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

Exhibit 99.2
 
 
Equity One, Inc.
 
 
Supplemental Information Package
 
                     
     
September 30, 2010
     
 
Logo
 
Equity One, Inc.
1600 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664   Fax: (305) 947-1734
www.equityone.net

 
 

 
 
Equity One, Inc.
 
SUPPLEMENTAL INFORMATION
September 30, 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 September 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
Laura Clark
(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
     
Keefe, Bruyette & Woods
Benjamin Yang
(415) 591-1631
     
Macquarie Capital (USA) Inc.
David Wigginton
(212) 231-6380
     
Bank of America/Merrill Lynch
Craig Schmidt
(646) 855-3640
     
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.
Nathan Isbee
(443) 224-1346
     
Miller Tabak
Tom Mitchell
(212) 370-0040 x8163
     
UBS
Ross Nussbaum
(212) 713-2484
     
Wells Fargo
Jeffrey Donnelly
(617) 603-4262

 
Page 3

 

EQUITY ONE, INC.
DISCLOSURES
As of September 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 September 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 nine months ended September 30, 2010 and 2009 (unaudited)
                       
(in thousands, except per share data)
                       
                         
                         
   
For the three months ended
   
For the nine months ended
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Sept 30, 2010
   
Sept 30, 2009
 
Summary Financial Results
                       
Total revenues*
  $ 71,481     $ 66,904     $ 212,954     $ 204,013  
EBITDA (see page 14)
    43,308       43,614       131,629       132,765  
Property net operating income
    50,526       47,139       151,205       144,553  
General & administrative expenses (G&A)* - Adjusted (1)
    7,318       7,568       23,962       23,648  
                                 
Net income attributable to Equity One
  $ 5,133     $ 15,318     $ 16,804     $ 74,511  
Net income per diluted share
    0.05       0.17       0.18       0.89  
                                 
Funds from operations (FFO)
  $ 22,236     $ 31,338     $ 66,185     $ 118,406  
FFO per diluted share
    0.24       0.36       0.73       1.43  
                                 
Total dividends paid per share
  $ 0.22     $ 0.30     $ 0.66     $ 0.90  
                                 
Weighted average diluted shares
    92,330       86,649       90,898       83,019  
                                 
Summary Operating and Financial Ratios
                               
Core shopping center portfolio occupancy at end of period (see pages 24-32)
    89.9 %     90.1 %     89.9 %     90.1 %
Same-property shopping center portfolio occupancy at end of period
    89.6 %     90.4 %     89.6 %     90.4 %
Same-property NOI growth - cash basis (see page 13)
    -0.6 %     -4.5 %     -1.6 %     -3.6 %
NOI margin (see page 13)
    71.0 %     70.8 %     71.4 %     71.3 %
Expense recovery ratio*
    76.2 %     74.7 %     76.4 %     74.7 %
New, renewal and option rent spread - cash basis (see page 18)
    -2.7 %     7.6 %     N/A       N/A  
Adjusted G&A expense to total revenues (1)
    10.2 %     11.3 %     11.3 %     11.6 %
Net debt to total market capitalization (see page 7)
    44.6 %     43.8 %     44.6 %     43.8 %
Net debt to Adjusted EBITDA (see page 14)
    7.3       6.1       7.2       6.0  
Adjusted EBITDA to interest expense* (see page 14)
    2.3       2.5       2.3       2.4  
Adjusted EBITDA to fixed charges* (see page 14)
    1.9       2.0       1.9       2.0  
                                 
 
Notes

*
The indicated line item includes amounts reported in discontinued operations.
(1) 
 G&A expense for the three and nine months ended September 30, 2010 deducts $2.1 million and $7.1 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 nine months ended September 30, 2009 deducts $1.4 million for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the three months ended September 30, 2010 deducts $166K in severance costs and for the nine month period ended September 30, 2009 deducts $3.3 million in severance costs related to former executives.

 
Page 5

 
 
EQUITY ONE, INC.
                 
CONDENSED CONSOLIDATED BALANCE SHEETS
                 
As of September 30, 2010 (unaudited) and December 31, 2009 and 2008
                 
(in thousands)
                 
                   
                   
                   
   
Sept 30, 2010
   
Dec 31, 2009
   
Dec 31, 2008
 
Assets
                 
Properties
                 
Income producing
  $ 2,615,171     $ 2,433,431     $ 1,900,513  
Less: accumulated depreciation
    (276,492 )     (240,172 )     (196,151 )
Income producing properties, net
    2,338,679       2,193,259       1,704,362  
Construction in progress and land held for development
    72,776       68,866       74,371  
Properties, net
    2,411,455       2,262,125       1,778,733  
                         
Cash and cash equivalents
    747       47,970       5,355  
Accounts and other receivables, net
    11,505       9,806       12,209  
Investments in and advances to unconsolidated joint ventures
    12,136       11,524       11,745  
Securities
    -       820       160,585  
Goodwill
    11,442       11,477       11,845  
Other assets
    123,085       108,598       55,791  
                         
Total Assets
  $ 2,570,370     $ 2,452,320     $ 2,036,263  
                         
Liabilities and stockholders' equity
                       
Liabilities
                       
Mortgage notes payable
  $ 537,060     $ 551,647     $ 371,077  
Unsecured revolving credit facilities
    32,000       -       35,500  
Unsecured senior notes payable
    691,136       691,136       657,913  
Total debt
    1,260,196       1,242,783       1,064,490  
Unamortized/unaccreted (discount) premium on notes payable, net
    (22,579 )     (25,892 )     5,225  
Total notes payable
    1,237,617       1,216,891       1,069,715  
                         
Accounts payable and other liabilities
    153,445       96,668       54,652  
Deferred tax liabilities, net
    47,184       50,059       1,409  
Total liabilities
    1,438,246       1,363,618       1,125,776  
                         
Redeemable noncontrolling interest
    989       989       989  
                         
Total stockholders' equity of Equity One, Inc.
    1,129,517       1,064,535       909,498  
                         
Noncontrolling interest
    1,618       23,178       -  
                         
Total Liabilities and Stockholders' Equity
  $ 2,570,370     $ 2,452,320     $ 2,036,263  
                         
                         

 
Page 6

 
 
EQUITY ONE, INC.
                 
MARKET CAPITALIZATION
                 
As of September 30, 2010 and December 31, 2009 and 2008 (unaudited)
                 
(in thousands, except per share data)
                 
                   
                   
                   
   
Sept 30, 2010
   
Dec 31, 2009
   
Dec 31, 2008
 
                   
Closing market price of common stock
  $ 16.88     $ 16.17     $ 17.70  
                         
Common stock shares
                       
Basic common shares
    92,206.975       86,131.037       76,198.420  
Diluted common shares
                       
Unvested restricted common shares
    90.628       47.993       29.360  
DownREIT units (convertible into shares)
    93.656       93.656       93.656  
Common stock options (treasury method, closing price)
    98.320       79.656       23.178  
Executive plan performance awards shares
    323.921       -       -  
Shares for DIM Vastgoed contingent consideration
    0       516.019       -  
Diluted common shares
    92,813,500       86,868.361       76,344.614  
                         
Equity market capitalization
  $ 1,566,692     $ 1,404,661     $ 1,351,300  
                         
                         
Total debt (excluding unamortized/unaccreted premium/(discount))
  $ 1,260,196     $ 1,242,783     $ 1,064,490  
Cash and equivalents
    (747 )     (47,970 )     (5,355 )
Net debt
    1,259,449       1,194,813       1,059,135  
Equity market capitalization
    1,566,692       1,404,661       1,351,300  
Total market capitalization
    2,826,141     $ 2,599,474     $ 2,410,435  
                         
Net debt to total market capitalization at current market price
    44.6 %     46.0 %     43.9 %
                         
Net debt to total market capitalization at constant share price of $16.17
    45.6 %     46.0 %     46.2 %
                         
                         
Gross real estate and securities investments
  $ 2,687,947     $ 2,503,117     $ 2,135,469  
                         
Net debt to gross real estate and securities investments
    46.9 %     47.7 %     49.6 %
                         

 
Page 7

 
 
EQUITY ONE, INC.
                 
DEBT SUMMARY
                 
As of September 30, 2010 and December 31, 2009 and 2008 (unaudited)
             
(in thousands)
                 
                   
                   
                   
   
Sept 30, 2010
   
Dec 31, 2009
   
Dec 31, 2008
 
                   
Fixed rate debt
  $ 1,228,196     $ 1,242,783     $ 928,041  
Fixed rate debt - swapped to variable rate
    -       -       100,949  
Variable rate debt - unhedged
    32,000       -       35,500  
Total debt*
  $ 1,260,196     $ 1,242,783     $ 1,064,490  
                         
% Fixed rate debt
    97.5 %     100.0 %     87.2 %
% Fixed rate debt - swapped to variable rate
    0.0 %     0.0 %     9.5 %
% Variable rate debt - unhedged
    2.5 %     0.0 %     3.3 %
Total
    100.0 %     100.0 %     100.0 %
                         
% Variable rate debt - total
    2.5 %     0.0 %     12.8 %
                         
                         
Secured mortgage debt
  $ 537,060     $ 551,647     $ 371,077  
Unsecured debt
    723,136       691,136       693,413  
Total debt*
  $ 1,260,196     $ 1,242,783     $ 1,064,490  
                         
% Secured mortgage debt
    42.6 %     44.4 %     34.9 %
% Unsecured debt
    57.4 %     55.6 %     65.1 %
Total
    100.0 %     100.0 %     100.0 %
                         
                         
Total market capitalization (from page 7)
  $ 2,826,141     $ 2,599,474     $ 2,410,435  
                         
% Secured mortgage debt
    19.0 %     21.2 %     15.4 %
% Unsecured debt
    25.6 %     26.6 %     28.8 %
Total debt : Total market capitalization
    44.6 %     47.8 %     44.2 %
                         
                         
Weighted-average interest rate on secured mortgage debt*(1)
    6.4 %     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)
    6.0 %     6.3 %     6.3 %
Interest rate on revolving credit facilities
    2.4 %     N/A       2.1 %
                         
                         
Weighted-average maturity on mortgage debt*
 
4.7 years
   
4.7 years
   
5.0 years
 
Weighted-average maturity on senior unsecured notes*
 
5.5 years
   
6.2 years
   
6.5 years
 
Weighted-average maturity on total debt*
 
5.0 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 September 30, 2010 (unaudited)
 
(in thousands)
 
   
   
Secured Debt
   
Unsecured Debt
   
Premium/
         
Weighted
       
Maturity schedule
by year
 
Scheduled
amortization
   
Balloon
payments
   
Revolving
Credit Facilities
   
Senior
Notes
   
(Discount) Scheduled
Amortization
   
Total
   
average interest rate
at maturity
   
Percent of
debt maturing
 
                                                 
2010
  $ 3,396     $ -     $ -     $ -     $ (703 )   $ 2,693       -       0.2 %
2011
    13,757       65,579       32,000       -       (3,078 )   $ 108,258       5.4 %     8.7 %
2012
    12,953       44,479       -       10,000       (4,025 )   $ 63,407       7.0 %     5.1 %
2013
    12,281       69,185       -       -       (4,881 )   $ 76,585       6.2 %     6.2 %
2014
    11,032       24,824       -       250,000       (5,470 )   $ 280,386       6.2 %     22.7 %
2015
    8,201       81,646       -       107,505       (3,750 )   $ 193,602       5.3 %     15.6 %
2016
    6,511       51,489       -       105,230       (1,300 )   $ 161,930       5.9 %     13.1 %
2017
    5,933       17,242       -       218,401       (116 )   $ 241,460       6.1 %     19.5 %
2018
    5,828       56,623       -       -       199     $ 62,650       6.3 %     5.1 %
Thereafter
    32,638       13,463       -       -       546     $ 46,647       7.5 %     3.8 %
Total
  $ 112,530     $ 424,530     $ 32,000     $ 691,136     $ (22,579 )   $ 1,237,617       6.0 %     100.0 %

 
Page 9

 
 
EQUITY ONE, INC.
                               
