Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One, Inc.
 
 
 
 
 
 
 
Supplemental Information Package
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One, Inc.
 
 
 
1600 N.E. Miami Gardens Drive
 
 
 
North Miami Beach, Florida 33179
 
 
 
Tel: (305) 947-1664    Fax: (305) 947-1734
 
 
 
www.equityone.net
 
 
 
 
 
 
 
 
 
 
 
 
 



Equity One, Inc.

SUPPLEMENTAL INFORMATION
March 31, 2014
(unaudited)

TABLE OF CONTENTS
 
Page
Overview
 
Disclosures
Summary Financial Results and Ratios
Funds from Operations and Earnings Guidance Assumptions
 
 
Assets, Liabilities, and Equity
 
Condensed Consolidated Balance Sheets
Market Capitalization
 
 
Income, EBITDA, and FFO
 
Condensed Consolidated Statements of Income
Pro Forma Financial Information for Discontinued Operations
Net Operating Income
Adjusted Consolidated EBITDA
Consolidated Statements of Funds from Operations
12-13
Additional Disclosures
 
 
Leasing Data
 
Tenant Concentration - Top Twenty-Five Tenants
Recent Leasing Activity
Shopping Center Lease Expiration Schedule
 
 
Property Data
 
Annual Minimum Rent of Operating Properties by Metro/Region
Property Status Report
19-26
Real Estate Acquisitions and Dispositions
Real Estate Developments and Redevelopments
 
 
Debt Schedules
 
Debt Summary
Consolidated Debt Maturity Schedule
Consolidated Debt Summary
31-32
 
 
Unconsolidated Joint Venture Supplemental Data
33-35
 
 
Portfolio Changes and Selected Property Metrics 2008 - 2014
36-37

Page 2


EQUITY ONE, INC.
DISCLOSURES
As of March 31, 2014

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, Inc. (the "Company") 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 the Company owns properties; the continuing financial success of the Company’s current and prospective tenants; the risks that the Company 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 the Company owns properties; the success of the Company's efforts to lease up vacant space; the effects of natural and other disasters; the ability of the Company to successfully integrate the operations and systems of acquired companies and properties; changes in the Company’s credit ratings; and other risks, which are described in the Company’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 and is unaudited information. The Company’s Form 10-K should be read in conjunction with this Supplemental Information Package. The results of operations of any property acquired are included in the Company's 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. The Company makes certain adjustments to EBITDA, which it refers to as Adjusted EBITDA, to account for items it does not believe are representative of ongoing operating results. Given the nature of the Company's business as a real estate owner and operator, it believes that the use of EBITDA and Adjusted EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of its operational performance because these computations exclude various items included in earnings that do not relate to or are not indicative of its operating performance, such as gains and losses on sales of real estate and 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, the Company believes that the use of EBITDA and Adjusted EBITDA as opposed to earnings in various ratios provides a meaningful performance measure as it relates to the Company's ability to meet various coverage tests for the stated periods.
EBITDA and Adjusted EBITDA should not be considered as an alternative to earnings as an indicator of the Company's financial performance, or as an alternative to cash flow from operating activities as a measure of its liquidity. The Company's computation of EBITDA and Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing the Company’s financial performance.
Use of Funds from Operations as a Non-GAAP Financial Measure
The Company believes Funds from Operations (FFO) (combined with the primary GAAP presentations) is a useful supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry, particularly REITs. The National Association of Real Estate Investment Trusts (“NAREIT”) stated in its April 2002 White Paper on 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.” The Company also believes that Recurring FFO is a useful supplemental measure of its core operating performance that facilitates comparability of historical financial periods. FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of, or any charges related to, depreciable operating properties, 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. The Company makes certain adjustments to FFO, which it refers to as Recurring FFO, to account for items it does not believe are representative of ongoing operating results, including transaction costs associated with acquisition and disposition activity and gains (or losses) on the extinguishment of debt. The Company believes that financial analysts, investors and stockholders are better served by the presentation of comparable period operating results generated from its FFO and Recurring FFO measures. The Company's method of calculating FFO and Recurring FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
FFO and Recurring FFO are presented to assist investors in analyzing the Company's 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, or (iv) should be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company's operating performance. The Company believes net income attributable to Equity One is the most directly comparable GAAP measure to FFO and Recurring FFO. A reconciliation of net income attributable to Equity One to FFO and the reconciling components of FFO to Recurring FFO are provided in the accompanying tables.


Page 3


EQUITY ONE, INC.
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands, except per share data)

 
 
For the three months ended
 
 
March 31, 2014
 
March 31, 2013
Summary Financial Results
 
 
 
 
Total revenue*
 
$
92,783

 
$
88,448

Adjusted Consolidated EBITDA* (see page 11)
 
$
62,403

 
$
58,473

Property net operating income* (see page 10)
 
$
70,180

 
$
64,011

General & administrative expenses (G&A)* - Adjusted (1) 
 
$
9,480

 
$
8,593

Net income attributable to Equity One, Inc.
 
$
26,276

 
$
24,593

Earnings per diluted share
 
$
0.22

 
$
0.21

Funds from operations (FFO) (see page 12)
 
$
44,746

 
$
39,969

FFO per diluted share (see page 13)
 
$
0.35

 
$
0.31

Recurring FFO (see page 12)
 
$
45,414

 
$
40,955

Recurring FFO per diluted share (see page 13)
 
$
0.35

 
$
0.32

Total dividends paid per share
 
$
0.22

 
$
0.22

Weighted average diluted shares used in EPS computations
 
117,936

 
117,398

Weighted average diluted shares used in FFO computations (2)
 
129,294

 
128,755

 
 
 
 
 
Summary Operating and Financial Ratios
 
 
 
 
Consolidated shopping center portfolio occupancy at end of period (see pages 19-26)
 
93.9
%
 
91.8
%
Same-property shopping center portfolio occupancy at end of period
 
93.8
%
 
93.6
%
Same-property NOI growth - cash basis (see page 10) (3)
 
2.4
%
 
3.0
%
NOI margin (see page 10) (4)
 
76.2
%
 
72.7
%
Expense recovery ratio* (5)
 
90.0
%
 
84.5
%
New, renewal and option rent spread - cash basis (see page 16) (6)
 
0.9
%
 
10.0
%
Adjusted G&A expense to total revenues (1)
 
10.2
%
 
9.7
%
Net debt to total market capitalization (see page 7)
 
33.6
%
 
32.4
%
Net debt to Adjusted Consolidated EBITDA* (see page 11)
 
5.9

 
6.4

Adjusted Consolidated EBITDA to interest expense* (see page 11)
 
3.7

 
3.4

Adjusted Consolidated EBITDA to fixed charges* (see page 11)
 
3.3

 
3.0


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

(1) G&A expenses for the three months ended March 31, 2014 and 2013 deducts $1.4 million and $304,000, respectively, for acquisition/disposition related expenses and severance costs.
(2) Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share for all the periods presented are higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by Liberty International Holdings, Ltd. ("LIH") which are convertible into our common stock, and also as a result of employee stock options. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive.
(3) Information provided on a same property basis is provided for only those properties that we consolidated, owned and operated for the entirety of both periods being compared, except for properties for which significant development, redevelopment or expansion occurred during either of the periods being compared.
(4) NOI margin for the three months ended March 31, 2014 includes the effects of substantial snow removal costs in our Northeast portfolio. The recovery income related to these costs will be recognized ratably throughout the year. If the expected recovery income of all such snow related costs were recognized in the first quarter, same property NOI would have increased 2.7% as compared to the first quarter of 2013.
(5) Excluding the reversal of $1.1 million in bad debt expense for certain historical real estate tax billings for which a settlement was reached with the tenants during the three months ended March 31, 2014, the expense recovery ratio is 85.8%.
(6) Excluding the new anchor lease at Park Promenade for the three months ended March 31, 2014, the company had rent spreads from new leases, renewals and options of 5.2% on a same space basis.

Page 4


EQUITY ONE, INC.
FUNDS FROM OPERATIONS AND EARNINGS GUIDANCE ASSUMPTIONS
As of March 31, 2014 (unaudited)


Excluding the one-time costs pertaining to the transition and hiring of its new CEO, the company is reaffirming its previous Recurring FFO guidance for 2014 of $1.23 to $1.28 per diluted share. Recurring FFO excludes debt extinguishment gains/losses, impairment charges, severance costs, transaction costs, gains/losses on disposal of assets, and certain other income or charges. The 2014 guidance is based on the following key assumptions:

Increase in same-property NOI of 2.5% to 3.5%
Increase in same-property occupancy of approximately 100 basis points
Core acquisitions of $100 million to $200 million
Joint venture acquisitions of $100 million to $200 million
Non-core dispositions of $125 million to $175 million

The following table provides a reconciliation of the range of estimated net income attributable to Equity One per diluted share to estimated FFO and Recurring FFO per diluted share for the full year 2014:

 
 
For the year ended
December 31, 2014 (1)
 
 
Low
 
High
Estimated net income attributable to Equity One
 
$0.51
 
$0.54
Adjustments:
 
 
 
 
Net adjustment for rounding and shares issuable to LIH
 
(0.05)
 
(0.05)
Rental property depreciation and amortization including pro
   rata share of joint ventures
 
0.76
 
0.77
Gains on disposal of depreciable assets including pro rata
   share of joint ventures
 
(0.09)
 
(0.09)
Earnings allocated to a noncontrolling interest (2)
 
0.08
 
0.08
 
 
 
 
 
Estimated FFO
 
1.21
 
1.25
Transaction costs, gain on debt extinguishment and other
 
0.02
 
0.03
Estimated Recurring FFO
 
$1.23
 
$1.28
____________________

(1) 
Does not include possible future gains or losses or the impact on operating results from other unplanned future property acquisitions or unplanned dispositions, other possible capital markets activity or possible future impairment or severance charges.
(2) 
Includes effect of distributions paid with respect to unissued shares held by a noncontrolling interest which are already included for purposes of calculating net income attributable to Equity One per diluted share.
`


Page 5


EQUITY ONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2014 and December 31, 2013 and 2012 (unaudited)
(in thousands)

 
 
March 31, 2014
 
December 31, 2013
 
December 31, 2012
Assets
 
 
 
 
 
 
Properties:
 
 
 
 
 
 
Income producing
 
$
3,260,321

 
$
3,153,131

 
$
2,937,645

Less: accumulated depreciation
 
(363,420
)
 
(354,166
)
 
(297,736
)
Income producing properties, net
 
2,896,901

 
2,798,965

 
2,639,909

Construction in progress and land held for development
 
90,807

 
104,464

 
108,711

Properties held for sale
 
13,400

 
13,404

 
268,184

Properties, net
 
3,001,108

 
2,916,833

 
3,016,804

 
 
 
 
 
 
 
Cash and cash equivalents (1)
 
39,062

 
36,495

 
27,858

Accounts and other receivables, net
 
12,933

 
12,872

 
13,426

Investments in and advances to unconsolidated joint ventures
 
82,658

 
91,772

 
72,171

Loans receivable, net
 

 
60,711

 
140,708

Goodwill
 
6,377

 
6,377

 
6,527

Other assets
 
238,213

 
229,599

 
225,174

Total assets
 
$
3,380,351

 
$
3,354,659

 
$
3,502,668

 
 
 
 
 
 
 
Liabilities, redeemable noncontrolling interests and equity
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Mortgage notes payable
 
$
417,068

 
$
430,155

 
$
425,755

Unsecured senior notes payable
 
731,136

 
731,136

 
731,136

Term loan
 
250,000

 
250,000

 
250,000

Unsecured revolving credit facilities
 
125,000

 
91,000

 
172,000

 
 
1,523,204

 
1,502,291

 
1,578,891

Unamortized premium on notes payable, net
 
5,216

 
6,118

 
6,432

Total notes payable
 
1,528,420

 
1,508,409

 
1,585,323

 
 
 
 
 
 
 
Accounts payable and other liabilities
 
235,044

 
230,538

 
259,505

Liabilities associated with properties held for sale
 

 
33

 
18,794

Deferred tax liability
 
12,278

 
11,764

 
12,016

Total liabilities
 
1,775,742

 
1,750,744

 
1,875,638

 
 
 
 
 
 
 
Redeemable noncontrolling interests
 
989

 
989

 
22,551

 
 
 
 
 
 
 
Total stockholders’ equity of Equity One, Inc.
 
1,396,307

 
1,395,183

 
1,396,726

 
 
 
 
 
 
 
Noncontrolling interests
 
207,313

 
207,743

 
207,753

 
 
 
 
 
 
 
Total liabilities, redeemable noncontrolling interests and equity
 
$
3,380,351

 
$
3,354,659

 
$
3,502,668


(1) Includes restricted cash and cash held in escrow.

