8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) July 29, 2009

Equity One, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

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

1600 NE Miami Gardens Drive

North Miami Beach, Florida  33179

(Address of Principal Executive Offices) (Zip Code)

(305) 947-1664

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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

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

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

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

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

Section 2 - Financial Information 

Item 2.02   Results of Operations and Financial Condition.

On July 29, 2009, Equity One, Inc. (the “Company”) announced its financial results for the three and six months ended June 30, 2009. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

On July 29, 2009, the Company announced its financial results for the three and six months ended June 30, 2009.  A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K.  A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01(c) Exhibits

(a) Financial Statements of Business Acquired.

            Not applicable

(b) Pro Forma Financial Information.

            Not applicable

(c) Exhibits

99.1 — Earnings Press Release of Equity One, Inc. dated July 29, 2009.

99.2 — Supplemental Information Package of Equity One, Inc. June 30, 2009.

SIGNATURE

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

July 29, 2009	EQUITY ONE, INC.
	By:	/s/ Mark Langer
		Mark Langer
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Document
99.1	Earnings Press Release of Equity One, Inc. dated July 29, 2009.
99.2	Information Package of Equity One, Inc. June 30, 2009.

EX-99.1

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

FOR IMMEDIATE RELEASE:

Equity One Reports Second Quarter 2009 Operating Results

NORTH MIAMI BEACH, FL; July 29, 2009 – Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three and six months ended June 30, 2009.

Financial Highlights

In the second quarter 2009, Equity One generated Funds From Operations (FFO) of $29.1 million, or $0.34 per diluted share, as compared to FFO of $23.2 million, or $0.32 per diluted share in the second quarter 2008.  The second quarter 2009 FFO results include gains of $3.5 million, or $0.04 per diluted share, from the early extinguishment of debt, and $3.6 million, or $0.04 per diluted share, of gains on the sale of outparcels. The second quarter of 2008 FFO results include $.01 per diluted share of debt extinguishment gains.

For the six months ended June 30, 2009, Equity One reported FFO of $87.1 million, or $1.07 per diluted share, compared to FFO of $55.9 million, or $0.76 per diluted share, for the same six-month period in 2008.  The FFO results for the six months ended June 30, 2009 include a total of approximately $0.52 per diluted share of one-time items primarily pertaining to the bargain purchase gain from our acquisition of a controlling stake of DIM Vastgoed, N.V. in the first quarter, gains from outparcel sales, gains on debt extinguishment, severance costs and other nonrecurring fees and income.

Net income attributable to Equity One was $15.4 million and earnings per diluted share was $0.18 for the quarter ended June 30, 2009 as compared to $29.4 million, or $0.40 per diluted share, for second quarter 2008.    The 2008 results for the second quarter and six months included $18.0 million of gains from the sale of seven properties to our joint venture with Global Retail Investors, LLC.  For the six months ended June 30, 2009, net income attributable to Equity One was $59.2 million, or $0.72 per diluted share.  This compares to net income attributable to Equity One of $50.3 million, or $0.68 per diluted share, for the six months ended June 30, 2008.

Operating Highlights

As of June 30, 2009, occupancy for the company’s core portfolio was 90.7%, down 80 basis points on a same property basis as compared to March 31, 2009 and down 190 basis points as compared to June 30, 2008.

DIM Vastgoed’s occupancy, which we report separately, was 91.9%, up 140 basis points as compared to March 31, 2009 and down 320 basis points as compared to June 30, 2008.

For the second quarter of 2009, same-property net operating income declined 3.2% compared to the same period in 2008 primarily due to lower occupancy and higher bad debt expense.

During the second quarter of 2009, the company executed 40 new leases in its core portfolio totaling 116,214 square feet at an average rental rate of $17.11 per square foot, representing a 2.1% increase from prior rents on a same-space cash basis.  Also during the second quarter, the company renewed 72 leases in its core portfolio for 191,873 square feet for an average rental rate decline of 1.8% to $13.90 per square foot on a cash basis.  In addition, the company renewed seventeen leases in its core portfolio for 254,406 square feet subject to tenant renewal options for an average rental rate increase of 4.6% to $8.92 per square foot on a cash basis.

Development and Redevelopment Activities

At June 30, 2009, Equity One had approximately $35.6 million of active development projects and approximately $8.8 million of redevelopment projects underway.  The estimated remaining cost to complete these projects is approximately $4.4 million.

Balance Sheet Highlights

At June 30, 2009, Equity One’s total market capitalization equaled $2.2 billion, comprising 86.5 million shares of common stock (on a fully diluted basis) valued at $1.1 billion and $1.1 billion of net debt (excluding any debt premium/discount and net of cash).  Our ratio of net debt to total market capitalization was 49.1% and our ratio of net debt to gross real estate and securities investments was 45.7%.

During the quarter, Equity One completed a public offering and a concurrent private placement of common

stock, raising net cash proceeds of $126.2 million which were primarily used to repay indebtedness, including its $171.6 million senior note that matured in April 2009.

Equity One also repurchased $12.9 million of its unsecured senior notes with varying maturities, generating a gain on the early extinguishment of debt of $3.5 million.

As of June 30, 2009, Equity One had $40.7 million outstanding under its unsecured line of credit.

FFO and Earnings Guidance

Based on its activities in the second quarter, Equity One is maintaining its 2009 guidance of FFO of $1.55 to $1.63 per diluted share and net income per diluted share of $0.92 to $0.98.  These estimates take into account the impact of the company’s equity offering, gains on the extinguishment of debt and land sale gains recognized during the first and second quarter.   In addition, this guidance assumes additional gains on outparcels of approximately $0.04 per diluted share during the second half of 2009. Management expects that annual same-property NOI growth will be between -3% to -4% for 2009.

The following table provides the reconciliation of the range of estimated net income per diluted share to estimated FFO per diluted share for the full year 2009:

	Low		High
Estimated net income attributable to Equity One	$	0.92	$	0.98
Adjustments:
Rental property depreciation and amortization including pro rata share of joint ventures		0.63		0.65
Estimated Funds from Operations (FFO) attributable to Equity One	$	1.55	$	1.63

Page 2 of 7

ACCOUNTING AND OTHER DISCLOSURES

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

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

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

CONFERENCE CALL/WEB CAST INFORMATION

We will host a conference call on Thursday, July 30, 2009 at 9:00 a.m. EDT to review the 2009 second quarter earnings and operating results.  Stockholders, analysts and other interested parties can access the earnings call by dialing (866) 713-8310 (U.S./Canada) or (617) 597-5308 (international) using pass code 27547159. The call will also be web cast and can be accessed in a listen-only mode on 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 telephone replay by dialing (888) 286-8010 (U.S./Canada) or (617) 801-6888 (international) using pass code 47678603 through August 6, 2009.

FOR ADDITIONAL INFORMATION

For a copy of our second quarter supplemental information package, please access the “Investors” section of 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 Michele Villano at mvillano@equityone.net.

ABOUT EQUITY ONE, INC.

As of June 30, 2009, Equity One owned or had interests in 181 properties, consisting of 167 shopping centers comprising approximately 19.0 million square feet, four projects in development/redevelopment, six non-retail properties, and four parcels of land.  Additionally, Equity One had joint venture interests in twelve shopping centers and one office building totaling approximately 1.9 million square feet.

Page 3 of 7

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 7

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

June 30, 2009 (Unaudited) and December 31, 2008

(In thousands)

	June 30,			December 31,
	2009			2008
ASSETS
Properties:
Income producing	$	2,299,988		$	1,900,513
Less: accumulated depreciation		(217,766	)		(196,151	)
Income producing property, net		2,082,222			1,704,362
Construction in progress and land held for development		68,806			74,371
Properties, net		2,151,028			1,778,733
Cash and cash equivalents		1,632			5,355
Cash held in escrow		1,679			-
Accounts and other receivables, net		9,681			12,209
Investment and advances in real estate joint ventures		11,849			11,745
Marketable securities		48,090			160,585
Goodwill		11,845			11,845
Other assets		103,636			55,791
TOTAL ASSETS	$	2,339,440		$	2,036,263
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes Payable
Mortgage notes payable	$	625,343		$	371,077
Unsecured revolving credit facilities		40,694			35,500
Unsecured senior notes payable		441,971			657,913
		1,108,008			1,064,490
Unamortized/unaccreted premium (discount) on notes payable		(24,791	)		5,225
Total notes payable		1,083,217			1,069,715
Other liabilities
Accounts payable and accrued expenses		35,053			27,778
Tenant security deposits		9,589			8,908
Deferred tax liabilities, net		54,090			1,409
Other liabilities		43,698			17,966
Total liabilities		1,225,647			1,125,776
Redeemable noncontrolling interest		989			989
Commitments and contingencies		-			-
Equity:
Stockholders’ equity of Equity One
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued
Common stock, $0.01 par value – 100,000 shares authorized 85,843 and 76,198 shares issued and outstanding as of June 30, 2009 and December 31, 2008, respectively		858			762
Additional paid-in capital		1,105,208			967,514
Distributions in excess of retained earnings		(26,460	)		(36,617	)
Contingent consideration		323			-
Accumulated other comprehensive income (loss)		8,239			(22,161	)
Total stockholders’ equity of Equity One		1,088,168			909,498
Noncontrolling interest		24,636			-
Total stockholders equity		1,112,804			909,498
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,339,440		$	2,036,263

Page 5 of 7

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the three and six months ended June 30, 2009 and 2008

(In thousands, except per share data)

(Unaudited)

	Three months ended						Six months ended
	June 30,						June 30,
	2009			2008			2009			2008
REVENUE:
Minimum rent	$	52,483		$	46,695		$	105,605		$	94,577
Expense recoveries		14,484			13,076			28,901			26,718
Percentage rent		249			164			1,389			1,613
Management and leasing services		444			814			994			997
Total revenue		67,660			60,749			136,889			123,905
COSTS AND EXPENSES:
Property operating		19,759			16,004			38,676			32,046
Rental property depreciation and amortization		14,897			11,661			30,184			23,423
General and administrative		8,993			7,620			21,248			14,506
Total costs and expenses		43,649			35,285			90,108			69,975
INCOME BEFORE OTHER INCOME AND EXPENSE AND DISCONTINUED OPERATIONS		24,011			25,464			46,781			53,930
OTHER INCOME AND EXPENSE:
Investment income		1,205			644			3,262			6,807
Equity in income (loss) in real estate joint ventures		(21	)		170			(28	)		170
Other income		34			45			1,085			88
Interest expense		(18,129	)		(15,413	)		(37,692	)		(31,395	)
Amortization of deferred financing fees		(322	)		(420	)		(766	)		(849	)
Gain on acquisition of controlling interest in subsidiary		-			-			26,866			-
Gain on sale of real estate		-			18,499			-			18,498
Gain on extinguishment of debt		3,544			696			12,235			3,076
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS:		10,322			29,685			51,743			50,325
Income tax benefit of taxable REIT subsidiaries		850			67			1,489			151
INCOME FROM CONTINUING OPERATIONS		11,172			29,752			53,232			50,476
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		63			149			184			321
Gain (loss) on disposal of income producing properties		3,616			(483	)		4,794			(525	)
Income (loss) from discontinued operations		3,679			(334	)		4,978			(204	)
NET INCOME	$	14,851		$	29,418		$	58,210		$	50,272
Net loss attributable to non controlling interest		506			-			984			-
NET INCOME ATTRIBUTABLE TO EQUITY ONE	$	15,357		$	29,418		$	59,194		$	50,272
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.14		$	0.40		$	0.67		$	0.68
Discontinued operations		0.04			-			0.06			-
	$	0.18		$	0.40		$	0.73		$	0.68
Number of Shares Used in Computing Basic Earnings per Share		84,298			73,408			80,552			73,366
EARNINGS PER COMMON SHARE – DILUTED:
Continuing operations	$	0.14		$	0.40		$	0.66		$	0.68
Discontinued operations		0.04			-			0.06			-
	$	0.18		$	0.40		$	0.72		$	0.68
Number of Shares Used in Computing Diluted Earnings per Share		85,001			73,541			81,206			73,503

Page 6 of 7

EQUITY ONE, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Funds from Operations

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2009		2008			2009		2008
	(In thousands)					(In thousands)
Net income attributable to Equity One	$	15,357	$	29,418		$	59,194	$	50,272
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of controlling interest		13,433		11,696			27,174		23,493
Gain on disposal of income producing properties		-		(18,016	)		-		(18,016	)
Pro rata share of real estate depreciation from unconsolidated joint ventures		338		138			699		138
Funds from operations	$	29,128	$	23,236		$	87,067	$	55,887

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.