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                   
For the three and nine months ended September 30, 2010 and 2009 (unaudited)
             
(in thousands, except per share data)
                             
                                     
                                     
   
Three months ended
   
Percent
   
Nine months ended
   
Percent
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Change
   
Sept 30, 2010
   
Sept 30, 2009
   
Change
 
REVENUE:
                                   
Minimum rent
  $ 55,261     $ 51,772           $ 163,909     $ 156,834        
Expense recoveries
    15,690       14,510             46,313       43,346        
Percentage rent
    176       126             1,534       1,516        
Management and leasing services
    354       322             1,125       1,316        
Total revenue
    71,481       66,730       7.1 %     212,881       203,012       4.9 %
                                                 
COSTS AND EXPENSES:
                                               
Property operating
    20,601       19,500               60,647       58,103          
Rental property depreciation and amortization
    16,906       15,425               50,022       45,559          
General and administrative
    9,749       7,772               31,577       29,021          
Total costs and expenses
    47,256       42,697       10.7 %     142,246       132,683       7.2 %
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
    24,225       24,033               70,635       70,329          
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
    39       6,772               687       10,035          
Equity in loss in unconsolidated joint ventures
    (64 )     (9 )             (147 )     (37 )        
Other income
    49       325               205       1,409          
Interest expense
    (19,117 )     (17,733 )             (58,360 )     (55,425 )        
Amortization of deferred financing fees
    (479 )     (369 )             (1,379 )     (1,135 )        
Loss on sale of real estate
    (186 )     -               (186 )     -          
Gain on extinguishment of debt
    -       160               63       12,395          
Gain on acquisition of controlling interest in subsidiary
    -       -               -       26,866          
Other expense
    (34 )     -               (34 )     -          
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
    4,433       13,179               11,484       64,437          
Income tax benefit of taxable REIT subsidiaries
    690       774               2,684       2,263          
INCOME FROM CONTINUING OPERATIONS
    5,123       13,953       -63.3 %     14,168       66,700       -78.8 %
                                                 
DISCONTINUED OPERATIONS:
                                               
Operations of income producing properties sold or held for sale
    -       215               81       885          
Gain on disposal of income producing properties
    -       580               1,898       5,373          
INCOME FROM DISCONTINUED OPERATIONS
    -       795               1,979       6,258          
                                                 
NET INCOME
    5,123       14,748       -65.3 %     16,147       72,958       -77.9 %
Net loss attributable to noncontrolling interest
    10       570               657       1,553          
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
  $ 5,133     $ 15,318             $ 16,804     $ 74,511          
                                                 
EARNINGS PER COMMON SHARE - BASIC:
                                               
Continuing operations
  $ 0.05     $ 0.17             $ 0.16     $ 0.82          
Discontinued operations
    -       0.01               0.02       0.08          
NET INCOME
  $ 0.05     $ 0.18       -72.2 %   $ 0.18     $ 0.90       -80.0 %
                                                 
EARNINGS PER COMMON SHARE - DILUTED:
                                               
Continuing operations
  $ 0.05     $ 0.16             $ 0.16     $ 0.81          
Discontinued operations
    -       0.01               0.02       0.07          
NET INCOME
  $ 0.05     $ 0.17       -70.6 %   $ 0.18     $ 0.89       -79.8 %
                                                 
Weighted average shares outstanding
                                               
Basic
    92,180       85,960               90,695       82,375          
Diluted
    92,330       86,649               90,898       83,019          
                                                 
                                                 
Note: Diluted EPS for the nine months ended September 30, 2009 does not foot due to the rounding of the individual calculations.
 

 
Page 10

 
 
EQUITY ONE, INC.
 
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
 
For the three and nine months ended September 30, 2010 (unaudited)
 
(in thousands)
 
                               
                                     
   
Three months ended
   
Nine months ended
 
   
September 30, 2010
   
September 30, 2010
 
   
As
   
Disc.
   
Pre Disc.
   
As
   
Disc.
   
Pre Disc.
 
   
Reported
   
Ops
   
Ops
   
Reported
   
Ops
   
Ops
 
REVENUE:
                                   
Minimum rent
  $ 55,261     $ -     $ 55,261     $ 163,909     $ 70     $ 163,979  
Expense recoveries
    15,690       -       15,690       46,313       3       46,316  
Percentage rent
    176       -       176       1,534       -       1,534  
Management and leasing services
    354       -       354       1,125       -       1,125  
Total revenue
    71,481       -       71,481       212,881       73       212,954  
                                                 
COSTS AND EXPENSES:
                                               
Property operating
    20,601       -       20,601       60,647       (23 )     60,624  
Rental property depreciation and amortization
    16,906       -       16,906       50,022       15       50,037  
General and administrative
    9,749       -       9,749       31,577       -       31,577  
Total costs and expenses
    47,256       -       47,256       142,246       (8 )     142,238  
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
    24,225       -       24,225       70,635       81       70,716  
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
    39       -       39       687       -       687  
Equity in loss in unconsolidated joint ventures
    (64 )     -       (64 )     (147 )     -       (147 )
Other income
    49       -       49       205       -       205  
Interest expense
    (19,117 )     -       (19,117 )     (58,360 )     -       (58,360 )
Loss on sale of real estate
    (186 )     -       (186 )     (186 )     1,898       1,712  
Gain on extinguishment of debt
    -       -       -       63       -       63  
Gain on acquisition of controlling interest in subsidiary
    -       -       -       -       -       -  
Amortization of deferred financing fees
    (479 )     -       (479 )     (1,379 )     -       (1,379 )
Other expense
    (34 )     -       (34 )     (34 )     -       (34 )
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
    4,433       -       4,433       11,484       1,979       13,463  
Income tax benefit of taxable REIT subsidiaries
    690       -       690       2,684       -       2,684  
INCOME FROM CONTINUING OPERATIONS
    5,123       -       5,123       14,168       1,979       16,147  
                                                 
DISCONTINUED OPERATIONS:
                                               
Operations of income producing properties sold or held for sale
    -       -       -       81       (81 )     -  
Gain on disposal of income producing properties
    -       -       -       1,898       (1,898 )     -  
Income from discontinued operations
    -       -       -       1,979       (1,979 )     -  
                                                 
Net loss attributable to noncontrolling interest
    10       -       10       657       -       657  
                                                 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
  $ 5,133     $ -     $ 5,133     $ 16,804     $ -     $ 16,804  
                                                 

 
Page 11

 

EQUITY ONE, INC.
 
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
 
For the three and nine months ended September 30, 2009 (unaudited)
 
(in thousands)
 
   
             
   
Three months ended
   
Nine months ended
 
   
September 30, 2009
   
September 30, 2009
 
   
As
   
Disc.
   
Pre Disc.
   
As
   
Disc.
   
Pre Disc.
 
   
Reported
   
Ops
   
Ops
   
Reported
   
Ops
   
Ops
 
REVENUE:
                                   
Minimum rent
  $ 51,772     $ 157     $ 51,929     $ 156,834     $ 901     $ 157,735  
Expense recoveries
    14,510       17       14,527       43,346       100       43,446  
Percentage rent
    126       -       126       1,516       -       1,516  
Management and leasing services
    322       -       322       1,316       -       1,316  
Total revenue
    66,730       174       66,904       203,012       1,001       204,013  
                                                 
COSTS AND EXPENSES:
                                               
Property operating
    19,500       (57 )     19,443       58,103       41       58,144  
Rental property depreciation and amortization
    15,425       16       15,441       45,559       75       45,634  
General and administrative
    7,772       -       7,772       29,021       -       29,021  
Total costs and expenses
    42,697       (41 )     42,656       132,683       116       132,799  
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
    24,033       215       24,248       70,329       885       71,214  
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
    6,772       -       6,772       10,035       -       10,035  
Equity in loss in unconsolidated joint ventures
    (9 )     -       (9 )     (37 )     -       (37 )
Other income
    325       -       325       1,409       -       1,409  
Interest expense
    (17,733 )     -       (17,733 )     (55,425 )     -       (55,425 )
Gain on sale of real estate
    -       580       580       -       5,373       5,373  
Gain on extinguishment of debt
    160       -       160       12,395       -       12,395  
Gain on acquisition of controlling interest in subsidiary
    -       -       -       26,866       -       26,866  
Amortization of deferred financing fees
    (369 )     -       (369 )     (1,135 )     -       (1,135 )
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
    13,179       795       13,974       64,437       6,258       70,695  
Income tax benefit of taxable REIT subsidiaries
    774       -       774       2,263       -       2,263  
INCOME FROM CONTINUING OPERATIONS
    13,953       795       14,748       66,700       6,258       72,958  
                                                 
DISCONTINUED OPERATIONS:
                                               
Operations of income producing properties sold or held for sale
    215       (215 )     -       885       (885 )     -  
Gain on disposal of income producing properties
    580       (580 )     -       5,373       (5,373 )     -  
Income from discontinued operations
    795       (795 )     -       6,258       (6,258 )     -  
                                                 
Net loss attributable to noncontrolling interest
    570       -       570       1,553       -       1,553  
                                                 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
  $ 15,318     $ -     $ 15,318     $ 74,511     $ -     $ 74,511  
                                                 

 
Page 12

 

EQUITY ONE, INC.
 
