EX-99.2 3 ex99_2.htm EXHIBIT 99.2 ex99_2.htm

Exhibit 99.2

Equity One, Inc.
Supplemental Information Package
 
June 30, 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
June 30, 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
Consolidated 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/Region 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 June 30, 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
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 June 30, 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, man-made, 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 June 30, 2010 should be read in conjunction with this Supplemental Information Package. 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, gain (loss) on debt extinguishment, gain (loss) on sale of securities, and impairment of real estate.  Given the nature of the Company's business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are included in earnings on a net basis. Accordingly, we believe that the use of EBITDA as opposed to earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated periods.

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

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

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

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

 
Page 4

 

EQUITY ONE, INC.
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three and six months ended June 30, 2010 and 2009
(in thousands, except per share data)

   
                         
   
For the three months ended
   
For the six months ended
 
   
June 30, 2010
   
June 30, 2009
   
June 30, 2010
   
June 30, 2009
 
Summary Financial Results
                       
Total revenues*
  $ 71,337     $ 67,743     $ 141,474     $ 137,108  
EBITDA (see page 14)
    44,572       45,549       87,953       89,163  
Property net operating income
    50,721       47,524       100,677       97,412  
General & administrative expenses (G&A)* - Adjusted (1)
    8,681       7,791       16,478       16,079  
                                 
Net income attributable to Equity One
  $ 6,239     $ 15,357     $ 11,671     $ 59,194  
Net income per diluted share
    0.07       0.18       0.13       0.72  
                                 
Funds from operations (FFO)
  $ 23,101     $ 29,128     $ 43,939     $ 87,067  
FFO per diluted share
    0.25       0.34       0.49       1.07  
                                 
Total dividends paid per share
  $ 0.22     $ 0.30     $ 0.44     $ 0.60  
                                 
Weighted average diluted shares
    92,255       85,001       90,198       81,206  
                                 
Summary Operating and Financial Ratios
                               
Core shopping center portfolio occupancy at end of period (see pages 24-32)
    90.1 %     90.7 %     90.1 %     90.7 %
Same-property shopping center portfolio occupancy at end of period
    90.0 %     90.9 %     90.0 %     90.9 %
Same-property NOI growth - cash basis (see page 13)
    -0.6 %     -3.2 %     -2.2 %     -3.0 %
NOI margin (see page 13)
    71.5 %     70.6 %     71.6 %     71.6 %
Expense recovery ratio*
    78.0 %     73.3 %     76.5 %     74.7 %
New, renewal and option rent spread - cash basis (see page 18)
    -4.1 %     1.4 %     N/A       N/A  
Adjusted G&A expense to total revenues (1)
    12.2 %     11.5 %     11.6 %     11.7 %
Net debt to total market capitalization (see page 7)
    44.9 %     49.1 %     44.9 %     49.1 %
Net debt to Adjusted EBITDA (see page 14)
    6.6       6.1       6.7       6.2  
Adjusted EBITDA to interest expense* (see page 14)
    2.3       2.5       2.2       2.4  
Adjusted EBITDA to fixed charges* (see page 14)
    2.0       2.1       1.9       2.0  
   

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

(1)
G&A expense for the three and six months ended June 30, 2010 deducts $2.9 million and $5.0 million, respectively, for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the three and six months ended June 30, 2009 deducts $933K and $1.4 million, respectively, for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the six month period ended June 30, 2009 also deducts $3.3 million in severance costs related to former executives.

 
Page 5

 

EQUITY ONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2010 and December 31, 2009 and 2008
(in thousands)
   
                   
                   
   
June 30, 2010
   
Dec 31, 2009
   
Dec 31, 2008
 
Assets
                 
Properties
                 
Income producing
  $ 2,495,320     $ 2,433,431     $ 1,900,513  
Less: accumulated depreciation
    (263,877 )     (240,172 )     (196,151 )
Income producing properties, net
    2,231,443       2,193,259       1,704,362  
Construction in progress and land held for development
    72,882       68,866       74,371  
Properties, net
    2,304,325       2,262,125       1,778,733  
                         
Cash and cash equivalents
    20,170       47,970       5,355  
Accounts and other receivables, net
    8,296       9,806       12,209  
Investments in and advances to unconsolidated joint ventures
    11,141       11,524       11,745  
Securities
    -       820       160,585  
Goodwill
    11,477       11,477       11,845  
Other assets
    117,509       108,598       55,791  
                         
Total Assets
  $ 2,472,918     $ 2,452,320     $ 2,036,263  
                         
Liabilities and stockholders' equity
                       
Liabilities
                       
Mortgage notes payable
  $ 503,292     $ 551,647     $ 371,077  
Unsecured revolving credit facilities
    -       -       35,500  
Unsecured senior notes payable
    691,136       691,136       657,913  
Total debt
    1,194,428       1,242,783       1,064,490  
Unamortized/unaccreted (discount) premium on notes payable, net
    (24,576 )     (25,892 )     5,225  
Total notes payable
    1,169,852       1,216,891       1,069,715  
                         
Accounts payable and other liabilities
    108,462       96,668       54,652  
Deferred tax liabilities, net
    48,066       50,059       1,409  
Total liabilities
    1,326,380       1,363,618       1,125,776  
                         
Redeemable noncontrolling interest
    989       989       989  
                         
Total stockholders' equity of Equity One, Inc.
    1,143,051       1,064,535       909,498  
                         
Noncontrolling interest
    2,498       23,178       -  
                         
Total Liabilities and Stockholders' Equity
  $ 2,472,918     $ 2,452,320     $ 2,036,263  
                         
   

 
Page 6

 

EQUITY ONE, INC.
MARKET CAPITALIZATION
As of June 30, 2010 and December 31, 2009 and 2008
(in thousands, except per share data)

   
                   
                   
   
June 30, 2010
   
Dec 31, 2009
   
Dec 31, 2008
 
                   
Closing market price of common stock
  $ 15.60     $ 16.17     $ 17.70  
                         
Common stock shares
                       
Basic common shares
    92,147.398       86,131.037       76,198.420  
Diluted common shares
                       
Unvested restricted common shares
    32.386       47.993       29.360  
DownREIT units (convertible into shares)
    93.656       93.656       93.656  
Common stock options (treasury method, closing price)
    71.891       79.656       23.178  
Shares for DIM Vastgoed contingent consideration
    -       516.019       -  
Diluted common shares
    92,345.331       86,868.361       76,344.614  
                         
Equity market capitalization
  $ 1,440,587     $ 1,404,661     $ 1,351,300  
                         
                         
Total debt (excluding unamortized/unaccreted premium/(discount))
  $ 1,194,428     $ 1,242,783     $ 1,064,490  
Cash and equivalents
    (20,170 )     (47,970 )     (5,355 )
Net debt
    1,174,258       1,194,813       1,059,135  
Equity market capitalization
    1,440,587       1,404,661       1,351,300  
Total market capitalization
  $ 2,614,845     $ 2,599,474     $ 2,410,435  
                         
Net debt to total market capitalization at current market price
    44.9 %     46.0 %     43.9 %
                         
Net debt to total market capitalization at constant share price of $16.17
    44.0 %     46.0 %     46.2 %
                         
                         
Gross real estate and securities investments
  $ 2,568,202     $ 2,503,117     $ 2,135,469  
                         
Net debt to gross real estate and securities investments
    45.7 %     47.7 %     49.6 %
                         

 
Page 7

 

EQUITY ONE, INC.
DEBT SUMMARY
As of June 30, 2010 and December 31, 2009 and 2008
(in thousands)

   
                   
                   
   
June 30, 2010
   
Dec 31, 2009
   
Dec 31, 2008
 
                   
Fixed rate debt
  $ 1,194,428     $ 1,242,783     $ 928,041  
Fixed rate debt - swapped to variable rate
    -       -       100,949  
Variable rate debt - unhedged
    -       -       35,500  
Total debt*
  $ 1,194,428     $ 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
  $ 503,292     $ 551,647     $ 371,077  
Unsecured debt
    691,136       691,136       693,413  
Total debt*
  $ 1,194,428     $ 1,242,783     $ 1,064,490  
                         
% Secured mortgage debt
    42.1 %     44.4 %     34.9 %
% Unsecured debt
    57.9 %     55.6 %     65.1 %
Total
    100.0 %     100.0 %     100.0 %
                         
                         
Total market capitalization (from page 7)
  $ 2,614,845     $ 2,599,474     $ 2,410,435  
                         
% Secured mortgage debt
    19.3 %     21.2 %     15.4 %
% Unsecured debt
    26.4 %     26.6 %     28.8 %
Total debt : Total market capitalization
    45.7 %     47.8 %     44.2 %
                         
                         
Weighted-average interest rate on secured mortgage debt*(1)
    6.5 %     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)
    6.1 %     6.3 %     6.3 %
Interest rate on revolving credit facilities
    N/A       N/A       2.1 %
                         
                         
Weighted-average maturity on mortgage debt*
 
4.8 years
   
4.7 years
   
5.0 years
 
Weighted-average maturity on senior unsecured notes*
 
5.7 years
   
6.2 years
   
6.5 years
 
Weighted-average maturity on total debt*
 
5.3 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 June 30, 2010
(in thousands)

   
Secured Debt
   
Unsecured Debt
   
Premium/
         
Weighted average
       
Maturity schedule by year
 
Scheduled amortization
   
Balloon payments
   
Revolving
Credit
Facilities
   
Senior Notes
   
(Discount)
Scheduled Amortization
   
Total
   
interest
rate at
maturity
   
Percent
of debt
maturing
 
                                                 
2010
  $ 6,401     $ -     $ -     $ -     $ (1,463 )   $ 4,938       N/A       0.4 %
2011
    13,026       65,578       -       -       (3,414 )     75,190       7.2 %     6.4 %
2012
    12,180       44,478       -       10,000       (4,386 )     62,272       7.0 %     5.3 %
2013
    11,707       54,127       -       -       (5,055 )     60,779       6.2 %     5.2 %
2014
    10,553       24,828       -       250,000       (5,554 )     279,827       6.2 %     23.9 %
2015
    7,832       69,093       -       107,505       (3,818 )     180,612       5.3 %     15.4 %
2016
    6,220       51,489       -       105,230       (1,356 )     161,583       6.0 %     13.8 %
2017
    5,620       17,242       -       218,401       (174 )     241,089       6.1 %     20.6 %
2018
    5,493       56,623       -       -       139       62,255       6.3 %     5.3 %
Thereafter
    32,492       8,310       -       -       505       41,307       7.8 %     3.5 %
Total
  $ 111,524     $ 391,768     $ -     $ 691,136     $ (24,576 )   $ 1,169,852       6.1 %     100.0 %
 
