8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) February 23, 2011

Equity One, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

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

1600 NE Miami Gardens Drive

North Miami Beach, Florida  33179

(Address of Principal Executive Offices) (Zip Code)

(305) 947-1664

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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

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

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

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

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

Section 2 - Financial Information 

Item 2.02   Results of Operations and Financial Condition.

On February 23, 2011, Equity One, Inc. (the “Company”) announced its financial results for the three and twelve months ended December 31, 2010. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K. A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

On February 23, 2011, the Company announced its financial results for the three and twelve months ended December 31, 2010.  A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this report on Form 8-K.  A copy of the Company’s Supplemental Information Package is furnished as Exhibit 99.2 to report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2 shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01(c) Exhibits

(a)  Financial Statements of Business Acquired.

Not applicable

(b)  Pro Forma Financial Information.

Not applicable

(c) Exhibits

99.1 — Earnings Press Release of Equity One, Inc. dated February 23, 2011.

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

SIGNATURE

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

February 23, 2011	EQUITY ONE, INC.
	By:	/s/ Mark Langer
		Mark Langer
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Document
99.1	Earnings Press Release of Equity One, Inc. dated February 23, 2011.
99.2	Supplemental Information Package of Equity One, Inc. December 31, 2010.

EX-99.1

Exhibit 99.1

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

FOR IMMEDIATE RELEASE:

Equity One Reports Fourth Quarter and Year-End 2010 Operating Results

NORTH MIAMI BEACH, FL; February 23, 2011 – Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three and twelve months ended December 31, 2010.

During the fourth quarter, the company:

· Reported quarterly Funds From Operations (FFO) of $0.27 per diluted share and FFO for the year of $1.00 per diluted share

· Reported core occupancy of 90.3%, up 40 basis points from September 30, 2010

· Reported an increase in same property net operating income of 3.0% as compared to fourth quarter 2009

· Formed  joint ventures with Vestar Development Co., acquiring three properties for $86.5 million in two transactions

· Generated $168.9 million in net proceeds from the underwritten public offering and concurrent private placement of 10.1 million shares of common stock

· Reached an agreement to acquire three shopping centers in Long Beach, California comprising 273,000 square feet for $72.0 million

· Closed on the sale of one outparcel totaling $900,000, recognizing a gain of $799,000

Subsequent to the end of the year, the company announced the closing of its acquisition of Capital and Counties USA, Inc. through a joint venture with Capital Shopping Centres Group PLC in which it acquired a portfolio of 13 properties in California totaling 2.4 million square feet.

“We are extremely pleased with our results during the fourth quarter on many measures including FFO, occupancy, same property NOI, leverage ratios, development progress, and acquisitions,” said Jeff Olson, CEO of Equity One.  “As we look back on 2010, we believe it was a year in which the company made tremendous progress on its strategic plan to diversify out of the Southeast and upgrade the portfolio quality into the supply constrained markets of San Francisco, Los Angeles, and New York.”

Financial Highlights

In the fourth quarter 2010, the company generated FFO of $25.8 million, or $0.27 per diluted share, as compared to FFO for the same period in 2009 of $24.6 million, or $0.28 per diluted share.  The fourth quarter 2010 FFO results include $2.0 million, or $0.02 per diluted share, in transaction costs primarily related to Capital & Counties, DIM Vastgoed, N.V., properties acquired during the quarter and joint venture activity, $0.7 million, or $0.01 per diluted share, in goodwill impairment, and $2.0 million, or $0.02 per diluted share, in non-recurring, unexpected gains, including lease termination income and an insurance settlement. Excluding these items, FFO for the fourth quarter of 2010 would have been $0.28 per diluted share. The fourth quarter 2009 FFO results include gains of $1.7 million, or $0.02 per diluted share , from the sale of two outparcels, $1.6 million, or $0.02 per diluted share, of income tax benefit related to a non-cash valuation adjustment to a deferred tax asset, and $0.8 million, or $0.01 per diluted share, of non-recurring general and administrative expenses incurred by DIM.

For the twelve months ended December 31, 2010, the company generated FFO of $92.0 million, or $1.00 per diluted share, as compared to FFO for the same period in 2009 of $143.0 million, or $1.71 per diluted share.  The 2010 FFO results include $8.8 million, or $0.10 per diluted share, in transaction costs primarily related to Capital & Counties, DIM, and properties acquired during the year, $700,000, or $0.01 per diluted share, of goodwill impairment, and $2.8 million, or $0.03 per diluted share, in non-recurring, unexpected gains from lease termination fees, insurance settlements, and gains on sales of securities. Excluding these items, FFO for the twelve month period would have been $1.08 per diluted share. The FFO results for the twelve months ended December 31, 2009 include $0.33 per diluted share pertaining to the bar gain purchase gain from the company’s acquisition of a controlling stake in DIM, $0.15 per diluted share of gains on debt exstinguishment, and $0.08 per diluted share of gains from the sales of equity securities.

Net income attributable to Equity One was $8.3 million and earnings per diluted share was $0.09 for the quarter ended December 31, 2010 as compared to net income of $9.3 million, or $0.10 per diluted share, for fourth quarter 2009. For the twelve month period ended December 31, 2010, net income attributable to Equity One was $25.1 million, or $0.27 per diluted share, as compared to $83.8 million, or $0.98 per diluted share, for the twelve month period ended December 31, 2009. The decrease in net income for the three and twelve months ended December 31, 2010 as compared to the respective periods in 2009 is attributable to those factors affecting FFO as discussed above.

Operating Highlights

As of December 31, 2010, occupancy for the company’s consolidated core portfolio was 90.3%, up 40 basis points on a same property basis as compared to September 30, 2010. Compared to the same period ended December 31, 2009, occupancy was down 30 basis points on a same-property basis.

Same property net operating income increased 3.0% for the fourth quarter of 2010 as compared to the fourth quarter of 2009.

During the fourth quarter of 2010, the company executed 51 new leases in its core portfolio totaling 316,364 square feet at an average rental rate of $9.96 per square foot, representing a 4.3% decrease from prior rents on a same-space cash basis.  Also during the fourth quarter, the company renewed 67 leases in its core portfolio for 286,060 square feet for an average rental rate decline of 2.7% to $12.39 per square foot on a cash basis.

Acquisition and Disposition Activity

During the fourth quarter, the company formed  joint ventures with Vestar Development Co., acquiring three properties for $86.5 million: Vernola Marketplace in Mira Loma, CA; Talega Village Center in San Clemente, CA; and Canyon Trails Towne Center in Goodyear, AZ.

The company also entered into a contract during the fourth quarter to purchase three shopping centers, “The Circle Centers”, in Long Beach, California for $72.0 million. The Circle Centers comprise a total of approximately 273,000 square feet and are currently 97% leased. The anchor tenants include Vons, Ross, Rite Aid, Ralphs and Marshalls. Two of the properties are unencumbered and one property has a mortgage of approximately $11.6 million that will be assumed.

In addition, the company closed on the sale of one outparcel, recognizing a gain of $799,000.

On January 4, 2011, the company completed the acquisition of Capital and Counties through a joint venture with Capital Shopping Centres Group PLC. Capital Shopping Centres received 4.1 million shares of Equity One common stock and 11.4 million joint venture units, after accounting for working capital adjustments. Capital Shopping Centres may redeem its units in the joint venture for Equity One common stock on a one-for-one basis, or cash, at Equity One’s option. The company assumed approximately $243 million of mortgage debt, including its proportionate share of debt held by joint ventures and following the repayment of an $84 million mortgage secured by Serramonte Center which occurred simultaneously with the closing of this transaction.

Prior to the closing, Capital and Counties sold two non-core properties consisting of South Figueroa, a vacant land parcel in Los Angeles, and 625 Third Street, an office building in San Francisco, for net proceeds of approximately $16.9 million.

Page 2 of 8

Development and Redevelopment Activities

At December 31, 2010, the company had approximately $15.4 million of active development projects and approximately $10.7 million of redevelopment projects underway. The estimated remaining cost to complete these projects is approximately $19.6 million.

In the fourth quarter, the Town of Hempstead approved the site plan for The Gallery at Westbury Plaza, a 330,000 square foot retail center located on Old Country Road in the heart of Nassau County, New York. Construction is scheduled to commence in 2011. Costs to develop this project are not included in the amounts above as such costs have not yet been finalized given the preliminary stage of the project.

Investing and Financing Activities

In December 2010, the company completed an underwritten public offering and concurrent private placement of 10.1 million shares of its common stock, resulting in approximately $168.9 million in net proceeds to the company.

Balance Sheet Highlights

At December 31, 2010, the company’s total market capitalization (including debt and equity) was $3.1 billion, comprising 103.1 million shares of common stock outstanding (on a fully diluted basis) valued at $1.9 billion and $1.2 billion of net debt (excluding any debt premium/discount and net of cash). The company’s ratio of net debt to total market capitalization was 38.8%.  The company did not have any amounts drawn under its revolving credit facilities as of year-end.

FFO and Earnings Guidance

Equity One is providing 2011 FFO initial guidance of $1.07 to $1.15 per diluted share.  The following key assumptions and expectations are included as part of this FFO guidance:

- Same property NOI of -0.5% to 1.5% for the year;

- Occupancy will be flat to up 100 basis points;

- Acquisitions of $100 to $200 million financed by a combination of debt and equity; and

- Gains on the sales of outparcels of approximately $4.0 million.

The following table provides the reconciliation of the range of estimated net income per diluted share to estimated FFO per diluted share for the full year 2011:

	Low		High
Estimated net income attributable to Equity One	$	0.36	$	0.42
Adjustments:
Rental property depreciation and amortization including pro rata share of joint ventures and DIM		0.71		0.73
Estimated FFO attributable to Equity One	$	1.07	$	1.15

First Quarter 2011 Dividend Declared

On February 22, 2011, the company’s Board of Directors declared a cash dividend of $0.22 per share of its common stock for the quarter ending March 31, 2011, payable on March 31, 2011 to stockholders of record on March 15, 2011.

Page 3 of 8

ACCOUNTING AND OTHER DISCLOSURES

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

FFO, as defined by NAREIT, is “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.” NAREIT states further that “adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.”  The company believes that financial analysts, investors and stockholders are better served by the presentation of comparable period operating results generated from the company’s FFO measure.  The company’s 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 the company’s operating performance.  FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cash flow as a measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating the company’s operating performance.  The company believes net income is the most directly comparable GAAP measure to FFO.

CONFERENCE CALL/WEB CAST INFORMATION

Equity One will host a conference call on Thursday, February 24, 2011 at 9:00 a.m. Eastern Time to review the 2010 fourth quarter earnings and operating results.  Stockholders, analysts and other interested parties can access the earnings call by dialing (800) 299-0433 (U.S./Canada) or (617) 801-9712 (international) using pass code 40312457. The call will also be web cast and can be accessed in a listen-only mode on Equity One’s web site at www.equityone.net.

A replay of the conference call will be available on Equity One’s web site for future review. Interested parties may also access the telephone replay by dialing (888) 286-8010 (U.S./Canada) or (617) 801-6888 (international) using pass code 41507717 through March 3, 2011.

FOR ADDITIONAL INFORMATION

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

ABOUT EQUITY ONE, INC.

