Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One, Inc.
 
 
 
 
 
 
 
Supplemental Information Package
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One, Inc.
 
 
 
410 Park Avenue, Suite 1220
 
 
 
New York, NY 10022
 
 
 
(212) 796-1760
 
 
 
www.equityone.com
 
 
 
 
 
 
 
 
 
 
 
 
 



Equity One, Inc.

SUPPLEMENTAL INFORMATION
March 31, 2015
(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
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 State
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

Page 2


EQUITY ONE, INC.
DISCLOSURES
As of March 31, 2015

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; changes in key personnel; 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 the accounting principles generally accepted in the United States of America ("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 and Net Operating Income 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 and, in particular 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 instead have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” 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 impairment 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, impairment of goodwill and land, severance and reorganization costs 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.
The company uses Net Operating Income (NOI), which is a non-GAAP financial measure, internally as a performance measure and believes NOI provides useful information to investors regarding the company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis. In this release, the company has provided NOI information on a same-property basis. Information provided on a same-property basis, unless otherwise noted, includes the results of properties that the company consolidated, owned and operated for the entirety of both periods being compared except for properties for which significant development or redevelopment occurred during either of the periods being compared.
FFO, Recurring FFO and same-property NOI are presented to assist investors in analyzing the company’s operating performance. Neither FFO, Recurring FFO nor same-property NOI (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 financial measure to FFO and Recurring FFO while income from continuing operations before tax and discontinued operations is the most directly comparable GAAP financial measure to NOI. Reconciliations of these measures to their respective comparable GAAP measures have been provided in the accompanying tables.


Page 3


EQUITY ONE, INC.
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three months ended March 31, 2015 and 2014 (unaudited)
(in thousands, except per share data)

 
 
Three months ended March 31,
Summary Financial Results
 
2015
 
2014
 
 
 
 
 
Total revenue*
 
$
88,479

 
$
92,783

Adjusted Consolidated EBITDA* (see page 11)
 
$
58,466

 
$
62,403

Property net operating income* (see page 10)
 
$
64,745

 
$
70,180

General & administrative expenses (G&A)* - Adjusted (1) 
 
$
7,757

 
$
9,480

Net income attributable to Equity One, Inc.
 
$
8,006

 
$
26,276

Earnings per diluted share
 
$
0.06

 
$
0.22

Funds from operations available to diluted common shareholders (FFO) (see page 12)
 
$
43,315

 
$
44,746

FFO per diluted common share (see page 13)
 
$
0.32

 
$
0.35

Recurring FFO (see page 12)
 
$
44,160

 
$
45,414

Recurring FFO per diluted common share (see page 13)
 
$
0.32

 
$
0.35

Total dividends paid per share
 
$
0.22

 
$
0.22

Weighted average diluted shares used in EPS computations
 
124,989

 
117,936

Weighted average diluted shares used in FFO computations (2)
 
136,358

 
129,294

 
 
 
 
 
Summary Operating and Financial Ratios
 
 
 
 
Consolidated shopping center portfolio occupancy at end of period (see pages 19-26)
 
95.2
%
 
93.9
%
Same-property shopping center portfolio occupancy at end of period
 
95.2
%
 
94.5
%
Same-property NOI growth - cash basis (see page 10) (3)
 
3.0
%
 
2.4
%
Same-property NOI growth - cash basis, including redevelopments (see page 10) (4)
 
4.7
%
 
1.6
%
NOI margin (see page 10)
 
73.6
%
 
76.2
%
Expense recovery ratio* (5)
 
86.2
%
 
90.0
%
New, renewal and option rent spread - cash basis (see page 16) (6)
 
6.7
%
 
0.9
%
Adjusted G&A expense to total revenues (1)
 
8.8
%
 
10.2
%
Net debt to total market capitalization (see page 7)
 
23.8
%
 
33.6
%
Net debt to Adjusted Consolidated EBITDA* (see page 11)
 
5.1

 
5.9

Adjusted Consolidated EBITDA to interest expense* (see page 11)
 
4.1

 
3.7

Adjusted Consolidated EBITDA to fixed charges* (see page 11)
 