 
Page 9

 

EQUITY ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2010 and 2009
(in thousands, except per share data)
   
                                     
   
Three months ended
   
 
   
Six months ended
   
 
 
   
June 30, 2010
   
June 30, 2009
   
Percent
Change
   
June 30, 2010
   
June 30, 2009
   
Percent
Change
 
REVENUE:
                                   
Minimum rent
  $ 54,816     $ 52,220           $ 108,647     $ 105,063        
Expense recoveries
    15,773       14,451             30,624       28,836        
Percentage rent
    313       249             1,358       1,389        
Management and leasing services
    399       444             772       994        
Total revenue
    71,301       67,364       5.8 %     141,401       136,282       3.8 %
                                                 
COSTS AND EXPENSES:
                                               
Property operating
    20,242       19,722               40,048       38,603          
Rental property depreciation and amortization
    16,791       14,872               33,116       30,134          
General and administrative
    11,741       8,993               21,828       21,248          
Total costs and expenses
    48,774       43,587       11.9 %     94,992       89,985       5.6 %
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
    22,527       23,777               46,409       46,297          
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
    489       1,205               648       3,262          
Equity in loss in unconsolidated joint ventures
    (42 )     (21 )             (82 )     (28 )        
Other income
    103       34               156       1,085          
Interest expense
    (19,335 )     (18,129 )             (39,243 )     (37,692 )        
Amortization of deferred financing fees
    (454 )     (322 )             (900 )     (766 )        
Gain on extinguishment of debt
    63       3,544               63       12,235          
Gain on acquisition of controlling interest in subsidiary
    -       -               -       26,866          
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
    3,351       10,088               7,051       51,259          
Income tax benefit of taxable REIT subsidiaries
    926       850               1,994       1,489          
INCOME FROM CONTINUING OPERATIONS
    4,277       10,938       -60.9 %     9,045       52,748       -82.9 %
                                                 
DISCONTINUED OPERATIONS:
                                               
Operations of income producing properties sold or held for sale
    54       297               81       668          
Gain on disposal of income producing properties
    1,898       3,616               1,898       4,794          
INCOME FROM DISCONTINUED OPERATIONS
    1,952       3,913               1,979       5,462          
                                                 
NET INCOME
    6,229       14,851       -58.1 %     11,024       58,210       -81.1 %
Net loss attributable to noncontrolling interest
    10       506               647       984          
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
  $ 6,239     $ 15,357             $ 11,671     $ 59,194          
                                                 
EARNINGS PER COMMON SHARE - BASIC:
                                               
Continuing operations
  $ 0.05     $ 0.13             $ 0.11     $ 0.66          
Discontinued operations
    0.02       0.05               0.02       0.07          
NET INCOME
  $ 0.07     $ 0.18       -61.1 %   $ 0.13     $ 0.73       -82.2 %
                                                 
EARNINGS PER COMMON SHARE - DILUTED:
                                               
Continuing operations
  $ 0.05     $ 0.13             $ 0.11     $ 0.66          
Discontinued operations
    0.02       0.05               0.02       0.07          
NET INCOME
  $ 0.07     $ 0.18       -61.1 %   $ 0.13     $ 0.72       -81.9 %
                                                 
Weighted average shares outstanding
                                               
Basic
    92,141       84,298               89,939       80,552          
Diluted
    92,255       85,001               90,198       81,206          
   

Note:  Diluted EPS for six months ended June 30, 2009 does not foot due to the mathematical rounding of the individual calculations.

 
Page 10

 

EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the three and six months ended June 30, 2010
(in thousands)
   
                                     
   
Three months ended
   
Six months ended
 
   
June 30, 2010
   
June 30, 2010
 
   
As Reported
   
Disc. Ops
   
Pre Disc. Ops
   
As Reported
   
Disc. Ops
   
Pre Disc. Ops
 
REVENUE:
                                   
Minimum rent
  $ 54,816     $ 35     $ 54,851     $ 108,647     $ 70     $ 108,717  
Expense recoveries
    15,773       1       15,774       30,624       3       30,627  
Percentage rent
    313       -       313       1,358       -       1,358  
Management and leasing services
    399       -       399       772       -       772  
Total revenue
    71,301       36       71,337       141,401       73       141,474  
                                                 
COSTS AND EXPENSES:
                                               
Property operating
    20,242       (25 )     20,217       40,048       (23 )     40,025  
Rental property depreciation and amortization
    16,791       7       16,798       33,116       15       33,131  
General and administrative
    11,741       -       11,741       21,828       -       21,828  
Total costs and expenses
    48,774       (18 )     48,756       94,992       (8 )     94,984  
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
    22,527       54       22,581       46,409       81       46,490  
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
    489       -       489       648       -       648  
Equity in loss in unconsolidated joint ventures
    (42 )     -       (42 )     (82 )     -       (82 )
Other income
    103       -       103       156       -       156  
Interest expense
    (19,335 )     -       (19,335 )     (39,243 )     -       (39,243 )
Gain on sale of real estate
    -       1,898       1,898       -       1,898       1,898  
Gain on extinguishment of debt
    63       -       63       63       -       63  
Gain on acquisition of controlling interest in subsidiary
    -       -       -       -       -       -  
Amortization of deferred financing fees
    (454 )     -       (454 )     (900 )     -       (900 )
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND
    3,351       1,952       5,303       7,051       1,979       9,030  
DISCONTINUED OPERATIONS
                                               
Income tax benefit of taxable REIT subsidiaries
    926       -       926       1,994       -       1,994  
INCOME FROM CONTINUING OPERATIONS
    4,277       1,952       6,229       9,045       1,979       11,024  
                                                 
DISCONTINUED OPERATIONS:
                                               
Operations of income producing properties sold or held for sale
    54       (54 )     -       81       (81 )     -  
Gain on disposal of income producing properties
    1,898       (1,898 )     -       1,898       (1,898 )     -  
Income from discontinued operations
    1,952       (1,952 )     -       1,979       (1,979 )     -  
                                                 
Net loss attributable to noncontrolling interest
    10       -       10       647       -       647  
                                                 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
  $ 6,239     $ -     $ 6,239     $ 11,671     $ -     $ 11,671  
   

 
Page 11

 

EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the three and six months ended June 30, 2009
(in thousands)
   
                                     
   
Three months ended
   
Six months ended
 
   
June 30, 2009
   
June 30, 2009
 
   
As Reported
   
Disc. Ops
   
Pre Disc. Ops
   
As Reported
   
Disc. Ops
   
Pre Disc. Ops
 
REVENUE:
                                   
Minimum rent
  $ 52,220     $ 341     $ 52,561     $ 105,063     $ 743     $ 105,806  
Expense recoveries
    14,451       38       14,489       28,836       83       28,919  
Percentage rent
    249       -       249       1,389       -       1,389  
Management and leasing services
    444       -       444       994       -       994  
Total revenue
    67,364       379       67,743       136,282       826       137,108  
                                                 
COSTS AND EXPENSES:
                                               
Property operating
    19,722       53       19,775       38,603       99       38,702  
Rental property depreciation and amortization
    14,872       29       14,901       30,134       59       30,193  
General and administrative
    8,993       -       8,993       21,248       -       21,248  
Total costs and expenses
    43,587       82       43,669       89,985       158       90,143  
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
    23,777       297       24,074       46,297       668       46,965  
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
    1,205       -       1,205       3,262       -       3,262  
Equity in loss in unconsolidated joint ventures
    (21 )     -       (21 )     (28 )     -       (28 )
Other income
    34       -       34       1,085       -       1,085  
Interest expense
    (18,129 )     -       (18,129 )     (37,692 )     -       (37,692 )
Gain on sale of real estate
    -       3,616       3,616       -       4,794       4,794  
Gain on extinguishment of debt
    3,544       -       3,544       12,235       -       12,235  
Gain on acquisition of controlling interest in subsidiary
    -       -       -       26,866       -       26,866  
Amortization of deferred financing fees
    (322 )     -       (322 )     (766 )     -       (766 )
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
    10,088       3,913       14,001       51,259       5,462       56,721  
Income tax benefit of taxable REIT subsidiaries
    850       -       850       1,489       -       1,489  
INCOME FROM CONTINUING OPERATIONS
    10,938       3,913       14,851       52,748       5,462       58,210  
                                                 
DISCONTINUED OPERATIONS:
                                               
Operations of income producing properties sold or held for sale
    297       (297 )     -       668       (668 )     -  
Gain on disposal of income producing properties
    3,616       (3,616 )     -       4,794       (4,794 )     -  
Income from discontinued operations
    3,913       (3,913 )     -       5,462       (5,462 )     -  
                                                 
Net loss attributable to noncontrolling interest
    506       -       506       984       -       984  
                                                 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
  $ 15,357     $ -     $ 15,357     $ 59,194     $ -     $ 59,194  
   
   

 
Page 12

 

EQUITY ONE, INC.
NET OPERATING INCOME
For the three and six months ended June 30, 2010 and 2009
(in thousands)
   
                                     
   
Three months ended
   
 
   
Six months ended
       
   
June 30, 2010
   
June 30, 2009
   
Percent
Change
   
June 30, 2010
   
June 30, 2009
   
Percent
Change
 
                                     
Total net operating income (1)
                                   
Total rental revenue
  $ 70,938     $ 67,299       5.4 %   $ 140,702     $ 136,114       3.4 %
Property operating expenses
    20,217       19,775       2.2 %     40,025       38,702       3.4 %
Net operating income
  $ 50,721     $ 47,524       6.7 %   $ 100,677     $ 97,412       3.4 %
                                                 
NOI margin (NOI / Total rental revenue)
    71.5 %     70.6 %             71.6 %     71.6 %        
                                                 
                                                 
Same-property NOI (2)
                                               
Total rental revenue
  $ 53,622     $ 54,870       (2.3 %)   $ 107,471     $ 110,941       (3.1 %)
Property operating expenses (3)
    17,205       18,223       (5.6 %)     33,826       35,656       (5.1 %)
Net operating income (at end of period)
  $ 36,417     $ 36,647       (0.6 %)   $ 73,645     $ 75,285       (2.2 %)
                                                 
Growth in same property NOI
    (0.6 %)                     (2.2 %)                
                                                 
Number of properties included in analysis
    146                       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 three and six months ended June 30, 2010 and 2009
(in thousands)

   
                         