As of December 31, 2010, Equity One owned or had interests in 189 properties, consisting of 174 shopping centers comprising approximately 19.5 million square feet, four projects in development/redevelopment, six non-retail properties, and five parcels of land.  Additionally, Equity One had joint venture interests in twelve shopping centers and one office building totaling approximately 1.9 million square feet.

Page 4 of 8

FORWARD LOOKING STATEMENTS

Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws.  Although Equity One believes that the expectations reflected in such forward-looking statements is based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties or portfolios for acquisition; the success of its efforts to lease vacant space; the effects of natural, man-made, and other disasters; the ability of Equity One to successfully complete the acquisitions, and integrate the operations and systems of companies and properties it desires to acquire; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.

Page 5 of 8

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

December 31, 2010 and 2009

(In thousands, except per share amounts)

	December 31,			December 31,
	2010			2009
ASSETS
Properties:
Income producing	$	2,643,871		$	2,433,431
Less: accumulated depreciation		(288,613	)		(240,172	)
Income producing properties, net		2,355,258			2,193,259
Construction in progress and land held for development		74,870			68,866
Properties, net		2,430,128			2,262,125
Cash and cash equivalents		38,333			47,970
Accounts and other receivables, net		15,181			9,806
Investments in and advances to unconsolidated joint ventures		59,736			11,524
Securities		-			820
Goodwill		10,790			11,477
Other assets		127,696			108,598
TOTAL ASSETS	$	2,681,864		$	2,452,320
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes payable:
Mortgage notes payable	$	533,660		$	551,647
Unsecured senior notes payable		691,136			691,136
		1,224,796			1,242,783
Unamortized discount on notes payable, net		(21,923	)		(25,892	)
Total notes payable		1,202,873			1,216,891
Other liabilities:
Accounts payable and accrued expenses		32,885			33,251
Tenant security deposits		8,907			9,180
Deferred tax liabilities, net		46,523			50,059
Other liabilities		96,971			54,237
Total liabilities		1,388,159			1,363,618
Redeemable noncontrolling interests		3,864			989
Commitments and contingencies		-			-
Stockholders’ equity:
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued		-			-
Common stock, $0.01 par value – 150,000 shares authorized, 102,327 and 86,131 shares issued and outstanding as of December 31, 2010 and December 31, 2009, respectively		1,023			861
Additional paid-in capital		1,391,762			1,110,427
Distributions in excess of earnings		(105,309	)		(46,810	)
Contingent consideration		-			323
Accumulated other comprehensive loss		(1,569	)		(266	)
Total stockholders’ equity of Equity One, Inc.		1,285,907			1,064,535
Noncontrolling interests		3,934			23,178
Total stockholders' equity		1,289,841			1,087,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,681,864		$	2,452,320

Page 6 of 8

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

Years ended December 31, 2010 and 2009

(In thousands, except per share amounts)

	Three months ended						Twelve months ended
	December 31,						December 31,
	2010			2009			2010			2009
REVENUE:
Minimum rent	$	57,776		$	53,066		$	221,632		$	209,857
Expense recoveries		14,037			14,615			60,350			57,961
Percentage rent		151			163			1,685			1,679
Management and leasing services		432			359			1,557			1,675
Total revenue		72,396			68,203			285,224			271,172
COSTS AND EXPENSES:
Property operating		18,206			19,969			78,852			78,070
Rental property depreciation and amortization		17,307			16,547			67,339			62,122
General and administrative		10,465			9,815			42,041			38,835
Total costs and expenses		45,978			46,331			188,232			179,027
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,418			21,872			96,992			92,145
OTHER INCOME AND EXPENSE:
Investment income		250			120			937			10,155
Equity in income (loss) in unconsolidated joint ventures		31			(51	)		(116	)		(88	)
Other income		443			93			648			1,503
Interest expense		(19,562	)		(18,026	)		(77,922	)		(73,450	)
Amortization of deferred financing fees		(545	)		(385	)		(1,924	)		(1,520	)
Gain on acquisition of controlling interest in subsidiary		-			635			-			27,501
Gain on sale of real estate		-			-			254			-
(Loss) gain on extinguishment of debt		-			(50	)		63			12,345
Impairment loss		(652	)		(369	)		(687	)		(369	)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS:		6,383			3,839			18,245			68,222
Income tax benefit of taxable REIT subsidiaries		1,081			2,755			3,765			5,017
INCOME FROM CONTINUING OPERATIONS		7,464			6,594			22,010			73,239
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		10			69			152			1,009
Gain on disposal of income producing properties		799			1,754			2,257			7,127
INCOME FROM DISCONTINUED OPERATIONS		809			1,823			2,409			8,136
NET INCOME		8,273			8,417			24,419			81,375
Net loss attributable to noncontrolling interest		36			889			693			2,442
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	8,309		$	9,306		$	25,112		$	83,817
EARNINGS PER COMMON SHARE – BASIC:
Continuing operations	$	0.08		$	0.09		$	0.24		$	0.90
Discontinued operations		0.01			0.02			0.03			0.10
	$	0.09		$	0.11		$	0.27		$	1.00
Number of Shares Used in Computing Basic Earnings per Share		94,034			86,006			91,536			83,290
EARNINGS PER COMMON SHARE – DILUTED:
Continuing operations	$	0.08		$	0.08		$	0.24		$	0.89
Discontinued operations		0.01			0.02			0.03			0.10
	$	0.09		$	0.10		$	0.27		$	0.98
Number of Shares Used in Computing Diluted Earnings per Share		94,581			86,616			91,710			83,857

Note:  Diluted EPS for the year ended December 31, 2009 does not foot due to the rounding of the individual calculations.

Page 7 of 8

EQUITY ONE, INC. AND SUBSIDIARIES

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

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

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2010		2009			2010		2009
	(In thousands)					(In thousands)
Net income attributable to Equity One, Inc.	$	8,309	$	9,306		$	25,112	$	83,817
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		17,215		14,975			65,735		56,057
Gain (loss) on disposal of depreciable real estate		-		(85	)		-		1,673
Pro rata share of real estate depreciation from unconsolidated joint ventures		279		377			1,178		1,436
Funds from operations	$	25,803	$	24,573		$	92,025	$	142,983

Funds from Operations is a non-GAAP financial measure.  We believe that FFO, as defined by NAREIT, is a widely used and appropriate supplemental measure of operating performance for REITs, and that it provides a relevant basis for comparison among REITs.

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

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

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2010		2009		2010		2009
Earnings per diluted share attributable to Equity One, Inc.	$	0.09	$	0.10	$	0.27	$	0.98
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.18		0.17		0.72		0.67
Loss on disposal of depreciable real estate		-		-		-		0.02
Pro rata share of real estate depreciation from unconsolidated joint ventures		-		-		0.01		0.02
Net adjustment for unvested shares and noncontrolling interest (1)		-		0.01		-		0.02
Funds from operations per diluted share	$	0.27	$	0.28	$	1.00	$	1.71

(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) and adjustment to compensate for rounding of the individual calculations.

Page 8 of 8

EX-99.2

Exhibit 99.2

Equity One, Inc.

Supplemental Information Package

December 31, 2010

Equity One, Inc.

1600 N.E. Miami Gardens Drive

North Miami Beach, Florida 33179

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

www.equityone.net

Page 1

Equity One, Inc.

SUPPLEMENTAL INFORMATION

December 31, 2010

(unaudited)

TABLE OF CONTENTS

	Page
Overview
Analyst Coverage	3
Disclosures	4
Summary Financial Results and Ratios	5
Assets, Liabilities, and Equity
Condensed Consolidated Balance Sheets	6
Market Capitalization	7
Debt Summary	8
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

Page 2

EQUITY ONE, INC

ANALYST COVERAGE

As of December 31, 2010

Barclays Capital	Ross Smotrich	(212) 526-2306
	Ryan Bennett	(212) 526-5309
BMO Capital Markets	Paul Adornato	(212) 885-4170
Citigroup Global Markets	Michael Bilerman	(212) 816-1383
	Quentin Velleley	(212) 816-6981
Cowen & Company	James Sullivan	(646) 562-1380
Credit Suisse	Andrew Rosivach	(415) 249-7942
Deutsche Bank	Vin Chao	(212) 250-6799
Green Street Advisors	Laura Clark	(949) 640-8780
ISI Group	Steve Sakwa	(212) 446-9462
	Samit Parikh	(212) 888-3796
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.	Ki Bin Kim	(212) 231-6386
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 December 31, 2010

Forward Looking Statements

Certain information contained in this Supplemental Information Package constitute forward-looking statements within the meaning of the federal securities laws.  Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved.  Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Georgia, Massachusetts and the other states in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquis ition; 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 and the subsequent filing of Form 10-K for the year ended December 31, 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 sa les 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 per formance. 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 twelve months ended December 31, 2010 and 2009 (unaudited)

(in thousands, except per share data)

	For the three months ended						For the twelve months ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Summary Financial Results
Total revenues*	$	72,406		$	68,280		$	285,359		$	272,293
EBITDA (see page 14)		46,525			42,759			177,706			178,737
Property net operating income		53,768			47,947			204,972			192,499
General & administrative expenses (G&A)* - Adjusted (1)		8,353			8,318			32,395			32,053
Net income attributable to Equity One	$	8,309		$	9,306		$	25,112		$	83,817
Net income per diluted share		0.09			0.10			0.27			0.98
Funds from operations (FFO)	$	25,803		$	24,573		$	92,025		$	142,983
FFO per diluted share		0.27			0.28			1.00			1.71
Total dividends paid per share	$	0.22		$	0.22		$	0.88		$	1.12
Weighted average diluted shares		94,581			86,616			91,710			83,857
Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 24-32)		90.3	%		90.3	%		90.3	%		90.3	%
Same-property shopping center portfolio occupancy at end of period		90.1	%		90.4	%		90.1	%		90.4	%
Same-property NOI growth - cash basis (see page 13)		3.0	%		-2.0	%		-0.5	%		-3.0	%
NOI margin (see page 13)		74.7	%		70.6	%		72.2	%		71.1	%
Expense recovery ratio*		77.1	%		73.2	%		76.6	%		74.3	%
New, renewal and option rent spread - cash basis (see page 18)		-3.6	%		-5.3	%		N/A			N/A
Adjusted G&A expense to total revenues (1)		11.7	%		12.2	%		11.4	%		11.8	%
Net debt to total market capitalization (see page 7)		38.8	%		46.0	%		38.8	%		46.0	%
Net debt to Adjusted EBITDA (see page 14)		6.4			7.0			6.7			6.7
Adjusted EBITDA to interest expense* (see page 14)		2.4			2.4			2.3			2.4
Adjusted EBITDA to fixed charges* (see page 14)		2.0			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 twelve months ended December 31, 2010 deducts $2.0 million and $8.8 million, respectively, for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the three and twelve months ended December 31, 2009 deducts $1.3 and $2.7 million, respectively, for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the three and twelve months ended December 31, 2010 deducts $3K and $183K in severance costs, respectively, and for the twelve month period ended December 31, 2009 deducts $3.3 million in severance costs.