3.6

 
3.3


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

(1) G&A expenses for the three months ended March 31, 2015 and 2014 deducts $983,000 and $1.4 million, respectively, for acquisition/disposition related expenses and reorganization and severance costs.
(2) Weighted average diluted shares used to calculate FFO per share is 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 Limited ("LIH") which are convertible into the company's common stock. 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 the company consolidated, owned and operated for the entirety of both periods being compared, and excludes properties for which significant development or redevelopment occurred during either of the periods being compared.
(4) Information provided on a same-property basis including redevelopments is provided for only those properties that the company consolidated, owned and operated for the entirety of both periods being compared, and includes properties for which significant redevelopment occurred during either of the periods being compared.
(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, the company had rent spreads from new leases, renewals and options on a same-space basis of 5.2% for the three months ended March 31, 2014.

Page 4


EQUITY ONE, INC.
FUNDS FROM OPERATIONS AND EARNINGS GUIDANCE ASSUMPTIONS
As of March 31, 2015 (unaudited)


The company is reaffirming 2015 Recurring FFO guidance of $1.28 to $1.31 per diluted share. Recurring FFO excludes transaction costs, impairment charges, debt extinguishment gains/losses, gains/losses on disposal of assets, severance costs, costs pertaining to the company’s reorganization, and certain other income or charges. The 2015 guidance is based on the following key assumptions:

Increase in same-property NOI of 2.75% to 3.5%
Year-end 2015 same-property occupancy reaching 95.5% to 96.0%
Core acquisitions of $100 million
Joint venture acquisitions of $50 million to $100 million
Non-core dispositions of $50 million to $75 million

The following table provides a reconciliation of the range of estimated earnings per diluted share attributable to Equity One to estimated FFO and Recurring FFO per diluted share for the full year 2015:

 
 
For the year ended
December 31, 2015 (1)
 
 
Low
 
High
Estimated earnings attributable to Equity One per diluted share
 
$0.50
 
$0.52
Adjustments:
 
 
 
 
Net adjustment for shares issuable to LIH and rounding

 
(0.04)
 
(0.04)
Rental property depreciation and amortization including pro
   rata share of joint ventures
 
0.64
 
0.65
Impairments of depreciable real estate, net of tax
 
0.08
 
0.08
Earnings attributed to a noncontrolling interest (2)
 
0.07
 
0.07
 
 
 
 
 
Estimated FFO per diluted share
 
1.25
 
1.28
Transaction costs, debt extinguishment and other
 
0.03
 
0.03
Estimated Recurring FFO per diluted share
 
$1.28
 
$1.31
____________________

(1) 
Does not include possible gains or losses or the impact on operating results from 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 earnings attributable to Equity One per diluted share.


Page 5


EQUITY ONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2015 and December 31, 2014 and 2013 (unaudited)
(in thousands)

 
 
March 31, 2015
 
December 31, 2014
 
December 31, 2013
Assets
 
 
 
 
 
 
Properties:
 
 
 
 
 
 
Income producing
 
$
3,151,636

 
$
3,128,081

 
$
3,153,131

Less: accumulated depreciation
 
(395,180
)
 
(381,533
)
 
(354,166
)
Income producing properties, net
 
2,756,456

 
2,746,548

 
2,798,965

Construction in progress and land
 
139,351

 
161,872

 
104,464

Properties held for sale
 

 

 
13,404

Properties, net
 
2,895,807

 
2,908,420

 
2,916,833

 
 
 
 
 
 
 
Cash and cash equivalents (1)
 
76,417

 
27,719

 
36,495

Accounts and other receivables, net
 
9,939

 
11,859

 
12,872

Investments in and advances to unconsolidated joint ventures
 
88,289

 
89,218

 
91,772

Loans receivable, net
 

 

 
60,711

Goodwill
 
6,038

 
6,038

 
6,377

Other assets
 
223,267

 
218,971

 
229,599

Total assets
 
$
3,299,757

 
$
3,262,225

 
$
3,354,659

 
 
 
 
 
 
 
Liabilities, redeemable noncontrolling interests and equity
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Mortgage notes payable
 
$
290,455

 
$
311,778

 
$
430,155

Unsecured senior notes payable
 
731,136

 
731,136

 
731,136

Term loan
 
250,000

 
250,000

 
250,000

Unsecured revolving credit facilities
 

 
37,000

 
91,000

 
 