NET OPERATING INCOME
 
For the three and nine months ended September 30, 2010 and 2009 (unaudited)
 
(in thousands)
 
   
                                     
   
Three months ended
   
Percent
   
Nine months ended
   
Percent
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Change
   
Sept 30, 2010
   
Sept 30, 2009
   
Change
 
                                     
                                     
Total net operating income (1)
                                   
Total rental revenue
  $ 71,127     $ 66,582       6.8 %   $ 211,829     $ 202,697       4.5 %
Property operating expenses
    20,601       19,443       6.0 %     60,624       58,144       4.3 %
Net operating income
  $ 50,526     $ 47,139       7.2 %   $ 151,205     $ 144,553       4.6 %
                                                 
NOI margin (NOI / Total rental revenue)
    71.0 %     70.8 %             71.4 %     71.3 %        
                                                 
                                                 
Same-property NOI (2)
                                               
Total rental revenue
  $ 53,190     $ 53,897       (1.3 %)   $ 159,679     $ 163,767       (2.5 %)
Property operating expenses (3)
    17,375       17,872       (2.8 %)     50,860       53,149       (4.3 %)
Net operating income
  $ 35,815     $ 36,025       (0.6 %)   $ 108,819     $ 110,618       (1.6 %)
                                                 
Growth in same property NOI
    (0.6 %)                     (1.6 %)                
                                                 
Number of properties included in analysis
    145                       145                  
                                                 
                                                 
(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 nine months ended September 30, 2010 and 2009 (unaudited)
 
(in thousands)
 
   
                         
   
Three months ended
   
Nine months ended
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Sept 30, 2010
   
Sept 30, 2009
 
                         
Net income attributable to Equity One, Inc.
  $ 5,133     $ 15,318     $ 16,804     $ 74,511  
Rental property depreciation and amortization*
    16,906       15,441       50,037       45,634  
Other depreciation and amortization
    145       204       498       626  
Interest expense*
    19,117       17,733       58,360       55,425  
Amortization of deferred financing fees*
    479       369       1,379       1,135  
Gain on extinguishment of debt
    -       (160 )     (63 )     (12,395 )
Acquisition costs(1)
    2,120       -       7,117       1,447  
Other expense
    34       -       34       -  
Loss on sale of depreciable income producing real estate
    -       1,758       -       1,758  
Income tax benefit of taxable REIT subsidiaries
    (690 )     (774 )     (2,684 )     (2,263 )
Gain on acquisition of controlling interest in subsidiary
    -       -       -       (26,866 )
Gain on sale of investment in equity securities
    -       (6,284 )     -       (6,284 )
Equity in loss in unconsolidated joint ventures
    64       9       147       37  
Adjusted EBITDA(2)
  $ 43,308     $ 43,614     $ 131,629     $ 132,765  
                                 
Interest expense*
  $ 19,117     $ 17,733     $ 58,360     $ 55,425  
                                 
Adjusted EBITDA to interest expense*
    2.3       2.5       2.3       2.4  
                                 
Fixed charges
                               
Interest expense*
  $ 19,117     $ 17,733     $ 58,360     $ 55,425  
Scheduled principal amortization (3)
    3,191       3,791       10,307       10,292  
Total fixed charges
  $ 22,308     $ 21,524     $ 68,667     $ 65,717  
                                 
Adjusted EBITDA to fixed charges*
    1.9       2.0       1.9       2.0  
                                 
Net debt to Adjusted EBITDA (4)
    7.3       6.1       7.2       6.0  
                                 
Total market capitalization (see page 7)
  $ 2,826,141     $ 2,419,421     $ 2,826,141     $ 2,419,421  
                                 
* 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/losses on property sales, debt extinguishment, impairments, and other non-recurring items.
 
(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 nine months ended September 30, 2010 and 2009 (unaudited)
 
(in thousands, except per share data)
 
   
                         
   
Three months ended
   
Nine months ended
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Sept 30, 2010
   
Sept 30, 2009
 
                         
Net income attributable to Equity One, Inc.
  $ 5,133     15,318     $ 16,804     $ 74,511  
Adjustments:
                             
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest
    16,811     13,903       48,482       41,078  
Loss on disposal of income producing properties
    -     1,758       -       1,758  
Pro rata share of real estate depreciation from unconsolidated JV's
    292     359       899       1,059  
Funds from operations
  $ 22,236     31,338     $ 66,185     $ 118,406  
                               
                               
Earnings per diluted share attributable to Equity One, Inc.
  $ 0.05     0.17     $ 0.18     $ 0.89  
Adjustments:
                             
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest
    0.18     0.16       0.53       0.49  
Loss on disposal of income producing properties
    -     0.02       -       0.02  
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     0.01       0.01       0.02  
Funds from operations per diluted share
  $ 0.24     0.36     $ 0.73     $ 1.43  
                               
Weighted average diluted shares
    92,330     86,649       90,898       83,019  
                               
                               
(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 the share issuance in the first quarter of 2010 pursuant to the DIM exchange agreement; and (c) an adjustment to compensate for rounding of the individual calculations.
 

 
Page 15

 
 
EQUITY ONE, INC.
 
ADDITIONAL DISCLOSURES
 
For the three and nine months ended September 30, 2010 and 2009 (unaudited)
 
(in thousands)
 
   
   
   
Three months ended
   
Nine months ended
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Sept 30, 2010
   
Sept 30, 2009
 
Certain non-cash items:
                       
Amortization of deferred financing fees
  $ 479     $ 369     $ 1,379     $ 1,135  
Accretion of below market lease intangibles
    (1,675 )     (1,552 )     (5,580 )     (4,632 )
Share-based compensation expense
    1,649       1,511       4,826       6,212  
Straight line rent
    (578 )     (512 )     (1,594 )     (1,552 )
Capitalized interest
    (607 )     (317 )     (1,668 )     (1,004 )
Amortization of  discount on notes payable, net
    758       530       2,161       1,638  
Total certain non-cash items
  $ 26     $ 29     $ (476 )   $ 1,797  
                                 
Certain capital expenditures:
                               
Tenant improvements
  $ (2,608 )   $ (2,021 )   $ (7,103 )   $ (8,797 )
Leasing commissions and costs
    (1,493 )     (2,100 )     (3,392 )     (4,252 )
Total tenant improvements and leasing costs
  $ (4,101 )   $ (4,121 )   $ (10,495 )   $ (13,049 )
                                 
   
Sept 30, 2010
   
December 31, 2009
                 
Other assets and liabilities:
                               
Lease intangibles, net
  $ 59,118     $ 53,526                  
Lease commissions, net
    21,920       19,619                  
Straight-line rent receivable, net
    16,547       15,034                  
Deposits and mortgage escrow
    14,324       10,642                  
Prepaid expenses
    3,336       1,125                  
Deferred financing costs, net
    6,552       6,963                  
Furniture and fixtures, net
    1,288       1,689                  
Total other assets
  $ 123,085     $ 108,598                  
                                 
                                 
Above/below market rents, net
  $ 92,270       49,922                  
Prepaid rent and deferred income
    2,679       4,315                  
Accounts payable and other
    58,496       42,431                  
Total accounts payable and other liabilities
  $ 153,445     $ 96,668                  
                                 
Liquidity as of 9/30/10:
                               
Cash and Cash Equivalents
  $ 747                          
Marketable Securities
    -                          
Available under Lines of Credit
    203,539                          
Total Available Funds
  $ 204,286                          
                                 

 
Page 16

 

EQUITY ONE, INC.
 
TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS
 
CONSOLIDATED PROPERTIES
 
As of September 30, 2010 (unaudited)
 
   
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
    67    
NA
      2,946,030       15.1 %   $ 24,329,631       11.4 %   $ 8.26  
Supervalu
    6    
BB- / Ba3
      398,625       2.1 %     8,088,636       3.8 %     20.29  
Kroger
    15    
BBB / Baa2
      845,602       4.3 %     6,707,076       3.1 %     7.93  
TJ Maxx Companies
    11       A / A3       347,401       1.8 %     4,182,888       2.0 %     12.04  
Bed Bath & Beyond
    8    
BBB / NA
      267,761       1.4 %     3,207,713       1.5 %     11.98  
L.A. Fitness
    4    
NA
      196,235       1.0 %     3,087,362       1.4 %     15.73  
Costco
    1       A+ / A2       148,295       0.8 %     3,000,921       1.4 %     20.24  
Winn Dixie
    9    
NA
      398,128       2.0 %     2,937,815       1.4 %     7.38  
Office Depot
    10       B / B2       243,625       1.3 %     2,722,145       1.3 %     11.17  
Dollar Tree
    24    
NA
      262,441       1.3 %     2,285,759       1.1 %     8.71  
CVS Pharmacy
    14    
BBB+ / Baa2
      153,982       0.8 %     2,279,151       1.1 %     14.80  
WalMart
    3    
AA / Aa2
      230,217       1.2 %     2,150,075       1.0 %     9.34  
Kmart
    5    
BB- / Ba2
      439,558       2.3 %     1,939,705       0.9 %     4.41  
Kohl's
    3    
BBB+ / Baa1
      296,710       1.5 %     1,933,000       0.9 %     6.51  
Blockbuster
    18    
D / NA
      89,113       0.5 %     1,885,193       0.9 %     21.16  
Food Lion
    6    
NA
      241,934       1.2 %     1,850,161       0.9 %     7.65  
Walgreens
    6       A / A2       96,562       0.5 %     1,824,815       0.8 %     18.90  
Whole Foods
    2    
BB / Ba3
      85,907       0.4 %     1,746,911       0.8 %     20.33  
Goodwill
    14    
NA
      135,227       0.7 %     1,704,167       0.8 %     12.60  
Stop & Shop
    1    
NA
      59,015       0.3 %     1,685,484       0.8 %     28.56  
                                                         
Sub-total top twenty tenants
    227               7,882,368       40.5 %   $ 79,548,608       37.3 %   $ 10.09  
                                                         
Remaining tenants
    2,486               9,624,348       49.4 %     134,012,260       62.7 %     13.92  
                                                         
Sub-total all tenants
    2,713               17,506,716       89.9 %   $ 213,560,868       100.0 %   $ 12.34  
                                                         
Vacant
    800               1,968,085       10.1 %  
NA
   
NA
   
NA
 
                                                         
Total including vacant
    3,513               19,474,801       100.0 %   $ 213,560,868       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 September 30, 2010. Source: CreditRiskMonitor.
                                 

 
Page 17

 
 
EQUITY ONE, INC.
 
RECENT LEASING ACTIVITY
 
For the three months ended September 30, 2010 (unaudited)
 
   
   
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)
    55       125,604       116,007     $ 14.45     $ 14.28       -1.2 %   $ 12.63  
Renewals & Options
    90       244,046       244,046       15.78       15.26       -3.3 %     0.21  
Total New, Renewals & Options
    145       369,650       360,053     $ 15.35     $ 14.94       -2.7 %   $ 4.21  
                                                         
                                                         
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 September 30, 2010 (unaudited)
 
   
   
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
    150       310,898       1.6 %   $ 4,645,170       2.1 %   $ 14.94  
2010
    110       293,255       1.5 %     4,509,421       2.0 %     15.38  
2011
    538       2,146,891       11.0 %     28,276,460       12.4 %     13.17  
2012
    550       2,371,658       12.2 %     29,404,611       12.9 %     12.40  
2013
    476       1,976,953       10.1 %     27,624,267       12.2 %     13.97  
2014
    325       2,062,971       10.6 %     26,822,668       11.8 %     13.00  
2015
    235       1,638,276       8.4 %     17,816,234       7.8 %     10.87  
2016
    92       1,587,711       8.2 %     22,233,877       9.8 %     14.00  
2017
    42       741,373       3.8 %     9,289,492       4.1 %     12.53  
2018
    36       569,492       2.9 %     7,079,065       3.1 %     12.43  
2019
    24       519,725       2.7 %     8,203,216       3.6 %     15.78  
Thereafter
    135       3,287,513       16.9 %     41,389,507       18.2 %     12.59  
                                                 
Sub-total / average
    2,713       17,506,716       89.9 %   $ 227,293,988       100.0 %   $ 12.98  
                              .                  
Vacant
    800       1,968,085       10.1 %  
NA
   
NA
   
NA
 
                                                 
Total / average
    3,513       19,474,801       100.0 %   $ 227,293,988       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 September 30, 2010 (unaudited)
 
   
   
ANCHOR TENANTS (SF >= 10,000)
 
