8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) May 5, 2010

Equity One, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

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

1600 NE Miami Gardens Drive

North Miami Beach, Florida  33179

(Address of Principal Executive Offices) (Zip Code)

(305) 947-1664

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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

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

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

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

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

Section 2 - Financial Information 

Item 2.02   Results of Operations and Financial Condition.

On May 5, 2010, Equity One, Inc. (the “Company”) announced its financial results for the three months ended March 31, 2010. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

On May 5, 2010, the Company announced its financial results for the three months ended March 31, 2010.  A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K.  A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01(c) Exhibits

(a) Financial Statements of Business Acquired.

Not applicable

(b) Pro Forma Financial Information.

Not applicable

(c) Exhibits

99.1 — Earnings Press Release of Equity One, Inc. dated May 5, 2010.

99.2 — Supplemental Information Package of Equity One, Inc. March 31, 2010.

SIGNATURE

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

May 5, 2010	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 May 5, 2010.
99.2	Supplemental Information Package of Equity One, Inc. March 31, 2010.

EX-99.1

Exhibit 99.1

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

FOR IMMEDIATE RELEASE:

Equity One Reports First Quarter 2010 Operating Results

NORTH MIAMI BEACH, FL; May 5, 2010 – Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three months ended March 31, 2010.

During the first quarter the company:

· Reported first quarter FFO of $0.24 per diluted share

· Reported core occupancy of 90.3%, unchanged from December 31, 2009

· Increased its ownership of DIM Vastgoed, N.V. to 93.0%

· Completed a public offering and concurrent private placement of 5.4 million shares of its common stock in a bought transaction with net proceeds of approximately $98.9 million

· Repaid four mortgage loans totaling $31.5 million with a weighted average interest rate of 8.6%

· Acquired four properties for an aggregate purchase price of $42.7 million

Subsequent to March 31, 2010, the company:

· Acquired Veranda Shoppes for $11.7 million, a 44,888 square foot Publix anchored shopping center located in Plantation, FL

· Acquired additional shares of DIM Vastgoed, N.V. increasing its ownership to 95.5% of DIM’s issued and outstanding ordinary shares

“We are pleased with the progress we have made on several of our strategic objectives,” said Jeff Olson, Chief Executive Officer. “Our operating teams performed very well this quarter as occupancy and same property NOI were relatively flat compared to the fourth quarter of 2009. We made measurable progress on our acquisition goals and have now invested $78 million year to date in eight transactions. We are excited that we have been able to upgrade the quality of our portfolio while increasing the geographic diversification of our income and asset base in an accretive manner.”

Financial Highlights

In the first quarter 2010, Equity One generated Funds From Operations (FFO) of $20.8 million, or $0.24 per diluted share, as compared to FFO for the same period in 2009 of $57.9 million, or $0.75 per diluted share.  The first quarter 2010 FFO results include transaction costs related to the DIM tender offer and other acquisition activity of $2.1 million, or $0.02 per diluted share. Excluding these costs, FFO for the first quarter of 2010 would have been $22.9 million, or $0.26 per diluted share.

The first quarter 2009 FFO results include the following items:

· A bargain purchase gain related to our acquisition of a controlling stake in DIM of $26.9 million, or $0.35 per diluted share;

· Gains on early extinguishment of debt of $8.7 million, or $0.11 per diluted share;

· Gains on sales of outparcels of approximately $1.1 million, or $0.01 per diluted share;

· Insurance proceeds received on a property claim of $0.8 million, or $0.01 per diluted share;

· Severance-related costs of $3.3 million, or $0.04 per diluted share.

Excluding the effects of these items, FFO for the first quarter of 2009 would have been $23.7 million, or $0.31 per diluted share.

Net income attributable to Equity One was $5.4 million, and earnings per diluted share was $0.06 for the quarter ended March 31, 2010 as compared to net income of $43.8 million, or $0.56 per diluted share, for first quarter 2009.

Operating Highlights

As of March 31, 2010, occupancy for the company’s consolidated core portfolio remained unchanged from December 31, 2009 at 90.3% and was down 120 basis points as compared to March 31, 2009.

Same-property net operating income declined 3.6% for the first quarter of 2010 as compared to the first quarter of 2009. The decline was primarily due to lower occupancy and the impact of rent reductions. Same property NOI in the first quarter was flat when compared to the fourth quarter 2009, excluding percentage rent.

During the first quarter of 2010, the company executed 36 new leases in its core portfolio totaling 106,424 square feet at an average rental rate of $12.53 per square foot, representing a 3.4% decrease from prior rents on a same-space cash basis.  Also during the first quarter, the company renewed 50 leases in its core portfolio for 105,792 square feet for an average rental rate decline of 5.1% to $17.32 per square foot on a cash basis.  In addition, the company renewed four leases in its core portfolio for 39,262 square feet subject to tenant renewal options for an average rental rate increase of 3.6% to $8.42 per square foot on a cash basis.

Acquisition Activity

On March 19, 2010, Equity One acquired Gateway Plaza at Aventura, a 29,800 square foot shopping center located in Aventura, Florida and anchored by Babies “R” Us for approximately $8.0 million. On March 31, 2010, the company acquired Copps Hill Plaza for approximately $33.4 million, a 184,528 square foot shopping center located in Ridgefield, CT anchored by Kohl’s and Stop and Shop. In addition, the company acquired two outparcels adjacent to existing shopping centers for an aggregate cash purchase price of approximately $1.3 million.

Development and Redevelopment Activities

At March 31, 2010, Equity One had approximately $43.9 million of active development projects and approximately $7 million of redevelopment projects underway. The estimated remaining cost to complete these projects is approximately $16.4 million. Costs to develop the land parcel adjacent to the company’s Westbury Plaza are not included in these amounts as such costs have not yet been determined given the preliminary stages of the design plan.

Investing and Financing Activities

Equity One repaid four mortgages during the quarter totaling $31.5 million with a weighted average interest rate of 8.6%. In addition, in connection with the acquisition of Copps Hill Plaza, the company assumed a mortgage with a principal balance of $19.8 million with a fixed interest rate of 6.06%, that matures on January 1, 2029.

In March 2010, Equity One completed an underwritten public offering and concurrent private placement of 5.4 million shares of common stock in a bought transaction generating aggregate net proceeds of approximately $98.9 million.

As of December 31, 2009, the company had voting control over 74.6% of DIM Vastgoed, N.V.’s ordinary shares. During the quarter, the company increased its ownership of DIM to 93.0%, and subsequent to quarter end the company acquired additional shares of DIM increasing its ownership to approximately 95.5%. DIM has requested that its ordinary shares be delisted from the NYSE Euronext Amsterdam and the exchange has notified the company that it has no objection to that request. In addition, Equity One has announced its intention to initiate statutory squeeze out proceedings in an attempt to gain full control and eliminate many of the general and administrative expenses incurred by DIM.

Page 2 of 7

Balance Sheet Highlights

At March 31, 2010, Equity One’s total market capitalization (including debt and equity) was $2.8 billion, comprising 92.8 million shares of common stock outstanding (on a fully diluted basis) valued at $1.7 billion and $1.1 billion of net debt (excluding any debt premium/discount and net of cash). The company’s ratio of net debt to total market capitalization was 41.1%.  In addition, the company had approximately $67.2 million of cash on hand at March 31, 2010 with no amounts drawn on any of its revolving credit facilities.

FFO and Earnings Guidance

During 2010, the company will continue to focus on managing the quality of its balance sheet while seeking acquisition opportunities in selected strategic markets.  Excluding the transaction costs incurred in the first quarter of $0.02 per diluted share, Equity One is reaffirming its prior 2010 FFO guidance of $1.02 to $1.10 per diluted share.

Second Quarter 2010 Dividend Declared

On May 4, 2010, the company’s Board of Directors declared a cash dividend of $0.22 per share of its common stock for the quarter ending June 30, 2010, payable on June 30, 2010 to stockholders of record on June 15, 2010.  The $0.22 per share dividend represents an annualized rate of $0.88 per share.

ACCOUNTING AND OTHER DISCLOSURES

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

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

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

Page 3 of 7

CONFERENCE CALL/WEB CAST INFORMATION

Equity One will host a conference call on Thursday, May 6, 2010 at 8:30 a.m. EDT to review the 2010 first quarter earnings and operating results.  Stockholders, analysts and other interested parties can access the earnings call by dialing (888) 396-2369 (U.S./Canada) or (617) 847-8710 (international) using pass code 51696758. 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.

For those unable to participate during the call, a replay will be available on Equity One’s web site for future review. Interested parties may also access the telephone replay by dialing (888) 286-8010 (U.S./Canada) or (617) 801-6888 (international) using pass code 17765828 through May 13, 2010.

FOR ADDITIONAL INFORMATION

For a copy of the company’s first quarter supplemental information package, please access the “Investors” section of Equity One’s web site at www.equityone.net. To be included in the company’s e-mail distributions for press releases and other company notices, please send e-mail addresses to Michele Villano at mvillano@equityone.net.

ABOUT EQUITY ONE, INC.

As of March 31, 2010, Equity One owned or had interests in 184 properties, consisting of 170 shopping centers comprising approximately 19.2 million square feet, three projects in development/redevelopment, six non-retail properties, and five 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.

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 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.