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

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2009		2008			2009		2008
Earnings per diluted share attributable to Equity One	$	0.18	$	0.40		$	0.72	$	0.68
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of controlling interest		0.16		0.16			0.33		0.32
Gain on disposal of income producing properties		-		(0.24	)		-		(0.24	)
Pro rata share of real estate depreciation from unconsolidated joint ventures		-		-			0.01		-
Net adjustment for unvested shares and non-controlling interest (1)		-		-			0.01
Funds from operations per diluted share	$	0.34	$	0.32		$	1.07	$	0.76

(1) Includes net effect of (a) an adjustment for unvested awards of share-based payments with rights to receive dividends or dividend equivalents and (b) an adjustment related to the possible share issuance in the fourth quarter of 2010 pursuant to the DIM stock exchange agreement.

 Page 7 of 7

EX-99.2

Equity One, Inc.

Supplemental Information Package

June 30, 2009

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

June 30, 2009

(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 Twenty Tenants	17
Recent Leasing Activity	18
Shopping Center Lease Expiration Schedule - All Tenants, Anchors, Shops	19-21
Shopping Center Lease Expiration Graph	22
Property Data
Annual Minimum Rent of Operating Properties by Metro/Market Breakout	23
Property Status Report	24-33
Real Estate Acquisitions and Dispositions	34
Real Estate Developments and Redevelopments	35
Debt Schedule Detail
Consolidated Debt Summary - Property Mortgage Detail	36-38
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total	39
Joint Venture Supplemental Data	40-47

EQUITY ONE, INC
ANALYST COVERAGE
As of June 30, 2009
Barclays Capital	Ross Smotrich	(212) 526-2306
	Ryan Bennett	(212) 526-5309
BMO Capital Markets	Paul Adornato	(212) 885-4170
Citigroup Global Markets	Michael Bilerman	(212) 816-1383
	Quentin Velleley	(212) 816-6981
Credit Suisse	Andrew Rosivach	(415) 249-7942
Deutsche Bank	John Perry	(212) 250-4912
	Vin Chao	(212) 250-6799
Green Street Advisors	Jim Sullivan	(949) 640-8780
	Nick Vedder	(949) 640-8780
ISI Group	Steve Sakwa	(212) 446-9462
	Ian Weissman	(212) 446-9461
JP Morgan Securities Inc.	Michael W. Mueller, CFA	(212) 622-6689
	Joseph Dazio	(212) 622-6416
Macquarie Capital (USA) Inc.	David Wigginton	(212) 231-6380
Bank of America/Merrill Lynch	Craig Schmidt	(212) 449-1944
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
Miller Tabak	Tom Mitchell	(212) 370-0040 x8163

Page 3

EQUITY ONE, INC.

DISCLOSURES

As of June 30, 2009

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, 2008 and Form 10-Q for the period ended June 30, 2009 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.

On January 14, 2009, we acquired an additional 1,237,676 ordinary shares of DIM Vastgoed, N.V. ("DIM") from Homburg Invest Inc. (“Homburg”) in a stock exchange agreement. Under the agreement, we issued 866,373 shares of our common stock in exchange for a total of 1,237,676 DIM shares or share equivalents (based on an exchange ratio of 0.7  Equity One shares for 1 DIM share).

In addition, we obtained from Homburg voting rights (the “Partex shares”) with respect to another 766,573 DIM shares that Homburg has the right to acquire on October 1, 2010 at a subsequent closing occurring no later than November 2010. Subject to certain conditions, the agreement also provides for us to acquire these DIM shares or share equivalents at the same 0.7 exchange ratio (or an aggregate of 536,601 shares of Equity One common stock) from Homburg once Homburg has acquired them. The agreement also provides for customary registration rights with respect to the Equity One common stock issued to Homburg.  As a result of the initial exchange and the voting rights agreement, we now have voting control over 74.6% of DIM’s ordinary shares, including 65.2% economic ownership.

Pursuant to the provisions in FASB No. 141(R), "Business Combinations", we have consolidated the results of DIM's operations as of January 14, 2009.

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

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

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

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

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

Page 4

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

As of June 30, 2009

(in thousands, except per share data)

	For the three months ended						For the six months ended
	June 30, 2009			June 30, 2008			June 30, 2009			June 30, 2008
Summary Financial Results
Total revenues*	$	67,743		$	61,019		$	137,108		$	124,419
EBITDA		45,051			37,696			88,689			84,478
Property net operating income		47,524			44,115			97,412			91,253
General & administrative expenses (G&A)* - Adjusted (1)		8,993			7,620			17,048			14,506
Net income attributable to Equity One	$	15,357		$	29,418		$	59,194		$	50,272
Net income per diluted share		0.18			0.40			0.72			0.68
Funds from operations (FFO)	$	29,128		$	23,236		$	87,067		$	55,887
FFO per diluted share		0.34			0.32			1.07			0.76
Total dividends paid per share	$	0.30		$	0.30		$	0.30		$	0.30
Weighted average diluted shares		85,001			73,541			81,206			73,503
Summary Operating and Financial Ratios
Operating shopping center portfolio occupancy (at the end of period) (see pages 24-31) (2)		90.7	%		92.8	%		90.7	%		92.8	%
Same-property NOI growth - cash basis  (see page 13)  (2)		-3.2	%		-2.9	%		-3.0	%		N/A
NOI margin (see page 13)		70.6	%		73.3	%		71.6	%		73.9	%
Expense recovery ratio*		73.3	%		81.6	%		74.7	%		83.5	%
New, renewal and option rent spread - cash basis (see page 18) (2)		1.4	%		11.7	%		N/A			N/A
G&A expense to total revenues		13.3	%		12.5	%		12.4	%		11.7	%
Debt to market capitalization (see page 7)		49.1	%		40.4	%		49.1	%		40.4	%
EBITDA to interest expense* (see page 14)		2.5			2.4			2.4			2.7
EBITDA to fixed charges* (see page 14)		2.0			2.1			1.9			2.3

Notes

*   The indicated line item includes amounts reported in discontinued operations recoverable and nonrecoverable operating expenses.

(1)   G&A expense for the six months ended June 30, 2009 deducts one-time severance costs of $3.3 million and acquisition costs of $900K associated with the acquisition of our controlling interest in DIM Vastgoed.

(2)   Excludes DIM Vastgoed.

Page 5

EQUITY ONE, INC.

CONSOLIDATED BALANCE SHEETS

As of June 30, 2009

(in thousands)

	June 30, 2009			Dec 31, 2008			Dec 31, 2007
Assets
Properties
Income producing	$	2,299,988		$	1,900,513		$	2,047,993
Less: accumulated depreciation		(217,766	)		(196,151	)		(172,651	)
Income-producing property, net		2,082,222			1,704,362			1,875,342
Construction in progress and land held for development		68,806			74,371			81,574
Properties held for sale		-			-			323
Properties, net		2,151,028			1,778,733			1,957,239
Cash and cash equivalents		1,632			5,355			1,313
Cash held in escrow		1,679			-			54,460
Accounts and other receivables, net		9,681			12,209			14,148
Investments and advances in real estate joint ventures		11,849			11,745			-
Marketable Securities		48,090			160,585			72,299
Goodwill		11,845			11,845			12,496
Other assets (1)		103,636			55,791			62,429
Total Assets	$	2,339,440		$	2,036,263		$	2,174,384
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	625,343		$	371,077		$	397,112
Unsecured revolving credit facilities		40,694			35,500			37,000
Unsecured senior notes payable		441,971			657,913			744,685
Total debt		1,108,008			1,064,490			1,178,797
Unamortized/unaccreted premium/(discount) on notes payable		(24,791	)		5,225			10,042
Total notes payable		1,083,217			1,069,715			1,188,839
Deferred tax payable, net		54,090			1,409			-
Accounts payable and other liabilities (1)		88,340			54,652			68,624
Total liabilities		1,225,647			1,125,776			1,257,463
Redeemable noncontrolling interest		989			989			989
Total Stockholders' equity of Equity One		1,088,168			909,498			915,932
Noncontrolling interest		24,636			0			0
Total Liabilities and Stockholders' Equity	$	2,339,440		$	2,036,263		$	2,174,384

Note:  Amounts in 2009 include consolidation of DIM Vastgoed.

(1) Amounts have been reclassified to conform to the 2009 presentation.

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of June 30, 2009

(in thousands)

	June 30, 2009			Dec 31, 2008			Dec 31, 2007
Closing market price of common stock	$	13.26		$	17.70		$	23.03
Common stock shares (in thousands)
Basic common shares		85,843.441			76,198.420			73,300.107
Diluted common shares
Unvested restricted common shares		10.053			29.360			55.707
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		40.313			23.178			60.573
Shares for DIM Vastgoed Contingent Consideration		495.096			-			-
Diluted common shares		86,482.559			76,344.614			73,510.043
Equity market capitalization	$	1,146,759		$	1,351,300		$	1,692,936
Total debt (excluding unamortized/unaccreted premium/(discount))	$	1,108,008		$	1,064,490		$	1,178,797
Cash and equivalents (including cash held in escrow)		(3,311	)		(5,355	)		(55,773	)
Net debt		1,104,697			1,059,135			1,123,024
Equity market capitalization		1,146,759			1,351,300			1,692,936
Total market capitalization	$	2,251,456		$	2,410,435		$	2,815,961
Net debt to total market capitalization		49.1	%		43.9	%		39.9	%
Gross real estate and securities investments	$	2,416,884		$	2,135,469		$	2,202,189
Net debt to gross real estate and securities investments		45.7	%		49.6	%		51.0	%

Note:  Amounts in 2009 include consolidation of DIM Vastgoed.

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

As of June 30, 2009

(in thousands)

	June 30, 2009			Dec 31, 2008			Dec 31, 2007
Fixed rate debt	$	1,067,314		$	928,041		$	1,042,112
Fixed rate debt - swapped to variable rate		-			100,949			99,685
Variable rate debt - unhedged		40,694			35,500			37,000
Total debt*	$	1,108,008		$	1,064,490		$	1,178,797
% Fixed rate debt		96.3	%		87.2	%		88.4	%
% Fixed rate debt - swapped to variable rate		0.0	%		9.5	%		8.5	%
% Variable rate debt - unhedged		3.7	%		3.3	%		3.1	%
Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		3.7	%		12.8	%		11.6	%
Secured mortgage debt	$	625,343		$	371,077		$	397,112
Unsecured debt**		482,665			693,413			781,685
Total debt*	$	1,108,008		$	1,064,490		$	1,178,797
% Secured mortgage debt		56.4	%		34.9	%		33.7	%
% Unsecured debt		43.6	%		65.1	%		66.3	%
Total		100.0	%		100.0	%		100.0	%
Total market capitalization (from page 7)	$	2,251,456		$	2,410,435		$	2,815,960
% Secured mortgage debt		27.8	%		15.4	%		14.1	%
% Unsecured debt		21.4	%		28.8	%		27.8	%
Total debt : Total market capitalization		49.2	%		44.2	%		41.9	%
Weighted-average interest rate on secured mortgage debt*		6.8	%		7.2	%		7.4	%
Weighted-average interest rate on senior unsecured notes		6.0	%		5.7	%		5.7	%
Interest rate on revolving credit facilities		2.7	%		2.1	%		5.0	%
Weighted-average maturity on mortgage debt*	4.6 years			5.0 years			4.5 years
Weighted-average maturity on senior unsecured notes	7.4 years			6.5 years			6.7 years

Note:  Amounts in 2009 include consolidation of DIM Vastgoed.