   
Three months ended
   
Six months ended
 
   
June 30, 2010
   
June 30, 2009
   
June 30, 2010
   
June 30, 2009
 
                         
Net income attributable to Equity One, Inc.
  $ 6,239     $ 15,357     $ 11,671     $ 59,194  
Rental property depreciation and amortization*
    16,798       14,901       33,131       30,193  
Other depreciation and amortization
    149       209       353       422  
Interest expense*
    19,335       18,129       39,243       37,692  
Amortization of deferred financing fees*
    454       322       900       766  
Gain on extinguishment of debt
    (63 )     (3,544 )     (63 )     (12,235 )
Acquisition costs(1)
    2,911       993       4,997       1,447  
Income tax benefit of taxable REIT subsidiaries
    (926 )     (850 )     (1,994 )     (1,489 )
(Gain) loss on sale of securities
    (367 )     11       (367 )     11  
Gain on acquisition of controlling interest in subsidiary
    -       -       -       (26,866 )
Equity in loss in unconsolidated joint ventures
    42       21       82       28  
Adjusted EBITDA(2)
  $ 44,572     $ 45,549     $ 87,953     $ 89,163  
                                 
Interest expense*
  $ 19,335     $ 18,129     $ 39,243     $ 37,692  
                                 
Adjusted EBITDA to interest expense*
    2.3       2.5       2.2       2.4  
                                 
Fixed charges
                               
Interest expense*
  $ 19,335     $ 18,129     $ 39,243     $ 37,692  
Scheduled principal amortization (3)
    3,426       3,945       7,116       7,931  
Total fixed charges
  $ 22,761     $ 22,074     $ 46,359     $ 45,623  
                                 
Adjusted EBITDA to fixed charges*
    2.0       2.1       1.9       2.0  
                                 
Net debt to Adjusted EBITDA (4)
    6.6       6.1       6.7       6.2  
                                 
Total market capitalization (see page 7)
  $ 2,614,845     $ 2,251,456     $ 2,614,845     $ 2,251,456  
                                 

*
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)
Adjusted 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)
Adjusted EBITDA for the period has been annualized.

 
Page 14

 
 
EQUITY ONE, INC.
 
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
 
For the three and six months ended June 30, 2010 and 2009
 
(in thousands, except per share data)
 
   
                         
   
Three months ended
   
Six months ended
 
   
June 30, 2010
   
June 30, 2009
   
June 30, 2010
   
June 30, 2009
 
                         
Net income attributable to Equity One, Inc.
  $ 6,239     $ 15,357     $ 11,671     $ 59,194  
Adjustments:
                               
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest
    16,564       13,433       31,661       27,174  
Pro rata share of real estate depreciation from unconsolidated JV's
    298       338       607       699  
Funds from operations
  $ 23,101     $ 29,128     $ 43,939     $ 87,067  
                                 
                                 
Earnings per diluted share attributable to Equity One, Inc.
  $ 0.07     $ 0.18     $ 0.13     $ 0.72  
Adjustments:
                               
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest
    0.18       0.16       0.35       0.33  
Pro rata share of real estate depreciation from unconsolidated JV's
    -       -       0.01       0.01  
Net adjustment for unvested shares and noncontrolling interest(1)
    -       -       -       0.01  
Funds from operations per diluted share
  $ 0.25     $ 0.34     $ 0.49     $ 1.07  
                                 
Weighted average diluted shares
    92,255       85,001       90,198       81,206  
                                 
   

(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 three and six months ended June 30, 2010 and 2009
(in thousands)
   
                         
   
Three months ended
   
Six months ended
 
   
June 30, 2010
   
June 30, 2009
   
June 30, 2010
   
June 30, 2009
 
Certain non-cash items:
                       
Amortization of deferred financing fees
  $ 454     $ 322     $ 900     $ 766  
Accretion of below market lease intangibles
    (2,017 )     (1,555 )     (3,905 )     (3,080 )
Share-based compensation expense
    1,605       1,505       3,179       4,701  
Straight line rent
    (477 )     (522 )     (1,016 )     (1,038 )
Capitalized interest
    (541 )     (372 )     (1,061 )     (687 )
Amortization of  discount on notes payable, net
    679       517       1,403       1,108  
Total certain non-cash items
  $ (297 )   $ (105 )   $ (500 )   $ 1,770  
                                 
Certain capital expenditures:
                               
Tenant improvements
  $ (2,286 )   $ (4,459 )   $ (5,195 )   $ (6,776 )
Leasing commissions and costs
    (1,209 )     (1,180 )     (1,899 )     (2,152 )
Total tenant improvements and leasing costs
  $ (3,495 )   $ (5,639 )   $ (7,094 )   $ (8,928 )
                                 
   
June 30, 2010
   
December 31, 2009
                 
Other assets and liabilities:
                               
Lease intangibles, net
  $ 52,686     $ 53,526                  
Lease commissions, net
    19,975       19,619                  
Straight-line rent receivable, net
    15,969       15,034                  
Deposits and mortgage escrow
    14,748       10,642                  
Prepaid expenses
    6,225       1,125                  
Deferred financing costs, net
    6,490       6,963                  
Furniture and fixtures, net
    1,416       1,689                  
Total other assets
  $ 117,509     $ 108,598                  
                                 
                                 
Above/below market rents, net
  $ 55,763       49,922                  
Prepaid rent and deferred income
    1,610       4,315                  
Accounts payable and other
    51,089       42,431                  
Total accounts payable and other liabilities
  $ 108,462     $ 96,668                  
                                 
Liquidity as of 6/30/10:
                               
Cash and Cash Equivalents
  $ 20,170                          
Marketable Securities
    -                          
Available under Lines of Credit
    207,795                          
Total Available Funds
  $ 227,965                          
   

 
Page 16

 


EQUITY ONE, INC.
                                         
TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS
                         
CONSOLIDATED PROPERTIES
                                     
As of June 30, 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       2,805,086       14.6 %   $ 23,301,502       11.1 %   $ 8.31  
Supervalu
    6    
BB-/Ba3
      398,625       2.1 %     8,088,636       3.8 %     20.29  
Kroger
    15    
BBB/Baa2
      845,602       4.4 %     6,707,076       3.2 %     7.93  
TJ Maxx Companies
    9       A/A3       294,484       1.5 %     3,471,127       1.6 %     11.79  
Bed Bath & Beyond
    9    
BBB
      298,332       1.5 %     3,467,566       1.6 %     11.62  
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 %     2,215,281       1.0 %     8.79  
CVS Pharmacy
    12    
BBB+/Baa2
      132,826       0.7 %     2,112,980       1.0 %     15.91  
Blockbuster
    20    
D/Ca
      102,217       0.5 %     2,055,239       1.0 %     20.11  
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  
Stop & Shop
    1       N/A       59,015       0.3 %     1,685,484       0.8 %     28.56  
Goodwill
    13       N/A       134,053       0.7 %     1,682,471       0.8 %     12.55  
Wal-Mart
    1    
AA/Aa2
      110,054       0.6 %     1,595,783       0.8 %     14.50  
Nordstrom
    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  
                                                         
Sub-total top twenty tenants
    216               7,360,401       38.3 %   $ 76,263,634       36.2 %   $ 10.36  
                                                         
Remaining tenants
    2,477               9,955,788       51.8 %     134,255,921       63.8 %     13.49  
                                                         
Sub-total all tenants
    2,693               17,316,189       90.1 %   $ 210,519,555       100.0 %   $ 12.30  
                                                         
Vacant
    768               1,897,498       9.9 %  
NA
   
NA
   
NA
 
                                                         
Total including vacant
    3,461               19,213,687       100.0 %   $ 210,519,555       100.0 %  
NA
 

Note:
Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties and sub-tenants, if any.
(1)
Ratings as of June 30, 2010. Source: CreditRiskMonitor.

 
Page 17

 

EQUITY ONE, INC.
RECENT LEASING ACTIVITY
For the three months ended June 30, 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)
    43       127,869       122,313     $ 11.13     $ 10.42       -6.4 %   $ 2.89  
Renewals
    80       168,266       168,266       17.81       16.46       -7.6 %     0.56  
Options
    20       247,665       247,665       8.78       8.97       2.1 %     -  
Total New, Renewals & Options
    143       543,800       538,244     $ 12.14     $ 11.64       -4.1 %   $ 0.83  
                                                         

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 June 30, 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
    134       223,154       1.1 %   $ 3,589,302       1.6 %   $ 16.08  
2010
    328       1,417,397       7.4 %     15,667,336       7.0 %     11.05  
2011
    555       2,436,432       12.7 %     31,443,082       14.1 %     12.91  
2012
    536       2,296,629       11.9 %     28,685,382       12.8 %     12.49  
2013
    417       1,802,533       9.4 %     25,426,029       11.4 %     14.11  
2014
    303       2,005,465       10.4 %     25,622,344       11.5 %     12.78  
2015
    148       952,171       5.0 %     12,132,937       5.4 %     12.74  
2016
    53       1,291,012       6.7 %     18,648,070       8.3 %     14.44  
2017
    36       728,485       3.8 %     9,009,501       4.0 %     12.37  
2018
    32       507,206       2.6 %     6,252,409       2.8 %     12.33  
2019
    21       491,723       2.6 %     7,065,653       3.2 %     14.37  
Thereafter
    130       3,163,982       16.5 %     39,992,505       17.9 %     12.64  
                                                 
Sub-total / average
    2,693       17,316,189       90.1 %   $ 223,534,550       100.0 %   $ 12.91  
                              .                  
Vacant
    768       1,897,498       9.9 %  
NA
   
NA
   
NA
 
                                                 
Total / average
    3,461       19,213,687       100.0 %   $ 223,534,550       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 June 30, 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
    28       797,472       6.4 %   $ 4,654,248       3.9 %   $ 5.84  
2011
    48       1,396,926       11.2 %     11,507,438       9.6 %     8.24  
2012
    40       1,256,824       10.0 %     8,876,965       7.4 %     8.37  
2013
    30       925,920       7.4 %     7,947,403       6.6 %     8.58  
2014
    40       1,382,523       11.0 %     12,881,076       10.8 %     9.32  
2015
    21       631,210       5.0 %     5,334,759       4.5 %     8.45  
2016
    26       1,198,855       9.6 %     16,563,603       13.9 %     13.82  
2017
    15       629,836       5.0 %     6,693,960       5.6 %     10.63  
2018
    12       436,630       3.5 %     4,486,603       3.7 %     10.28  
2019
    10       450,674       3.6 %     5,955,766       5.0 %     13.22  
Thereafter
    74       2,994,642       23.9 %     34,596,683       29.0 %     11.55  
                                                 
Sub-total / average
    344       12,101,512       96.6 %   $ 119,498,504       100.0 %   $ 9.87  
                                                 