Page 6


EQUITY ONE, INC.
MARKET CAPITALIZATION
As of March 31, 2014 and December 31, 2013 and 2012 (unaudited)
(in thousands, except share data)

 
 
 
 
 
 
 
 
 
March 31, 2014
 
December 31, 2013
 
December 31, 2012
Closing market price of common stock
 
$
22.34

 
$
22.44

 
$
21.01

Common stock shares
 
 
 
 
 
 
Basic common shares
 
117,697.380

 
117,646.807

 
116,938.373

Diluted common shares
 
 
 
 
 
 
Unvested restricted common shares (treasury method, closing price)
 
131.321

 
123.775

 
119.442

DownREIT units (convertible into shares)
 
93.656

 
93.656

 
93.656

Common stock options (treasury method, closing price)
 
246.638

 
251.611

 
284.173

Long term incentive plan performance awards (treasury method, closing price)
 

 
911.263

 
213.006

Convertible CapCo Partnership Units
 
11,357.837

 
11,357.837

 
11,357.837

Diluted common shares
 
129,526.832

 
130,384.949

 
129,006.487

 
 
 
 
 
 
 
Equity market capitalization
 
$
2,893,629

 
$
2,925,838

 
$
2,710,426

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt (excluding unamortized/unaccreted premium/(discount)) (1)
 
$
1,523,204

 
$
1,502,291

 
$
1,595,110

Cash and equivalents
 
(39,062
)
 
(36,495
)
 
(27,858
)
Net debt (1)
 
$
1,484,142

 
$
1,465,796

 
$
1,567,252

 
 
 
 
 
 
 
Total debt (excluding unamortized/unaccreted premium/(discount)) (1)
 
$
1,523,204

 
$
1,502,291

 
$
1,595,110

Equity market capitalization
 
2,893,629

 
2,925,838

 
2,710,426

Total market capitalization
 
$
4,416,833

 
$
4,428,129

 
$
4,305,536

 
 
 
 
 
 
 
Net debt to total market capitalization at applicable market price
 
33.6
%
 
33.1
%
 
36.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross real estate investments (2)
 
$
3,364,834

 
$
3,337,301

 
$
3,482,806

 
 
 
 
 
 
 
Net debt to gross real estate investments
 
44.1
%
 
43.9
%
 
45.0
%
 
 
 
 
 
 
 

(1) Includes $16.2 million of secured mortgage debt related to assets held for sale as of December 31, 2012.
(2) Includes investments in mezzanine and mortgage loans receivable and the gross value of properties held for sale.

Page 7


EQUITY ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands, except per share amounts)

 
 
Three months ended
 
Percent
Change
 
 
March 31, 2014
 
March 31, 2013
 
REVENUE:
 
 
 
 
 
 
Minimum rent
 
$
70,127

 
$
60,387

 
 
Expense recoveries
 
19,760

 
18,591

 
 
Percentage rent
 
2,181

 
2,037

 
 
Management and leasing services
 
629

 
414

 
 
Total revenue
 
92,697

 
81,429

 
13.8
%
COSTS AND EXPENSES:
 
 
 
 
 
 
Property operating
 
21,662

 
21,656

 
 
Depreciation and amortization
 
26,267

 
21,733

 
 
General and administrative
 
10,914

 
8,894

 
 
Total costs and expenses
 
58,843

 
52,283

 
12.5
%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
 
33,854

 
29,146

 
 
OTHER INCOME AND EXPENSE:
 
 
 
 
 
 
Investment income
 
171

 
2,202

 
 
Equity in income of unconsolidated joint ventures
 
8,261

 
435

 
 
Other income
 
2,841

 
2

 
 
Interest expense
 
(16,900
)
 
(17,236
)
 
 
Amortization of deferred financing fees
 
(599
)
 
(606
)
 
 
Gain on extinguishment of debt
 
1,074

 

 
 
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
 
28,702

 
13,943

 
 
Income tax provision of taxable REIT subsidiaries
 
(533
)
 
(14
)
 
 
INCOME FROM CONTINUING OPERATIONS
 
28,169

 
13,929

 
102.2
%
DISCONTINUED OPERATIONS:
 
 
 
 
 
 
Operations of income producing properties
 
(232
)
 
2,247

 
 
Gain on disposal of income producing properties
 
3,296

 
11,196

 
 
Income tax provision of taxable REIT subsidiaries
 

 
(81
)
 
 
INCOME FROM DISCONTINUED OPERATIONS
 
3,064

 
13,362

 


Loss on sale of operating properties
 
(258
)
 

 
 
NET INCOME
 
30,975

 
27,291

 
13.5
%
Net income attributable to noncontrolling interests - continuing operations
 
(4,701
)
 
(2,693
)
 
 
Net loss (income) attributable to noncontrolling interests - discontinued operations
 
2

 
(5
)
 
 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
 
$
26,276

 
$
24,593

 
6.8
%
EARNINGS PER COMMON SHARE - BASIC:
 
 
 
 
 
 
Continuing operations
 
$
0.20

 
$
0.09

 
 
Discontinued operations
 
0.03

 
0.11

 
 
 
 
$
0.22

*
$
0.21

*
4.8
%
EARNINGS PER COMMON SHARE - DILUTED:
 
 
 
 
 
 
Continuing operations
 
$
0.20

 
$
0.09

 
 
Discontinued operations
 
0.03

 
0.11

 
 
 
 
$
0.22

*
$
0.21

*
4.8
%
Weighted average shares outstanding:
 
 
 
 
 
 
Basic
 
117,675

 
117,032

 
 
Diluted
 
117,936

 
117,398

 
 
CASH DIVIDENDS DECLARED PER COMMON SHARE
 
$
0.22

 
$
0.22

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


Page 8


EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands)

 
Three months ended
 
March 31, 2014
 
March 31, 2013
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
REVENUE:
 
 
 
 
 
 
 
 
 
 
 
Minimum rent
$
70,127

 
$
79

 
$
70,206

 
$
60,387

 
$
5,271

 
$
65,658

Expense recoveries
19,760

 
7

 
19,767

 
18,591

 
1,711

 
20,302

Percentage rent
2,181

 

 
2,181

 
2,037

 
37

 
2,074

Management and leasing services
629

 

 
629

 
414

 

 
414

Total revenue
92,697

 
86

 
92,783

 
81,429

 
7,019

 
88,448

 
 
 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Property operating
21,662

 
312

 
21,974

 
21,656

 
2,367

 
24,023

Depreciation and amortization
26,267

 

 
26,267

 
21,733

 
1,506

 
23,239

General and administrative
10,914

 
6

 
10,920

 
8,894

 
3

 
8,897

Total costs and expenses
58,843

 
318

 
59,161

 
52,283

 
3,876

 
56,159

 
 
 
 
 
 
 
 
 
 
 
 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
33,854

 
(232
)
 
33,622

 
29,146

 
3,143

 
32,289

 
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME AND EXPENSE:
 
 
 
 
 
 
 
 
 
 
 
Investment income
171

 

 
171

 
2,202

 
2

 
2,204

Equity in income of unconsolidated joint ventures
8,261

 

 
8,261

 
435

 

 
435

Other income
2,841

 

 
2,841

 
2

 

 
2

Interest expense
(16,900
)
 

 
(16,900
)
 
(17,236
)
 
(216
)
 
(17,452
)
Amortization of deferred financing fees
(599
)
 

 
(599
)
 
(606
)
 

 
(606
)
Gain (loss) on extinguishment of debt
1,074

 

 
1,074

 

 
(682
)
 
(682
)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
28,702

 
(232
)
 
28,470

 
13,943

 
2,247

 
16,190

Income tax provision of taxable REIT subsidiaries
(533
)
 

 
(533
)
 
(14
)
 
(81
)
 
(95
)
INCOME FROM CONTINUING OPERATIONS
28,169

 
(232
)
 
27,937

 
13,929

 
2,166

 
16,095

DISCONTINUED OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
Operations of income producing properties
(232
)
 
232

 

 
2,247

 
(2,247
)
 

Gain on disposal of income producing properties
3,296

 
(3,296
)
 

 
11,196

 
(11,196
)
 

Income tax provision of taxable REIT subsidiaries

 

 

 
(81
)
 
81

 

INCOME FROM DISCONTINUED OPERATIONS
3,064

 
(3,064
)
 

 
13,362

 
(13,362
)
 

(Loss) gain on sale of operating properties
(258
)
 
3,296

 
3,038

 

 
11,196

 
11,196

NET INCOME
30,975

 

 
30,975

 
27,291

 

 
27,291

Net income attributable to noncontrolling interests - continuing operations
(4,701
)
 
2

 
(4,699
)
 
(2,693
)
 
(5
)
 
(2,698
)
Net loss (income) attributable to noncontrolling interests - discontinued operations
2

 
(2
)
 

 
(5
)
 
5

 

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
$
26,276

 
$

 
$
26,276

 
$
24,593

 
$

 
$
24,593


Page 9


EQUITY ONE, INC.
NET OPERATING INCOME
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands)

 
Three months ended
 
Percent
Change
 
March 31, 2014
 
March 31, 2013
 
Total net operating income (1)
 
 
 
 
 
Total rental revenue
$
92,154

 
$
88,034

 
4.7%
Property operating expenses
21,974

 
24,023

 
(8.5%)
Net operating income
$
70,180

 
$
64,011

 
9.6%
 
 
 
 
 
 
NOI margin (NOI / Total rental revenue)
76.2
%
 
72.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-property cash NOI (2) (3)
 
 
 
 
 
Minimum rent
$
51,120

 
$
49,988

 
 
Expense recoveries
17,092

 
16,496

 
 
Percentage rent
1,914

 
1,778

 
 
Total rental revenue
$
70,126

 
$
68,262

 
2.7%
 
 
 
 
 
 
Recoverable operating expenses (4)
$
20,734

 
$
19,845

 
 
Non-recoverable operating expenses
642

 
537

 
 
Bad debt expense
112

 
371

 
 
Total property operating expenses
21,488

 
20,753

 
3.5%
Same property cash net operating income
$
48,638

 
$
47,509

 
2.4%
Growth in same-property NOI (5)
2.4
%
 
 
 
 
 
 
 
 
 
 
Same property physical occupancy (3)
92.8
%
 
92.5
%
 
 
Same property leased occupancy (3)
93.8
%
 
93.6
%
 
 
 
 
 
 
 
 
Number of properties included in analysis (3)
111

 
 
 
 




(1) Amounts included in discontinued operations have been included for purposes of this presentation of net operating income ("NOI"). NOI is presented on a GAAP basis.
(2) Excludes the effects of straight-line rent, above/below market rents, lease termination fees, prior year expense recovery adjustments and other items that affect the comparability of the same-property results, if any.
(3) The same-property pool for both NOI and occupancy includes only those properties that we consolidated, owned and operated for the entirety of both periods being compared, except for properties for which significant development, redevelopment or expansion occurred during either of the periods being compared.
(4) Recoverable operating expenses include intercompany management fee expense.
(5) Includes the effects of substantial snow removal costs in our Northeast portfolio. The recovery income related to these costs will be recognized ratably throughout the year. If the expected recovery income of all such snow related costs were recognized in the first quarter, same property NOI would have increased 2.7% as compared to the first quarter of 2013.

Page 10


EQUITY ONE, INC.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION - ADJUSTED CONSOLIDATED EBITDA
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands)


 
 
Three months ended
 
 
March 31, 2014
 
March 31, 2013
Net income
 
$
30,975

 
$
27,291

Depreciation and amortization
 
26,267

 
23,239

Interest expense
 
16,900

 
17,452

Amortization of deferred financing fees
 
599

 
606

(Gain) loss on extinguishment of debt
 
(1,074
)
 
682

Acquisition/disposition costs (1)
 
1,440

 
304

Gain on sale of operating properties
 
(3,038
)
 
(11,196
)
Gain on sale of joint venture property (2)
 
(7,392
)
 

Gain from fair value adjustment of equity interest in joint venture (3)
 
(2,807
)
 

Income tax provision of taxable REIT subsidiaries
 
533

 
95

Adjusted Consolidated EBITDA
 
$
62,403

 
$
58,473

 
 
 
 
 
Interest expense
 
$
16,900

 
$
17,452

 
 
 
 
 
Adjusted Consolidated EBITDA to interest expense
 
3.7

 
3.4

 
 
 
 
 
Fixed charges
 
 
 
 
Interest expense
 
$
16,900

 
$
17,452

Scheduled principal amortization (4)
 
2,035

 
2,006

Total fixed charges
 
$
18,935

 
$
19,458

 
 
 
 
 
Adjusted Consolidated EBITDA to fixed charges
 
3.3

 
3.0

 
 
 
 
 
Net Debt to Adjusted Consolidated EBITDA (5)
 
5.9

 
6.4


Amounts reported above include discontinued operations.
(1) Amounts include acquisition/disposition related expenses and severance costs incurred during the respective period.
(2) In January 2014, the property held by Vernola Marketplace JV, LLC was sold for $49.0 million, including the assumption of the existing mortgage of $22.9 million by the buyer. The joint venture recognized a gain of $14.7 million on the sale, of which our proportionate share was $7.4 million, including $1.6 million attributable to a noncontrolling interest.
(3) In January 2014, we acquired Rockwood Capital's and Vestar Development Company's interests in Talega Village Center JV, LLC, the owner of Talega Village Center, a 102,000 square foot grocery-anchored shopping center located in San Clemente, California, for an additional equity investment of $6.2 million. Immediately prior to acquisition, we remeasured the fair value of our equity interest in the joint venture and recognized a gain of $2.8 million, including $561,000 attributable to a noncontrolling interest, which is included in other income in our condensed consolidated statement of income for the three months ended March 31, 2014.
(4) Excludes balloon payments upon maturity.
(5) Adjusted Consolidated EBITDA for the period has been annualized.

Page 11


EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands)

 
 
Three months ended
 
 
March 31, 2014
 
March 31, 2013
 
 
 
Net income attributable to Equity One, Inc.
 
