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): November 2, 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:

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On November 2, 2011, Equity One, Inc. (the “Company”) announced its financial results for the three and nine months ended September 30, 2011. 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 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On November 2, 2011, management and the Audit Committee of the Board of Directors of Equity One, Inc., a Maryland corporation (the “Company”), concluded that the unaudited condensed consolidated financial statements for the three months ended March 31, 2011 and for the six months ended June 30, 2011 previously filed by the Company with the Securities and Exchange Commission in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011, respectively, should no longer be relied upon because of an error contained in those financial statements as discussed below. This error relates solely to the amount of a non-cash gain on bargain purchase recognized in net income for the three months ended March 31, 2011 and the six months ended June 30, 2011, and had no impact on the Company’s cash position. The error did not have a net impact on the Company’s financial position at the end of those or any other periods or the Company’s results of operations for the quarter ended September 30, 2011. In addition, the Company’s previously released earnings guidance expressly excluded the bargain gain on purchase.

On January 4, 2011, the Company acquired C&C (US) No. 1 USA, Inc. (“CapCo”) through EQY-CSC LLC, a joint venture formed with CapCo’s then parent company, Liberty International Holdings Limited (“LIH”). In connection with this acquisition, the Company recorded a non-cash gain on bargain purchase in the aggregate amount of $53.5 million, representing the amount by which the fair value of the net assets acquired exceeded the fair value of the consideration transferred. In order to determine the amount of consideration transferred to LIH, the Company had to determine the value of the 11.4 million non-controlling Class A Shares of EQY-CSC LLC (“Class A Shares”) issued to LIH, which shares are redeemable by LIH on a one-for-one basis for shares of the Company’s common stock. In consultation with the Company’s external valuation advisors, a discount of 12.8% was applied to the market price of the Company’s common stock to value the Class A Shares issued to LIH. The discount was attributed to the lack of marketability and considered the probability that the Class A Shares would not be redeemed for at least five years as a result of the tax consequences to LIH of redeeming prior to the end of such period. Based on additional analysis of the accounting rules applicable to fair value computations and in consultation with its valuation advisors, the Company has now determined that applicable fair value accounting guidance had been misinterpreted in valuing the complex Class A Shares and related rights granted to LIH by taking into account tax circumstances peculiar to LIH. Accordingly, it has now been concluded that no discount should have been applied in determining the value of the Class A Shares because, in effect, such shares could be redeemed immediately for Company common stock by LIH and the

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tax circumstances of LIH should not have been considered in assessing the probability that LIH would not redeem prior to the end of such five year period. As a result, the $53.5 million gain on bargain purchase recognized during the three months ended March 31, 2011 and the six months ended June 30, 2011 should be reduced by $26.4 million.

The Company is currently preparing restated financial statements and will file an amendment to each of the Form 10-Q’s described above as soon as practicable to include the restated financial statements for the affected periods and any other related disclosure. Notwithstanding the restatements, the Company expects to timely file its Form 10-Q for the quarter ended September 30, 2011.

The restated financial statements will also include purchase accounting measurement period adjustments that result from updated fair value computations pertaining to the net assets acquired in the CapCo acquisition which will have the effect of partially off-setting the reduction of the gain on bargain purchase described above. These adjustments do not pertain to corrections of errors but reflect proper measurement period adjustments based on final property valuation reports for assets acquired and liabilities assumed in the CapCo acquisition. The Company estimates that the net result of these other purchase accounting adjustments, excluding the adjustment to the non-controlling interest, will increase the gain on bargain purchase by approximately $3.4 million. The net effect of these adjustments, combined with the correction described above, will reduce net income for the three and six month periods ended March 31, 2011 and June 30, 2011, respectively, by approximately $23 million.

The Company’s management and the Audit Committee discussed the matters disclosed in this Item 4.02(a), including the restatement of the Company’s unaudited condensed consolidated financial statements for the three months ended March 31, 2011 and for the three and six months ended June 30, 2011 included in the related Forms 10-Q, with the Company’s independent registered public accounting firm, Ernst & Young LLP.

Management has considered and is continuing to evaluate the effect of the facts leading to the restatement on the Company’s prior conclusions regarding the adequacy of its internal controls over financial reporting and disclosure controls and procedures as of the end of each of the applicable periods to be restated. A final conclusion with respect to the effectiveness of the Company’s internal controls over financial reporting and disclosure controls and procedures has not been made. The Company will amend any disclosures pertaining to its evaluation of such controls and procedures as appropriate in connection with future filings.

Item 7.01 Regulation FD Disclosure.

On November 2, 2011, the Company issued a press release which included information regarding the financial statements described above. A copy of that press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference in this Item 7.01.

The information contained in this Item 7.01, including Exhibit 99.1, 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.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1	Press Release of Equity One, Inc. dated November 2, 2011.
99.2	Supplemental Information Package of Equity One, Inc. as of September 30, 2011.

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SIGNATURES

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.

	EQUITY ONE, INC.
Date: November 2, 2011	By:	/s/ Mark Langer
		Mark Langer
		Executive Vice President and
		Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit Number	Description of Exhibit
99.1	Press Release of Equity One, Inc. dated November 2, 2011.
99.2	Supplemental Information Package of Equity One, Inc. as of September 30, 2011.

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EX-99.1

Exhibit 99.1

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

FOR IMMEDIATE RELEASE:

Equity One Reports Third Quarter 2011 Operating Results

North Miami Beach, FL, November 2, 2011 – Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three months ended September 30, 2011.

Highlights for the quarter and recent activity include:

• Reported Funds From Operations (FFO) of $0.10 per diluted share

• Reported Recurring FFO of $0.28 per diluted share, excluding impairment charges, transaction costs, tax benefits, and gains on land sales

• Reported an increase in same property net operating income of 1.1% as compared to the third quarter 2010

• Reported core occupancy of 90.6%, an increase of 40 basis points from June 30, 2011

• Executed over $1 billion of asset acquisitions and dispositions as follows:

• Entered into a contract to sell 36 shopping centers to Blackstone Real Estate Partners VII (“Blackstone”) for $473 million

• Sold or put under contract to sell all targeted non-core assets within the CapCo portfolio generating gross proceeds of $191 million

• Made a $45 million mezzanine loan investment secured by seven Centro assets located in California

• Acquired or put under contract to purchase $307 million of high quality retail assets in the Northeast, California, and South Florida markets

• Recognized a gain of $1.5 million pertaining to the sale of two outparcels

• Executed a new and expanded $575.0 million line of credit with a maturity date of September 30, 2015 which can be extended for one year

“We are very pleased with the significant progress we made during the third quarter to advance our strategic plan by selling non-core assets within the Capital & Counties portfolio and entering into a contract to sell 36 shopping centers located within non-strategic markets”, said Jeff Olson, Chief Executive Officer of Equity One. “We were equally pleased with the progress we made to recycle capital into our targeted markets with the acquisition of several irreplaceable assets in supply constrained areas.”

Financial Highlights

In the third quarter 2011, the company generated FFO of $12.8 million, or $0.10 per diluted share, as compared to FFO for the same period in 2010 of $22.2 million, or $0.24 per diluted share. The third quarter 2011 results include $0.16 per diluted share in impairment charges, net of tax, $0.03 per diluted share of transaction costs related to acquisition and disposition activity and $0.01 per diluted share of gains on the sale of outparcels which resulted in Recurring FFO of $0.28 per diluted share. The third quarter 2010 results include transaction costs of $0.03 per diluted share pertaining to Capital & Counties, DIM Vastgoed, B.V. and other acquisition activity.

For the nine months ended September 30, 2011, the company generated FFO of $107.6 million, or $0.89 per diluted share, as compared to FFO for the same period in 2010 of $66.2 million, or $0.73 per diluted share. The year to date results for 2011 include a restated gain on bargain purchase of $0.25 per diluted share resulting from the Capital & Counties acquisition more fully described below, $0.04 per diluted share in gains related to the sale of outparcels, $0.17 per diluted share in non-cash impairment charges, net of tax benefits, and $0.08 per diluted share in transaction costs related to acquisition and disposition activity. Excluding these items, FFO for the nine month period would have been $0.85 per diluted share. The 2010 FFO results for the nine months include transaction costs of $0.08 per diluted share primarily related to acquisition activity and $0.02 per diluted share in gains from land sales and the sale of securities.

Net loss attributable to Equity One was $4.7 million and loss per diluted share was $0.04 for the quarter ended September 30, 2011 as compared to net income of $5.1 million, or $0.05 per diluted share, for the third quarter 2010. For the nine month period ended

September 30, 2011, including the restated gain on bargain purchase, net income attributable to Equity One was $37.3 million and earnings per diluted share was $0.33 as compared to net income of $16.8 million, or $0.18 per diluted share, for the nine month period 2010. The decrease in net income for the three and nine months ended September 30, 2011 as compared to the respective periods in 2010 is primarily attributable to those factors affecting FFO as discussed above.

Operating Highlights

As of September 30, 2011, occupancy for the company’s consolidated core portfolio was 90.6% as compared to 90.2% at June 30, 2011. On a same property basis, occupancy increased 10 basis points to 90.5% compared to June 30, 2011 and increased 30 basis points compared to September 30, 2010.

Same property net operating income increased 1.1% for the third quarter of 2011 compared to the third quarter of 2010. This growth was primarily attributable to rent commencements on newly executed leases, contractual rent increases, and lower operating expenses and real estate taxes.

During the third quarter of 2011, the company executed 72 new leases in its core portfolio totaling 272,257 square feet at an average rental rate of $14.30 per square foot, representing a 2.0% decrease from prior rents on a same space, cash basis. Also during the third quarter, the company renewed 113 leases in its core portfolio for 602,063 square feet for an average rental rate of $8.46 per square foot which was unchanged compared to prior rents on a same space, cash basis.

Acquisitions

During the third quarter, the company acquired Ralph’s Circle Center, a 59,837 square foot neighborhood shopping center in Long Beach, California for $15.0 million. The center, which is unencumbered, is one of three retail assets known as The Circle Centers, which are anchored by leading retailers such as Vons, Ross, Ralphs, and Marshalls. In addition, the Company acquired 90-30 Metropolitan for $28.8 million, a 59,815 square foot center anchored by Trader Joe’s, Staples, and Michael’s. The property, which is unencumbered, is located in one of the premium retail corridors in Queens, New York.

Subsequent to the end of the quarter, the company announced the $55.5 million acquisition of Aventura Square, a retail center located adjacent to Aventura Mall, one of the most productive shopping centers in the U.S. In addition, the company closed on the purchase of two Connecticut shopping centers, Danbury Green and Southbury Green for $92.9 million in a joint venture with one of the existing owners. The properties are currently encumbered by mortgage debt totaling $45.7 million. Equity One owns 60% of the venture and is the managing member of the venture, responsible for leasing and managing both properties. Danbury Green is a 98,095 square foot center anchored by Trader Joe’s, DSW and Staples and is located in Danbury, Connecticut. Southbury Green is a 156,215 square foot center anchored by Shop Rite and Staples and is located in Southbury, Connecticut. The company also entered into a contract to purchase a large shopping center in Los Angeles, California for $115 million which is expected to close in the next month.

Dispositions

As previously announced, the company entered into a contract to sell 36 non-strategic shopping centers to Blackstone for $473 million. The company currently expects this transaction to close in the middle of December 2011.

During the third quarter, the company closed on the sale of Trio Apartments in Pasadena, California and Pacific Financial Center in Los Angeles, California generating gross proceeds of $161.7 million. The properties were encumbered by approximately $82.0 million of mortgage debt. In addition, the foreclosure proceedings for the Senator Office building were completed.

Subsequent to quarter end, the company closed on the sale of 595 Colorado, an 85,860 square foot office building located in Pasadena, California and on the sale of Park Plaza, a 72,649 square foot office building located in Sacramento, California for an aggregate sales price of $29.4 million. The properties were encumbered by approximately $19.9 million of mortgage debt. With these transactions, the company has completed its targeted sales disposition goals of the non-core assets that were acquired as part of the CapCo transaction that closed earlier this year.

The company recognized gains totaling $1.5 million pertaining to the sale of two outparcels.

Development and Redevelopment Activities

At September 30, 2011, the company had approximately $177.3 million of active development and redevelopment projects underway. The estimated remaining cost to complete these projects is approximately $133.8 million. 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 is now in the construction phase with a targeted opening in the fourth quarter of 2012. Leases have been executed with leading retailers including Trader Joe’s, Saks Off Fifth, Nordstrom Rack, The Container Store, Ulta, and The Shake Shack.

Investing and Financing Activities

During the quarter, the company entered into an amended and restated $575 million unsecured revolving line of credit facility. The new facility has a four year term with a one year extension option and can be increased to $800 million through an accordion feature. In addition, the company repaid two mortgages totaling $25.7 million during the quarter which carried a weighted average interest rate of 7.2%.

Balance Sheet Highlights

At September 30, 2011, the company’s total market capitalization (including debt and equity) was $3.4 billion, comprising 124.2 million shares of common stock outstanding (on a fully diluted basis) valued at approximately $2.0 billion and approximately $1.4 billion of net debt (excluding any debt premium/discount and net of cash). The company’s ratio of net debt to total market capitalization was 41.9%. In addition, the company had approximately $77.9 million of cash and cash equivalents on hand at September 30, 2011 and $177.5 million drawn on its revolving credit facilities.

FFO and Earnings Guidance

The company reaffirms its previous 2011 Recurring FFO guidance of $1.11 to $1.15 per diluted share which excludes bargain purchase gains, land sale gains, impairment charges, transaction costs and other non-recurring income or charges.

The company is introducing preliminary Recurring FFO guidance for 2012 of $1.04 to $1.12 per diluted share. The 2012 guidance is based on the following key assumptions:

• Increase in same property NOI of 1.5% to 2.5%

• Core acquisition activity of $125 million to $175 million

• Disposition activity of $50 million to $75 million

The following table provides a reconciliation of the range of estimated net income per diluted share to estimated FFO per diluted share for the full year 2012:

	For the year  ended December 31, 2012
	Low		High
Estimated net income attributable to Equity One	$	0.33	$	0.38
Adjustments:
Rental property depreciation and amortization including pro rata share of joint ventures		0.64		0.66
Net adjustment for unvested shares and noncontrolling interest (1)		0.07		0.08
Estimated FFO attributable to Equity One	$	1.04	$	1.12

⁽¹⁾  Includes effect of distributions paid with respect to unissued shares held by a noncontrolling interest which may already be included for purposes of calculating earnings per diluted share.