Page 4 of 7

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

March 31, 2010 (Unaudited) and December 31, 2009

(In thousands)

	March 31,			December 31,
	2010			2009
ASSETS
Properties:
Income producing	$	2,481,103		$	2,433,431
Less: accumulated depreciation		(251,597	)		(240,172	)
Income producing properties, net		2,229,506			2,193,259
Construction in progress and land held for development		72,155			68,866
Properties, net		2,301,661			2,262,125
Cash and cash equivalents		67,178			47,970
Accounts and other receivables, net		5,077			9,806
Investments in and advances to unconsolidated joint ventures		11,253			11,524
Securities		834			820
Goodwill		11,477			11,477
Other assets		118,761			108,598
TOTAL ASSETS	$	2,516,241		$	2,452,320
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes Payable:
Mortgage notes payable	$	536,448		$	551,647
Unsecured senior notes payable		691,136			691,136
		1,227,584			1,242,783
Unamortized discount on notes payable, net		(25,168	)		(25,892	)
Total notes payable		1,202,416			1,216,891
Other liabilities:
Accounts payable and accrued expenses		34,174			33,251
Tenant security deposits		9,160			9,180
Deferred tax liabilities, net		48,971			50,059
Other liabilities		59,973			54,237
Total liabilities		1,354,694			1,363,618
Redeemable noncontrolling interest		989			989
Commitments and contingencies		-			-
Stockholders’ equity:
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued		-			-
Common stock, $0.01 par value – 100,000 shares authorized, 92,136 and 86,131 shares issued and outstanding as of March 31, 2010 and December 31, 2009, respectively		921			861
Additional paid-in capital		1,218,004			1,110,427
Distributions in excess of earnings		(61,724	)		(46,810	)
Contingent consideration		-			323
Accumulated other comprehensive loss		(1,249	)		(266	)
Total stockholders’ equity of Equity One, Inc.		1,155,952			1,064,535
Noncontrolling interest		4,606			23,178
Total stockholders' equity		1,160,558			1,087,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,516,241		$	2,452,320

Page 5 of 7

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

For the three months ended March 31, 2010 and 2009

(In thousands, except per share amounts)

(Unaudited)

	Three months ended
	March 31,
	2010			2009
REVENUE:
Minimum rent	$	53,865		$	52,881
Expense recoveries		14,852			14,386
Percentage rent		1,045			1,140
Management and leasing services		373			550
Total revenue		70,135			68,957
COSTS AND EXPENSES:
Property operating		19,806			18,882
Rental property depreciation and amortization		16,333			15,268
General and administrative		10,087			12,256
Total costs and expenses		46,226			46,406
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		23,909			22,551
OTHER INCOME AND EXPENSE:
Investment income		159			2,057
Equity in loss in unconsolidated joint ventures		(40	)		(7	)
Other income		53			1,050
Interest expense		(19,908	)		(19,563	)
Amortization of deferred financing fees		(446	)		(444	)
Gain on acquisition of controlling interest in subsidiary		-			26,866
Gain on extinguishment of debt		-			8,691
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS:		3,727			41,201
Income tax benefit of taxable REIT subsidiaries		1,068			639
INCOME FROM CONTINUING OPERATIONS		4,795			41,840
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		-			339
Gain on disposal of income producing properties		-			1,178
INCOME FROM DISCONTINUED OPERATIONS		-			1,517
NET INCOME		4,795			43,357
Net loss attributable to noncontrolling interest		637			476
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	5,432		$	43,833
EARNINGS PER COMMON SHARE – BASIC:
Continuing operations	$	0.06		$	0.55
Discontinued operations		-			0.02
	$	0.06		$	0.57
Number of Shares Used in Computing Basic Earnings per Share		87,714			76,764
EARNINGS PER COMMON SHARE – DILUTED:
Continuing operations	$	0.06		$	0.54
Discontinued operations		-			0.02
	$	0.06		$	0.56
Number of Shares Used in Computing Diluted Earnings per Share		88,166			77,410

Page 6 of 7

EQUITY ONE, INC. AND SUBSIDIARIES

Reconciliation of Net Income Attributable to Equity One to Funds from Operations

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

	Three Months Ended
	March 31,
	2010		2009
	(In thousands)
Net income attributable to Equity One, Inc.	$	5,432	$	43,833
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		15,046		13,744
Pro rata share of real estate depreciation from unconsolidated joint ventures		309		361
Funds from operations	$	20,787	$	57,938

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
	March 31,
	2010		2009
Earnings per diluted share attributable to Equity One, Inc.	$	0.06	$	0.56
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.17		0.18
Pro rata share of real estate depreciation from unconsolidated joint ventures		-		-
Net adjustment for unvested shares and noncontrolling interest		0.01		0.01
Funds from operations per diluted share	$	0.24	$	0.75

Page 7 of 7

EX-99.2

Exhibit 99.2

Equity One, Inc.

Supplemental Information Package

March 31, 2010

Equity One, Inc.

1600 N.E. Miami Gardens Drive

North Miami Beach, Florida 33179

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

www.equityone.net

Equity One, Inc.

SUPPLEMENTAL INFORMATION

March 31, 2010

(unaudited)

TABLE OF CONTENTS

	Page
Overview
Analyst Coverage	3
Disclosures	4
Summary Financial Results and Ratios	5
Assets, Liabilities, and Equity
Condensed Consolidated Balance Sheets	6
Market Capitalization	7
Debt Summary	8
Debt Maturity Schedule	9
Income, EBITDA, and FFO
Condensed Consolidated Statements of Income	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	24-32
Real Estate Acquisitions and Dispositions	33
Real Estate Developments and Redevelopments	34
Debt Schedule Detail
Consolidated Debt Summary - Property Mortgage Detail	35-36
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total	37
Joint Venture Supplemental Data	38-45

EQUITY ONE, INC

ANALYST COVERAGE
As of March 31, 2010
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
Cowen & Company	James Sullivan	(646) 562-1380
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
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
Morgan Stanley	Paul Morgan	(212) 761-8576
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
UBS	Ross Nussbaum	(212) 713-2484

Page 3

EQUITY ONE, INC.

DISCLOSURES

As of March 31, 2010

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, 2009 and Form 10-Q for the period ended March 31, 2010 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.

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, an d 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 sale s 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 performa nce. We believe net income is the most directly comparable GAAP measure to FFO.

Page 4

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

For the quarters ended March 31, 2010 and 2009

(in thousands, except per share data)

	For the three months ended
	March 31, 2010			March 31, 2009
Summary Financial Results
Total revenues*	$	70,135		$	69,365
EBITDA (see page 14)		43,381			42,432
Property net operating income		49,956			49,888
General & administrative expenses (G&A)* - Adjusted (1)		7,797			8,338
Net income attributable to Equity One	$	5,432		$	43,833
Net income per diluted share		0.06			0.56
Funds from operations (FFO)	$	20,787		$	57,938
FFO per diluted share		0.24			0.75
Total dividends paid per share	$	0.22		$	0.30
Weighted average diluted shares		88,166			77,410
Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 24-31)		90.3	%		91.5	%
Same-property shopping center portfolio occupancy at end of period		90.2	%		91.4	%
Same-property NOI growth - cash basis (see page 13)		-3.6	%		-1.7	%
NOI margin (see page 13)		71.6	%		72.5	%
Expense recovery ratio*		75.0	%		76.2	%
New, renewal and option rent spread - cash basis (see page 18)		0.0	%		9.3	%
G&A expense to total revenues (1)		11.1	%		12.0	%
Net debt to total market capitalization (see page 7)		41.1	%		57.3	%
Net debt to EBITDA (see page 14)		6.7			7.4
EBITDA to interest expense* (see page 14)		2.2			2.2
EBITDA to fixed charges* (see page 14)		1.8			1.8

Notes

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

(1) G&A expense for the three months ended March 31, 2010 deducts $2.1 million for external costs associated with acquired properties and  acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. The quarter ended March 31, 2009 deducts one-time severance costs of $3.3 million, acquisition costs of $454 thousand, and depreciation & amortization amounts included in G&A.

Page 5

EQUITY ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2010 and December 31, 2009 and 2008

(in thousands)

	March 31, 2010			Dec 31, 2009			Dec 31, 2008
Assets
Properties
Income producing	$	2,481,103		$	2,433,431		$	1,900,513
Less: accumulated depreciation		(251,597	)		(240,172	)		(196,151	)
Income producing properties, net		2,229,506			2,193,259			1,704,362
Construction in progress and land held for development		72,155			68,866			74,371
Properties, net		2,301,661			2,262,125			1,778,733
Cash and cash equivalents		67,178			47,970			5,355
Accounts and other receivables, net		5,077			9,806			12,209
Investments in and advances to unconsolidated joint ventures		11,253			11,524			11,745
Securities		834			820			160,585
Goodwill		11,477			11,477			11,845
Other assets		118,761			108,598			55,791
Total Assets	$	2,516,241		$	2,452,320		$	2,036,263
Liabilities and stockholders' equity
Liabilities
Mortgage notes payable	$	536,448		$	551,647		$	371,077
Unsecured revolving credit facilities		-			-			35,500
Unsecured senior notes payable		691,136			691,136			657,913
Total debt		1,227,584			1,242,783			1,064,490
Unamortized/unaccreted (discount) premium on notes payable		(25,168	)		(25,892	)		5,225
Total notes payable		1,202,416			1,216,891			1,069,715
Accounts payable and other liabilities		103,307			96,668			54,652
Deferred tax liabilities, net		48,971			50,059			1,409
Total liabilities		1,354,694			1,363,618			1,125,776
Redeemable noncontrolling interest		989			989			989
Total stockholders' equity of Equity One, Inc.		1,155,952			1,064,535			909,498
Noncontrolling interest		4,606			23,178			-
Total Liabilities and Stockholders' Equity	$	2,516,241		$	2,452,320		$	2,036,263

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of March 31, 2010 and December 31, 2009 and 2008

(in thousands, except per share data)

	March 31, 2010			Dec 31, 2009			Dec 31, 2008
Closing market price of common stock	$	17.91		$	16.17		$	17.70
Common stock shares
Basic common shares		92,136.147			86,131.037			76,198.420
Diluted common shares
Unvested restricted common shares		44.575			47.993			29.360
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		137.387			79.656			23.178
Executive incentive plan performance awards		46.778			-			-
Shares for DIM Vastgoed contingent consideration		292.149			516.02			-
Diluted common shares		92,750.692			86,868.361			76,344.614
Equity market capitalization	$	1,661,165		$	1,404,661		$	1,351,300
Total debt (excluding unamortized/unaccreted premium/(discount))	$	1,227,584		$	1,242,783		$	1,064,490
Cash and equivalents		(67,178	)		(47,970	)		(5,355	)
Net debt		1,160,406			1,194,813			1,059,135
Equity market capitalization		1,661,165			1,404,661			1,351,300
Total market capitalization	$	2,821,571		$	2,599,474		$	2,410,435
Net debt to total market capitalization at current market price		41.1	%		46.0	%		43.9	%
Net debt to total market capitalization at constant share price of $16.17		43.6	%		46.0	%		46.2	%
Gross real estate and securities investments	$	2,554,092		$	2,503,117		$	2,135,469
Net debt to gross real estate and securities investments		45.4	%		47.7	%		49.6	%

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

As of March 31, 2010 and December 31, 2009 and 2008

(in thousands)

	March 31, 2010			Dec 31, 2009			Dec 31, 2008
Fixed rate debt	$	1,227,584		$	1,242,783		$	928,041
Fixed rate debt - swapped to variable rate		-			-			100,949
Variable rate debt - unhedged		-			-			35,500
Total debt*	$	1,227,584		$	1,242,783		$	1,064,490
% Fixed rate debt		100.0	%		100.0	%		87.2	%
% Fixed rate debt - swapped to variable rate		0.0	%		0.0	%		9.5	%
% Variable rate debt - unhedged		0.0	%		0.0	%		3.3	%
Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		0.0	%		0.0	%		12.8	%
Secured mortgage debt	$	536,448		$	551,647		$	371,077
Unsecured debt		691,136			691,136			693,413
Total debt*	$	1,227,584		$	1,242,783		$	1,064,490
% Secured mortgage debt		43.7	%		44.4	%		34.9	%
% Unsecured debt		56.3	%		55.6	%		65.1	%
Total		100.0	%		100.0	%		100.0	%
Total market capitalization (from page 7)	$	2,821,571		$	2,599,474		$	2,410,435
% Secured mortgage debt		19.0	%		21.2	%		15.4	%
% Unsecured debt		24.5	%		26.6	%		28.8	%
Total debt : Total market capitalization		43.5	%		47.8	%		44.2	%
Weighted-average interest rate on secured mortgage debt*(1)		6.3	%		6.6	%		7.2	%
Weighted-average interest rate on senior unsecured notes(1)		6.1	%		6.1	%		5.7	%
Weighted-average interest rate on total debt*(1)		6.2	%		6.3	%		6.3	%
Interest rate on revolving credit facilities		N/A			N/A			2.1	%
Weighted-average maturity on mortgage debt*	4.7 years			4.7 years			5.0 years
Weighted-average maturity on senior unsecured notes	6.0 years			6.2 years			6.5 years
Weighted-average maturity on total debt*	5.4 years			5.5 years			5.9 years

* Excluding unamortized/unaccreted premium/(discount)

(1) Weighted average interest rates are calculated based on term to maturity and include scheduled principal amortization.