$
26,276

 
$
24,593

Adjustments:
 
 
 
 
Rental property depreciation and amortization, net of noncontrolling interest (1)
 
25,935

 
22,988

Earnings allocated to noncontrolling interest (2)
 
2,499

 
2,499

Pro rata share of real estate depreciation from unconsolidated joint ventures
 
1,051

 
1,085

Pro rata share of gains on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest (3)
 
(8,007
)
 

Gain on disposal of depreciable assets, net of tax (1)
 
(3,008
)
 
(11,196
)
Funds From Operations
 
44,746

 
39,969

Transaction costs associated with acquisition and disposition activity, net of tax (1) (4)
 
1,440

 
304

(Gain) loss on debt extinguishment, net of tax
 
(742
)
 
682

Gain on land and outparcel sales, net of controlling interests (1)
 
(30
)
 

Recurring Funds From Operations
 
$
45,414

 
$
40,955




(1) Includes amounts classified as discontinued operations.
(2) Represents earnings allocated to unissued shares held by LIH, which have been excluded for purposes of calculating earnings per diluted share for all periods presented. FFO and Recurring FFO calculations include earnings allocated to LIH and the respective weighted average share totals include the LIH shares outstanding as their inclusion is dilutive.
(3) Includes the remeasurement of the fair value of our equity interest in Talega Village Center JV, LLC, the owner of Talega Village Center, of $2.2 million, net of the related noncontrolling interest. See footnote 3 on page 11.
(4) Includes $3,000 and $15,000 of severance costs for the three months ended March 31, 2014 and 2013. Also includes $68,000 and $7,000 of pre-acquisition costs that were expensed for the three months ended March 31, 2014 and 2013, respectively.





Page 12


EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands, except per share data)

 
 
Three months ended
 
 
March 31, 2014
 
March 31, 2013
Earnings per diluted share attributable to Equity One, Inc.
 
$
0.22

 
$
0.21

Adjustments:
 
 
 
 
Rental property depreciation and amortization, net of noncontrolling interest
 
0.20

 
0.18

Earnings allocated to noncontrolling interest (1)
 
0.02

 
0.02

Net adjustment for rounding and earnings attributable to unvested shares (2)
 
(0.02
)
 
(0.02
)
Pro rata share of real estate depreciation from unconsolidated joint ventures
 
0.01

 
0.01

Pro rata share of gains on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest
 
(0.06
)
 

Gain on disposal of depreciable assets, net of tax
 
(0.02
)
 
(0.09
)
Funds From Operations per Diluted Share
 
$
0.35

 
$
0.31

 
 
 
 
 
Funds From Operations per Diluted Share
 
$
0.35

 
$
0.31

Transaction costs associated with acquisition and disposition activity, net of tax
 
0.01

 

(Gain) loss on debt extinguishment, net of tax
 
(0.01
)
 
0.01

Recurring Funds From Operations per Diluted Share
 
$
0.35

 
$
0.32

Weighted Average Diluted Shares (3)
 
129,294

 
128,755



(1) Represents earnings allocated to unissued shares held by LIH, which have been excluded for purposes of calculating earnings per diluted share for all periods presented. FFO and Recurring FFO calculations include earnings allocated to LIH and the respective weighted average share totals include the LIH shares outstanding as their inclusion is dilutive.
(2) Represents an adjustment to compensate for the rounding of the individual calculations and to compensate for earnings allocated to unvested shares and shares issuable to LIH.
(3) Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share for all the periods presented are higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by LIH which are convertible into our common stock, and also as a result of employee stock options. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive.


Page 13


EQUITY ONE, INC.
ADDITIONAL DISCLOSURES
For the three months ended March 31, 2014 and 2013 (unaudited)
(in thousands)


 
 
Three months ended
 
 
March 31, 2014
 
March 31, 2013
Certain non-cash items:
 
 
 
 
Amortization of deferred financing fees
 
$
599

 
$
606

Accretion of below market lease intangibles, net
 
8,207

 
3,066

Share-based compensation expense
 
1,767

 
1,600

Straight line rent
 
661

 
721

Capitalized interest
 
701

 
831

Amortization of premium on notes payable, net
 
620

 
594

 
 
 
 
 
Capital expenditures:
 
 
 
 
Tenant improvements and allowances
 
$
2,692

 
$
2,138

Leasing commissions and costs
 
1,522

 
1,837

Developments
 
8,038

 
534

Redevelopments and expansions
 
6,062

 
1,980

Maintenance capital expenditures
 
1,536

 
248

Total capital expenditures
 
$
19,850

 
$
6,737

 
 
 
 
 
 
 
March 31, 2014
 
December 31, 2013
Other assets:
 
 
 
 
Lease intangible assets, net
 
$
117,833

 
$
117,200

Leasing commissions, net
 
38,952

 
38,296

Prepaid expenses and other receivables
 
35,438

 
26,763

Straight-line rent receivable, net
 
22,206

 
21,490

Deferred financing costs, net
 
7,748

 
8,347

Deposits and mortgage escrow
 
7,358

 
7,763

Furniture, fixtures and equipment, net
 
4,122

 
4,406

Fair value of interest rate swaps
 
2,184

 
2,944

Deferred tax asset
 
2,372

 
2,390

Total other assets
 
$
238,213

 
$
229,599

 
 
 
 
 
Accounts payable and other liabilities:
 
 
 
 
Lease intangible liabilities, net
 
$
170,289

 
$
167,777

Prepaid rent
 
9,817

 
9,450

Accounts payable and other
 
54,938

 
53,311

Total accounts payable and other liabilities
 
$
235,044

 
$
230,538

 
 
 
 
 
Cash and Maximum Available Under Lines of Credit as of 3/31/14:
 
 
 
 
Cash and cash equivalents - unrestricted
 
$
29,265

 
 
Available under lines of credit (inclusive of amounts drawn)
 
466,000

 
 
Total Available Funds
 
$
495,265

 
 


Page 14


EQUITY ONE, INC.
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
CONSOLIDATED PROPERTIES
As of March 31, 2014 (unaudited)

Tenant
 
Number
of
stores

 
Credit Rating
Moody’s/S&P (1)
 
Square
feet

 
% of total
square
feet

 
Annualized
minimum
rent

 
% of total
annualized
minimum
rent

 
Average annual
minimum
rent per
square foot

 
Average
remaining term
of AMR (2)

Top twenty-five tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Albertsons / Shaw's / Star Market
 
8

 
B3/B+
 
510,956

 
3.2
%
 
$
9,365,251

 
3.6
%
 
$
18.33

 
2.7

Publix
 
29

 
N/A
 
1,213,838

 
7.5
%
 
9,158,711

 
3.6
%
 
7.55

 
6.2

L.A. Fitness
 
8

 
N/A
 
356,609

 
2.2
%
 
6,365,193

 
2.5
%
 
17.85

 
8.5

TJ Maxx / Homegoods / Marshalls
 
13

 
A3/A+
 
371,068

 
2.3
%
 
5,788,418

 
2.3
%
 
15.60

 
5.3

Food Emporium / Pathmark
 
2

 
Caa2/CCC
 
88,018

 
0.5
%
 
5,489,260

 
2.1
%
 
62.37

 
13.0

Bed Bath & Beyond / Cost Plus
 
11

 
N/A/BBB+
 
334,993

 
2.1
%
 
4,779,269

 
1.9
%
 
14.27

 
3.5

Barney's
 
1

 
N/A
 
56,870

 
0.4
%
 
4,500,000

 
1.8
%
 
79.13

 
23.4

Sports Authority
 
4

 
B3/B-
 
108,391

 
0.7
%
 
3,753,410

 
1.5
%
 
34.63

 
7.7

The Gap / Old Navy
 
7

 
Baa3/BBB-
 
119,729

 
0.7
%
 
3,723,148

 
1.4
%
 
31.10

 
7.4

Office Depot / Office Max
 
9

 
B2/B-
 
233,429

 
1.5
%
 
3,708,202

 
1.4
%
 
15.89

 
2.9

CVS Pharmacy
 
13

 
Baa1/BBB+
 
153,211

 
1.0
%
 
3,708,094

 
1.4
%
 
24.20

 
7.8

Costco
 
1

 
A1/A+
 
148,295

 
0.9
%
 
3,085,914

 
1.2
%
 
20.81

 
0.4

Winn Dixie
 
8

 
N/A
 
352,628

 
2.2
%
 
2,692,884

 
1.0
%
 
7.64

 
2.1

Staples
 
7

 
Baa2/BBB
 
144,726

 
0.9
%
 
2,668,306

 
1.0
%
 
18.44

 
3.1

Trader Joe's
 
6

 
N/A
 
68,479

 
0.4
%
 
2,372,470

 
0.9
%
 
34.65

 
8.0

Safeway /Vons
 
3

 
Baa3/BBB
 
139,837

 
0.9
%
 
2,359,465

 
0.9
%
 
16.87

 
5.8

Dick's Sporting Goods
 
1

 
N/A
 
83,777

 
0.5
%
 
2,246,886

 
0.9
%
 
26.82

 
10.9

The Container Store
 
2

 
B2/B
 
49,661

 
0.3
%
 
2,174,212

 
0.8
%
 
43.78

 
8.5

Best Buy
 
4

 
Baa2/BB
 
142,831

 
0.9
%
 
2,104,708

 
0.8
%
 
14.74

 
2.2

Goodwill Industries
 
13

 
N/A
 
149,816

 
0.9
%
 
2,043,766

 
0.8
%
 
13.64

 
6.4

Nordstrom
 
2

 
Baa1/A-
 
75,418

 
0.5
%
 
1,958,780

 
0.8
%
 
25.97

 
7.5

Target
 
1

 
A2/A
 
160,346

 
1.0
%
 
1,924,152

 
0.7
%
 
12.00

 
4.3

Wal-Mart
 
2

 
Aa2/AA
 
175,984

 
1.1
%
 
1,892,468

 
0.7
%
 
10.75

 
4.3

Whole Foods
 
2

 
N/A/BBB-
 
85,907

 
0.5
%
 
1,845,883

 
0.7
%
 
21.49

 
10.7

Kroger
 
6

 
Baa2/BBB
 
270,258

 
1.7
%
 
1,838,807

 
0.7
%
 
6.80

 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total top twenty-five tenants
 
163

 
 
 
5,595,075

 
34.8
%
 
$
91,547,657

 
35.4
%
 
$
16.36

 
6.8

Note: The above schedule includes properties under development/redevelopment and excludes non-retail properties and properties held in unconsolidated joint ventures.
(1) Ratings as of March 31, 2014. Source: Moody’s/S&P.
(2) In years, excluding tenant renewal options. Total top twenty-five tenants is weighted based on annualized minimum rent.

Page 15


EQUITY ONE, INC.
RECENT LEASING ACTIVITY
For the three months ended March 31, 2014 (unaudited)



Category
 
Total
Leases
 
Total
Sq. Ft.
 
Same Space
Leases
 
Same Space
Sq. Ft.
 
Prior Rent
PSF
 
New Rent
PSF
 
Rent
Spread (1)
 
Same Space
TIs PSF (3)
Three months ended March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Leases (1) (4)
 
53

 
246,496

 
35

 
147,403

 
$
16.83

 
$
15.11

 
(10.2
)%
 
$
7.81

Renewals & Options
 
74

 
445,499

 
74

 
445,499

 
$
17.66

 
$
18.45

 
4.4
 %
 
$
0.18

Total New, Renewals & Options (2) (4)
 
127

 
691,995

 
109

 
592,902

 
$
17.46

 
$
17.62

 
0.9
 %
 
$
2.08


Note: Prior rent and new rent are presented on a “cash basis”, not on a straight-line basis. Excludes unconsolidated joint venture properties and non-retail properties.
(1) Rent spreads for new leases reflect same-space leasing where amount of rent paid by prior tenant is available regardless of the amount of time the space has been vacant.
(2) Prior rent per square foot and new rent per square foot is computed on a weighted average basis by lease.
(3) Amount reflects the impact of tenant concessions and work to be performed by us prior to delivery of the space to the tenant.
(4) Excluding the new anchor lease at Park Promenade, the company had rent spreads from new leases of 8.2% on a same space basis, and rent spreads from new leases, renewals and options of 5.2% on a same space basis. Excluding the new anchor lease at Park Promenade, same space tenant improvements per square foot for new leases were $10.55.



Page 16


EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2014 (unaudited)


 
ANCHOR TENANTS (SF >= 10,000)
SHOP TENANTS (SF < 10,000)
TOTAL TENANTS
Year
# of
leases
 
Square
Feet
 
% of
Total
SF
 
Average
Annual
Minimum
Rent
PSF
at Expiration
# of
leases
 
Square
Feet
 
% of
Total
SF
 
Average
Annual
Minimum
Rent
PSF
at Expiration
# of
leases
 
Square
feet
 
% of
Total
SF
 
Average
Annual
Minimum
Rent
PSF
at Expiration
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M-T-M
2

 
54,625

 
0.6
%
 
$
4.47

128

 
264,767

 
5.3
%
 
$
17.84

130

 
319,392

 
2.2
%
 
$
15.55

2014
38

 
1,142,230

 
12.2
%
 
10.58

262

 
579,663

 
11.6
%
 
22.66

300

 
1,721,893

 
12.0
%
 
14.65

2015
39

 
1,058,009

 
11.2
%
 
8.26

296

 
690,001

 
13.9
%
 
24.60

335

 
1,748,010

 
12.2
%
 
14.71

2016
44

 
1,559,874

 
16.6
%
 
12.45

291

 
650,323

 
13.1
%
 
26.12

335

 
2,210,197

 
15.4
%
 
16.48

2017
32

 
993,688

 
10.6
%
 
13.48

254

 
542,572

 
10.9
%
 
28.44

286

 
1,536,260

 
10.7
%
 
18.77

2018
27

 
846,939

 
9.0
%
 
11.52

179

 
490,426

 
9.8
%
 
27.68

206

 
1,337,365

 
9.3
%
 
17.44

2019
20

 
938,047

 
10.0
%
 
7.59

89

 
246,306

 
4.9
%
 
25.98

109

 
1,184,353

 
8.2
%
 
11.42

2020
15

 
491,938

 
5.2
%
 
12.81

39

 
120,497

 
2.4
%
 
32.46

54

 
612,435

 
4.3
%
 
16.67

2021
10

 
182,749

 
1.9
%
 
19.01

33

 
106,964

 
2.2
%
 
39.26

43

 
289,713

 
2.0
%
 
26.48

2022
14

 
432,286

 
4.6
%
 
14.98

39

 
132,382

 
2.7
%
 
36.52

53

 
564,668

 
3.9
%
 
20.03

2023
16

 
342,283

 
3.6
%
 
23.87

38

 
123,346

 
2.5
%
 
41.03

54

 
465,629

 
3.2
%
 
28.42

Thereafter
36

 
1,293,943

 
13.8
%
 
18.20

68

 
215,547

 
4.3
%
 
36.46

104

 
1,509,490

 
10.5
%
 
20.80

Sub-total / Avg.
293

 
9,336,611

 
99.3
%
 
12.72

1,716

 
4,162,794

 
83.6
%
 
27.17

2,009

 
13,499,405

 
93.9
%
 
17.17

Vacant
4

 
63,235

 
0.7
%
 
N/A

419

 
816,178

 
16.4
%
 
N/A

423

 
879,413

 
6.1
%
 
N/A

Total / Avg.
297

 
9,399,846

 
100.0
%
 
N/A

2,135

 
4,978,972

 
100.0
%
 
N/A

2,432

 
14,378,818

 
100.0
%
 
N/A

Note: The above schedule excludes properties under development/redevelopment, non-retail properties, and properties held in unconsolidated joint ventures.