1,271,591

 
1,329,914

 
1,502,291

Unamortized premium on notes payable, net
 
2,589

 
3,127

 
6,118

Total notes payable
 
1,274,180

 
1,333,041

 
1,508,409

 
 
 
 
 
 
 
Accounts payable and other liabilities
 
220,695

 
226,008

 
230,571

Deferred tax liability
 
12,757

 
12,567

 
11,764

Total liabilities
 
1,507,632

 
1,571,616

 
1,750,744

 
 
 
 
 
 
 
Redeemable noncontrolling interests
 

 

 
989

 
 
 
 
 
 
 
Total stockholders’ equity of Equity One, Inc.
 
1,585,980

 
1,483,420

 
1,395,183

 
 
 
 
 
 
 
Noncontrolling interests
 
206,145

 
207,189

 
207,743

 
 
 
 
 
 
 
Total liabilities, redeemable noncontrolling interests and equity
 
$
3,299,757

 
$
3,262,225

 
$
3,354,659


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

Page 6


EQUITY ONE, INC.
MARKET CAPITALIZATION
As of March 31, 2015 and December 31, 2014 and 2013 (unaudited)
(in thousands, except share data)

 
 
 
 
 
 
 
 
 
March 31, 2015
 
December 31, 2014
 
December 31, 2013
Closing market price of common stock
 
$
26.69

 
$
25.36

 
$
22.44

Common stock shares
 
 
 
 
 
 
Basic common shares
 
128,946.988

 
124,281.204

 
117,646.807

Diluted common shares
 
 
 
 
 
 
Unvested restricted common shares (treasury method, closing price)
 
149.691

 
154.213

 
123.775

DownREIT units (convertible into shares)
 

 

 
93.656

Common stock options (treasury method, closing price)
 
144.226

 
126.078

 
251.611

Long term incentive plan performance awards (treasury method, closing price)
 
91.295

 
66.820

 
911.263

Convertible CapCo Partnership Units
 
11,357.837

 
11,357.837

 
11,357.837

Diluted common shares
 
140,690.037

 
135,986.152

 
130,384.949

 
 
 
 
 
 
 
Equity market capitalization
 
$
3,755,017

 
$
3,448,609

 
$
2,925,838

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt (excluding unamortized/unaccreted premium/(discount))
 
$
1,271,591

 
$
1,329,914

 
$
1,502,291

Cash and cash equivalents (1)
 
(76,417
)
 
(27,719
)
 
(36,495
)
Net debt
 
$
1,195,174

 
$
1,302,195

 
$
1,465,796

 
 
 
 
 
 
 
Total debt (excluding unamortized/unaccreted premium/(discount))
 
$
1,271,591

 
$
1,329,914

 
$
1,502,291

Equity market capitalization
 
3,755,017

 
3,448,609

 
2,925,838

Total market capitalization
 
$
5,026,608

 
$
4,778,523

 
$
4,428,129

 
 
 
 
 
 
 
Net debt to total market capitalization at applicable market price
 
23.8
%
 
27.3
%
 
33.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross real estate investments (2)
 
$
3,290,987

 
$
3,289,953

 
$
3,337,301

 
 
 
 
 
 
 
Net debt to gross real estate investments
 
36.3
%
 
39.6
%
 
43.9
%
 
 
 
 
 
 
 

(1) Includes restricted cash and cash held in escrow.
(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, 2015 and 2014 (unaudited)
(in thousands, except per share data)

 
Three months ended March 31,
 
Percent
Change
 
2015
 
2014
 
REVENUE:
 
 
 
 
 
Minimum rent
$
65,791

 
$
70,127

 
 
Expense recoveries
19,979

 
19,760

 
 
Percentage rent
2,154

 
2,181

 
 
Management and leasing services
555

 
629

 
 
Total revenue
88,479

 
92,697

 
(4.6
)%
COSTS AND EXPENSES:
 
 
 
 
 
Property operating
12,572

 
11,254

 
 
Real estate taxes
10,607

 
10,408

 
 
Depreciation and amortization
21,016

 
26,267

 
 
General and administrative
8,740

 
10,914

 
 