Page 8

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of March 31, 2010

(in thousands)

	Secured Debt				Unsecured Debt				Premium/(Discount)					Weighted average
Maturity schedule	Scheduled		Balloon		Revolving Credit		Senior		Scheduled					interest rate			Percent of debt
by year	amortization		payments		Facilities		Notes		Amortization			Total		at maturity			maturing
2010	$	10,110	$	26,430	$	-	$	-	$	(2,127	)	$	34,413		7.9	%		2.9	%
2011		13,046		68,570		-		-		(3,408	)		78,208		7.3	%		6.5	%
2012		12,181		44,478		-		10,000		(4,380	)		62,279		7.0	%		5.2	%
2013		11,708		54,127		-		-		(5,049	)		60,786		6.3	%		5.1	%
2014		10,554		24,828		-		250,000		(5,548	)		279,834		6.2	%		23.2	%
2015		7,832		69,093		-		107,505		(3,812	)		180,618		5.3	%		15.0	%
2016		6,220		51,489		-		105,230		(1,350	)		161,589		6.0	%		13.4	%
2017		5,621		17,242		-		218,401		(168	)		241,096		6.1	%		20.1	%
2018		5,494		56,623		-		-		145			62,262		6.3	%		5.2	%
Thereafter		32,492		8,310		-		-		529			41,331		7.8	%		3.4	%
Total	$	115,258	$	421,190	$	-	$	691,136	$	(25,168	)	$	1,202,416		6.2	%		100.0	%

Page 9

EQUITY ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the quarters ended March 31, 2010 and 2009

(in thousands)

	Three months ended
	March 31, 2010			March 31, 2009			Percent Change
REVENUE:
Minimum rent	$	53,865		$	52,881
Expense recoveries		14,852			14,386
Percentage rent		1,045			1,140
Management and leasing services		373			550
Total revenue		70,135			68,957			1.7	%
COSTS AND EXPENSES:
Property operating		19,806			18,882
Rental property depreciation and amortization		16,333			15,268
General and administrative		10,087			12,256
Total costs and expenses		46,226			46,406			-0.4	%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		23,909			22,551
OTHER INCOME AND EXPENSE:
Investment income		159			2,057
Equity in loss in unconsolidated joint ventures		(40	)		(7	)
Other income		53			1,050
Interest expense		(19,908	)		(19,563	)
Amortization of deferred financing fees		(446	)		(444	)
Gain on acquisition of controlling interest in subsidiary		-			26,866
Gain on extinguishment of debt		-			8,691
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		3,727			41,201
Income tax benefit of taxable REIT subsidiaries		1,068			639
INCOME FROM CONTINUING OPERATIONS		4,795			41,840			-88.5	%
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		-			339
Gain on disposal of income producing properties		-			1,178
INCOME FROM DISCONTINUED OPERATIONS		-			1,517
NET INCOME	$	4,795		$	43,357			-88.9	%
Net loss attributable to noncontrolling interest		637			476
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	5,432		$	43,833
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations		0.06			0.55
Discontinued operations		-			0.02
NET INCOME	$	0.06		$	0.57			-89.5	%
EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations		0.06			0.54
Discontinued operations		-			0.02
NET INCOME	$	0.06		$	0.56			-89.3	%
Weighted average shares outstanding
Basic		87,714			76,764
Diluted		88,166			77,410

Page 10

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the quarter ended March 31, 2010

(in thousands)

	Three months ended
	March 31, 2010
	As			Disc. Ops		Pre Disc.
	Reported			Total		Ops
REVENUE:
Minimum rent	$	53,865		$	-	$	53,865
Expense recoveries		14,852			-		14,852
Percentage rent		1,045			-		1,045
Management and leasing services		373			-		373
Total revenue		70,135			-		70,135
COSTS AND EXPENSES:
Property operating		19,806			-		19,806
Rental property depreciation and amortization		16,333			-		16,333
General and administrative		10,087			-		10,087
Total costs and expenses		46,226			-		46,226
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		23,909			-		23,909
OTHER INCOME AND EXPENSE:
Investment income		159			-		159
Equity in loss in unconsolidated joint ventures		(40	)		-		(40	)
Other income		53			-		53
Interest expense		(19,908	)		-		(19,908	)
Amortization of deferred financing fees		(446	)		-		(446	)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		3,727			-		3,727
Income tax benefit of taxable REIT subsidiaries		1,068			-		1,068
INCOME FROM CONTINUING OPERATIONS		4,795			-		4,795
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		-			-		-
Gain on disposal of income producing properties		-			-		-
Income from discontinued operations		-			-		-
Net loss attributable to noncontrolling interest		637			-		637
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	5,432		$	-	$	5,432

Page 11

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the quarter ended March 31, 2009

(in thousands)

	Three months ended
	March 31, 2009
	As			Disc. Ops			Pre Disc.
	Reported			Total			Ops
REVENUE:
Minimum rent	$	52,881		$	364		$	53,245
Expense recoveries		14,386			44			14,430
Percentage rent		1,140			-			1,140
Management and leasing services		550			-			550
Total revenue		68,957			408			69,365
COSTS AND EXPENSES:
Property operating		18,882			45			18,927
Rental property depreciation and amortization		15,268			24			15,292
General and administrative		12,256			-			12,256
Total costs and expenses		46,406			69			46,475
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		22,551			339			22,890
OTHER INCOME AND EXPENSE:
Investment income		2,057			-			2,057
Equity in loss in unconsolidated joint ventures		(7	)		-			(7	)
Other income		1,050			-			1,050
Interest expense		(19,563	)		-			(19,563	)
Amortization of deferred financing fees		(444	)		-			(444	)
Gain on sale of real estate		-			1,178			1,178
Gain on extinguishment of debt		8,691			-			8,691
Gain on acquisition of controlling interest in subsidiary		26,866			-			26,866
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		41,201			1,517			42,718
Income tax benefit of taxable REIT subsidiaries		639			-			639
INCOME FROM CONTINUING OPERATIONS		41,840			1,517			43,357
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		339			(339	)		-
Loss on disposal of income producing properties		1,178			(1,178	)		-
Income from discontinued operations		1,517			(1,517	)		-
Net loss attributable to noncontrolling interest		476			-			476
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	43,833		$	-		$	43,833

Page 12

EQUITY ONE, INC.

NET OPERATING INCOME

For the quarters ended March 31, 2010 and 2009

(in thousands)

	Three months ended
	March 31, 2010			March 31, 2009			Percent Change
Total net operating income(1)
Total rental revenue	$	69,762		$	68,815			1.4	%
Property operating expenses		19,806			18,927			4.6	%
Net operating income	$	49,956		$	49,888			0.1	%
NOI margin (NOI / Total rental revenue)		71.6	%		72.5	%
Same-property NOI (2)
Total rental revenue	$	53,850		$	56,071			(4.0	%)
Property operating expenses (3)		16,621			17,433			(4.7	%)
Net operating income (at end of period)	$	37,229		$	38,638			(3.6	%)
Growth in same property NOI		(3.6	%)
Number of properties included in analysis		146

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

(2) Retail centers only.  Excludes the effects of straight-line rent, above/below market rents, lease termination fees, and prior year expense recovery 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 quarters ended March 31, 2010 and 2009

(in thousands)

	Three months ended
	March 31, 2010			March 31, 2009
Net income attributable to Equity One, Inc.	$	5,432		$	43,833
Rental property depreciation and amortization*		16,333			15,292
Other depreciation and amortization		204			213
Interest expense*		19,908			19,563
Amortization of deferred financing fees*		446			444
Gain on sale of real estate		-			(1,178	)
Gain on extinguishment of debt		-			(8,691	)
Acquisition costs(1)		2,086			454
Income tax benefit of taxable REIT subsidiaries		(1,068	)		(639	)
Gain on acquisition of controlling interest in subsidiary		-			(26,866	)
Equity in loss in unconsolidated joint ventures		40			7
EBITDA(2)	$	43,381		$	42,432
Interest expense*	$	19,908		$	19,563
EBITDA to interest expense*		2.2			2.2
Fixed charges
Interest expense*	$	19,908		$	19,563
Scheduled principal amortization (3)		3,690			3,986
Total fixed charges	$	23,598		$	23,549
EBITDA to fixed charges*		1.8			1.8
Net debt to EBITDA (4)		6.7			7.4
Total market capitalization (see page 7)	$	2,821,571		$	2,205,536

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

(1) Amounts include external costs associated with acquired properties and acquisition related expenses during the period.

(2) EBITDA: excludes gains on property sales, debt extinguishment, impairments, and one-time items that would generally be adjusted in rating agency computations of EBITDA.

(3) Excludes balloon payments upon maturity.

(4) EBITDA for the three month periods have been annualized.

Page 14

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the quarters ended March 31, 2010 and 2009

(in thousands)

	Three months ended
	March 31, 2010		March 31, 2009
Net income attributable to Equity One, Inc.	$	5,432	$	43,833
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		15,046		13,744
Pro rata share of real estate depreciation from unconsolidated JV’S		309		361
Funds from operations	$	20,787	$	57,938
Earnings per diluted share attributable to Equity One, Inc.	$	0.06	$	0.56
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.17		0.18
Pro rata share of real estate depreciation from unconsolidated JV’S		0.00		0.00
Net adjustment for unvested shares and noncontrolling interest(1)		0.01		0.01
Funds from operations per diluted share	$	0.24	$	0.75
Weighted average diluted shares		88,166		77,410

(1) Includes net effect of (a) an adjustment for unvested awards of share-based payments with rights to receive dividends or dividend equivalents (b) an adjustment related to contingently issuable shares pursuant to the DIM stock exchange agreement and (c) the rounding of individual calculations.