Vacant
    20       426,651       3.4 %  
NA
   
NA
   
NA
 
                                                 
Total / average
    364       12,528,163       100.0 %   $ 119,498,504       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 June 30, 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
    134       223,154       3.3 %   $ 3,589,302       3.5 %   $ 16.08  
2010
    300       619,925       9.3 %     11,013,088       10.6 %     17.77  
2011
    507       1,039,506       15.6 %     19,935,644       19.2 %     19.18  
2012
    496       1,039,805       15.6 %     19,808,417       19.0 %     19.05  
2013
    387       876,613       13.1 %     17,478,626       16.8 %     19.94  
2014
    263       622,942       9.3 %     12,741,268       12.3 %     20.45  
2015
    127       320,961       4.8 %     6,798,178       6.5 %     21.18  
2016
    27       92,157       1.4 %     2,084,467       2.0 %     22.62  
2017
    21       98,649       1.5 %     2,315,541       2.2 %     23.47  
2018
    20       70,576       1.1 %     1,765,806       1.7 %     25.02  
2019
    11       41,049       0.6 %     1,109,887       1.1 %     27.04  
Thereafter
    56       169,340       2.5 %     5,395,822       5.2 %     31.86  
                                                 
Sub-total / average
    2,349       5,214,677       78.0 %   $ 104,036,046       100.0 %   $ 19.95  
                                                 
Vacant
    748       1,470,847       22.0 %  
NA
   
NA
   
NA
 
                                                 
Total / average
    3,097       6,685,524       100.0 %   $ 104,036,046       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 June 30, 2010



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

 
Page 22

 

EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION
As of June 30, 2010
   
Metro or Region
 
#
Properties
   
Total SF
   
AMR
   
% of AMR
 
Broward County, FL
    18       1,897,152       22,158,411       10.5 %
Miami Dade County, FL
    12       1,293,728       15,741,226       7.5 %
Palm Beach County, FL
    9       995,621       10,076,791       4.8 %
South Florida
    39       4,186,501       47,976,428       22.8 %
Atlanta, GA
    24       2,256,168       26,622,733       12.7 %
Other
    29       2,712,774       24,944,246       11.8 %
Orlando, FL
    12       1,311,449       14,962,318       7.1 %
Florida Treasure/Northeast Coast
    8       1,151,740       13,661,465       6.5 %
Tampa- St. Petersburg, FL
    13       1,292,191       13,501,276       6.4 %
Raleigh Durham/Charlotte, NC
    4       1,040,710       10,238,064       4.9 %
Baton Rouge, LA
    3       676,375       9,281,062       4.4 %
New York, NY
    1       398,602       8,399,753       4.0 %
Naples/Cape Coral/Venice, FL
    8       840,994       8,224,645       3.9 %
Jacksonville, FL
    8       786,807       7,894,082       3.7 %
Boston, MA
    5       515,575       6,978,192       3.3 %
Lafayette, LA
    5       726,671       5,183,303       2.5 %
Hartford, CT
    2       397,802       4,622,882       2.2 %
New Orleans, LA
    4       442,121       3,122,948       1.5 %
Hilton Head-Beaufort, SC
    1       166,639       2,132,411       1.0 %
Greenville, SC
    3       239,042       2,090,706       1.0 %
Florida Panhandle
    1       71,526       683,041       0.3 %
                                 
Total
    170       19,213,687     $ 210,519,555       100.0 %
 

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

 
Page 23

 

EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 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
 
$ 9.91
                                             
The Shops at Lake Tuscaloosa
 
Tuscaloosa
 
2003 / 2005
 
70,242
 
88.9%
 
10
 
7
 
44,271
 
Publix
 
12/31/23
     
11.59
                                             
Winchester Plaza
 
Huntsville
 
2006
 
75,700
 
88.5%
 
13
 
6
 
45,600
 
Publix
 
08/31/26
     
11.81
                                             
TOTAL SHOPPING CENTERS ALABAMA (3)
     
210,779
 
91.4%
 
35
 
14
 
127,783
             
$ 11.12
                                             
CONNECTICUT (2)
                                           
                                             
Brookside Plaza**
 
Enfield
 
1985 / 2006
 
213,274
 
88.9%
 
20
 
6
 
59,648
 
Wakefern Food
 
08/31/15
 
Bed Bath & Beyond / Walgreens / Staples /Petsmart
 
$ 11.59
                                             
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%
 
29
 
6
 
118,663
             
$ 12.36
                                             
FLORIDA (88)
                                           
                                             
Orlando / Central Florida (11)
                                           
                                             
Alafaya Commons
 
Orlando
 
1987
 
126,333
 
88.9%
 
24
 
6
 
54,230
 
Publix
 
11/30/13
     
$ 14.39
                                             
Alafaya Village
 
Orlando
 
1986
 
38,118
 
96.3%
 
15
 
1
                 
21.66
                                             
Conway Crossing
 
Orlando
 
2002
 
76,321
 
85.5%
 
14
 
4
 
44,271
 
Publix
 
04/30/22
     
11.49
                                             
Eastwood, Shoppes of
 
Orlando
 
1997
 
69,037
 
100.0%
 
13
 
-
 
51,512
 
Publix
 
11/01/17
     
12.63
                                             
Eustis Village
 
Eustis
 
2002
 
156,927
 
97.0%
 
18
 
2
 
44,271
 
Publix
 
10/31/22
 
Beall's Department Store
 
11.39
                                             
Hunter's Creek
 
Orlando
 
1998
 
73,204
 
98.2%
 
9
 
1
             
Office Depot / Lifestyle Family Fitness
 
13.55
                                             
Kirkman Shoppes
 
Orlando
 
1973
 
88,820
 
92.3%
 
26
 
5
             
Party America
 
19.09
                                             
Lake Mary Centre
 
Orlando
 
1988 / 2001
 
340,434
 
97.7%
 
60
 
7
 
63,139
 
Albertsons
 
06/30/12
 
Kmart / Lifestyle Fitness Center / Office Depot
 
13.25
                                             
Park Promenade
 
Orlando
 
1987 / 2000
 
128,848
 
70.9%
 
15
 
8
             
Beauty Depot / Dollar General
 
7.92
                                             
Town & Country
 
Kissimmee
 
1993
 
72,043
 
95.6%
 
12
 
2
 
52,883
 
Albertsons*
(Ross Dress
For Less)
 
10/31/18
     
9.31
                               
 
           
Unigold Shopping Center
 
Winter Park
 
1987
 
117,527
 
82.9%
 
19
 
6
 
52,500
 
Winn-Dixie
 
04/30/12
     
12.24
                                             
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
 
10.99
                                             
Beauclerc Village
 
Jacksonville
 
1962 / 1988
 
68,846
 
90.1%
 
7
 
4
             
Big Lots / Goodwill / Bealls Outlet
 
8.48
                                             
Forest Village
 
Tallahassee
 
2000
 
71,526
 
86.7%
 
13
 
3
 
37,866
 
Publix
 
04/30/20
     
11.01
                               
 
           
Ft. Caroline
 
Jacksonville
 
1985 / 1995
 
71,816
 
86.8%
 
7
 
6
 
45,500
 
Winn-Dixie
 
05/31/15
 
Citi Trends
 
6.92
 
 
Page 24

 
 
       
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
                               
 
           
Mandarin Landing
 
Jacksonville
 
1976
 
139,580
 
68.5%
 
14
 
13
 
50,000
 
Whole Foods
 
12/31/23
 
Office Depot
 
$ 17.33
                                             
Medical & Merchants
 
Jacksonville
 
1993
 
156,153
 
90.5%
 
11
 
6
 
55,999
 
Publix
 
02/10/13
 
Memorial Hospital
 
13.27
                               
 
           
Middle Beach Shopping Center
 
Panama City Beach
 
1994
 
69,277
 
83.5%
 
3
 
6
 
56,077
 
Publix*
 
09/30/14
 
 
 
8.43
                               
 
           
Oak Hill
 
Jacksonville
 
1985 / 1997
 
78,492
 
77.6%
 
16
 
4
 
39,795
 
Publix
 
03/11/15
     
7.88
                               
 
           
South Beach**
 
Jacksonville Beach
 
1990 / 1991
 
303,219
 
91.4%
 
41
 
8
             
Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples
 
12.81
                                             
Miami-Dade / Broward / Palm Beach (38)
                                       
                                             
Bird Ludlum
 
Miami
 
1988 / 1998
 
192,274
 
100.0%
 
42
 
-
 
44,400
 
Winn-Dixie
 
12/31/12
 
CVS Pharmacy / Bird Executive / Goodwill
 
17.55
                               
 
           
Boynton Plaza
 
Boynton Beach
 
1978 / 1999
 
99,324
 
93.1%
 
22
 
5
 
37,664
 
Publix
 
08/31/13
 
CVS Pharmacy
 
12.96
                               
 
           
Bluffs Square
 
Jupiter
 
1986
 
123,917
 
79.5%
 
22
 
8
 
39,795
 
Publix
 
10/22/11
 
Walgreens
 
13.63
                               
 
           
Chapel Trail
 
Pembroke Pines
 
2007
 
56,378
 
100.0%
 
4
 
-
             
LA Fitness
 
21.50
                                             
Coral Reef Shopping Center
 
Palmetto Bay
 
1968 / 1990
 
76,632
 
97.5%
 
16
 
1
             
Office Depot / Walgreen's
 
24.81
                                             
Countryside Shops
 
Cooper City
 
1986 / 1988 / 1991
 
179,561
 
91.9%
 
35
 
11
 
39,795
 
Publix
 
12/04/15
 
CVS Pharmacy / Stein Mart
 
13.42
                               
 
           
Crossroads Square
 
Pembroke Pines
 
1973
 
84,387
 
85.5%
 
20
 
7
             
CVS Pharmacy / Goodwill
 
17.32
                                             
CVS Plaza
 
Miami
 
2004
 
18,214
 
85.7%
 
7
 
1
                 
22.76
                                             
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
 
12.79
                               
 
           
Hammocks Town Center
 
Miami
 
1987 / 1993
 
172,810
 
92.2%
 
36
 
5
 
39,795
 
Publix
 
06/24/12
 
Metro Dade Library / CVS Pharmacy / Porky's Gym
 
13.96
                                             
Jonathan's Landing
 
Jupiter
 
1997
 
26,820
 
41.2%
 
7
 
5
                 
23.56
                                             
Lago Mar
 
Miami
 
1995
 
82,613
 
91.1%
 
17
 
5
 
42,323
 
Publix
 
09/13/15
     
13.50
                               
 
           
