	$	7.87
Salisbury Marketplace	Salisbury	1987		79,732		88.6	%		15		5		31,762	Food Lion	02/11/23			10.78
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		5.80
Willowdaile Shopping Center	Durham	1986		143,601		94.3	%		20		6		48,000	Harris Teeter	10/31/24	Hall of Fitness		8.51
TOTAL SHOPPING CENTERS NORTH CAROLINA (9)				929,431		94.1	%		136		30		266,280				$	8.47
SOUTH CAROLINA (8)
Belfair Towne Village	Bluffton	2000 / 2003 / 2006		166,639		97.4	%		32		2		55,696	Kroger	10/31/19	Stein Mart	$	13.24
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		91.3	%		10		2		61,695	Bi-Lo	03/31/30			15.61
North Village Center	North Myrtle Beach	1984		60,356		89.2	%		7		6		24,806	Bi-Lo	05/31/09	Dollar General / Gold's Gym		8.73
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		10.59
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			10.63
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8)				750,917		93.6	%		83		14		277,295				$	10.45
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 (146)				15,976,072		92.3	%		2,562		442		4,896,873				$	11.79

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2008

		Year		Total					Number				Supermarket anchor				Average
		Built /		Sq. Ft.		Percent			of tenants				Owned		Expiration		base rent
Property	City	Renovated		Owned		Leased			Leased		Vacant		sq. ft.	Name	Date	Other anchor tenants	per leased SF
OTHER PROPERTIES (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		95.8	%		18		1
Laurel Walk Apartments	Charlotte, NC	1985			106,480		93.9	%		98		-
Mandarin Mini-Storage	Jacksonville, FL	1982			52,300		70.0	%		381		163
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		57.2	%		509		187
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (152)					16,445,232		91.3	%		3,071		629
DEVELOPMENTS, REDEVELOPMENTS & LAND (10)
Developments (3)	Various - See Schedule on Page 34.
Redevelopments (3)	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 ( ).

Page 32

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

As of September 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	$	(966	)
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		5,855
April 1, 2008	Shoppes at Quail Roost	Miami	FL		73,550		15,400		(46	)
April 1, 2008	Shoppes of Sunset	Miami	FL		21,704		5,000		(76	)
April 1, 2008	Shoppes of Sunset II	Miami	FL		27,767		5,400		(30	)
June 9, 2008	Presidential Markets	Snellville	GA		396,408		62,309		11,110
June 9, 2008	Sparkleberry Square (1)	Columbia	SC		154,217		23,545		2,708
Sale of income producing properties sold to JV					1,052,052	$	176,804	$	18,555
Income producing property sale
June 30, 2008	Rosemeade	Carrollton	TX		51,231	$	2,750	$	(552	)
Sale of income producing property						$	2,750	$	(552	)
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	$	17,961
Properties Held for Sale as of September 30, 2008
	Property Name	City	State
	Sparkleberry Kohl's (1)	Columbia	SC
	Sparkleberry Kroger (1)	Columbia	SC

Notes

(1) 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 fourth quarter of 2008.

Page 33

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of September 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 09/30/08		Balance to Complete (Gross Cost)
Developments
Shops at Hampton Oaks	Fairburn, GA (Atlanta)		21,000		21,000	CVS (not owned)		1Q09	$	8,583	$	4,920	$	4,950	$	3,633
Sunlake (3)	Tampa, FL		110,000		110,000	Publix		4Q09		39,317		25,988		30,014		9,303
River Green	Canton, GA (Atlanta)		59,997		59,997	CVS (not owned)	2010			10,803		8,811		3,283		7,520
Subtotal			190,997		190,997				$	58,703	$	39,719	$	38,247	$	20,456
Redevelopments / Expansions / Outparcels
Mariners Crossing - Outparcel	Spring Hill, FL (Tampa)		6,300		6,300	NA (outparcel)		4Q08	$	1,494	$	1,494	$	1,325	$	169
Mandarin Landing	Jacksonville, FL		50,000		145,820	Whole Foods		3Q09		8,208		8,058		4,855		3,353
Dolphin Village	St. Pete Beach, FL		138,129		138,129	Publix		4Q09		4,940		4,940		2,963		1,977
Subtotal			194,429		290,249				$	14,642	$	14,492	$	9,143	$	5,499
Total Development Activity			385,426		481,246				$	73,345	$	54,211	$	47,390	$	25,955

Project notes

(1) Includes actual / allocated cost of land.

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

(3) 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.