Page 15

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the quarters ended March 31, 2010 and 2009

(in thousands)

	Three months ended
	March 31, 2010			March 31, 2009
Certain non-cash items:
Amortization of deferred financing fees	$	446		$	444
Amortization of above/below market rent intangibles		(1,888	)		(1,525	)
Amortization of restricted stock and stock option expense		1,574			3,196
Straight line rent		(539	)		(516	)
Capitalized interest		(520	)		(315	)
Amortization of debt discount		724			591
Total non-cash items	$	(203	)	$	1,875
Certain capital expenditures:
Tenant improvements	$	(2,209	)	$	(2,317	)
Leasing commissions and costs		(690	)		(972	)
Total tenant improvements and leasing costs	$	(2,899	)	$	(3,289	)
	March 31, 2010			December 31, 2009
Other assets and liabilities:
Lease intangibles, net	$	54,382		$	53,526
Lease commissions, net		19,797			19,619
Straight-line rent receivable, net		15,573			15,034
Deposits and mortgage escrow		12,214			10,642
Prepaid expenses		8,393			1,125
Deferred financing costs, net		6,875			6,963
Furniture and fixtures, net		1,527			1,689
Total other assets	$	118,761		$	108,598
Above/below market rents, net	$	58,034			49,922
Prepaid rent and deferred income		1,939			4,315
Accounts payable and other		43,334			42,431
Total accounts payable and other liabilities	$	103,307		$	96,668
Liquidity as of 3/31/10:
Cash and Equivalents	$	67,123
Marketable Securities		834
Available under Line of Credit		193,367
Total Available Funds	$	261,324

Page 16

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS

CONSOLIDATED PROPERTIES

As of March 31, 2010

Tenant	Number of stores		Credit Rating S&P/Moody's(1)		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		63		N/A		2,805,085		14.6	%	$	23,301,502		11.1	%	$	8.31
Supervalu		7	BB-/Ba3			458,273		2.4	%		8,302,236		4.0	%		18.12
Kroger		15	BBB/Baa2			845,602		4.4	%		6,641,076		3.2	%		7.85
Bed, Bath & Beyond		9	BBB			298,332		1.6	%		3,510,789		1.7	%		11.77
TJ Maxx Companies		9		A/A3		294,484		1.5	%		3,471,127		1.7	%		11.79
L.A. Fitness		4		N/A		196,235		1.0	%		3,087,362		1.5	%		15.73
Costco		1		A+/A2		148,295		0.8	%		2,972,590		1.4	%		20.05
Winn Dixie		9		N/A		398,128		2.1	%		2,937,815		1.4	%		7.38
Office Depot		10		B/B2		243,625		1.3	%		2,772,145		1.3	%		11.38
Dollar Tree		23		N/A		252,041		1.3	%		2,204,781		1.1	%		8.75
CVS Pharmacy		12	BBB+/Baa2			132,826		0.7	%		2,112,980		1.0	%		15.91
Blockbuster		20	CC/Caa3			102,217		0.5	%		1,968,060		0.9	%		19.25
Kmart		5	BB-/Ba2			439,558		2.3	%		1,939,705		0.9	%		4.41
Food Lion		6		N/A		241,934		1.3	%		1,850,161		0.9	%		7.65
Walgreens		6		A+/A2		96,562		0.5	%		1,811,921		0.9	%		18.76
Goodwill		13		N/A		134,053		0.7	%		1,637,441		0.8	%		12.21
Wal-Mart		1	AA/Aa2			110,054		0.6	%		1,595,783		0.8	%		14.50
Nordstrom Rack		2	BBB+/Baa2			80,557		0.4	%		1,261,210		0.6	%		15.66
American Multi-Cinema		1		B/B2		83,172		0.4	%		1,247,580		0.6	%		15.00
Stein Mart		4		N/A		158,472		0.8	%		1,207,231		0.6	%		7.62
Sub-total top twenty tenants		220				7,519,505		39.2	%	$	75,833,494		36.1	%	$	10.08
Remaining tenants		2,517				9,812,322		51.1	%		134,389,330		63.9	%		13.70
Sub-total all tenants		2,737				17,331,827		90.3	%	$	210,222,824		100.0	%	$	12.27
Vacant		752				1,855,247		9.7	%	NA		NA			NA
Total including vacant		3,489				19,187,074		100.0	%	$	210,222,824		100.0	%	NA

Note: Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.

(1) Ratings as of March 31, 2010. Source: CreditRiskMonitor.

Page 17

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended March 31, 2010

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)		36		148,688		106,424	$	12.97	$	12.53		-3.4	%	$	7.92
Renewals		50		105,792		105,792		18.25		17.32		-5.1	%		0.30
Options		4		39,262		39,262		8.13		8.42		3.6	%		-
Total New, Renewals & Options		90		293,742		251,478	$	14.44	$	13.90		-3.7	%	$	3.48

Note: Prior rent and new rent are presented on a "cash basis", not on a straight-line basis.  Excludes JV properties, non-retail properties, and developments/redevelopments.

(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 March 31, 2010

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		116		186,567		1.0	%	$	3,067,548		1.4	%	$	16.44
2010		483		1,788,706		9.3	%		21,407,697		9.6	%		11.97
2011		558		2,462,460		12.8	%		31,491,589		14.1	%		12.79
2012		535		2,288,247		11.9	%		28,756,446		12.8	%		12.57
2013		375		1,700,052		8.9	%		24,231,974		10.8	%		14.25
2014		296		1,967,864		10.2	%		25,340,186		11.3	%		12.88
2015		112		877,254		4.6	%		10,257,736		4.6	%		11.69
2016		46		1,237,759		6.4	%		18,223,800		8.1	%		14.72
2017		33		723,483		3.8	%		8,630,063		3.8	%		11.93
2018		33		512,606		2.7	%		6,360,264		2.8	%		12.41
2019		23		536,439		2.8	%		8,068,148		3.6	%		15.04
Thereafter		127		3,050,390		15.9	%		38,209,089		17.1	%		12.53
Sub-total / average		2,737		17,331,827		90.3	%	$	224,044,542		100.0	%	$	12.93
									.
Vacant		752		1,855,247		9.7	%	NA		NA			NA
Total / average		3,489		19,187,074		100.0	%	$	224,044,542		100.0	%	NA

Note:  Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.

Page 19

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of March 31, 2010

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
2010		33		879,900		7.1	%	$	5,302,191		4.5	%	$	6.03
2011		49		1,420,971		11.4	%		11,539,418		9.7	%		8.12
2012		40		1,254,024		10.1	%		8,903,329		7.5	%		7.10
2013		28		901,695		7.2	%		7,622,530		6.4	%		8.45
2014		39		1,350,523		10.8	%		12,721,076		10.7	%		9.42
2015		21		640,839		5.1	%		5,349,540		4.5	%		8.35
2016		24		1,156,045		9.3	%		16,355,578		13.8	%		14.15
2017		15		629,836		5.0	%		6,693,960		5.6	%		10.63
2018		12		436,630		3.5	%		4,486,603		3.8	%		10.28
2019		11		488,644		3.9	%		6,829,076		5.7	%		13.98
Thereafter		70		2,886,931		23.1	%		32,984,134		27.8	%		11.43
Sub-total / average		342		12,046,038		96.5	%	$	118,787,437		100.0	%	$	9.86
Vacant		20		442,974		3.5	%	NA		NA			NA
Total / average		362		12,489,012		100.0	%	$	118,787,437		100.0	%	NA

Note:  Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.

Page 20

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of March 31, 2010

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		116		186,567		2.8	%	$	3,067,548		2.9	%	$	16.44
2010		450		908,806		13.6	%		16,105,506		15.3	%		17.72
2011		509		1,041,489		15.6	%		19,952,171		19.0	%		19.16
2012		495		1,034,223		15.4	%		19,853,117		18.9	%		19.20
2013		347		798,357		11.9	%		16,609,444		15.8	%		20.80
2014		257		617,341		9.2	%		12,619,111		12.0	%		20.44
2015		91		236,415		3.5	%		4,908,195		4.7	%		20.76
2016		22		81,714		1.2	%		1,868,222		1.8	%		22.86
2017		18		93,647		1.4	%		1,936,103		1.8	%		20.67
2018		21		75,976		1.1	%		1,873,661		1.8	%		24.66
2019		12		47,795		0.7	%		1,239,072		1.2	%		25.92
Thereafter		57		163,459		2.4	%		5,224,956		5.0	%		31.96
Sub-total / average		2,395		5,285,789		78.9	%	$	105,257,105		100.0	%	$	19.91
Vacant		732		1,412,273		21.1	%	NA		NA			NA
Total / average		3,127		6,698,062		100.0	%	$	105,257,105		100.0	%	NA

Note:  Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.

Page 21

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION GRAPH

CONSOLIDATED PROPERTIES

As of March 31, 2010

Note:  Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.

Page 22

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF CORE OPERATING PROPERTIES BY METRO/REGION

As of March 31, 2010

Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County, FL		17		1,852,264		20,814,692		9.9	%
Miami Dade County, FL		12		1,293,735		15,815,322		7.5	%
Palm Beach County, FL		9		1,004,099		10,402,665		4.9	%
South Florida		38		4,150,098		47,032,680		22.3	%
Atlanta, GA		24		2,256,168		26,940,105		12.8	%
Other		30		2,715,824		25,167,804		12.0	%
Orlando, FL		12		1,311,449		14,662,240		7.0	%
Tampa- St. Petersburg, FL		13		1,292,191		13,654,297		6.5	%
Florida Treasure/Northeast Coast		8		1,151,569		13,592,577		6.5	%
Raleigh Durham/Charlotte, NC		4		1,040,710		10,025,208		4.8	%
Baton Rouge, LA		3		676,375		9,352,971		4.4	%
Naples/Cape Coral/Venice, FL		8		840,994		8,400,426		4.0	%
New York		1		398,602		8,399,753		4.0	%
Jacksonville, FL		8		786,807		7,928,842		3.8	%
Boston, MA		5		518,775		7,043,108		3.4	%
Lafayette, LA		5		726,671		5,148,783		2.4	%
Hartford, CT		2		397,802		4,645,993		2.2	%
New Orleans, LA		4		445,832		3,133,189		1.5	%
Hilton Head-Beaufort, SC		1		166,639		2,153,976		1.0	%
Greenville, SC		3		239,042		2,091,799		1.0	%
Florida Panhandle		1		71,526		849,073		0.4	%
Total		170		19,187,074	$	210,222,824		100.0	%