Lantana Village
 
Lantana
 
1976 / 1999
 
181,780
 
96.6%
 
21
 
4
 
39,473
 
Winn-Dixie
 
02/15/11
 
Kmart / Rite Aid* (Family Dollar)
 
7.61
                               
 
 
 
       
Magnolia Shoppes
 
Fort Lauderdale
 
1998
 
114,118
 
88.2%
 
11
 
7
             
Regal Cinemas / Deal$
 
10.93
                                             
Meadows
 
Miami
 
1997
 
75,524
 
94.4%
 
16
 
4
 
47,955
 
Publix
 
07/09/17
     
13.85
                               
 
 
 
       
Oakbrook Square
 
Palm Beach Gardens
 
1974 / 2000 / 2003
 
199,633
 
97.1%
 
25
 
5
 
44,400
 
Publix
 
11/30/20
 
Stein Mart / Home Goods / CVS / Basset Furniture / Duffy's
 
14.14
                               
 
           
Oaktree Plaza
 
North Palm Beach
 
1985
 
23,745
 
69.5%
 
12
 
8
                 
16.18
                                             
Pine Island
 
Davie
 
1983 / 1999
 
254,907
 
89.0%
 
35
 
12
 
39,943
 
Publix
 
11/30/13
 
Home Depot Expo* / Staples
 
11.91
 
 
Page 25

 
 
       
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 Ridge Square
 
Coral Springs
 
1986 / 1998 / 1999
 
117,399
 
87.6%
 
25
 
10
 
17,441
 
Fresh Market
 
07/31/12
 
Bed Bath & Beyond / Nordic Interiors
 
$ 14.72
                               
 
           
Plaza Alegre
 
Miami
 
2003
 
88,411
 
92.4%
 
16
 
4
 
44,271
 
Publix
 
03/14/23
 
Goodwill
 
16.63
                               
 
 
 
       
Point Royale
 
Miami
 
1970 / 2000
 
216,760
 
98.2%
 
21
 
3
 
45,350
 
Winn-Dixie
 
02/15/15
 
Best Buy
 
7.66
                               
 
           
Prosperity Centre
 
Palm Beach Gardens
 
1993
 
122,014
 
93.3%
 
8
 
2
             
Office Depot / CVS / Bed Bath & Beyond / TJ Maxx
 
17.70
                                             
Ridge Plaza
 
Davie
 
1984 / 1999
 
155,204
 
94.9%
 
21
 
7
             
Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill
 
10.95
                                             
Riverside Square
 
Coral Springs
 
1987
 
104,241
 
80.8%
 
24
 
10
 
39,795
 
Publix
 
02/18/12
     
13.38
                               
 
           
Sawgrass Promenade
 
Deerfield Beach
 
1982 / 1998
 
107,092
 
82.6%
 
21
 
8
 
36,464
 
Publix
 
12/15/14
 
Walgreens
 
11.46
                               
 
           
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
 
14.93
                               
 
           
Shoppes of Andros Isles
 
West Palm Beach
 
2000
 
79,420
 
84.1%
 
10
 
7
 
51,420
 
Publix
 
02/29/20
     
12.03
                                             
Shoppes of Silverlakes
 
Pembroke Pines
 
1995 / 1997
 
126,789
 
87.8%
 
31
 
9
 
47,813
 
Publix
 
06/14/15
     
16.71
                               
 
           
Shops at Skylake
 
North Miami Beach
 
1999 / 2005 / 2006
 
287,816
 
94.8%
 
46
 
5
 
51,420
 
Publix
 
07/31/19
 
TJMaxx / LA Fitness / Goodwill
 
17.60
                                             
Sunrise Town Center
 
Fort Lauderdale
 
1989
 
128,124
 
81.2%
 
13
 
11
             
L.A. Fitness / Office Depot
 
10.95
                                             
Tamarac Town Square
 
Tamarac
 
1987
 
124,585
 
77.2%
 
24
 
15
 
37,764
 
Publix
 
12/15/14
 
Dollar Tree
 
10.69
                               
 
           
Veranda Shoppes
 
Plantation
 
2007
 
44,888
     
9
 
-
 
28,800
 
Publix
 
04/30/27
       
                                             
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
 
13.06
                               
 
           
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
 
15.49
                               
 
           
Florida Treasure / Northeast Coast (8)
                                           
                                             
Cashmere Corners
 
Port St. Lucie
 
2001
 
92,734
 
87.8%
 
12
 
6
 
59,448
 
Albertsons
 
04/30/25
     
8.64
                               
 
           
New Smyrna Beach
 
New Smyrna Beach
 
1987
 
118,451
 
100.0%
 
34
 
-
 
42,112
 
Publix
 
09/30/12
 
Bealls Outlet
 
11.94
                               
 
           
Old King Commons
 
Palm Coast
 
1988
 
84,759
 
91.5%
 
15
 
4
             
Wal-Mart
 
8.25
                                             
Ryanwood
 
Vero Beach
 
1987
 
114,925
 
93.5%
 
28
 
4
 
39,795
 
Publix
 
03/23/17
 
Bealls Outlet / Books-A-Million
 
11.34
                               
 
           
Salerno Village
 
Stuart
 
1987
 
82,477
 
88.6%
 
13
 
7
 
45,802
 
Winn-Dixie
 
03/23/24
 
CVS Pharmacy
 
10.60
                               
 
           
Shops at St. Lucie
 
Port St. Lucie
 
2006
 
19,361
 
91.0%
 
9
 
1
                 
20.87
 
 
Page 26

 
 
       
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
                                             
South Point Center
 
Vero Beach
 
2003
 
64,790
 
88.1%
 
10
 
6
 
44,840
 
Publix
 
11/30/23
     
$ 15.45
                               
 
           
Treasure Coast
 
Vero Beach
 
1983
 
133,781
 
97.4%
 
22
 
2
 
59,450
 
Publix
 
07/31/26
 
TJ Maxx
 
12.05
                               
 
           
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
 
10.18
                               
 
           
Carrollwood
 
Tampa
 
1970 / 2002
 
94,203
 
92.6%
 
30
 
7
 
27,887
 
Publix
 
11/30/22
 
Golf Locker
 
13.39
                               
 
           
Charlotte Square
 
Port Charlotte
 
1980
 
96,188
 
73.5%
 
12
 
13
 
44,024
 
Publix*
(American Signature Furniture)
 
01/31/11
 
Seafood Buffet
 
6.89
                               
 
           
Chelsea Place
 
New Port Richey
 
1992
 
81,144
 
96.5%
 
16
 
2
 
48,890
 
Publix
 
05/27/12
     
11.86
                               
 
           
Dolphin Village
 
St. Petersburg
 
1967/1990
 
136,224
 
78.1%
 
26
 
20
 
33,238
 
Publix
 
11/07/13
 
Dollar Tree, CVS
 
13.27
                                             
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
 
91.8%
 
11
 
4
 
44,270
 
Publix
 
05/31/22
     
13.39
                               
 
           
Marco Town Center
 
Marco Island
 
2001
 
109,830
 
87.2%
 
33
 
9
 
27,887
 
Publix
 
01/31/18
     
16.54
                               
 
           
Mariners Crossing
 
Spring Hill
 
1989 / 1999
 
97,812
 
89.9%
 
15
 
3
 
48,315
 
Sweet Bay
 
08/15/20
     
10.50
                               
 
           
Midpoint Center
 
Cape Coral
 
2002
 
75,386
 
97.8%
 
9
 
1
 
60,667
 
Publix
 
10/31/22
     
12.18
                               
 
           
Pavilion
 
Naples
 
1982
 
167,745
 
91.0%
 
31
 
9
 
50,795
 
Publix
 
12/31/10
 
Pavilion 6 Theatre / Anthony's
 
13.19
                               
 
           
Regency Crossing
 
Port Richey
 
1986 / 2001
 
85,864
 
80.5%
 
13
 
12
 
44,270
 
Publix
 
02/28/21
     
10.97
                               
 
           
Ross Plaza
 
Tampa
 
1984 / 1996
 
90,826
 
95.3%
 
20
 
2
             
Ross Dress for Less / Deals
 
12.43
                                             
Seven Hills
 
Spring Hill
 
1991
 
72,590
 
87.8%
 
12
 
6
 
48,890
 
Publix
 
09/25/11
     
10.47
                               
 
           
Shoppes of North Port
 
North Port
 
1991
 
84,705
 
91.6%
 
17
 
4
 
48,890
 
Publix
 
12/11/11
 
Bealls Outlet
 
10.21
                               
 
           
Summerlin Square
 
Fort Myers
 
1986 / 1998
 
109,156
 
54.6%
 
6
 
22
 
45,500
 
Winn-Dixie
 
06/04/11
     
9.53
                               
 
           
Sunlake
 
Tampa
 
2008
 
89,516
 
82.3%
 
15
 
11
 
45,600
 
Publix
 
06/30/14
     
16.97
                                             
Sunpoint Shopping Center
 
Ruskin
 
1984
 
132,374
 
68.2%
 
17
 
7
             
Goodwill / Ozzie's Buffet / Big Lots / Chapter 13 Trustee
 
8.75
                                             
Venice Plaza
 
Venice
 
1971 / 1979 / 1999
 
132,345
 
97.5%
 
14
 
2
 
42,582
 
Sweet Bay
 
09/30/18
 
TJ Maxx
 
6.29
                               
 
           
Venice Shopping Center
 
Venice
 
1968 / 2000
 
109,801
 
81.5%
 
11
 
3
 
44,271
 
Publix
 
12/31/26
 
Beall's Outlet
 
5.35
                               
 
           
Walden Woods
 
Plant City
 
1985 / 1998 / 2003
 
75,874
 
94.9%
 
13
 
2
             
Dollar Tree / Aaron Rents / Dollar General
 
8.47
 
 
Page 27

 
 
       
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
                                             
TOTAL SHOPPING CENTERS FLORIDA (88)
     
9,848,183
 
89.8%
 
1,622
 
459
 
2,858,643
             
$ 12.94
                                             
GEORGIA (34)
                                           
                                             
Atlanta (25)
                                           
                                             
BridgeMill
 
Canton
 
2000
 
89,102
 
87.8%
 
24
 
6
 
37,888
 
Publix
 
01/31/20
     
$ 15.66
                               
 
           
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
 
20.41
                                             
Butler Creek
 
Acworth
 
1990
 
95,597
 
87.4%
 
16
 
4
 
59,997
 
Kroger
 
01/31/18
     
10.23
                               
 
           
Chastain Square
 
Atlanta
 
1981 / 2001
 
91,637
 
98.1%
 
26
 
2
 
37,366
 
Publix
 
05/31/24
     
16.43
                               
 
           