Page 5

EQUITY ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31, 2010 (unaudited) and December 31, 2009 and 2008

(in thousands)

	Dec 31, 2010			Dec 31, 2009			Dec 31, 2008
Assets
Properties:
Income producing	$	2,643,871		$	2,433,431		$	1,900,513
Less: accumulated depreciation		(288,613	)		(240,172	)		(196,151	)
Income producing properties, net		2,355,258			2,193,259			1,704,362
Construction in progress and land held for development		74,870			68,866			74,371
Properties, net		2,430,128			2,262,125			1,778,733
Cash and cash equivalents		38,333			47,970			5,355
Accounts and other receivables, net		15,181			9,806			12,209
Investments in and advances to unconsolidated joint ventures		59,736			11,524			11,745
Securities		-			820			160,585
Goodwill		10,790			11,477			11,845
Other assets		127,696			108,598			55,791
Total Assets	$	2,681,864		$	2,452,320		$	2,036,263
Liabilities and stockholders' equity
Liabilities:
Mortgage notes payable	$	533,660		$	551,647		$	371,077
Unsecured revolving credit facilities		-			-			35,500
Unsecured senior notes payable		691,136			691,136			657,913
Total debt		1,224,796			1,242,783			1,064,490
Unamortized/unaccreted (discount) premium on notes payable, net		(21,923	)		(25,892	)		5,225
Total notes payable		1,202,873			1,216,891			1,069,715
Accounts payable and other liabilities		138,763			96,668			54,652
Deferred tax liabilities, net		46,523			50,059			1,409
Total liabilities		1,388,159			1,363,618			1,125,776
Redeemable noncontrolling interests		3,864			989			989
Total stockholders' equity of Equity One, Inc.		1,285,907			1,064,535			909,498
Noncontrolling interests		3,934			23,178			-
Total Liabilities and Stockholders' Equity	$	2,681,864		$	2,452,320		$	2,036,263

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of December 31, 2010 and December 31, 2009 and 2008 (unaudited)

(in thousands, except per share data)

	Dec 31, 2010			Dec 31, 2009			Dec 31, 2008
Closing market price of common stock	$	18.18		$	16.17		$	17.70
Common stock shares
Basic common shares		102,326.818			86,131.037			76,198.420
Diluted common shares
Unvested restricted common shares		149.980			47.993			29.360
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		124.506			79.656			23.178
Long term incentive plan performance awards		356.516			-			-
Shares for DIM Vastgoed contingent consideration		-			516.019			-
Diluted common shares		103,051.476			86,868.361			76,344.614
Equity market capitalization	$	1,873,476		$	1,404,661		$	1,351,300
Total debt (excluding unamortized/unaccreted premium/(discount))	$	1,224,796		$	1,242,783		$	1,064,490
Cash and equivalents		(38,333	)		(47,970	)		(5,355	)
Net debt		1,186,463			1,194,813			1,059,135
Equity market capitalization		1,873,476			1,404,661			1,351,300
Total market capitalization	$	3,059,939		$	2,599,474		$	2,410,435
Net debt to total market capitalization at current market price		38.8	%		46.0	%		43.9	%
Net debt to total market capitalization at constant share price of $16.17		41.6	%		46.0	%		46.2	%
Gross real estate and securities investments	$	2,718,741		$	2,503,117		$	2,135,469
Net debt to gross real estate and securities investments		43.6	%		47.7	%		49.6	%

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

As of December 31, 2010 and December 31, 2009 and 2008 (unaudited)

(in thousands)

	Dec 31, 2010			Dec 31, 2009			Dec 31, 2008
Fixed rate debt	$	1,224,796		$	1,242,783		$	928,041
Fixed rate debt - swapped to variable rate		-			-			100,949
Variable rate debt - unhedged		-			-			35,500
Total debt*	$	1,224,796		$	1,242,783		$	1,064,490
% Fixed rate debt		100.0	%		100.0	%		87.2	%
% Fixed rate debt - swapped to variable rate		0.0	%		0.0	%		9.5	%
% Variable rate debt - unhedged		0.0	%		0.0	%		3.3	%
Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		0.0	%		0.0	%		12.8	%
Secured mortgage debt	$	533,660		$	551,647		$	371,077
Unsecured debt		691,136			691,136			693,413
Total debt*	$	1,224,796		$	1,242,783		$	1,064,490
% Secured mortgage debt		43.6	%		44.4	%		34.9	%
% Unsecured debt		56.4	%		55.6	%		65.1	%
Total		100.0	%		100.0	%		100.0	%
Total market capitalization (from page 7)	$	3,059,939		$	2,599,474		$	2,410,435
% Secured mortgage debt		17.4	%		21.2	%		15.4	%
% Unsecured debt		22.6	%		26.6	%		28.8	%
Total debt : Total market capitalization		40.0	%		47.8	%		44.2	%
Weighted-average interest rate on secured mortgage debt*(1)		6.3	%		6.6	%		7.2	%
Weighted-average interest rate on senior unsecured notes*(1)		6.1	%		6.1	%		5.7	%
Weighted-average interest rate on total debt*(1)		6.1	%		6.3	%		6.3	%
Interest rate on revolving credit facilities		N/A			N/A			2.1	%
Weighted-average maturity on mortgage debt*	4.5 years			4.7 years			5.0 years
Weighted-average maturity on senior unsecured notes*	5.2 years			6.2 years			6.5 years
Weighted-average maturity on total debt*	5.2 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 December 31, 2010 (unaudited)

(in thousands)

	Secured Debt				Unsecured Debt				Premium/(Discount)					Weighted average
Maturity schedule by year	Scheduled amortization		Balloon payments		Revolving Credit Facilities		Senior Notes		Scheduled Amortization			Total		interest rate at maturity			Percent of debt maturing
2011	$	13,757	$	65,579	$	-		-	$	(3,086	)	$	76,250		7.2	%		6.3	%
2012		12,953		44,478		-		10,000		(4,032	)	$	63,399		7.0	%		5.3	%
2013		12,281		69,185		-		-		(4,888	)	$	76,578		6.2	%		6.4	%
2014		11,032		24,820		-		250,000		(5,475	)	$	280,377		6.2	%		23.3	%
2015		8,282		81,565		-		107,505		(3,755	)	$	193,597		5.3	%		16.1	%
2016		6,511		51,489		-		105,230		(1,303	)	$	161,927		6.0	%		13.5	%
2017		5,933		17,242		-		218,401		(118	)	$	241,458		6.1	%		20.1	%
2018		5,828		56,623		-		-		197		$	62,648		6.3	%		5.2	%
2019		4,675		5,157		-		-		154		$	9,986		7.0	%		0.8	%
Thereafter		27,962		8,308		-		-		383		$	36,653		7.8	%		3.0	%
Total	$	109,214	$	424,446	$	-	$	691,136	$	(21,923	)	$	1,202,873		6.1	%		100.0	%

Page 9

EQUITY ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three and twelve months ended December 31, 2010 and 2009 (unaudited)

(in thousands, except per share amounts)

	Three months ended						Percent			Twelve months ended						Percent
	Dec 31, 2010			Dec 31, 2009			Change			Dec 31, 2010			Dec 31, 2009			Change
REVENUE:
Minimum rent	$	57,776		$	53,066					$	221,632		$	209,857
Expense recoveries		14,037			14,615						60,350			57,961
Percentage rent		151			163						1,685			1,679
Management and leasing services		432			359						1,557			1,675
Total revenue		72,396			68,203			6.1	%		285,224			271,172			5.2	%
COSTS AND EXPENSES:
Property operating		18,206			19,969						78,852			78,070
Rental property depreciation and amortization		17,307			16,547						67,339			62,122
General and administrative		10,465			9,815						42,041			38,835
Total costs and expenses		45,978			46,331			-0.8	%		188,232			179,027			5.1	%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,418			21,872						96,992			92,145
OTHER INCOME AND EXPENSE:
Investment income		250			120						937			10,155
Equity in income (loss) in unconsolidated joint ventures		31			(51	)					(116	)		(88	)
Other income		443			93						648			1,503
Interest expense		(19,562	)		(18,026	)					(77,922	)		(73,450	)
Gain on sale of real estate		-			-						254			-
(Loss) gain on extinguishment of debt		-			(50	)					63			12,345
Gain on acquisition of controlling interest in subsidiary		-			635						-			27,501
Amortization of deferred financing fees		(545	)		(385	)					(1,924	)		(1,520	)
Impairment loss		(652	)		(369	)					(687	)		(369	)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
Income tax benefit of taxable REIT subsidiaries		1,081			2,755						3,765			5,017
INCOME FROM CONTINUING OPERATIONS		7,464			6,594			13.2	%		22,010			73,239			-69.9	%
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		10			69						152			1,009
Gain on disposal of income producing properties		799			1,754						2,257			7,127
INCOME FROM DISCONTINUED OPERATIONS		809			1,823						2,409			8,136
NET INCOME		8,273			8,417			-1.7	%		24,419			81,375			-70.0	%
Net loss attributable to noncontrolling interest		36			889						693			2,442
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	8,309		$	9,306					$	25,112		$	83,817
EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.08		$	0.09					$	0.24		$	0.90
Discontinued operations		0.01			0.02						0.03			0.10
NET INCOME	$	0.09		$	0.11			-18.2	%	$	0.27		$	1.00			-73.0	%
EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	0.08		$	0.08					$	0.24		$	0.89
Discontinued operations		0.01			0.02						0.03			0.10
NET INCOME	$	0.09		$	0.10			-10.0	%	$	0.27		$	0.98			-72.4	%
Weighted average shares outstanding
Basic		94,034			86,006						91,536			83,290
Diluted		94,581			86,616						91,710			83,857

Note:  Diluted EPS for the twelve months ended December 31, 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 twelve months ended December 31, 2010 (unaudited)

(in thousands)

	Three months ended December 31, 2010									Twelve months ended December 31, 2010
	As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	57,776		$	10		$	57,786		$	221,632		$	131		$	221,763
Expense recoveries		14,037			-			14,037			60,350			4			60,354
Percentage rent		151			-			151			1,685			-			1,685
Management and leasing services		432			-			432			1,557			-			1,557
Total revenue		72,396			10			72,406			285,224			135			285,359
COSTS AND EXPENSES:
Property operating		18,206			-			18,206			78,852			(22	)		78,830
Rental property depreciation and amortization		17,307			-			17,307			67,339			5			67,344
General and administrative		10,465			-			10,465			42,041			-			42,041
Total costs and expenses		45,978			-			45,978			188,232			(17	)		188,215
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,418			10			26,428			96,992			152			97,144
OTHER INCOME AND EXPENSE:
Investment income		250			-			250			937			-			937
Equity in income (loss) in unconsolidated joint ventures		31			-			31			(116	)		-			(116	)
Other income		443			-			443			648			-			648
Interest expense		(19,562	)		-			(19,562	)		(77,922	)		-			(77,922	)
Gain on sale of real estate		-			799			799			254			2,257			2,511
Gain on extinguishment of debt		-			-			-			63			-			63
Amortization of deferred financing fees		(545	)		-			(545	)		(1,924	)		-			(1,924	)
Impairment loss		(652	)		-			(652	)		(687	)		-			(687	)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		6,383			809			7,192			18,245			2,409			20,654
Income tax benefit of taxable REIT subsidiaries		1,081			-			1,081			3,765			-			3,765
INCOME FROM CONTINUING OPERATIONS		7,464			809			8,273			22,010			2,409			24,419
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		10			(10	)		-			152			(152	)		-
Gain on disposal of income producing properties		799			(799	)		-			2,257			(2,257	)		-
INCOME FROM DISCONTINUED OPERATIONS		809			(809	)		-			2,409			(2,409	)		-
Net loss attributable to noncontrolling interest		36			-			36			693			-			693
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	8,309		$	-		$	8,309		$	25,112		$	-		$	25,112