Note:  Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
ALABAMA (3)
Madison Centre	Madison	1997	64,837	97.5%	12	1	37,912	Publix	06/01/17	Rite Aid	$  9.90
The Shops at Lake Tuscaloosa	Tuscaloosa	2003 / 2005	70,242	85.2%	10	6	44,271	Publix	12/31/23		12.31
Winchester Plaza	Huntsville	2006	75,700	90.1%	14	5	45,600	Publix	08/31/26		11.85
TOTAL SHOPPING CENTERS ALABAMA (3)			210,779	90.7%	36	12	127,783				$  11.35
CONNECTICUT (2)
Brookside Plaza**	Enfield	1985 / 2006	213,274	88.9%	21	7	59,648	Shaw's	08/31/10	Bed Bath & Beyond / Walgreens / Staples /Petsmart	$  11.72
Copps Hill	Ridgefield	1979/2002	184,528	100.0%	9	-	59,015	Stop & Shop	12/31/24	Kohl's / Rite Aid	13.14
TOTAL SHOPPING CENTERS CONNECTICUT (2)			397,802	94.1%	30	7	118,663				$  12.42
FLORIDA (87)
Orlando / Central Florida (11)
Alafaya Commons	Orlando	1987	126,333	87.9%	23	7	54,230	Publix	11/30/10		$  14.17
Alafaya Village	Orlando	1986	38,118	100.0%	16	-				Metro Fitness (shadow)	20.28
Conway Crossing	Orlando	2002	76,321	84.2%	13	5	44,271	Publix	04/30/22		11.42
Eastwood, Shoppes of	Orlando	1997	69,037	100.0%	13	-	51,512	Publix	11/01/17		12.60
Eustis Village	Eustis	2002	156,927	98.4%	19	1	44,271	Publix	10/31/22	Beall's Department Store	11.34
Hunter's Creek	Orlando	1998	73,204	98.2%	9	1				Office Depot / Lifestyle Family Fitness	13.72
Kirkman Shoppes	Orlando	1973	88,820	92.1%	27	3				Party America	19.04
Lake Mary Centre	Orlando	1988 / 2001	340,434	94.9%	60	27	63,139	Albertsons	06/30/12	Kmart / Lifestyle Fitness Center /    Office Depot	13.21
Park Promenade	Orlando	1987 / 2000	128,848	70.7%	15	8				Beauty Depot / Orange County Library	7.29
Town & Country	Kissimmee	1993	72,043	95.6%	12	2	52,883	Albertsons* (Ross Dress For Less)	10/31/18		8.77
Unigold Shopping Center	Winter Park	1987	117,527	80.1%	17	8	52,500	Winn-Dixie	04/30/12		11.80
Jacksonville / North Florida (9)
Atlantic Village	Atlantic Beach, FL	1984	100,559	89.9%	20	5	39,795	Publix	10/31/13	Jo-Ann Fabric & Crafts	11.09
Beauclerc Village	Jacksonville	1962 / 1988	68,846	94.8%	8	3				Big Lots / Goodwill / Bealls Outlet	9.03
Forest Village	Tallahassee	2000	71,526	86.7%	13	3	37,866	Publix	04/30/20		13.68

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration		leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
Ft. Caroline	Jacksonville	1985 / 1995	71,816	84.4%	5	7	45,500	Winn-Dixie	05/31/15	Citi Trends	$  6.83
Mandarin Landing	Jacksonville	1976	139,580	68.5%	14	13	50,000	Whole Foods	12/31/23	Office Depot	17.28
Medical & Merchants	Jacksonville	1993	156,153	90.5%	11	6	55,999	Publix	02/10/13	Memorial Hospital	13.11
Middle Beach  Shopping Center	Panama City Beach	1994	69,277	89.6%	4	5	56,077	Publix*	09/30/14		9.06
Oak Hill	Jacksonville	1985 / 1997	78,492	96.5%	18	2	39,795	Publix	03/11/15	Beall's	8.02
South Beach**	Jacksonville Beach	1990 / 1991	303,048	93.9%	41	8				Beall's / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	12.37
Miami-Dade / Broward / Palm Beach (37)
Bird Ludlum	Miami	1988 / 1998	192,282	98.8%	41	1	44,400	Winn-Dixie	12/31/12	CVS Pharmacy / Bird Executive / Goodwill	17.52
Boynton Plaza	Boynton Beach	1978 / 1999	99,324	94.1%	23	4	37,664	Publix	08/31/13	CVS Pharmacy	13.29
Bluffs Square	Jupiter	1986	132,395	79.9%	35	11	39,795	Publix	10/22/11	Walgreens	12.80
Chapel Trail	Pembroke Pines	2007	56,378	100.0%	4	-				LA Fitness	21.47
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990	76,632	97.5%	16	1				Office Depot / Walgreen's	24.68
Countryside Shops	Cooper City	1986 / 1988 / 1991	179,561	92.8%	35	11	39,795	Publix	12/04/10	CVS Pharmacy / Stein Mart	13.64
Crossroads Square	Pembroke Pines	1973	84,387	85.5%	20	7				CVS Pharmacy / Goodwill	17.29
CVS Plaza	Miami	2004	18,214	85.7%	7	1					31.49
El Novillo	Miami Beach	1970 / 2000	10,000	100.0%	1	-				Jumbo Buffet	23.15
Gateway Plaza	Aventura	1991	29,800	100.0%	1	-				Babies R Us	14.31
Greenwood	Palm Springs	1982 / 1994	132,325	89.3%	33	5	50,032	Publix	12/05/14	Bealls Outlet	12.88
Hammocks Town Center	Miami	1987 / 1993	172,810	92.2%	37	5	39,795	Publix	06/24/12	Metro Dade Library / CVS Pharmacy / Porky's Gym	13.84
Jonathan's Landing	Jupiter	1997	26,820	49.4%	8	4		Publix			24.02
								(shadow)
Lago Mar	Miami	1995	82,613	91.1%	17	5	42,323	Publix	09/13/15		14.31
Lantana Village	Lantana	1976 / 1999	181,780	96.6%	21	4	39,473	Winn-Dixie	02/15/11	Kmart / Rite Aid* (Family Dollar)	7.60
Magnolia Shoppes	Fort Lauderdale	1998	114,118	88.2%	11	7				Regal Cinemas / Deal$	10.68
Meadows	Miami	1997	75,524	96.0%	17	3	47,955	Publix	07/09/17		13.95
Oakbrook Square	Palm Beach Gardens	1974 / 2000 / 2003	199,633	98.0%	27	3	44,400	Publix	11/30/20	Stein Mart / Home Goods / CVS / Basset Furniture / Duffy's	14.11
Oaktree Plaza	North Palm Beach	1985	23,745	76.2%	14	6					16.26

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
Pine Island	Davie	1983 / 1999	254,907	89.7%	36	11	39,943	Publix	11/30/13	Home Depot Expo* / Staples	$  12.00
Pine Ridge Square	Coral Springs	1986 / 1998 / 1999	117,399	88.4%	26	9	17,441	Fresh Market	07/31/12	Bed Bath & Beyond / Nordic Interiors	14.65
Plaza Alegre	Miami	2003	91,611	96.1%	19	2	44,271	Publix	03/14/23	Goodwill	16.51
Point Royale	Miami	1970 / 2000	216,760	98.9%	22	2	45,350	Winn-Dixie	02/15/10	Best Buy	7.95
Prosperity Centre	Palm Beach Gardens	1993	122,014	93.3%	8	2				Office Depot / CVS / Bed Bath & Beyond /  TJ Maxx	17.27
Ridge Plaza	Davie	1984 / 1999	155,204	95.3%	22	6				Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill	10.94
Riverside Square	Coral Springs	1987	104,241	82.8%	25	9	39,795	Publix	02/18/12		13.26
Sawgrass Promenade	Deerfield Beach	1982 / 1998	107,092	82.6%	21	8	36,464	Publix	12/15/14	Walgreens	11.34
Sheridan Plaza	Hollywood	1973 / 1991	508,455	98.8%	60	4	65,537	Publix	10/09/11	Kohl's / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology	14.97
Shoppes of Andros Isles	West Palm Beach	2000	79,420	89.4%	13	4	51,420	Publix	02/29/20		12.68
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997	126,788	89.9%	33	7	47,813	Publix	06/14/15		16.09
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006	287,816	93.6%	45	6	51,420	Publix	07/31/19	TJMaxx / LA Fitness / Goodwill	17.38
Sunrise Town Center	Fort Lauderdale	1989	128,124	85.5%	14	10				L.A. Fitness / Office Depot	10.90
Tamarac Town Square	Tamarac	1987	127,635	77.7%	25	15	37,764	Publix	12/15/14	Dollar Tree	10.72
Waterstone	Homestead	2005	61,000	100.0%	11	-	45,600	Publix	07/31/25		14.64
West Lakes Plaza	Miami	1984 / 2000	100,747	100.0%	27	-	46,216	Winn-Dixie	05/22/16	Navarro Pharmacy	12.93
Westport Plaza	Davie	2002	49,533	100.0%	8	-	27,887	Publix	11/30/22		17.38
Young Circle	Hollywood	1962 / 1997	65,834	98.1%	9	1	23,124	Publix	11/30/16	Walgreens	15.46
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001	92,734	87.8%	12	6	59,448	Albertsons	04/30/25		8.45
New Smyrna Beach	New Smyrna Beach	1987	118,451	100.0%	34	-	42,112	Publix	09/30/12	Bealls Outlet	11.89
Old King Commons	Palm Coast	1988	84,759	91.5%	15	4				Wal-Mart	8.20
Ryanwood	Vero Beach	1987	114,925	94.3%	29	3	39,795	Publix	03/23/17	Bealls Outlet / Books-A-Million	11.39
Salerno Village	Stuart	1987	82,477	88.6%	13	7	45,802	Winn-Dixie	03/23/24	CVS Pharmacy	10.74
Shops at St. Lucie	Port St. Lucie	2006	19,361	91.0%	9	1					20.72
South Point Center	Vero Beach	2003	64,790	88.1%	10	6	44,840	Publix	11/30/23		15.51