Fourth Quarter 2011 Dividend Declared

On November 2, 2011, the company’s Board of Directors declared a cash dividend of $0.22 per share of its common stock for the quarter ending December 31, 2011, payable on December 31, 2011 to stockholders of record on December 16, 2011.

Impairment Charges

During the quarter, the company recorded impairment charges totaling $55.2 million which were partially reduced by a benefit for income taxes of $35.8 million resulting in a net charge of $19.4 million. The impairment charges included four primary components: (1) approximately $33.8 million pertaining to assets that were included in the Blackstone sale; (2) $11.8 million pertaining to land held for development based on current expectations and disposition plans; (3) $9.3 million for operating assets the company plans to dispose of in the near term or those located in secondary markets for which the intended holding periods have been reconsidered; and (4) $0.3 million in goodwill impairment.

Restatement of Non-Cash Gain on Bargain Purchase

The company will file today a Form 8-K with the Securities and Exchange Commission reporting that management and the company’s Audit Committee of the Board of Directors concluded that the unaudited condensed consolidated financial statements for the three months ended March 31, 2011 and for the six months ended June 30, 2011 previously filed by the Company with the Securities and Exchange Commission in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011, respectively, should no longer be relied upon because of an error contained in those financial statements as discussed below. This error relates solely to the amount of a non-cash gain on bargain purchase recognized in net income for the three months ended March 31, 2011 and the six months ended June 30, 2011, and had no impact on the Company’s cash position. The error did not have a net impact on the Company’s financial position at the end of those or any other periods or the Company’s results of operations for the quarter ended September 30, 2011. In addition, the Company’s previously released earnings guidance expressly excluded the bargain gain on purchase.

On January 4, 2011, the Company acquired C&C (US) No. 1, Inc. (“CapCo”) through EQY-CSC LLC, a joint venture formed with CapCo’s then parent company, Liberty International Holdings Limited (“LIH”). In connection with this acquisition, the Company recorded a non-cash gain on bargain purchase in the aggregate amount of $53.5 million, representing the amount by which the fair value of the net assets acquired exceeded the fair value of the consideration transferred. In order to determine the amount of consideration transferred to LIH, the Company had to determine the value of the 11.4 million non-controlling Class A Shares of EQY-CSC LLC (“Class A Shares”) issued to LIH, which shares are redeemable by LIH on a one-for-one basis for shares of the Company’s common stock. In consultation with the Company’s external valuation advisors, a discount of 12.8% was applied to the market price of the Company’s common stock to value the Class A Shares issued to LIH. The discount was attributed to the lack of marketability and considered the probability that the Class A Shares would not be redeemed for at least five years as a result of the tax consequences to LIH of redeeming prior to the end of such period. Based on additional analysis of the accounting rules applicable to fair value computations and in consultation with its valuation advisors, the Company has now determined that applicable fair value accounting guidance had been misinterpreted in valuing the complex Class A Shares and related rights granted to LIH by taking into account tax circumstances peculiar to LIH. Accordingly, it has now been concluded that no discount should have been applied in determining the value of the Class A Shares because, in effect, such shares could be redeemed immediately for Company common stock by LIH and the tax circumstances of LIH should not have been considered in assessing the probability that LIH would not redeem prior to the end of such five year period. As a result, the $53.5 million gain on bargain purchase recognized during the three months ended March 31, 2011 and the six months ended June 30, 2011 should be reduced by $26.4 million. The Company is currently preparing restated financial statements and will file an amendment to each of the Form 10-Q’s described above as soon as practicable to include the restated financial statements for the affected periods and any other related disclosure.

More detailed information regarding this matter and additional measurement period adjustments related to the CapCo acquisition can be found in the Form 8-K filed with the SEC.

ACCOUNTING AND OTHER DISCLOSURES

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

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

FFO and Recurring FFO is presented to assist investors in analyzing our operating performance. Neither FFO nor Recurring FFO (i) represents cash flow from operations as defined by GAAP, (ii) is indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is an alternative to cash flow as a measure of liquidity, and (iv) should be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO and Recurring FFO.

CONFERENCE CALL/WEB CAST INFORMATION

Equity One will host a conference call on Thursday, November 3, 2011 at 9:00 a.m. Eastern Time to review the 2011 third quarter earnings and operating results. Stockholders, analysts and other interested parties can access the earnings call by dialing (866) 202-3109 (U.S./Canada) or (617) 213-8844 (international) using pass code 54743560. 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 17000468 through November 10, 2011.

FOR ADDITIONAL INFORMATION

For a copy of the company’s third 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 September 30, 2011, our consolidated property portfolio comprised 199 properties totaling approximately 20.7 million square feet of gross leasable area, or GLA, and included 176 shopping centers, eight development or redevelopment properties, eight non-retail properties and seven land parcels. As of September 30, 2011, our core portfolio was 90.6% leased and included national, regional and local tenants. Additionally, we had joint venture interests in 16 shopping centers and two office buildings totaling approximately 2.7 million square feet.

FORWARD LOOKING STATEMENTS

Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements 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 the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; the ability and timing to consummate the sale transaction of 36 shopping centers announced on September 26, 2011; changes in Equity One’s credit ratings; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

September 30, 2011 (unaudited)

and December 31, 2010

(In thousands, except share par value amounts)

	September 30, 2011			December 31, 2010
ASSETS
Properties:
Income producing	$	2,685,314		$	2,117,245
Less: accumulated depreciation		(286,296	)		(248,528	)
Income producing properties, net		2,399,018			1,868,717
Construction in progress and land held for development		69,135			74,402
Properties held for sale		501,642			513,230
Properties, net		2,969,795			2,456,349
Cash and cash equivalents		30,602			38,333
Cash held in escrow		47,321			—
Accounts and other receivables, net		18,198			12,559
Investments in and advances to unconsolidated joint ventures		50,216			59,736
Mortgage notes receivable, net		45,284			—
Goodwill		9,117			9,561
Other assets		168,417			104,024
TOTAL ASSETS	$	3,338,950		$	2,680,562
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes payable:
Mortgage notes payable	$	436,048		$	354,379
Unsecured senior notes payable		691,136			691,136
Unsecured revolving credit facilities		177,500			—
		1,304,684			1,045,515
Unamortized premium (discount) on notes payable, net		397			(1,805	)
Total notes payable		1,305,081			1,043,710
Other liabilities:
Accounts payable and accrued expenses		53,880			32,885
Tenant security deposits		8,406			7,483
Deferred tax liabilities, net		8,495			46,523
Liabilities associated with assets held for sale		194,630			181,458
Other liabilities		112,566			74,798
Total liabilities		1,683,058			1,386,857
Redeemable noncontrolling interests		3,852			3,864
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, 112,551 and 102,327 shares issued and outstanding at September 30, 2011 and December 31, 2010 respectively		1,126			1,023
Additional paid-in capital		1,585,964			1,391,762
Distributions in excess of earnings		(141,776	)		(105,309	)
Accumulated other comprehensive loss		(1,302	)		(1,569	)
Total stockholders’ equity of Equity One, Inc.		1,444,012			1,285,907
Noncontrolling interests		208,028			3,934
Total stockholders’ equity		1,652,040			1,289,841
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,338,950		$	2,680,562

EQUITY ONE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the three and nine months ended September 30, 2011 and 2010 (Unaudited)

(In thousands, except per share data)

	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
REVENUE:
Minimum rent	$	55,698		$	44,053		$	166,854		$	130,581
Expense recoveries		15,856			13,143			48,596			38,233
Percentage rent		723			114			2,822			1,387
Management and leasing services		483			354			1,590			1,126
Total revenue		72,760			57,664			219,862			171,327
COSTS AND EXPENSES:
Property operating		21,223			16,312			62,907			48,494
Rental property depreciation and amortization		18,689			12,756			59,182			37,027
General and administrative		13,090			9,737			38,402			31,522
Total costs and expenses		53,002			38,805			160,491			117,043
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		19,758			18,859			59,371			54,284
OTHER INCOME AND EXPENSE:
Investment income		1,516			37			3,175			681
Equity in income (loss) in unconsolidated joint ventures		4,426			(64	)		4,694			(146	)
Other income		101			49			255			205
Interest expense		(16,325	)		(14,629	)		(49,899	)		(44,689	)
Amortization of deferred financing fees		(563	)		(476	)		(1,660	)		(1,367	)
Gain on bargain purchase		—			—			30,561			—
Gain (loss) on sale of real estate		959			(186	)		5,565			254
Gain on extinguishment of debt		—			—			255			33
Impairment loss		(20,555	)		(34	)		(20,701	)		(34	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		(10,683	)		3,556			31,616			9,221
Income tax benefit of taxable REIT subsidiaries		3,173			204			3,480			1,001
(LOSS) INCOME FROM CONTINUING OPERATIONS		(7,510	)		3,760			35,096			10,222
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		2,283			877			6,652			2,784
Gain on disposal of income producing properties		4,025			—			4,012			1,458
Impairment loss on income producing properties held for sale		(34,649	)		—			(35,925	)		—
Income tax benefit of taxable REIT subsidiaries		33,642			486			34,453			1,683
INCOME FROM DISCONTINUED OPERATIONS		5,301			1,363			9,192			5,925
NET (LOSS) INCOME		(2,209	)		5,123			44,288			16,147
Net (income) loss attributable to noncontrolling interests		(2,448	)		10			(6,965	)		657
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	(4,657	)	$	5,133		$	37,323		$	16,804
(LOSS) EARNINGS PER COMMON SHARE – BASIC:
Continuing operations	$	(0.09	)	$	0.04		$	0.25		$	0.12
Discontinued operations		0.05			0.01			0.08			0.07
	$	(0.04	)	$	0.05		$	0.33		$	0.18	*
Number of Shares Used in Computing Basic Earnings per Share		112,541			92,180			109,267			90,695
(LOSS) EARNINGS PER COMMON SHARE – DILUTED:
Continuing operations	$	(0.09	)	$	0.04		$	0.25		$	0.12
Discontinued operations		0.05			0.01			0.08			0.06
	$	(0.04	)	$	0.05		$	0.33		$	0.18
Number of Shares Used in Computing Diluted Earnings per Share		112,541			92,330			109,424			90,898

*Note: EPS does not foot due to the rounding of the individual calculations.

EQUITY ONE, INC. AND SUBSIDIARIES

Reconciliation of Net (Loss) Income Attributable to Equity One to Funds from Operations

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

	Three months ended September 30,					Nine months ended September 30,
	2011			2010		2011			2010
	(In thousands)					(In thousands)
Net (loss) income attributable to Equity One, Inc.	$	(4,657	)	$	5,133	$	37,323		$	16,804
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		21,893			16,811		69,656			48,482
Net adjustment for unvested shares and noncontrolling interest (1)		2,499			—		7,021			—
Pro rata share of real estate depreciation from unconsolidated joint ventures		849			292		2,289			899
(Gain) / loss on disposal of depreciable assets (2)		(7,736	)		—		(8,666	)		—
Funds from operations	$	12,848		$	22,236	$	107,623		$	66,185

⁽¹⁾  Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest which may already be included for purposes of calculating earnings per diluted share; and (b) an adjustment to compensate for the rounding of the individual calculations.

⁽²⁾  Includes pro rata share of unconsolidated joint ventures.

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 Net (Loss) Income Attributable to Equity One to Funds from Operations per Diluted Share

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

	Three months ended September 30,					Nine months ended September 30,
	2011			2010		2011			2010
	(In thousands)					(In thousands)
Net (loss) income attributable to Equity One, Inc.	$	(0.04	)	$	0.05	$	0.33		$	0.18
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.18			0.18		0.58			0.53
Net adjustment for unvested shares and noncontrolling interest (1)		0.01			0.01		0.03			0.01
Pro rata share of real estate depreciation from unconsolidated joint ventures		0.01			—		0.02			0.01
(Gain) / loss on disposal of depreciable assets (2)		(0.06	)		—		(0.07	)		—
Funds from operations per diluted share	$	0.10		$	0.24	$	0.89		$	0.73
Weighted average diluted shares (3)		123,899			92,330		120,615			90,898

⁽¹⁾  Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest which may already be included for purposes of calculating earnings per diluted share; and (b) an adjustment to compensate for the rounding of the individual calculations.

⁽²⁾  Includes pro rata share of unconsolidated joint ventures.

⁽³⁾  Weighted average diluted shares for the three and nine months ended September 30, 2011 are higher than GAAP diluted weighted average shares as a result of the 11.4 million units held by Liberty International Holdings, Ltd. which are convertible into our common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive.

EX-99.2

Exhibit 99.2

Equity One, Inc.

Supplemental Information Package

September 30, 2011

Equity One, Inc.

1600 N.E. Miami Gardens Drive

North Miami Beach, Florida 33179

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

www.equityone.net

Equity One, Inc.

SUPPLEMENTAL INFORMATION

September 30, 2011

(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 Schedules - 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		24-33
Real Estate Acquisitions and Dispositions		34
Real Estate Developments and Redevelopments		35
Debt Schedule Detail
Consolidated Debt Summary - Property Mortgage Detail		36-38
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total		38
Joint Venture Supplemental Data		39-45

EQUITY ONE, INC

ANALYST COVERAGE

As of September 30, 2011

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	Cedrik Lachance	(949) 640-8780
ISI Group	Steve Sakwa	(212) 446-9462
JP Morgan Securities Inc.	Michael W. Mueller	(212) 622-6689
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
UBS	Ross Nussbaum	(212) 713-2484
Wells Fargo	Jeffrey Donnelly	(617) 603-4262

Page 3

EQUITY ONE, INC.

DISCLOSURES

As of September 30, 2011

Forward Looking Statements

Certain information contained in this Supplemental Information Package constitutes 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 California, Florida, Georgia, Massachusetts, New York, and the other states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant space; the effects of natural, man-made, and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.

Basis of Presentation

The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company’s Form 10-K for the year ended December 31, 2010 and Form 10-Q for the period ended September 30, 2011, 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, although such properties may be excluded from certain metrics disclosed in this Supplemental Information Package.