Page 11

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three and twelve months ended December 31, 2009 (unaudited)

(in thousands)

	Three months ended December 31, 2009									Twelve months ended December 31, 2009
	As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	53,066		$	72		$	53,138		$	209,857		$	1,016		$	210,873
Expense recoveries		14,615			5			14,620			57,961			105			58,066
Percentage rent		163			-			163			1,679			-			1,679
Management and leasing services		359			-			359			1,675			-			1,675
Total revenue		68,203			77			68,280			271,172			1,121			272,293
COSTS AND EXPENSES:
Property operating		19,969			5			19,974			78,070			49			78,119
Rental property depreciation and amortization		16,547			3			16,550			62,122			63			62,185
General and administrative		9,815			-			9,815			38,835			-			38,835
Total costs and expenses		46,331			8			46,339			179,027			112			179,139
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		21,872			69			21,941			92,145			1,009			93,154
OTHER INCOME AND EXPENSE:
Investment income		120			-			120			10,155			-			10,155
Equity in loss in unconsolidated joint ventures		(51	)		-			(51	)		(88	)		-			(88	)
Other income		93			-			93			1,503			-			1,503
Interest expense		(18,026	)		-			(18,026	)		(73,450	)		-			(73,450	)
Gain on sale of real estate		-			1,754			1,754			-			7,127			7,127
(Loss) gain on extinguishment of debt		(50	)		-			(50	)		12,345			-			12,345
Gain on acquisition of noncontrolling interest in subsidiary		635			-			635			27,501			-			27,501
Amortization of deferred financing fees		(385	)		-			(385	)		(1,520	)		-			(1,520	)
Impairment loss		(369	)		-			(369	)		(369	)		-			(369	)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		3,839			1,832			5,662			68,222			8,136			76,358
Income tax benefit of taxable REIT subsidiaries		2,755			-			2,755			5,017			-			5,017
INCOME FROM CONTINUING OPERATIONS		6,594			1,823			8,417			73,239			8,136			81,375
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		69			(69	)		-			1,009			(1,009	)		-
Gain on disposal of income producing properties		1,754			(1,754	)		-			7,127			(7,127	)		-
INCOME FROM DISCONTINUED OPERATIONS		1,823			(1,823	)		-			8,136			(8,136	)		-
Net loss attributable to noncontrolling interest		889			-			889			2,442			-			2,442
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	9,306		$	-		$	9,306		$	83,817		$	-		$	83,817

Page 12

EQUITY ONE, INC.

NET OPERATING INCOME

For the three and twelve months ended December 31, 2010 and 2009 (unaudited)

(in thousands)

	Three months ended						Percent			Twelve months ended						Percent
	Dec 31, 2010			Dec 31, 2009			Change			Dec 31, 2010			Dec 31, 2009			Change
Total net operating income(1)
Total rental revenue	$	71,974		$	67,921			6.0	%	$	283,802		$	270,618			4.9	%
Property operating expenses		18,206			19,974			(8.9	%)		78,830			78,119			0.9	%
Net operating income	$	53,768		$	47,947			12.1	%	$	204,972		$	192,499			6.5	%
NOI margin (NOI / Total rental revenue)		74.7	%		70.6	%					72.2	%		71.1	%
Same-property NOI (2)
Total rental revenue	$	51,732		$	52,929			(2.3	%)	$	211,411		$	216,696			(2.4	%)
Property operating expenses (3)		14,673			16,940			(13.4	%)		65,533			70,089			(6.5	%)
Net operating income	$	37,059		$	35,989			3.0	%	$	145,878		$	146,607			(0.5	%)
Growth in same property NOI		3.0	%								(0.5	%)
Number of properties included in analysis (4)		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.

(4) The same-property pool includes only those properties that were owned and operated for the entirety of both periods being compared and excludes developments and redevelopments, joint venture properties, and any properties purchased or sold during the periods being compared.

Page 13

EQUITY ONE, INC.

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

For the three and twelve months ended December 31, 2010 and 2009 (unaudited)

(in thousands)

	Three months ended						Twelve months ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Net income attributable to Equity One, Inc.	$	8,309		$	9,306		$	25,112		$	83,817
Rental property depreciation and amortization*		17,307			16,550			67,344			62,185
Other depreciation and amortization		147			201			645			827
Interest expense*		19,562			18,026			77,922			73,450
Amortization of deferred financing fees*		545			385			1,924			1,520
Loss (gain) on extinguishment of debt		-			50			(63	)		(12,345	)
Acquisition costs(1)		1,962			1,296			8,818			2,655
Impairment loss		652			369			687			369
(Gain) loss on sale of depreciable real estate		-			(85	)		-			1,673
Income tax benefit of taxable REIT subsidiaries		(1,081	)		(2,755	)		(3,765	)		(5,017	)
Gain on acquisition of controlling interest in subsidiary		-			(635	)		-			(27,501	)
Gain on sale of investment in equity securities		(195	)		-			(562	)		(6,284	)
Insurance settlement		(505	)		-			(505	)		-
Severance costs		3			-			183			3,300
Equity in (income) loss in unconsolidated joint ventures		(31	)		51			116			88
Adjusted EBITDA	$	46,625		$	42,759		$	177,856		$	178,737
Interest expense*	$	19,562		$	18,026		$	77,922		$	73,450
Adjusted EBITDA to interest expense*		2.4			2.4			2.3			2.4
Fixed charges
Interest expense*	$	19,562		$	18,026		$	77,922		$	73,450
Scheduled principal amortization (2)		3,396			3,469			13,703			13,761
Total fixed charges	$	22,958		$	21,495		$	91,625		$	87,211
Adjusted EBITDA to fixed charges*		2.0			2.0			1.9			2.0
Net debt to Adjusted EBITDA (3)		6.4			7.0			6.7			6.7
Total market capitalization (see page 7)	$	3,059,939		$	2,599,474		$	3,059,939		$	2,599,474

*  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) Excludes balloon payments upon maturity.

(3) Adjusted EBITDA for the period has been annualized.

Page 14

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the three and twelve months ended December 31, 2010 and 2009 (unaudited)

(in thousands, except per share data)

	Three months ended					Twelve months ended
	Dec 31, 2010		Dec 31, 2009			Dec 31, 2010		Dec 31, 2009
Net income attributable to Equity One, Inc.	$	8,309	$	9,306		$	25,112	$	83,817
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		17,215	$	14,975			65,735		56,057
(Gain) loss on disposal of depreciable real estate	$	-	$	(85	)		-		1,673
Pro rata share of real estate depreciation from unconsolidated JV's	$	279	$	377			1,178		1,436
Funds from operations	$	25,803	$	24,573		$	92,025	$	142,983
Earnings per diluted share attributable to Equity One, Inc.	$	0.09	$	0.10		$	0.27	$	0.98
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.18		0.17			0.72		0.67
Loss on disposal of depreciable real estate		-		-			-		0.02
Pro rata share of real estate depreciation from unconsolidated JV's		-		-			0.01		0.02
Net adjustment for unvested shares and noncontrolling interest(1)		-		0.01			-		0.02
Funds from operations per diluted share	$	0.27	$	0.28		$	1.00	$	1.71
Weighted average diluted shares		94,581		86,616			91,710		83,857

(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 twelve months ended December 31, 2010 and 2009 (unaudited)

(in thousands)

	Three months ended						Twelve months ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Certain non-cash items:
Amortization of deferred financing fees	$	545		$	385		$	1,924		$	1,503
Accretion of below market lease intangibles		(2,089	)		(2,143	)		(7,669	)		(6,775	)
Share-based compensation expense		1,725			1,699			6,551			7,911
Straight line rent		(639	)		169			(2,233	)		(1,383	)
Capitalized interest		(576	)		(426	)		(2,244	)		(1,430	)
Amortization of  discount on notes payable, net		656			586			2,817			2,224
Certain capital expenditures:
Tenant improvements	$	(2,375	)	$	(4,617	)	$	(9,478	)	$	(13,414	)
Leasing commissions and costs		(1,383	)		(1,829	)		(4,775	)		(6,081	)
Total tenant improvements and leasing costs	$	(3,758	)	$	(6,446	)	$	(14,253	)	$	(19,495	)
	Dec 31, 2010			Dec 31, 2009
Other assets and liabilities:
Lease intangibles, net	$	60,603		$	53,526
Lease commissions, net		23,124			19,619
Straight-line rent receivable, net		17,186			15,034
Deposits and mortgage escrow		17,964			10,642
Prepaid expenses		1,413			1,125
Deferred financing costs, net		5,998			6,963
Furniture and fixtures, net		1,408			1,689
Total other assets	$	127,696		$	108,598
Above/below market rents, net	$	90,428			49,922
Prepaid rent and deferred income		6,543			4,315
Accounts payable and other		41,792			42,431
Total accounts payable and other liabilities	$	138,763		$	96,668
Liquidity as of 12/31/10:
Cash and Cash Equivalents	$	38,333
Marketable Securities		-
Available under Lines of Credit		336,109
Total Available Funds	$	374,442

Page 16

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS

CONSOLIDATED PROPERTIES

As of December 31, 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 (2)		Average remaining term of AMR (3)
Top twenty tenants
Publix		67	NA		2,946,030		15.1	%	$	24,329,631		11.3	%	$	8.26		7.9
Supervalu		6		B+ / B1	398,625		2.0	%		8,681,248		4.0	%		21.78		6.2
Kroger		15	BBB / Baa2		845,602		4.3	%		6,641,076		3.1	%		7.85		6.6
TJ Maxx Companies		11		A / A3	347,401		1.8	%		4,182,887		1.9	%		12.04		3.3
Bed, Bath & Beyond		8	BBB / NA		267,761		1.4	%		3,250,935		1.5	%		12.14		4.1
LA Fitness		4	NA		196,235		1.0	%		3,087,362		1.4	%		15.73		9.0
Costco		1		A+ / A2	148,295		0.8	%		3,000,921		1.4	%		20.24		3.7
Winn Dixie		9	NA		398,128		2.1	%		2,937,815		1.4	%		7.38		3.7
Office Depot		10		B / B2	243,625		1.3	%		2,797,348		1.3	%		11.48		4.1
Dollar Tree		25	NA		272,041		1.4	%		2,419,081		1.1	%		8.89		6.3
CVS Pharmacy		14	BBB+ / Baa2		153,982		0.8	%		2,279,151		1.1	%		14.80		4.3
WalMart		3	AA / Aa2		230,217		1.2	%		2,150,075		1.0	%		9.34		4.7
Kmart		5	BB- / Ba2		439,558		2.3	%		1,939,705		0.9	%		4.41		4.5
Kohl's		3	BBB+ / Baa1		296,710		1.5	%		1,933,000		0.9	%		6.51		8.3
Blockbuster		18	D / NA		89,113		0.5	%		1,885,193		0.9	%		21.16		1.7
Food Lion		6	NA		241,934		1.2	%		1,845,646		0.9	%		7.63		9.9
Walgreens		6		A / A2	96,562		0.5	%		1,824,815		0.9	%		18.90		14.3
Whole Foods		2	BB / Ba3		85,907		0.4	%		1,746,911		0.8	%		20.33		14.0
Goodwill		15	NA		136,327		0.7	%		1,724,207		0.8	%		12.65		5.5
Stop & Shop		1	NA		59,015		0.3	%		1,685,484		0.8	%		28.56		14.0
Sub-total top twenty tenants		229			7,893,068		40.6	%	$	80,342,491		37.4	%	$	10.18		6.2
Remaining tenants		2,471			9,670,789		49.7	%		134,614,209		62.6	%		14.21		3.7
Sub-total all tenants		2,700			17,563,857		90.3	%	$	214,956,700		100.0	%	$	12.38		3.9
Vacant		797			1,891,727		9.7	%	NA		NA			NA		NA
Total including vacant		3,497			19,455,584		100.0	%	$	214,956,700		100.0	%	NA			3.9

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

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

(2) Annual minimum rent per square foot excludes ground lease at Grand Marche.