Date
 
Number of leases
   
Square feet
   
Percent of total square feet
   
Annualized minimum rent at expiration
   
Percent of total annualized minimum rent
   
Average annual minimum rent per square foot
 
                                     
M-T-M
    2       50,539       0.4 %   $ 406,641       0.3 %   $ 8.05  
2010
    3       44,456       0.4 %     435,102       0.3 %     9.79  
2011
    38       1,146,673       9.0 %     9,032,676       7.4 %     7.88  
2012
    43       1,315,577       10.4 %     9,413,581       7.7 %     8.41  
2013
    32       1,014,550       8.0 %     8,444,770       6.9 %     8.32  
2014
    40       1,382,523       10.9 %     12,881,076       10.5 %     9.32  
2015
    39       1,167,324       9.2 %     8,100,059       6.6 %     6.94  
2016
    35       1,429,737       11.3 %     18,812,311       15.3 %     13.16  
2017
    15       629,836       5.0 %     6,693,960       5.5 %     10.63  
2018
    15       499,947       3.9 %     5,339,125       4.3 %     10.68  
2019
    11       476,024       3.8 %     7,064,566       5.8 %     14.84  
Thereafter
    78       3,109,466       24.5 %     36,045,361       29.4 %     11.59  
                                                 
Sub-total / average
    351       12,266,652       96.8 %   $ 122,669,228       100.0 %   $ 10.00  
                                                 
Vacant
    17       410,200       3.2 %  
NA
   
NA
   
NA
 
                                                 
Total / average
    368       12,676,852       100.0 %   $ 122,669,228       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 September 30, 2010 (unaudited)
 
   
   
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
    148       260,359       3.8 %     4,238,529       4.0 %     16.28  
2010
    107       248,799       3.7 %     4,074,319       3.9 %     16.38  
2011
    500       1,000,218       14.7 %     19,243,784       18.4 %     19.24  
2012
    507       1,056,081       15.5 %     19,991,030       19.1 %     18.93  
2013
    444       962,403       14.2 %     19,179,497       18.3 %     19.93  
2014
    285       680,448       10.0 %     13,941,592       13.3 %     20.49  
2015
    196       470,952       6.9 %     9,716,175       9.3 %     20.63  
2016
    57       157,974       2.3 %     3,421,566       3.3 %     21.66  
2017
    27       111,537       1.7 %     2,595,532       2.5 %     23.27  
2018
    21       69,545       1.0 %     1,739,940       1.7 %     25.02  
2019
    13       43,701       0.7 %     1,138,650       1.1 %     26.06  
Thereafter
    57       178,047       2.6 %     5,344,146       5.1 %     30.02  
                                                 
Sub-total / average
    2,362       5,240,064       77.1 %   $ 104,624,760       100.0 %   $ 19.97  
                                                 
Vacant
    783       1,557,885       22.9 %  
NA
   
NA
   
NA
 
                                                 
Total / average
    3,145       6,797,949       100.0 %   $ 104,624,760       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 September 30, 2010 (unaudited)
 
 
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 September 30, 2010 (unaudited)

Metro or Region
 
#
Properties
   
Total SF
   
AMR
   
% of AMR
 
Broward County
    15       2,104,096       26,683,728       12.5 %
Dade County
    15       1,613,151       23,248,883       10.9 %
Palm Beach County
    9       988,978       10,964,188       5.1 %
Treasure Coast, Florida
    8       711,278       7,528,570       3.5 %
South Florida
    47       5,417,503       68,425,369       32.0 %
Boston
    7       600,879       10,176,884       4.8 %
New York
    2       423,952       9,484,084       4.4 %
Connecticut
    2       397,802       4,685,473       2.2 %
Northeast
    11       1,422,633       24,346,441       11.4 %
Atlanta
    25       2,401,361       27,083,352       12.7 %
Orlando
    11       1,287,612       14,888,392       7.0 %
Tampa/St. Petersburg
    16       1,533,602       13,778,324       6.4 %
Jacksonville/North Florida
    10       1,210,706       12,002,729       5.6 %
Other
    14       1,221,505       10,999,765       5.2 %
Charlotte/Raleigh/Durham
    5       1,160,568       10,939,003       5.1 %
Louisiana
    13       1,574,856       10,741,046       5.0 %
Central/South Georgia
    9       1,050,883       8,196,299       3.8 %
West Coast, Florida
    6       633,889       7,360,650       3.4 %
South Carolina
    7       559,683       4,799,498       2.2 %
                                 
Total
    174       19,474,801       213,560,868       100 %
 
 
 
Page 23

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)

       
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
 
$ 9.92
                                             
The Shops at Lake Tuscaloosa
 
Tuscaloosa
 
2003 / 2005
 
70,242
 
88.9%
 
10
 
6
 
44,271
 
Publix
 
12/31/23
     
12.22
                                             
Winchester Plaza
 
Huntsville
 
2006
 
75,700
 
88.5%
 
13
 
6
 
45,600
 
Publix
 
08/31/26
     
11.77
                                             
TOTAL SHOPPING CENTERS ALABAMA (3)
210,779
 
91.4%
 
35
 
13
 
127,783
             
$ 11.31
                                             
CONNECTICUT (2)
                                         
                                             
Brookside Plaza**
 
Enfield
 
1985 / 2006
 
213,274
 
89.7%
 
21
 
5
 
59,648
 
Wakefern Food
 
08/31/15
 
Bed Bath & Beyond / Walgreens / Staples /Petsmart
 
$ 11.82
                                             
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
 
94.5%
 
30
 
5
 
118,663
 
           
$ 12.47
                                             
FLORIDA (90)
                                         
                                             
Orlando / Central Florida (11)
                                         
                                             
Alafaya Commons
 
Orlando
 
1987
 
126,333
 
88.9%
 
24
 
6
 
54,230
 
Publix
 
11/30/13
     
$ 14.52
                                             
Alafaya Village
 
Orlando
 
1986
 
38,118
 
96.3%
 
15
 
1
                 
18.26
                                             
Conway Crossing
 
Orlando
 
2002
 
76,321
 
85.5%
 
14
 
4
 
44,271
 
Publix
 
04/30/22
     
11.22
                                             
Eastwood, Shoppes of
 
Orlando
 
1997
 
69,037
 
100.0%
 
13
 
-
 
51,512
 
Publix
 
11/01/17
     
12.65
                                             
Eustis Village
 
Eustis
 
2002
 
156,927
 
95.1%
 
16
 
4
 
44,271
 
Publix
 
10/31/22
 
Beall's Department Store
 
11.24
                                             
Hunter's Creek
 
Orlando
 
1998
 
73,204
 
98.2%
 
9
 
1
             
Office Depot / Lifestyle Family Fitness
 
13.57
                                             
Kirkman Shoppes
 
Orlando
 
1973
 
88,820
 
92.3%
 
26
 
5
             
Party America
 
19.13
                                             
Lake Mary Centre
 
Orlando
 
1988 / 2001
 
340,434
 
96.4%
 
57
 
10
 
63,139
 
Albertsons
 
06/30/12
 
Kmart / Lifestyle Fitness Center / Office Depot
 
13.34
                                             
Park Promenade
 
Orlando
 
1987 / 2000
 
128,848
 
70.0%
 
14
 
9
             
Beauty Depot / Dollar General
 
7.07
                                             
Town & Country
 
Kissimmee
 
1993
 
72,043
 
95.6%
 
12
 
2
 
52,883
 
Albertsons*(Ross Dress For Less)
 
10/31/18
     
8.80
                                             
Unigold Shopping Center
 
Winter Park
 
1987
 
117,527
 
81.9%
 
18
 
7
 
52,500
 
Winn-Dixie
 
04/30/12
     
11.85
                                             
Jacksonville / North Florida (10)
                                         
                                             
Atlantic Village
 
Atlantic Beach, FL
 
1984
 
100,559
 
88.8%
 
19
 
6
 
39,795
 
Publix
 
10/31/13
 
Jo-Ann Fabric & Crafts
 
10.21
                                             
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
     
11.03
                               
 
           
Ft. Caroline
 
Jacksonville
 
1985 / 1995
 
71,816
 
86.8%
 
7
 
6
 
45,500
 
Winn-Dixie
 
05/31/15
 
Citi Trends
 
6.93
                               
 
           
Mandarin Landing
 
Jacksonville
 
1976
 
139,580
 
75.7%
 
15
 
12
 
50,000
 
Whole Foods
 
12/31/23
 
Office Depot / Aveda Institute
 
17.21

 
Page 24

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
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
                                             
Medical & Merchants
 
Jacksonville
 
1993
 
156,153
 
86.2%
 
10
 
7
 
55,999
 
Publix
 
02/10/13
 
Memorial Hospital
 
  $ 13.14
                               
 
           
Middle Beach Shopping Center
 
Panama City Beach
 
1994
 
69,277
 
83.5%
 
3
 
6
 
56,077
 
Publix*
 
09/30/14
 
 
 
8.68
                               
 
           
Pablo Plaza
 
Jacksonville
 
1974 / 1998 / 2001 / 2008
 
151,238
 
87.9%
 
22
 
9
 
34,400
 
Publix
 
11/30/13
 
Marshalls / HomeGoods
 
11.65
                               
 
           
Oak Hill
 
Jacksonville
 
1985 / 1997
 
78,492
 
77.6%
 
16
 
4
 
39,795
 
Publix
 
03/11/15
     
7.91
                               
 
           
South Beach**
 
Jacksonville Beach
 
1990 / 1991
 
303,219
 
87.8%
 
37
 
14
             
Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples
 
12.50
                                             
Miami-Dade / Broward / Palm Beach (39)
                                       
                                             
Bird Ludlum
 
Miami
 
1988 / 1998
 
192,274
 
99.2%
 
41
 
1
 
44,400
 
Winn-Dixie
 
12/31/12
 
CVS Pharmacy / Bird Executive / Goodwill
 
16.80
                               
 
           
Boynton Plaza
 
Boynton Beach
 
1978 / 1999
 
99,324
 
91.1%
 
20
 
7
 
37,664
 
Publix
 
08/31/13
 
CVS Pharmacy
 
13.21
                               
 
           
Bluffs Square
 
Jupiter
 
1986
 
123,917
 
77.2%
 
20
 
10
 
39,795
 
Publix
 
10/22/11
 
Walgreens
 
12.76
                               
 
           
Chapel Trail
 
Pembroke Pines
 
2007
 
56,378
 
100.0%
 
4
 
-
             
LA Fitness
 
21.50
                                             
Coral Reef Shopping Center
 
Palmetto Bay
 
1968 / 1990
 
76,632
 
96.2%
 
15
 
2
             
Office Depot / Walgreen's
 
24.86
                                             
Countryside Shops
 
Cooper City
 
1986 / 1988 / 1991
 
179,561
 
92.5%
 
36
 
10
 
39,795
 
Publix
 
12/04/15
 
CVS Pharmacy / Stein Mart
 
13.45
                               
 
           