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

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

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

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

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

Page 4

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

For the three and nine months ended September 30, 2011 and 2010 (unaudited)

(in thousands, except per share data)

	For the three months ended						For the nine months ended
	Sept 30, 2011			Sept 30, 2010			Sept 30, 2011			Sept 30, 2010
Summary Financial Results
Total revenues*	$	87,083		$	71,481		$	263,289		$	212,955
Adjusted EBITDA (see page 14)		53,115			43,308			159,355			131,628
Property net operating income		61,206			50,526			186,356			151,203
General & administrative expenses (G&A)* - Adjusted (1)		9,423			7,484			30,963			23,962
Net income attributable to Equity One		($4,657	)	$	5,133		$	37,323		$	16,804
Net income per diluted share		(0.04	)		0.05			0.33			0.18
Funds from operations (FFO)	$	12,848		$	22,236		$	107,623		$	66,185
FFO per diluted share		0.10			0.24			0.89			0.73
Total dividends paid per share	$	0.22		$	0.22		$	0.66		$	0.66
Weighted average diluted shares		112,541			92,330			109,424			90,898
Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 24-33)		90.6	%		89.9	%		90.6	%		89.9	%
Same-property shopping center portfolio occupancy at end of period		90.4	%		90.1	%		90.4	%		90.1	%
Same-property NOI growth - cash basis (see page 13)		1.1	%		-0.6	%		1.4	%		-1.6	%
NOI margin (see page 13)		70.7	%		71.0	%		71.2	%		71.4	%
Expense recovery ratio*		72.6	%		76.2	%		75.0	%		76.4	%
New, renewal and option rent spread - cash basis (see page 18)		-0.9	%		-2.7	%		N/A			N/A
Adjusted G&A expense to total revenues (1)		10.8	%		10.5	%		11.8	%		11.3	%
Net debt to total market capitalization (see page 7)		41.9	%		38.8	%		41.9	%		38.8	%
Net debt to Adjusted EBITDA (see page 14)		6.7			7.3			6.7			7.2
Adjusted EBITDA to interest expense* (see page 14)		2.5			2.3			2.5			2.3
Adjusted EBITDA to fixed charges* (see page 14)		2.1			1.9			2.1			1.9

Notes

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

⁽¹⁾ G&A expense for the three months ended September 30, 2011 deducts $3.4 million for external costs associated with acquisition and disposition related expenses during the period, $0.1 million in severance costs, as well as depreciation & amortization amounts included in G&A. G&A expense for the three months ended September 30, 2010 deducts $2.1 million for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the nine months ended September 30, 2011 deducts $8.9 million for external costs associated with acquisition and disposition related expenses during the period, $0.9 million in severance costs, as well as depreciation & amortization amounts included in G&A. G&A expense for the nine months ended September 30, 2010 deducts $7.1 million for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A.

Page 5

EQUITY ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2011 (unaudited) and December 31, 2010 and 2009

(in thousands)

	Sep 30, 2011			Dec 31, 2010			Dec 31, 2009
Assets
Properties:
Income producing	$	2,685,314		$	2,117,245		$	1,908,400
Less: accumulated depreciation		(286,296	)		(248,528	)		(210,432	)
Income producing properties, net		2,399,018			1,868,717			1,697,968
Construction in progress and land held for development		69,135			74,402			68,847
Properties held for sale		501,642			513,230			524,439
Properties, net		2,969,795			2,456,349			2,291,254
Cash and cash equivalents		77,923			38,333			47,970
Accounts and other receivables, net		18,198			12,559			9,806
Investments in and advances to unconsolidated joint ventures		50,216			59,736			11,524
Securities		—			—			820
Mortgage notes receivable, net		45,284			—			—
Goodwill		9,117			9,561			10,117
Other assets		168,417			104,024			79,449
Total Assets	$	3,338,950		$	2,680,562		$	2,450,940
Liabilities and stockholders’ equity
Liabilities:
Mortgage notes payable	$	436,048		$	354,379		$	358,217
Unsecured revolving credit facilities		177,500			—			—
Unsecured senior notes payable		691,136			691,136			691,136
Total debt		1,304,684			1,045,515			1,049,353
Unamortized premium (discount) on notes payable, net		397			(1,805	)		(2,687	)
Total notes payable		1,305,081			1,043,710			1,046,666
Accounts payable and other liabilities		174,852			115,166			69,768
Liabilities associated with assets held for sale		194,630			181,458			195,747
Deferred tax liabilities, net		8,495			46,523			50,059
Total liabilities		1,683,058			1,386,857			1,362,240
Redeemable noncontrolling interests		3,852			3,864			989
Total stockholders’ equity of Equity One, Inc.		1,444,012			1,285,907			1,064,533
Noncontrolling interests		208,028			3,934			23,178
Total Liabilities and Stockholders’ Equity	$	3,338,950		$	2,680,562		$	2,450,940

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of September 30, 2011 and December 31, 2010 and 2009 (unaudited)

(in thousands, except per share data)

	Sept 30, 2011			Dec 31, 2010			Dec 31, 2009
Closing market price of common stock	$	15.86		$	18.18		$	16.17
Common stock shares
Basic common shares		112,551.324			102,326.818			86,131.037
Diluted common shares
Unvested restricted common shares		64.145			149.980			47.993
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		84.661			124.506			79.656
Long term incentive plan performance awards		—			356.52			—
Shares for DIM Vastgoed contingent consideration		—			—			516.019
Convertible CapCo Partnership Units		11,357.837			—			—
Diluted common shares		124,151.623			103,051.476			86,868.361
Equity market capitalization	$	1,969,045		$	1,873,476		$	1,404,661
Total debt (excluding unamortized/unaccreted premium/(discount))(1)	$	1,497,427		$	1,224,796		$	1,242,783
Cash and equivalents		(77,923	)		(38,333	)		(47,970	)
Net debt(1)		1,419,504			1,186,463			1,194,813
Equity market capitalization		1,969,045			1,873,476			1,404,661
Total market capitalization	$	3,388,549		$	3,059,939		$	2,599,474
Net debt to total market capitalization at current market price(1)		41.9	%		38.8	%		46.0	%
Net debt to total market capitalization at constant share price of $18.18(1)		38.6	%		38.8	%		43.1	%
Gross real estate and securities investments	$	3,256,091		$	2,704,877		$	2,502,506
Net debt to gross real estate and securities investments		43.6	%		43.9	%		47.7	%

(1) Includes $192.7 million of secured mortgage debt which is currently related to assets held for sale.

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

As of September 30, 2011 and December 31, 2010 and 2009 (unaudited)

(in thousands)

	Sept 30, 2011			Dec 31, 2010			Dec 31, 2009
Fixed rate debt	$	1,319,927		$	1,224,796		$	1,242,783
Fixed rate debt - swapped to variable rate		—			—			—
Variable rate debt - unhedged		177,500			—			—
Total debt	$	1,497,427		$	1,224,796		$	1,242,783
% Fixed rate debt		88.1	%		100.0	%		100.0	%
% Fixed rate debt - swapped to variable rate		0.0	%		0.0	%		0.0	%
% Variable rate debt - unhedged		11.9	%		0.0	%		0.0	%
Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		11.9	%		0.0	%		0.0	%
Secured mortgage debt	$	628,791		$	533,660		$	551,647
Unsecured debt		868,636			691,136			691,136
Total debt	$	1,497,427		$	1,224,796		$	1,242,783
% Secured mortgage debt		42.0	%		43.6	%		44.4	%
% Unsecured debt		58.0	%		56.4	%		55.6	%
Total		100.0	%		100.0	%		100.0	%
Total market capitalization (from page 7)	$	3,388,549		$	3,059,939		$	2,599,474
% Secured mortgage debt		18.6	%		17.4	%		21.2	%
% Unsecured debt		25.6	%		22.6	%		26.6	%
Total debt : Total market capitalization		44.2	%		40.0	%		47.8	%
Weighted-average interest rate on secured mortgage debt(1)		6.1	%		6.3	%		6.6	%
Weighted-average interest rate on senior unsecured notes(1)		6.1	%		6.1	%		6.1	%
Weighted-average interest rate on total debt(1)		6.1	%		6.1	%		6.3	%
Interest rate on revolving credit facilities		2.1	%		N/A			N/A
Weighted-average maturity on mortgage debt		4.4 years			4.5 years			4.7 years
Weighted-average maturity on senior unsecured notes		4.4 years			5.2 years			6.2 years
Weighted-average maturity on total debt(2)		4.4 years			5.2 years			5.5 years

Note: All amounts and calculations exlcude unamortized/unaccreted premium/(discount) on mortgages. Amounts and calculations for September 30, 2011 include $192.7 million in mortgages associated with assets held for sale.

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

⁽²⁾  Weighted average maturity in years for September 30, 2011 excludes $177.5 million drawn under the revolving credit facility which expires on September 30, 2015.

Page 8

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of September 30, 2011 (unaudited)

(in thousands)

Maturity schedule	Secured Debt				Unsecured Debt				Premium/(Discount)					Weighted average
	Scheduled		Balloon		Revolving		Senior		Scheduled					interest rate			Percent of
by year	amortization		payments		Credit Facilities		Notes		Amortization			Total		at maturity			debt maturing
2011	$	4,004	$	9,322	$	—	$	—	$	416		$	13,742		7.3	%		0.9	%
2012		15,811		74,459		—		10,000		1,246			101,516		6.7	%		6.8	%
2013		14,723		69,185		—		—		(405	)		83,503		6.2	%		5.6	%
2014		13,621		36,449		—		250,000		(839	)		299,231		6.2	%		20.0	%
2015		10,618		84,741		177,500		107,505		(764	)		379,600		3.8	% (1)		25.3	%
2016		8,750		127,228		—		105,230		(223	)		240,985		5.9	%		16.1	%
2017		6,858		17,242		—		218,401		269			242,770		6.1	%		16.2	%
2018		6,810		56,533		—		—		282			63,625		6.3	%		4.2	%
2019		5,490		23,593		—		—		158			29,241		7.0	%		2.0	%
Thereafter		35,046		8,308		—		—		257			43,611		7.8	%		2.9	%
Total	$	121,731	$	507,060	$	177,500	$	691,136	$	397		$	1,497,824		5.5	% (1)		100.0	%

Note: $192.7 million of secured mortgage debt is currently related to assets held for sale but are shown herein based on their respective maturities.

⁽¹⁾ Excluding the revolving credit facility, the weighted average interest rate for 2015 would be 5.4%, and 6.1% for the total.

Page 9

EQUITY ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three and nine months ended September 30, 2011 and 2010 (unaudited)

(in thousands, except per share amounts)

	Three months ended						Percent			Nine months ended						Percent
	Sept 30, 2011			Sept 30, 2010			Change			Sept 30, 2011			Sept, 30 2010			Change
REVENUE:
Minimum rent	$	55,698		$	44,053					$	166,854		$	130,581
Expense recoveries		15,856			13,143						48,596			38,233
Percentage rent		723			114						2,822			1,387
Management and leasing services		483			354						1,590			1,126
Total revenue		72,760			57,664			26.2	%		219,862			171,327			28.3	%
COSTS AND EXPENSES:
Property operating		21,223			16,312						62,907			48,494
Rental property depreciation and amortization		18,689			12,756						59,182			37,027
General and administrative		13,090			9,737						38,402			31,522
Total costs and expenses		53,002			38,805			36.6	%		160,491			117,043			37.1	%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		19,758			18,859						59,371			54,284
OTHER INCOME AND EXPENSE:
Investment income		1,516			37						3,175			681
Other income		101			49						255			205
Interest expense		(16,325	)		(14,629	)					(49,899	)		(44,689	)
Amortization of deferred financing fees		(563	)		(476	)					(1,660	)		(1,367	)
Equity in income (loss) in unconsolidated joint ventures		4,426			(64	)					4,694			(146	)
Gain (loss) on sale of real estate		959			(186	)					5,565			254
Gain on extinguishment of debt		—			—						255			33
Gain on bargain purchase		—			—						30,561			—
Impairment loss		(20,555	)		(34	)					(20,701	)		(34	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		(10,683	)		3,556						31,616			9,221
Income tax benefit of taxable REIT subsidiaries		3,173			204						3,480			1,001
INCOME FROM CONTINUING OPERATIONS		(7,510	)		3,760			-299.7	%		35,096			10,222			243.3	%
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		2,283			877						6,652			2,784
Gain on disposal of income producing properties		4,025			—						4,012			1,458
Impairment loss on income producing properties held for sale		(34,649	)		—						(35,925	)		—
Income tax benefit		33,642			486						34,453			1,683
(LOSS) INCOME FROM DISCONTINUED OPERATIONS		5,301			1,363						9,192			5,925
NET (LOSS) INCOME		(2,209	)		5,123			-143.1	%		44,288			16,147			174.3	%
Net (income) loss attributable to noncontrolling interests		(2,448	)		10						(6,965	)		657
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	(4,657	)	$	5,133					$	37,323		$	16,804
(LOSS) EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	(0.09	)	$	0.04					$	0.25		$	0.12
Discontinued operations		0.05			0.01						0.08			0.07
NET (LOSS) INCOME	$	(0.04	)	$	0.05			-180.0	%	$	0.33		$	0.18			83.3	%
(LOSS) EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	(0.09	)	$	0.04					$	0.25		$	0.12
Discontinued operations		0.05			0.01						0.08			0.06
NET (LOSS) INCOME	$	(0.04	)	$	0.05			-180.0	%	$	0.33		$	0.18			83.3	%
Weighted average shares outstanding
Basic		112,541			92,180						109,267			90,695
Diluted		112,541			92,330						109,424			90,898

Note: Basic EPS for the nine months ended September 30, 2010, does not foot due to the rounding of the individual calculations.