* 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 September 30, 2008

(in thousands)

Debt Instrument	Maturity date	Rate (1)			Sep 30, 2008balance		Dec 31, 2007balance		Percent of 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	%		3,570		3,667		0.3	%
Prosperity Centre	03/01/09		7.875	%		4,354		4,728		0.4	%
Shoppes at Ibis	09/01/09		6.730	%		-		5,077		0.0	%
Tamarac Town Square	10/01/09		9.190	%		-		5,816		0.0	%
Park Promenade	02/01/10		8.100	%		5,957		6,019		0.6	%
Jonathan's Landing	05/01/10		8.050	%		2,717		2,752		0.3	%
Bluff's Square	06/01/10		8.740	%		9,621		9,706		0.9	%
Kirkman Shoppes	06/01/10		8.740	%		9,085		9,166		0.8	%
Ross Plaza	06/01/10		8.740	%		6,337		6,393		0.6	%
Shoppes of Andros Isle	06/10/10		7.900	%		6,131		6,259		0.6	%
Boynton Plaza	07/01/10		8.030	%		7,095		7,167		0.7	%
Pointe Royale	07/15/10		7.950	%		3,155		3,409		0.3	%
Shops at Skylake	08/01/10		7.650	%		12,631		12,996		1.2	%
Parkwest Crossing	09/01/10		8.100	%		4,483		4,527		0.4	%
Spalding Village	09/01/10		8.190	%		8,831		9,146		0.8	%
Charlotte Square	02/01/11		9.190	%		3,249		3,317		0.3	%
Forest Village	04/01/11		7.270	%		4,226		4,273		0.4	%
Boca Village	05/01/11		7.200	%		7,813		7,900		0.7	%
MacLand Pointe	05/01/11		7.250	%		5,520		5,581		0.5	%
Pine Ridge Square	05/01/11		7.020	%		6,908		6,988		0.6	%
Sawgrass Promenade	05/01/11		7.200	%		7,813		7,900		0.7	%
Presidential Markets	06/01/11		7.650	%		-		26,225		0.0	%
Lake Mary Centre	11/01/11		7.250	%		23,162		23,406		2.1	%

Page 35

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of September 30, 2008

(in thousands)

Debt Instrument	Maturity date	Rate (1)			Sep 30, 2008balance		Dec 31, 2007balance		Percent of debt maturing
Lake St. Charles	11/01/11		7.130	%	$	3,652	$	3,691		0.3	%
Belfair Towne Village	12/01/11		7.320	%		10,311		10,509		1.0	%
Marco Town Center	01/01/12		6.700	%		7,898		8,046		0.7	%
Riverside Square	03/01/12		9.190	%		7,097		7,209		0.7	%
Cashmere Corners	11/01/12		5.880	%		4,695		4,793		0.4	%
Eastwood	11/01/12		5.880	%		5,595		5,711		0.5	%
Meadows Shopping Center	11/01/12		5.870	%		5,879		6,001		0.5	%
Sparkleberry Square (Kohl's) (2)	11/30/12		6.170	%		6,127		6,242		0.6	%
Lutz Lake Crossing	12/01/12		6.280	%		7,442		7,500		0.7	%
Midpoint Center	07/10/13		5.770	%		6,425		6,552		0.6	%
Buckhead Station	09/01/13		6.880	%		26,950		27,355		2.6	%
Alafaya Village	11/11/13		5.990	%		3,986		4,032		0.4	%
Summerlin Square	02/01/14		6.750	%		2,403		2,672		0.2	%
South Point	07/10/14		5.720	%		7,871		8,014		0.7	%
Bird Ludlum	02/15/15		7.680	%		6,954		7,565		0.6	%
Treasure Coast Plaza	04/01/15		8.000	%		3,298		3,575		0.3	%
Shoppes of Silverlakes I	07/01/15		7.750	%		1,929		2,085		0.2	%
Grassland Crossing	12/01/16		7.870	%		5,114		5,274		0.5	%
Mableton Crossing	08/15/18		6.850	%		3,643		3,736		0.3	%
Sheridan Plaza	10/10/18		6.250	%		65,000		-		6.0	%
Sparkleberry Square (Kroger) (2)	06/30/20		6.750	%		6,681		6,954		0.6	%
BridgeMill	05/05/21		7.940	%		8,665		8,829		0.8	%
Westport Plaza	08/24/23		7.490	%		4,486		4,573		0.4	%
Chastain Square	02/28/24		6.500	%		3,398		3,491		0.3	%
Daniel Village	02/28/24		6.500	%		3,714		3,816		0.3	%
Douglas Commons	02/28/24		6.500	%		4,425		4,546		0.4	%

Page 36

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of September 30, 2008

(in thousands)