Total costs and expenses
52,935

 
58,843

 
(10.0
)%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
35,544

 
33,854

 
5.0
 %
OTHER INCOME AND EXPENSE:
 
 
 
 
 
Investment income
41

 
171

 
 
Equity in income of unconsolidated joint ventures
882

 
8,261

 
 
Other income

 
2,841

 
 
Interest expense
(14,259
)
 
(16,900
)
 
 
Amortization of deferred financing fees
(550
)
 
(599
)
 
 
Loss on sale of operating properties
(17
)
 
(258
)
 
 
Gain on extinguishment of debt
138

 
1,074

 
 
Impairment loss
(11,307
)
 

 
 
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
10,472

 
28,444

 
 
Income tax benefit (provision) of taxable REIT subsidiaries
36

 
(533
)
 
 
INCOME FROM CONTINUING OPERATIONS
10,508

 
27,911

 
(62.4
%)
DISCONTINUED OPERATIONS:
 
 
 
 
 
Operations of income producing properties

 
(232
)
 
 
Gain on disposal of income producing properties

 
3,296

 
 
INCOME FROM DISCONTINUED OPERATIONS

 
3,064

 
 
NET INCOME
10,508

 
30,975

 
(66.1
%)
Net income attributable to noncontrolling interests - continuing operations
(2,502
)
 
(4,701
)
 
 
Net loss attributable to noncontrolling interests - discontinued operations

 
2

 
 
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
$
8,006

 
$
26,276

 
(69.5
%)
EARNINGS PER COMMON SHARE - BASIC:
 
 
 
 
 
Continuing operations
$
0.06

 
$
0.20

 
 
Discontinued operations

 
0.03

 
 
 
$
0.06


$
0.22

*
(72.7
%)
EARNINGS PER COMMON SHARE - DILUTED:
 
 
 
 
 
Continuing operations
$
0.06

 
$
0.20

 
 
Discontinued operations

 
0.03

 
 
 
$
0.06


$
0.22

*
(72.7
%)
WEIGHTED AVERAGE SHARES OUTSTANDING:
 
 
 
 
 
Basic
124,740

 
117,675

 
 
Diluted
124,989

 
117,936

 
 
* 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, 2015 and 2014 (unaudited)
(in thousands)

 
Three months ended March 31,
 
2015
 
2014
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
 
As
Reported
 
Disc.
Ops
 
Pre Disc.
Ops
REVENUE:
 
 
 
 
 
 
 
 
 
 
 
Minimum rent
$
65,791

 
$

 
$
65,791

 
$
70,127

 
$
79

 
$
70,206

Expense recoveries
19,979

 

 
19,979

 
19,760

 
7

 
19,767

Percentage rent
2,154

 

 
2,154

 
2,181

 

 
2,181

Management and leasing services
555

 

 
555

 
629

 

 
629

Total revenue
88,479

 

 
88,479

 
92,697

 
86

 
92,783

 
 
 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Property operating
12,572

 

 
12,572

 
11,254

 
312

 
11,566

Real estate taxes
10,607

 

 
10,607

 
10,408

 

 
10,408

Depreciation and amortization
21,016

 

 
21,016

 
26,267

 

 
26,267

General and administrative
8,740

 

 
8,740

 
10,914

 
6

 
10,920

Total costs and expenses
52,935

 

 
52,935

 
58,843

 
318

 
59,161

 
 
 
 
 
 
 
 
 
 
 
 
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS
35,544

 

 
35,544

 
33,854

 
(232
)
 
33,622

 
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME AND EXPENSE:
 
 
 
 
 
 
 
 
 
 
 
Investment income
41

 

 
41

 
171

 

 
171

Equity in income of unconsolidated joint ventures
882

 

 
882

 
8,261

 

 
8,261

Other income

 

 

 
2,841

 

 
2,841

Interest expense
(14,259
)
 

 
(14,259
)
 
(16,900
)
 

 
(16,900
)
Amortization of deferred financing fees
(550
)
 

 
(550
)
 
(599
)
 

 
(599
)
(Loss) gain on sale of operating properties
(17
)
 

 
(17
)
 
(258
)
 
3,296

 
3,038

Gain on extinguishment of debt
138

 