Country Walk
 
Miami
 
1985 / 2006 / 2008
 
100,686
 
96.5%
 
27
 
2
 
39,795
 
Publix
 
10/23/15
 
CVS Pharmacy
 
18.55
                                             
Crossroads Square
 
Pembroke Pines
 
1973
 
84,387
 
80.6%
 
17
 
10
             
CVS Pharmacy / Goodwill
 
17.17
                                             
CVS Plaza
 
Miami
 
2004
 
18,214
 
71.5%
 
4
 
3
                 
23.66
                                             
El Novillo
 
Miami Beach
 
1970 / 2000
 
10,000
 
100.0%
 
1
 
-
             
Jumbo Buffet
 
24.31
                                             
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
 
12.91
                               
 
           
Hammocks Town Center
 
Miami
 
1987 / 1993
 
172,810
 
88.5%
 
33
 
8
 
39,795
 
Publix
 
06/24/12
 
Metro Dade Library / CVS Pharmacy / Porky's Gym
 
13.86
                                             
Jonathan's Landing
 
Jupiter
 
1997
 
26,820
 
41.2%
 
7
 
5
                 
23.56
                                             
Lago Mar
 
Miami
 
1995
 
82,613
 
88.6%
 
17
 
5
 
42,323
 
Publix
 
09/13/15
     
14.93
                               
 
           
Lantana Village
 
Lantana
 
1976 / 1999
 
181,780
 
96.6%
 
21
 
4
 
39,473
 
Winn-Dixie
 
02/15/11
 
Kmart / Rite Aid* (Family Dollar)
 
7.46
                               
 
 
 
       
Magnolia Shoppes
 
Fort Lauderdale
 
1998
 
114,118
 
88.2%
 
11
 
7
             
Regal Cinemas / Deal$
 
10.76
                                             
Meadows
 
Miami
 
1997
 
75,524
 
95.8%
 
17
 
3
 
47,955
 
Publix
 
07/09/17
     
13.70
                               
 
 
 
       
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
 
13.91
                               
 
           
Oaktree Plaza
 
North Palm Beach
 
1985
 
23,745
 
72.9%
 
13
 
7
                 
16.46

 
Page 25

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
Year
 
Total
     
Number
 
Supermarket anchor
 
Other
 
Average base rent per
       
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
     
Expiration
 
anchor
 
leased
Property
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
tenants
 
SF
                                             
Pine Island
 
Davie
 
1983 / 1999
 
254,907
 
89.0%
 
35
 
12
 
39,943
 
Publix
 
11/30/13
 
Home Depot Expo* / Staples
 
$ 11.87
                               
 
           
Plaza Alegre
 
Miami
 
2003
 
88,411
 
92.4%
 
16
 
4
 
44,271
 
Publix
 
03/14/23
 
Goodwill
 
15.57
                               
 
 
 
       
Point Royale
 
Miami
 
1970 / 2000
 
216,760
 
98.2%
 
21
 
3
 
45,350
 
Winn-Dixie
 
02/15/15
 
Best Buy / Pasteur Medical
 
7.70
                               
 
           
Prosperity Centre
 
Palm Beach Gardens
 
1993
 
122,014
 
85.3%
 
6
 
4
             
Office Depot / CVS / Bed Bath & Beyond / TJ Maxx
 
16.37
                                             
Ridge Plaza
 
Davie
 
1984 / 1999
 
155,204
 
94.9%
 
21
 
7
             
Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill
 
11.01
                                             
Riverside Square
 
Coral Springs
 
1987
 
104,241
 
81.8%
 
25
 
9
 
39,795
 
Publix
 
02/18/12
     
12.79
                               
 
           
Sawgrass Promenade
 
Deerfield Beach
 
1982 / 1998
 
107,092
 
92.5%
 
22
 
7
 
36,464
 
Publix
 
12/15/14
 
Walgreens
 
11.36
                               
 
           
Sheridan Plaza
 
Hollywood
 
1973 / 1991
 
508,455
 
98.6%
 
60
 
5
 
65,537
 
Publix
 
10/09/11
 
Kohl's / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology
 
14.92
                               
 
           
Shoppes of Andros Isles
 
West Palm Beach
 
2000
 
79,420
 
84.1%
 
10
 
7
 
51,420
 
Publix
 
02/29/20
     
11.51
                                             
Shoppes of Silverlakes
 
Pembroke Pines
 
1995 / 1997
 
126,789
 
85.7%
 
30
 
10
 
47,813
 
Publix
 
06/14/15
     
16.81
                               
 
           
Shops at Skylake
 
North Miami Beach
 
1999 / 2005 / 2006
 
287,816
 
95.4%
 
46
 
5
 
51,420
 
Publix
 
07/31/19
 
TJMaxx / LA Fitness / Goodwill
 
17.61
                                             
Sunrise Town Center
 
Fort Lauderdale
 
1989
 
128,124
 
82.3%
 
14
 
10
             
L.A. Fitness / Office Depot
 
11.08
                                             
Tamarac Town Square
 
Tamarac
 
1987
 
124,585
 
76.0%
 
23
 
16
 
37,764
 
Publix
 
12/15/14
 
Dollar Tree
 
10.49
                               
 
           
Veranda Shoppes
 
Plantation
 
2007
 
44,888
     
9
 
-
 
28,800
 
Publix
 
04/30/27
      24.99
                                             
Waterstone
 
Homestead
 
2005
 
61,000
 
100.0%
 
10
 
-
 
45,600
 
Publix
 
07/31/25
     
14.66
                               
 
           
West Bird
 
Miami
 
1977 / 2000
 
99,864
 
94.2%
 
25
 
3
 
37,949
 
Publix
 
08/31/20
 
CVS Pharmacy
 
13.31
                               
 
           
West Lakes Plaza
 
Miami
 
1984 / 2000
 
100,747
 
100.0%
 
27
 
-
 
46,216
 
Winn-Dixie
 
05/22/16
 
Navarro Pharmacy
 
13.28
                               
 
           
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
 
15.54
                               
 
           
Florida Treasure / Northeast Coast (8)
                                       
                                             
Cashmere Corners
 
Port St. Lucie
 
2001
 
92,734
 
87.8%
 
12
 
6
 
59,448
 
Albertsons
 
04/30/25
     
8.34
                               
 
           
New Smyrna Beach
 
New Smyrna Beach
 
1987
 
118,451
 
100.0%
 
34
 
-
 
42,112
 
Publix
 
09/30/12
 
Bealls Outlet
 
12.01
                               
 
           
Old King Commons
 
Palm Coast
 
1988
 
84,759
 
91.5%
 
15
 
4
             
Wal-Mart
 
8.29
                                             
Ryanwood
 
Vero Beach
 
1987
 
114,925
 
90.9%
 
27
 
5
 
39,795
 
Publix
 
03/23/17
 
Bealls Outlet / Books-A-Million
 
11.17
                               
 
           
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
                 
20.99
                                             
South Point Center
 
Vero Beach
 
2003
 
64,790
 
88.1%
 
10
 
6
 
44,840
 
Publix
 
11/30/23
     
15.53

 
Page 26

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
Year
 
Total
     
Number
 
Supermarket anchor
 
Other
 
Average base rent per
       
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
     
Expiration
 
anchor
 
leased
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
tenants
 
SF
                               
 
           
Treasure Coast
 
Vero Beach
 
1983
 
133,781
 
97.4%
 
22
 
2
 
59,450
 
Publix
 
07/31/26
 
TJ Maxx
 
$ 12.17
                               
 
           
Tampa / St. Petersburg / Venice / Cape Coral / Naples (22)
                   
                                             
Bay Pointe Plaza
 
St. Petersburg
 
1984 / 2002
 
103,986
 
95.0%
 
19
 
4
 
52,610
 
Publix
 
11/30/21
 
Bealls Outlet
 
10.16
                               
 
           
Carrollwood
 
Tampa
 
1970 / 2002
 
94,203
 
92.3%
 
30
 
7
 
27,887
 
Publix
 
11/30/22
 
Golf Locker
 
13.43
                               
 
           
Charlotte Square
 
Port Charlotte
 
1980
 
96,188
 
71.7%
 
11
 
14
 
44,024
 
Publix*
(American Signature Furniture)
 
01/31/11
 
Seafood Buffet
 
6.66
                                             
Chelsea Place
 
New Port Richey
 
1992
 
81,144
 
96.5%
 
16
 
2
 
48,890
 
Publix
 
05/27/12
     
11.84
                               
 
           
Dolphin Village
 
St. Petersburg
 
1967/1990
 
136,224
 
78.6%
 
26
 
19
 
33,238
 
Publix
 
11/07/13
 
Dollar Tree, CVS
 
13.25
                                             
Glengary Shoppes
 
Sarasota
 
1995
 
99,182
 
100.0%
 
7
 
-
             
Best Buy / Barnes & Noble
 
18.04
                                             
Lake St. Charles
 
Tampa
 
1999
 
57,015
 
100.0%
 
8
 
-
 
46,295
 
Sweet Bay
 
06/30/19
     
10.41
                               
 
           
Lutz Lake
 
Lutz
 
2002
 
64,985
 
90.0%
 
10
 
5
 
44,270
 
Publix
 
05/31/22
     
12.84
                               
 
           
Marco Town Center
 
Marco Island
 
2001
 
109,830
 
89.1%
 
34
 
8
 
27,887
 
Publix
 
01/31/18
     
16.77
                               
 
           
Mariners Crossing
 
Spring Hill
 
1989 / 1999
 
97,812
 
89.9%
 
15
 
3
 
48,315
 
Sweet Bay
 
08/15/20
     
10.53
                               
 
           
Midpoint Center
 
Cape Coral
 
2002
 
75,386
 
100.0%
 
10
 
-
 
60,667
 
Publix
 
10/31/22
     
12.35
                               
 
           
Pavilion
 
Naples
 
1982
 
167,745
 
89.0%
 
30
 
10
 
50,795
 
Publix
 
12/31/10
 
Pavilion 6 Theatre / Anthony's
 
11.80
                               
 
           
Regency Crossing
 
Port Richey
 
1986 / 2001
 
85,864
 
79.7%
 
12
 
13
 
44,270
 
Publix
 
02/28/21
     
11.05
                               
 
           
Ross Plaza
 
Tampa
 
1984 / 1996
 
91,566
 
94.6%
 
20
 
3
             
Ross Dress for Less / Deals
 
12.47
                                             
Seven Hills
 
Spring Hill
 
1991
 
72,590
 
87.8%
 
12
 
6
 
48,890
 
Publix
 
09/25/11
     
10.45
                               
 
           
Shoppes of North Port
 
North Port
 
1991
 
84,705
 
93.3%
 
18
 
3
 
48,890
 
Publix
 
12/11/11
 
Bealls Outlet
 
10.27
                               
 
           
Summerlin Square
 
Fort Myers
 
1986 / 1998
 
109,156
 
54.6%
 
6
 
22
 
45,500
 
Winn-Dixie
 
06/04/11
     
9.60
                               
 
           
Sunlake
 
Tampa
 
2008
 
89,516
 
86.2%
 
15
 
9
 
45,600
 
Publix
 
12/31/28
     
15.85
                                             
Sunpoint Shopping Center
 
Ruskin
 
1984
 
132,374
 
66.4%
 
16
 
8
             
Goodwill / Ozzie's Buffet / Big Lots / Chapter 13 Trustee
 
8.65
                                             
Venice Plaza
 
Venice
 
1971 / 1979 / 1999
 
132,345
 
98.8%
 
15
 
1
 
42,582
 
Sweet Bay
 
09/30/18
 
TJ Maxx
 
6.38
                               
 
           