Page 17


EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION
As of March 31, 2014 (unaudited)


Metro or Region
 
#
Properties
 
Total SF
 
AMR
 
% of AMR
Miami Dade/Broward/Palm Beach
 
34

 
4,342,186

 
$
62,898,758

 
28.5
%
Naples/Port St. Lucie/Stuart
 
4

 
358,819

 
4,282,595

 
1.9
%
South Florida Region
 
38

 
4,701,005

 
67,181,353

 
30.4
%
Connecticut
 
8

 
981,891

 
19,201,632

 
8.7
%
New York
 
5

 
576,910

 
18,771,930

 
8.5
%
Massachusetts
 
7

 
602,869

 
11,268,340

 
5.1
%
Maryland
 
1

 
214,030

 
3,805,690

 
1.7
%
Northeast Region
 
21

 
2,375,700

 
53,047,592

 
24.0
%
California
 
10

 
2,132,407

 
47,040,036

 
21.3
%
West Coast Region
 
10

 
2,132,407

 
47,040,036

 
21.3
%
Georgia
 
10

 
1,057,278

 
15,289,052

 
6.9
%
Louisiana
 
11

 
1,186,358

 
10,077,466

 
4.6
%
North Carolina
 
3

 
436,511

 
2,780,721

 
1.3
%
Virginia
 
1

 
126,841

 
767,003

 
0.3
%
Southeast Region
 
25

 
2,806,988

 
28,914,242

 
13.1
%
Jacksonville/North Florida
 
6

 
811,483

 
8,705,476

 
3.9
%
Tampa/St. Petersburg/Venice/Cape Coral
 
7

 
674,857

 
6,990,827

 
3.2
%
North Palm Coast
 
5

 
516,704

 
5,949,056

 
2.7
%
Orlando/Central Florida
 
4

 
359,674

 
3,143,129

 
1.4
%
North Florida Region
 
22

 
2,362,718

 
24,788,488

 
11.2
%
 
 
 
 
 
 
 
 
 
Total
 
116

 
14,378,818

 
$
220,971,711

 
100.0
%


Note: The above schedule excludes properties under development/redevelopment, non-retail properties and properties held in unconsolidated joint ventures.

Page 18


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
per leased SF
SOUTH FLORIDA REGION (38)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Miami-Dade / Broward / Palm Beach (34)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aventura Square
 
Aventura
 
1991
 
143,250

 
100.0
%
 
10

 

 
 
 
 
 
 
 
Babies R Us / Jewelry Exchange / Old Navy / Bed Bath & Beyond / DSW
 
$
27.57

Bird Ludlum
 
Miami
 
1988 / 1998
 
192,274

 
94.2
%
 
42

 
6

 
44,400

 
Winn-Dixie
 
12/30/2017
 
CVS Pharmacy / Goodwill
 
$
20.03

Bluffs Square
 
Jupiter
 
1986
 
123,917

 
80.1
%
 
21

 
10

 
39,795

 
Publix
 
10/22/2016
 
Walgreens
 
$
13.11

Chapel Trail
 
Pembroke Pines
 
2007
 
56,378

 
100.0
%
 
4

 

 
 
 
 
 
 
 
LA Fitness
 
$
23.72

Coral Reef Shopping Center
 
Palmetto Bay
 
1968 / 1990
 
74,680

 
84.8
%
 
12

 
5

 
 
 
 
 
 
 
Office Depot / Walgreens
 
$
26.70

Countryside Shops
 
Cooper City
 
1986 /1988 / 1991
 
179,561

 
86.4
%
 
38

 
10

 
39,795

 
Publix
 
12/4/2015
 
Stein Mart
 
$
14.32

Crossroads Square
 
Pembroke Pines
 
1973
 
81,587

 
82.6
%
 
13

 
10

 
 
 
 
 
 
 
CVS Pharmacy / Goodwill
 
$
19.13

El Novillo
 
Miami Beach
 
1970 / 2000
 
10,000

 
100.0
%
 
1

 

 
 
 
 
 
 
 
Sakura Japanese Buffet
 
$
17.00

Greenwood
 
Palm Springs
 
1982 / 1994
 
133,438

 
87.5
%
 
26

 
9

 
50,032

 
Publix
 
12/5/2014
 
Beall’s Outlet
 
$
14.36

Hammocks Town Center
 
Miami
 
1987 / 1993
 
168,834

 
97.1
%
 
33

 
4

 
39,795

 
Publix
 
6/24/2017
 
Metro Dade Library / CVS Pharmacy / Porky’s Gym
 
$
15.14

Homestead (1)
 
Homestead
 
2014
 
4,580

 
100.0
%
 
1

 

 
 
 
 
 
 
 

 
$
21.83

Jonathan’s Landing
 
Jupiter
 
1997
 
26,820

 
80.2
%
 
10

 
2

 
 
 
 
 
 
 
 
 
$
21.19

Lago Mar
 
Miami
 
1995
 
82,613

 
91.0
%
 
14

 
4

 
42,323

 
Publix
 
9/13/2015
 
You Fit Health Club
 
$
13.51

Lantana Village
 
Lantana
 
1976 / 1999
 
181,780

 
97.6
%
 
22

 
3

 
39,473

 
Winn-Dixie
 
2/15/2016
 
Kmart / Rite Aid* (Family Dollar)
 
$
7.57

Magnolia Shoppes
 
Fort Lauderdale
 
1998
 
114,118

 
94.5
%
 
14

 
3

 
 
 
 
 
 
 
Regal Cinemas / Deal$
 
$
12.91

Shoppes of Oakbrook
 
Palm Beach Gardens
 
1974 / 2000 / 2003
 
199,633

 
92.6
%
 
22

 
8

 
44,400

 
Publix
 
11/30/2020
 
Stein Mart / Tuesday Morning / CVS Pharmacy / Bassett Furniture / Duffy’s
 
$
14.91

Oaktree Plaza
 
North Palm Beach
 
1985
 
23,745

 
78.5
%
 
13

 
7

 
 
 
 
 
 
 
 
 
$
16.60

Pine Island
 
Davie
 
1999
 
254,907

 
91.4
%
 
35

 
9

 
39,943

 
Publix
 
11/30/2018
 
Burlington Coat Factory / Staples / You Fit Health Club
 
$
13.22

Pine Ridge
 
Coral Springs
 
1986 / 1998 / 2013
 
117,744

 
95.5
%
 
21

 
3

 
17,441

 
The Fresh Market
 
7/31/2019
 
Ulta Salon / Bed, Bath & Beyond / Marshalls
 
$
15.86

Point Royale
 
Miami
 
1970 / 2000
 
181,381

 
93.2
%
 
22

 
5

 
45,350

 
Winn-Dixie
 
2/15/2015
 
Best Buy / Pasteur Medical
 
$
12.44

Prosperity Centre
 
Palm Beach Gardens
 
1993
 
122,014

 
96.6
%
 
9

 
1

 
 
 
 
 
 
 
Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx
 
$
18.30



Page 19


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
per leased SF
Ridge Plaza
 
Davie
 
1984 / 1999
 
155,204

 
96.3
%
 
22

 
4

 
 
 
 
 
 
 
Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill
 
$
12.12

Riverside Square
 
Coral Springs
 
1987
 
103,241

 
82.2
%
 
20

 
12

 
39,795

 
Publix
 
2/18/2017
 
 
 
$
11.39

Sawgrass Promenade
 
Deerfield Beach
 
1982 / 1998
 
107,092

 
89.1
%
 
18

 
6

 
36,464

 
Publix
 
12/15/2014
 
Walgreens / Dollar Tree
 
$
11.10

Sheridan Plaza
 
Hollywood
 
1973 / 1991
 
508,455

 
97.2
%
 
56

 
5

 
65,537

 
Publix
 
10/9/2016
 
Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / Office Depot / Assoc. in Neurology
 
$
16.19

Shoppes of Andros Isles
 
West Palm Beach
 
2000
 
79,420

 
84.1
%
 
10

 
8

 
51,420

 
Publix
 
2/29/2020
 
 
 
$
11.69

Shoppes of Silverlakes
 
Pembroke Pines
 
1995 / 1997
 
126,789

 
90.9
%
 
30

 
7

 
47,814

 
Publix
 
6/14/2015
 
Goodwill
 
$
16.80

Shops at Skylake
 
North Miami Beach
 
1999 / 2005 / 2006
 
287,168

 
96.2
%
 
45

 
4

 
51,420

 
Publix
 
7/31/2019
 
TJ Maxx / LA Fitness / Goodwill
 
$
19.22

Tamarac Town Square
 
Tamarac
 
1987
 
124,585

 
87.7
%
 
29

 
10

 
37,764

 
Publix
 
12/15/2019
 
Dollar Tree / Pivot Education
 
$
11.92

Waterstone
 
Homestead
 
2005
 
61,000

 
100.0
%
 
9

 

 
45,600

 
Publix
 
7/31/2025
 
 
 
$
14.99

West Bird
 
Miami
 
1977 / 2000
 
99,864

 
92.5
%
 
25

 
3

 
37,949

 
Publix
 
8/31/2020
 
CVS Pharmacy
 
$
14.46

West Lake Plaza
 
Miami
 
1984 / 2000
 
100,747

 
93.9
%
 
25

 
2

 
46,216

 
Winn-Dixie
 
5/22/2016
 
Navarro Pharmacy
 
$
14.43

Westport Plaza
 
Davie
 
2002
 
49,533

 
96.6
%
 
9

 
1

 
27,887

 
Publix
 
11/30/2022
 
 
 
$
18.07

Young Circle
 
Hollywood
 
1962 / 1997
 
65,834

 
98.1
%
 
9

 
1

 
23,124

 
Publix
 
11/30/2016
 
Walgreens
 
$
15.64

Naples / Port St. Lucie / Stuart (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cashmere Corners
 
Port St. Lucie
 
2001
 
89,234

 
92.1
%
 
12

 
4

 
59,448

 
Albertsons*
 
4/30/2025
 
 
 
$
7.67

Pavilion
 
Naples
 
1982 / 2001 / 2011
 
167,745

 
89.0
%
 
31

 
9

 
 
 
 
 
 
 
Paragon Theaters / L.A. Fitness / Anthony's
 
$
17.46

Salerno Village (2)
 
Stuart
 
1987
 
82,477

 
86.3
%
 
11

 
9

 
45,802

 
Winn-Dixie
 
3/23/2024
 
CVS Pharmacy
 
$
10.84

Shops at St. Lucie
 
Port St. Lucie
 
2006
 
19,363

 
65.2
%
 
7

 
3

 
 
 
 
 
 
 
 
 
$
21.77

TOTAL SHOPPING CENTERS SOUTH FLORIDA REGION (38)
 
4,701,005

 
92.5
%
 
751

 
187

 
1,058,987

 
 
 
 
 
 
 
$
15.46

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NORTHEAST REGION (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONNECTICUT (8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brookside Plaza
 
Enfield
 
1985 / 2006
 
214,030

 
95.3
%
 
25

 
1

 
59,648

 
Wakefern Food
 
8/31/2015
 
Bed Bath & Beyond / Walgreens / Staples /PetSmart
 
$
13.85

Compo Acres
 
Westport
 
1960 / 2011
 
42,779

 
93.2
%
 
15

 
1

 
11,731

 
Trader Joe’s
 
2/28/2022
 

 
$
46.49

Copps Hill
 
Ridgefield
 
1979 / 2002
 
184,528

 
100.0
%
 
9

 

 
59,015

 
Stop & Shop
 
12/31/2024
 
Kohl’s / Rite Aid
 
$
13.68


Page 20


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
per leased SF
Darinor Plaza
 
Norwalk
 
1978
 
151,198

 
100.0
%
 
13

 

 
 
 
 
 
 
 
Kohl's / Old Navy / Party City
 
$
16.65

Danbury Green
 
Danbury
 
1985 / 2006
 
124,095

 
100.0
%
 
11

 

 
11,850

 
Trader Joe’s
 
1/31/2023
 
Rite Aid / Annie Sez / Staples / DSW / Danbury Hilton Garden Inn
 
$
20.75

Post Road Plaza
 
Darien
 
1978
 
20,005

 
100.0
%
 
4

 

 
8,487

 
Trader Joe's
 
8/31/2017
 
 
 
$
43.92

Southbury Green
 
Southbury
 
1979 / 2002
 
156,215

 
97.6
%
 
22

 
2

 
60,113

 
ShopRite
 
7/31/2022
 
Staples
 
$
21.83

The Village Center (1)
 