(3)  In years, excluding tenant renewal options.

Page 17

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended December 31, 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)		51		316,364		316,364	$	10.41	$	9.96		-4.3	%	$	11.29
Renewals & Options		67		286,060		286,060		12.74		12.39		-2.7	%		0.19
Total New, Renewals & Options		118		602,424		602,424	$	11.52	$	11.11		-3.6	%	$	6.02

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 December 31, 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 (1)
M-T-M		195		546,427		2.8	%	$	6,850,948		3.0	%	$	12.54
2011		563		2,461,797		12.7	%		31,495,776		13.9	%		12.79
2012		554		2,379,324		12.2	%		29,774,827		13.2	%		13.65
2013		488		1,988,102		10.2	%		27,763,319		12.3	%		13.96
2014		323		1,973,470		10.1	%		26,122,394		11.5	%		13.24
2015		251		1,683,634		8.7	%		18,588,281		8.2	%		11.04
2016		90		1,403,239		7.2	%		20,493,457		9.1	%		14.60
2017		43		738,395		3.8	%		9,224,706		4.1	%		12.49
2018		34		567,642		2.9	%		7,020,207		3.1	%		12.37
2019		24		519,725		2.7	%		8,208,550		3.6	%		15.79
Thereafter		135		3,302,102		17.0	%		40,852,720		18.0	%		12.37
Sub-total / average		2,700		17,563,857		90.3	%	$	226,395,185		100.0	%	$	13.04
									.
Vacant		797		1,891,727		9.7	%	NA		NA			NA
Total / average		3,497		19,455,584		100.0	%	$	226,395,185		100.0	%	NA

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

(1)  Annual minimum rent per square foot excludes ground lease at Grand Marche.

Page 19

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of December 31, 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 (1)
M-T-M		7		176,614		1.4	%	$	1,039,441		0.8	%	$	5.89
2011		46		1,409,387		11.1	%		11,464,699		9.4	%		8.13
2012		43		1,315,607		10.3	%		9,404,555		7.7	%		8.40
2013		32		1,014,550		8.0	%		8,444,770		6.9	%		8.32
2014		39		1,296,367		10.2	%		12,471,835		10.2	%		9.62
2015		39		1,167,324		9.2	%		8,100,059		6.6	%		6.94
2016		27		1,226,840		9.7	%		16,697,380		13.6	%		13.61
2017		15		629,836		5.0	%		6,693,960		5.5	%		10.63
2018		15		499,947		3.9	%		5,339,125		4.4	%		10.68
2019		11		476,024		3.7	%		7,064,566		5.8	%		14.84
Thereafter		80		3,131,181		24.6	%		35,634,533		29.1	%		11.38
Sub-total / average		354		12,343,677		97.1	%	$	122,354,923		100.0	%	$	10.07
Vacant		16		363,309		2.9	%	NA		NA			NA
Total / average		370		12,706,986		100.0	%	$	122,354,923		100.0	%	NA

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

(1) Annual minimum rent per square foot excludes ground lease at Grand Marche.

Page 20

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of December 31, 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		188		369,813		5.5	%	$	5,811,507		5.6	%	$	15.71
2011		517		1,052,410		15.6	%		20,031,077		19.3	%		19.03
2012		511		1,063,717		15.8	%		20,370,272		19.6	%		19.15
2013		456		973,552		14.4	%		19,318,549		18.6	%		19.84
2014		284		677,103		10.0	%		13,650,559		13.1	%		20.16
2015		212		516,310		7.7	%		10,488,222		10.1	%		20.31
2016		63		176,399		2.6	%		3,796,077		3.6	%		21.52
2017		28		108,559		1.6	%		2,530,746		2.4	%		23.31
2018		19		67,695		1.0	%		1,681,082		1.6	%		24.83
2019		13		43,701		0.7	%		1,143,984		1.1	%		26.18
Thereafter		55		170,921		2.5	%		5,218,187		5.0	%		30.53
Sub-total / average		2,346		5,220,180		77.4	%	$	104,040,262		100.0	%	$	19.93
Vacant		781		1,528,418		22.6	%	NA		NA			NA
Total / average		3,127		6,748,598		100.0	%	$	104,040,262		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 December 31, 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 December 31, 2010 (unaudited)

Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County		15		2,101,296		26,780,830		12.5	%
Dade County		15		1,607,274		23,140,535		10.8	%
Palm Beach County		9		988,978		11,219,919		5.2	%
Treasure Coast, Florida		8		707,778		7,580,494		3.5	%
South Florida		47		5,405,326		68,721,778		32.0	%
Boston		7		600,879		10,771,496		5.0	%
New York		2		423,952		9,484,084		4.4	%
Connecticut		2		397,802		4,687,953		2.2	%
Northeast		11		1,422,633		24,943,533		11.6	%
Atlanta		25		2,401,361		27,361,539		12.7	%
Orlando		11		1,287,612		15,074,768		7.0	%
Tampa/St. Petersburg		16		1,532,862		13,840,666		6.4	%
Jacksonville/North Florida		10		1,210,706		11,959,413		5.6	%
Louisiana		13		1,568,556		10,986,866		5.1	%
Other		14		1,221,505		10,868,948		5.1	%
Charlotte/Raleigh/Durham		5		1,160,568		10,817,244		5.0	%
Central/South Georgia		9		1,050,883		8,168,902		3.8	%
West Coast, Florida		6		633,889		7,247,911		3.4	%
South Carolina		7		559,683		4,965,132		2.3	%
Total		174		19,455,584		214,956,700		100	%

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

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2010 (unaudited)

			Year	Total					Number				Supermarket anchor						Average base rent
			Built /	Sq. Ft.		Percent			of tenants				Owned				Expiration		per leased
Property		City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.			Name	Date	Other anchor 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		86.9	%		12		7		45,600		Publix	08/31/26			11.66
TOTAL SHOPPING CENTERS ALABAMA (3)					210,779		90.8	%		34		14		127,783	#				$	11.27
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	$	11.83
	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		92.2	%		26		4		54,230		Publix	11/30/13		$	14.65
	Alafaya Village	Orlando	1986		38,118		96.3	%		15		1								20.82
	Conway Crossing	Orlando	2002		76,321		85.5	%		15		4		44,271		Publix	04/30/22			11.57
	Eastwood, Shoppes of	Orlando	1997		69,037		100.0	%		13		-		51,512		Publix	11/01/17			12.71
	Eustis Village	Eustis	2002		156,927		95.1	%		16		4		44,271		Publix	10/31/22	Beall's Department Store		11.25
	Hunter's Creek	Orlando	1998		73,204		98.2	%		9		1						Office Depot / Lifestyle Family Fitness		13.65
	Kirkman Shoppes	Orlando	1973		88,820		90.8	%		25		6						Party America		18.99
	Lake Mary Centre	Orlando	1988 / 2001		340,434		97.1	%		58		8		63,139		Albertsons	06/30/12	Kmart / Lifestyle Fitness Center /    Office Depot		13.29
	Park Promenade	Orlando	1987 / 2000		128,848		70.0	%		14		9						Beauty Depot / Dollar General		7.04
	Town & Country	Kissimmee	1993		72,043		95.6	%		12		2		52,883		Albertsons*	10/31/18			8.59
																(Ross Dress For Less)
	Unigold Shopping Center	Winter Park	1987		117,527		82.9	%		19		6		52,500		Winn-Dixie	04/30/12			11.93
Jacksonville / North Florida (10)
	Atlantic Village	Atlantic Beach, FL	1984		100,559		87.5	%		18		7		39,795		Publix	10/31/13	Jo-Ann Fabric & Crafts		10.59
	Beauclerc Village	Jacksonville	1962 / 1988		68,846		89.0	%		6		5						Big Lots / Goodwill / Bealls Outlet		8.46
	Forest Village	Tallahassee	2000		71,526		85.0	%		12		4		37,866		Publix	04/30/20			10.92
	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	$	17.22

Page 24

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	SF
Medical & Merchants	Jacksonville	1993		156,153		98.9	%		11		2		55,999	Publix	02/10/13	Memorial Hospital / Planet Fitness		11.46
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		11.68
Oak Hill	Jacksonville	1985 / 1997		78,492		77.6	%		16		4		39,795	Publix	03/11/15			7.95
South Beach**	Jacksonville Beach	1990 / 1991		303,219		87.2	%		36		15					Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples		12.42
Miami-Dade / Broward / Palm Beach (39)
Bird Ludlum	Miami	1988 / 1998		192,274		98.8	%		40		2		44,400	Winn-Dixie	12/31/12	CVS Pharmacy / Bird Executive / Goodwill		17.66
Boynton Plaza	Boynton Beach	1978 / 1999		99,324		91.1	%		20		7		37,664	Publix	08/31/13	CVS Pharmacy		13.25
Bluffs Square	Jupiter	1986		123,917		77.2	%		20		10		39,795	Publix	10/22/11	Walgreens		13.45
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		25.29
Countryside Shops	Cooper City	1986 / 1988 / 1991		179,561		91.8	%		35		11		39,795	Publix	12/04/15	CVS Pharmacy / Stein Mart		13.42
Country Walk	Miami	1985 / 2006 / 2008		100,686		96.5	%		27		2		39,795	Publix	10/23/15	CVS Pharmacy		18.86
Crossroads Square	Pembroke Pines	1973		81,587		79.9	%		16		10					CVS Pharmacy / Goodwill		17.02
CVS Plaza	Miami	2004		18,214		71.5	%		4		3							23.91
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		88.4	%		32		6		50,032	Publix	12/05/14	Bealls Outlet		12.93
Hammocks Town Center	Miami	1987 / 1993		172,806		89.0	%		33		7		39,795	Publix	06/24/12	Metro Dade Library / CVS Pharmacy / Porky's Gym		12.81
Jonathan's Landing	Jupiter	1997		26,820		41.2	%		7		5							23.56
Lago Mar	Miami	1995		82,613		84.6	%		15		7		42,323	Publix	09/13/15			14.34
Lantana Village	Lantana	1976 / 1999		181,780		96.6	%		21		4		39,473	Winn-Dixie	02/15/11	Kmart / Rite Aid* (Family Dollar)		7.63
Magnolia Shoppes	Fort Lauderdale	1998		114,118		89.5	%		12		6					Regal Cinemas / Deal$		11.01
Meadows	Miami	1997		75,524		95.8	%		17		3		47,955	Publix	07/09/17			14.03
Oakbrook Square	Palm Beach Gardens	1974 / 2000 / 2003		199,633		97.1	%		25		5		44,400	Publix	11/30/20	Stein Mart / Home Goods / CVS / Basset Furniture / Duffy's		14.20
Oaktree Plaza	North Palm Beach	1985		23,745		72.9	%		13		7						$	16.60