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
 
93.1%
 
12
 
4
             
Dollar Tree / Aaron Rents / Dollar General
 
8.34
                                             
TOTAL SHOPPING CENTERS FLORIDA (90)
 
10,083,312
 
89.5%
 
1,642
 
492
 
2,953,346
             
$ 12.84

 
Page 27

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
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
                                             
GEORGIA (34)
                                         
                                             
Atlanta (25)
                                         
                                             
BridgeMill
 
Canton
 
2000
 
89,102
 
86.4%
 
23
 
7
 
37,888
 
Publix
 
01/31/20
     
$ 15.77
                               
 
           
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
     
10.39
                               
 
           
Chastain Square
 
Atlanta
 
1981 / 2001
 
91,637
 
98.1%
 
26
 
2
 
37,366
 
Publix
 
05/31/24
     
16.80
                               
 
           
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
     
10.85
                               
 
           
Fairview Oaks
 
Ellenwood
 
1997
 
77,052
 
89.4%
 
12
 
2
 
54,498
 
Kroger
 
09/30/16
     
10.80
                               
 
           
Freehome Village
 
Canton
 
2003
 
74,340
 
72.2%
 
6
 
11
 
44,840
 
Publix
 
12/31/23
     
11.80
                                             
Golden Park Village
 
Buford
 
2000
 
68,738
 
78.7%
 
7
 
6
 
44,270
 
Publix
 
02/29/20
     
10.81
                                             
Governors Town Square
 
Acworth
 
2005
 
68,658
 
100.0%
 
14
 
-
 
44,840
 
Publix
 
02/28/25
     
16.18
                                             
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
 
83.2%
 
13
 
8
 
54,166
 
Kroger
 
11/30/22
     
11.38
                               
 
           
Keith Bridge Commons
 
Atlanta
 
2002
 
94,886
 
85.9%
 
14
 
7
 
54,139
 
Kroger
 
08/10/22
     
12.68
                                             
Mableton Crossing
 
Mableton
 
1997
 
86,819
 
96.4%
 
15
 
2
 
63,419
 
Kroger
 
08/31/17
     
10.55
                               
 
           
Macland Pointe
 
Marietta
 
1992-93
 
79,699
 
98.5%
 
16
 
1
 
55,999
 
Publix
 
12/29/12
     
10.25
                               
 
           
Market Place
 
Norcross
 
1976
 
77,706
 
94.4%
 
21
 
3
             
Galaxy Cinema
 
12.21
                                             
Paulding Commons
 
Hiram
 
1991
 
192,391
 
95.6%
 
26
 
4
 
49,700
 
Kroger
 
02/28/11
 
Kmart
 
7.87
                               
 
           
Piedmont Peachtree Crossing
 
Buckhead
 
1978 / 1998
 
152,239
 
97.2%
 
25
 
3
 
55,520
 
Kroger
 
02/28/15
 
Cost Plus Store / Binders Art Supplies
 
17.61
                               
 
           
Powers Ferry Plaza
 
Marietta
 
1979 / 1987 / 1998
 
86,473
 
85.2%
 
17
 
8
             
Micro Center
 
9.85
                                             
Salem Road Station
 
Atlanta
 
2000
 
67,270
 
90.3%
 
11
 
5
 
44,270
 
Publix
 
09/30/20
     
12.11
                                             
Shops of Huntcrest
 
Lawrenceville
 
2003
 
97,040
 
86.2%
 
19
 
7
 
54,340
 
Publix
 
01/31/23
     
13.43
                               
 
           
Shops of Westridge
 
McDonough
 
2006
 
66,297
 
74.7%
 
9
 
9
 
38,997
 
Publix
 
04/30/26
     
13.52
                                             
Wesley Chapel
 
Decatur
 
1989
 
164,153
 
87.7%
 
20
 
8
             
Corinthian College / Little Giant/ Deal$ / Planet Fitness
 
6.61
                               
 
           
Williamsburg @ Dunwoody
 
Dunwoody
 
1983
 
44,928
 
68.7%
 
20
 
7
                 
21.92

 
Page 28

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
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
                                             
Central / South Georgia (9)
                                   
                                             
Daniel Village
 
Augusta
 
1956 / 1997
 
171,932
 
85.0%
 
28
 
11
 
45,971
 
Bi-Lo
 
03/25/22
 
St. Joseph Home Health Care
 
$ 8.83
                               
 
           
Dublin Village
 
Dublin
 
2005
 
98,540
 
92.5%
 
12
 
5
 
70,225
 
Kroger
 
08/03/25
     
6.68
                                             
Grayson Village
 
Loganville
 
2002
 
83,155
 
77.1%
 
13
 
10
 
44,271
 
Publix
 
01/31/22
     
11.48
                                             
Loganville Town Center
 
Loganville
 
1997
 
77,661
 
92.4%
 
12
 
3
 
51,420
 
Publix
 
08/01/17
     
12.14
                                             
McAlpin Square
 
Savannah
 
1979
 
173,952
 
97.7%
 
22
 
2
 
43,600
 
Kroger
 
08/31/15
 
Big Lots / Post Office / Habitat for Humanity
 
7.36
                                             
Spalding Village
 
Griffin
 
1989
 
235,318
 
63.5%
 
18
 
10
 
59,431
 
Kroger
 
05/31/14
 
Fred's Store / Goodwill
 
7.65
                               
 
           
The Vineyards at Chateau Elan
 
Braselton
 
2002
 
79,047
 
97.4%
 
19
 
1
 
44,271
 
Publix
 
01/31/23
     
14.41
                                             
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
 
69.6%
 
12
 
11
 
42,156
 
Kroger
 
09/16/18
     
12.64
                                             
TOTAL SHOPPING CENTERS GEORGIA (34)
 
3,452,244
 
86.3%
 
522
 
177
 
1,358,071
             
$ 11.84
                                             
LOUISIANA (13)
                                         
                                             
Ambassador Row
 
Lafayette
 
1980 / 1991
 
193,978
 
79.0%
 
21
 
5
             
Conn's Appliances / Big Lots /
Chuck E Cheese / Planet Fitness
 
$ 10.40
                                             
Ambassador Row Courtyard
 
Lafayette
 
1986 / 1991 / 2005
 
146,697
 
100.0%
 
23
 
-
             
Bed Bath & Beyond / Marshall's / Hancock Fabrics / Unitech Training Academy / Tuesday Morning
 
10.21
                                             
Bluebonnet Village
 
Baton Rouge
 
1983
 
101,623
 
91.3%
 
20
 
6
 
33,387
 
Matherne's
 
11/30/15
 
Office Depot
 
11.37
                               
 
           
Boulevard
 
Lafayette
 
1976 / 1994
 
68,012
 
89.8%
 
11
 
3
     
 
     
Piccadilly / Harbor Freight Tools / Golfballs.com
 
8.81
                                             
Country Club Plaza
 
Slidell
 
1982 / 1994
 
64,686
 
92.1%
 
8
 
2
 
33,387
 
Winn-Dixie
 
01/31/13
     
6.50
                               
 
           
Crossing
 
Slidell
 
1988 / 1993
 
114,806
 
97.4%
 
15
 
1
 
58,432
 
Save A Center
 
09/28/39
 
A-1 Home Appliance / Piccadilly
 
5.83
                               
 
           
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
 
4.34
                               
 
           
Sherwood South
 
Baton Rouge
 
1972 / 1988 / 1992
 
77,107
 
86.0%
 
8
 
1
             
Burke's Outlet / Harbor Freight Tools / Fred's Store
 
6.31
                                             
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
 
5.30
                                             
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
 
91.3%
 
164
 
23
 
153,298
             
8.65
                                             
MARYLAND (1)
                                         

 
Page 29

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
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 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
 
92.9%
 
9
 
4
 
54,928
 
Shaw's
 
01/02/16
     
23.11
                                             
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)
     
600,879
 
99.1%
 
29
 
4
 
434,532
             
$ 17.09
                                             
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 (2)
                                         
                                             
Westbury Plaza
 
Long Island
 
1993
 
398,602
 
100.0%
 
8
 
-
             
Marshalls / Sports Authority / Walmart / Olive Garden / Borders / Costco /
 
$ 21.14
                                             
1175 Third Avenue
 
Manhattan
 
1995
 
25,350
 
100.0%
 
1
 
-
 
25,350
 
Food Emporium
 
01/31/19
     
$ 41.66
                                             
TOTAL SHOPPING CENTERS NEW YORK (2)
     
423,952
 
100.0%
 
9
 
-
 
25,350
             
$ 22.37
                                             
NORTH CAROLINA (12)
                                         
                                             
Brawley Commons
 
Charlotte
 
1997 / 1998
 
119,189
 
75.7%
 
21
 
15
 
42,142
 
Lowe's Foods
 
05/13/17
 
Rite Aid
 
$ 12.38
                                             
Carolina Pavilion
 
Charlotte
 
1996
 
731,678
 
96.9%
 
23
 
3
             
AMC Theatres / American Signature / Old Navy / Ross Dress For Less / Sports Authority / Babies 'R Us / 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
 
$ 10.64
                                             
Centre Pointe Plaza
 
Smithfield
 
1989
 
163,642
 
96.4%
 
22
 
2
             
Belk's / Dollar Tree / Aaron Rents / Burkes Outlet Stores
 
5.95
                                             
Chestnut Square
 
Brevard
 
1985 / 2008
 
34,260
 
90.7%
 
6
 
2
             
Walgreens
 
15.45

 
Page 30

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
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
                                             
Galleria
 
Wrightsville Beach
 
1986 / 1990
 
92,114
 
81.6%
 
28
 
8
 
28,000
 
Harris Teeter*
 
04/05/11
     
$ 9.83
                                             
Parkwest Crossing
 
Durham
 
1990
 
85,602
 
93.2%
 
15
 
2
 
38,052
 
Food Lion
 
12/14/15
     
10.62
                                             
Riverview Shopping Center
 
Durham
 
1973 / 1995
 
128,498
 
95.4%
 
12
 
4
 
53,538
 
Kroger
 
12/31/14
 
Upchurch Drugs / Riverview Galleries
 
7.82
                                             
Salisbury Marketplace
 
Salisbury
 
1987
 
79,732
 
77.8%
 
13
 
7
 
31,762
 
Food Lion
 
02/12/23
     
10.91
                                             
Stanley Market Place
 
Stanley
 
2007
 
53,228
 
93.4%
 
5
 
2
 
34,928
 
Food Lion
 
05/15/27
 
Family Dollar
 
9.81
                                             
Thomasville Commons
 
Thomasville
 
1991
 
148,754
 
90.8%
 
8
 
6
 
32,000
 
Ingles
 
09/29/12
 
Kmart
 
5.48
                                             
Willowdaile Shopping Center
 
Durham
 
1986
 
95,601
 
44.8%
 
14
 
11
             
Hall of Fitness
 
10.95
                                             
Whitaker Square
 
Winston-Salem
 
1996
 
82,760
 
100.0%
 
13
 
-
 
51,890
 
Harris Teeter
 
02/11/16
 
Rugged Wearhouse
 
12.43
                                             
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)
 
1,815,058
 
90.3%
 
180
 
62
 
312,312
             
$ 9.79
                                             
SOUTH CAROLINA (7)
                                         