 
138

 
1,074

 

 
1,074

Impairment loss
(11,307
)
 

 
(11,307
)
 

 

 

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS
10,472

 

 
10,472

 
28,444

 
3,064

 
31,508

Income tax benefit (provision) of taxable REIT subsidiaries
36

 

 
36

 
(533
)
 

 
(533
)
INCOME FROM CONTINUING OPERATIONS
10,508

 

 
10,508

 
27,911

 
3,064

 
30,975

DISCONTINUED OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
Operations of income producing properties

 

 

 
(232
)
 
232

 

Gain on disposal of income producing properties

 

 

 
3,296

 
(3,296
)
 

INCOME FROM DISCONTINUED OPERATIONS

 

 

 
3,064

 
(3,064
)
 

NET INCOME
10,508

 

 
10,508

 
30,975

 

 
30,975

Net income attributable to noncontrolling interests - continuing operations
(2,502
)
 

 
(2,502
)
 
(4,701
)
 
2

 
(4,699
)
Net loss attributable to noncontrolling interests - discontinued operations

 

 

 
2

 
(2
)
 

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.
$
8,006

 
$

 
$
8,006

 
$
26,276

 
$

 
$
26,276


Page 9


EQUITY ONE, INC.
NET OPERATING INCOME
For the three months ended March 31, 2015 and 2014 (unaudited)
(in thousands, except number of properties)

 
Three months ended March 31,
 
Percent
Change
 
2015
 
2014
 
Total net operating income (1)
 
 
 
 
 
Total rental revenue
$
87,924

 
$
92,154

 
(4.6%)
Less: Property operating expenses
12,572

 
11,566

 
8.7%
Real estate tax expense
10,607

 
10,408

(2) 
1.9%
Net operating income
$
64,745

 
$
70,180

 
(7.7%)
 
 
 
 
 
 
NOI margin (NOI / Total rental revenue)
73.6
%
 
76.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-property cash NOI (3) (4)
 
 
 
 
 
Minimum rent
$
54,556

 
$
52,903

 
 
Expense recoveries
18,412

 
17,629

 
 
Percentage rent
1,848

 
1,777

 
 
Total rental revenue
$
74,816

 
$
72,309

 
3.5%
 
 
 
 
 
 
Recoverable operating expenses (4) (5)
$
21,746

 
$
21,092

 
 
Non-recoverable operating expenses
516

 
667

 
 
Bad debt expense
651

 
149

 
 
Total property operating expenses
22,913

 
21,908

 
4.6%
Same-property cash net operating income
51,903

 
50,401

 
3.0%
Redevelopment property NOI
4,000

 
2,975

 
 
Same-property NOI including redevelopments
$
55,903

 
$
53,376

 
4.7%
 
 
 
 
 
 
Growth in same-property NOI
3.0
%
 
 
 
 
Number of properties included in analysis (6)
100

 
 
 
 
 
 
 
 
 
 
Growth in same-property NOI including redevelopments
4.7
%
 
 
 
 
Number of properties included in analysis (7)
107

 
 
 
 



(1) Amounts included in discontinued operations have been included for purposes of this presentation of NOI. NOI is presented on a GAAP basis.
(2) For the full year ended December 31, 2014, real estate tax expense totaled $41.0 million.
(3) Excludes the effects of straight-line rent, above/below-market rents, lease termination revenue and expense, prior year expense recovery adjustments and other items that affect the comparability of the same-property results, if any.
(4) Recoverable operating expenses include intercompany management fee expense that is eliminated in the presentation of the company's consolidated results.
(5) Included in recoverable operating expenses are real estate tax expenses of $9.2 million and $9.0 million for the three months ended March 31, 2015 and 2014, respectively.
(6) The same-property pool includes only those properties that the company consolidated, owned and operated for the entirety of both periods being compared and excludes properties for which significant development or redevelopment occurred during either of the periods being compared.
(7) The same-property pool including redevelopments includes only those properties that the company consolidated, owned and operated for the entirety of both periods being compared and includes properties for which significant redevelopment occurred during either of the periods being compared.