Page 25

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	SF
Pine Island	Davie	1983 / 1999		254,907		89.0	%		35		12		39,943	Publix	11/30/13	Home Depot Expo* / Staples		12.01
Plaza Alegre	Miami	2003		88,411		92.4	%		16		4		44,271	Publix	03/14/23	Goodwill		15.58
Point Royale	Miami	1970 / 2000		216,760		98.2	%		21		3		45,350	Winn-Dixie	02/15/15	Best Buy / Pasteur Medical		8.22
Prosperity Centre	Palm Beach Gardens	1993		122,014		88.7	%		7		3					Office Depot / CVS / Bed Bath & Beyond /  TJ Maxx		16.47
Ridge Plaza	Davie	1984 / 1999		155,204		94.6	%		21		7					Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill		10.94
Riverside Square	Coral Springs	1987		104,241		81.8	%		25		9		39,795	Publix	02/18/12			13.34
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		91.6	%		21		4		36,464	Publix	12/15/14	Walgreens / Dollar Tree		11.40
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		14.99
Shoppes of Andros Isles	West Palm Beach	2000		79,420		82.4	%		9		8		51,420	Publix	02/29/20			12.21
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997		126,789		84.8	%		29		11		47,814	Publix	06/14/15			16.71
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		281,943		96.1	%		44		3		51,420	Publix	07/31/19	TJMaxx / LA Fitness / Goodwill		17.23
Sunrise Town Center	Fort Lauderdale	1989		128,124		82.3	%		14		10					L.A. Fitness / Office Depot		11.12
Tamarac Town Square	Tamarac	1987		124,585		76.9	%		24		15		37,764	Publix	12/15/14	Dollar Tree		11.01
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			14.63
West Bird	Miami	1977 / 2000		99,864		91.2	%		24		4		37,949	Publix	08/31/20	CVS Pharmacy		13.03
West Lakes Plaza	Miami	1984 / 2000		100,747		100.0	%		27		-		46,216	Winn-Dixie	05/22/16	Navarro Pharmacy		13.38
Westport Plaza	Davie	2002		49,533		100.0	%		8		-		27,887	Publix	11/30/22			17.41
Young Circle	Hollywood	1962 / 1997		65,834		98.1	%		9		1		23,124	Publix	11/30/16	Walgreens		15.59
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001		89,234		91.2	%		12		5		59,448	Albertsons	04/30/25			8.67
New Smyrna Beach	New Smyrna Beach	1987		118,451		100.0	%		34		-		42,112	Publix	09/30/12	Bealls Outlet		12.08
Old King Commons	Palm Coast	1988		84,759		92.6	%		16		3					Wal-Mart		8.37
Ryanwood	Vero Beach	1987		114,925		90.9	%		27		5		39,795	Publix	03/23/17	Bealls Outlet / Books-A-Million		11.32
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							22.03
South Point Center	Vero Beach	2003		64,790		88.1	%		10		6		44,840	Publix	11/30/23			15.53

Page 26

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	SF
Treasure Coast	Vero Beach	1983		133,781		98.5	%		23		1		59,450	Publix	07/31/26	TJ Maxx		11.80
Tampa / St. Petersburg / Venice / Cape Coral / Naples (22)
Bay Pointe Plaza	St. Petersburg	1984 / 2002		103,986		94.3	%		18		5		52,610	Publix	11/30/21	Bealls Outlet		10.40
Carrollwood	Tampa	1970 / 2002		94,203		89.4	%		29		8		27,887	Publix	11/30/22	Golf Locker		13.58
Charlotte Square	Port Charlotte	1980		96,188		67.3	%		10		15		44,024	Publix*	01/31/11	Seafood Buffet		6.92
														(American Signature Furniture)
Chelsea Place	New Port Richey	1992		81,144		96.5	%		16		2		48,890	Publix	05/27/12			11.78
Dolphin Village	St. Petersburg	1967/1990		136,224		79.7	%		27		18		33,238	Publix	11/07/13	Dollar Tree, CVS		13.22
Glengary Shoppes	Sarasota	1995		99,182		100.0	%		6		-					Best Buy / Barnes & Noble		18.04
Lake St. Charles	Tampa	1999		57,015		100.0	%		8		-		46,295	Sweet Bay	06/30/19			10.43
Lutz Lake	Lutz	2002		64,985		86.1	%		9		6		44,270	Publix	05/31/22			12.82
Marco Town Center	Marco Island	2001		109,830		91.0	%		35		6		27,887	Publix	01/31/18			17.92
Mariners Crossing	Spring Hill	1989 / 1999		97,812		95.8	%		16		2		48,315	Sweet Bay	08/15/20			10.15
Midpoint Center	Cape Coral	2002		75,386		100.0	%		10		-		60,667	Publix	10/31/22			12.36
Pavilion	Naples	1982		167,745		84.2	%		29		11		50,795	Publix	12/31/10	Pavilion 6 Theatre / Anthony's		11.62
Regency Crossing	Port Richey	1986 / 2001		85,864		81.6	%		13		12		44,270	Publix	02/28/21			10.27
Ross Plaza	Tampa	1984 / 1996		90,826		94.5	%		20		3					Ross Dress for Less / Deal$		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		92.2	%		17		4		48,890	Publix	12/11/11	Bealls Outlet		10.26
Summerlin Square	Fort Myers	1986 / 1998		109,156		49.1	%		4		24		45,500	Winn-Dixie	06/04/16			7.99
Sunlake	Tampa	2008		89,516		85.6	%		15		9		45,600	Publix	12/31/28			16.97
Sunpoint Shopping Center	Ruskin	1984		132,374		65.5	%		15		10					Goodwill / Ozzie's Buffet / Big Lots / Chapter 13 Trustee		8.61
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		85.9	%		12		2		44,271	Publix	12/31/26	Beall's Outlet	$	5.66
Walden Woods	Plant City	1985 / 1998 / 2003		75,874		94.4	%		13		3					Dollar Tree / Aaron Rents / Dollar General		8.40
TOTAL SHOPPING CENTERS FLORIDA (90)				10,070,395		89.6	%		1,632		486		2,953,347				$	12.88

Page 27

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	SF
GEORGIA (34)
Atlanta (25)
BridgeMill	Canton	2000		89,102		86.4	%		23		7		37,888	Publix	01/31/20		$	15.78
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		20.44
Butler Creek	Acworth	1990		95,597		87.4	%		16		4		59,997	Kroger	01/31/18			10.82
Chastain Square	Atlanta	1981 / 2001		91,637		98.1	%		26		2		37,366	Publix	05/31/24			17.94
Commerce Crossing	Commerce	1988		100,668		26.5	%		5		6					Fred's Store		5.52
Douglas Commons	Douglasville	1988		97,027		98.9	%		17		1		59,431	Kroger	08/31/13			10.86
Fairview Oaks	Ellenwood	1997		77,052		89.4	%		12		2		54,498	Kroger	09/30/16			10.47
Freehome Village	Canton	2003		74,340		72.2	%		6		11		44,840	Publix	12/31/23			12.31
Golden Park Village	Buford	2000		68,738		78.7	%		7		6		44,270	Publix	02/29/20			10.83
Governors Town Square	Acworth	2005		68,658		100.0	%		14		-		44,840	Publix	02/28/25			16.19
Grassland Crossing	Alpharetta	1996		90,906		93.2	%		11		3		70,086	Kroger	06/30/16			11.46
Hairston Center	Decatur	2000		13,000		38.5	%		3		6							11.28
Hamilton Ridge	Buford	2002		90,996		85.1	%		14		7		54,166	Kroger	11/30/22			11.75
Keith Bridge Commons	Atlanta	2002		94,886		87.0	%		14		7		54,139	Kroger	08/10/22			12.34
Mableton Crossing	Mableton	1997		86,819		96.4	%		15		2		63,419	Kroger	08/31/17			10.56
Macland Pointe	Marietta	1992-93		79,699		100.0	%		17		-		55,999	Publix	12/29/12			10.43
Market Place	Norcross	1976		77,706		94.4	%		21		3					Galaxy Cinema		12.28
Paulding Commons	Hiram	1991		192,391		96.3	%		26		4		49,700	Kroger	02/28/11	Kmart		8.07
Piedmont Peachtree Crossing	Buckhead	1978 / 1998		152,239		97.7	%		25		3		55,520	Kroger	02/28/15	Cost Plus Store / Binders Art Supplies		17.76
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998		86,473		86.5	%		18		7					Micro Center		9.89
Salem Road Station	Atlanta	2000		67,270		90.3	%		11		5		44,270	Publix	09/30/20			11.16
Shops of Huntcrest	Lawrenceville	2003		97,040		86.2	%		19		7		54,340	Publix	01/31/23		$	13.57
Shops of Westridge	McDonough	2006		66,297		74.7	%		9		9		38,997	Publix	04/30/26			13.53
Wesley Chapel	Decatur	1989		164,153		86.8	%		19		9					Corinthian College / Little Giant/ Deal$ / Planet Fitness		6.87
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		68.7	%		19		8							21.70

Page 28

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor 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		8.84
Dublin Village	Dublin	2005		98,540		92.5	%		12		5		70,225	Kroger	08/03/25			6.73
Grayson Village	Loganville	2002		83,155		77.1	%		13		10		44,271	Publix	01/31/22			11.51
Loganville Town Center	Loganville	1997		77,661		88.9	%		11		4		51,420	Publix	08/01/17			11.96
McAlpin Square	Savannah	1979		173,952		98.6	%		23		1		43,600	Kroger	08/31/15	Big Lots / Post Office / Habitat for Humanity		7.32
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			14.42
Walton Plaza	Augusta	1990		43,460		91.7	%		5		3		32,960	Harris Teeter* (Omni Fitness)	04/01/11			10.44
Wilmington Island Shopping Center	Wilmington Island	1985 / 1998 / 2003		87,818		69.6	%		12		11		42,156	Kroger	09/16/18			12.68
TOTAL SHOPPING CENTERS GEORGIA (34)				3,452,244		86.4	%		523		176		1,358,071				$	11.91
LOUISIANA (13)
Ambassador Row	Lafayette	1980 / 1991		187,678		97.4	%		23		2					Conn's Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics	$	9.87
Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005		146,697		99.0	%		22		1					Bed Bath & Beyond / Marshall's / Hancock Fabrics / Unitech Training Academy / Tuesday Morning		10.44
Bluebonnet Village	Baton Rouge	1983		101,623		91.3	%		19		7		33,387	Matherne's	11/30/15	Office Depot		11.35
Boulevard	Lafayette	1976 / 1994		68,012		89.8	%		11		3					Piccadilly / Harbor Freight Tools / Golfballs.com		8.83
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		9.94
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		4.42
Sherwood South	Baton Rouge	1972 / 1988 / 1992		77,107		86.0	%		8		1					Burke's Outlet / Harbor Freight Tools / Fred's Store		6.35
Siegen Village	Baton Rouge	1988		170,416		99.2	%		19		1					Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	9.32
Tarpon Heights	Galliano	1982		56,605		84.3	%		8		1					Stage / Dollar General		5.31
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)				1,568,556		93.5	%		164		22		153,298				$	8.65
MARYLAND (1)