                                             
Belfair Towne Village
 
Bluffton
 
2000 / 2003 / 2006
 
166,639
 
91.2%
 
29
 
5
 
55,696
 
Kroger
 
10/31/19
 
Stein Mart
 
$ 13.46
                                             
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
 
17.2%
 
1
 
1
                 
6.36
                                             
Milestone Plaza
 
Greenville
 
1995
 
89,721
 
97.4%
 
9
 
1
 
59,039
 
Bi-Lo
 
03/31/30
     
14.81
                                             
North Village Center
 
North Myrtle Beach
 
1984
 
60,356
 
29.2%
 
5
 
8
             
Dollar General
 
9.06
                                             
Windy Hill
 
North Myrtle Beach
 
1968 / 1988 / 2006
 
68,465
 
96.5%
 
3
 
2
             
Rose's Store / Family Dollar Store
 
5.96
                                             
Woodruff
 
Greenville
 
1995
 
68,055
 
98.7%
 
9
 
1
 
47,955
 
Publix
 
08/06/15
     
10.66
                                             
TOTAL SHOPPING CENTERS SOUTH CAROLINA (7)
 
559,683
 
78.5%
 
58
 
21
 
181,890
             
$ 10.92
                                             
TENNESSEE (1)
                                         
                                             
Greensboro Village Shopping Center
 
Gallatin
 
2005
 
70,203
 
95.6%
 
14
 
2
 
45,600
 
Publix
 
11/30/25
     
$ 14.17
                                             
TOTAL SHOPPING CENTERS TENNESSEE (1)
 
70,203
 
95.6%
 
14
 
2
 
45,600
             
$ 14.17
                                             
VIRGINIA (1)
                                         
                                             
Smyth Valley Crossing
 
Marion
 
1989
 
126,841
 
98.9%
 
13
 
1
 
32,000
 
Ingles
 
09/25/15
 
Wal-Mart
 
$ 6.05
                                             
TOTAL SHOPPING CENTERS VIRGINIA (1)
 
126,841
 
98.9%
 
13
 
1
 
32,000
             
$ 6.05
                                             
TOTAL CORE SHOPPING CENTER PORTFOLIO (174)
 
19,474,801
 
89.9%
 
2,713
 
800
 
5,742,845
             
$ 12.34

 
Page 31

 
 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of September 30, 2010 (unaudited)
 
       
Year
 
Total
     
Number
 
Supermarket anchor
 
Other
 
Average base rent per
       
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
     
Expiration
 
anchor
 
leased
Property
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
tenants
 
SF
           
19,474,801
 
89.9%
 
2,713
 
800
 
5,742,845
               
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
 
91.8%
 
94
 
4
                   
                                             
Mandarin Mini-Storage
 
Jacksonville, FL
 
1982
 
52,300
 
61.5%
 
313
 
231
                   
                                             
Prosperity Office Building
 
Palm Beach Gdns, FL
 
1972
 
3,200
 
0.0%
 
-
 
1
                   
                                             
Providence Square
 
Charlotte, NC
 
1973
 
85,930
 
22.6%
 
9
 
16
                   
                                             
TOTAL OTHER PROPERTIES (6)
 
469,160
 
52.9%
 
433
 
263
 
-
               
                                             
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (180)
 
19,943,961
 
89.0%
 
3,146
 
1,063
 
5,742,845
               
                                             
DEVELOPMENTS, REDEVELOPMENTS & LAND (9)
                                       
                                             
Developments (2)
 
Various - See Schedule on Page 34.
                                   
                                             
Redevelopments (2)
 
Various - See Schedule on Page 34.
                                   
                                             
Land Held for Development (5)
 
Various
                                       
                                             
TOTAL CONSOLIDATED - 189 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 nine months ended September 30, 2010 (unaudited)
(in thousands)
   
                         
2010 Acquisition Activity
                     
Date Purchased
Property Name
City
State
 
Square Feet / Acres
   
Purchase
Price
   
Mortgage
Assumed
 
September 22, 2010
1175 Third Avenue
New  York
NY
    25,350     $ 21,000     $ 7,475  
September 2, 2010
Country Walk Plaza
Miami
FL
    100,686       27,750       13,500  
August 31, 2010
Pablo Plaza
Jacksonville
FL
    151,238       19,338       7,515  
August 31, 2010
Westbird Plaza
Miami
FL
    99,864       17,550       8,455  
April 15, 2010
Veranda Shoppes
Plantation
FL
    44,888       11,675       -  
March 31, 2010
Copps Hill Plaza
Ridgefield
CT
    184,528       33,400       19,797  
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
                $ 140,038     $ 56,742  
                               
 
2010 Disposition Activity
                           
Date Sold
Property Name
City
State
 
Square Feet / Acres
   
Gross Sales
Price
   
Gain (loss)
on Sale
 
                               
Outparcels sold
                           
July 6, 2010
Sunlake land parcel
Miami
FL
    4.83     $ 1,240     $ (186 )
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
                $ 3,778     $ 1,712  
                               
 
 
Page 33

 
 
EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of September 30, 2010 (unaudited)
(in thousands, except square footage data)

   
                                               
Project
Location
 
Project
GLA*
   
Total
GLA**
 
Anchors
 
Target
Stabilization Date
   
Estimated Gross Cost (1)
   
Estimated
Net Cost (2)
   
Funded
as of
09/30/10
   
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       42,404       98  
River Green
Canton, GA (Atlanta)
    59,997       59,997  
CVS (not owned)
 
TBD
      11,905       10,155       3,392       8,513  
Subtotal
      204,644       170,513               $ 63,079     $ 45,402     $ 53,880     $ 9,199  
                                                             
Redevelopment
                                                           
Boca Village
Boca Raton, FL
    25,663       92,267  
Publix Greenwise / CVS
    4Q12       7,255       7,255       172       7,083  
Pine Ridge
Coral Springs, FL
    31,780       116,068  
Fresh Market / Bed Bath & Beyond
    2Q12       3,506       3,506       5       3,501  
Subtotal
      57,443       208,335               $ 10,761     $ 10,761     $ 177     $ 10,584  
                                                             
Total Development Activity
      262,087       378,848               $ 73,840     $ 56,163     $ 54,057     $ 19,783  
                                                             
 
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 September 30, 2010 (unaudited)
(in thousands)

 
Maturity
       
Sept 30, 2010
   
Dec 31, 2009
   
Percent of 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 %     4,084       4,140       0.3 %
Boca Village
05/01/11
    7.200 %     7,551       7,653       0.6 %
MacLand Pointe
05/01/11
    7.250 %     5,336       5,408       0.4 %
Pine Ridge Square
05/01/11
    7.020 %     6,669       6,762       0.5 %
Sawgrass Promenade
05/01/11
    7.200 %     7,551       7,653       0.6 %
Lake Mary Centre
11/01/11
    7.250 %     22,423       22,712       1.8 %
Lake St. Charles
11/01/11
    7.130 %     3,533       3,580       0.3 %
Belfair Towne Village
12/01/11
    7.320 %     9,730       9,958       0.8 %
Marco Town Center
01/01/12
    6.700 %     7,457       7,629       0.6 %
Riverside Square
03/01/12
    9.188 %     6,757       6,892       0.5 %
Hammocks Town Center
06/26/12
    6.950 %     11,684       11,833       0.9 %
Cashmere Corners
11/01/12
    5.880 %     4,414       4,523       0.4 %
Eastwood
11/01/12
    5.880 %     5,260       5,390       0.4 %
Meadows Shopping Center
11/01/12
    5.870 %     5,526       5,664       0.4 %
Salem Road Station
11/11/12
    6.000 %     5,762       5,846       0.5 %
Lutz Lake Crossing
01/01/13
    6.280 %     7,254       7,328       0.6 %
Pablo Plaza
04/11/13
    5.814 %     7,504       -       0.6 %
Westbird Plaza
04/11/13
    5.814 %     8,442       -       0.7 %
Brawley Commons
07/01/13
    6.250 %     6,733       6,794       0.5 %
Midpoint Center
07/10/13
    5.770 %     6,057       6,200       0.5 %
Buckhead Station
09/01/13
    6.880 %     25,740       26,213       2.1 %
Keith Bridge Commons
10/11/13
    4.800 %     8,610       8,753       0.7 %
Alafaya Village
11/11/13
    5.990 %     3,852       3,904       0.3 %
Summerlin Square
02/01/14
    6.750 %     1,616       1,924       0.1 %
Sunrise Town Center
04/30/14
    5.690 %     10,138       10,298       0.8 %
South Point
07/10/14
    5.720 %     7,454       7,616       0.6 %
The Vineyards at Chateau Elan
07/11/14
    5.880 %     9,706       9,833       0.8 %
Grayson Village
01/11/15
    5.210 %     7,239       9,820       0.6 %
 
 
Page 35

 
 
EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of September 30, 2010 (unaudited)
(in thousands)
 
 
Maturity
       
Sept 30, 2010
   
Dec 31, 2009
   
Percent of overall
debt
 
Debt Instrument
date
 
Rate *
   
balance
   
balance
   
maturing
 
Golden Park Village
01/11/15
    5.250 %     9,683       7,341       0.8 %
The Shops at Lake Tuscaloosa
01/11/15
    5.450 %     7,043       7,139       0.6 %
Bird Ludlum
02/15/15
    7.680 %     5,140       5,853       0.4 %
Treasure Coast Plaza
04/01/15
    8.000 %     2,472       2,797       0.2 %
Eustis Village
05/11/15
    5.450 %     13,151       13,313       1.1 %
Governors Town Square
06/01/15
    5.200 %     10,265       10,407       0.8 %
Shoppes of Silverlakes I
07/01/15
    7.750 %     1,466       1,648       0.1 %
Freehome Village
07/11/15
    5.150 %     9,753       9,889       0.8 %
Loganville Town Center
08/11/15
    4.890 %     9,947       10,090       0.8 %
Country Walk Plaza
11/01/15
    5.220 %     13,500       -       1.1 %
Wilmington Island Shopping Center
11/11/15
    5.050 %     9,429       9,560       0.8 %
South Plaza Shopping Center
01/11/16
    5.420 %     16,591       16,803       1.3 %
Glengary Shoppes
06/11/16
    5.750 %     16,632       16,801       1.3 %
Magnolia Shoppes
07/11/16
    6.160 %     14,313       14,467       1.2 %
Grassland Crossing
12/01/16
    7.870 %     4,638       4,825       0.4 %
Dublin Village
12/11/16
    5.780 %     6,726       6,787       0.5 %
Greensboro Village Shopping Center
02/11/17
    5.520 %     9,691       9,803       0.8 %
Whitaker Square
12/01/17
    6.320 %     9,673       9,750       0.8 %
Mableton Crossing
08/15/18
    6.850 %     3,372       3,478       0.3 %
Sheridan Plaza
10/10/18
    6.250 %     63,497       64,107       5.1 %
1175 Third Avenue
05/01/19
    7.000 %     7,475       -       0.7 %
BridgeMill
05/05/21
    7.940 %     8,177       8,369       0.7 %
Westport Plaza
08/24/23
    7.490 %     4,229       4,330       0.3 %
Chastain Square
02/28/24
    6.500 %     3,126       3,232       0.3 %
Daniel Village
02/28/24
    6.500 %     3,417       3,533       0.3 %
Douglas Commons
02/28/24
    6.500 %     4,071       4,209       0.3 %
Fairview Oaks
02/28/24
    6.500 %     3,853       3,984       0.3 %
Madison Centre
02/28/24
    6.500 %     3,126       3,232       0.3 %
Paulding Commons
02/28/24
    6.500 %     5,307       5,487       0.4 %
Siegen Village
02/28/24
    6.500 %     3,453       3,570       0.3 %
Wesley Chapel Crossing
02/28/24
    6.500 %     2,726       2,818       0.2 %
Webster Plaza
08/15/24
    8.070 %     7,525       7,659       0.6 %
Copps Hill
01/01/29
    6.060 %     19,511       -       1.6 %
Total mortgage debt  (61 loans outstanding)
4.74
    6.41 %   $ 537,060     $ 551,647       43.4 %
Unamortized/unaccreted premium/(discount)
(wtd-avg maturity)
 