Page 10


EQUITY ONE, INC.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION - ADJUSTED CONSOLIDATED EBITDA
For the three months ended March 31, 2015 and 2014 (unaudited)
(in thousands)

 
Three months ended March 31,
 
2015
 
2014
Net income
$
10,508

 
$
30,975

Depreciation and amortization
21,016

 
26,267

Interest expense
14,259

 
16,900

Amortization of deferred financing fees
550

 
599

Gain on extinguishment of debt
(138
)
 
(1,074
)
Acquisition/disposition costs
670

 
1,440

Reorganization and severance costs (1)
313

 

Impairment loss
11,307

 

Gain on sale of operating properties
17

 
(3,038
)
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 (benefit) provision of taxable REIT subsidiaries
(36
)
 
533

Adjusted Consolidated EBITDA
$
58,466

 
$
62,403

 
 
 
 
Interest expense
$
14,259

 
$
16,900

 
 
 
 
Adjusted Consolidated EBITDA to interest expense
4.1

 
3.7

 
 
 
 
Fixed charges
 
 
 
Interest expense
$
14,259

 
$
16,900

Scheduled principal amortization (4)
1,779

 
2,035

Total fixed charges
$
16,038

 
$
18,935

 
 
 
 
Adjusted Consolidated EBITDA to fixed charges
3.6

 
3.3

 
 
 
 
Net Debt to Adjusted Consolidated EBITDA (5)
5.1

 
5.9



Amounts reported above include discontinued operations.
(1) Includes the effect of the modification and acceleration of share-based compensation expense associated with the company's CFO transition, as well as, severance, bonus payments and other costs associated with reorganizational changes.
(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 the company's proportionate share was $7.4 million, including $1.6 million attributable to a noncontrolling interest, which is included in equity in income of unconsolidated joint ventures in the company's condensed consolidated statement of income for the three months ended March 31, 2014.
(3) In January 2014, the company 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, the company remeasured the fair value of its 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 the company's 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.
FUNDS FROM OPERATIONS
For the three months ended March 31, 2015 and 2014 (unaudited)
(in thousands)

 
Three months ended March 31,
 
2015
 
2014
 
 
 
 
Net income attributable to Equity One, Inc.
$
8,006

 
$
26,276

Adjustments:
 
 
 
Rental property depreciation and amortization, net of noncontrolling interest (1)
20,699

 
25,935

Pro-rata share of real estate depreciation and amortization from unconsolidated joint ventures
1,033

 
1,051

Loss (gain) on disposal of depreciable assets, net of tax (1)
17

 
(3,008
)
Pro-rata share of gain on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest (2)

 
(8,007
)
Impairments of depreciable real estate, net of tax (1)
11,061

 

Funds From Operations
40,816

 
42,247

   Earnings attributed to noncontrolling interest (3)
2,499

 
2,499

Funds From Operations Available to Diluted Common Shareholders (4)
43,315

 
44,746

   Transaction costs associated with acquisition and disposition activity, net of tax (1)
670

 
1,440

   Reorganization and severance costs (5)
313

 

   Gain on debt extinguishment, net of tax (1)
(138
)
 
(742
)
   Gain on land and outparcel sales, net of controlling interests (1)

 
(30
)
Recurring Funds From Operations Available to Diluted Common Shareholders (4)
$
44,160

 
$
45,414



(1) Includes amounts classified as discontinued operations.
(2) Includes the remeasurement of the fair value of the company's equity interest in Talega Village Center JV, LLC, the owner of Talega Village Center, of $2.2 million, net of the related noncontrolling interest, for the three months ended March 31, 2014. See footnote 3 on page 11.
(3) Represents earnings attributed to convertible units held by LIH. Although these convertible units are excluded from the calculation of earnings per diluted share, FFO available to diluted shareholders includes earnings allocated to LIH, as the inclusion of these units is dilutive to FFO per diluted share.
(4) Includes a $4.2 million net termination benefit related to the Loehmann’s lease at 101 7th Avenue and a $1.1 million reversal of bad debt expense associated with the settlement of historical real estate taxes with two tenants for the three months ended March 31, 2014.
(5) Includes the effect of the modification and acceleration of share-based compensation expense associated with the company's CFO transition, as well as, severance, bonus payments and other costs associated with reorganizational changes.