Commerce Crossing
 
Commerce
 
1988
 
100,668
 
26.5%
 
5
 
6
             
Fred's Store
 
5.33
                               
 
           
Douglas Commons
 
Douglasville
 
1988
 
97,027
 
98.9%
 
17
 
1
 
59,431
 
Kroger
 
08/31/13
     
10.84
                               
 
           
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
     
11.88
                                             
Golden Park Village
 
Buford
 
2000
 
68,738
 
78.7%
 
7
 
6
 
44,270
 
Publix
 
02/29/20
     
10.84
                                             
Governors Town Square
 
Acworth
 
2005
 
68,658
 
98.8%
 
13
 
1
 
44,840
 
Publix
 
02/28/25
     
16.19
                                             
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
     
11.47
                               
 
           
Keith Bridge Commons
 
Atlanta
 
2002
 
94,886
 
85.9%
 
14
 
7
 
54,139
 
Kroger
 
08/10/22
     
12.60
                                             
Mableton Crossing
 
Mableton
 
1997
 
86,819
 
98.1%
 
16
 
1
 
63,419
 
Kroger
 
08/31/17
     
10.76
                               
 
           
Macland Pointe
 
Marietta
 
1992-93
 
79,699
 
96.6%
 
15
 
2
 
55,999
 
Publix
 
12/29/12
     
10.09
                               
 
           
Market Place
 
Norcross
 
1976
 
77,706
 
92.1%
 
20
 
4
             
Galaxy Cinema
 
12.20
                                             
Paulding Commons
 
Hiram
 
1991
 
192,391
 
95.6%
 
26
 
4
 
49,700
 
Kroger
 
02/28/11
 
Kmart
 
7.86
                               
 
           
Piedmont Peachtree Crossing
 
Buckhead
 
1978 / 1998
 
152,239
 
97.2%
 
25
 
3
 
55,520
 
Kroger
 
02/28/15
 
Cost Plus Store / Binders Art Supplies
 
17.58
                               
 
           
Powers Ferry Plaza
 
Marietta
 
1979 / 1987 / 1998
 
86,473
 
85.2%
 
17
 
8
             
Micro Center
 
9.80
                                             
Salem Road Station
 
Atlanta
 
2000
 
67,270
 
90.3%
 
11
 
5
 
44,270
 
Publix
 
09/30/20
     
11.26
                                             
Shops of Huntcrest
 
Lawrenceville
 
2003
 
97,040
 
84.2%
 
18
 
8
 
54,340
 
Publix
 
01/31/23
     
13.29
                               
 
           
Shops of Westridge
 
McDonough
 
2006
 
66,297
 
78.9%
 
10
 
8
 
38,997
 
Publix
 
04/30/26
     
13.64
 
 
Page 28

 
 
       
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
                                             
Wesley Chapel
 
Decatur
 
1989
 
163,518
 
75.7%
 
18
 
11
             
Corinthian College / Little Giant/ Deal$
 
$ 6.79
                               
 
           
Williamsburg @ Dunwoody
 
Dunwoody
 
1983
 
44,928
 
64.0%
 
19
 
8
                 
22.07
                                             
Central / South Georgia (9)
                                           
                                             
Daniel Village
 
Augusta
 
1956 / 1997
 
171,932
 
82.6%
 
27
 
12
 
45,971
 
Bi-Lo
 
03/25/22
 
St. Joseph Home Health Care
 
8.84
                               
 
           
Dublin Village
 
Dublin
 
2005
 
98,540
 
92.5%
 
12
 
5
 
70,225
 
Kroger
 
08/03/25
     
6.67
                                             
Grayson Village
 
Loganville
 
2002
 
83,155
 
78.8%
 
14
 
9
 
44,271
 
Publix
 
01/31/22
     
11.40
                                             
Loganville Town Center
 
Loganville
 
1997
 
77,661
 
92.4%
 
12
 
3
 
51,420
 
Publix
 
08/01/17
     
12.12
                                             
McAlpin Square
 
Savannah
 
1979
 
173,952
 
98.6%
 
23
 
1
 
43,600
 
Kroger
 
08/31/15
 
Big Lots / Savannah-Skidaway / Habitat for Humanity
 
7.40
                                             
Spalding Village
 
Griffin
 
1989
 
235,318
 
63.5%
 
18
 
10
 
59,431
 
Kroger
 
05/31/14
 
Fred's Store
 
7.50
                               
 
           
The Vineyards at Chateau Elan
 
Braselton
 
2002
 
79,047
 
97.4%
 
19
 
1
 
44,271
 
Publix
 
01/31/23
     
14.14
                                             
Walton Plaza
 
Augusta
 
1990
 
43,460
 
91.7%
 
5
 
3
 
32,960
 
Harris Teeter* (Omni Fitness)
 
04/01/11
     
10.41
                                             
Wilmington Island Shopping Center
 
Wilmington Island
 
1985 / 1998 / 2003
 
87,818
 
70.9%
 
13
 
10
 
42,156
 
Kroger
 
09/16/18
     
12.74
                                             
TOTAL SHOPPING CENTERS GEORGIA (33)
     
3,451,609
 
85.9%
 
522
 
178
 
1,358,071
             
$ 11.84
                                             
LOUISIANA (13)
                                           
                                             
Ambassador Row
 
Lafayette
 
1980 / 1991
 
193,978
 
80.7%
 
23
 
3
             
Conn's Appliances / Big Lots / Chuck E Cheese / Planet Fitness
 
$ 10.49
                                             
Ambassador Row Courtyard
 
Lafayette
 
1986 / 1991 / 2005
 
146,697
 
97.1%
 
22
 
1
             
Bed Bath & Beyond / Marshall's / Hancock Fabrics / Unitech Training Academy / Tuesday Morning
 
10.00
                                             
Bluebonnet Village
 
Baton Rouge
 
1983
 
101,623
 
93.0%
 
21
 
5
 
33,387
 
Matherne's
 
11/30/15
 
Office Depot
 
11.33
                               
 
           
Boulevard
 
Lafayette
 
1976 / 1994
 
68,012
 
95.2%
 
12
 
2
     
 
     
Piccadilly / Harbor Freight Tools / Golfballs.com
 
8.85
                                             
Country Club Plaza
 
Slidell
 
1982 / 1994
 
64,686
 
89.8%
 
7
 
3
 
33,387
 
Winn-Dixie
 
01/31/13
     
6.41
                               
 
           
Crossing
 
Slidell
 
1988 / 1993
 
114,806
 
97.4%
 
15
 
1
 
58,432
 
Save A Center
 
09/28/39
 
A-1 Home Appliance / Piccadilly
 
5.81
                               
 
           
Elmwood Oaks
 
Harahan
 
1989
 
130,284
 
100.0%
 
10
 
-
             
Academy Sports / Dollar Tree / Home Décor
 
9.90
                                             
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
 
06/30/15
 
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
 
9.30
                                             
Tarpon Heights
 
Galliano
 
1982
 
56,605
 
84.3%
 
8
 
1
             
Stage / Dollar General
 
5.17
 
 
Page 29

 
 
       
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
                                             
Village at Northshore
 
Slidell
 
1988
 
144,638
 
96.7%
 
13
 
2
             
Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot
 
$ 8.54
                                             
TOTAL SHOPPING CENTERS LOUISIANA (13)
     
1,574,856
 
91.5%
 
166
 
21
 
153,298
             
$ 8.62
                                             
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
 
$ 16.62
                                             
TOTAL SHOPPING CENTERS MARYLAND (1)
     
92,335
 
100.0%
 
9
 
-
 
-
 
-
 
-
 
-
 
$ 16.62
                                             
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
 
8.17
                                             
West Roxbury Shaw's Plaza
 
West Roxbury
 
1973 / 1995/ 2006
 
76,316
 
95.3%
 
10
 
3
 
54,928
 
Shaw's
 
01/02/16
     
23.22
                                             
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)
     
600,879
 
99.4%
 
30
 
3
 
434,532
 
           
$ 17.12
                                             
MISSISSIPPI (1)
                                           
                                             
Shipyard Plaza
 
Pascagoula
 
1987
 
66,857
 
100.0%
 
8
 
-
             
Big Lots / Buffalo Wild Wings
 
$ 7.24
                                             
TOTAL SHOPPING CENTERS MISSISSIPPI (1)
     
66,857
 
100.0%
 
8
 
-
 
-
             
$ 7.24
                                             
NEW YORK (1)
                                           
                                             
Westbury Plaza
 
Long Island
 
1993
 
398,602
 
100.0%
 
8
 
-
             
Marshalls / Sports Authority / Walmart / Olive Garden / Borders / Costco /
 
$ 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
 
73.0%
 
20
 
16
 
42,142
 
Lowe's Foods
 
05/13/17
 
Rite Aid
 
$ 12.03
 
 
Page 30

 
 
       
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
                                             
Carolina Pavilion
 
Charlotte
 
1996
 
731,678
 
96.9%
 
23
 
3
             
AMC Theatres / American Signature / 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 / Nordstrom Rack
 
$ 10.14
                                             
Centre Pointe Plaza
 
Smithfield
 
1989
 
163,642
 
95.6%
 
21
 
3
             
Belk's / Dollar Tree / Aaron Rents / Burkes Outlet Stores
 
5.90
                                             
Chestnut Square
 
Brevard
 
1985 / 2008
 
34,260
 
90.7%
 
6
 
2
             
Walgreens
 
15.40
                                             
Galleria
 
Wrightsville Beach
 
1986 / 1990
 
92,114
 
81.6%
 
28
 
8
 
28,000
 
Harris Teeter*
 
04/05/11
     
9.75
                                             
Parkwest Crossing
 
Durham
 
1990
 
85,602
 
94.9%
 
16
 
1
 
38,052
 
Food Lion
 
12/14/15
     
10.77
                                             
Riverview Shopping Center
 
Durham
 
1973 / 1995
 
128,498
 
95.4%
 
12
 
4
 
53,538
 
Kroger
 
12/31/14
 
Upchurch Drugs / Riverview Galleries
 
7.75
                                             
Salisbury Marketplace
 
Salisbury
 
1987
 
79,732
 
75.7%
 
12
 
8
 
31,762
 
Food Lion
 
02/12/23
     
11.03
                                             
Stanley Market Place
 
Stanley
 
2007
 
53,228
 
93.4%
 
5
 
2
 
34,928
 
Food Lion
 
05/15/27
 
Family Dollar
 
9.79
                                             
Thomasville Commons
 
Thomasville
 
1991
 
148,754
 
93.0%
 
8
 
6
 
32,000
 
Ingles
 
09/29/12
 
Kmart
 
5.56
                                             
Willowdaile Shopping Center
 
Durham
 
1986
 
95,601
 
44.8%
 
14
 
11
             
Hall of Fitness
 
11.18
                                             
Whitaker Square
 
Winston-Salem
 
1996
 
82,760
 
100.0%
 
13
 
-
 
51,890
 
Harris Teeter
 
02/11/16
 
Rugged Wearhouse
 
12.32
                                             
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)
     