*  Excluding unamortized premium/discount.

Page 8

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of June 30, 2009

(in thousands)

	Secured Debt *				Unsecured Debt						Weighted Average
Maturity schedule	Scheduled		Balloon		Revolving Credit		Senior				Interest Rate			Percent of
by year	amortization		payments		Facilities (1)		Notes		Total		at Maturity			debt maturing
2009	$	7,172	$	52,026	$	894	$	-	$	60,092		7.802	%		5.4	%
2010		13,421		72,076		-		-		85,497		8.138	%		7.7	%
2011		12,434		68,570		39,800		-		120,804		5.596	%		10.9	%
2012		11,529		44,479		-		10,000		66,008		6.973	%		6.0	%
2013		11,017		54,127		-		-		65,144		6.249	%		5.9	%
2014		9,823		24,950		-		-		34,773		5.766	%		3.1	%
2015		7,057		69,093		-		107,570		183,720		5.310	%		16.6	%
2016		5,397		51,489		-		106,000		162,886		5.957	%		14.7	%
2017		4,746		17,242		-		218,401		240,389		6.073	%		21.7	%
2018		4,565		56,623		-		-		61,188		6.270	%		5.5	%
Thereafter		19,199		8,308		-		-		27,507		7.825	%		2.5	%
Total	$	106,360	$	518,983	$	40,694	$	441,971	$	1,108,008		6.192	%		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.

* Includes 22 loans related to DIM Vastgoed properties.

Page 9

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

As of June 30, 2009

(in thousands, except per share data)

	Three months ended									Six months ended
	June 30, 2009			June 30, 2008			Percent Change			June 30, 2009			June 30, 2008			Percent Change
REVENUE:
Minimum rent	$	52,483		$	46,695					$	105,605		$	94,577
Expense recoveries		14,484			13,076						28,901			26,718
Percentage rent		249			164						1,389			1,613
Management and leasing services		444			814						994			997
Total revenue		67,660			60,749			11.4	%		136,889			123,905			10.5	%
COSTS AND EXPENSES:
Property operating		19,759			16,004						38,676			32,046
Rental property depreciation and amortization		14,897			11,661						30,184			23,423
General and administrative		8,993			7,620						21,248			14,506
Total costs and expenses		43,649			35,285			23.7	%		90,108			69,975			28.8	%
INCOME BEFORE OTHER INCOME AND EXPENSE AND DISCONTINUED OPERATIONS		24,011			25,464						46,781			53,930
OTHER INCOME AND EXPENSE:
Investment income		1,205			644						3,262			6,807
Equity in income (loss) real estate joint ventures		(21	)		170						(28	)		170
Other income		34			45						1,085			88
Interest expense		(18,129	)		(15,413	)					(37,692	)		(31,395	)
Amortization of deferred financing fees		(322	)		(420	)					(766	)		(849	)
Gain on acquisition of controlling interest in subsidiary		-			-						26,866			-
Gain on sale of real estate		-			18,499						-			18,498
Gain on extinguishment of debt		3,544			696						12,235			3,076
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND		10,322			29,685						51,743			50,325
DISCONTINUED OPERATIONS
Income tax benefit of taxable REIT subsidiaries		850			67						1,489			151
INCOME FROM CONTINUING OPERATIONS		11,172			29,752			-62.4	%		53,232			50,476			5.5	%
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		63			149						184			321
Gain (loss) on disposal of income producing properties		3,616			(483	)					4,794			(525	)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		3,679			(334	)					4,978			(204	)
NET INCOME	$	14,851		$	29,418			-49.5	%	$	58,210		$	50,272			15.8	%
Net loss attributable to noncontrolling interest		506			-						984			-
NET INCOME ATTRIBUTABLE TO EQUITY ONE	$	15,357		$	29,418					$	59,194		$	50,272
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations		0.14			0.40						0.67			0.68
Discontinued operations		0.04			-						0.06			-
NET INCOME	$	0.18		$	0.40			-55.0	%	$	0.73		$	0.68			7.4	%
EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations		0.14			0.40						0.66			0.68
Discontinued operations		0.04			-						0.06			-
NET INCOME	$	0.18		$	0.40			-55.0	%	$	0.72		$	0.68			5.9	%
Weighted average shares outstanding
Basic		84,298			73,408						80,552			73,366
Diluted		85,001			73,541						81,206			73,503

Note:  Amounts in 2009 include consolidation of DIM Vastgoed.

Page 10

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the quarter ended June 30, 2009

(in thousands)

	Three months ended									Six months ended
	June 30, 2009									June 30, 2009
	As			Disc. Ops			Pre Disc			As			Disc. Ops			Pre Disc
	Reported			Total			Ops			Reported			Total			Ops
REVENUE:
Minimum rent	$	52,483		$	78		$	52,561		$	105,605		$	201		$	105,806
Expense recoveries		14,484			5			14,489			28,901			18			28,919
Percentage rent		249			-			249			1,389			-			1,389
Management and leasing services		444			-			444			994			-			994
Total revenue		67,660			83			67,743			136,889			219			137,108
COSTS AND EXPENSES:
Property operating		19,759			16			19,775			38,676			26			38,702
Rental property depreciation and amortization		14,897			4			14,901			30,184			9			30,193
General and administrative		8,993			-			8,993			21,248			-			21,248
Total costs and expenses		43,649			20			43,669			90,108			35			90,143
INCOME BEFORE OTHER INCOME AND EXPENSE AND DISCONTINUED OPERATIONS		24,011			63			24,074			46,781			184			46,965
OTHER INCOME AND EXPENSE:
Investment income		1,205			-			1,205			3,262			-			3,262
Equity in income (loss) real estate joint ventures		(21	)		-			(21	)		(28	)		-			(28	)
Other income		34			-			34			1,085			-			1,085
Interest expense		(18,129	)		-			(18,129	)		(37,692	)		-			(37,692	)
Amortization of deferred financing fees		(322	)		-			(322	)		(766	)		-			(766	)
Gain on acquisition of controlling interest in subsidiary		-			-			-			26,866			-			26,866
Gain on disposal of income producing properties		-			3,616			3,616			-			4,794			4,794
Gain on extinguishment of debt		3,544			-			3,544			12,235			-			12,235
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND DISCONTINUED OPERATIONS		10,322			3,679			14,001			51,743			4,978			56,721
Income tax benefit of taxable REIT subsidiaries		850			-			850			1,489			-			1,489
INCOME FROM CONTINUING OPERATIONS		11,172			3,679			14,851			53,232			4,978			58,210
DISCONTINUED OPERATIONS:
Operations of income producing properties sold		63			(63	)		-			184			(184	)		-
Gain on disposal of income producing properties		3,616			(3,616	)		-			4,794			(4,794	)		-
Income from discontinued operations		3,679			(3,679	)		-			4,978			(4,978	)		-
Net loss attributable to noncontrolling interest		506			-			506			984			-			984
NET INCOME ATTRIBUTABLE TO EQUITY ONE	$	15,357		$	-		$	15,357		$	59,194		$	-		$	59,194

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.

Amounts in 2009 include consolidation of DIM Vastgoed.

Page 11

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the quarter ended June 30, 2009

(in thousands)

	Three months ended									Six months ended
	June 30, 2008									June 30, 2008
	As			Disc. Ops			Pre Disc			As			Disc. Ops			Pre Disc
	Reported			Total			Ops			Reported			Total			Ops
REVENUE:
Minimum rent	$	46,695		$	222		$	46,917		$	94,577		$	364		$	94,941
Expense recoveries		13,076			48			13,124			26,718			150			26,868
Percentage rent		164			-			164			1,613			-			1,613
Management and leasing services		814			-			814			997			-			997
Total revenue		60,749			270			61,019			123,905			514			124,419
COSTS AND EXPENSES:
Property operating		16,004			86			16,090			32,046			123			32,169
Rental property depreciation and amortization		11,661			35			11,696			23,423			70			23,493
General and administrative		7,620			-			7,620			14,506			-			14,506
Total costs and expenses		35,285			121			35,406			69,975			193			70,168
INCOME BEFORE OTHER INCOME AND EXPENSE AND DISCONTINUED OPERATIONS		25,464			149			25,613			53,930			321			54,251
OTHER INCOME AND EXPENSE:
Investment income		644			-			644			6,807			-			6,807
Equity in real estate joint ventures		170			-			170			170			-			170
Other income		45			-			45			88			-			88
Interest expense		(15,413	)		-			(15,413	)		(31,395	)		-			(31,395	)
Amortization of deferred financing fees		(420	)		-			(420	)		(849	)		-			(849	)
Gain on disposal of income producing properties		18,499			(483	)		18,016			18,498			(525	)		17,973
Gain on extinguishment of debt		696			-			696			3,076			-			3,076
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND DISCONTINUED OPERATIONS		29,685			(334	)		29,351			50,325			(204	)		50,121
Income tax benefit of taxable REIT subsidiaries		67			-			67			151			-			151
INCOME FROM CONTINUING OPERATIONS		29,752			(334	)		29,418			50,476			(204	)		50,272
DISCONTINUED OPERATIONS:
Operations of income producing properties sold		149			(149	)		-			321			(321	)		-
Gain on disposal of income producing properties		(483	)		483			-			(525	)		525			-
Income from discontinued operations		(334	)		334			-			(204	)		204			-
NET INCOME ATTRIBUTABLE TO EQUITY ONE	$	29,418		$	-		$	29,418		$	50,272		$	-		$	50,272

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

Amounts in 2009 include consolidation of DIM Vastgoed.

Page 12

EQUITY ONE, INC.

NET OPERATING INCOME

For the quarter ended June 30, 2009

(in thousands)

	Three months ended									Six months ended
	June 30, 2009			June 30, 2008			Percent Change			June 30, 2009			June 30, 2008			Percent Change
Total net operating income(1)
Total rental revenue	$	67,299		$	60,205			11.8	%	$	136,114		$	123,422			10.3	%
Property operating expenses		19,775			16,090			22.9	%		38,702			32,169			20.3	%
Net operating income	$	47,524		$	44,115			7.7	%	$	97,412		$	91,253			6.7	%
NOI margin (NOI / Total rental revenue)		70.6	%		73.3	%					71.6	%		73.9	%
Same-property NOI (2)
Total rental revenue	$	54,459		$	54,046			0.8	%	$	110,266		$	109,754			0.5	%
Property operating expenses (3)		17,994			16,377			9.9	%		35,303			32,453			8.8	%
Net operating income  (at the end of period)	$	36,465		$	37,669			(3.2	%)	$	74,963		$	77,301			(3.0	%)
Growth in same property NOI		(3.2	%)								(3.0	%)
Number of properties included in analysis		144									144
Same-property occupancy  (at the end of period)		90.7	%		92.7	%					90.7	%		92.7	%

(1) Amounts included in discontinued operations have been included for purposes of this presentation of net operating income.  Includes results of DIM for the three and six month periods in 2009.

(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.

(3) Property operating expenses include intercompany management fee expense.

Page 13

EQUITY ONE, INC.