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
Treasure Coast	Vero Beach	1983	133,781	97.4%	22	2	59,450	Publix	07/31/26	TJ Maxx	$  12.01
Tampa / St. Petersburg / Venice / Cape Coral / Naples (22)
Bay Pointe Plaza	St. Petersburg	1984 / 2002	103,986	95.5%	19	4	52,610	Publix	11/30/21	Bealls Outlet	10.26
Carrollwood	Tampa	1970 / 2002	94,203	94.6%	31	5	27,887	Publix	11/30/22	Golf Locker	13.62
Charlotte Square	Port Charlotte	1980	96,188	73.5%	12	13	44,024	Publix* (American Signature Furniture)	01/31/11	Seafood Buffet	7.76
Chelsea Place	New Port Richey	1992	81,144	96.5%	16	2	48,890	Publix	05/27/12		11.83
Dolphin Village	St. Petersburg	1967/1990	136,224	79.6%	27	19	33,238	Publix	11/07/13	Dollar Tree, CVS	13.04
Glengary Shoppes	Sarasota	1995	99,182	100.0%	7	-				Best Buy / Barnes & Noble	17.64
Lake St. Charles	Tampa	1999	57,015	100.0%	8	-	46,295	Sweet Bay	06/30/19		10.36
Lutz Lake	Lutz	2002	64,985	93.7%	12	3	44,270	Publix	05/31/22		13.78
Marco Town Center	Marco Island	2001	109,830	87.2%	33	9	27,887	Publix	01/31/18		16.66
Mariners Crossing	Spring Hill	1989 / 1999	97,812	89.9%	15	3	48,315	Sweet Bay	08/15/20		10.48
Midpoint Center	Cape Coral	2002	75,386	97.8%	9	1	60,667	Publix	10/31/22		12.15
Pavilion	Naples	1982	167,745	93.9%	34	6	50,795	Publix	12/31/10	Pavilion 6 Theatre / Anthony's	12.92
Regency Crossing	Port Richey	1986 / 2001	85,864	81.9%	14	11	44,270	Publix	02/28/21		11.09
Ross Plaza	Tampa	1984 / 1996	90,826	95.3%	20	2				Ross Dress for Less / Deals	12.42
Seven Hills	Spring Hill	1991	72,590	87.8%	12	6	48,890	Publix	09/25/11		9.91
Shoppes of North Port	North Port	1991	84,705	94.9%	19	2	48,890	Publix	12/11/11	Bealls Outlet	10.31
Summerlin Square	Fort Myers	1986 / 1998	109,156	55.4%	7	21	45,500	Winn-Dixie	06/04/11	Lee County Sheriff's Office	10.57
Sunlake	Tampa	2008	89,516	80.9%	14	12	45,600	Publix	06/30/14		16.92
Sunpoint Shopping Center	Ruskin	1984	132,374	65.5%	16	9				Goodwill / Ozzie's Buffet / Big Lots / Chapter 13 Trustee	8.62
Venice Plaza	Venice	1971 / 1979 / 1999	132,345	97.5%	13	2	42,582	Sweet Bay	09/30/18	TJ Maxx	6.26
Venice Shopping Center	Venice	1968 / 2000	109,801	81.5%	11	3	44,271	Publix	12/31/26	Beall's Outlet	5.49
Walden Woods	Plant City	1985 / 1998 / 2003	75,874	94.9%	13	2				Dollar Tree / Aaron Rents / Dollar General	8.44
TOTAL SHOPPING CENTERS FLORIDA (87)			9,817,859	90.8%	1,656	452	2,829,843				$  12.87

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration		leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
GEORGIA (34)
Atlanta (25)
BridgeMill	Canton	2000	89,102	87.8%	24	6	37,888	Publix	01/31/20		$  15.75
Buckhead Station	Atlanta	1996	233,739	100.0%	15	1				Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack	20.38
Butler Creek	Acworth	1990	95,597	87.4%	16	4	59,997	Kroger	01/31/18		10.41
Chastain Square	Atlanta	1981 / 2001	91,637	97.1%	25	3	37,366	Publix	05/31/24		17.84
Commerce Crossing	Commerce	1988	100,668	26.5%	5	6				Fred's Store	5.32
Douglas Commons	Douglasville	1988	97,027	98.9%	17	1	59,431	Kroger	08/31/13		10.86
Fairview Oaks	Ellenwood	1997	77,052	95.4%	12	2	54,498	Kroger	09/30/16		11.29
Freehome Village	Canton	2003	74,340	74.0%	7	10	44,840	Publix	12/31/23		12.21
Golden Park Village	Buford	2000	68,738	80.7%	8	5	44,270	Publix	02/29/20		11.10
Governors Town Square	Acworth	2005	68,658	98.8%	13	1	44,840	Publix	02/28/25		15.57
Grassland Crossing	Alpharetta	1996	90,906	93.2%	11	3	70,086	Kroger	06/30/16		11.74
Hairston Center	Decatur	2000	13,000	38.5%	3	6					11.28
Hamilton Ridge	Buford	2002	90,996	85.1%	14	7	54,166	Kroger	11/30/22		11.40
Keith Bridge Commons	Atlanta	2002	94,886	85.9%	14	7	54,139	Kroger	08/10/22		12.72
Mableton Crossing	Mableton	1997	86,819	98.1%	16	1	63,419	Kroger	08/31/17		11.16
Macland Pointe	Marietta	1992-93	79,699	96.6%	15	2	55,999	Publix	12/29/12		10.21
Market Place	Norcross	1976	77,706	92.1%	19	4				Galaxy Cinema	12.17
Paulding Commons	Hiram	1991	192,391	95.6%	26	4	49,700	Kroger	02/28/11	Kmart	8.00
Piedmont Peachtree Crossing	Buckhead	1978 / 1998	152,239	97.9%	26	2	55,520	Kroger	05/31/10	Cost Plus Store / Binders Art Supplies	15.27
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998	86,473	90.5%	19	6				Micro Center	9.98
Salem Road Station	Atlanta	2000	67,270	92.3%	12	4	44,270	Publix	09/30/20		10.83
Shops of Huntcrest	Lawrenceville	2003	97,040	85.7%	19	7	54,340	Publix	01/31/23		13.24
Shops of Westridge	McDonough	2006	66,297	78.9%	10	8	38,997	Publix	04/30/26		13.62
Wesley Chapel	Decatur	1989	163,518	72.7%	16	13				Corinthian College / Little Giant	7.02

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
Williamsburg @ Dunwoody	Dunwoody	1983	44,928	84.3%	21	6					$ 20.28
Central / South Georgia (9)
Daniel Village	Augusta	1956 / 1997	171,932	83.8%	27	12	45,971	Bi-Lo	03/25/22	St. Joseph Home Health Care	$  8.76
Dublin Village	Dublin	2005	98,540	94.9%	13	4	70,225	Kroger	08/03/25		6.77
Grayson Village	Loganville	2002	83,155	78.8%	14	9	44,271	Publix	01/31/22		11.15
Loganville Town Center	Loganville	1997	77,661	96.1%	13	2	51,420	Publix	08/01/17		13.13
McAlpin Square	Savannah	1979	173,952	98.6%	23	1	43,600	Kroger	08/31/15	Big Lots / Savannah-Skidaway / Habitat for Humanity	7.31
Spalding Village	Griffin	1989	235,318	62.5%	17	11	59,431	Kroger	05/31/14	JC Penney* /  Fred's Store	7.72
The Vineyards at Chateau Elan	Braselton	2002	79,047	97.4%	19	1	44,271	Publix	01/31/23		13.53
Walton Plaza	Augusta	1990	43,460	91.7%	5	3	32,960	Harris Teeter* (Omni Fitness)	04/01/11		10.40
Wilmington Island Shopping Center	Wilmington Island	1985 / 1998 / 2003	87,818	70.9%	13	10	42,156	Kroger	09/16/18		12.69
TOTAL SHOPPING CENTERS GEORGIA (33)			3,451,609	86.4%	527	172	1,358,071				$  11.82
LOUISIANA (13)
Ambassador Row	Lafayette	1980 / 1991	193,978	80.7%	23	3				Conn's Appliances / Big Lots / Chuck E Cheese	$  10.49
Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005	146,697	97.1%	22	1				Bed Bath & Beyond / Marshall's / Hancock Fabrics / United Training Academy / Tuesday Morning	9.96
Bluebonnet Village	Baton Rouge	1983	101,623	97.0%	22	4	33,387	Matherne's	11/30/10	Office Depot	11.36
Boulevard	Lafayette	1976 / 1994	68,012	90.8%	11	3				Piccadilly / Harbor Freight Tools / Golfballs.com	8.69
Country Club Plaza	Slidell	1982 / 1994	64,686	95.2%	8	2	33,387	Winn-Dixie	01/31/13		6.60
Crossing	Slidell	1988 / 1993	114,806	96.1%	14	2	58,432	Save A Center	09/29/39	A-1 Home Appliance / Piccadilly	5.77
Elmwood Oaks	Harahan	1989	133,995	97.2%	10	1				Academy Sports / Dollar Tree / Home Décor	9.84
Grand Marche (ground lease)	Lafayette	1969	200,585	100.0%	1	-					NA
Plaza Acadienne	Eunice	1980	105,419	56.4%	7	1	28,092	Super 1 Store	06/30/10	Fred's Store	4.33
Sherwood South	Baton Rouge	1972 / 1988 / 1992	77,107	86.0%	8	1				Burke's Outlet / Harbor Freight Tools / Fred's Store	6.13
Siegen Village	Baton Rouge	1988	170,416	99.2%	19	1				Office Depot / Big Lots / Dollar Tree / Stage / Party City	9.29
Tarpon Heights	Galliano	1982	56,605	83.2%	8	2				Stage / Dollar General	5.18
Village at Northshore	Slidell	1988	144,638	96.7%	13	2				Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot	$  8.52
TOTAL SHOPPING CENTERS LOUISIANA (13)			1,578,567	91.5%	166	23	153,298				$  8.62

Page 29

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration		leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
MARYLAND (1)
South Plaza Shopping Center	St. Mary's County	2005	92,335	100.0%	9	-				Ross Dress For Less / Best Buy / Old Navy /Petco	$  16.90
TOTAL SHOPPING CENTERS MARYLAND (1)			92,335	100.0%	9	-	-	-	-	-	$  16.90
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	8.14
West Roxbury Shaw's Plaza	West Roxbury	1973 / 1995/ 2006	76,316	97.3%	11	2	54,928	Shaw's	01/02/16		23.32
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)			600,879	99.7%	31	2	434,532				$  17.14
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
NEW YORK (1)
Westbury Plaza	Long Island	1993	398,602	100.0%	8	-				Olive Garden / Borders / Costco / Marshalls / Sports Authority / Walmart	$  21.07
TOTAL SHOPPING CENTERS NEW YORK (1)			398,602	100.0%	8	-	-				$  21.07
NORTH CAROLINA (12)
Brawley Commons	Charlotte	1997 / 1998	119,189	74.4%	22	14	42,142	Lowe's Foods	04/30/17	Rite Aid	$  11.93
Carolina Pavilion	Charlotte	1996	731,678	96.9%	23	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 Baby	9.80
Centre Pointe Plaza	Smithfield	1989	163,642	75.9%	20	4				Belk's /  Dollar Tree / Aaron Rents	6.91
Chestnut Square	Brevard	1985 / 2008	34,260	90.7%	6	2				Walgreens	15.39