1,815,058
 
90.2%
 
178
 
64
 
312,312
             
$ 9.54
                                             
SOUTH CAROLINA (7)
                                           
                                             
Belfair Towne Village
 
Bluffton
 
2000 / 2003 / 2006
 
166,639
 
94.7%
 
30
 
4
 
55,696
 
Kroger
 
10/31/19
 
Stein Mart
 
$ 13.51
                                             
Lancaster Plaza
 
Lancaster
 
1971 / 1990
 
77,400
 
57.1%
 
2
 
3
 
19,200
 
Bi-Lo
 
09/30/15
 
Tractor Supply
 
3.56
                                             
Lancaster Shopping Center
 
Lancaster
 
1963 / 1987
 
29,047
 
100.0%
 
2
 
-
             
Sweet Union Furniture
 
2.20
                                             
Milestone Plaza
 
Greenville
 
1995
 
89,721
 
97.4%
 
9
 
1
 
59,039
 
Bi-Lo
 
03/31/30
     
14.60
                                             
North Village Center
 
North Myrtle Beach
 
1984
 
60,356
 
29.2%
 
5
 
8
             
Dollar General
 
8.68
                                             
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
 
83.6%
 
59
 
20
 
181,890
             
$ 10.41
                                             
TENNESSEE (1)
                                           
                                             
Greensboro Village Shopping Center
 
Gallatin
 
2005
 
70,203
 
95.6%
 
14
 
2
 
45,600
 
Publix
 
11/30/25
     
$ 14.16
                                             
TOTAL SHOPPING CENTERS TENNESSEE (1)
     
70,203
 
95.6%
 
14
 
2
 
45,600
             
$ 14.16
 
 
Page 31

 
 
       
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
                                             
VIRGINIA (1)
                                           
                                             
Smyth Valley Crossing
 
Marion
 
1989
 
126,841
 
98.9%
 
13
 
1
 
32,000
 
Ingles
 
09/25/15
 
Wal-Mart
 
$ 6.04
                                             
TOTAL SHOPPING CENTERS VIRGINIA (1)
     
126,841
 
98.9%
 
13
 
1
 
32,000
             
$ 6.04
                                             
TOTAL CORE SHOPPING CENTER PORTFOLIO (171)
     
19,213,687
 
90.1%
 
2,693
 
768
 
5,622,792
             
$ 12.30
           
19,213,687
 
90.1%
 
2,693
 
768
 
5,622,792
               
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
 
94.0%
 
93
 
5
                   
                                             
Mandarin Mini-Storage
 
Jacksonville, FL
 
1982
 
52,300
 
64.6%
 
324
 
220
                   
                                             
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
 
55.1%
 
445
 
251
 
-
               
                                             
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (177)
 
19,682,847
 
89.3%
 
3,138
 
1,019
 
5,622,792
               
                                             
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 - 185 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 six months ended June 30, 2010
(in thousands)
   
                         
2010 Acquisition Activity
                     
Date Purchased
Property Name
City
State
 
Square Feet / Acres
   
Purchase Price
       
April 15, 2010
Veranda Shoppes
Plantation
FL
    44,888     $ 11,675        
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
                $ 54,400        
                             
                             
                             
                             
2010 Disposition Activity
                         
Date Sold
Property Name
City
State
 
Square Feet / Acres
   
Gross Sales Price
   
Gain on Sale
 
                             
Real estate/outparcels sold
                         
June 30, 2010
Plaza Alegre
Miami
FL
    3,200     $ 1,360     $ 1,045  
May 25, 2010
Town and Country
Kissimmee
FL
    1.15       612       423  
May 21, 2010
Tamarac Town Square
Tamarac
FL
    3,050       566       430  
                               
Total Sold
                $ 2,538     $ 1,898  
   

 
Page 33

 

EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of June 30, 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
06/30/10
   
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       42,502       30,050       41,571       931  
River Green
 
Canton, GA (Atlanta)
    59,997       59,997  
CVS (not owned)
 
TBD
      11,905       10,155       3,406       8,499  
Subtotal
        204,644       170,513               $ 63,079     $ 45,402     $ 53,061     $ 10,018  
                                                               
Redevelopment
                                                             
Boca Village
 
Boca Raton, FL
    25,663       92,267  
Publix Greenwise / CVS
    4Q12       7,049       7,049       92       6,957  
Subtotal
        25,663       92,267               $ 7,049     $ 7,049     $ 92     $ 6,957  
                                                               
Total Development Activity
        230,307       262,780               $ 70,128     $ 52,451     $ 53,153     $ 16,975  
                                                               
   

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 June 30, 2010
(in thousands)

                     
Percent of
 
 
Maturity
       
June 30, 2010
   
Dec 31, 2009
 
overall
debt
 
Debt Instrument
date
 
Rate *
   
balance
   
balance
 
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 %     -       2,698       0.0 %
Shops at Skylake
08/01/10
    7.650 %     -       11,973       0.0 %
Parkwest Crossing
09/01/10
    8.100 %     -       4,400       0.0 %
Spalding Village
09/01/10
    8.194 %     -       8,261       0.0 %
Charlotte Square
02/01/11
    9.188 %     -       3,123       0.0 %
Forest Village
04/01/11
    7.270 %     4,103       4,140       0.4 %
Boca Village
05/01/11
    7.200 %     7,585       7,653       0.6 %
MacLand Pointe
05/01/11
    7.250 %     5,360       5,408       0.5 %
Pine Ridge Square
05/01/11
    7.020 %     6,700       6,762       0.6 %
Sawgrass Promenade
05/01/11
    7.200 %     7,585       7,653       0.6 %
Lake Mary Centre
11/01/11
    7.250 %     22,518       22,712       1.9 %
Lake St. Charles
11/01/11
    7.130 %     3,549       3,580       0.3 %
Belfair Towne Village
12/01/11
    7.320 %     9,808       9,958       0.8 %
Marco Town Center
01/01/12
    6.700 %     7,515       7,629       0.6 %
Riverside Square
03/01/12
    9.188 %     6,803       6,892       0.6 %
Hammocks Town Center
06/26/12
    6.950 %     11,733       11,833       1.0 %
Cashmere Corners
11/01/12
    5.880 %     4,451       4,523       0.4 %
Eastwood
11/01/12
    5.880 %     5,304       5,390       0.5 %
Meadows Shopping Center
11/01/12
    5.870 %     5,573       5,664       0.5 %
Salem Road Station
11/11/12
    6.000 %     5,790       5,846       0.5 %
Lutz Lake Crossing
01/01/13
    6.280 %     7,279       7,328       0.6 %
Brawley Commons
07/01/13
    6.250 %     6,753       6,794       0.6 %
Midpoint Center
07/10/13
    5.770 %     6,105       6,200       0.5 %
Buckhead Station
09/01/13
    6.880 %     25,897       26,213       2.2 %
Keith Bridge Commons
10/11/13
    4.800 %     8,658       8,753       0.7 %
Alafaya Village
11/11/13
    5.990 %     3,869       3,904       0.3 %
Summerlin Square
02/01/14
    6.750 %     1,720       1,924       0.1 %
Sunrise Town Center
04/30/14
    5.690 %     10,191       10,298       0.9 %
South Point
07/10/14
    5.720 %     7,509       7,616       0.6 %
The Vineyards at Chateau Elan
07/11/14
    5.880 %     9,748       9,833       0.8 %
 
 
Page 35

 
 
EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of June 30, 2010
(in thousands)
 
                               
Percent of
 
   
Maturity
           
June 30, 2010
   
Dec 31, 2009
 
overall
debt
 
Debt Instrument
 
date
   
Rate *
   
balance
   
balance
 
maturing
 
Grayson Village
 
01/11/15
      5.210 %   $ 9,728     $ 9,820       0.8 %
Golden Park Village
 
01/11/15
      5.250 %     7,273       7,341       0.6 %
The Shops at Lake Tuscaloosa
 
01/11/15
      5.450 %     7,075       7,139       0.6 %
Bird Ludlum
 
02/15/15
      7.680 %     5,382       5,853       0.5 %
Treasure Coast Plaza
 
04/01/15
      8.000 %     2,582       2,797       0.2 %
Eustis Village
 
05/11/15
      5.450 %     13,204       13,313       1.1 %
Governors Town Square
 
06/01/15
      5.200 %     10,312       10,407       0.9 %
Shoppes of Silverlakes I
 
07/01/15
      7.750 %     1,528       1,648       0.1 %
Freehome Village
 
07/11/15
      5.150 %     9,798       9,889       0.8 %
Loganville Town Center
 
08/11/15
      4.890 %     9,994       10,090       0.9 %
Wilmington Island Shopping Center
 
11/11/15
      5.050 %     9,472       9,560       0.8 %
South Plaza Shopping Center
 
01/11/16
      5.420 %     16,661       16,803       1.4 %
Glengary Shoppes
 
06/11/16
      5.750 %     16,687       16,801       1.4 %
Magnolia Shoppes
 
07/11/16
      6.160 %     14,363       14,467       1.2 %
Grassland Crossing
 
12/01/16
      7.870 %     4,702       4,825       0.4 %
Dublin Village
 
12/11/16
      5.780 %     6,746       6,787       0.6 %
Greensboro Village Shopping Center
 
02/11/17
      5.520 %     9,728       9,803       0.8 %
Whitaker Square
 
12/01/17
      6.320 %     9,698       9,750       0.8 %
Mableton Crossing
 
08/15/18
      6.850 %     3,408       3,478       0.3 %
Sheridan Plaza
 
10/10/18
      6.250 %     63,704       64,107       5.4 %
BridgeMill
 
05/05/21
      7.940 %     8,242       8,369       0.7 %
Westport Plaza
 
08/24/23
      7.490 %     4,263       4,330       0.4 %
Chastain Square
 
02/28/24
      6.500 %     3,162       3,232       0.3 %
Daniel Village
 
02/28/24
      6.500 %     3,456       3,533       0.3 %
Douglas Commons
 
02/28/24
      6.500 %     4,118       4,209       0.4 %
Fairview Oaks
 
02/28/24
      6.500 %     3,897       3,984       0.3 %
Madison Centre
 
02/28/24
      6.500 %     3,162       3,232       0.3 %
Paulding Commons
 
02/28/24
      6.500 %     5,367       5,487       0.5 %
Siegen Village
 
02/28/24
      6.500 %     3,492       3,570       0.4 %
Wesley Chapel Crossing
 
02/28/24
      6.500 %     2,757       2,818       0.3 %
Webster Plaza
 
08/15/24
      8.070 %     7,570       7,659       0.7 %
Copps Hill
 
01/01/29
      6.060 %     19,655       -       1.7 %
Total mortgage debt  (57 loans outstanding)
  4.76       6.51 %   $ 503,292     $ 551,647       43.0 %
Unamortized/unaccreted premium/(discount)
 