Page 10

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three and nine months ended September 30, 2011 (unaudited)

(in thousands)

	Three months ended									Nine months ended
	September 30, 2011									September 30, 2011
	As			Disc.			Pre Disc.			As			Disc.			Pre Disc.
	Reported			Ops			Ops			Reported			Ops			Ops
REVENUE:
Minimum rent	$	55,698		$	11,708		$	67,406		$	166,854		$	35,427		$	202,281
Expense recoveries		15,856			2,584			18,440			48,596			7,942			56,538
Percentage rent		723			31			754			2,822			58			2,880
Management and leasing services		483			—			483			1,590			—			1,590
Total revenue		72,760			14,323			87,083			219,862			43,427			263,289
COSTS AND EXPENSES:
Property operating		21,223			4,171			25,394			62,907			12,436			75,343
Rental property depreciation and amortization		18,689			3,296			21,985			59,182			10,770			69,952
General and administrative		13,090			9			13,099			38,402			44			38,446
Total costs and expenses		53,002			7,476			60,478			160,491			23,250			183,741
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		19,758			6,847			26,605			59,371			20,177			79,548
OTHER INCOME AND EXPENSE:
Investment income		1,516			—			1,516			3,175			3			3,178
Other income		101			—			101			255			18			273
Interest expense		(16,325	)		(4,725	)		(21,050	)		(49,899	)		(14,242	)		(64,141	)
Amortization of deferred financing fees		(563	)		—			(563	)		(1,660	)		(8	)		(1,668	)
Equity in income in unconsolidated joint ventures		4,426			161			4,587			4,694			704			5,398
Gain on sale of real estate		959			4,025			4,984			5,565			4,012			9,577
Gain on extinguishment of debt		—			—			—			255			—			255
Gain on bargain purchase		—			—			—			30,561			—			30,561
Impairment loss		(20,555	)		(34,649	)		(55,204	)		(20,701	)		(35,925	)		(56,626	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		(10,683	)		(28,341	)		(39,024	)		31,616			(25,261	)		6,355
Income tax benefit of taxable REIT subsidiaries		3,173			33,642			36,815			3,480			34,453			37,933
(LOSS) INCOME FROM CONTINUING OPERATIONS		(7,510	)		5,301			(2,209	)		35,096			9,192			44,288
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		2,283			(2,283	)		—			6,652			(6,652	)		—
Gain on disposal of income producing properties		4,025			(4,025	)		—			4,012			(4,012	)		—
Impairment loss on income producing properties held for sale		(34,649	)		34,649			—			(35,925	)		35,925			—
Income tax benefit		33,642			(33,642	)		—			34,453			(34,453	)		—
LOSS FROM DISCONTINUED OPERATIONS		5,301			(5,301	)		—			9,192			(9,192	)		—
Net income attributable to noncontrolling interests		(2,448	)		—			(2,448	)		(6,965	)		—			(6,965	)
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	(4,657	)	$	—		$	(4,657	)	$	37,323		$	—		$	37,323

Page 11

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three and nine months ended September 30, 2010 (unaudited)

(in thousands)

	Three months ended									Nine months ended
	September 30, 2010									September 30, 2010
	As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	44,053		$	11,208		$	55,261		$	130,581		$	33,397		$	163,978
Expense recoveries		13,143			2,547			15,690			38,233			8,084			46,317
Percentage rent		114			62			176			1,387			147			1,534
Management and leasing services		354			—			354			1,126			—			1,126
Total revenue		57,664			13,817			71,481			171,327			41,628			212,955
COSTS AND EXPENSES:
Property operating		16,312			4,289			20,601			48,494			12,132			60,626
Rental property depreciation and amortization		12,756			4,150			16,906			37,027			13,010			50,037
General and administrative		9,737			12			9,749			31,522			55			31,577
Total costs and expenses		38,805			8,451			47,256			117,043			25,197			142,240
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		18,859			5,366			24,225			54,284			16,431			70,715
OTHER INCOME AND EXPENSE:
Investment income		37			2			39			681			6			687
Other income		49			—			49			205			—			205
Interest expense		(14,629	)		(4,488	)		(19,117	)		(44,689	)		(13,671	)		(58,360	)
Amortization of deferred financing fees		(476	)		(3	)		(479	)		(1,367	)		(12	)		(1,379	)
Equity in loss in unconsolidated joint ventures		(64	)		—			(64	)		(146	)		—			(146	)
(Loss) gain on sale of real estate		(186	)		—			(186	)		254			1,458			1,712
Gain on extinguishment of debt		—			—			—			33			30			63
Impairment loss		(34	)		—			(34	)		(34	)		—			(34	)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		3,556			877			4,433			9,221			4,242			13,463
Income tax benefit of taxable REIT subsidiaries		204			486			690			1,001			1,683			2,684
INCOME FROM CONTINUING OPERATIONS		3,760			1,363			5,123			10,222			5,925			16,147
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		877			(877	)		—			2,784			(2,784	)		—
Gain on disposal of income producing properties		—			—			—			1,458			(1,458	)		—
Income tax benefit		486			(486	)		—			1,683			(1,683	)		—
INCOME FROM DISCONTINUED OPERATIONS		1,363			(1,363	)		—			5,925			(5,925	)		—
Net loss attributable to noncontrolling interests		10			—			10			657			—			657
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	5,133		$	—		$	5,133		$	16,804		$	—		$	16,804

Page 12

EQUITY ONE, INC.

NET OPERATING INCOME

For the three and nine months ended September 30, 2011 and 2010 (unaudited)

(in thousands)

	Three months ended						Percent			Nine months ended						Percent
	Sept 30, 2011			Sept 30, 2010			Change			Sept 30, 2011			Sept 30, 2010			Change
Total net operating income (1)
Total rental revenue	$	86,600		$	71,127			21.8	%	$	261,699		$	211,829			23.5	%
Property operating expenses		25,394			20,601			23.3	%		75,343			60,626			24.3	%
Net operating income	$	61,206		$	50,526			21.1	%	$	186,356		$	151,203			23.2	%
NOI margin (NOI / Total rental revenue)		70.7	%		71.0	%					71.2	%		71.4	%
Same-property NOI (2)
Total rental revenue	$	61,020		$	60,614			0.7	%	$	181,511		$	179,998			0.8	%
Property operating expenses (3)		19,202			19,262			(0.3	%)		55,992			56,242			(0.4	%)
Net operating income	$	41,818		$	41,352			1.1	%	$	125,519		$	123,756			1.4	%
Growth in same property NOI		1.1	%								1.4	%
Number of properties included in analysis (4)		163									161

⁽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 - (ADJUSTED EBITDA)

For the three and nine months ended September 30, 2011 and 2010 (unaudited)

(in thousands)

	Three months ended						Nine months ended
	Sept 30, 2011			Sept 30, 2010			Sept 30, 2011			Sept 30, 2010
Net income attributable to Equity One, Inc.	$	(4,657	)	$	5,133		$	37,323		$	16,804
Rental property depreciation and amortization*		21,985			16,906			69,952			50,037
Other depreciation and amortization		178			145			513			498
Interest expense*		21,050			19,117			64,141			58,360
Amortization of deferred financing fees*		563			479			1,668			1,379
Gain on extinguishment of debt		—			—			(255	)		(63	)
Acquisition/Disposition costs(1)		3,498			2,120			6,970			7,117
Impairment loss*		55,204			34			56,626			34
Gain on sale of depreciable real estate*		(3,465	)		—			(4,395	)		—
Income tax benefit of taxable REIT subsidiaries		(36,815	)		(690	)		(37,933	)		(2,684	)
Gain on bargain purchase		—			—			(30,561	)		—
Equity in (income) loss in unconsolidated joint ventures		(4,587	)		64			(5,398	)		146
Adjusted EBITDA	$	52,954		$	43,308		$	158,651		$	131,628
Interest expense*	$	21,050		$	19,117		$	64,141		$	58,360
Adjusted EBITDA to interest expense*		2.5			2.3			2.5			2.3
Fixed charges
Interest expense*	$	21,050		$	19,117		$	64,141		$	58,360
Scheduled principal amortization (2)		3,871			3,191			11,752			10,307
Total fixed charges	$	24,921		$	22,308		$	75,893		$	68,667
Adjusted EBITDA to fixed charges*		2.1			1.9			2.1			1.9
Net debt to Adjusted EBITDA (3)		6.7			7.3			6.7			7.2
Total market capitalization (see page 7)	$	3,388,549		$	3,059,939		$	3,388,549		$	3,059,939

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

⁽¹⁾  Amounts include external costs associated with acquired and disposed properties and acquisition/disposition related expenses during the period. For the three and nine month periods in 2011, amounts include $0.1 million and $0.9 million, respectively, in severance costs associated with the acquisition of Capital & Counties.

⁽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 nine months ended September 30, 2011 and 2010 (unaudited)

(in thousands, except per share data)

	Three months ended					Nine months ended
	Sept 30, 2011			Sept 30, 2010		Sept 30, 2011			Sept 30, 2010
Net income attributable to Equity One, Inc.	$	(4,657	)	$	5,133	$	37,323		$	16,804
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		21,893			16,811		69,656			48,482
Net adjustment for unvested shares and noncontrolling interest(1)		2,499			—		7,021			—
Gain on sale of depreciable real estate(3)		(7,736	)		—		(8,666	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		849			292		2,289			899
Funds from operations	$	12,848		$	22,236	$	107,623		$	66,185
Earnings per diluted share attributable to Equity One, Inc.	$	(0.04	)	$	0.05	$	0.33		$	0.18
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.18			0.18		0.58			0.53
Net adjustment for unvested shares and noncontrolling interest(1)		0.01			0.01		0.03			0.01
Gain on sale of depreciable real estate(3)		(0.06	)		—		(0.07	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		0.01			—		0.02			0.01
Funds from operations per diluted share	$	0.10		$	0.24		0.89		$	0.73
Weighted average diluted shares(2)		123,899			92,330		120,615			90,898

⁽¹⁾ Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest which may already be included for purposes of calculating earnings per diluted share; and (b) an adjustment to compensate for the rounding of the individual calculations.

⁽²⁾ Weighted average diluted shares for the three and nine months ended September 30, 2011 are higher than the GAAP diluted weighted average shares as a result of the 11.4 million units held by Liberty International Holdings, Ltd. which are convertible into our common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is antidilutive.

⁽³⁾  Includes pro-rata share of unconsolidated joint ventures.

Page 15

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the three and nine months ended September 30, 2011 and 2010 (unaudited)

(in thousands)

	Three months ended						Nine months ended
	Sept 30, 2011			Sept 30, 2010			Sept 30, 2011			Sept 30, 2010
Certain non-cash items:
Amortization of deferred financing fees	$	563		$	479		$	1,668		$	1,379
Accretion of below market lease intangibles		(2,348	)		(1,675	)		(7,355	)		(5,580	)
Share-based compensation expense		1,813			1,649			5,258			4,826
Straight line rent		(906	)		(578	)		(2,714	)		(1,594	)
Capitalized interest		(530	)		(607	)		(1,558	)		(1,668	)
Amortization of discount on notes payable, net		355			758			1,022			2,161
Certain capital expenditures:
Tenant improvements	$	(5,143	)	$	(3,962	)	$	(11,965	)	$	(8,657	)
Leasing commissions and costs		(1,447	)		(1,495	)		(4,924	)		(3,394	)
Redevelopments and expansions		(9,454	)		(1,860	)		(16,524	)		(6,429	)
Maintenance capital expenditures		(497	)		(805	)		(2,252	)		(2,549	)
Total tenant improvements and leasing costs	$	(16,541	)	$	(8,122	)	$	(35,665	)	$	(21,029	)
	Sept 30, 2011			Dec 31, 2010
Other assets :
Lease intangibles, net	$	83,953		$	39,094
Lease commissions, net		22,538			23,124
Straight-line rent receivable, net		17,529			15,023
Deposits and mortgage escrow		23,613			17,964
Prepaid and other expenses		9,447			1,413
Deferred financing costs, net		9,234			5,998
Furniture and fixtures, net		2,103			1,408
Total other assets	$	168,417		$	104,024
Accounts payable and other liabilities:
Above/below market rents, net	$	103,841			68,253
Prepaid rent and deferred income		8,725			6,543
Accounts payable and other		62,286			40,370
Total accounts payable and other liabilities	$	174,852		$	115,166
Liquidity as of 9/30/11:
Cash and Cash Equivalents	$	30,602
Available under Lines of Credit		409,166
Total Available Funds	$	439,768

Page 16

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS

CONSOLIDATED PROPERTIES

As of September 30, 2011 (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		61		NA		2,700,143		13.5	%	$	22,775,115		9.6	%	$	8.43		8.3
Supervalu		6		B+ / B1		398,625		2.0	%		8,995,251		3.8	%		22.57		4.9
Kroger		14		BBB / Baa2		795,902		4.0	%		6,268,326		2.6	%		7.88		6.4
TJ Maxx Companies		11		A / A3		328,575		1.6	%		3,309,570		1.4	%		10.07		3.8
Bed Bath & Beyond		8		BBB+ / NA		267,761		1.3	%		3,093,848		1.3	%		11.55		4.8
LA Fitness		4		NA		196,235		1.0	%		3,087,362		1.3	%		15.73		8.8
Winn Dixie		9		NA		398,128		2.0	%		2,937,815		1.2	%		7.38		4.4
Loehmann’s		2		NA		97,267		0.5	%		2,904,098		1.2	%		29.86		4.6
Office Depot		10		B- / B2		243,625		1.2	%		2,801,046		1.2	%		11.50		3.3
Dollar Tree		25		NA		272,041		1.4	%		2,430,258		1.0	%		8.93		2.9
CVS Pharmacy		12		BBB+ / Baa2		140,740		0.7	%		2,258,688		1.0	%		16.05		7.2
Goodwill		19		N/A		224,873		1.1	%		2,130,871		0.9	%		9.48		8.6
Ross		7		BBB/NA		208,254		1.0	%		2,092,444		0.9	%		10.05		4.7
Kohl’s		3		BBB+ / Baa1		296,710		1.5	%		1,933,000		0.8	%		6.51		10.3
Target		1		A+/A2		160,346		0.8	%		1,924,152		0.8	%		12.00		6.8
Food Lion		6		NA/Baa3		241,934		1.2	%		1,845,646		0.8	%		7.63		9.8
Walgreens		6		A / A2		96,562		0.5	%		1,824,815		0.8	%		18.90		16.2
Whole Foods		2		BB+ / NA		85,907		0.4	%		1,746,911		0.7	%		20.33		13.2
Stop & Shop		1		NA		59,015		0.3	%		1,685,484		0.7	%		28.56		13.3
Toys R Us		3		B /B1		117,096		0.6	%		1,574,856		0.7	%		13.45		5.2
Sub-total top twenty tenants		210				7,329,739		36.6	%	$	77,619,556		32.7	%	$	10.59		7.1
Remaining tenants		2,548				10,836,139		54.0	%		159,901,651		67.3	%		15.03		4.5
Sub-total all tenants		2,758				18,165,878		90.6	%	$	237,521,207		100.0	%	$	13.22		5.4
Vacant		811				1,891,536		9.4	%		NA		NA			NA		NA
Total including vacant		3,569				20,057,414		100.0	%	$	237,521,207		100.0	%		NA		5.4