Page 30

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor				Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration		leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
Galleria	Wrightsville Beach	1986 / 1990	92,114	81.4%	27	8	28,000	Harris Teeter*	04/05/11		$   9.70
Parkwest Crossing	Durham	1990	85,602	94.9%	16	1	38,052	Food Lion	12/14/10		10.71
Riverview Shopping Center	Durham	1973 / 1995	128,498	95.4%	12	4	53,538	Kroger	12/31/14	Upchurch Drugs / Riverview Galleries	7.74
Salisbury Marketplace	Salisbury	1987	79,732	73.8%	11	9	31,762	Food Lion	02/11/23		11.11
Stanley Market Place	Stanley	2007	53,228	93.4%	5	2	34,928	Food Lion	05/15/27	Family Dollar	9.87
Thomasville Commons	Thomasville	1991	148,754	94.8%	9	5	32,000	Ingles	09/29/12	Kmart	5.68
Willowdaile Shopping Center	Durham	1986	95,601	46.0%	15	10				Hall of Fitness	10.95
Whitaker Square	Winston-Salem	1996	82,760	100.0%	13	-	51,890	Harris Teeter	02/28/16	Rugged Wearhouse	12.29
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)			1,815,058	88.6%	179	62	312,312				$  9.54
SOUTH CAROLINA (7)
Belfair Towne Village	Bluffton	2000 / 2003 / 2006	166,639	95.6%	31	3	55,696	Kroger	10/31/19	Stein Mart	$  13.52
Lancaster Plaza	Lancaster	1971 / 1990	77,400	57.1%	2	3	19,200	Bi-Lo	09/30/10	Tractor Supply	3.56
Lancaster Shopping Center	Lancaster	1963 / 1987	29,047	100.0%	2	-				Sweet Union Furniture	2.16
Milestone Plaza	Greenville	1995	89,721	97.4%	9	1	59,039	Bi-Lo	03/31/30		14.84
North Village Center	North Myrtle Beach	1984	60,356	29.2%	5	8				Dollar General	9.13
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		10.63
TOTAL SHOPPING CENTERS SOUTH CAROLINA (7)			559,683	83.8%	60	19	181,890				$  10.48
TENNESSEE (1)
Greensboro Village Shopping Center	Gallatin	2005	70,203	95.6%	14	2	45,600	Publix	11/30/25		$  14.13
TOTAL SHOPPING CENTERS TENNESSEE (1)			70,203	95.6%	14	2	45,600				$  14.13
VIRGINIA (1)
Smyth Valley Crossing	Marion	1989	126,841	98.9%	13	1	32,000	Ingles	09/25/10	Wal-Mart	$  6.04
TOTAL SHOPPING CENTERS VIRGINIA (1)			126,841	98.9%	13	1	32,000				$  6.04
TOTAL CORE SHOPPING CENTER PORTFOLIO (170)			19,187,074	90.3%	2,737	752	5,593,992				$  12.27

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2010

		Year	Total		Number		Supermarket anchor			Other	Average base rent per
		Built /	Sq. Ft.	Percent	of tenants		Owned		Expiration	anchor	leased
Property	City	Renovated	Owned	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
			19,187,074	90.3%	2,737	752	5,593,992
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	82.9%	15	4
Laurel Walk Apartments	Charlotte, NC	1985	106,480	96.0%	90	8
Mandarin Mini-Storage	Jacksonville, FL	1982	52,300	65.1%	320	224
Prosperity Office Building	Palm Beach Gdns, FL	1972	3,200	0.0%	-	1
Providence Square	Charlotte, NC	1973	85,930	29.8%	11	14
TOTAL OTHER PROPERTIES (6)			469,160	54.6%	438	258	-
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (176)			19,656,234	89.5%	3,175	1,010	5,593,992
DEVELOPMENTS, REDEVELOPMENTS & LAND (8)
Developments (2)	Various - See Schedule on Page 34.
Redevelopments (1)	Various - See Schedule on Page 34.
Land Held for Development (5)	Various
TOTAL CONSOLIDATED - 184 Properties

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

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

** Future contractual lease obligations included.

Page 32

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

For the quarter ended March 31, 2010

(in thousands)

2010 Acquisition Activity
Date Purchased	Property Name	City	State	Square Feet / Acres		Purchase Price
March 31, 2010	Copps Hill Plaza	Ridgefield	CT		184,528	$	33,400
March 19, 2010	Gateway Plaza at Aventura	Aventura	FL		29,800		8,000
March 15, 2010	Coral Reef - Outparcel	Palmetto Bay	FL		0.58		1,000
February 24, 2010	Ryanwood - Ryanwood Outparcel	Vero Beach	FL		0.63		325
Total						$	42,725

Page 33

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of March 31, 2010

(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 03/31/10		Balance to Complete (Gross Cost)
Developments
Shops at Hampton Oaks (3)	Fairburn, GA (Atlanta)		21,000		21,000	CVS (not owned)	2Q12	$	8,672	$	5,197	$	8,084	$	588
Sunlake (4)(5)	Tampa, FL		123,647		89,516	Publix	4Q11		41,022		28,570		40,712		310
River Green	Canton, GA (Atlanta)		59,997		59,997	CVS (not owned)	TBD		11,905		10,155		3,392		8,513
Subtotal			204,644		170,513			$	61,599	$	43,922	$	52,188	$	9,411
Redevelopment
Boca Village	Boca Raton, FL		25,663		92,267	Publix Greenwise / CVS	4Q12		7,049		7,049		74		6,975
Subtotal			25,663		92,267			$	7,049	$	7,049	$	74	$	6,975
Total Development Activity			230,307		262,780			$	68,648	$	50,971	$	52,262	$	16,386

Project notes

(1) Includes actual / allocated cost of land.

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

(3) Remaining costs to complete represent small-shop and build-to-suit costs.

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

(5) Anchor opened December 2008, remaining costs to complete represent small-shop lease-up and outparcel construction.

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

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

Page 34

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2010

(in thousands)

	Maturity				March 31, 2010		Dec 31, 2009		Percent of  overall
Debt Instrument	date	Rate *			balance		balance		debt maturing
Mortgage debt
Bluff's Square	06/01/10		8.740	%	$	-	$	9,460		0.0	%
Kirkman Shoppes	06/01/10		8.740	%		-		8,934		0.0	%
Ross Plaza	06/01/10		8.740	%		-		6,231		0.0	%
Boynton Plaza	07/01/10		8.030	%		-		6,960		0.0	%
Pointe Royale	07/15/10		7.950	%		2,601		2,698		0.2	%
Shops at Skylake	08/01/10		7.650	%		11,834		11,973		1.0	%
Parkwest Crossing	09/01/10		8.100	%		4,381		4,400		0.4	%
Spalding Village	09/01/10		8.194	%		8,140		8,261		0.7	%
Charlotte Square	02/01/11		9.188	%		3,096		3,123		0.3	%
Forest Village	04/01/11		7.270	%		4,121		4,140		0.3	%
Boca Village	05/01/11		7.200	%		7,618		7,653		0.6	%
MacLand Pointe	05/01/11		7.250	%		5,383		5,408		0.4	%
Pine Ridge Square	05/01/11		7.020	%		6,730		6,762		0.6	%
Sawgrass Promenade	05/01/11		7.200	%		7,618		7,653		0.6	%
Lake Mary Centre	11/01/11		7.250	%		22,611		22,712		1.9	%
Lake St. Charles	11/01/11		7.130	%		3,564		3,580		0.3	%
Belfair Towne Village	12/01/11		7.320	%		9,884		9,958		0.8	%
Marco Town Center	01/01/12		6.700	%		7,571		7,629		0.6	%
Riverside Square	03/01/12		9.188	%		6,848		6,892		0.6	%
Hammocks Town Center	06/26/12		6.950	%		11,781		11,833		1.0	%
Cashmere Corners	11/01/12		5.880	%		4,487		4,523		0.4	%
Eastwood	11/01/12		5.880	%		5,347		5,390		0.4	%
Meadows Shopping Center	11/01/12		5.870	%		5,619		5,664		0.5	%
Salem Road Station	11/11/12		6.000	%		5,817		5,846		0.5	%
Lutz Lake Crossing	01/01/13		6.280	%		7,303		7,328		0.6	%
Brawley Commons	07/01/13		6.250	%		6,773		6,794		0.6	%
Midpoint Center	07/10/13		5.770	%		6,153		6,200		0.5	%
Buckhead Station	09/01/13		6.880	%		26,051		26,213		2.2	%
Keith Bridge Commons	10/11/13		4.800	%		8,705		8,753		0.7	%
Alafaya Village	11/11/13		5.990	%		3,886		3,904		0.3	%
Summerlin Square	02/01/14		6.750	%		1,823		1,924		0.2	%
Sunrise Town Center	04/30/14		5.690	%		10,246		10,298		0.9	%
South Point	07/10/14		5.720	%		7,562		7,616		0.6	%
The Vineyards at Chateau Elan	07/11/14		5.880	%		9,789		9,833		0.8	%

Page 35

	Maturity				March 31, 2010			Dec 31, 2009			Percent of overall
Debt Instrument	date	Rate *			balance			balance			debt maturing
Grayson Village	01/11/15		5.210	%	$	9,773		$	9,820			0.8	%
Golden Park Village	01/11/15		5.250	%		7,307			7,341			0.6	%
The Shops at Lake Tuscaloosa	01/11/15		5.450	%		7,106			7,139			0.6	%
Bird Ludlum	02/15/15		7.680	%		5,620			5,853			0.5	%
Treasure Coast Plaza	04/01/15		8.000	%		2,691			2,797			0.2	%
Eustis Village	05/11/15		5.450	%		13,257			13,313			1.1	%
Governors Town Square	06/01/15		5.200	%		10,358			10,407			0.9	%
Shoppes of Silverlakes I	07/01/15		7.750	%		1,588			1,648			0.1	%
Freehome Village	07/11/15		5.150	%		9,842			9,889			0.8	%
Loganville Town Center	08/11/15		4.890	%		10,041			10,090			0.8	%
Wilmington Island Shopping Center	11/11/15		5.050	%		9,515			9,560			0.8	%
South Plaza Shopping Center	01/11/16		5.420	%		16,730			16,803			1.4	%
Glengary Shoppes	06/11/16		5.750	%		16,742			16,801			1.4	%
Magnolia Shoppes	07/11/16		6.160	%		14,413			14,467			1.3	%
Grassland Crossing	12/01/16		7.870	%		4,764			4,825			0.4	%
Dublin Village	12/11/16		5.780	%		6,765			6,787			0.6	%
Greensboro Village Shopping Center	02/11/17		5.520	%		9,764			9,803			0.8	%
Whitaker Square	12/01/17		6.320	%		9,723			9,750			0.8	%
Mableton Crossing	08/15/18		6.850	%		3,443			3,478			0.3	%
Sheridan Plaza	10/10/18		6.250	%		63,907			64,107			5.3	%
BridgeMill	05/05/21		7.940	%		8,306			8,369			0.7	%
Westport Plaza	08/24/23		7.490	%		4,297			4,330			0.4	%
Chastain Square	02/28/24		6.500	%		3,197			3,232			0.3	%
Daniel Village	02/28/24		6.500	%		3,495			3,533			0.3	%
Douglas Commons	02/28/24		6.500	%		4,164			4,209			0.3	%
Fairview Oaks	02/28/24		6.500	%		3,941			3,984			0.3	%
Madison Centre	02/28/24		6.500	%		3,197			3,232			0.3	%
Paulding Commons	02/28/24		6.500	%		5,428			5,487			0.5	%
Siegen Village	02/28/24		6.500	%		3,532			3,570			0.3	%
Wesley Chapel Crossing	02/28/24		6.500	%		2,788			2,818			0.2	%
Webster Plaza	08/15/24		8.070	%		7,615			7,659			0.6	%
Copps Hill	01/01/29		6.060	%		19,797			-			1.6	%
Total mortgage debt - (62 loans outstanding)	4.68		6.28	%	$	536,448		$	551,647			44.7	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)	(wtd-avg interest rate)(1)				(22,123	)		(22,754	)		(1.8	%)
Total mortgage debt - (including unamortized/unaccreted premium/(discount))					$	514,325		$	528,893			42.9	%