Westport
 
1969-1973 / 2009-2010
 
89,041

 
95.1
%
 
25

 
2

 
22,052

 
Fresh Market
 
10/31/2024
 
 
 
$
31.87

TOTAL SHOPPING CENTERS CONNECTICUT (8)
 
981,891

 
97.9
%
 
124

 
6

 
232,896

 
 
 
 
 
 
 
$
19.98

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW YORK (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1175 Third Avenue
 
Manhattan
 
1995
 
25,350

 
100.0
%
 
1

 

 
25,350

 
Food Emporium
 
4/30/2023
 
 
 
$
105.29

90-30 Metropolitan
 
Queens
 
2007
 
59,815

 
100.0
%
 
5

 

 
10,890

 
Trader Joe's
 
1/31/2023
 
Staples / Michael’s
 
$
30.03

1225-1239 Second Avenue
 
Manhattan
 
1964 / 1987
 
18,474

 
96.8
%
 
5

 
1

 
 
 
 
 
 
 
CVS Pharmacy
 
$
105.30

Clocktower Plaza
 
Queens
 
1985 / 1995
 
78,820

 
100.0
%
 
8

 

 
62,668

 
Pathmark
 
11/30/2030
 
 
 
$
45.04

Westbury Plaza
 
Westbury
 
1993 / 2004
 
394,451

 
100.0
%
 
12

 

 

 

 

 
Costco / Marshalls / Sports Authority / Walmart / Olive Garden / Thomasville Furniture
 
$
22.50

TOTAL SHOPPING CENTERS NEW YORK (5)
 
576,910

 
99.9
%
 
31

 
1

 
98,908

 
 
 
 
 
 
 
$
32.57

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MASSACHUSETTS (7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cambridge Star Market
 
Cambridge
 
1953 / 1997
 
66,108

 
100.0
%
 
1

 

 
66,108

 
Star Market
 
1/2/2016
 
 
 
$
30.25

Medford Shaw’s Supermarket
 
Medford
 
1995
 
62,656

 
100.0
%
 
2

 

 
60,356

 
Shaw’s *
 
1/1/2016
 
 
 
$
26.92

Plymouth Shaw’s Supermarket
 
Plymouth
 
1993
 
59,726

 
100.0
%
 
1

 

 
59,726

 
Shaw’s
 
1/1/2016
 
 
 
$
19.99

Quincy Star Market
 
Quincy
 
1965 / 1995
 
100,741

 
100.0
%
 
1

 

 
100,741

 
Star Market
 
1/2/2016
 
 
 
$
19.53

Swampscott Whole Foods
 
Swampscott
 
1967 / 2005
 
35,907

 
100.0
%
 
1

 

 
35,907

 
Whole Foods
 
1/1/2026
 
 
 
$
24.95

Webster Plaza
 
Webster
 
1963 / 1998
 
201,425

 
100.0
%
 
15

 

 
56,766

 
Shaw’s *
 
2/28/2023
 
K Mart
 
$
8.25

West Roxbury Shaw’s Plaza
 
West Roxbury
 
1973 / 1995 / 2006
 
76,306

 
95.7
%
 
10

 
3

 
54,928

 
Shaw’s
 
1/2/2016
 
 
 
$
25.51

TOTAL SHOPPING CENTERS MASSACHUSETTS (7)
 
602,869

 
99.5
%
 
31

 
3

 
434,532

 
 
 
 
 
 
 
$
18.79


Page 21


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
per leased SF
MARYLAND (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Westwood Complex (1)
 
Bethesda
 
1958-1960 / 1990 /
2001
 
214,030

 
92.4
%
 
37

 
8

 
55,000

 
Giant Foods
 
11/30/2019
 
Bowlmor Lanes / CITGO
 
$
19.25

TOTAL SHOPPING CENTERS MARYLAND (1)
 
214,030

 
92.4
%
 
37

 
8

 
55,000

 
 
 
 
 
 
 
$
19.25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS NORTHEAST REGION (21)
 
2,375,700

 
98.3
%
 
223

 
18

 
821,336

 
 
 
 
 
 
 
$
22.72

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WEST COAST REGION (10)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALIFORNIA (10)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle Center West
 
Long Beach
 
1989
 
64,403

 
97.8
%
 
15

 
2

 
 
 
 
 
 
 
Marshalls
 
$
21.02

Culver Center
 
Culver City
 
1950 / 2000
 
216,646

 
97.1
%
 
31

 
2

 
36,578

 
Ralph’s
 
10/31/2015
 
LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy
 
$
28.44

Marketplace Shopping Center
 
Davis
 
1990
 
111,156

 
100.0
%
 
23

 

 
35,018

 
Safeway
 
7/31/2019
 
Petco / CVS Pharmacy
 
$
21.98

Plaza Escuela
 
Walnut Creek
 
2002
 
153,565

 
98.8
%
 
25

 
1

 
 
 
 
 
 
 
Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority
 
$
40.58

Pleasanton Plaza (1)
 
Pleasanton
 
1981
 
163,469

 
96.1
%
 
20

 
3

 
 
 
 
 
 
 
JC Penney / Cost Plus / Design's School of Cosmetology / Office Max
 
$
12.64

Potrero
 
San Francisco
 
1968 / 1997
 
226,642

 
99.9
%
 
26

 
1

 
59,566

 
Safeway
 
9/30/2020
 
24 Hour Fitness / Party City / Petco / Office Depot / Ross
 
$
29.96

Ralph's Circle Center
 
Long Beach
 
1983
 
59,837

 
100.0
%
 
13

 

 
35,022

 
Ralph’s
 
11/30/2025
 
 
 
$
17.48

Serramonte
 
Daly City
 
1968
 
883,585

 
98.1
%
 
98

 
6

 
 
 
 
 
 
 
Macy's / JC Penney / Target / Daiso / H&M / Forever 21 / Uniqlo / Dick's Sporting Goods
 
$
19.23

Talega Village Center (1)
 
San Clemente
 
2007
 
102,282

 
96.4
%
 
27

 
3

 
46,000

 
Ralph's
 
12/31/2027
 
 
 
$
20.86

Von’s Circle Center
 
Long Beach
 
1972
 
150,822

 
98.9
%
 
23

 
1

 
45,253

 
Von’s
 
7/31/2022
 
Rite Aid / Ross
 
$
17.34

TOTAL SHOPPING CENTERS CALIFORNIA (10)
 
2,132,407

 
98.2
%
 
301

 
19

 
257,437

 
 
 
 
 
 
 
$
22.46

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS WEST COAST REGION (10)
 
2,132,407

 
98.2
%
 
301

 
19

 
257,437

 
 
 
 
 
 
 
$
22.46


Page 22


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
per leased SF
SOUTHEAST REGION (25)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GEORGIA (10)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BridgeMill
 
Canton
 
2000
 
89,102

 
90.6
%
 
24

 
5

 
37,888

 
Publix
 
1/31/2020
 
 
 
$
16.26

Buckhead Station
 
Atlanta
 
1996
 
233,739

 
98.3
%
 
13

 
2

 
 
 
 
 
 
 
Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack
 
$
21.31

Chastain Square
 
Atlanta
 
1981 / 2001
 
91,637

 
100.0
%
 
25

 

 
37,366

 
Publix
 
5/31/2024
 
 
 
$
18.86

Hairston Center
 
Decatur
 
2000
 
13,000

 
84.6
%
 
6

 
2

 
 
 
 
 
 
 
 
 
$
12.00

Hampton Oaks
 
Fairburn
 
2009
 
20,842

 
53.8
%
 
5

 
6

 
 
 
 
 
 
 
 
 
$
10.90

Market Place
 
Norcross
 
1976
 
73,686

 
93.4
%
 
18

 
5

 
 
 
 
 
 
 
Galaxy Cinema
 
$
11.95

McAlpin Square
 
Savannah
 
1979
 
173,952

 
94.5
%
 
22

 
3

 
43,600

 
Kroger
 
8/31/2015
 
Big Lots / Habitat for Humanity / Savannah-Skidaway
 
$
8.25

Piedmont Peachtree Crossing
 
Buckhead
 
1978 / 1998
 
152,239

 
98.6
%
 
27

 
1

 
55,520

 
Kroger
 
2/28/2015
 
Cost Plus Store / Binders Art Supplies
 
$
19.25

Wesley Chapel
 
Decatur
 
1989
 
164,153

 
83.9
%
 
18

 
11

 
32,000

 
Little Giant
 
6/30/2019
 
Everest Institute* / Deal$ / Planet Fitness
 
$
8.43

Williamsburg at Dunwoody
 
Dunwoody
 
1983
 
44,928

 
88.9
%
 
23

 
4

 
 
 
 
 
 
 
 
 
$
21.74

TOTAL SHOPPING CENTERS GEORGIA (10)
 
1,057,278

 
93.2
%
 
181

 
39

 
206,374

 
 
 
 
 
 
 
$
15.52

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LOUISIANA (11)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ambassador Row
 
Lafayette
 
1980 / 1991
 
194,678

 
83.5
%
 
24

 
2

 
 
 
 
 
 
 
Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics
 
$
11.16

Ambassador Row Courtyard
 
Lafayette
 
1986 / 1991 / 2005
 
149,454

 
91.1
%
 
20

 
3

 
 
 
 
 
 
 
Bed Bath & Beyond / Marshalls / Hancock Fabrics / Unitech Training Academy / Tuesday Morning
 
$
10.31

Bluebonnet Village
 
Baton Rouge
 
1983
 
101,585

 
99.8
%
 
23

 
3

 
33,387

 
Matherne’s
 
11/30/2020
 
Office Depot
 
$
12.30

Boulevard
 
Lafayette
 
1976 / 1994
 
68,012

 
93.1
%
 
12

 
2

 
 
 
 
 
 
 
Piccadilly / Harbor Freight Tools / Golfballs.com
 
$
9.36

Country Club Plaza
 
Slidell
 
1982 / 1994
 
64,686

 
86.8
%
 
8

 
2

 
33,387

 
Winn-Dixie
 
1/31/2018
 
 
 
$
6.84

Crossing
 
Slidell
 
1988 / 1993
 
113,989

 
92.8
%
 
10

 
5

 
58,432

 
Save A Center
 
9/28/2039
 
A-1 Home Appliance / Piccadilly
 
$
5.17

Elmwood Oaks
 
Harahan
 
1989
 
130,284

 
100.0
%
 
10

 

 
 
 
 
 
 
 
Academy Sports / Dollar Tree / Tuesday Morning
 
$
9.52

Plaza Acadienne
 
Eunice
 
1980
 
59,419

 
100.0
%
 
7

 

 
28,092

 
Super 1 Store
 
6/30/2020
 

 
$
4.38


Page 23


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
per leased SF
Sherwood South
 
Baton Rouge
 
1972 / 1988 / 1992
 
77,230

 
100.0
%
 
7

 

 
 
 
 
 
 
 
Burke’s Outlet / Harbor Freight Tools / Ideal Market / Fred's Store
 
$
6.20

Siegen Village
 
Baton Rouge
 
1988
 
170,416

 
100.0
%
 
20

 

 
 
 
 
 
 
 
Office Depot / Big Lots / Dollar Tree / Planet Fitness / Party City
 
$
10.39

Tarpon Heights
 
Galliano
 
1982
 
56,605

 
95.5
%
 
8

 
1

 
 
 
 
 
 
 
Stage / Dollar General
 
$
6.29

TOTAL SHOPPING CENTERS LOUISIANA (11)
 
1,186,358

 
94.1
%
 
149

 
18

 
153,298

 
 
 
 
 
 
 
$
9.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NORTH CAROLINA (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Centre Pointe Plaza
 
Smithfield
 
1989
 
159,259

 
99.2
%
 
22

 
2

 
 
 
 
 
 
 
Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores
 
$
6.36

Riverview Shopping Center
 
Durham
 
1973 / 1995
 
128,498

 
93.1
%
 
12

 
4

 
53,538

 
Kroger
 
12/31/2014
 
Upchurch Drugs / Riverview Galleries
 
$
8.58

Thomasville Commons
 
Thomasville
 
1991
 
148,754

 
91.5
%
 
11

 
3

 
32,000

 
Ingles
 
9/30/2017
 
Kmart
 
$
5.49

TOTAL SHOPPING CENTERS NORTH CAROLINA (3)
 
436,511

 
94.8
%
 
45

 
9

 
85,538

 
 
 
 
 
 
 
$
6.72

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VIRGINIA (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Smyth Valley Crossing
 
Marion
 
1989
 
126,841

 
99.2
%
 
13

 
1

 
32,000

 
Ingles
 
9/25/2015
 
Walmart
 
$
6.10

TOTAL SHOPPING CENTERS VIRGINIA (1)
 
126,841

 
99.2
%
 
13

 
1

 
32,000

 
 
 
 
 
 
 
$
6.10

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS SOUTHEAST REGION (25)
 
2,806,988

 
94.1
%
 
388

 
67

 
477,210

 
 
 
 
 
 
 
$
10.95

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NORTH FLORIDA REGION (22)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville / North Florida (6)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beauclerc Village
 
Jacksonville
 
1962 / 1988
 
68,846

 
93.1
%
 
7

 
4

 
 
 
 
 
 
 
Big Lots / Goodwill / Beall’s Outlet
 
$
9.62

Forest Village
 
Tallahassee
 
2000
 
71,526

 
78.7
%
 
9

 
7

 
37,866

 
Publix
 
4/30/2020
 
 
 