Debt Instrument	Maturity date	Rate (1)		Sep 30, 2008balance			Dec 31, 2007balance			Percent of debt maturing
Fairview Oaks	02/28/24		6.500%	$	4,188		$	4,303			0.4	%
Madison Centre	02/28/24		6.500%		3,398			3,491			0.3	%
Paulding Commons	02/28/24		6.500%		5,768			5,926			0.5	%
Siegen Village	02/28/24		6.500%		3,753			3,855			0.3	%
Wesley Chapel Crossing	02/28/24		6.500%		2,963			3,044			0.3	%
Webster Plaza	08/15/24		8.070%		7,852			7,968			0.7	%
Total mortgage debt (51 loans outstanding)	5.09		7.11%	$	394,218		$	397,112			36.3	%
Unamortized/unaccreted premium/(discount) (4)	(wtd-avg maturity)	(wtd-avg interest rate)			7,421			10,455			0.7	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))				$	401,639		$	407,567			37.0	%
Unsecured senior notes payable
3.875% senior notes (3)	04/15/09		3.875%	$	188,685		$	200,000			17.4	%
Fair value of $100MM fixed-to-floating interest rate swap	04/15/09	6-month Libor + 0.4375%			(117	)		(315	)		(0.0	%)
7.84% senior notes	01/23/12		7.840%		17,500			25,000			1.6	%
5.375% senior notes	10/15/15		5.375%		117,000			120,000			10.8	%
6.00% senior notes	09/15/16		6.000%		115,000			125,000			10.6	%
6.25% senior notes	01/15/17		6.250%		106,500			125,000			9.8	%
6.00% senior notes	09/15/17		6.000%		132,579			150,000			12.3	%
Total unsecured senior notes payable	6.83		5.65%	$	677,147		$	744,685			62.5	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)	(wtd-avg interest rate)			(748	)		(413	)		(0.1	%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))				$	676,399		$	744,272			62.6	%

Page 37

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of September 30, 2008

(in thousands)

Debt Instrument	Maturity date	Rate (1)	Sep 30, 2008balance		Dec 31, 2007balance		Percent of debt maturing
Revolving credit facilities
$275MM Wells Fargo Unsecured	01/17/09	NA	$	-	$	37,000		0.0	%
$5MM City National Bank Unsecured	08/10/08	NA		4,049		-		0.4	%
Total revolving credit facilities			$	4,049	$	37,000		0.4	%
Total debt (4)			$	1,075,414	$	1,178,797		99.4	%
Unamortized/unaccreted premium/(discount) (4)				6,673		10,042		0.6	%
Total debt (including net interest premium/discount)			$	1,082,087	$	1,188,839		100.0	%
Senior Unsecured Debt Ratings
Moody's			Baa3 (Stable)
S&P			BBB- (Stable)

(1) The rate in effect on September 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 $698,795 for September 30, 2008.

Page 38

EQUITY ONE, INC.

UNCONSOLIDATED BALANCE SHEET - GRI-EQY I, LLC

As of September 30, 2008

	As of
	September 30, 2008
Assets	(in thousands)
Properties
Income producing	$	225,629
Less: accumulated depreciation		(1,573	)
Rental property	$	224,056
Cash and cash equivalents	$	12,017
Accounts and other receivables, net		21,184
Other assets
Total	$	257,257
Liabilities and joint ventures' equity
Liabilities
Mortgage notes payable	$	120,000
Accounts payable and other liabilities		27,922
Total liabilities	$	147,922
Joint venture equity	$	109,335
Total	$	257,257

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 September 30, 2008

	Three months ended				Nine months ended
	September 30, 2008		September 30, 2007		September 30, 2008		September 30, 2007
	(in thousands)		(in thousands)		(in thousands)		(in thousands)
REVENUES	$	6,220	$	-	$	10,938	$	-
COSTS AND EXPENSES
Property operating		1,491		-		2,666		-
Rental property depreciation and amortization		1,788		-		3,166		-
General and administrative		70		-		118		-
Interest expense		1,877		-		2,290		-
Total costs and expenses	$	5,226	$	-	$	8,240	$	-
NET INCOME	$	994	$	-	$	2,698	$	-

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 September 30, 2008

		Year						Number				Supermarket anchor					Average
		Built /	Total		Percent			of tenant							Expiration	Other	base rent
Property	City	Renovated	Sq. Ft.		Leased			Leased		Vacant		sq. ft.		Name	Date	anchor tenants	per leased SF
Airpark Plaza Shopping Center	Miami	1971 / 1998 / 2004 / 2008		172,095		100.0	%		38		-		30,000	Publix	10/31/24	Home Depot Expo / Office Depot	$	14.72
Concord Shopping Plaza (1)	Miami	1962 / 1992 / 1993		298,986		100.0	%		24		-		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		11.38
Shoppes of Ibis (1)	West Palm Beach	1999		79,420		98.2	%		17		1		51,420	Publix	05/31/19			13.13
Shoppes at Quail Roost (1)	Miami	2005		73,550		96.3	%		18		2		44,840	Publix	06/30/25			15.62
Shoppes of Sunset (1)	Miami	1979		21,704		92.8	%		15		2							17.51
Shoppes of Sunset II (1)	Miami	1980		27,767		64.4	%		10		6							18.86
Sparkleberry Square (1)	Columbia	1997 / 2004		154,217		100.0	%		11		-					Circuit City / PETsMART / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less		12.40
TOTAL GRI-EQY I, LLC SHOPPING CENTER PORTFOLIO (8)				1,224,147		97.4	%		165		16		260,406				$	12.36