Page 36

	Maturity					March 31, 2010			Dec 31, 2009			Percent of  overall
Debt Instrument	date		Rate *			balance			balance			debt maturing
Unsecured senior notes payable
7.84% senior notes	01/23/12			7.840	%	$	10,000		$	10,000			0.8	%
6.25% senior notes	12/15/14			6.250	%		250,000			250,000			20.8	%
5.375% senior notes	10/15/15			5.375	%		107,505			107,505			8.9	%
6.00% senior notes	09/15/16			6.000	%		105,230			105,230			8.8	%
6.25% senior notes	01/15/17			6.250	%		101,403			101,403			8.4	%
6.00% senior notes	09/15/17			6.000	%		116,998			116,998			9.7	%
Total unsecured senior notes payable		5.96		6.13	%	$	691,136		$	691,136			57.4	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)		(wtd-avg interest rate)(1)				(3,045	)		(3,138	)		(0.3	%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))						$	688,091		$	687,998			57.1	%
Revolving credit facilities
$272MM Wells Fargo Unsecured	10/17/11			N/A		$	-		$	-			0.0	%
$15MM City National Bank Unsecured	12/10/10			N/A			-			-			0.0	%
Total revolving credit facilities						$	-		$	-			0.0	%
Total debt		5.40		6.19	%	$	1,227,584		$	1,242,783			102.2	%
Unamortized/unaccreted premium/(discount)	(wtd-avg maturity)		(wtd-avg interest rate)(1)				(25,168	)		(25,892	)		(2.1	%)
Total debt (including net interest premium/discount)						$	1,202,416		$	1,216,891			100.0	%
Senior Unsecured Debt Ratings
Moody's						Baa3 (Stable)			Baa3 (Stable)
S&P						BBB- (Stable)			BBB- (Stable)

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

* The rate in effect on March 31, 2010.

(1) Weighted average interest rates are calculated based on term to maturity and include scheduled principal amortization.

Page 37

EQUITY ONE, INC.

UNCONSOLIDATED BALANCE SHEET - GRI-EQY I, LLC

As of March 31, 2010 and December 31, 2009

	As of			As of
	March 31, 2010			December 31, 2009
Assets	(in thousands)			(in thousands)
Properties
Income producing		252,260			252,011
Less: accumulated depreciation		(8,129	)		(7,062	)
Rental property	$	244,131		$	244,949
Cash and cash equivalents		707			1,935
Accounts and other receivables, net		2,778			2,297
Other assets		15,028			14,676
Total	$	262,644		$	263,857
Liabilities and joint venture equity
Liabilities
Mortgage notes payable		141,566			140,188
Accounts payable and other liabilities		21,197			20,905
Total liabilities	$	162,763		$	161,093
Joint venture equity		99,881			102,764
Total	$	262,644		$	263,857

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

Page 38

EQUITY ONE, INC.

UNCONSOLIDATED STATEMENT OF INCOME - GRI-EQY I, LLC

For the quarters ended March 31, 2010 and 2009

	Three months ended
	March 31, 2010		March 31, 2009
	(in thousands)		(in thousands)
REVENUES	$	6,140	$	6,955
COSTS AND EXPENSES
Property operating		1,873		1,979
Rental property depreciation and amortization		1,641		1,957
Interest expense		2,051		2,057
Total costs and expenses	$	5,565	$	5,993
NET INCOME	$	575	$	962

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

Page 39

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT - GRI-EQY I, LLC

As of March 31, 2010

		Year			Number		Supermarket anchor				Average base rent per
		Built /	Total	Percent	of tenant				Expiration	Other	leased
Property	City	Renovated	Sq. Ft.	Leased	Leased	Vacant	sq. ft.	Name	Date	anchor tenants	SF
Airpark Plaza Shopping Center	Miami	1971 / 1998 / 2004 / 2008	172,095	94.4%	32	5	30,000	Publix	10/31/24	Home Depot Expo* / Office Depot	$  13.45
Concord Shopping Plaza	Miami	1962 / 1992 / 1993	298,142	99.3%	23	1	78,000	Winn-Dixie	09/30/14	Home Depot / Big Lots / Dollar Tree	10.47
Presidential Markets	Snellville	1993 / 2000	396,432	96.5%	35	2	56,146	Publix	12/31/19	Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders	11.03
Shoppes of Ibis	West Palm Beach	1999	79,420	89.4%	13	5	51,420	Publix	05/31/19		12.74
Shoppes at Quail Roost	Miami	2005	73,550	93.1%	17	3	44,840	Publix	06/30/25		15.18
Shoppes of Sunset	Miami	1979	21,784	82.5%	13	4					20.78
Shoppes of Sunset II	Miami	1980	27,676	74.4%	12	5					19.07
Sparkleberry Square	Columbia	1997 / 2004	154,217	78.5%	9	1				Petsmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less	10.84
Sparkleberry Kohl's	Columbia	1997 / 2004	85,961	100.0%	1	0				Kohl's	7.74
Sparkleberry Kroger	Columbia	1997 / 2004	98,623	98.4%	13	1	67,943	Kroger	08/31/17		12.75
TOTAL GRI-EQY I, LLC SHOPPING CENTER PORTFOLIO (10)			1,407,900	94.0%	168	27	328,349				$  11.66

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

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

Page 40

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - GRI-EQY I, LLC

As of March 31, 2010

(in thousands)

	Equity One's			Maturity				March 31, 2010			Dec 31, 2009
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%			5,876			5,907
Sparkleberry Square (Kroger)		10	%	06/30/20		6.750%			6,092			6,194
Total mortgage debt (3 loans outstanding)					3.34	5.86	%	$	131,968		$	132,101
				(wtd-avg maturity)		(Net effective int rate)
Net interest premium/(discount)									(531	)		(544	)
Total mortgage debt (including net interest premium/discount)								$	131,437		$	131,557
Interest Rate Swap
Fair value of $120MM floating-to-fixed interest rate swap		10	%	06/01/13		3.685	%	$	10,128		$	8,631
Total debt (including net interest premium/discount)								$	141,565		$	140,188
Equity One's pro-rata share of unconsolidated debt		10	%					$	14,157		$	14,019

(1) The rate in effect on March 31, 2010.

(2) Mortgage encumbers Airpark Plaza,  Concord, IBIS, Presidential Markets, Quail Roost, and Sparkleberry Square. The full balance has been swapped to a fixed rate of 3.685%

Page 41

EQUITY ONE, INC.

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

As of March 31, 2010 and December 31, 2009

	As of			As of
	March 31, 2010			December 31, 2009
Assets	(in thousands)			(in thousands)
Properties
Income producing		50,997			50,997
Less: accumulated depreciation		(1,581	)		(1,347	)
Rental property	$	49,415		$	49,650
Cash and cash equivalents		459			945
Accounts and other receivables, net		-			20
Other assets		5,223			5,218
Total	$	55,097		$	55,833
Liabilities and joint ventures' equity
Liabilities
Mortgage notes payable		37,083			37,212
Accounts payable and other liabilities		3,705			3,885
Total liabilities	$	40,788		$	41,097
Joint venture equity		14,309			14,736
Total	$	55,097		$	55,833

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

Page 42

EQUITY ONE, INC.

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

For the quarters ended March 31, 2010 and 2009

	Three months ended
	March 31, 2010			March 31, 2009
	(in thousands)			(in thousands)
REVENUES	$	1,591		$	1,641
COSTS AND EXPENSES
Property operating		688			713
Rental property depreciation and amortization		725			827
Interest expense		606			615
Total costs and expenses	$	2,019		$	2,155
NET LOSS	$	(428	)	$	(514	)

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

Page 43

EQUITY ONE, INC.

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

As of March 31, 2010

		Year			Number		Supermarket anchor			Other	Average base rent per
		Built /	Total	Percent	of tenant				Expiration	anchor	leased
Property	City	Renovated	Sq. Ft.	Leased	Leased	Vacant	sq. ft.	Name	Date	tenants	SF
1900/2000 Offices	Boca Raton	1979 / 1982 / 1986 / 2007	116,777	56.1%	19	10				RN Network	$15.97
Penn Dutch Plaza	Margate	1989	155,628	77.1%	18	21	70,358	Penn Dutch Food Center	12/31/13	Walgreens	8.60
Plantation Marketplace	Plantation	1963 / 1998	230,330	68.2%	26	13	43,386	Winn-Dixie	11/05/14	Beall's / Just Fit / Big Lots / CVS	10.55
TOTAL G&I VI SHOPPING CENTER PORTFOLIO (3)			502,735	68.1%	63	44	113,744				$  10.91

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

Page 44

EQUITY ONE, INC.

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

As of March 31, 2010

(in thousands)

	Equity One's			Maturity					March 31, 2010			Dec 31, 2009
Debt Instrument	Ownership			date		Rate (1)			balance			balance
Mortgage debt
Fixed rate loan		20	%	11/11/14			5.560	%	$	37,838		$	38,012
Net interest premium/(discount)		-			-					(755	)		(800	)
Total mortgage debt					4.62		5.56	%	$	37,083		$	37,212
				(wtd-avg maturity)		(Net effective int rate)
Equity One's pro-rata share of unconsolidated debt		20	%						$	7,417		$	7,442

(1) The rate in effect on March 31, 2010.

Page 45