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

⁽¹⁾  Ratings as of September 30, 2011. 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 September 30, 2011 (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)		72		289,946		272,257	$	14.58	$	14.30		-2.0	%	$	31.11
Renewals & Options		113		602,063		602,063		8.46		8.46		0.0	%		1.03
Total New, Renewals & Options		185		892,009		874,320	$	10.71	$	10.61		-0.9	%	$	10.39

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

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

Page 18

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of September 30, 2011 (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		143		284,641		1.4	%	$	4,593,163		1.8	%	$	16.14
2011		170		736,538		3.7	%		9,805,535		3.9	%		13.31
2012		600		2,584,166		12.9	%		34,212,206		13.7	%		14.34
2013		507		2,035,708		10.1	%		29,360,839		11.7	%		14.42
2014		438		2,044,062		10.2	%		27,114,725		10.8	%		13.27
2015		293		1,801,918		9.0	%		23,292,806		9.3	%		12.93
2016		277		2,485,611		12.4	%		39,347,545		15.7	%		15.83
2017		72		838,388		4.2	%		12,456,123		5.0	%		14.86
2018		46		826,349		4.1	%		11,610,684		4.7	%		14.05
2019		34		690,368		3.4	%		7,223,528		2.9	%		10.46
2020		46		676,658		3.4	%		9,170,712		3.7	%		13.55
Thereafter		132		3,161,471		15.8	%		42,105,372		16.8	%		13.32
Sub-total / average		2,758		18,165,878		90.6	%	$	250,293,238		100.0	%	$	13.93
Vacant		811		1,891,536		9.4	%		NA		NA			NA
Total / average		3,569		20,057,414		100.0	%	$	250,293,238		100.0	%		NA

Note: Excludes developments/redevelopments, non-retail properties, and JV 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 September 30, 2011 (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		2		20,560		0.2	%	$	222,560		0.2	%	$	10.82
2011		12		406,767		3.1	%		3,606,203		2.7	%		8.87
2012		49		1,433,462		11.0	%		11,449,605		8.6	%		9.26
2013		32		988,255		7.6	%		8,148,968		6.1	%		8.25
2014		39		1,187,945		9.1	%		9,159,776		6.9	%		7.71
2015		40		1,158,323		8.9	%		9,207,762		6.9	%		7.95
2016		53		1,914,691		14.7	%		26,711,048		20.0	%		13.95
2017		18		668,572		5.1	%		8,402,499		6.3	%		12.57
2018		19		724,030		5.6	%		8,441,629		6.3	%		11.66
2019		13		622,808		4.8	%		5,393,134		4.1	%		8.66
2020		19		586,091		4.5	%		6,814,827		5.1	%		11.63
Thereafter		80		2,979,525		22.9	%		35,749,306		26.8	%		12.00
Sub-total / average		376		12,691,029		97.5	%	$	133,307,317		100.0	%	$	10.67
Vacant		14		321,381		2.5	%		NA		NA			NA
Total / average		390		13,012,410		100.0	%	$	133,307,317		100.0	%		NA

Note: Excludes developments/redevelopments, non-retail properties, and JV 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 September 30, 2011 (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		141		264,081		3.7	%	$	4,370,603		3.7	%	$	16.55
2011		158		329,771		4.7	%		6,199,332		5.3	%		18.80
2012		551		1,150,704		16.3	%		22,762,601		19.5	%		19.78
2013		475		1,047,453		14.9	%		21,211,871		18.1	%		20.25
2014		399		856,117		12.1	%		17,954,949		15.4	%		20.97
2015		253		643,595		9.1	%		14,085,044		12.0	%		21.88
2016		224		570,920		8.1	%		12,636,497		10.8	%		22.13
2017		54		169,816		2.4	%		4,053,624		3.5	%		23.87
2018		27		102,319		1.5	%		3,169,055		2.7	%		30.97
2019		21		67,560		1.0	%		1,830,394		1.6	%		27.09
2020		27		90,567		1.3	%		2,355,885		2.0	%		26.01
Thereafter		52		181,946		2.6	%		6,356,066		5.4	%		34.93
Sub-total / average		2,382		5,474,849		77.7	%	$	116,985,921		100.0	%	$	21.37
Vacant		797		1,570,155		22.3	%		NA		NA			NA
Total / average		3,179		7,045,004		100.0	%	$	116,985,921		100.0	%		NA

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

Page 21

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION GRAPH

CONSOLIDATED PROPERTIES

As of September 30, 2011 (unaudited)

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

Page 22

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of September 30, 2011 (unaudited)

Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County		13		1,801,501		22,788,662		9.6	%
Dade County		14		1,468,576		21,599,007		9.1	%
Palm Beach County		8		890,668		10,037,465		4.2	%
Treasure Coast, Florida		8		707,778		7,576,057		3.2	%
South Florida		43		4,868,523		62,001,191		26.1	%
San Francisco Bay		5		1,465,528		32,685,927		13.8	%
Southern California		3		272,593		4,238,773		1.7	%
West Coast		8		1,738,121		36,924,700		15.5	%
Boston		7		600,879		11,154,633		4.7	%
Connecticut		2		397,802		4,759,009		2.0	%
New York		3		142,035		4,084,788		1.7	%
Maryland		1		92,335		1,645,055		0.7	%
Northeast		13		1,233,051		21,643,485		9.1	%
Atlanta		24		2,208,898		25,551,781		10.8	%
Orlando		11		1,287,612		14,797,877		6.2	%
Tampa/St. Petersburg		16		1,529,207		13,096,340		5.5	%
Jacksonville/North Florida		10		1,210,706		12,243,907		5.2	%
Charlotte/Raleigh/Durham		5		1,160,568		11,184,068		4.7	%
Other		14		1,327,909		11,141,110		4.7	%
Louisiana		13		1,522,556		10,918,620		4.6	%
Central/South Georgia		9		1,050,883		7,798,357		3.3	%
West Coast, Florida		5		466,144		5,506,158		2.3	%
South Carolina		5		453,236		4,713,613		2.0	%
Total		176		20,057,414		237,521,207		100.0	%

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

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year Built / Renovated	Total Sq. Ft. Owned					Number				Supermarket anchor					Average base rent per leased SF
Property	City				Percent Leased			of tenants				Owned sq. ft.		Name	Expiration Date	Other anchor tenants
								Leased		Vacant
ALABAMA (3)
Madison Centre	Madison	1997		64,837		97.5	%		12		1		37,912	Publix	06/01/17	Rite Aid	$	9.78
The Shops at Lake Tuscaloosa(1)	Tuscaloosa	2003 / 2005		70,242		88.9	%		10		6		44,271	Publix	12/31/23		$	12.43
Winchester Plaza(1)	Huntsville	2006		75,700		91.5	%		14		5		45,600	Publix	08/31/26		$	11.77
TOTAL SHOPPING CENTERS ALABAMA (3)				210,779		92.5	%		36		12		127,783				$	11.33
ARIZONA (1)
Canyon Trails	Goodyear	2008		198,739		56.9	%		18		16					Office Max / Petsmart / Ross / Cost Plus	$	18.73
TOTAL SHOPPING CENTERS ARIZONA (1)				198,739		56.9	%		18		16		—				$	18.73
CALIFORNIA (8)
Serramonte	Daly City	1968		818,192		96.4	%		91		12					Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / New York & Company / Crunch Gym	$	17.97
Willows	Concord	1977		256,086		94.1	%		29		4					El Torito / Claim Jumper / U Gym / REI / The Jungle / Old Navy / Pier 1 / Cost Plus	$	21.23
Plaza Escuela	Walnut Creek	2002		151,499		98.7	%		22		2					AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority	$	39.86
Marketplace Shopping Center	Davis	1990		111,156		92.9	%		20		3		35,018	Safeway	07/31/14	Petco / CVS	$	22.01
222 Sutter	San Francisco	1908 / 1984		128,595		100.0	%		10		—					Loehmann’s / Global Fund for Women / Mother Jones Magazine / Fluid / Craigslist	$	40.09
Von’s Circle Center	Long Beach	1972		148,353		94.2	%		19		6		45,253	Von’s	07/31/22	Rite Aid / Ross	$	15.26
Circle Center West	Long Beach	1989		64,403		93.5	%		13		3					Marshalls	$	18.98
Ralph’s Circle Center	Long Beach	1983		59,837		96.5	%		10		2		35,022	Ralph’s	11/30/25	CVS	$	16.68
TOTAL SHOPPING CENTERS CALIFORNIA (8)				1,738,121		96.0	%		214		32		115,293				$	22.12
CONNECTICUT (2)
Brookside Plaza**	Enfield	1985 / 2006		213,274		95.6	%		22		4		59,648	Wakefern Food	08/31/15	Bed Bath & Beyond / Walgreens / Staples /Petsmart / Hibachi Grill	$	11.88
Copps Hill	Ridgefield	1979 / 2002		184,528		97.5	%		8		1		59,015	Stop & Shop	12/31/24	Kohl’s / Rite Aid	$	12.99
TOTAL SHOPPING CENTERS CONNECTICUT (2)				397,802		96.5	%		30		5		118,663				$	12.40
FLORIDA (85)
Orlando / Central Florida (11)
Alafaya Commons	Orlando	1987		126,333		90.8	%		25		5		54,230	Publix	11/30/13		$	14.47
Alafaya Village	Orlando	1986		38,118		96.3	%		15		1						$	21.28
Conway Crossing(1)	Orlando	2002		76,321		90.6	%		15		3		44,271	Publix	04/30/22		$	12.03

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year Built / Renovated	Total Sq. Ft. Owned					Number				Supermarket anchor					Average base rent per leased SF
Property	City				Percent Leased			of tenants				Owned sq. ft.		Name	Expiration Date	Other anchor tenants
								Leased		Vacant
Eastwood, Shoppes of	Orlando	1997		69,037		100.0	%		13		—		51,512	Publix	11/01/17		$	12.79
Eustis Village(1)	Eustis	2002		156,927		94.7	%		16		4		44,271	Publix	10/31/22	Beall’s Department Store	$	11.23
Hunter’s Creek(1)	Orlando	1998		73,204		100.0	%		10		—					Office Depot / Lifestyle Family Fitness	$	13.86
Kirkman Shoppes	Orlando	1973		88,820		64.7	%		22		8						$	21.34
Lake Mary Centre	Orlando	1988 / 2001		340,434		97.5	%		59		7		63,139	Albertsons	06/30/12	Kmart / Lifestyle Fitness Center / Office Depot	$	13.17
Park Promenade	Orlando	1987 / 2000		128,848		70.4	%		13		10					Beauty Depot / Dollar General	$	7.22
Town & Country	Kissimmee	1993		72,043		95.6	%		12		2		52,883	Albertsons*	10/31/18		$	8.81
														(Ross Dress For Less)
Unigold Shopping Center	Winter Park	1987		117,527		80.5	%		20		6		52,500	Winn-Dixie	04/30/12		$	11.64
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 / LA Fitness	$	10.71
Beauclerc Village	Jacksonville	1962 / 1988		68,846		89.6	%		7		4					Big Lots / Goodwill / Bealls Outlet	$	8.57
Forest Village	Tallahassee	2000		71,526		85.0	%		12		4		37,866	Publix	04/30/20		$	11.03
Ft. Caroline	Jacksonville	1985 / 1995		71,816		86.8	%		6		7		45,500	Winn-Dixie	05/31/15	Citi Trends	$	6.85
Mandarin Landing	Jacksonville	1976		139,580		78.6	%		18		9		50,000	Whole Foods	12/31/23	Office Depot / Aveda Institute	$	17.11
Medical & Merchants	Jacksonville	1993		156,153		96.6	%		10		3		55,999	Publix	02/10/13	Memorial Hospital / Planet Fitness	$	12.11
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		87.2	%		21		10		34,400	Publix* (Office Depot)	11/30/13	Marshalls / HomeGoods	$	11.75
Oak Hill	Jacksonville	1985 / 1997		78,492		95.7	%		17		3		39,795	Publix	03/11/15	Planet Fitness	$	7.66
South Beach**	Jacksonville Beach	1990 / 1991		303,219		87.6	%		36		15					Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	$	12.58
Miami-Dade / Broward / Palm Beach (35)
Bird Ludlum	Miami	1988 / 1998		192,274		94.3	%		43		4		44,400	Winn-Dixie	12/31/12	CVS Pharmacy / Goodwill	$	18.21
Bluffs Square	Jupiter	1986		123,917		73.7	%		18		12		39,795	Publix	10/22/11	Walgreens	$	13.36
Chapel Trail	Pembroke Pines	2007		56,378		100.0	%		4		—					LA Fitness	$	21.56
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990		76,632		92.2	%		14		3					Office Depot / Walgreen’s	$	25.36
Countryside Shops	Cooper City	1986 / 1988 /1991		179,561		86.3	%		35		11		39,795	Publix	12/04/15	Stein Mart	$	13.70