Page 29

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor 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	$	16.95
TOTAL SHOPPING CENTERS MARYLAND (1)				92,335		100.0	%		9		-		-				$	16.95
MASSACHUSETTS (7)
Cambridge Star Market	Cambridge	1953 / 1997		66,108		100.0	%		1		-		66,108	Star Market	01/02/16		$	30.25
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			19.53
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		8.18
West Roxbury Shaw's Plaza	West Roxbury	1973 / 1995/ 2006		76,316		92.9	%		9		4		54,928	Shaw's	01/02/16			25.25
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				600,879		99.1	%		29		4		434,532				$	18.09
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987		66,857		98.2	%		7		1					Big Lots / Buffalo Wild Wings	$	7.04
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		98.2	%		7		1		-				$	7.04
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	%		22		15		42,142	Lowe's Foods	05/13/17	Rite Aid		11.48
Carolina Pavilion	Charlotte	1996		731,678		93.7	%		22		4					AMC Theatres / Value City Furniture  / Old Navy / Ross Dress For Less / Sports Authority / Babies 'R Us / Michaels Crafts / Sears Retail Outlet Store / DSW Shoe Warehouse / Cost Plus World Market / Gregg Appliances / Petco / Dollar Tree / Dress Barn / Bed Bath & Beyond / Kohl's / Buy Buy Baby / Nordstrom Rack	$	10.65
Centre Pointe Plaza	Smithfield	1989		163,642		94.7	%		21		3					Belk's /  Dollar Tree / Aaron Rents / Burkes Outlet Stores		5.81
Chestnut Square	Brevard	1985 / 2008		34,260		90.7	%		6		2					Walgreens		15.45

Page 30

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	SF
Galleria	Wrightsville Beach	1986 / 1990		92,114		76.4	%		27		9		28,000	Harris Teeter*	04/05/11			9.75
Parkwest Crossing	Durham	1990		85,602		91.6	%		14		3		38,052	Food Lion	12/14/15			10.47
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		75.9	%		12		8		31,762	Food Lion	02/12/23			10.88
Stanley Market Place	Stanley	2007		53,228		93.4	%		5		2		34,928	Food Lion	05/15/27	Family Dollar		9.90
Thomasville Commons	Thomasville	1991		148,754		90.8	%		8		6		32,000	Ingles	09/29/12	Kmart		5.49
Willowdaile Shopping Center	Durham	1986		95,601		84.1	%		16		9					Hall of Fitness / Ollie's Bargain Outlet		8.69
Whitaker Square	Winston-Salem	1996		82,760		100.0	%		13		-		51,890	Harris Teeter	02/11/16	Rugged Wearhouse		12.24
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)				1,815,058		90.5	%		178		65		312,312				$	9.62
SOUTH CAROLINA (7)
Belfair Towne Village	Bluffton	2000 / 2003 / 2006		166,639		89.7	%		28		6		55,696	Kroger	10/31/19	Stein Mart	$	13.43
Lancaster Plaza	Lancaster	1971 / 1990		77,400		57.1	%		2		3		19,200	Bi-Lo	09/30/15	Tractor Supply		3.67
Lancaster Shopping Center	Lancaster	1963 / 1987		29,047		17.2	%		1		1							6.49
Milestone Plaza	Greenville	1995		89,721		97.4	%		9		1		59,039	Bi-Lo	03/31/30			14.86
North Village Center	North Myrtle Beach	1984		60,356		70.3	%		6		7					Dollar General / Goodwill		8.34
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		82.5	%		58		21		181,890				$	10.75
TENNESSEE (1)
Greensboro Village Shopping Center	Gallatin	2005		70,203		95.6	%		14		2		45,600	Publix	11/30/25		$	14.21
TOTAL SHOPPING CENTERS TENNESSEE (1)				70,203		95.6	%		14		2		45,600				$	14.21
VIRGINIA (1)
Smyth Valley Crossing	Marion	1989		126,841		98.9	%		13		1		32,000	Ingles	09/25/15	Wal-Mart	$	6.06
TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841		98.9	%		13		1		32,000				$	6.06
TOTAL CORE SHOPPING CENTER PORTFOLIO (174)				19,455,584		90.3	%		2,700		797		5,742,846				$	12.38

Page 31

		Year	Total					Number				Supermarket anchor					Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration		per leased
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	SF
OTHER PROPERTIES (6)
4101 South I-85 Industrial	Charlotte, NC	1956 / 1963		188,513		38.0	%		2		7
Banco Popular Office Building	Miami, FL	1971		32,737		82.9	%		15		4
Laurel Walk Apartments	Charlotte, NC	1985		106,480		91.8	%		91		7
Mandarin Mini-Storage	Jacksonville, FL	1982		52,300		62.7	%		323		221
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		53.0	%		440		256		-
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (180)				19,924,744		89.4	%		3,140		1,053		5,742,846
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 - 89 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 twelve months ended December 31, 2010 (unaudited)

(in thousands)

2010 Acquisition Activity
Date Purchased	Property Name	City	State	Square Feet / Acres		Purchase Price		Mortgage Assumed
December 23, 2010	Canyon Trails Towne Center(1)	Goodyear	AZ		211,581	$	29,000	$	-
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 - Outparcel	Vero Beach	FL		0.63		325		-
Total						$	169,038	$	56,742

(1)  Equity One, Inc. owns a 90% interest through a joint venture.

2010 Disposition Activity
Date Sold	Property Name	City	State	Square Feet / Acres		Gross Sales Price		Gain (loss) on Sale
Outparcels sold
December 29, 2010	Crossroads - Outparcel	Pembroke Pines	FL		2,800	$	900	$	799
July 6, 2010	Sunlake - Land parcel	Miami	FL		4.83	$	1,240	$	(162	)
June 30, 2010	Plaza Alegre - Outparcel	Miami	FL		3,200		1,360		1,037
May 25, 2010	Town and Country - Land parcel	Kissimmee	FL		1.15		612		416
May 21, 2010	Tamarac Town Square - Outparcel	Tamarac	FL		3,050		566		421
Total Sold						$	4,678	$	2,511

Page 33

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of December 31, 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
River Green	Canton, GA (Atlanta)	59,997	59,997	CVS (not owned)	TBD		11,905		10,155		3,392		8,513
Subtotal		80,997	80,997			$	20,577	$	15,352	$	11,476	$	9,101
Redevelopment
Boca Village	Boca Raton, FL	25,663	92,267	Publix Greenwise / CVS	3Q13		7,255		7,255		216		7,039
Pine Ridge	Coral Springs, FL	31,780	116,068	Fresh Market / Bed Bath & Beyond	3Q12		3,453		3,453		21		3,432
Subtotal		57,443	208,335			$	10,708	$	10,708	$	237	$	10,471
Total Development Activity		138,440	289,332			$	31,285	$	26,060	$	11,713	$	19,572

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.

* 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 December 31, 2010 and 2009 (unaudited)

(in thousands)

	Maturity				Dec 31, 2010		Dec 31, 2009		Percent of overall debt
Debt Instrument	date	Rate (1)			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	%		4,065		4,140		0.3	%
Boca Village	05/01/11		7.200	%		7,515		7,653		0.6	%
MacLand Pointe	05/01/11		7.250	%		5,311		5,408		0.4	%
Pine Ridge Square	05/01/11		7.020	%		6,636		6,762		0.6	%
Sawgrass Promenade	05/01/11		7.200	%		7,515		7,653		0.6	%
Lake Mary Centre	11/01/11		7.250	%		22,321		22,712		1.9	%
Lake St. Charles	11/01/11		7.130	%		3,517		3,580		0.3	%
Belfair Towne Village	12/01/11		7.320	%		9,651		9,958		0.8	%
Marco Town Center	01/01/12		6.700	%		7,398		7,629		0.6	%
Riverside Square	03/01/12		9.188	%		6,710		6,892		0.6	%
Hammocks Town Center	06/01/12		6.950	%		11,631		11,833		1.0	%
Cashmere Corners	11/01/12		5.880	%		4,376		4,523		0.4	%
Eastwood	11/01/12		5.880	%		5,215		5,390		0.4	%
Meadows Shopping Center	11/01/12		5.870	%		5,479		5,664		0.5	%
Salem Road Station	11/11/12		6.000	%		5,732		5,846		0.5	%
Lutz Lake Crossing	01/01/13		6.280	%		7,229		7,328		0.6	%
Pablo Plaza	04/11/13		5.814	%		7,466		-		0.6	%
Westbird Plaza	04/11/13		5.814	%		8,399		-		0.7	%
Brawley Commons	07/01/13		6.250	%		6,712		6,794		0.6	%
Midpoint Center	07/10/13		5.770	%		6,008		6,200		0.5	%
Buckhead Station	09/01/13		6.880	%		25,576		26,213		2.1	%
Keith Bridge Commons	10/11/13		4.800	%		8,561		8,753		0.7	%
Alafaya Village	11/11/13		5.990	%		3,834		3,904		0.3	%
Summerlin Square	02/01/14		6.750	%		1,510		1,924		0.1	%
Sunrise Town Center	04/30/14		5.690	%		10,084		10,298		0.8	%
South Point	07/10/14		5.720	%		7,398		7,616		0.6	%
The Vineyards at Chateau Elan	07/11/14		5.880	%		9,662		9,833		0.8	%