(wtd-avg maturity)
   
(wtd-avg interest rate)(1)
      (21,627 )     (22,754 )     (1.9 %)
Total mortgage debt  (including unamortized/unaccreted premium/(discount))
                $ 481,665     $ 528,893       41.1 %
 
 
Page 36

 
 
EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of June 30, 2010
(in thousands)
 
                                 
Percent of
 
   
Maturity
           
June 30, 2010
   
Dec 31, 2009
 
overall debt
 
Debt Instrument
 
date
   
Rate *
   
balance
   
balance
 
maturing
 
Unsecured senior notes payable
                                       
7.84% senior notes
 
01/23/12
      7.840 %   $ 10,000     $ 10,000       0.9 %
6.25% senior notes
 
12/15/14
      6.250 %     250,000       250,000       21.4 %
5.375% senior notes
 
10/15/15
      5.375 %     107,505       107,505       9.2 %
6.00% senior notes
 
09/15/16
      6.000 %     105,230       105,230       9.0 %
6.25% senior notes
 
01/15/17
      6.250 %     101,403       101,403       8.7 %
6.00% senior notes
 
09/15/17
      6.000 %     116,998       116,998       10.0 %
                                         
Total unsecured senior notes payable
    5.71       6.06 %   $ 691,136     $ 691,136       59.2 %
Unamortized/unaccreted premium/(discount)
 
(wtd-avg maturity)
   
(wtd-avg interest rate)(1)
      (2,949 )     (3,138 )     (0.3 %)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))
                  $ 688,187     $ 687,998       58.9 %
                                         
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
    5.31       6.10 %   $ 1,194,428     $ 1,242,783       102.2 %
Unamortized/unaccreted premium/(discount)
 
(wtd-avg maturity)
   
(wtd-avg interest rate)(1)
      (24,576 )     (25,892 )     (2.2 %)
Total debt (including net interest premium/discount)
                  $ 1,169,852     $ 1,216,891       100.0 %
                                         
Senior Unsecured Debt Ratings
                                       
Moody's
                 
Baa3 (Stable)
   
Baa3 (Stable)
         
S&P
                 
BBB- (Negative)
   
BBB- (Stable)
         

Note: Total debt is gross over net due to $25m of unamortized/unaccreted discount.
*
The rate in effect on June 30, 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 June 30, 2010 and December 31, 2009
             
             
   
As of
   
As of
 
   
June 30,
2010
   
December 31,
2009
 
Assets
 
(in thousands)
   
(in thousands)
 
Properties
           
Income producing
    252,362       252,011  
Less: accumulated depreciation
    (9,198 )     (7,062 )
Rental property
  $ 243,164     $ 244,949  
                 
Cash and cash equivalents
    985       1,935  
Accounts and other receivables, net
    3,205       2,297  
Other assets
    15,181       14,676  
                 
Total
  $ 262,535     $ 263,857  
                 
                 
Liabilities and joint venture equity
               
Liabilities
               
Mortgage notes payable
    143,059       140,188  
Accounts payable and other liabilities
    21,516       20,905  
Total liabilities
  $ 164,575     $ 161,093  
                 
Joint venture equity
    97,960       102,764  
                 
Total
  $ 262,535     $ 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 three and six months ended June 30, 2010 and 2009
   
                         
   
Three months ended
   
Six months ended
 
   
June 30, 2010
   
June 30, 2009
   
June 30, 2010
   
June 30, 2009
 
   
(in thousands)
   
(in thousands)
   
(in thousands)
   
(in thousands)
 
                         
REVENUES
  $ 5,805     $ 6,789     $ 11,945     $ 13,744  
                                 
COSTS AND EXPENSES
                               
Property operating
    1,832       2,043       3,705       4,022  
Rental property depreciation and amortization
    1,699       1,887       3,340       3,844  
Interest expense
    2,139       2,073       4,190       4,130  
Total costs and expenses
  $ 5,670     $ 6,003     $ 11,235     $ 11,996  
                                 
NET INCOME
  $ 135     $ 786     $ 710     $ 1,748  
   

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 June 30, 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
Airpark Plaza Shopping Center
 
Miami
 
1971 / 1998 / 2004 / 2008
 
        172,093
 
94.4%
 
         32
 
           5
 
    30,000
 
Publix
 
10/31/24
 
Home Depot Expo* / Office Depot
 
$  14.14
                                             
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
 
10.67
                                             
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
 
11.08
                                             
Shoppes of Ibis
 
West Palm Beach
 
1999
 
          79,420
 
89.4%
 
         13
 
           5
 
    51,420
 
Publix
 
05/31/19
     
12.76
                                             
Shoppes at Quail Roost
 
Miami
 
2005
 
          73,550
 
86.5%
 
         15
 
           5
 
    44,840
 
Publix
 
06/30/25
     
14.49
                                             
Shoppes of Sunset
 
Miami
 
1979
 
          21,784
 
82.5%
 
         13
 
           4
                 
21.70
                                             
Shoppes of Sunset II
 
Miami
 
1980
 
          27,676
 
57.3%
 
         10
 
           7
                 
19.40
                                             
Sparkleberry Square
 
Columbia
 
1997 / 2004
 
        154,217
 
100.0%
 
         10
 
          -
             
Petsmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy
 
10.44
                                             
Sparkleberry Kohl's
 
Columbia
 
1997 / 2004
 
          85,961
 
100.0%
 
1
 
          -
             
Kohl's
 
7.74
                                             
Sparkleberry Kroger
 
Columbia
 
1997 / 2004
 
          98,623
 
90.8%
 
         12
 
           2
 
    67,943
 
Kroger
 
08/31/17
     
11.81
                                             
TOTAL GRI-EQY I, LLC SHOPPING CENTER PORTFOLIO (10)
 
     1,407,898
 
95.1%
 
       164
 
         31
 
   328,349
             
$  11.61

* 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 June 30, 2010
(in thousands)

                               
   
Equity One's
   
Maturity
         
June 30, 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 %     5,833       5,907  
Sparkleberry Square (Kroger)
    10 %  
06/30/20
      6.750 %     5,988       6,194  
                                       
Total mortgage debt (3 loans outstanding)
            3.35       6.37 %   $ 131,821     $ 132,101  
           
(wtd-avg maturity)
   
(Net effective int rate)
                 
Net interest premium/(discount)
                            (519 )     (544 )
                                         
Total mortgage debt (including net interest premium/discount)
                    $ 131,302     $ 131,557  
                                         
Interest Rate Swap
                                       
                                         
Fair value of $120MM floating-to-fixed interest rate swap
    10 %  
06/01/13
      3.685 %   $ 11,738     $ 8,631  
                                         
Total debt (including net interest premium/discount)
                          $ 143,040     $ 140,188  
                                         
Equity One's pro-rata share of unconsolidated debt
    10 %                   $ 14,304     $ 14,019  

(1)
The rate in effect on June 30, 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 June 30, 2010 and December 31, 2009
 
             
             
   
As of
   
As of
 
   
June 30, 2010
   
December 31, 2009
 
Assets
 
(in thousands)
   
(in thousands)
 
Properties
           
Income producing
    51,029       50,997  
Less: accumulated depreciation
    (1,821 )     (1,347 )
Rental property
  $ 49,208     $ 49,650  
                 
Cash and cash equivalents
    221       945  
Accounts and other receivables, net
    17       20  
Other assets
    5,108       5,218  
                 
Total
  $ 54,554     $ 55,833  
                 
                 
Liabilities and joint ventures' equity
               
Liabilities
               
Mortgage notes payable
    36,951       37,212  
Accounts payable and other liabilities
    3,640       3,885  
Total liabilities
  $ 40,591     $ 41,097  
                 
Joint venture equity
    13,963       14,736  
                 
Total
  $ 54,554     $ 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 three and six months ended June 30, 2010 and 2009
                   
                         
                         
   
Three months ended
   
Six months ended
 
   
June 30, 2010
   
June 30, 2009
   
June 30, 2010
   
June 30, 2009
 
   
(in thousands)
   
(in thousands)
   
(in thousands)
   
(in thousands)
 
                         
REVENUES
  $ 1,649     $ 1,604     $ 3,239     $ 3,245  
                                 
COSTS AND EXPENSES
                               
Property operating
    756       753       1,443       1,466  
Rental property depreciation and amortization
    639       746       1,364       1,573  
Interest expense
    600       604       1,206       1,218  
Total costs and expenses
  $ 1,995     $ 2,103     $ 4,013     $ 4,257  
                                 
NET LOSS
  $ (346 )   $ (499 )   $ (774 )   $ (1,012 )
   

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 June 30, 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
 
60.3%
 
20
 
10
             
RN Network
 
$16.89
                                             
Penn Dutch Plaza
 
Margate
 
1989
 
155,628
 
76.6%
 
17
 
22
 
70,358
 
Penn Dutch Food Center
 
12/31/13
 
Walgreens
 
8.44
                                             
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
 
10.67
                                             
TOTAL G&I VI SHOPPING CENTER PORTFOLIO (3)
 
502,735
 
69.0%
 
63
 
45
 
113,744
             
$  11.17

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 June 30, 2010
(in thousands)

   
Equity One's
   
Maturity
         
June 30, 2010
   
Dec 31, 2009
 
Debt Instrument
 
Ownership
   
date
   
Rate (1)
   
balance
   
balance
 
                               
Mortgage debt
                             
Fixed rate loan
    20 %  
11/11/14
      5.560 %   $ 37,672     $ 38,012  
Net interest premium/(discount)
    -       -               (721 )     (800 )
                                         
Total mortgage debt
            4.37       5.56 %   $ 36,951     $ 37,212  
           
(wtd-avg maturity)
   
(Net effective int rate)
                 
Equity One's pro-rata share of unconsolidated debt
    20 %                   $ 7,390     $ 7,442  

(1)  The rate in effect on June 30, 2010.
 
 
Page 45