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year Built / Renovated	Total Sq. Ft. Owned					Number				Supermarket anchor					Average base rent per leased SF
Property	City				Percent Leased			of tenants				Owned sq. ft.		Name	Expiration Date	Other anchor tenants
								Leased		Vacant
Crossroads Square	Pembroke Pines	1973		81,587		79.9	%		15		9					CVS Pharmacy / Goodwill	$	16.73
CVS Plaza	Miami	2004		18,214		100.0	%		6		—						$	22.54
El Novillo	Miami Beach	1970 /2000		10,000		100.0	%		1		—					Sakura Japanese Buffet	$	17.00
Gateway Plaza	Aventura	1991		29,800		100.0	%		1		—					Babies R Us	$	14.31
Greenwood	Palm Springs	1982 /1994		133,339		92.1	%		32		6		50,032	Publix	12/05/14	Bealls Outlet	$	12.95
Hammocks Town Center	Miami	1987 /1993		172,806		91.1	%		30		6		39,795	Publix	06/24/12	Metro Dade Library / CVS Pharmacy / Porky’s Gym	$	13.46
Jonathan’s Landing	Jupiter	1997		26,820		41.2	%		7		5						$	24.04
Lago Mar	Miami	1995		82,613		82.7	%		14		8		42,323	Publix	09/13/15		$	13.42
Lantana Village	Lantana	1976 /1999		181,780		96.6	%		21		4		39,473	Winn- Dixie	02/15/16	Kmart / Rite Aid* (Family Dollar)	$	7.78
Magnolia Shoppes	Fort Lauderdale	1998		114,118		88.7	%		12		6					Regal Cinemas / Deal$	$	11.67
Meadows	Miami	1997		75,524		94.2	%		16		4		47,955	Publix	07/09/17		$	13.83
Oakbrook Square	Palm Beach Gardens	1974 /2000 / 2003		199,633		96.6	%		25		5		44,400	Publix	11/30/20	Stein Mart / Homegoods / CVS / Basset Furniture / Duffy’s	$	14.15
Oaktree Plaza	North Palm Beach	1985		23,745		63.6	%		11		9						$	15.59
Plaza Alegre	Miami	2003		88,411		92.4	%		16		4		44,271	Publix	03/14/23	Goodwill	$	15.72
Point Royale	Miami	1970 / 2000		174,875		97.0	%		20		4		45,350	Winn- Dixie	02/15/15	Best Buy / Pasteur Medical	$	10.63
Prosperity Centre	Palm Beach Gardens	1993		122,014		96.7	%		9		1					Office Depot / CVS / Bed Bath & Beyond / TJ Maxx	$	15.54
Ridge Plaza	Davie	1984 /1999		155,204		94.6	%		20		7					Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill	$	11.35
Riverside Square	Coral Springs	1987		104,241		78.9	%		23		11		39,795	Publix	02/18/12		$	13.35
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		84.8	%		20		5		36,464	Publix	12/15/14	Walgreens / Dollar Tree	$	9.98
Sheridan Plaza	Hollywood	1973 / 1991		508,455		99.8	%		62		2		65,537	Publix	10/09/11	Kohl’s / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology	$	15.05
Shoppes of Andros Isles	West Palm Beach	2000		79,420		82.4	%		9		8		51,420	Publix	02/29/20		$	12.17
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997		126,789		88.2	%		28		12		47,814	Publix	06/14/15	Goodwill	$	15.99
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		285,816		95.9	%		45		3		51,420	Publix	07/31/19	TJMaxx / LA Fitness / Goodwill	$	18.30
Sunrise Town Center(1)	Fort Lauderdale	1989		128,124		84.5	%		15		10					L.A. Fitness / Office Depot	$	11.26
Tamarac Town Square	Tamarac	1987		124,585		77.0	%		25		14		37,764	Publix	12/15/14	Dollar Tree	$	11.00

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year Built / Renovated	Total Sq. Ft. Owned					Number				Supermarket anchor					Average base rent per leased SF
Property	City				Percent Leased			of tenants				Owned sq. ft.		Name	Expiration Date	Other anchor tenants
								Leased		Vacant
Waterstone	Homestead	2005		61,000		100.0	%		10		—		45,600	Publix	07/31/25		$	14.13
West Bird	Miami	1977 /2000		99,864		87.7	%		23		5		37,949	Publix	08/31/20	CVS Pharmacy	$	13.02
West Lakes Plaza	Miami	1984 /2000		100,747		100.0	%		27		—		46,216	Winn- Dixie	05/22/16	Navarro Pharmacy	$	13.66
Westport Plaza	Davie	2002		49,533		100.0	%		8		—		27,887	Publix	11/30/22		$	17.59
Young Circle	Hollywood	1962 /1997		65,834		93.6	%		8		2		23,124	Publix	11/30/16	Walgreens	$	15.28
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001		89,234		94.7	%		13		3		59,448	Albertsons	04/30/25		$	9.08
New Smyrna Beach	New Smyrna Beach	1987		118,451		94.4	%		32		2		42,112	Publix	09/30/12	Bealls Outlet	$	12.02
Old King Commons	Palm Coast	1988		84,759		91.5	%		15		3					Wal-Mart	$	8.05
Ryanwood	Vero Beach	1987		114,925		89.1	%		26		6		39,795	Publix	03/23/17	Bealls Outlet / Books-A-Million	$	11.16
Salerno Village	Stuart	1987		82,477		90.8	%		14		6		45,802	Winn- Dixie	03/23/24	CVS Pharmacy	$	10.28
Shops at St. Lucie	Port St. Lucie	2006		19,361		84.6	%		8		2						$	22.34
South Point Center	Vero Beach	2003		64,790		91.9	%		12		4		44,840	Publix	11/30/23		$	15.58
Treasure Coast	Vero Beach	1983		133,781		96.9	%		21		2		59,450	Publix	07/31/26	TJ Maxx	$	12.62
Tampa / St. Petersburg / Venice / Cape Coral / Naples (21)
Bay Pointe Plaza(1)	St. Petersburg	1984 /2002		103,986		92.0	%		17		6		52,610	Publix	11/30/21	Bealls Outlet	$	10.27
Carrollwood(1)	Tampa	1970 /2002		93,673		82.5	%		27		10		27,887	Publix	11/30/22	Golf Locker	$	13.70
Charlotte Square	Port Charlotte	1980		96,188		69.8	%		12		13					Seafood Buffet / American Signature Furniture	$	5.34
Chelsea Place(1)	New Port Richey	1992		81,144		95.7	%		15		3		48,890	Publix	05/27/12		$	11.62
Dolphin Village(1)	St. Petersburg	1967/1990		136,224		82.3	%		29		15		33,238	Publix	11/07/13	Dollar Tree, CVS	$	12.95
Glengary Shoppes	Sarasota	1995		99,182		100.0	%		6		—					Best Buy / Barnes & Noble	$	17.70
Lake St. Charles(1)	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		$	12.57
Marco Town Center(1)	Marco Island	2001		109,830		93.1	%		37		5		27,887	Publix	01/31/18		$	17.76
Mariners Crossing	Spring Hill	1989 /1999		97,812		100.0	%		18		—		48,315	Sweet Bay	08/15/20		$	10.05
Midpoint Center(1)	Cape Coral	2002		75,386		95.4	%		9		1		60,667	Publix	10/31/22		$	12.09
Regency Crossing	Port Richey	1986 /2001		85,864		81.6	%		13		12		44,270	Publix	02/28/21		$	10.34

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor						Average
		Built /	Sq. Ft.		Percent							Owned			Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
Ross Plaza(1)	Tampa	1984 / 1996		90,625		93.3	%		19		3						Ross Dress for Less / Deal$	$	12.31
Seven Hills	Spring Hill	1991		72,590		88.8	%		13		5		48,890	Publix		09/25/11		$	10.53
Shoppes of North Port	North Port	1991		84,705		90.8	%		16		5						Bealls Outlet / Goodwill	$	5.24
Summerlin Square	Fort Myers	1986 / 1998		109,156		46.9	%		2		26		45,500	Winn-Dixie		06/04/16		$	7.53
Sunlake	Tampa	2008		89,516		88.7	%		17		7		45,600	Publix		12/31/28	SunTrust	$	16.79
Sunpoint Shopping Center	Ruskin	1984		132,374		65.5	%		15		9						Goodwill / Ozzie’s Buffet / Big Lots / Chapter 13 Trustee	$	8.73
Venice Plaza(1)	Venice	1971 /1979 / 1999		132,345		96.0	%		13		3		42,582	Sweet Bay		09/30/18	TJ Maxx	$	6.29
Venice Shopping Center(1)	Venice	1968 /2000		109,801		85.0	%		11		3		44,271	Publix		12/31/26	Beall’s Outlet	$	5.58
Walden Woods	Plant City	1985 /1998 /2003		72,950		88.7	%		11		4						Dollar Tree / Aaron Rents / Dollar General	$	7.49
TOTAL SHOPPING CENTERS FLORIDA (85)				9,362,192		89.7%			1,499		458		2,663,436					$	12.82
GEORGIA (33)
Atlanta (24)
BridgeMill	Canton	2000		89,102		90.6	%		24		5		37,888	Publix		01/31/20		$	15.66
Buckhead Station	Atlanta	1996		233,739		100.0	%		15		1						Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack	$	20.49
Butler Creek	Acworth	1990		95,597		88.3	%		16		5		59,997	Kroger		01/31/18		$	10.05
Chastain Square	Atlanta	1981 / 2001		91,637		98.0	%		24		2		37,366	Publix		05/31/24		$	17.35
Commerce Crossing	Commerce	1988		100,668		25.5	%		4		7						Fred’s Store	$	5.26
Douglas Commons	Douglasville	1988		97,027		96.5	%		16		2		59,431	Kroger		08/31/13		$	10.84
Fairview Oaks	Ellenwood	1997		77,052		97.2	%		13		1		54,498	Kroger		09/30/16		$	10.39
Freehome Village(1)	Canton	2003		74,340		72.2	%		6		11		44,840	Publix		12/31/23		$	12.26
Golden Park Village(1)	Buford	2000		68,738		78.7	%		7		6		44,270	Publix		02/29/20		$	10.68
Governors Town Square(1)	Acworth	2005		68,658		100.0	%		13		—		44,840	Publix		02/28/25		$	14.25
Grassland Crossing	Alpharetta	1996		90,906		93.2	%		11		3		70,086	Kroger		06/30/16		$	11.51
Hairston Center	Decatur	2000		13,000		84.6	%		6		2							$	11.72
Hamilton Ridge	Buford	2002		90,996		83.8	%		13		8		54,166	Kroger		11/30/22		$	11.62

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor						Average
		Built /	Sq. Ft.		Percent							Owned			Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
Keith Bridge Commons(1)	Atlanta	2002		94,886		88.4	%		14		6		54,139	Kroger		08/10/22		$	12.33
Mableton Crossing	Mableton	1997		86,819		96.7	%		14		2		63,419	Kroger		08/31/17		$	10.52
Macland Pointe	Marietta	1992-93		79,699		94.0	%		15		2		55,999	Publix		12/29/12		$	10.22
Market Place	Norcross	1976		77,706		95.9	%		20		4						Galaxy Cinema	$	10.89
Piedmont Peachtree Crossing	Buckhead	1978 / 1998		152,239		97.7	%		25		3		55,520	Kroger		02/28/15	Cost Plus Store / Binders Art Supplies	$	17.94
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998		86,401		88.0	%		20		5						Micro Center	$	9.89
Salem Road Station(1)	Atlanta	2000		67,270		88.4	%		9		6		44,270	Publix		09/30/20		$	10.88
Shops of Huntcrest(1)	Lawrenceville	2003		97,040		86.2	%		18		7		54,340	Publix		01/31/23		$	13.19
Shops of Westridge	McDonough	2006		66,297		76.8	%		10		8		38,997	Publix		04/30/26		$	12.73
Wesley Chapel	Decatur	1989		164,153		86.1	%		18		10						Everest Institute / Little Giant/ Deal$ / Planet Fitness	$	7.21
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		65.8	%		20		8							$	21.25
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	$	8.94
Dublin Village(1)	Dublin	2005		98,540		92.5	%		12		5		70,225	Kroger		08/03/25		$	6.75
Grayson Village(1)	Loganville	2002		83,155		72.6	%		11		12		44,271	Publix		01/31/22		$	11.39
Loganville Town Center(1)	Loganville	1997		77,661		85.0	%		9		6		51,420	Publix		08/01/17		$	11.52
McAlpin Square	Savannah	1979		173,952		97.7	%		22		2		43,600	Kroger		08/31/15	Big Lots / Post Office / Habitat for Humanity	$	7.57
Spalding Village	Griffin	1989		235,318		61.9	%		17		11		59,431	Kroger		05/31/14	Fred’s Store / Goodwill	$	7.56
The Vineyards at Chateau Elan(1)	Braselton	2002		79,047		92.1	%		17		3		44,271	Publix		01/31/23		$	13.85
Walton Plaza	Augusta	1990		43,460		91.7	%		5		3		32,960	Harris Teeter* (Omni Fitness)		04/01/11		$	7.06
Wilmington Island Shopping Center(1)	Wilmington Island	1985 / 1998 / 2003		87,818		68.2	%		11		12		42,156	Kroger		09/16/18		$	12.55
TOTAL SHOPPING CENTERS GEORGIA (33)				3,259,781		85.6	%		483		179		1,308,371					$	11.95

Page 29

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor						Average
		Built /	Sq. Ft.		Percent							Owned			Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
LOUISIANA (13)
Ambassador Row	Lafayette	1980 / 1991		187,678		98.3	%		23		2						Conn’s Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics	$	9.66
Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005		146,697		98.4	%		21		2						Bed Bath & Beyond / Marshall’s / Hancock Fabrics / Unitech Training Academy / Tuesday Morning	$	10.29
Bluebonnet Village	Baton Rouge	1983		101,623		98.7	%		22		4		33,387	Matherne’s		11/30/15	Office Depot	$	10.59
Boulevard	Lafayette	1976 / 1994		68,012		93.2	%		13		2						Piccadilly / Harbor Freight Tools / Golfballs.com	$	8.97
Country Club Plaza	Slidell	1982 / 1994		64,686		94.6	%		9		1		33,387	Winn-Dixie		01/31/13		$	6.60
Crossing	Slidell	1988 / 1993		114,806		97.4	%		15		1		58,432	Save A Center		09/28/39	A-1 Home Appliance / Piccadilly	$	5.81
Elmwood Oaks	Harahan	1989		130,284		100.0	%		10		—						Academy Sports / Dollar Tree / Home Décor	$	9.91
Grand Marche (ground lease)	Lafayette	1969		200,585		100.0	%		1		—								NA
Plaza Acadienne	Eunice	1980		59,419		97.5	%		6		1		28,092	Super 1 Store		06/30/15	Fred’s Store	$	4.35
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		98.9	%		19		1						Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	9.26
Tarpon Heights	Galliano	1982		56,605		100.0	%		9		—						Stage / Dollar General	$	5.83
Village at Northshore	Slidell	1988		144,638		97.6	%		14		1						Marshalls / Dollar Tree / Kirschman’s* / Bed Bath & Beyond / Office Depot	$	7.66
TOTAL SHOPPING CENTERS LOUISIANA (13)				1,522,556		97.7	%		170		16		153,298					$	8.46
MARYLAND (1)
South Plaza Shopping Center(1)	St. Mary’s County	2005		92,335		100.0	%		9		—						Ross Dress For Less / Best Buy / Old Navy /Petco	$	17.82
TOTAL SHOPPING CENTERS MARYLAND (1)				92,335		100.0	%		9		—		—					$	17.82
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		$	26.84
Plymouth Shaw’s Supermarket	Plymouth	1993		59,726		100.0	%		1		—		59,726	Shaw’s		01/01/16		$	19.99
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	$	8.22