(wtd-avg interest rate)(1)
      (19,726 )     (22,754 )     (1.6 %)
Total mortgage debt  (including unamortized/unaccreted premium/(discount))
            $ 517,334     $ 528,893       41.8 %

 
Page 36

 
 
EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of September 30, 2010 (unaudited)
(in thousands)
 
Unsecured senior notes payable
                             
                               
   
Maturity
         
Sept 30, 2010
   
Dec 31, 2009
   
Percent of overall
debt
 
Debt Instrument
 
date
   
Rate *
   
balance
   
balance
   
maturing
 
7.84% senior notes
 
01/23/12
      7.840 %   $ 10,000     $ 10,000       0.8 %
6.25% senior notes
 
12/15/14
      6.250 %     250,000       250,000       20.2 %
5.375% senior notes
 
10/15/15
      5.375 %     107,505       107,505       8.7 %
6.00% senior notes
 
09/15/16
      6.000 %     105,230       105,230       8.5 %
6.25% senior notes
 
01/15/17
      6.250 %     101,403       101,403       8.2 %
6.00% senior notes
 
09/15/17
      6.000 %     116,998       116,998       9.5 %
                                       
Total unsecured senior notes payable
    5.46       6.06 %   $ 691,136     $ 691,136       55.8 %
Unamortized/unaccreted premium/(discount)
 
(wtd-avg maturity)
   
(wtd-avg interest rate)(1)
      (2,853 )     (3,138 )     (0.2 %)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))
    $ 688,283     $ 687,998       55.6 %
                                         
Revolving credit facilities
                                       
$400MM Wells Fargo Unsecured
 
10/17/11
      2.390 %   $ 32,000     $ -       2.6 %
$15MM City National Bank Unsecured
 
12/10/10
      N/A       -       -       0.0 %
Total revolving credit facilities
                  $ 32,000     $ -       2.6 %
                                         
Total debt
    5.04       5.98 %   $ 1,260,196     $ 1,242,783       101.8 %
Unamortized/unaccreted premium/(discount)
 
(wtd-avg maturity)
   
(wtd-avg interest rate)(1)
      (22,579 )     (25,892 )     -1.8 %
Total debt (including net interest premium/discount)
                  $ 1,237,617     $ 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 $23 million of net unamortized/unaccreted discount.
*
The rate in effect on September 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 September 30, 2010 and December 31, 2009 (unaudited)

   
             
   
As of
   
As of
 
   
Sept 30, 2010
   
December 31, 2009
 
Assets
 
(in thousands)
   
(in thousands)
 
Properties
           
Income producing
    252,462       252,011  
Less: accumulated depreciation
    (10,278 )     (7,062 )
Rental property
  $ 242,184     $ 244,949  
                 
Cash and cash equivalents
    1,240       1,935  
Accounts and other receivables, net
    3,116       2,297  
Other assets
    14,983       14,676  
                 
Total
  $ 261,523     $ 263,857  
                 
                 
Liabilities and joint venture equity
               
Liabilities
               
Mortgage notes payable
    143,563       140,188  
Accounts payable and other liabilities
    20,977       20,905  
Total liabilities
  $ 164,540     $ 161,093  
                 
Joint venture equity
    96,983       102,764  
                 
Total
  $ 261,523     $ 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 nine months ended September 30, 2010 and 2009 (unaudited)
                         
                         
   
Three months ended
   
Nine months ended
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Sept 30, 2010
   
Sept 30, 2009
 
   
(in thousands)
   
(in thousands)
   
(in thousands)
   
(in thousands)
 
                         
REVENUES
  $ 6,071     $ 6,489     $ 18,016     $ 20,233  
                                 
COSTS AND EXPENSES
                               
Property operating
    1,873       1,771       5,578       5,793  
Rental property depreciation and amortization
    1,609       1,805       4,949       5,649  
Interest expense
    2,306       2,104       6,496       6,234  
Total costs and expenses
  $ 5,788     $ 5,680     $ 17,023     $ 17,676  
                                 
NET INCOME
  $ 283     $ 809     $ 993     $ 2,557  
                                 

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 September 30, 2010 (unaudited)

       
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
 
93.1%
 
         31
 
           6
 
    30,000
 
Publix
 
10/31/24
 
Home Depot Expo* / Office Depot
 
$  14.04
                                             
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
 
10.71
                                             
Presidential Markets
 
Snellville
 
1993 / 2000
 
        396,432
 
95.9%
 
         34
 
           3
 
    56,146
 
Publix
 
12/31/19
 
Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders
 
11.07
                                             
Shoppes of Ibis
 
West Palm Beach
 
1999
 
          79,420
 
92.9%
 
         14
 
           4
 
    51,420
 
Publix
 
05/31/19
     
12.40
                                             
Shoppes at Quail Roost
 
Miami
 
2005
 
          73,550
 
86.5%
 
         14
 
           6
 
    44,840
 
Publix
 
06/30/25
     
14.49
                                             
Shoppes of Sunset
 
Miami
 
1979
 
          21,784
 
82.5%
 
         13
 
           4
                 
22.00
                                             
Shoppes of Sunset II
 
Miami
 
1980
 
          27,676
 
57.3%
 
         10
 
           7
                 
19.99
                                             
Sparkleberry Square
 
Columbia
 
1997 / 2004
 
        154,217
 
100.0%
 
         10
 
          -
             
Petsmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy
 
10.91
                                             
Sparkleberry Kohl's
 
Columbia
 
1997 / 2004
 
          85,961
 
100.0%
 
1
 
          -
             
Kohl's
 
7.74
                                             
Sparkleberry Kroger
 
Columbia
 
1997 / 2004
 
          98,623
 
89.5%
 
         11
 
           3
 
    67,943
 
Kroger
 
08/31/17
     
11.69
                                             
TOTAL GRI-EQY I, LLC SHOPPING CENTER PORTFOLIO (10)
 
     1,407,898
 
94.9%
 
       161
 
         34
 
   328,349
             
$  11.64

* 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 September 30, 2010 (unaudited)
(in thousands)

Debt Instrument
 
Equity One's Ownership
   
Maturity date
   
Rate (1)
   
Sept 30, 2010 balance
   
Dec 31, 2009 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 %     5,789       5,907  
Sparkleberry Square (Kroger)
      10 %  
06/30/20
      6.750 %     5,882       6,194  
                                         
Total mortgage debt (3 loans outstanding)
            2.85       6.37 %   $ 131,671     $ 132,101  
             
(wtd-avg maturity)
   
(Net effective int rate)
                 
 
Net interest premium/(discount)
                            (507 )     (544 )
                                           
Total mortgage debt (including net interest premium/discount)
                    $ 131,164     $ 131,557  
                                           
Interest Rate Swap
                                         
                                           
Fair value of $120MM floating-to-fixed interest rate swap
    10 %  
06/01/13
      4.400 %   $ 12,399     $ 8,631  
                                           
Total debt (including net interest premium/discount)
                          $ 143,563     $ 140,188  
                                           
Equity One's pro-rata share of unconsolidated debt
    10 %                   $ 14,356     $ 14,019  

(1)
The rate in effect on September 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 6.35%
 
 
Page 41

 
 
EQUITY ONE, INC.
UNCONSOLIDATED BALANCE SHEET - G&I VI SOUTH FLORIDA PORTFOLIO SPE LLC
As of September 30, 2010 and December 31, 2009 (unaudited)
             
             
   
As of
   
As of
 
   
Sept 30, 2010
   
December 31, 2009
 
Assets
 
(in thousands)
   
(in thousands)
 
Properties
           
Income producing
    51,158       50,997  
Less: accumulated depreciation
    (2,050 )     (1,347 )
Rental property
  $ 49,108     $ 49,650  
                 
Cash and cash equivalents
    635       945  
Accounts and other receivables, net
    -       20  
Other assets
    5,034       5,218  
                 
Total
  $ 54,777     $ 55,833  
                 
                 
Liabilities and joint ventures' equity
               
Liabilities
               
Mortgage notes payable
    36,818       37,212  
Accounts payable and other liabilities
    3,627       3,885  
Total liabilities
  $ 40,445     $ 41,097  
                 
Joint venture equity
    14,332       14,736  
                 
Total
  $ 54,777     $ 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 nine months ended September 30, 2010 and 2009 (unaudited)
                         
                         
   
Three months ended
   
Nine months ended
 
   
Sept 30, 2010
   
Sept 30, 2009
   
Sept 30, 2010
   
Sept 30, 2009
 
   
(in thousands)
   
(in thousands)
   
(in thousands)
   
(in thousands)
 
                         
REVENUES
  $ 1,584     $ 1,644     $ 4,823     $ 4,889  
                                 
COSTS AND EXPENSES
                               
Property operating
    806       589       2,249       2,055  
Rental property depreciation and amortization
    654       895       2,018       2,468  
Interest expense
    604       611       1,810       1,829  
Total costs and expenses
  $ 2,064     $ 2,095     $ 6,077     $ 6,352  
                                 
NET LOSS
  $ (480 )   $ (451 )   $ (1,254 )   $ (1,463 )
                                 

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 September 30, 2010 (unaudited)

       
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
 
            117,640
 
65.6%
 
         22
 
           9
             
RN Network
 
$16.34
                                             
Penn Dutch Plaza
 
Margate
 
1989
 
            155,628
 
68.8%
 
         13
 
         26
 
    70,358
 
Penn Dutch Food Center
 
12/31/13
 
Walgreens
 
8.08
                                             
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
 
10.74
                                             
TOTAL G&I VI SHOPPING CENTER PORTFOLIO (3)
 
            503,598
 
67.8%
 
         61
 
         48
 
  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 September 30, 2010 (unaudited)
(in thousands)

Debt Instrument
 
Equity One's Ownership
   
Maturity date
   
Rate (1)
   
Sept 30, 2010 balance
   
Dec 31, 2009 balance
 
                               
Mortgage debt
                             
Fixed rate loan
    20 %  
11/11/14
      5.560 %   $ 37,505     $ 38,012  
Net interest premium/(discount)
    -       -               (687 )     (800 )
                                         
Total mortgage debt
            4.07       5.56 %   $ 36,818     $ 37,212  
           
(wtd-avg maturity)
   
(Net effective int rate)
                 
Equity One's pro-rata share of unconsolidated debt
    20 %                   $ 7,364     $ 7,442  

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