$
10.41

Ft. Caroline
 
Jacksonville
 
1985 / 1995
 
77,185

 
96.8
%
 
8

 
2

 
45,500

 
Winn-Dixie
 
5/31/2015
 
Citi Trends / Planet Fitness
 
$
7.20

Mandarin Landing
 
Jacksonville
 
1976
 
139,580

 
88.6
%
 
21

 
8

 
50,000

 
Whole Foods
 
12/31/2023
 
Office Depot / Aveda Institute
 
$
16.84

Pablo Plaza
 
Jacksonville
 
1974 / 1998 / 2001 / 2008
 
146,473

 
82.2
%
 
17

 
11

 
34,400

 
Publix*
(Office Depot)
 
11/30/2018
 
Marshalls / HomeGoods
 
$
11.73

South Beach
 
Jacksonville Beach
 
1990 / 1991
 
307,873

 
88.5
%
 
34

 
15

 
 
 
 
 
 
 
Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples
 
$
12.73


Page 24


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
per leased SF
Tampa / St. Petersburg / Venice / Cape Coral (7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charlotte Square
 
Port Charlotte
 
1980
 
96,626

 
69.9
%
 
12

 
13

 
 
 
 
 
 
 
Seafood Buffet / American Signature Furniture
 
$
7.76

Glengary Shoppes
 
Sarasota
 
1995
 
92,844

 
100.0
%
 
6

 

 
 
 
 
 
 
 
Best Buy / Barnes & Noble
 
$
19.85

Mariners Crossing
 
Spring Hill
 
1989 / 1999
 
97,812

 
85.9
%
 
15

 
3

 
48,315

 
Sweet Bay
 
8/15/2020
 
 
 
$
10.15

Shoppes of North Port
 
North Port
 
1991
 
84,705

 
86.2
%
 
14

 
7

 
 
 
 
 
 
 
You Fit Health Club / Goodwill
 
$
8.76

Sunlake
 
Tampa
 
2008
 
97,546

 
91.6
%
 
20

 
6

 
45,600

 
Publix
 
12/31/2028
 
 
 
$
19.06

Sunpoint Shopping Center
 
Ruskin
 
1984
 
132,374

 
84.1
%
 
20

 
5

 
 
 
 
 
 
 
Goodwill / Big Lots / Chapter 13 Trustee / The Crossing Church
 
$
8.30

Walden Woods
 
Plant City
 
1985 /1998 / 2003
 
72,950

 
87.3
%
 
10

 
5

 
 
 
 
 
 
 
Dollar Tree / Aaron Rents / Dollar General
 
$
7.92

North Palm Coast (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Smyrna Beach
 
New Smyrna Beach
 
1987
 
118,451

 
90.2
%
 
31

 
3

 
42,112

 
Publix
 
9/23/2017
 

 
$
12.56

Old King Commons
 
Palm Coast
 
1988
 
84,759

 
94.6
%
 
13

 
3

 
 
 
 
 
 
 
Staples / Beall's Outlet / Planet Fitness
 
$
9.73

Ryanwood
 
Vero Beach
 
1987
 
114,925

 
83.9
%
 
21

 
11

 
39,795

 
Publix
 
3/23/2017
 
Beall’s Outlet / Books-A-Million
 
$
11.20

South Point Center
 
Vero Beach
 
2003
 
64,790

 
94.1
%
 
12

 
3

 
44,840

 
Publix
 
11/30/2023
 
 
 
$
15.91

Treasure Coast
 
Vero Beach
 
1983
 
133,779

 
98.9
%
 
23

 
1

 
59,450

 
Publix
 
7/31/2026
 
TJ Maxx
 
$
13.44

Orlando / Central Florida (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alafaya Village
 
Orlando
 
1986
 
38,118

 
79.9
%
 
12

 
4

 
 
 
 
 
 
 
 
 
$
23.27

Park Promenade
 
Orlando
 
1987 / 2000
 
128,848

 
86.0
%
 
15

 
8

 
 
 
 
 
 
 
Innovation Charter School / Dollar General / Roses
 
$
6.21

Town & Country
 
Kissimmee
 
1993
 
75,181

 
94.1
%
 
11

 
3

 
52,883

 
Albertsons* (Ross Dress For Less)
 
10/31/2018
 
 
 
$
8.12

Unigold Shopping Center
 
Winter Park
 
1987
 
117,527

 
85.4
%
 
15

 
10

 
52,500

 
Winn-Dixie
 
4/30/2017
 
You Fit Health Club
 
$
11.68

TOTAL SHOPPING CENTERS NORTH FLORIDA REGION (22)
 
2,362,718

 
88.1
%
 
346

 
132

 
553,261

 
 
 
 
 
 
 
$
11.90

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CONSOLIDATED SHOPPING CENTER PORTFOLIO (116)
 
14,378,818

 
93.9
%
 
2,009

 
423

 
3,168,231

 
 
 
 
 
 
 
$
16.37





Page 25


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
 
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
 
Property
 
City, State
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date
 
Other anchor tenants
 
 
NON-RETAIL PROPERTIES (6) (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 Potrero
 
San Francisco, CA
 
1928
 
30,500

 
55.1
%
 
1

 
1

 
 
 
 
 
 
 
Golden Bear Sportswear
 
 
4101 South I-85 Industrial
 
Charlotte, NC
 
1956 / 1963
 
188,513

 
100.0
%
 
1

 

 
 
 
 
 
 
 
Park ’N Go
 
 
Banco Popular Office Building
 
Miami, FL
 
1971
 
32,737

 
82.5
%
 
14

 
5

 
 
 
 
 
 
 
 
 
 
Prosperity Office Building
 
Palm Beach Gardens, FL
 
1972
 
3,200

 
50.0
%
 
1

 
1

 
 
 
 
 
 
 
 
 
 
Westwood - Manor Care
 
Bethesda, MD
 
1976
 
41,123

 
100.0
%
 
1

 

 
 
 
 
 
 
 
Manor Care
 
 
Westwood Towers
 
Bethesda, MD
 
1968 / 1997
 
211,020

 
100.0
%
 
2

 

 
 
 
 
 
 
 
Housing Opportunities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL NON-RETAIL PROPERTIES (6) (1)
 
507,093

 
95.9
%
 
20

 
7

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (122)
 
14,885,911

 
94.0
%
 
2,029

 
430

 
3,168,231

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DEVELOPMENTS, REDEVELOPMENTS & LAND (16) (1)
 
 
 
 
 
 
 
 
 
 
 
 
Developments
 
See Schedule on Page 28.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redevelopments
 
See Schedule on Page 28.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land Held for Development (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CONSOLIDATED - 138 Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Total square footage does not include shadow anchor square footage that is not owned by Equity One but does include square footage for ground leases.
* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in (  ).
(1) Not included in the NOI same property pool for the quarter ended March 31, 2014.
(2) Property is classified as held for sale.
(3) The total carrying value of land held for development as of March 31, 2014 is $26.6 million.



Page 26


EQUITY ONE, INC.
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
For the three months ended March 31, 2014 (unaudited)
(in thousands, except for square footage)


2014 Acquisition Activity
 
 
 
 
 
 
 
 
 
 
 
 
Date Purchased
 
Property Name
 
City
 
State
 
Square Feet / Acres
 
Purchase Price
 
Mortgage Assumed
January 31, 2014
 
Williamsburg at Dunwoody - Outparcel
 
Dunwoody
 
GA
 
0.14

(1) 
$
350

 
$

January 23, 2014
 
Talega Village Center
 
San Clemente
 
CA
 
102,282

 
$
23,000

 
$
11,353

January 16, 2014
 
Westwood Shopping Center
 
Bethesda
 
MD
 
101,584

 
65,000

 

January 16, 2014
 
Westwood Center II
 
Bethesda
 
MD
 
53,293

 
15,000

 

Total Purchased
 
 
 
 
 
 
 
 
 
$
103,350

 
$
11,353


(1) In acres


2014 Disposition Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
Date Sold
 
Property Name
 
City
 
State
 
Square Feet / Acres
 
Gross Sales Price
 
(Loss) Gain on Sale
 
Income producing properties sold
 
 
 
 
 
 
 
 
 
 
 
March 27, 2014
 
Daniel Village
 
Augusta
 
GA
 
172,438

 
$
10,125

 
$
(289
)
 
February 27, 2014
 
Brawley Commons (1)
 
Charlotte
 
NC
 
119,189

 
5,450

 

(1) 
January 15, 2014
 
Stanley Marketplace
 
Stanley
 
NC
 
53,228

 
3,875

 
(7
)
 
January 10, 2014
 
Oak Hill
 
Jacksonville
 
FL
 
78,492

 
6,850

 
3,243

 
 
 
Other (2)
 
 
 
 
 
 
 

 
91

(2) 
 
 
 
 
 
 
 
 
 
 
$
26,300

 
$
3,038

 


(1) The property was encumbered by a $6.5 million mortgage loan which matured on July 1, 2013. In conjunction with the sale of the property, the lender accepted the proceeds from the sale as full repayment of the loan.
(2) Includes a gain on the release of an escrow deposit from a prior year disposition.

Page 27


EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of March 31, 2014 (unaudited)
(in thousands, except square footage data)

Project
 
Location
 
Project
GLA 
(1)
 
Total
GLA 
(2)
 
Anchors
 
Target
Stabilization
Date 
(3)
 
Estimated
Gross
Cost
(4)
 
Estimated
Net Cost 
(5)
 
Incurred as of 3/31/14
 
Balance to
Complete
(Gross Cost)
Active Developments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Broadway Plaza
 
Bronx, NY
 
148,293

 
148,293

 
TJ Maxx / Sports Authority / Aldi's / Party City
 
2015
 
$
66,522


$
66,522

 
$
35,452

 
$
31,070

Subtotal
 
 
 
148,293

 
148,293

 
 
 
 
 
66,522

 
66,522

 
35,452

 
31,070

Active Redevelopments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101 7th Avenue
 
Manhattan, NY
 
56,870

 
56,870

 
Barneys New York
 
1Q16
 
12,453

 
12,453

 
450

 
12,003

Alafaya Commons
 
Orlando, FL
 
68,922

 
132,323

 
Academy Sports
 
1Q15
 
7,502

 
7,502

 
46

 
7,456

Boca Village Square
 
Boca Raton, FL
 
42,012

 
92,394

 
CVS Pharmacy
 
3Q14
 
11,161

 
10,911

 
8,826

 
2,335

Boynton Plaza
 
Boynton Beach, FL
 
53,785

 
107,479

 
Publix
 
1Q15
 
8,109

 
7,608

 
619

 
7,490

Kirkman Shoppes
 
Orlando, FL
 
57,422

 
116,047

 
L.A. Fitness / Walgreens
 
3Q15
 
13,094

 
13,094

 
3,928

 
9,166

Lake Mary Centre
 
Lake Mary, FL
 
49,515

 
336,481

 
Ross / Fresh Market
 
3Q14
 
4,893

 
4,893

 
3,708

 
1,185

Summerlin Square (6)
 
Ft. Myers, FL
 
15,000

 
195,000

 
Large National Retailer
 
2Q14
 
2,227

 
2,127

 
1,250

 
977

Willows Shopping Center
 
Concord, CA
 
47,656

 
251,467

 
Ulta / Lazy Dog / Old Navy / UFC Gym
 
 3Q15
 
13,460

 
13,460

 
2,355

 
11,105

Subtotal
 
 
 
391,182

 
1,288,061

 
 
 
 
 
72,899

 
72,048

 
21,182

 
51,717

Total Active Developments and Redevelopments
 
539,475

 
1,436,354

 
 
 
 
 
139,421

 
138,570

 
56,634

 
82,787

Developments and Redevelopments Pending Twelve Month Stabilization
 
 
 
 
 
 
 
 
 
 
 
 
Serramonte Shopping Center (7)
 
Daly City, CA
 
83,777

 
883,585

 
Dick's Sporting Goods
 
2Q14
 
19,270

 
19,150

 
18,679

 
591

The Gallery at Westbury
 
Westbury, NY
 
311,705

 
311,705

 
Container Store / Nordstrom Rack /
Trader Joe's / Saks Off Fifth / Banana Republic Outlet/ Bloomingdales Outlet / Sports Authority Elite / Old Navy / Ulta / Home Goods
 
4Q13
 
149,600

 
128,600

(8) 
142,304

 
7,296

Atlantic Village
 
Atlantic Beach, FL
 
39,795

 
100,559

 
L.A. Fitness
 
2Q13
 
4,609

 
4,609

 
4,629

 

Subtotal
 
 
 
435,277

 
1,295,849

 
 
 
 
 
173,479

 
152,359

 
165,612

 
7,887

Total Development and Redevelopment Activity
 
974,752

 
2,732,203

 
 
 
 
 
$
312,900

 
$
290,929

 
$
222,246

(9) 
$
90,674


(1) Project GLA is subject to change based upon build-to-suit requests and other tenant driven changes.
(2) Total GLA represents all GLA for the corresponding property and, for redevelopments, includes portions of the center not subject to redevelopment.
(3) Target stabilization date reflects the date that construction is expected to be substantially complete and the anchors commence rent. Properties may continue to be reflected in development or redevelopment until they are included in our same property pool, which is normally one year from rent commencement. (This period may be in excess of one year to the extent that the anchors commence rent but receive rent concessions or other forms of reduced rent for a limited period following rent commencement.)
(4) For developments, includes actual cost of land.
(5) After sales of outparcels and construction cost reimbursements.
(6) This property is classified as held for sale as of March 31, 2014. Three outparcels will be retained and redeveloped.
(7) This property is included in the same property pool as of March 31, 2014; however, the income from Dick's Sporting Goods will be excluded from our calculation of same property NOI until full year stabilization in 3Q15.
(8) Estimated net costs includes estimate of tax refunds for eligible costs incurred as part of our participation in New York State's Brownfield Cleanup Program.
(9) Includes an aggregate of $12.9 million in costs incurred but not yet funded as of March 31, 2014.