(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 September 30, 2008

(in thousands)

Debt Instrument	Equity One's Ownership	Maturity date	Rate (1)	Sep 30, 2008balance		Dec 31, 2007balance
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%		1,320		-
Total mortgage debt		4.67	5.635%	$	121,320	$	-
		(wtd-avg maturity)	(Net effective int rate)
Equity One's pro-rata share of unconsolidated debt				$	12,132	$	-

(1) The rate in effect on September 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%

Page 42

EQUITY ONE, INC.

UNCONSOLIDATED BALANCE SHEET - G&I VI SOUTH FLORIDA PORTFOLIO SPE LLC

As of September 30, 2008

	As of
	September 30, 2008
Assets	(in thousands)
Properties
Income producing	$	50,273
Less: accumulated depreciation		(100	)
Rental property	$	50,173
Cash and cash equivalents	$	1,529
Accounts and other receivables, net		9,073
Other assets
Total	$	60,775
Liabilities and joint ventures' equity
Liabilities
Mortgage notes payable	$	37,839
Accounts payable and other liabilities		7,165
Total liabilities	$	45,004
Joint venture equity	$	15,771
Total	$	60,775

Note: Properties were purchased during third quarter of 2008, accordingly there is no activity prior to 3Q 2008.  Equity One has a 20% interest in the joint venture.

Page 43

EQUITY ONE, INC.

UNCONSOLIDATED STATEMENT OF OPERATIONS - G&I VI SOUTH FLORIDA PORTFOLIO SPE LLC

As of September 30, 2008

	Three months ended
	September 30, 2008			September 30, 2007
	(in thousands)			(in thousands)
REVENUES	$	838		$	-
COSTS AND EXPENSES
Property operating		249			-
Rental property depreciation and amortization		370			-
General and administrative		-			-
Interest expense		348			-
Total costs and expenses	$	967		$	-
NET (LOSS) INCOME	$	(129	)	$	-

Note: Properties were purchased during third quarter of 2008, accordingly there is no activity prior to 3Q 2008.  Equity One has a 20% interest in the joint venture.

Page 44

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT - G&I VI SOUTH FLORIDA PORTFOLIO SPE LLC

As of September 30, 2008

		Year						Number				Supermarket anchor					Average
		Built /	Total		Percent			of tenant							Expiration	Other	base rent
Property	City	Renovated	Sq. Ft.		Leased			Leased		Vacant		sq. ft.		Name	Date	anchor tenants	per leased SF
1900/2000 Offices (1)	Boca Raton	1979 / 1982 / 1986 / 2007		116,777		52.0	%		14		12					RN Network / Corporate Executive Suites	$	17.39
Penn Dutch Plaza (1)	Margate	1989		155,628		77.9	%		22		19		70,358	Penn Dutch Food Center	12/31/13	Walgreens		8.68
Plantation Marketplace (1)	Plantation	1963 / 1998		230,330		68.9	%		28		12		43,386	Winn-Dixie	11/05/09	Beall's / Just Fit / Big Lots / CVS		10.59
TOTAL G&I VI South Florida Portfolio SPE LLC SHOPPING CENTER PORTFOLIO (3)				502,735		67.8	%		64		43		113,744				$	11.12

(1) Properties were purchased during third quarter of 2008, accordingly there is no activity prior to 3Q 2008.

Equity One has a 20% interest in the joint venture.

Page 45

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - G&I VI South Florida Portfolio SPE LLC

As of September 30, 2008

(in thousands)

Debt Instrument	Equity One's Ownership			Maturity date	Rate (1)	Sep 30, 2008 balance			Dec 31, 2007 balance
Mortgage debt
Fixed rate loan		20	%	11/11/14	5.560%	$	38,814		$	-
Net interest premium/(discount)		-		-	-	$	(976	)	$	-
Total mortgage debt				6.12	5.560%	$	37,839		$	-
				(wtd-avg maturity)	(Net effective int rate)
Equity One's pro-rata share of unconsolidated debt						$	7,568		$	-

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

 Page 46