Page 30

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor						Average
		Built /	Sq. Ft.		Percent							Owned			Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
West Roxbury Shaw’s Plaza	West Roxbury	1973 / 1995/ 2006		76,316		95.3	%		10		3		54,928	Shaw’s		01/02/16		$	25.44
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				600,879		99.4	%		30		3		434,532					$	18.68
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987		66,857		98.2	%		7		1						Big Lots / Buffalo Wild Wings	$	7.13
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		98.2	%		7		1		—					$	7.13
NEW YORK (3)
1175 Third Avenue	Manhattan	1995		25,350		100.0	%		1		—		25,350	Food Emporium		01/31/19		$	41.66
90-30 Metropolitan	Queens	2007		59,815		93.9	%		4		1						Trader Joe’s / Staples / Michael’s	$	28.99
161 W. 16th Street	Manhattan	1930		56,870		100.0	%		1		—						Loehmann’s	$	24.62
TOTAL SHOPPING CENTERS NEW YORK (3)				142,035		97.4	%		6		1		25,350					$	29.51
NORTH CAROLINA (12)
Brawley Commons	Charlotte	1997 / 1998		119,189		74.6	%		21		17		42,142	Lowe’s Foods		05/13/17	Rite Aid	$	11.84
Carolina Pavilion(1)	Charlotte	1996		731,678		96.9	%		23		3						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 / Jo-Ann	$	10.83
Centre Pointe Plaza	Smithfield	1989		163,642		94.7	%		21		3						Belk’s / Dollar Tree / Aaron Rents / Burkes Outlet Stores	$	5.90
Chestnut Square	Brevard	1985 / 2008		34,260		86.0	%		5		3						Walgreens	$	16.07
Galleria	Wrightsville Beach	1986 / 1990		92,114		42.8	%		25		12		28,000	Harris Teeter*		04/05/11		$	9.75
Parkwest Crossing(1)	Durham	1990		85,602		90.0	%		13		4		38,052	Food Lion		12/14/15		$	10.78
Riverview Shopping Center	Durham	1973 / 1995		128,498		92.4	%		11		5		53,538	Kroger		12/31/14	Upchurch Drugs / Riverview Galleries	$	7.74
Salisbury Marketplace(1)	Salisbury	1987		79,732		75.9	%		12		8		31,762	Food Lion		02/12/23		$	10.75
Stanley Market Place	Stanley	2007		53,228		96.7	%		6		1		34,928	Food Lion		05/15/27	Family Dollar	$	9.49
Thomasville Commons	Thomasville	1991		148,754		94.0	%		9		5		32,000	Ingles		09/29/12	Kmart	$	5.31
Willowdaile Shopping Center	Durham	1986		95,601		91.3	%		17		5						Hall of Fitness / Ollie’s Bargain Outlet	$	8.04
Whitaker Square(1)	Winston- Salem	1996		82,760		100.0	%		13		—		51,890	Harris Teeter		02/11/16	Rugged Wearhouse	$	12.70

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor							Average
		Built /	Sq. Ft.		Percent							Owned				Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name		Date		Other anchor tenants	per leased SF
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)				1,815,058		90.3	%		176		66		312,312						$	9.69
SOUTH CAROLINA (5)
Belfair Towne Village(1)	Bluffton	2000 / 2003 / 2006		166,639		89.6	%		28		6		55,696		Kroger		10/31/19	Stein Mart	$	13.15
Milestone Plaza(1)	Greenville	1995		89,721		97.4	%		9		1		59,039		Bi-Lo		03/31/30		$	14.99
North Village Center	North Myrtle Beach	1984		60,356		70.3	%		6		7							Dollar General / Goodwill	$	8.05
Windy Hill	North Myrtle Beach	1968 / 1988 / 2006		68,465		96.5	%		3		2							Rose’s Store / Citi Trends	$	5.80
Woodruff	Greenville	1995		68,055		98.7	%		9		1		47,955		Publix		08/06/15		$	10.65
TOTAL SHOPPING CENTERS SOUTH CAROLINA (5)				453,236		91.0	%		55		17		162,690						$	11.43
TENNESSEE (1)
Greensboro Village Shopping Center(1)	Gallatin	2005		70,203		93.6	%		13		3		45,600		Publix		11/30/25		$	13.80
TOTAL SHOPPING CENTERS TENNESSEE (1)				70,203		93.6	%		13		3		45,600						$	13.80
VIRGINIA (1)
Smyth Valley Crossing	Marion	1989		126,841		96.9	%		12		2		32,000		Ingles		09/25/15	Wal-Mart	$	5.97
TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841		96.9	%		12		2		32,000						$	5.97
TOTAL CORE SHOPPING CENTER PORTFOLIO (176)				20,057,414		90.6	%		2,758		811		5,384,035						$	13.22

Page 32

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor					Average
		Built /	Sq. Ft.		Percent							Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
OTHER PROPERTIES (8)
4101 South I-85 Industrial	Charlotte, NC	1956 / 1963		188,513		100.0	%		2		—					Bromley Pallet / Park ‘N Go
Banco Popular Office Building	Miami, FL	1971		32,737		84.7	%		15		3
Laurel Walk Apartments	Charlotte, NC	1985		106,480		99.2	%		97		1
Prosperity Office Building	Palm Beach Gdns, FL	1972		3,200		0.0	%		—		1
Providence Square	Charlotte, NC	1973		85,930		16.6	%		6		19
595 Colorado(1)	Pasadena, CA	1927 / 2002		85,860		88.0	%		75		14					Bank of the West
Park Plaza(1)	Sacramento, CA	1982		72,649		87.9	%		11		3					California Bankers Assoc. / Global Crossing
Danville - San Ramon Medical	Danville, CA	1982-1986		74,599		80.8	%		46		9
TOTAL OTHER PROPERTIES (8)				649,968		82.4	%		252		50		—
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (184)				20,707,382		90.3	%		3,010		861		5,384,035
DEVELOPMENTS, REDEVELOPMENTS & LAND (15)
Developments (3)	Various - See Schedule on Page 35.
Redevelopments (7)	Various - See Schedule on Page 35.
Land Held for Development (5)	Various
TOTAL CONSOLIDATED - 199 Properties

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

⁽¹⁾  Asset is classified as held for sale.

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

** Future contractual lease obligations included.

Page 33

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

For the nine months ended September 30, 2011 (unaudited)

(in thousands)

2011 Acquisition Activity

Date Purchased	Property Name	City	State	Square Feet		Purchase Price (1)		Mortgage Assumed
September 1, 2011	90-30 Metropolitan	Queens	NY		59,815	$	28,800	$	—
July 14, 2011	Ralph’s Circle Center	Long Beach	CA		59,837	$	15,000	$	—
May 16, 2011	161 W. 16th Street	New York	NY		56,870	$	55,000	$	—
March 16, 2011	Von’s Circle Center	Long Beach	CA		148,353		37,000		11,529
March 15, 2011	Circle Center West	Long Beach	CA		64,403		20,000		—
January 4, 2011	Capital & Counties (1)	Various	CA		2,491,663		501,100		171,931
Total						$	656,900	$	183,460

⁽¹⁾  Does not include properties owned through joint ventures. The purchase price represents fair value as determined by independent third party valuations.

2011 Disposition Activity

Date Sold	Property Name	City	State	Square Feet / Acres		Gross Sales Price		Gain (loss) on Sale
Income producing property sold
September 30, 2011	Trio Apartments(2)	Pasadena	CA		284,989	$	112,200	$	3,431
September 1, 2011	Pacific Financial Center(2)	Los Angeles	CA		212,933	$	49,500	$	4,262
July 29, 2011	Lancaster Shopping Center(1)	Lancaster	SC		106,447	$	900	$	34
June 22, 2011	Mandarin Mini - storage	Jacksonville	FL		52,420	$	1,250	$	(13	)
May 13, 2011	Country Walk Plaza	Miami	FL		100,686	$	27,750	$	625
May 13, 2011	Veranda Shoppes	Plantation	FL		44,888	$	11,675	$	318
						$	203,275	$	8,657
Outparcels sold
August 25, 2011	Riverside - Land parcel	Coral Springs	FL		39,335	$	1,550	$	921
July 7, 2011	Walden Woods - Taco Bell outparcel	Plant City	FL		2,924	$	716	$	560
June 28, 2011	Sunlake - Land parcel	Miami	FL		6.50	$	1,250	$	59
						$	3,516	$	1,540
Total Sold						$	206,791	$	10,197

⁽¹⁾  Includes both Lancaster Plaza and Lancaster Shopping Center.

⁽²⁾  Gain on sale represents EQY’s pro-rata share.

Page 34

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of September 30, 2011 (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 9/30/11		Balance to Complete (Gross  Cost)
Developments
The Gallery at Westbury	Westbury, NY		330,000		330,000	Container Store/Nordstrom Rack/Trader Joe’s/Saks off Fifth		2013	$	144,000	$	134,000	$	40,248	$	103,752
Subtotal			330,000		330,000				$	144,000	$	134,000	$	31,500	$	103,752
Redevelopment
Boca Village	Boca Raton, FL		25,663		92,267	Publix Greenwise/CVS		1Q14	$	7,255	$	7,255	$	478	$	6,777
Boynton Plaza	Boynton Beach, FL		54,817		108,293	Publix		3Q13		8,661		8,661		148		8,513
Paulding Commons	Hiram, GA		74,732		192,391	Academy Sports		3Q12		5,915		5,915		392		5,523
Pavilion	Naples, FL		50,795		167,745	LA Fitness		1Q12		4,821		4,821		284		4,537
Pine Island	Davie, FL		86,156		243,385	Burlington Coat Factory		3Q11		1,739		1,739		1,811		(72	)
Pine Ridge	Coral Springs, FL		30,660		114,948	Marshalls/Fresh Market/Bed Bath & Beyond		3Q12		3,453		3,453		140		3,313
Westbury	Westbury, NY		31,000		398,602	Costco/Marshalls/Sports Authority/Walmart		1Q12		1,500		1,500		—		1,500
Subtotal			353,823		1,317,631				$	33,344	$	33,344	$	3,253	$	30,091
Total Development Activity			434,820		1,398,628				$	177,344	$	167,344	$	34,753	$	133,843

Project notes

⁽¹⁾ Includes actual / allocated cost of land.

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

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

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

Page 35

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of September 30, 2011 (unaudited)

(in thousands)

Debt Instrument	Maturity Date		Rate  (1)			Sept 30, 2011 Balance		Dec 31, 2010 Balance		Percent of Overall Debt Maturing
Mortgage Debt
Forest Village		04/01/11		7.270	%		—		4,065		0.0	%
Boca Village		05/01/11		7.200	%		—		7,515		0.0	%
MacLand Pointe		05/01/11		7.250	%		—		5,311		0.0	%
Pine Ridge Square		05/01/11		7.020	%		—		6,636		0.0	%
Sawgrass Promenade		05/01/11		7.200	%		—		7,515		0.0	%
Riverside Square		03/01/12		9.187	%		—		6,710		0.0	%
Country Walk Plaza		11/01/15		5.220	%		—		13,485		0.0	%
Lake Mary Centre		11/01/11		7.250	%		—		22,321		0.0	%
Hammocks Town Center		06/01/12		6.950	%		11,471		11,631		0.8	%
Plaza Escuela		10/11/12		6.800	%		37,239		—		2.5	%
Cashmere Corners		11/01/12		5.880	%		4,260		4,376		0.3	%
Eastwood		11/01/12		5.880	%		5,077		5,215		0.3	%
Meadows Shopping Center		11/01/12		5.870	%		5,334		5,479		0.4	%
Lutz Lake Crossing		01/01/13		6.280	%		7,151		7,229		0.5	%
Pablo Plaza		04/11/13		5.814	%		7,349		7,466		0.5	%
West Bird Plaza		04/11/13		5.814	%		8,268		8,399		0.6	%
Brawley Commons		07/01/13		6.250	%		6,648		6,712		0.4	%
Buckhead Station(5)		09/01/13		6.880	%		25,069		25,576		1.7	%
Alafaya Village		11/11/13		5.990	%		3,778		3,834		0.3	%
Summerlin Square		02/01/14		6.750	%		1,181		1,510		0.1	%
South Point		07/10/14		5.720	%		7,227		7,398		0.5	%
Bird Ludlum		02/15/15		7.680	%		4,124		4,893		0.3	%
Davis Marketplace		02/19/15		6.250	%		16,430		—		1.1	%
Treasure Coast Plaza		04/01/15		8.000	%		2,007		2,359		0.1	%
Shoppes of Silverlakes I		07/01/15		7.750	%		1,206		1,403		0.1	%
Glengary Shoppes		06/11/16		5.750	%		16,394		16,573		1.1	%
Magnolia Shoppes		07/11/16		6.160	%		14,096		14,260		1.0	%
222 Sutter Street		09/15/16		5.390	%		27,461		—		1.9	%
Willows Shopping Center		10/11/16		5.900	%		56,000		—		3.8	%
Grassland Crossing		12/01/16		7.865	%		4,371		4,574		0.3	%
Mableton Crossing		08/15/18		6.850	%		3,132		3,335		0.2	%
Sheridan Plaza		10/10/18		6.250	%		62,639		63,288		4.2	%
Danville-San Ramon Medical		03/15/19		6.900	%		13,618		—		0.9	%
1175 Third Avenue		05/01/19		7.000	%		7,274		7,426		0.5	%
BridgeMill		05/05/21		7.940	%		7,903		8,111		0.5	%

Page 36

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of September 30, 2011 (unaudited)

(in thousands)