Page 28


EQUITY ONE, INC.
DEBT SUMMARY
As of March 31, 2014 and December 31, 2013 and 2012 (unaudited)
(in thousands)
 
 
March 31, 2014
 
December 31, 2013
 
December 31, 2012
Fixed rate debt
 
$
1,148,204

 
$
1,161,291

 
$
1,173,110

Variable rate debt - swapped to fixed rate
 
250,000

 
250,000

 
250,000

Variable rate debt - unhedged
 
125,000

 
91,000

 
172,000

Total debt
 
$
1,523,204

 
$
1,502,291

 
$
1,595,110

 
 
 
 
 
 
 
% Fixed rate debt
 
75.4
%
 
77.3
%
 
73.5
%
% Variable rate debt - swapped to fixed rate
 
16.4
%
 
16.6
%
 
15.7
%
% Variable rate debt - unhedged
 
8.2
%
 
6.1
%
 
10.8
%
Total
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured mortgage debt
 
$
417,068

 
$
430,155

 
$
441,974

Unsecured debt
 
1,106,136

 
1,072,136

 
1,153,136

Total debt
 
$
1,523,204

 
$
1,502,291

 
$
1,595,110

 
 
 
 
 
 
 
% Secured mortgage debt
 
27.4
%
 
28.6
%
 
27.7
%
% Unsecured debt
 
72.6
%
 
71.4
%
 
72.3
%
Total
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total market capitalization (from page 7)
 
$
4,416,833

 
$
4,428,129

 
$
4,305,536

 
 
 
 
 
 
 
% Secured mortgage debt
 
9.4
%
 
9.7
%
 
10.3
%
% Unsecured debt
 
25.1
%
 
24.2
%
 
26.8
%
Total debt : Total market capitalization
 
34.5
%
 
33.9
%
 
37.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average interest rate on secured mortgage debt (1)
 
5.94
%
 
5.99
%
 
6.09
%
Weighted average interest rate on unsecured senior notes (1)
 
5.02
%
 
5.02
%
 
5.02
%
Interest rate on term loans
 
3.17
%
 
3.17
%
 
3.37
%
Weighted average interest rate on total debt (1) (2)
 
4.96
%
 
4.99
%
 
5.06
%
Weighted average interest rate on revolving credit facilities (1)
 
1.32
%
 
1.30
%
 
1.77
%
 
 
 
 
 
 
 
Weighted average maturity on secured mortgage debt
 
4.3 years

 
4.3 years

 
5.2 years

Weighted average maturity on unsecured senior notes
 
5.1 years

 
5.3 years

 
6.3 years

Maturity on term loan
 
4.9 years

 
5.1 years

 
6.1 years

Weighted average maturity on total debt (2)
 
4.8 years

 
5.0 years

 
5.9 years

 
 
 
 
 
 
 
Note: All amounts and calculations exclude unamortized / unaccreted premium / (discount) on mortgages and senior notes and include secured mortgage debt related to properties held for sale.
(1) 
Weighted average interest rates are calculated based on balances outstanding at the respective dates.
(2) 
Weighted average maturity on total debt and weighted average interest rate on total debt excludes amounts drawn under the revolving credit facility, which expires on September 30, 2015.


Page 29


EQUITY ONE, INC.
CONSOLIDATED DEBT MATURITY SCHEDULE
As of March 31, 2014 (unaudited)
(in thousands)

 
 
Secured Debt
 
Unsecured Debt
 
Premium/(Discount) Scheduled Amortization
 
Total
 
Weighted average interest rate
at maturity
 
Percent of
debt maturing
Year
 
Scheduled
amortization
 
Balloon
payments
 
Revolving
Credit Facilities
 
Senior
Notes
 
Term
Loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
$
5,992

 
$
6,509

 
$

 
$

 
$

 
$
1,857

 
$
14,358

 
5.7
%
 
0.9
%
2015
 
7,956

 
58,302

 
125,000

 
107,505

 

 
1,557

 
300,320

 
5.3
%
(1) 
19.6
%
2016
 
7,588

 
120,824

 

 
105,230

 

 
912

 
234,554

 
6.0
%
 
15.3
%
2017
 
6,884

 
64,000

 

 
218,401

 

 
634

 
289,919

 
6.0
%
 
19.0
%
2018
 
7,110

 
54,754

 

 

 

 
262

 
62,126

 
6.3
%
 
4.1
%
2019
 
5,914

 
18,330

 

 

 
250,000

 
117

 
274,361

 
3.4
%
 
18.0
%
2020
 
5,875

 

 

 

 

 
(19
)
 
5,856

 
%
 
0.4
%
2021
 
5,835

 
12,561

 

 

 

 
(62
)
 
18,334

 
5.9
%
 
1.2
%
2022
 
5,610

 

 

 
300,000

 

 
(78
)
 
305,532

 
3.8
%
 
20.0
%
Thereafter
 
19,011

 
4,013

 

 

 

 
36

 
23,060

 
7.9
%
 
1.5
%
Total
 
$
77,775

 
$
339,293

 
$
125,000

 
$
731,136

 
$
250,000

 
$
5,216

 
$
1,528,420

 
4.9
%
(1) 
100.0
%
 
(1) Excludes the revolving credit facility. Including the amounts drawn under the revolving credit facility, the weighted average interest rate would be 3.6% for 2015 and 4.6% in total.


Page 30


EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of March 31, 2014 and December 31, 2013 (unaudited)
(in thousands)
Debt Instrument
 
Maturity
Date
 
Rate
 
March 31, 2014
 
December 31, 2013
 
Percent of Overall
Debt Maturing
Mortgage Debt
 
 
 
 
 
 
 
 
 
 
Brawley Commons (1)
 
07/01/2013
 
6.250
%
 

 
6,485

 
%
Marketplace Shopping Center
 
02/19/2015
 
6.250
%
 

 
15,934

 
%
South Point
 
07/10/2014
 
5.720
%
 
6,600

 
6,666

 
0.4
%
Southbury Green
 
01/05/2015
 
5.200
%
 
21,000

 
21,000

 
1.4
%
Darinor Plaza
 
04/01/2015
 
5.370
%
 
18,232

 
18,322

 
1.2
%
Pleasanton Plaza
 
06/01/2015
 
5.316
%
 
19,882

 
19,968

 
1.3
%
Danbury Green
 
01/05/2016
 
5.850
%
 
24,700

 
24,700

 
1.6
%
1225-1239 Second Avenue
 
06/01/2016
 
6.325
%
 
16,401

 
16,457

 
1.1
%
Glengary Shoppes
 
06/11/2016
 
5.750
%
 
15,735

 
15,808

 
1.0
%
Magnolia Shoppes
 
07/11/2016
 
6.160
%
 
13,490

 
13,558

 
1.0
%
Willows Shopping Center
 
10/11/2016
 
5.900
%
 
54,352

 
54,544

 
3.6
%
Culver Center
 
05/06/2017
 
5.580
%
 
64,000

 
64,000

 
4.2
%
Sheridan Plaza
 
10/10/2018
 
6.250
%
 
60,244

 
60,500

 
3.9
%
1175 Third Avenue
 
05/01/2019
 
7.000
%
 
6,703

 
6,765

 
0.4
%
The Village Center
 
06/01/2019
 
6.250
%
 
15,521

 
15,618

 
1.0
%
BridgeMill
 
05/05/2021
 
7.940
%
 
7,114

 
7,200

 
0.5
%
Talega Village Center (3)
 
10/01/2021
 
5.010
%
 
11,286

 

 
0.7
%
Westport Plaza
 
08/01/2023
 
7.490
%
 
3,675

 
3,720

 
0.2
%
Aventura Square / Oakbrook Square / Treasure Coast Plaza
 
02/28/2024
 
6.500
%
 
23,904

 
24,326

 
1.6
%
Webster Plaza
 
08/15/2024
 
8.070
%
 
6,758

 
6,819

 
0.4
%
Vons Circle Center
 
10/10/2028
 
5.200
%
 
10,226

 
10,342

 
0.7
%
Copps Hill Plaza
 
01/01/2029
 
6.060
%
 
17,245

 
17,423

 
1.1
%
 
 
 
 
 
 
 
 
 
 
 
Total mortgage debt (20 loans outstanding)
 
4.33 years
 
5.94
%
(2) 
$
417,068

 
$
430,155

 
27.3
%
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
6,835

 
7,816

 
0.4
%
Total mortgage debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
423,903

 
$
437,971

 
27.7
%

See footnotes on page 32.

.

Page 31


EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of March 31, 2014 and December 31, 2013 (unaudited)
(in thousands)
Debt Instrument
 
Maturity
Date
 
Rate
 
March 31, 2014
 
December 31, 2013
 
Percent of Overall
Debt Maturing
 
 
 
 
 
 
 
 
 
 
 
Unsecured senior notes payable
 
 
 
 
 
 
 
 
 
 
5.375% senior notes
 
10/15/2015
 
5.375
%
 
107,505

 
107,505

 
7.0
 %
6.00% senior notes
 
09/15/2016
 
6.000
%
 
105,230

 
105,230

 
6.9
 %
6.25% senior notes
 
01/15/2017
 
6.250
%
 
101,403

 
101,403

 
6.6
 %
6.00% senior notes
 
09/15/2017
 
6.000
%
 
116,998

 
116,998

 
7.7
 %
3.75% senior notes
 
11/15/2022
 
3.750
%
 
300,000

 
300,000

 
19.6
 %
Total unsecured senior notes payable
 
5.06 years
 
5.02
%
(2) 
$
731,136

 
$
731,136

 
47.8
 %
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
(1,619
)
 
(1,698
)
 
(0.1
%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
729,517

 
$
729,438

 
47.7
 %
 
 
 
 
 
 
 
 
 
 
 
Term Loan
 
 
 
 

 
 
 
 
 
 
$250MM - Term Loan (4)
 
02/13/2019
 
3.168
%
(5) 
250,000

 
250,000

 
16.4
 %
Total term loans
 
4.87 years
 
3.17
%
(2) 
$
250,000

 
$
250,000

 
16.4
 %
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facilities
 
 
 
 

 
 
 
 
 
 
$575MM Line of Credit Unsecured
 
09/30/2015
 
1.317
%
 
$
125,000

 
$
91,000

 
8.2
 %
$5MM Line of Credit Unsecured
 
11/07/2014
 
N/A

 

 

 
 %
Total revolving credit facilities
 
 
 
1.32
%
(2) 
$
125,000

 
$
91,000

 
8.2
 %
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
4.81 years (6)
 
4.96
%
(2) (6) 
$
1,523,204

 
$
1,502,291

 
99.7
 %
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
5,216

 
6,118

 
0.3
 %
Total debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
1,528,420

 
$
1,508,409

 
100.0
 %
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Debt Ratings
 
 
 
 
 
 
 
 
 
 
Moody’s
 
 
 
 
 
Baa2 (Stable)
 
Baa2 (Stable)
 
 
S&P
 
 
 
 
 
BBB-(Positive)
 
BBB-(Positive)
 
 
 
(1) Mortgage debt matured on July 1, 2013. We sold the property to a third party for $5.5 million in February 2014 and the lender accepted this amount as full repayment of the loan.
(2) Calculated based on weighted average interest rates of outstanding balances at March 31, 2014.
(3) The stated loan maturity date is 10/01/2036; however, both the lender and the borrower have the right to exercise a call or early prepayment, respectively, on each of 10/01/2021, 10/01/2026 and 10/01/2031. It is deemed likely this right will be exercised and the shown maturity date is therefore 10/01/2021.
(4) The outstanding balance has been swapped to a fixed interest rate based on a one month LIBOR in arrears, plus 1.47%. The indicated interest rate and the weighted average interest rate for the term loan includes the effect of the swap. At March 31, 2014, the fair value of our interest rate swaps was an asset of $2.2 million, which is included in other assets in our condensed consolidated balance sheet.
(5) The effective fixed interest rate on March 31, 2014.
(6) Weighted average maturity in years and weighted average interest rate as of March 31, 2014 excludes $125.0 million drawn under the revolving credit facility which expires on September 30, 2015.





Page 32


EQUITY ONE, INC.
BALANCE SHEETS & STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES
March 31, 2014 (unaudited)
(in thousands)

BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES
 
As of March 31, 2014
Co-Investment Partner
 
EQY Ownership
Interest
 
Type
 
Total Assets
 
Total Debt
 
Total Equity
DRA Advisors
 
20.0%
 
Retail/Office
 
$
54,701

 
$
34,717

 
$
18,760

GRI
 
10.0%
 
Retail
 
$
252,565

 
$
84,132

 
$
160,850

New York Common Retirement Fund
 
30.0%
 
Retail
 
$
307,120

 
$
131,981

 
$
147,639

Rider Limited Partnership
 
50.0%
 
Office
 
$
40,794

 
$

 
$
39,585


STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES
 
For the three months ended March 31, 2014
Co-Investment Partner
 
EQY Ownership
Interest
 
Type
 
Total
Revenues
 
Property
Operating
Expenses
 
Depreciation/
Amortization
 
Interest
Expense (1)
 
Net (Loss)/
Income
DRA Advisors
 
20.0%
 
Retail/Office
 
$
1,576

 
$
650

 
$
433

 
$
562

 
$
(84
)
GRI
 
10.0%
 
Retail
 
$
6,056

 
$
1,624

 
$
1,327

 
$
446

 
$
2,568

New York Common Retirement Fund
 
30.0%
 
Retail
 
$
7,069

 
$
2,473

 
$
2,166

 
$
1,439

 
$
945

Rider Limited Partnership
 
50.0%
 
Office
 
$
1,380

 
$
331

 
$
325

 
$

 
$
722

Note: Amounts shown above reflect 100% of the joint venture balance sheet and income statement line items.
(1) Interest expense includes amortization of deferred financing fees.