Page 35

	Maturity					Dec 31, 2010			Dec 31, 2009			Percent of overall debt
Debt Instrument	date		Rate (1)			balance			balance			maturing
Golden Park Village	01/11/15			5.250	%	$	7,204		$	7,341			0.6	%
Grayson Village	01/11/15			5.210	%		9,635			9,820			0.8	%
The Shops at Lake Tuscaloosa	01/11/15			5.450	%		7,010			7,139			0.6	%
Bird Ludlum	02/15/15			7.680	%		4,893			5,853			0.4	%
Treasure Coast Plaza	04/01/15			8.000	%		2,359			2,797			0.2	%
Eustis Village	05/11/15			5.450	%		13,095			13,313			1.1	%
Governors Town Square	06/01/15			5.200	%		10,216			10,407			0.8	%
Shoppes of Silverlakes I	07/01/15			7.750	%		1,403			1,648			0.1	%
Freehome Village	07/11/15			5.150	%		9,706			9,889			0.8	%
Loganville Town Center	08/11/15			4.890	%		9,897			10,090			0.8	%
Country Walk Plaza	11/01/15			5.220	%		13,485			-			1.1	%
Wilmington Island Shopping Center	11/11/15			5.050	%		9,384			9,560			0.8	%
South Plaza Shopping Center	01/11/16			5.420	%		16,518			16,803			1.4	%
Glengary Shoppes	06/11/16			5.750	%		16,573			16,801			1.4	%
Magnolia Shoppes	07/11/16			6.160	%		14,260			14,467			1.2	%
Grassland Crossing	12/01/16			7.865	%		4,574			4,825			0.4	%
Dublin Village	12/11/16			5.780	%		6,705			6,787			0.6	%
Greensboro Village Shopping Center	02/11/17			5.520	%		9,652			9,803			0.8	%
Whitaker Square	12/01/17			6.320	%		9,646			9,750			0.8	%
Mableton Crossing	08/15/18			6.850	%		3,335			3,478			0.3	%
Sheridan Plaza	10/10/18			6.250	%		63,288			64,107			5.3	%
1175 Third Avenue	05/01/19			7.000	%		7,426			-			0.6	%
BridgeMill	05/05/21			7.940	%		8,111			8,369			0.7	%
Westport Plaza	08/01/23			7.490	%		4,194			4,330			0.3	%
Chastain Square	02/28/24			6.500	%		3,089			3,232			0.3	%
Daniel Village	02/28/24			6.500	%		3,377			3,533			0.3	%
Douglas Commons	02/28/24			6.500	%		4,023			4,209			0.3	%
Fairview Oaks	02/28/24			6.500	%		3,808			3,984			0.3	%
Madison Centre	02/28/24			6.500	%		3,089			3,232			0.3	%
Paulding Commons	02/28/24			6.500	%		5,245			5,487			0.4	%
Siegen Village	02/28/24			6.500	%		3,413			3,570			0.3	%
Wesley Chapel Crossing	02/28/24			6.500	%		2,694			2,818			0.2	%
Webster Plaza	08/15/24			8.070	%		7,478			7,659			0.6	%
Copps Hill	01/01/29			6.060	%		19,364			-			1.6	%
Total mortgage debt  (61 loans outstanding)		4.52(2)		6.26	%(3)	$	533,660		$	551,647			44.4	%
Unamortized/unaccreted premium/(discount)							(19,168	)		(22,754	)		(1.5	%)
Total mortgage debt  (including unamortized/unaccreted premium/(discount))						$	514,492		$	528,893			42.9	%

Page 36

	Maturity						Dec 31, 2010			Dec 31, 2009			Percent of overall debt
Debt Instrument	date			Rate (1)			balance			balance			maturing
Unsecured senior notes payable
7.84% senior notes	01/23/12				7.840	%	$	10,000		$	10,000			0.8	%
6.25% senior notes	12/15/14				6.250	%		250,000			250,000			20.8	%
5.375% senior notes	10/15/15				5.375	%		107,505			107,505			8.9	%
6.00% senior notes	09/15/16				6.000	%		105,230			105,230			8.7	%
6.25% senior notes	01/15/17				6.250	%		101,403			101,403			8.4	%
6.00% senior notes	09/15/17				6.000	%		116,998			116,998			9.7	%
Total unsecured senior notes payable		5.21(2)			6.06	%(3)	$	691,136		$	691,136			57.3	%
Unamortized/unaccreted premium/(discount)								(2,755	)		(3,138	)		(0.2	%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))							$	688,381		$	687,998			57.1	%
Revolving credit facilities
$400MM Wells Fargo Unsecured(4)	10/17/11				N/A		$	-		$	-			0.0	%
$15MM City National Bank Unsecured	05/09/11				N/A			-			-			0.0	%
Total revolving credit facilities							$	-		$	-			0.0	%
Total debt(5)		5.17	(2)		6.10	%(3)	$	1,224,796		$	1,242,783			101.7	%
Unamortized/unaccreted premium/(discount)								(21,923	)		(25,892	)		(1.7	%)
Total debt (including net interest premium/discount)							$	1,202,873		$	1,216,891			100.0	%
Senior Unsecured Debt Ratings
Moody's							Baa3 (Stable)			Baa3 (Stable)
S&P							BBB- (Negative)			BBB- (Stable)

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

(2)  Weighted average maturity in years.

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

(4)  Option to extend 1 year.

(5)  Total debt percentage of 101.7% is greater than 100% due to unamortized discount of $22M.

Page 37

EQUITY ONE, INC.

UNCONSOLIDATED BALANCE SHEET - GRI-EQY I, LLC

As of December 31, 2010 and December 31, 2009 (unaudited)

	As of			As of
	December 31, 2010			December 31, 2009
Assets	(in thousands)			(in thousands)
Properties
Income producing		254,023			252,011
Less: accumulated depreciation		(11,334	)		(7,062	)
Rental property	$	242,689		$	244,949
Cash and cash equivalents		823			1,935
Accounts and other receivables, net		2,753			2,297
Other assets		12,425			14,628
Total	$	258,690		$	263,809
Liabilities and joint venture equity
Liabilities
Mortgage notes payable		141,221			140,188
Accounts payable and other liabilities		18,321			20,857
Total liabilities	$	159,542		$	161,045
Joint venture equity		99,148			102,764
Total	$	258,690		$	263,809

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 twelve months ended December 31, 2010 and 2009 (unaudited)

	Three months ended				Twelve months ended
	Dec 31, 2010		Dec 31, 2009		Dec 31, 2010		Dec 31, 2009
	(in thousands)		(in thousands)		(in thousands)		(in thousands)
REVENUES	$	5,880	$	6,703	$	23,896	$	26,936
COSTS AND EXPENSES
Property operating		1,709		1,674		7,287		7,468
Rental property depreciation and amortization		1,487		2,364		6,436		8,013
Interest expense		2,305		2,095		8,801		8,328
Total costs and expenses	$	5,501	$	6,133	$	22,524	$	23,809
NET INCOME	$	379	$	570	$	1,372	$	3,127

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 December 31, 2010 (unaudited)

		Year						Number				Supermarket anchor					Average base rent
		Built /	Total		Percent			of tenant							Expiration	Other	per leased
Property	City	Renovated	Sq. Ft.		Leased			Leased		Vacant		sq. ft.		Name	Date	anchor tenants	SF
Airpark Plaza Shopping Center	Miami	1971 / 1998 / 2004 / 2008		172,093		93.7	%		32		5		30,000	Publix	10/31/24	Home Depot Expo* / Office Depot	$	14.09
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		10.56
Presidential Markets	Snellville	1993 / 2000		396,432		95.1	%		33		4		56,146	Publix	12/31/19	Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders		11.18
Shoppes of Ibis	West Palm Beach	1999		79,420		92.9	%		14		4		51,420	Publix	05/31/19			12.18
Shoppes at Quail Roost	Miami	2005		73,550		92.0	%		16		4		44,840	Publix	06/30/25			14.70
Shoppes of Sunset	Miami	1979		21,784		82.5	%		13		4							22.31
Shoppes of Sunset II	Miami	1980		27,676		57.3	%		10		7							20.05
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			12.01
TOTAL GRI-EQY I, LLC SHOPPING CENTER PORTFOLIO (10)				1,407,898		95.0	%		163		32		328,349				$	11.69

* 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 December 31, 2010 (unaudited)

(in thousands)

	Equity One's			Maturity					Dec 31, 2010			Dec 31, 2009
Debt Instrument	Ownership			date		Rate (1)			balance			balance
Mortgage debt
Floating rate loan (2)		10	%	07/01/13		LIBOR + 1.95%			$	120,000		$	120,000
Sparkleberry Square (Kohl's)		10	%	11/01/12			6.17	%		5,732			5,907
Sparkleberry Square (Kroger)		10	%	06/30/20			6.75	%		5,775			6,194
Total mortgage debt (3 loans outstanding)					2.60(3)		6.36	%(4)	$	131,507		$	132,101
Net interest premium/(discount)										(498	)		(544	)
Total mortgage debt (including net interest premium/discount)									$	131,009		$	131,557
Interest Rate Swap
Fair value of $120MM floating-to-fixed interest rate swap		10	%	06/01/13			4.40	%	$	10,212		$	8,631
Total debt (including net interest premium/discount)									$	141,221		$	140,188
Equity One's pro-rata share of unconsolidated debt		10	%						$	14,122		$	14,019

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

(2) Mortgage encumbers Airpark Plaza,  Concord, IBIS, Presidential Markets, Quail Roost, and Sparkleberry Square. The full balance has been swapped to a fixed rate of 6.35%

(3) Weighted average maturity in years.

(4) Weighted average interest rate is calculated based on term to maturity and includes scheduled principal amortization.

Page 41

EQUITY ONE, INC.

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

As of December 31, 2010 and December 31, 2009 (unaudited)

	As of			As of
	December 31, 2010			December 31, 2009
Assets	(in thousands)			(in thousands)
Properties
Income producing		51,836			50,997
Less: accumulated depreciation		(2,263	)		(1,347	)
Rental property	$	49,573		$	49,650
Cash and cash equivalents		1,944			945
Accounts and other receivables, net		56			172
Other assets		4,039			5,218
Total	$	55,612		$	55,985
Liabilities and joint ventures' equity
Liabilities
Mortgage notes payable		36,682			37,212
Accounts payable and other liabilities		3,387			4,037
Total liabilities	$	40,069		$	41,249
Joint venture equity		15,543			14,736
Total	$	55,612		$	55,985

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 twelve months ended December 31, 2010 and 2009 (unaudited)

	Three months ended						Twelve months ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
	(in thousands)			(in thousands)			(in thousands)			(in thousands)
REVENUES	$	1,961		$	1,664		$	6,784		$	6,555
COSTS AND EXPENSES
Property operating		743			851			2,992			2,905
Rental property depreciation and amortization		652			703			2,670			3,172
Interest expense		606			608			2,416			2,439
Total costs and expenses	$	2,001		$	2,162		$	8,078		$	8,516
NET LOSS	$	(40	)	$	(498	)	$	(1,294	)	$	(1,961	)

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 December 31, 2010 (unaudited)

		Year						Number				Supermarket anchor					Average base rent
		Built /	Total		Percent			of tenant							Expiration	Other	per leased
Property	City	Renovated	Sq. Ft.		Leased			Leased		Vacant		sq. ft.		Name	Date	anchor tenants	SF
1900/2000 Offices	Boca Raton	1979 / 1982 / 1986 / 2007		117,640		66.2	%		23		8					RN Network	$	16.89
Penn Dutch Plaza	Margate	1989		155,628		89.0	%		14		8		70,358	Penn Dutch Food Center	12/31/13	You Fit Health Club / Florida Career College		6.65
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		10.68
TOTAL G&I VI SHOPPING CENTER PORTFOLIO (3)				503,598		74.2	%		63		29		113,744				$	10.48

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 December 31, 2010 (unaudited)

(in thousands)

	Equity One's			Maturity					Dec 31, 2010			Dec 31, 2009
Debt Instrument	Ownership			date		Rate (1)			balance			balance
Mortgage debt
Fixed rate loan		20	%	11/11/14			5.56	%	$	37,330		$	38,012
Net interest premium/(discount)		-			-					(647	)		(800	)
Total mortgage debt					3.86(2)		5.56	%	$	36,683		$	37,212
Equity One's pro-rata share of unconsolidated debt		20	%						$	7,337		$	7,442

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

(2)  Weighted average maturity in years.