Debt Instrument	Maturity Date		Rate (1)			Sept 30, 2011 Balance		Dec 31, 2010 Balance		Percent of Overall Debt Maturing
Westport Plaza		08/01/23		7.490	%		4,085		4,194		0.3	%
Chastain Square		02/28/24		6.500	%		2,976		3,089		0.2	%
Daniel Village		02/28/24		6.500	%		3,253		3,377		0.2	%
Douglas Commons		02/28/24		6.500	%		3,876		4,023		0.3	%
Fairview Oaks		02/28/24		6.500	%		3,669		3,808		0.2	%
Madison Centre		02/28/24		6.500	%		2,976		3,089		0.2	%
Paulding Commons		02/28/24		6.500	%		5,053		5,245		0.3	%
Siegen Village		02/28/24		6.500	%		3,288		3,413		0.2	%
Wesley Chapel Crossing		02/28/24		6.500	%		2,595		2,694		0.2	%
Webster Plaza		08/15/24		8.070	%		7,333		7,478		0.5	%
Vons Circle Center		10/10/28		5.200	%		11,326		—		0.8	%
Copps Hill Plaza		01/01/29		6.060	%		18,912		19,364		1.3	%
Total mortgage debt (39 loans )		5.85		6.33	%(3)	$	436,048	$	354,379		29.4	%
Unamortized/unaccreted premium/(discount)							2,850		950		0.2	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))						$	438,898	$	355,329		29.6	%
Mortgage Debt Associated with Assets Held for Sale
Lake St. Charles		11/01/11		7.130	%		—		3,517		0.0	%
Belfair Towne Village		12/01/11		7.320	%		9,406		9,651		0.6	%
Marco Town Center		01/01/12		6.700	%		7,214		7,398		0.5	%
Salem Road Station		11/11/12		6.000	%		5,643		5,732		0.4	%
Midpoint Center		07/10/13		5.770	%		5,857		6,008		0.4	%
Keith Bridge Commons		10/11/13		4.800	%		8,411		8,561		0.6	%
Sunrise Town Center		04/30/14		5.690	%		9,919		10,084		0.7	%
The Vineyards		07/11/14		5.880	%		9,527		9,662		0.6	%
595 Colorado		12/01/14		5.900	%		12,337		—		0.8	%
Grayson Village		01/11/15		5.210	%		9,490		9,635		0.6	%
Golden Park Village		01/11/15		5.250	%		7,096		7,204		0.5	%
The Shops at Lake Tuscaloosa		01/11/15		5.450	%		6,909		7,010		0.5	%
Eustis Village		05/11/15		5.450	%		12,923		13,095		0.9	%
Governors Town Center		06/01/15		5.200	%		10,066		10,216		0.7	%
Freehome Village		07/11/15		5.150	%		9,563		9,706		0.6	%
Loganville Town Center		08/11/15		4.890	%		9,747		9,897		0.7	%
Wilmington Island		11/11/15		5.050	%		9,247		9,384		0.6	%
South Plaza Shopping Center		01/11/16		5.420	%		16,293		16,518		1.1	%
Dublin Village		12/11/16		5.780	%		6,640		6,705		0.4	%
Greensboro Village		02/11/17		5.520	%		9,532		9,652		0.6	%

Page 37

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of September 30, 2011 (unaudited)

(in thousands)

Debt Instrument	Maturity Date			Rate (1)			Sept 30, 2011 Balance			Dec 31, 2010 Balance			Percent of Overall Debt Maturing
Whitaker Square		12/01/17			6.320	%		9,564			9,646			0.6	%
Park Plaza		11/15/19			7.100	%		7,359			—			0.5	%
Total mortgage debt on held for sale assets (21 loans )		3.50			5.67	%(3)	$	192,743		$	179,281			13.0	%
Unamortized/unaccreted premium/(discount)								(16,629	)		(20,118	)		-1.1	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))							$	176,114		$	159,163			11.9	%
Total Secured debt (60 loans )		4.35			6.13	%(3)	$	628,791		$	533,660			42.5	%
Unamortized/unaccreted premium/(discount)								(13,779	)		(19,168	)		-0.9	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))							$	615,012		$	514,492			41.5	%
Unsecured senior notes payable
7.84% senior notes		01/23/12			7.840	%	$	10,000		$	10,000			0.7	%
6.25% senior notes		12/15/14			6.250	%		250,000			250,000			16.9	%
5.375% senior notes		10/15/15			5.375	%		107,505			107,505			7.3	%
6.00% senior notes		09/15/16			6.000	%		105,230			105,230			7.1	%
6.25% senior notes		01/15/17			6.250	%		101,403			101,403			6.8	%
6.00% senior notes		09/15/17			6.000	%		116,998			116,998			7.9	%
Total unsecured senior notes payable		4.38			6.06	%(3)	$	691,136		$	691,136			46.7	%
Unamortized/unaccreted premium/(discount)								(2,453	)		(2,755	)		-0.1	%
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))							$	688,683		$	688,381			46.5	%
Revolving credit facilities
$575MM Wells Fargo Unsecured(4)		09/30/15			2.050	%	$	177,500		$	—			12.0	%
$15MM City National Bank Unsecured		05/08/12			N/A			—			—			0.0	%
Total revolving credit facilities							$	177,500		$	—			12.0	%
Total debt		4.36	(2)		6.09	%(3)(2)	$	1,497,427		$	1,224,796			101.1	%
Unamortized/unaccreted premium/(discount)								(16,232	)		(21,923	)		-1.1	%
Total debt (including net interest premium/discount)							$	1,481,195		$	1,202,873			100.0	%
Senior Unsecured Debt Ratings
Moody’s								Baa3 (Positive)			Baa3 (Stable)
S&P								BBB- (Stable)			BBB- (Stable)

⁽¹⁾ The rate in effect on September 30, 2011.

⁽²⁾ Weighted average maturity in years excludes $177.5 million in revolving credit facilities expiring on 9-30-15.

⁽³⁾ Calculated based on weighted average interest rates.

⁽⁴⁾ Revolving credit facility has a one year extension option.

⁽⁵⁾ Option to extend in-place mortgage to September 1, 2028.

Page 38

EQUITY ONE, INC.

JOINT VENTURE UNCONSOLIDATED BALANCE SHEETS

As of September 30, 2011 (unaudited)

(in thousands)

Co-Investment Partner	Property Name	EQY Ownership Interest	Type	Total Assets		Total Debt		Total Equity
DRA Advisors	Various	20.0%	Retail/Office	$	55,250	$	36,263	$	16,305
GRI	Various	10.0%	Retail	$	259,030	$	138,584	$	101,253
New York State Common Retirement Fund	Various	30.0%	Retail	$	45,166	$	14,018	$	26,398
Various	Various	50.0-50.5%	Retail/Office	$	104,269	$	51,897	$	50,319

Note: Amounts shown above reflect 100% of the joint venture balance sheet line items.

Page 39

EQUITY ONE, INC.

JOINT VENTURE UNCONSOLIDATED STATEMENTS OF INCOME

For the three and nine months ended September 30, 2011 (unaudited)

(in thousands)

				For the three months ended September 30, 2011
Co-Investment Partner	Property Name	EQY Ownership Interest	Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense		Net Income/ (Loss)
DRA Advisors	Various	20.0%	Retail/Office	$	1,500	$	659	$	696	$	602	$	(481	)
GRI	Various	10.0%	Retail	$	6,779	$	1,835	$	1,546	$	2,296	$	1,102
New York State Common Retirement Fund (1)	Various	30.0%	Retail	$	1,056	$	334	$	451	$	148	$	120
Various	Various	50.0-50.5%	Retail/Office	$	2,207	$	907	$	858	$	790	$	(321	)
				For the nine months ended September 30, 2011
Co-Investment Partner	Property Name	EQY Ownership Interest	Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense		Net Income/ (Loss)
DRA Advisors	Various	20.0%	Retail/Office	$	4,496	$	2,071	$	1,826	$	1,786	$	(1,238	)
GRI	Various	10.0%	Retail	$	18,598	$	5,319	$	4,453	$	6,818	$	2,008
New York State Common Retirement Fund (1)	Various	30.0%	Retail	$	1,612	$	510	$	694	$	233	$	(277	)
Various	Various	50.0-50.5%	Retail/Office	$	7,694	$	2,645	$	2,597	$	2,835	$	(451	)

Note: Amounts shown above reflect 100% of the venture income statement line items.

⁽¹⁾  Joint venture was formed on May 13, 2011.

Page 40

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT

As of September 30, 2011 (unaudited)

												Number of tenant				Supermarket anchor					Average base rent per
Property	JV	EQY Ownership %			Type	City, State	Year Built / Renovated	Total Sq. Ft.	Percent Leased			Leased		Vacant		Sq. Ft.		Name	Expiration Date	Other anchor tenants	leased SF
Airpark Plaza Shopping Center	GRI		10.0	%	Retail	Miami, FL	1971 /1998 / 2004 /2008	172,093		93.2	%		31		6		30,000	Publix	10/31/24	Home Depot Expo* / Office Depot	$	14.24
Concord Shopping Plaza	GRI		10.0	%	Retail	Miami, FL	1962 /1992 /1993	298,182		99.3	%		24		1		78,000	Winn- Dixie	09/30/14	Home Depot / Big Lots / Dollar Tree	$	11.62
Presidential Markets	GRI		10.0	%	Retail	Snellville, GA	1993 / 2000	396,432		99.2	%		36		1		56,146	Publix	12/31/19	Marshall’s / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders	$	10.93
Shoppes of Ibis	GRI		10.0	%	Retail	West Palm Beach, FL	1999	79,420		92.9	%		14		4		51,420	Publix	05/31/19		$	13.24
Shoppes at Quail Roost	GRI		10.0	%	Retail	Miami, FL	2005	73,550		92.0	%		16		4		44,840	Publix	06/30/25		$	14.65
Shoppes of Sunset	GRI		10.0	%	Retail	Miami, FL	1979	21,784		63.8	%		10		7						$	23.62
Shoppes of Sunset II	GRI		10.0	%	Retail	Miami, FL	1980	27,676		74.7	%		13		4						$	17.63
Sparkleberry Square	GRI		10.0	%	Retail	Columbia, SC	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	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004	85,961		100.0	%		1		—					Kohl’s	$	7.74
Sparkleberry Kroger	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004	98,623		89.5	%		11		3		67,943	Kroger	08/31/17		$	12.07
1900/2000 Offices	DRA		20.0	%	Office	Boca Raton, FL	1979 /1982 / 1986 / 2007	117,640		63.8	%		20		12					RN Network	$	17.41
Penn Dutch Plaza	DRA		20.0	%	Retail	Margate, FL	1989	155,628		90.2	%		15		7		70,358	Penn Dutch Food Center	12/31/13	You Fit Health Club / Florida Career College	$	7.79
Plantation Marketplace	DRA		20.0	%	Retail	Plantation, FL	1963 / 1998	223,799		76.9	%		27		12		43,386	Winn- Dixie	11/05/14	Beall’s / Just Fit / Big Lots / CVS / Disability Law Claims	$	11.01
Talega Village	VESTAR		50.5	%	Retail	San Clemente, CA	2007	102,282		91.8	%		24		6		46,000	Ralph’s	12/31/27		$	16.77
Vernola Market	VESTAR		50.5	%	Retail	Mira Loma, CA	2007	382,963		90.6	%		30		8					PetCo / Ross / Bed Bath & Beyond / Michael’s / Lowe’s	$	10.63
Parnassus	CSC		50.0	%	Medical Office	San Francisco, CA	1968	146,046		99.4	%		51		2						$	26.36
Country Walk Plaza	NYSCRF		30.0	%	Retail	Miami, FL	1985 /2006 /2008	100,686		96.5	%		27		2		39,795	Publix	10/23/15	CVS Pharmacy	$	19.32
Veranda Shoppes	NYSCRF		30.0	%	Retail	Plantation, FL	2007	44,888		100.0	%		9		—		28,800	Publix	04/30/27		$	23.97
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (18)								2,681,870					369		79		556,688				$	13.13

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

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EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - GRI-EQY I, LLC

As of September 30, 2011 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date			Rate (1)			Sep 30, 2011 Balance			Dec 31, 2010 Balance
Mortgage debt
Sparkleberry Square (Kohl’s)		10	%		11/01/12			6.17	%	$	5,589		$	5,732
Floating rate loan (2)		10	%		07/01/13			6.35	%		120,000			120,000
Sparkleberry Square (Kroger)		10	%		06/30/20			6.75	%		5,441			5,775
Total mortgage debt					2.02	(3)		6.36	%	$	131,030		$	131,507
Net interest premium/(discount)											(469	)		(498	)
Total mortgage debt (including net interest premium/discount)										$	130,561		$	131,009
Interest Rate Swap
Fair value of $120MM floating-to-fixed interest rate swap		10	%		06/01/13			4.40	%	$	8,023		$	10,212
Total debt (including net interest premium/discount)										$	138,584		$	141,221
Equity One’s pro-rata share of unconsolidated debt		10	%							$	13,858		$	14,122

⁽¹⁾  The rate in effect on September 30, 2011.

⁽²⁾ The balance bears a floating rate of LIBOR + 1.95%. It has been swapped to a fixed rate of 6.35%.

⁽³⁾  Weighted average maturity in years.

Page 42

EQUITY ONE, INC.

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

As of September 30, 2011 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date			Rate (1)			Sep 30, 2011 Balance			Dec 31, 2010 Balance
Mortgage debt
Fixed rate loan		20	%		11/11/14			5.56	%	$	36,793		$	37,330
Net interest premium/(discount)											(530	)		(647	)
Total mortgage debt (including net interest premium/discount)					3.12	(2)		5.56	%	$	36,263		$	36,683
Equity One’s pro-rata share of unconsolidated debt		20	%							$	7,253		$	7,337

⁽¹⁾  The rate in effect on September 30, 2011.

⁽²⁾  Maturity in years.

Page 43

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - Various

As of September 30, 2011 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date			Rate (1)			Sept 30, 2011 Balance		Dec 31, 2010 Balance
Mortgage debt
Parnassus Heights Medical Center		50	%		03/15/28			6.25	%	$	16,275	$	—
Talega Village(3)		50.5	%		10/01/36			5.01	%		11,900		—
Vernola Market (4)		50.5	%		08/06/41			5.11	%		23,722		—
Total mortgage debt (including net interest premium/discount)					24.54	(2)		5.44	%	$	51,897	$	—
Equity One’s pro-rata share of unconsolidated debt		50.3	%							$	26,127	$	—

⁽¹⁾  The rate in effect on September 30, 2011.

⁽²⁾  Weighted average maturity in years.

⁽³⁾  Originated on September 7th, 2011.

⁽⁴⁾  Originated on August 1st, 2011.

Page 44

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - NYSCRF JV

As of September 30, 2011 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date			Rate (1)			Sep 30, 2011 Balance		Dec 31, 2010 Balance
Mortgage debt
Equity One (Country Walk) LLC		30	%		11/01/15			5.22	%	$	13,341	$	—
Net interest premium/(discount)											677		—
Total mortgage debt (including net interest premium/discount)					4.09	(2)		5.22	%	$	14,018	$	—
Equity One’s pro-rata share of unconsolidated debt		30	%							$	4,205	$	—

⁽¹⁾  The rate in effect on September 30, 2011.

⁽²⁾  Maturity in years.

Page 45