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

For the quarter ended June 30, 2009

(in thousands)

	Three months ended						Six months ended
	June 30, 2009			June 30, 2008			June 30, 2009			June 30, 2008
Net income	$	15,357		$	29,418		$	59,194		$	50,272
Net loss attributable to noncontrolling interest		506			-			984			-
Rental property depreciation and amortization*		14,901			11,696			30,193			23,493
Other depreciation and amortization		209			181			422			364
Interest expense*		18,129			15,413			37,692			31,395
Amortization of deferred financing fees*		322			420			766			849
Gain on sale of depreciable income producing real estate		-			(18,499	)		-			(18,498	)
Gain on extinguishment of debt		(3,544	)		(696	)		(12,235	)		(3,076	)
Gain on acquisition of controlling interest in subsidiary		-			-			(26,866	)		-
Benefit for income taxes		(850	)		(67	)		(1,489	)		(151	)
Equity in income (loss) real estate joint ventures		21			(170	)		28			(170	)
EBITDA*	$	45,051		$	37,696		$	88,689		$	84,478
Interest expense*(1)	$	18,129		$	15,413		$	37,692		$	31,395
EBITDA to interest expense*		2.5			2.4			2.4			2.7
Fixed charges
Interest expense*(1)	$	18,129		$	15,413		$	37,692		$	31,395
Scheduled principal amortization (2)		3,945			2,561			7,931			5,304
Total fixed charges	$	22,074		$	17,974		$	45,623		$	36,699
EBITDA to fixed charges*		2.0			2.1			1.9			2.3
Total market capitalization (see page 7)	$	2,251,456		$	2,534,951		$	2,251,456		$	2,534,951

Note:  Amounts in 2009 include consolidation of DIM Vastgoed.

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

(1) Interest expense includes non-cash amortization of debt (discount) attributable to DIM of $864K for the three month period and $1.8M for the six month period ended June 30, 2009.

(2) Excludes balloon payments upon maturity.

Page 14

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the quarter ended June 30, 2009

(in thousands, except per share data)

	Three months ended						Six months ended
	June 30, 2009			June 30, 2008			June 30, 2009			June 30, 2008
Net income attributable to Equity One	$	15,357		$	29,418		$	59,194		$	50,272
Adjustments:
Rental property depreciation and amortization including discontinued operations, net of controlling interest		13,433			11,696			27,174			23,493
Gain on disposal of income producing properties		-			(18,016	)		-			(18,016	)
Pro rata share of real estate depreciation from unconsolidated JV		338			138			699			138
Funds from operations	$	29,128		$	23,236		$	87,067		$	55,887
Change		25.4	%					55.8	%
Earnings per diluted share attributable to Equity One	$	0.18		$	0.40		$	0.72		$	0.68
Adjustments:
Rental property depreciation and amortization including discontinued operations, net of controlling interest		0.16			0.16			0.33			0.32
Gain on disposal of income producing properties		-			(0.24	)		-			(0.24	)
Pro rata share of real estate depreciation from unconsolidated JV		-			-			0.01			-
Net adjustment for unvested shares and noncontrolling interest(1)		-			-			0.01			-
Funds from operations per diluted share	$	0.34		$	0.32		$	1.07		$	0.76
Change		7.2	%					40.8	%
Weighted average diluted shares		85,001			73,541			81,206			73,503

Note:  Amounts in 2009 include consolidation of DIM Vastgoed.

(1) Includes net effect of (a) an adjustment for unvested awards of share-based payments with rights to receive dividends or dividend equivalents and (b) an adjustment related to the possible share issuance in the fourth quarter of 2010 pursuant to the DIM stock exchange agreement.

Page 15

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the quarter ended June 30, 2009

(in thousands)

				Three months ended						Six months ended
				June 30, 2009			June 30, 2008			June 30, 2009			June 30, 2008
Certain non-cash items:
Amortization of deferred financing fees				$	322		$	420		$	766		$	849
Amortization of above/below market rent intangibles					(1,555	)		(882	)		(3,080	)		(1,987	)
Amortization of restricted stock and stock option expense					1,505			1,581			4,701			3,215
Straight line rents					(522	)		(138	)		(1,038	)		(409	)
Capitalized interest					(372	)		(686	)		(687	)		(1,479	)
Amortization of debt (premium) discount					517			(568	)		1,108			(1,106	)
Total non-cash items				$	(105	)	$	(273	)	$	1,770		$	(917	)
Certain capital expenditures:
Tenant improvements				$	(969	)	$	(742	)	$	(2,802	)	$	(4,280	)
Leasing commissions and costs					(1,158	)		(866	)		(2,126	)		(1,669	)
Total tenant improvements and leasing costs				$	(2,127	)	$	(1,608	)	$	(4,928	)	$	(5,949	)
Certain balance sheet accounts at 06/30/09:
Straight-line rent receivable	$	14,861
Lease intangible asset, net		39,896
Lease intangibles liability, net		(41,697	)
Deferred expenses, net		25,330
Total balance sheet accounts	$	38,390

Note:  Amounts in 2009 include consolidation of DIM Vastgoed.

Page 16

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of June 30, 2009

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 twenty tenants
Publix		52		2,303,366		14.5	%	$	18,097,419		10.6	%	$	7.86
Supervalu		7		458,273		2.9	%		8,302,236		4.9	%		18.12
Kroger		12		679,082		4.2	%		5,379,703		3.1	%		7.92
Bed, Bath & Beyond		8		261,332		1.6	%		3,079,214		1.8	%		11.78
Winn Dixie		9		398,128		2.5	%		2,892,815		1.7	%		7.27
LA Fitness		3		144,307		0.9	%		2,609,347		1.5	%		18.08
CVS Pharmacy		13		143,460		0.9	%		2,315,237		1.4	%		16.14
TJ Maxx		8		248,658		1.6	%		2,253,890		1.3	%		9.06
Office Depot		7		179,837		1.1	%		2,062,123		1.2	%		11.47
Kmart		5		439,558		2.8	%		1,939,705		1.1	%		4.41
Blockbuster		19		96,847		0.6	%		1,915,971		1.1	%		19.78
Food Lion		6		241,934		1.5	%		1,850,161		1.1	%		7.65
Dollar Tree		17		184,420		1.1	%		1,316,132		0.8	%		7.14
Stein Mart		4		158,472		1.0	%		1,207,286		0.7	%		7.62
Bi-Lo		3		124,210		0.8	%		1,173,583		0.7	%		9.45
H&R Block		30		48,764		0.3	%		1,032,105		0.6	%		21.17
Walgreens		4		64,868		0.4	%		992,746		0.6	%		15.30
Albertsons		3		175,470		1.1	%		991,390		0.6	%		5.65
Big Lots		5		169,741		1.1	%		978,213		0.6	%		5.76
Memorial Healthcare		1		61,000		0.4	%		944,352		0.5	%		15.48
Sub-total top twenty tenants		216		6,581,727		41.3	%	$	61,333,628		35.9	%	$	9.32
Remaining tenants		2,255		7,869,100		49.4	%		109,303,643		64.1	%		13.89
Sub-total all tenants		2,471		14,450,827		90.7	%	$	170,637,271		100.0	%	$	11.97
Vacant		562		1,478,760		9.3	%	NA		NA			NA
Total including vacant		3,033		15,929,587		100.0	%	$	170,637,271		100.0	%	NA

Note:  Excludes developments, non-retail properties, and DIM properties.

Page 17

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended June 30, 2009

Category	Total Leases		Total Sq. Ft.		Same Space Sq. Ft.		Prior Rent PSF		New Rent PSF		Rent Spread			Same Space TIs PSF
New Leases (1)		40		123,237		116,214	$	16.75	$	17.11		2.1	%	$	27.99
Renewals		72		191,873		191,873		14.15		13.90		-1.8	%		0.47
Options		17		254,406		254,406		8.53		8.92		4.6	%		-
Total New, Renewals & Options		129		569,516		562,493	$	12.15	$	12.31		1.4	%	$	5.94

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

Note: Excludes new developments, non-retail properties and DIM Portfolio.

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

Page 18

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of June 30, 2009

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		77		143,299		0.9	%	$	2,237,921		1.3	%	$	15.62
2009		304		1,039,401		6.5	%		10,958,777		6.2	%		10.54
2010		533		2,021,391		12.7	%		23,440,313		13.2	%		11.60
2011		498		2,141,551		13.5	%		27,057,269		15.2	%		12.63
2012		369		1,807,096		11.4	%		21,623,866		12.1	%		11.97
2013		298		1,517,019		9.5	%		20,214,093		11.3	%		13.32
2014		170		1,199,501		7.5	%		13,046,694		7.3	%		10.88
2015		33		364,467		2.3	%		4,174,813		2.3	%		11.45
2016		37		927,869		5.8	%		14,122,686		7.9	%		15.22
2017		27		495,943		3.1	%		6,336,720		3.6	%		12.78
2018		29		369,185		2.3	%		4,322,291		2.4	%		11.71
Thereafter		96		2,424,105		15.2	%		30,741,738		17.2	%		12.68
Sub-total / average		2,471		14,450,827		90.7	%	$	178,277,181		100.0	%	$	12.34
									.
Vacant		562		1,478,760		9.3	%	NA		NA			NA
Total / average		3,033		15,929,587		100.0	%	$	178,277,181		100.0	%	NA

Note:  Excludes developments, non-retail properties, and DIM properties.

Page 19

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of June 30, 2009

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		-		-		-		$	-		-		$	-
2009		17		483,601		4.8	%		2,522,504		2.9	%	$	5.22
2010		36		1,014,604		10.2	%		6,068,391		7.0	%	$	5.98
2011		41		1,162,463		11.6	%		8,804,526		10.2	%	$	7.57
2012		31		1,049,287		10.5	%		6,859,184		7.9	%	$	6.54
2013		26		857,153		8.6	%		6,420,645		7.4	%	$	7.49
2014		26		835,113		8.4	%		5,977,841		6.9	%	$	7.16
2015		10		290,626		2.9	%		2,411,181		2.8	%	$	8.30
2016		17		853,255		8.5	%		12,483,803		14.5	%	$	14.63
2017		11		413,474		4.2	%		4,591,709		5.3	%	$	11.11
2018		9		302,861		3.0	%		2,673,547		3.1	%	$	8.83
Thereafter		58		2,299,989		23.0	%		27,536,001		32.0	%	$	11.97
Sub-total / average		282		9,562,426		95.7	%	$	86,349,332		100.0	%	$	9.03
Vacant		16		431,060		4.3	%	NA		NA			NA
Total / average		298		9,993,486		100.0	%	$	86,349,332		100.0	%	NA

Note:  Excludes developments, non-retail properties, and DIM properties.

Page 20

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of June 30, 2009

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		143,299		2.4	%	$	2,237,921		2.4	%	$	15.62
2009		287		555,800		9.4	%		8,436,273		9.2	%		15.18
2010		497		1,006,787		17.0	%		17,371,922		18.9	%		17.25
2011		457		979,088		16.5	%		18,252,743		19.9	%		18.64
2012		338		757,809		12.8	%		14,764,682		16.0	%		19.48
2013		272		659,866		11.1	%		13,793,448		15.0	%		20.90
2014		144		364,388		6.1	%		7,068,853		7.7	%		19.40
2015		23		73,841		1.2	%		1,763,632		1.9	%		23.88
2016		20		74,614		1.3	%		1,638,883		1.8	%		21.96
2017		16		82,469		1.4	%		1,745,011		1.9	%		21.16
2018		20		66,324		1.1	%		1,648,744		1.8	%		24.86
Thereafter		38		124,116		2.1	%		3,205,737		3.5	%		25.83
Sub-total / average		2,189		4,888,401		82.4	%	$	91,927,849		100.0	%	$	18.81
Vacant		546		1,047,700		17.6	%	NA		NA			NA
Total / average		2,735		5,936,101		100.0	%	$	91,927,849		100.0	%	NA

Note:  Excludes developments, non-retail properties, and DIM properties.