Page 33


EQUITY ONE, INC.
UNCONSOLIDATED PROPERTY STATUS REPORT
As of March 31, 2014 (unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
of tenants
 
Supermarket anchor
 
 
 
Average
in-place base
rent per leased SF
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
 
Airpark Plaza Shopping Center
GRI
 
10.0%
 
Retail
 
Miami, FL
 
1971 / 1998 /
2004 / 2008
 
172,093

 
98.8
%
 
36

 
2

 
30,000

 
Publix
 
10/31/2024
 
Burlington Coat Factory / Office Depot
 
$
16.09

Concord Shopping Plaza
GRI
 
10.0%
 
Retail
 
Miami, FL
 
1962 / 1992 / 1993
 
298,182

 
99.0
%
 
21

 
2

 
78,000

 
Winn-Dixie
 
09/30/2014
 
Home Depot / Big Lots / Dollar Tree / You Fit Health Club
 
$
11.69

Presidential Markets
GRI
 
10.0%
 
Retail
 
Snellville, GA
 
1993 / 2000
 
393,251

 
99.5
%
 
35

 
1

 
56,146

 
Publix
 
12/31/2019
 
Marshalls / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / PetSmart / Party City
 
$
12.52

Shoppes of Ibis
GRI
 
10.0%
 
Retail
 
West Palm Beach, FL
 
1999
 
79,420

 
94.7
%
 
16

 
3

 
51,420

 
Publix
 
05/31/2019
 
 
 
$
13.49

Shoppes at Quail Roost
GRI
 
10.0%
 
Retail
 
Miami, FL
 
2005
 
73,550

 
92.0
%
 
11

 
3

 
44,840

 
Publix
 
06/30/2025
 
 
 
$
13.91

Shoppes of Sunset
GRI
 
10.0%
 
Retail
 
Miami, FL
 
1979 / 2009
 
21,784

 
84.6
%
 
11

 
3

 
 
 
 
 
 
 
 
 
$
23.37

Shoppes of Sunset II
GRI
 
10.0%
 
Retail
 
Miami, FL
 
1980 / 2009
 
27,676

 
71.7
%
 
14

 
3

 
 
 
 
 
 
 
 
 
$
18.89

Sparkleberry Square
GRI
 
10.0%
 
Retail
 
Columbia, SC
 
1997 / 2004
 
154,217

 
96.1
%
 
9

 
1

 
 
 
 
 
 
 
PetSmart / Bed Bath & Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy
 
$
12.29

Sparkleberry Kohl’s
GRI
 
10.0%
 
Retail
 
Columbia, SC
 
1997 / 2004
 
85,961

 
100.0
%
 
1

 

 
 
 
 
 
 
 
Kohl’s
 
$
8.45

Sparkleberry Kroger
GRI
 
10.0%
 
Retail
 
Columbia, SC
 
1997 / 2004
 
98,623

 
94.5
%
 
10

 
4

 
67,943

 
Kroger
 
08/31/2017
 
 
 
$
13.21

1900/2000 Offices
DRA
 
20.0%
 
Office
 
Boca Raton, FL
 
1979 / 1982 /
1986 / 2007
 
116,549

 
57.9
%
 
18

 
14

 
 
 
 
 
 
 
RN Network
 
$
18.17

Penn Dutch Plaza
DRA
 
20.0%
 
Retail
 
Margate, FL
 
1989
 
155,622

 
89.4
%
 
15

 
7

 
70,358

 
Penn Dutch
Food Center
 
12/31/2018
 
You Fit Health Club / Florida Career College
 
$
9.88

Plantation Marketplace
DRA
 
20.0%
 
Retail
 
Plantation, FL
 
1963 / 1998
 
223,799

 
93.4
%
 
32

 
8

 
43,386

 
Winn-Dixie
 
11/05/2014
 
Beall’s / Fitness 1440 / Big Lots / CVS / Disability Law Claims
 
$
12.21

Rider Limited Partnership
CSC
 
50.0%
 
Medical Office
 
San Francisco, CA
 
1968
 
146,046

 
99.8
%
 
51

 
1

 
 
 
 
 
 
 
 
 
$
31.15

Country Walk Plaza
NYCRF
 
30.0%
 
Retail
 
Miami, FL
 
1985 / 2006 / 2008
 
100,686

 
84.6
%
 
22

 
7

 
39,795

 
Publix
 
10/23/2015
 
CVS Pharmacy
 
$
18.12

Veranda Shoppes
NYCRF
 
30.0%
 
Retail
 
Plantation, FL
 
2007
 
44,888

 
100.0
%
 
9

 

 
28,800

 
Publix
 
04/30/2027
 
 
 
$
26.42

Northborough Crossing
NYCRF
 
30.0%
 
Retail
 
Northborough, MA
 
2011
 
645,785

 
100.0
%
 
27

 

 
139,449

 
Wegmans
 
10/31/2036
 
TJ Maxx / Kohl's / Eastern Mountain Sports / BJ's / Golf Town USA / PetSmart / Michael's / Toys "R" Us / Babies "R" Us / Dick's Sporting Goods
 
$
14.23

Riverfront Plaza
NYCRF
 
30.0%
 
Retail
 
Hackensack, NJ
 
1997
 
128,968

 
96.9
%
 
23

 
1

 
70,400

 
ShopRite
 
10/31/2027
 
 
 
$
24.78

The Grove at Isleworth
NYCRF
 
30.0%
 
Retail
 
Windermere, FL
 
2004
 
117,583

 
99.0
%
 
12

 
1

 
51,673

 
Publix
 
01/31/2029
 
LA Fitness
 
$
16.05

Old Connecticut Path
NYCRF
 
30.0%
 
Retail
 
Framingham, MA
 
1994
 
80,198

 
100.0
%
 
4

 

 
72,500

 
Stop & Shop
 
06/30/2019
 
 
 
$
20.10

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20)
 
 
 
3,164,881

 
 
 
377

 
61

 
844,710

 
 
 
 
 
 
 
$
15.15


Page 34



EQUITY ONE, INC.
DEBT SUMMARY OF UNCONSOLIDATED JOINT VENTURES
As of March 31, 2014 and December 31, 2013 (unaudited)
(in thousands)

Co-Investment Partner
 
Debt Instrument
 
Equity One’s
Ownership
 
Maturity
Date
 
Rate (1)
 
Balance as of
March 31, 2014
 
Balance as of December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage Debt
 
 
 
 
 
 
 
 
 
 
 
 
Vestar
 
Vestar/EQY Talega LLC (2)
 
50.5%
 
10/01/2021
 
5.01%
 
$

 
$
11,353

Vestar
 
Vestar/EQY Vernola LLC (3)
 
50.5%
 
08/06/2041
 
5.11%
 
$

 
$
22,966

GRI
 
Floating rate loans (4)
 
10.0%
 
06/28/2018
 
1-month LIBOR + 1.41%
 
$
80,000

 
$
80,000

GRI
 
Sparkleberry Square (Kroger)
 
10.0%
 
06/30/2020
 
6.75%
 
4,198

 
4,332

DRA Advisors
 
Fixed rate loan
 
20.0%
 
11/11/2014
 
5.57%
 
34,826

 
35,042

New York Common Retirement Fund
 
Equity One Country Walk LLC
 
30.0%
 
11/01/2015
 
5.22%
 
12,821

 
12,876

New York Common Retirement Fund
 
Equity One JV Sub CT Path LLC
 
30.0%
 
01/01/2019
 
5.74%
 
9,551

 
9,652

New York Common Retirement Fund
 
Equity One JV Sub Northborough LLC
 
30.0%
 
02/10/2021
 
4.18%
 
68,803

 
69,127

New York Common Retirement Fund
 
Equity One JV Sub Riverfront Plaza LLC
 
30.0%
 
10/10/2023
 
4.54%
 
24,000

 
24,000

New York Common Retirement Fund
 
Equity One JV Sub Grove LLC (5)
 
30.0%
 
12/23/2023
 
4.38%
 
16,000

 
16,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest premium (6)
 
 
 
 
 
 
 
631

 
643

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
 
 
 
 
 
 
$
250,830

 
$
285,991

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One’s pro-rata share of unconsolidated joint venture debt
 
 
 
 
 
$
54,951

 
$
72,492

 
(1) 
The rate in effect on March 31, 2014.
(2) 
The joint venture partners' interests in the property were acquired by Equity One in January 2014, and it is now wholly-owned.
(3) 
The property was sold by the joint venture in January 2014.
(4) 
Consists of three separate loans, totaling $80.0 million, that are secured by Airpark Plaza Shopping Center, Concord Shopping Plaza and Presidential Markets, bearing interest at a weighted average rate of 1-month LIBOR + 1.41%.
(5) 
The loan balance bears interest at a floating rate of LIBOR + 1.40%, which has been swapped to a fixed rate of 4.38%. The fair value of the swap at March 31, 2014 was a liability of approximately $446,000.
(6) 
Net interest premium is the total for all joint ventures.





Page 35


EQUITY ONE, INC.
PORTFOLIO CHANGES AND SELECTED PROPERTY METRICS 2008 - 2014
As of March 31, 2014 (unaudited)


 
 
Pro Forma 12/31/2008 (1)
+
Acquisitions (2)
-
Dispositions (3)
=
Pro Forma 4/30/2014 (4)
-
Remaining
Non-Core Properties (5)
=
Core
Portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Properties (6)
 
171

 
39

 
91

 
119

 
25

 
94

Total Gross Leasable Area (GLA) (6)
 
18,945,330

 
6,222,085

 
9,438,493

 
15,683,297

 
2,524,298

 
13,158,999

Average GLA per Property
 
110,791

 
159,541

 
103,720

 
131,792

 
100,972

 
139,989

 
 
 
 
 
 
 
 
 
 
 
 
 
Property Value (000s) (7)
 
$
2,730,789

 
$
1,968,924

 
$
1,129,786

 
$
3,873,835

 
$
181,006

 
$
3,692,829

Property Value PSF
 
$
144

 
$
316

 
$
120

 
$
247

 
$
72

 
$
281

Average Property Value (000s)
 
$
15,970

 
$
50,485

 
$
12,415

 
$
32,553

 
$
7,240

 
$
39,285

 
 
 
 
 
 
 
 
 
 
 
 
 
Demographics (8)
 
 
 
 
 
 
 
 
 
 
 
 
3-Mile Population
 
81,238

 
280,323

 
52,440

 
203,983

 
55,592

 
211,256

3-Mile Average Household Income
 
$
76,077

 
$
109,409

 
$
72,097

 
$
99,432

 
$
62,455

 
$
101,245

 
 
 
 
 
 
 
 
 
 
 
 
 
Grocer Sales PSF (9)
 
$
473

 
$
825

 
$
432

 
$
583

 
$
363

 
$
615

Average Rent PSF (9)
 
$
11.97

 
$
24.10

 
$
11.11

 
$
17.50

 
$
8.75

 
$
19.16




Please see footnotes on following page 37.


Page 36


EQUITY ONE, INC.
PORTFOLIO CHANGES AND SELECTED PROPERTY METRICS 2008 - 2014
As of March 31, 2014 (unaudited)




(1) Includes 21 DIM Vastgoed properties. Equity One owned 48% of the outstanding shares of DIM at 12/31/2008, and increased its voting control to 75% during 1Q 2009. The 12/31/2008 property value ascribed to DIM properties is the value paid as of 4/30/2014 for all DIM equity plus assumed mortgage debt at assessed market value as of 3/31/2009.
(2) Acquisitions include properties acquired subsequent to 12/31/2008 as well ground up development activities.
(3) Dispositions include properties sold subsequent to 12/31/2008 or under contract for sale as of 4/30/2014, and excludes the sales of outparcels.
(4) Includes properties under development or redevelopment at 3/31/2014 at IFRS fair values, except for Broadway Plaza, which is included at estimated construction costs. Excludes properties under contract for sale as of 4/30/2014, which are included within Dispositions.
(5) Remaining Non-Core Properties consist of retail properties which are inconsistent with the company's long-term strategy and which may be sold in the future. These properties are generally in smaller, secondary or tertiary markets.
(6) Number of Properties and associated value exclude Other/Non Retail Properties (except for those properties acquired and subsequently disposed between 12/31/2008 and 4/30/2014) and Land Held for Development. Gross Leasable Area (GLA) does not cross foot from 12/31/2008 to 4/30/2014 due to additions and reductions of GLA from redevelopment activities, outparcel sales, and other activities that affect GLA.
(7) Property Value is based on IFRS fair value except for (i) Acquisitions and Dispositions, which are based on purchase price and sale price, respectively, (ii) the value of DIM Vastgoed assets (see footnote #1 above), and (iii) in-process ground up development, which is based on actual or estimated construction cost. 12/31/2008 Property Value is based on IFRS fair value as of 12/31/2008; 4/30/2014 Property Value is based on IFRS fair value as of 3/31/2014.
(8) Demographic information derived from a third-party source. Demographic information for Pro Forma 12/31/2008, Acquisitions and Dispositions is as of May 2013. Demographic information for Pro Forma 4/30/2014 is as of January 2014.
(9) All per square foot amounts are weighted and based on the gross leasable area (GLA). Grocer Sales PSF exclude grocers who have vacated but are still paying rent. Average Rent PSF for Pro Forma 12/31/2008 and for Dispositions is as of 12/31/2008, except DIM Vastgoed properties which are as of 12/31/2009; Average Rent PSF for Acquisitions and Pro Forma 4/30/2014 is as of 3/31/2014.


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