Page 21

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION GRAPH

CONSOLIDATED PROPERTIES

As of June 30, 2009

Note:  Excludes developments, non-retail properties, and DIM properties.

Page 22

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of June 30, 2009

Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County, FL		13		1,937,414		25,168,195		14.7	%
Miami Dade County, FL		11		1,218,364		17,424,682		10.2	%
Palm Beach County, FL		10		1,090,884		13,101,638		7.7	%
South Florida		34		4,246,662		55,694,515		32.6	%
Atlanta, GA		19		1,933,631		23,397,759		13.7	%
Orlando, FL		10		1,130,685		13,340,588		7.8	%
Tampa- St. Petersburg, FL		12		1,094,802		10,462,199		6.1	%
Naples/Cape Coral/Venice, FL		8		885,156		8,246,857		4.8	%
Jacksonville, FL		6		781,644		8,231,847		4.8	%
Boston, MA		6		401,454		8,511,791		5.0	%
Florida Treasure/Northeast Coast		8		711,278		7,798,132		4.6	%
Lafayette, LA		5		714,691		3,768,887		2.2	%
New Orleans, LA		4		458,125		3,646,869		2.1	%
Baton Rouge, LA		3		349,146		2,987,920		1.8	%
Raleigh Durham, NC		3		357,701		2,710,534		1.6	%
Florida Panhandle		2		140,803		1,272,008		0.7	%
Greenville, SC		2		164,176		2,212,502		1.3	%
Hilton Head-Beaufort, SC		1		166,639		2,147,737		1.3	%
Hartford, CT		1		213,323		2,325,856		1.4	%
Other		22		2,179,671		13,881,270		8.2	%
Total		146		15,929,587	$	170,637,271		100.0	%

Note:  Excludes developments, non-retail properties and DIM Portfolio.

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
ALABAMA (2)
Madison Centre	Madison	1997	64,837	97.5%	12	1	37,912	Publix	06/01/17	Rite Aid	$  9.84
Winchester Plaza	Huntsville	2006	75,700	90.2%	14	5	45,600	Publix	08/31/26		11.75
TOTAL SHOPPING CENTERS ALABAMA (2)			140,537	93.6%	26	6	83,512				$  10.83
CONNECTICUT (1)
Brookside Plaza**	Enfield	1985 / 2006	213,323	91.9%	24	4	59,648	Shaw's	08/31/10	Bed Bath & Beyond / Walgreens / Staples /Petsmart	$  11.87
TOTAL SHOPPING CENTERS CONNECTICUT (1)			213,323	91.9%	24	4	59,648				$  11.87
FLORIDA (80)
Orlando / Central Florida (10)
Alafaya Commons	Orlando	1987	126,333	95.1%	26	4	54,230	Publix	11/30/10		$  14.04
Alafaya Village	Orlando	1986	38,118	76.2%	11	6				Metro Fitness (shadow)	21.14
Conway Crossing	Orlando	2002	76,321	82.4%	12	6	44,271	Publix	04/30/22		11.15
Eastwood, Shoppes of	Orlando	1997	69,037	100.0%	13	-	51,512	Publix	11/01/17		12.40
Hunter's Creek	Orlando	1998	73,204	100.0%	10	-				Office Depot / Lifestyle Family Fitness	13.90
Kirkman Shoppes	Orlando	1973	88,820	98.6%	29	1				Party America	18.40
Lake Mary Centre	Orlando	1988 / 2001	340,434	95.1%	62	25	63,139	Albertsons	06/30/12	Kmart / Lifestyle Fitness Center /    Office Depot	13.13
Park Promenade	Orlando	1987 / 2000	128,848	79.6%	18	8				Beauty Depot / Orange County Library	7.73
Town & Country	Kissimmee	1993	72,043	95.6%	12	2	52,883	Albertsons* (Ross Dress For Less)	10/31/18		8.44
Unigold Shopping Center	Winter Park	1987	117,527	86.2%	21	4	52,500	Winn-Dixie	04/30/12	Lifestyle Family Fitness	12.16
Jacksonville / North Florida (8)
Atlantic Village	Atlantic Beach, FL	1984	100,559	89.9%	20	5	39,795	Publix	10/31/13	Jo-Ann Fabric & Crafts	11.27
Beauclerc Village	Jacksonville	1962 / 1988	68,846	93.9%	7	4				Big Lots / Goodwill / Bealls Outlet	8.92
Forest Village	Tallahassee	2000	71,526	86.7%	13	3	37,866	Publix	04/30/20		10.83
Ft. Caroline	Jacksonville	1985 / 1995	74,546	87.0%	7	6	45,500	Winn-Dixie	05/31/15	Citi Trends	7.29

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
Medical & Merchants	Jacksonville	1993	156,153	90.4%	11	6	55,999	Publix	02/10/13	Memorial Hospital	$  13.00
Middle Beach  Shopping Center	Panama City Beach	1994	69,277	97.0%	7	2	56,077	Publix*	09/30/14		8.93
Oak Hill	Jacksonville	1985 / 1997	78,492	94.3%	17	3	39,795	Publix	03/11/15	Beall's	7.81
South Beach**	Jacksonville Beach	1990 / 1991	303,048	97.1%	44	4				Beall's / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	12.74
Miami-Dade / Broward / Palm Beach (34)
Bird Ludlum	Miami	1988 / 1998	192,282	96.3%	40	3	44,400	Winn-Dixie	12/31/12	CVS Pharmacy / Bird Executive / Goodwill	17.23
Boca Village	Boca Raton	1978	93,428	87.2%	15	6	36,000	Publix Greenwise	03/31/12	CVS Pharmacy	14.95
Boynton Plaza	Boynton Beach	1978 / 1999	99,324	90.4%	22	7	37,664	Publix	08/31/13	CVS Pharmacy	13.03
Bluffs Square	Jupiter	1986	132,395	88.2%	38	7	39,795	Publix	10/22/11	Walgreens	12.71
Chapel Trail	Pembroke Pines	2007	56,378	97.2%	3	1				LA Fitness	22.05
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990	74,680	100.0%	16	-				Office Depot / Walgreen's	24.10
Countryside Shops	Cooper City	1986 / 1988 / 1991	179,561	96.0%	39	6	39,795	Publix	12/04/10	CVS Pharmacy / Stein Mart	13.69
Crossroads Square	Pembroke Pines	1973	84,387	69.5%	18	8				CVS Pharmacy	18.20
CVS Plaza	Miami	2004	29,204	91.1%	7	1				CVS Pharmacy	17.38
El Novillo	Miami Beach	1970 / 2000	10,000	100.0%	1	-				Jumbo Buffet	22.05
Greenwood	Palm Springs	1982 / 1994	132,325	87.7%	30	6	50,032	Publix	12/05/14	Bealls Outlet	12.43
Jonathan's Landing	Jupiter	1997	26,820	62.5%	9	3		Publix (shadow)			23.07
Lago Mar	Miami	1995	82,613	91.1%	17	5	42,323	Publix	09/13/15		14.08
Lantana Village	Lantana	1976 / 1999	181,780	98.0%	23	2	39,473	Winn-Dixie	02/15/11	Kmart / Rite Aid* (Family Dollar)	7.57
Meadows	Miami	1997	75,524	97.4%	18	2	47,955	Publix	07/09/17		13.82
Oakbrook Square	Palm Beach Gardens	1974 / 2000 / 2003	199,633	96.1%	25	5	44,400	Publix	11/30/20	Stein Mart / Home Goods / CVS / Basset Furniture / Duffy's	14.43
Oaktree Plaza	North Palm Beach	1985	23,745	82.0%	16	4					16.31
Pine Island	Davie	1983 / 1999	254,907	92.6%	40	7	39,943	Publix	11/30/13	Home Depot Expo* / Staples	12.30
Pine Ridge Square	Coral Springs	1986 / 1998 / 1999	117,399	89.8%	27	8	17,441	Fresh Market	07/31/09	Bed Bath & Beyond / Nordic Interiors	14.06

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
Plaza Alegre	Miami	2003	91,611	96.1%	19	2	44,271	Publix	03/14/23	Goodwill	$  16.18
Point Royale	Miami	1970 / 2000	216,760	96.9%	24	2	45,350	Winn-Dixie	02/15/10	Best Buy	7.57
Prosperity Centre	Palm Beach Gardens	1993	122,014	96.6%	9	1				Office Depot / CVS / Bed Bath & Beyond /  TJ Maxx	17.09
Ridge Plaza	Davie	1984 / 1999	155,204	98.2%	26	2				Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill	11.86
Riverside Square	Coral Springs	1987	104,241	84.3%	26	8	39,795	Publix	02/18/12		13.64
Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	84.5%	22	7	36,464	Publix	12/15/14	Walgreens	11.47
Sheridan Plaza	Hollywood	1973 / 1991	508,455	94.7%	55	9	65,537	Publix	10/09/11	Kohl's / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology	14.66
Shoppes of Andros Isles	West Palm Beach	2000	79,420	91.2%	14	3	51,420	Publix	02/29/20		13.14
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997	126,788	90.8%	34	6	47,813	Publix	06/14/15		17.59
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006	283,943	96.1%	45	4	51,420	Publix	07/31/19	TJMaxx / LA Fitness / Goodwill	16.57
Tamarac Town Square	Tamarac	1987	127,635	80.7%	27	12	37,764	Publix	12/15/14	Dollar Tree	11.36
Waterstone	Homestead	2005	61,000	97.1%	9	1	45,600	Publix	07/31/25		14.46
West Lakes Plaza	Miami	1984 / 2000	100,747	100.0%	27	-	46,216	Winn-Dixie	05/22/16	Navarro Pharmacy	12.73
Westport Plaza	Davie	2002	49,533	100.0%	8	-	27,887	Publix	11/30/22		17.13
Young Circle	Hollywood	1962 / 1997	65,834	98.1%	9	1	23,124	Publix	11/30/16	Walgreens	15.52
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001	92,734	96.0%	16	2	59,448	Albertsons	04/30/25		9.66
New Smyrna Beach	New Smyrna Beach	1987	118,451	100.0%	34	-	42,112	Publix	09/30/12	Bealls Outlet	11.70
Old King Commons	Palm Coast	1988	84,759	94.7%	16	3				Wal-Mart / Staples / Bealls Outlet	8.75
Ryanwood	Vero Beach	1987	114,925	96.3%	30	2	39,795	Publix	03/23/17	Bealls Outlet / Books-A-Million	11.50
Salerno Village	Stuart	1987	82,477	91.6%	15	5	45,802	Winn-Dixie	03/23/24	CVS Pharmacy	10.77
Shops at St. Lucie	Port St. Lucie	2006	19,361	80.7%	8	2					22.90
South Point Center	Vero Beach	2003	64,790	88.1%	10	6	44,840	Publix	11/30/23		15.69

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
Treasure Coast	Vero Beach	1983	133,781	96.6%	21	3	59,450	Publix	07/31/26	TJ Maxx	$  11.69
Tampa / St. Petersburg / Venice / Cape Coral / Naples (20)
Bay Pointe Plaza	St. Petersburg	1984 / 2002	103,986	95.6%	19	4	52,610	Publix	11/30/21	Bealls Outlet	9.94
Carrollwood	Tampa	1970 / 2002	94,203	92.9%	29	7	27,887	Publix	11/30/22	Golf Locker	13.43
Charlotte Square	Port Charlotte	1980	96,188	76.0%	14	11	44,024	Publix* (American Signature Furniture)	01/31/11	Seafood Buffet	8.03
Chelsea Place	New Port Richey	1992	81,144	96.5%	16	2	48,890	Publix	05/27/12		11.56
Dolphin Village	St. Petersburg	1967/1990	138,129	74.2%	26	21	33,238	Publix	11/07/13	Dollar Tree, CVS	12.45
Lake St. Charles	Tampa	1999	57,015	100.0%	8	-	46,295	Sweet Bay	06/30/19		10.22
Lutz Lake	Lutz	2002	64,985	95.8%	13	2	44,270	Publix	05/31/22		13.97
Marco Town Center	Marco Island	2001	109,830	85.5%	34	8	27,887	Publix	01/31/18		18.10
Mariners Crossing	Spring Hill	1989 / 1999	97,812	88.7%	15	3	48,315	Sweet Bay	08/15/20		10.44
Midpoint Center	Cape Coral	2002	75,386	100.0%	10	-	60,667	Publix	10/31/22		12.32
Pavilion	Naples	1982	167,745	89.2%	31	9	50,795	Publix	02/28/13	Pavilion 6 Theatre	13.34
Regency Crossing	Port Richey	1986 / 2001	85,864	81.9%	14	11	44,270	Publix	02/28/21		10.23
Ross Plaza	Tampa	1984 / 1996	90,826	95.3%	20	2				Ross Dress for Less / Deals	12.18
Seven Hills	Spring Hill	1991	72,590	87.8%	12	6	48,890	Publix	09/25/11		10.53
Shoppes of North Port	North Port	1991	84,705	94.7%	18	3	48,890	Publix	12/11/11	Bealls Outlet	10.15
Summerlin Square	Fort Myers	1986 / 1998	109,156	77.0%	13	15	45,500	Winn-Dixie	06/04/11	Lee County Sheriff's Office	10.94
Sunpoint Shopping Center	Ruskin	1984	132,374	67.8%	17	7				Goodwill / Ozzie's Buffet / Big Lots / Chapter 13 Trustee	8.17
Venice Plaza	Venice	1971 / 1979 / 1999	132,345	97.5%	13	2	42,582	Sweet Bay	09/30/18	TJ Maxx / Blockbuster	6.03
Venice Shopping Center	Venice	1968 / 2000	109,801	85.9%	12	2	44,271	Publix	12/31/26	Beall's Outlet	5.55
Walden Woods	Plant City	1985 / 1998 / 2003	75,874	93.7%	13	2				Dollar Tree / Aaron Rents / Dollar General	8.15
TOTAL SHOPPING CENTERS FLORIDA (80)			8,991,030	91.8%	1,595	368	2,686,177				$  12.72

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
GEORGIA (24)
Atlanta (20)
BridgeMill	Canton	2000	89,102	91.0%	26	4	37,888	Publix	01/31/20		$  15.40
Buckhead Station	Atlanta	1996	233,930	99.9%	16	2				Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Golfsmith / Ulta 3 / Nordstrom Rack	21.42
Butler Creek	Acworth	1990	95,597	91.9%	17	3	59,997	Kroger	01/31/18		10.62
Chastain Square	Atlanta	1981 / 2001	91,637	95.4%	24	4	37,366	Publix	05/31/24		18.26
Commerce Crossing	Commerce	1988	100,668	61.4%	7	4	32,000	Ingles	09/26/09	Fred's Store	4.74
Douglas Commons	Douglasville	1988	97,027	98.9%	17	1	59,431	Kroger	08/31/13		10.81
Fairview Oaks	Ellenwood	1997	77,052	93.9%	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		11.73
Hairston Center	Decatur	2000	13,000	38.5%	3	6					13.62
Hamilton Ridge	Buford	2002	90,996	83.6%	13	8	54,166	Kroger	11/30/22		11.63
Mableton Crossing	Mableton	1997	86,819	98.1%	16	1	63,419	Kroger	08/31/17		10.72
Macland Pointe	Marietta	1992-93	79,699	98.5%	16	1	55,999	Publix	12/29/12		10.19
Market Place	Norcross	1976	77,706	89.4%	19	4				Galaxy Cinema	12.34
Paulding Commons	Hiram	1991	192,391	94.0%	25	5	49,700	Kroger	02/28/11	Kmart	7.93
Piedmont Peachtree Crossing	Buckhead	1978 / 1998	152,239	98.7%	27	1	55,520	Kroger	05/31/10	Cost Plus Store / Binders Art Supplies	17.11
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998	86,473	90.5%	19	6				Micro Center	9.85
Shops of Huntcrest	Lawrenceville	2003	97,040	91.2%	21	5	54,340	Publix	01/31/23		13.49
Shops of Westridge	McDonough	2006	66,297	78.9%	10	8	38,997	Publix	04/30/26		13.57
Wesley Chapel	Decatur	1989	170,792	61.9%	13	13	32,000	Ingles*	09/25/09	CVS Pharmacy / Corinthian College	6.21
Williamsburg @ Dunwoody	Dunwoody	1983	44,928	93.7%	25	2					20.49

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
Central / South Georgia (4)
Daniel Village	Augusta	1956 / 1997	171,932	89.3%	30	9	45,971	Bi-Lo	03/25/22	St. Joseph Home Health Care	$  8.82
McAlpin Square	Savannah	1979	176,807	87.1%	23	2	43,600	Kroger	08/31/15	Big Lots /  U.S Post Office	8.03
Spalding Village	Griffin	1989	235,318	63.8%	18	10	59,431	Kroger	05/31/14	JC Penney* /  Fred's Store	7.40
Walton Plaza	Augusta	1990	43,460	91.7%	5	3	32,960	Harris Teeter* (Omni Fitness)	04/01/11		10.35
TOTAL SHOPPING CENTERS GEORGIA (24)			2,661,816	87.1%	413	107	937,369				$  11.99
LOUISIANA (14)
Ambassador Row	Lafayette	1980 / 1991	193,978	69.7%	23	3				Conn's Appliances / Big Lots / Chuck E Cheese	$  10.31
Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005	146,697	100.0%	23	-				Bed Bath & Beyond / Marshall's / Hancock Fabrics / United Training Academy / Tuesday Morning	10.33
Bluebonnet Village	Baton Rouge	1983	101,623	98.0%	23	3	33,387	Matherne's	11/30/10	Office Depot	10.23
Boulevard	Lafayette	1976 / 1994	68,012	98.4%	13	1				Piccadilly / Harbor Freight Tools / Golfballs.com	8.77
Country Club Plaza	Slidell	1982 / 1994	64,686	95.2%	8	2	33,387	Winn-Dixie	01/31/13		6.57
Crossing	Slidell	1988 / 1993	114,806	96.4%	14	2	58,432	Save A Center	09/29/09	A-1 Home Appliance / Piccadilly	5.84
Elmwood Oaks	Harahan	1989	133,995	100.0%	11	-				Academy Sports / Dollar Tree / Home Décor	10.05
Grand Marche (ground lease)	Lafayette	1969	200,585	100.0%	1	-					NA
Plaza Acadienne	Eunice	1980	105,419	54.2%	6	2	28,092	Super 1 Store	06/30/10	Fred's Store	4.24
Sherwood South	Baton Rouge	1972 / 1988 / 1992	77,107	86.0%	8	1				Burke's Outlet / Harbor Freight Tools / Fred's Store	6.24
Siegen Village	Baton Rouge	1988	170,416	98.7%	18	2				Office Depot / Big Lots / Dollar Tree / Stage / Party City	9.24
Tarpon Heights	Galliano	1982	56,605	78.4%	7	3				Stage / Dollar General	5.06
Village at Northshore	Slidell	1988	144,638	99.0%	14	1				Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot	8.72
Wal-Mart Mathews	Mathews	1985	54,223	100.0%	1	-				Wal-Mart*	2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)			1,632,790	91.2%	170	20	153,298				$  8.35

Page 29

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
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	01/01/26		22.89
Webster Plaza	Webster	1963 / 1998	199,425	100.0%	14	-	56,766	Shaw's	02/28/23	K Mart / Family Dollar / Dollar Tree	8.04
West Roxbury Shaw's Plaza	West Roxbury	1973 / 1995/ 2006	76,316	90.6%	9	2	54,928	Shaw's	01/02/16		23.16
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)			600,879	98.8%	29	2	434,532				$  17.04
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987	66,857	100.0%	8	-				Big Lots / Buffalo Wild Wings	$  7.23
TOTAL SHOPPING CENTERS MISSISSIPPI (1)			66,857	100.0%	8	-	-				$  7.23
NORTH CAROLINA (9)
Centre Pointe Plaza	Smithfield	1989	163,642	75.9%	20	4				Belk's /  Dollar Tree / Aaron Rents	$  6.83
Chestnut Square	Brevard	1985 / 2008	34,260	90.7%	6	2				Walgreens	15.31
Galleria	Wrightsville Beach	1986 / 1990	92,114	77.4%	27	8	28,000	Harris Teeter*	04/05/11		10.38
Parkwest Crossing	Durham	1990	85,602	93.0%	15	2	38,052	Food Lion	12/14/10		10.61
Riverview Shopping Center	Durham	1973 / 1995	128,498	95.7%	13	3	53,538	Kroger	12/31/14	Upchurch Drugs / Riverview Galleries	7.81
Salisbury Marketplace	Salisbury	1987	79,732	76.9%	13	7	31,762	Food Lion	02/11/23		11.03
Stanley Market Place	Stanley	2007	53,228	93.4%	5	2	34,928	Food Lion	05/15/27	Family Dollar	9.85
Thomasville Commons	Thomasville	1991	148,754	96.2%	11	2	32,000	Ingles	09/29/12	Kmart	5.81
Willowdaile Shopping Center	Durham	1986	143,601	73.9%	18	8	48,000	Harris Teeter	10/31/24	Hall of Fitness	8.53
TOTAL SHOPPING CENTERS NORTH CAROLINA (9)			929,431	84.9%	128	38	266,280				$  8.58

Page 30

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
SOUTH CAROLINA (7)
Belfair Towne Village	Bluffton	2000 / 2003 / 2006	166,639	96.5%	32	2	55,696	Kroger	10/31/19	Stein Mart	$  13.35
Lancaster Plaza	Lancaster	1971 / 1990	77,400	64.9%	3	2	19,200	Bi-Lo	09/30/10	Tractor Supply	3.13
Lancaster Shopping Center	Lancaster	1963 / 1987	29,047	100.0%	2	-				Sweet Union Furniture	2.14
Milestone Plaza	Greenville	1995	96,121	97.5%	11	1	59,039	Bi-Lo	03/31/30		16.03
North Village Center	North Myrtle Beach	1984	60,356	29.2%	5	8				Dollar General	8.90
Windy Hill	North Myrtle Beach	1968 / 1988 / 2006	68,465	94.2%	2	3				Rose's Store / Family Dollar Store	5.81
Woodruff	Greenville	1995	68,055	98.7%	9	1	47,955	Publix	08/06/15		10.57
TOTAL SHOPPING CENTERS SOUTH CAROLINA (7)			566,083	85.3%	64	17	181,890				$  10.58
VIRGINIA (1)
Smyth Valley Crossing	Marion	1989	126,841	100.0%	14	-	32,000	Ingles	09/25/10	Wal-Mart	$  6.06
TOTAL SHOPPING CENTERS VIRGINIA (1)			126,841	100.0%	14	-	32,000				$  6.06
TOTAL CORE SHOPPING CENTER PORTFOLIO (146)			15,929,587	90.7%	2,471	562	4,834,706				$  11.97
OTHER PROPERTIES (6)
4101 South I-85 Industrial	Charlotte, NC	1956 / 1963	188,513	38.0%	2	7
Banco Popular Office Building	Miami, FL	1971	32,737	88.8%	16	3
Laurel Walk Apartments	Charlotte, NC	1985	106,480	96.0%	91	7
Mandarin Mini-Storage	Jacksonville, FL	1982	52,300	67.6%	324	220
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	54.3%	443	253

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
DIM VASTGOED PROPERTIES (21)
Eustis Village	Eustis	2002	156,927	100.0%	20	-	44,271	Publix	10/31/22	Beall's Department Store	$  11.23
Glengary Shoppes	Sarasota	1995	99,182	100.0%	7	-				Best Buy / Barnes & Noble	18.48
Hammocks Town Center	Miami	1987 / 1993	172,810	94.1%	40	4	39,795	Publix	06/24/12	Metro Dade Library / CVS Pharmacy / Porky's Gym	14.01
Magnolia Shoppes	Fort Lauderdale	1998	114,118	89.7%	17	6				Regal Cinemas / Deal$	11.28
Sunrise Town Center	Fort Lauderdale	1989	128,124	85.5%	14	10				L.A. Fitness / Office Depot	10.89
Dublin Village	Dublin	2005	98,540	97.4%	15	2	70,225	Kroger	08/03/25		7.01
Freehome Village	Canton	2003	74,340	82.9%	10	7	44,840	Publix	12/31/23		14.42
Golden Park Village	Buford	2000	68,738	91.9%	11	2	44,270	Publix	02/29/20		11.30
Governors Town Square	Acworth	2005	68,658	98.0%	13	1	44,840	Publix	02/28/25		16.28
Grayson Village	Loganville	2002	83,154	80.8%	13	10	44,271	Publix	01/31/22		11.63
Keith Bridge Commons	Atlanta	2002	94,886	89.7%	16	5	54,139	Kroger	08/10/22		13.00
Loganville Town Center	Loganville	1997	77,661	98.1%	14	1	51,420	Publix	08/01/17		13.16
Salem Road Station	Atlanta	2000	67,270	90.3%	12	5	44,270	Publix	09/30/20		11.56
The Shops at Lake Tuscaloosa	Tuscaloosa	2003 / 2005	70,242	87.0%	12	4	44,271	Publix	12/31/23		13.14
The Vineyards at Chateau Elan	Braselton	2002	79,047	97.4%	19	1	44,271	Publix	01/31/23		14.29
Wilmington Island Shopping Center	Wilmington Island	1985 / 1998 / 2003	87,818	77.5%	16	7	42,156	Kroger	09/16/18		12.99
South Plaza Shopping Center	St. Mary's County	2005	92,335	100.0%	9	-				Ross Dress For Less / Best Buy / Old Navy /Petco	16.88
Brawley Commons	Charlotte	1997 / 1998	119,189	78.4%	28	12	42,142	Lowe's Foods	04/30/17	Eckerd Drug	12.35
Carolina Pavilion	Charlotte	1996	731,678	92.0%	24	3				AMC Theatres / Value City Furniture / Old Navy / Ross Dress For Less / Sports Authority / Baby Superstore / Michaels Crafts / Sears Retail Outlet Store / DSW Shoe Warehouse / Cost Plus World Market / OfficeMax/Gregg Appliances / Petco / Dollar Tree / Dress Barn / Bed Bath & Beyond / Kohl's/Buy Buy Babies	10.57

Page 32

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2009

		Year	Total		Number		Supermarket anchor			Other	Average
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	base rent
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
Whitaker Square	Winston-Salem	1996	82,760	100.0%	12	-	51,890	Harris Teeter	02/28/16	Rugged Wearhouse	$  12.27
Greensboro Village Shopping Center	Gallatin	2005	70,203	98.0%	15	1	45,600	Publix	11/30/25		14.16
TOTAL DIM VASTGOED PROPERTIES (21)			2,637,680	91.9%	337	81	752,671				$  12.29
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (173)			19,036,427	90.0%	3,251	896	5,587,377
DEVELOPMENTS, REDEVELOPMENTS & LAND (8)
Developments (3)	Various - See Schedule on Page 34.
Redevelopments (1)	Various - See Schedule on Page 34.
Land Held for Development (4)	Various
TOTAL CONSOLIDATED - 181 Properties

Total square footage does not include shadow anchor square footage that is not owned by Equity One.

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

** Future contractual lease obligations included.

Page 33

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

As of June 30, 2009

(in thousands, except acreage)

2009 Disposition Activity
Date Sold	Property Name	City	State	Square Feet / Acres		Gross Sales Price		Gain on Sale
Real estate sale
March 31, 2009	Waterstone - Pollo Tropical outparcel	Homestead	FL		3,000	$	788	$	552
March 31, 2009	Winchester Plaza - McDonald's outparcel	Huntsville	AL		2,844	$	920	$	624
May 28, 2009	Waterstone - Walgreens outparcel	Homestead	FL		13,831	$	2,500	$	1,600
June 5, 2009	Bluebonnet - AutoZone outparcel	Baton Rouge	LA		7,000	$	978	$	674
June 30, 2009	Waterstone - Bank of America outparcel	Homestead	FL		4,700		1,679		1,344
Total sold						$	6,865	$	4,794

Page 34

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of June 30, 2009

(in thousands, except square footage data)

Project	Location	Project GLA*		Total GLA**		Anchors	Target Stabilization Date		Estimated Gross Cost (1)		Estimated Net Cost (2)		Funded as of 06/30/09		Balance to Complete (Gross Cost)
Developments
Shops at Hampton Oaks	Fairburn, GA (Atlanta)		21,000		21,000	CVS (not owned)		2010	$	8,395	$	4,920	$	7,708	$	687
Sunlake (3)	Tampa, FL		123,889		123,889	Publix		4Q10		40,665		30,688		37,721		2,944
River Green	Canton, GA (Atlanta)		59,997		59,997	CVS (not owned)	TBD			11,905		10,155		3,386		8,519
Subtotal			204,886		204,886				$	60,965	$	45,763	$	48,815	$	12,150
Redevelopments / Expansions / Outparcels
Mandarin Landing (4)	Jacksonville, FL		50,000		139,620	Whole Foods		4Q09		8,780		8,780		7,998		782
Subtotal			50,000		139,620				$	8,780	$	8,780	$	7,998	$	782
Total Development Activity			254,886		344,506				$	69,745	$	54,543	$	56,813	$	12,932

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.

(4) Anchor opened December 2008, remaining costs to complete represent small-shop lease-up.

* 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 35

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2009

(in thousands)

					June 30,				Percent of
	Maturity				2009		Dec 31, 2008		overall
Debt Instrument	date	Rate (1)			balance		balance		debt maturing
Mortgage debt - Equity One
Park Promenade	02/01/10		8.100	%	$	5,888	$	5,935		0.5	%
Jonathan's Landing	05/01/10		8.050	%		2,681		2,706		0.2	%
Bluff's Square	06/01/10		8.740	%		9,526		9,590		0.9	%
Kirkman Shoppes	06/01/10		8.740	%		8,995		9,056		0.8	%
Ross Plaza	06/01/10		8.740	%		6,274		6,316		0.6	%
Shoppes of Andros Isle	06/10/10		7.900	%		5,995		6,086		0.6	%
Boynton Plaza	07/01/10		8.030	%		7,015		7,069		0.6	%
Pointe Royale	07/15/10		7.950	%		2,887		3,068		0.3	%
Shops at Skylake	08/01/10		7.650	%		12,244		12,504		1.1	%
Parkwest Crossing	09/01/10		8.100	%		4,433		4,467		0.4	%
Spalding Village	09/01/10		8.194	%		8,496		8,722		0.8	%
Charlotte Square	02/01/11		9.188	%		3,175		3,224		0.3	%
Forest Village	04/01/11		7.270	%		4,175		4,209		0.4	%
Boca Village	05/01/11		7.200	%		7,718		7,782		0.7	%
MacLand Pointe	05/01/11		7.250	%		5,453		5,498		0.5	%
Pine Ridge Square	05/01/11		7.020	%		6,821		6,880		0.6	%
Sawgrass Promenade	05/01/11		7.200	%		7,718		7,782		0.7	%
Lake Mary Centre	11/01/11		7.250	%		22,894		23,074		2.1	%
Lake St. Charles	11/01/11		7.130	%		3,609		3,638		0.3	%
Belfair Towne Village	12/01/11		7.320	%		10,103		10,243		0.9	%
Marco Town Center	01/01/12		6.700	%		7,739		7,846		0.7	%
Riverside Square	03/01/12		9.188	%		6,977		7,058		0.6	%
Cashmere Corners	11/01/12		5.880	%		4,594		4,662		0.4	%
Eastwood	11/01/12		5.880	%		5,474		5,555		0.5	%
Meadows Shopping Center	11/01/12		5.870	%		5,752		5,837		0.5	%
Lutz Lake Crossing	01/01/13		6.280	%		7,375		7,420		0.7	%
Midpoint Center	07/10/13		5.770	%		6,292		6,381		0.6	%
Buckhead Station	09/01/13		6.880	%		26,512		26,806		2.4	%
Alafaya Village	11/11/13		5.990	%		3,937		3,970		0.4	%
Summerlin Square	02/01/14		6.750	%		2,120		2,311		0.2	%
South Point	07/10/14		5.720	%		7,720		7,821		0.7	%
Bird Ludlum	02/15/15		7.680	%		6,306		6,742		0.6	%
Treasure Coast Plaza	04/01/15		8.000	%		3,003		3,202		0.3	%

Page 36

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2009

(in thousands)

					June 30,				Percent of
	Maturity				2009		Dec 31, 2008		overall
Debt Instrument	date	Rate (1)			balance		balance		debt maturing
Shoppes of Silverlakes I	07/01/15		7.750	%		1,764		1,875		0.2	%
Grassland Crossing	12/01/16		7.870	%		4,944		5,058		0.5	%
Mableton Crossing	08/15/18		6.850	%		3,546		3,611		0.3	%
Sheridan Plaza	10/10/18		6.250	%		64,498		64,876		6.0	%
BridgeMill	05/05/21		7.940	%		8,491		8,608		0.8	%
Westport Plaza	08/24/23		7.490	%		4,394		4,456		0.4	%
Chastain Square	02/28/24		6.500	%		3,300		3,365		0.3	%
Daniel Village	02/28/24		6.500	%		3,607		3,679		0.3	%
Douglas Commons	02/28/24		6.500	%		4,297		4,383		0.4	%
Fairview Oaks	02/28/24		6.500	%		4,067		4,148		0.4	%
Madison Centre	02/28/24		6.500	%		3,300		3,365		0.3	%
Paulding Commons	02/28/24		6.500	%		5,602		5,714		0.5	%
Siegen Village	02/28/24		6.500	%		3,645		3,718		0.3	%
Wesley Chapel Crossing	02/28/24		6.500	%		2,878		2,935		0.3	%
Webster Plaza	08/15/24		8.070	%		7,744		7,826		0.7	%
Total mortgage debt - Equity One (48 loans outstanding)	4.61		7.12	%	$	365,978	$	371,077		33.6	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)	(wtd-avg interest rate)				5,666		6,360		0.5	%
Total mortgage debt - Equity One (including unamortized/unaccreted premium/(discount))					$	371,644	$	377,437		34.2	%
Mortgage debt - DIM Vastgoed
Carolina Pavilion	09/30/09		7.730	%	$	39,608	$	-		3.7	%
Carolina Pavilion	09/30/09		8.020	%		12,873		-		1.2	%
Hammocks Town Center	06/26/12		6.950	%		11,926		-		1.1	%
Salem Road Station	10/31/12		6.000	%		5,900		-		0.5	%
Brawley Commons	07/01/13		6.250	%		6,832		-		0.6	%
Keith Bridge Commons	09/17/13		4.800	%		8,845		-		0.8	%
Sunrise Town Center	04/30/14		5.690	%		10,399		-		1.0	%
The Vineyards at Chateau Elan	06/30/14		5.880	%		9,914		-		0.9	%
Grayson Village	12/14/14		5.210	%		9,908		-		0.9	%
Golden Park Village	12/22/14		5.250	%		7,407		-		0.7	%
The Shops at Lake Tuscaloosa	12/22/14		5.450	%		7,201		-		0.7	%
Eustis Village	05/10/15		5.450	%		13,417		-		1.2	%
Freehome Village	05/18/15		5.150	%		9,976		-		0.9	%
Governors Town Square	07/01/15		5.200	%		10,498		-		1.0	%

Page 37

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2009

(in thousands)

					June 30,					Percent of overall
	Maturity				2009			Dec 31, 2008		debt
Debt Instrument	date	Rate (1)			balance			balance		maturing
Loganville Town Center	07/28/15		4.890	%		10,182			-		0.9	%
Wilmington Island Shopping Center	08/29/15		5.050	%		9,643			-		0.9	%
South Plaza Shopping Center	12/08/15		5.420	%		16,939			-		1.6	%
Glengary Shoppes	03/30/16		5.750	%		16,908			-		1.6	%
Magnolia Shoppes	05/18/16		6.160	%		14,564			-		1.3	%
Dublin Village	12/11/16		5.780	%		6,800			-		0.6	%
Greensboro Village Shopping Center	01/11/17		5.520	%		9,875			-		0.9	%
Whitaker Square	11/21/17		6.320	%		9,750			-		0.9	%
Total mortgage debt - DIM Vastgoed (22 loans outstanding)	4.65		6.05	%	$	259,365		$	-		23.9	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)	(wtd-avg interest rate)				(29,447	)		-		(2.7	%)
Total mortgage debt - DIM Vastgoed (including unamortized/unaccreted premium/(discount))					$	229,918		$	-		21.2	%
Total mortgage debt - Consolidated (70 loans outstanding)	4.63		6.80	%	$	625,343		$	371,077		57.5	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)	(wtd-avg interest rate)				(23,781	)		6,360		(2.2	%)
Total mortgage debt - Consolidated (including unamortized/unaccreted premium/(discount))					$	601,562		$	377,437		55.3	%

Page 38

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2009

(in thousands)

			June 30,		Percent of overall
	Maturity		2009	Dec 31, 2008	debt
Debt Instrument	date	Rate (1)	balance	balance	maturing

Unsecured senior notes payable
3.875% senior notes (2)	04/15/09		3.875	%	$	-		$	176,185		0.0	%
Fair value of $100MM fixed-to-floating interest rate swap	04/15/09	6-month Libor + 0.4375%			$	-			949		0.0	%
7.84% senior notes	01/23/12		7.840	%	$	10,000			10,000		0.9	%
5.375% senior notes	10/15/15		5.375	%	$	107,570			117,000		9.9	%
6.00% senior notes	09/15/16		6.000	%	$	106,000			106,500		9.8	%
6.25% senior notes	01/15/17		6.250	%	$	101,403			115,000		9.4	%
6.00% senior notes	09/15/17		6.000	%	$	116,998			132,279		10.8	%
Total unsecured senior notes payable	7.35		5.95	%	$	441,971		$	657,913		40.8	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)	(wtd-avg interest rate)				(1,010	)		(1,135	)	(0.1	%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))					$	440,961		$	656,778		40.7	%

Revolving credit facilities
$227MM Wells Fargo Unsecured	10/17/11	2.650	%	$	39,800		$	35,500	3.7	%
$15MM City National Bank Unsecured	10/11/09	1.123	%		894			-	0.1	%
Total revolving credit facilities				$	40,694		$	35,500	3.8	%
Total debt				$	1,108,008		$	1,064,490	102.1	%
Unamortized/unaccreted premium/(discount)					(24,791	)		5,225	(2.1	%)
Total debt (including net interest premium/discount)				$	1,083,217		$	1,069,715	100.0	%
Senior Unsecured Debt Ratings
Moody's				Baa3 (Stable)
S&P				BBB- (Stable)

Note: Total debt is gross over net due to $25m of unamortized/unaccreted discount.

(1)  The rate in effect on June 30, 2009

(2)  Senior note debt matured and was repaid in April and the related interest rate swap was settled.

Page 39

EQUITY ONE, INC.

UNCONSOLIDATED BALANCE SHEET - GRI-EQY I, LLC

As of June 30, 2009

	As of			As of
	June 30, 2009			December 31, 2008
Assets	(in thousands)			(in thousands)
Properties
Income producing		253,213			250,841
Less: accumulated depreciation		(3,835	)		(2,644	)
Rental property	$	249,378		$	248,197
Cash and cash equivalents		2,088			2,077
Accounts and other receivables, net		2,225			2,377
Other assets		16,115			18,980
Total	$	269,806		$	271,631
Liabilities and joint ventures' equity
Liabilities
Mortgage notes payable		131,830			132,081
Accounts payable and other liabilities		34,556			39,103
Total liabilities	$	166,386		$	171,184
Joint venture equity		103,420			100,447
Total	$	269,806		$	271,631

Note:  Eight properties were contributed to GRI-EQY I, LLC during second quarter of 2008 and two properties were contributed during fourth 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 STATEMENT OF OPERATIONS - GRI-EQY I, LLC

As of June 30, 2009

	Three months ended				Six months ended
	June 30, 2009		June 30, 2008		June 30, 2009		June 30, 2008
	(in thousands)		(in thousands)		(in thousands)		(in thousands)
REVENUES	$	6,789	$	4,711	$	13,744	$	4,711
COSTS AND EXPENSES
Property operating		2,043		1,217		4,022		1,217
Rental property depreciation and amortization		1,887		1,378		3,844		1,378
Interest expense		2,073		413		4,130		413
Total costs and expenses	$	6,003	$	3,008	$	11,996	$	3,008
NET INCOME	$	786	$	1,703	$	1,748	$	1,703

Note:  Eight properties were contributed to GRI-EQY I, LLC during second quarter of 2008 and two properties were contributed during fourth 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 PROPERTY STATUS REPORT - GRI-EQY I, LLC

As of June 30, 2009

		Year			Number		Supermarket anchor			Other	Average
		Built /	Total	Percent	of tenant				Expiration	anchor	base rent
Property	City	Renovated	Sq. Ft.	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
Airpark Plaza Shopping Center	Miami	1971 / 1998 / 2004 / 2008	172,095	97.5%	34	3	30,000	Publix	10/31/24	Home Depot Expo* / Office Depot	$  13.75
Concord Shopping Plaza	Miami	1962 / 1992 / 1993	298,397	98.0%	22	2	78,000	Winn-Dixie	09/30/09	Home Depot / Big Lots / Dollar Tree	10.61
Presidential Markets	Snellville	1993 / 2000	396,408	94.1%	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	11.34
Shoppes of Ibis	West Palm Beach	1999	79,420	92.9%	14	4	51,420	Publix	05/31/19		12.99
Shoppes at Quail Roost	Miami	2005	73,550	96.8%	18	2	44,840	Publix	06/30/25		15.79
Shoppes of Sunset	Miami	1979	21,704	91.5%	15	2					19.20
Shoppes of Sunset II	Miami	1980	27,754	69.9%	11	6					20.57
Sparkleberry Square	Columbia	1997 / 2004	154,217	78.5%	10	1				PETsMART / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less	12.49
Sparkleberry Kohl's	Columbia	1997 / 2004	85,961	100.0%	1	-				Kohl's	7.74
Sparkleberry Kroger	Columbia	1997 / 2004	98,623	96.5%	12	2	67,943	Kroger	08/31/17		12.60
TOTAL GRI-EQY I, LLC SHOPPING CENTER PORTFOLIO (10)			1,408,129	93.7%	169	27	328,349				$  12.03

Equity One has a 10% interest in the joint venture.

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

Page 42

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - GRI-EQY I, LLC

As of June 30, 2009

(in thousands)

	Equity One's			Maturity				June 30, 2009			Dec 31, 2008
Debt Instrument	Ownership			date	Rate (1)			balance			balance
Mortgage debt
Floating rate loan (2)		10	%	07/01/13	LIBOR + 1.95%			$	120,000		$	120,000
Sparkleberry Square (Kohl's)		10	%	11/30/12		6.170	%		6,004			6,087
Sparkleberry Square (Kroger)		10	%	06/30/20		6.750	%		6,394			6,587
Total mortgage debt (3 loans outstanding)				4.08		5.723	%	$	132,398		$	132,674
				(wtd-avg maturity)	(Net effective int rate)
Net interest premium/(discount)									(568	)		(593	)
Total mortgage debt (including net interest premium/discount)								$	131,830		$	132,081
Interest Rate Swap
Fair value of $120MM floating-to-fixed interest rate swap		10	%	06/01/13		3.685	%	$	8,509		$	11,531
Total debt (including net interest premium/discount)								$	140,339		$	143,612
Equity One's pro-rata share of unconsolidated debt		10	%					$	14,034		$	14,361

 (1)  The rate in effect on June 30, 2009.

 (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 43

EQUITY ONE, INC.

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

As of June 30, 2009

	As of			As of
	June 30, 2009			December 31, 2008
Assets	(in thousands)			(in thousands)
Properties
Income producing		50,973			50,782
Less: accumulated depreciation		(863	)		(352	)
Rental property	$	50,110		$	50,430
Cash and cash equivalents		711			422
Accounts and other receivables, net		94			113
Other assets		6,340			7,002
Total	$	57,255		$	57,967
Liabilities and joint ventures' equity
Liabilities
Mortgage notes payable		37,466			37,719
Accounts payable and other liabilities		5,104			5,550
Total liabilities	$	42,570		$	43,269
Joint venture equity		14,685			14,698
Total	$	57,255		$	57,967

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

As of June 30, 2009

	Three months ended					Six months ended
	June 30, 2009			June 30, 2008		June 30, 2009			June 30, 2008
	(in thousands)			(in thousands)		(in thousands)			(in thousands)
REVENUES	$	1,604		$	-	$	3,245		$	-
COSTS AND EXPENSES
Property operating		753			-		1,466			-
Rental property depreciation and amortization		746			-		1,573			-
Interest expense		604			-		1,218			-
Total costs and expenses	$	2,103		$	-	$	4,257		$	-
NET (LOSS) INCOME	$	(499	)	$	-	$	(1,012	)	$	-

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.

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EQUITY ONE, INC.

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

As of June 30, 2009

		Year			Number		Supermarket anchor			Other	Average
		Built /	Total	Percent	of tenant				Expiration	anchor	base rent
Property	City	Renovated	Sq. Ft.	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	per leased SF
1900/2000 Offices	Boca Raton	1979 / 1982 / 1986 / 2007	116,777	49.4%	15	11				RN Network / Corporate Executive Suites	$16.68
Penn Dutch Plaza	Margate	1989	155,628	76.6%	20	21	70,358	Penn Dutch Food Center	12/31/13	Walgreens	8.38
Plantation Marketplace	Plantation	1963 / 1998	230,330	69.1%	27	12	43,386	Winn-Dixie	11/05/09	Beall's / Just Fit / Big Lots / CVS	10.45
TOTAL G&I VI South Florida Portfolio SPE LLC SHOPPING CENTER PORTFOLIO (3)			502,735	66.9%	62	44	113,744				$  10.78

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

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EQUITY ONE, INC.

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

As of June 30, 2009

(in thousands)

	Equity One's			Maturity					June 30, 2009			Dec 31, 2008
Debt Instrument	Ownership			date		Rate (1)			balance			balance
Mortgage debt
Fixed rate loan		20	%	11/11/14			5.560	%	$	38,336		$	38,657
Net interest premium/(discount)		-			-					(870	)		(938	)
Total mortgage debt				5.22			5.560	%	$	37,466		$	37,719
				(wtd-avg maturity)		(Net effective int rate)
Equity One's pro-rata share of unconsolidated debt									$	7,493		$	7,544

(1)  The rate in effect on June 30, 2009.

Page 47