Page 12


EQUITY ONE, INC.
FUNDS FROM OPERATIONS
For the three months ended March 31, 2015 and 2014 (unaudited)

 
Three months ended March 31,
 
2015
 
2014
Earnings per diluted share attributable to Equity One, Inc.
$
0.06

 
$
0.22

Adjustments:
 
 
 
Rental property depreciation and amortization, net of noncontrolling interest
0.15

 
0.20

Earnings attributed to noncontrolling interest (1)
0.02

 
0.02

Net adjustment for rounding and earnings attributable to unvested shares (2)

 
(0.02
)
Pro-rata share of real estate depreciation and amortization from unconsolidated joint ventures
0.01

 
0.01

Gain on disposal of depreciable assets, net of tax

 
(0.02
)
Pro-rata share of gain on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest

 
(0.06
)
Impairments of depreciable real estate, net of tax
0.08

 

Funds From Operations per Diluted Common Share (3)
$
0.32

 
$
0.35

 
 
 
 
Funds From Operations per Diluted Share
$
0.32

 
$
0.35

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

 
0.01

Gain on debt extinguishment, net of tax

 
(0.01
)
Recurring Funds From Operations per Diluted Common Share (3)
$
0.32

 
$
0.35

Weighted average diluted shares (in thousands) (4)
136,358

 
129,294



(1) Represents earnings attributed to convertible units held by LIH, which have been excluded for purposes of calculating earnings per diluted share. The computation of FFO and Recurring FFO 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 earnings allocated to unvested shares and shares issuable to LIH and for the rounding of the individual calculations.
(3) Includes a $4.2 million net termination benefit related to the Loehmann’s lease at 101 7th Avenue and a $1.1 million reversal of bad debt expense associated with the settlement of historical real estate taxes with two tenants for the three months ended March 31, 2014, together totaling $0.04 per diluted share.
(4) Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share is 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 the company's common stock. 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, 2015 and 2014 (unaudited)
(in thousands)


 
Three months ended March 31,
 
2015
 
2014
Certain non-cash items:
 
 
 
Amortization of deferred financing fees
$
550

 
$
599

Accretion of below-market lease intangibles, net
2,827

 
8,207

Share-based compensation expense
1,269

 
1,767

Straight-line rent
1,131

 
661

Capitalized interest
1,272

 
701

Amortization of premium on notes payable, net
400

 
620

 
 
 
 
Capital expenditures:
 
 
 
Tenant improvements and allowances
$
6,083

 
$
2,692

Leasing commissions and costs
1,818

 
1,522

Developments
2,108

 
8,038

Redevelopments
9,694

 
6,062

Maintenance capital expenditures
2,520

 
1,536

Total capital expenditures
$
22,223

 
$
19,850

 
 
 
 
 
March 31, 2015
 
December 31, 2014
Other assets:
 
 
 
Lease intangible assets, net
$
103,638

 
$
106,064

Leasing commissions, net
39,054

 
39,141

Prepaid expenses and other receivables
33,135

 
26,880

Straight-line rent receivables, net
25,455

 
24,412

Deferred financing costs, net
8,771

 
9,322

Deposits and mortgage escrows
6,974

 
6,356

Furniture, fixtures and equipment, net
3,561

 
3,809

Fair value of interest rate swap
139

 
681

Deferred tax asset
2,540

 
2,306

Total other assets
$
223,267

 
$
218,971

 
 
 
 
Accounts payable and other liabilities:
 
 
 
Lease intangible liabilities, net
$
153,766

 
$
157,486

Prepaid rent
9,223

 
9,607

Fair value of interest rate swaps
2,996

 
952

Accounts payable and other
54,710

 
57,963

Total accounts payable and other liabilities
$
220,695

 
$
226,008

 
 
 
 
Cash and Maximum Available Under Lines of Credit as of 3/31/15:
 
 
 
Cash and cash equivalents - unrestricted
$
76,167

 
 
Available under lines of credit
605,000

 
 
Total Available Funds
$
681,167

 
 


Page 14


EQUITY ONE, INC.
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
CONSOLIDATED PROPERTIES
As of March 31, 2015 (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 / Safeway / Vons
 
11

 
B2/B-
 
659,395

 
4.5
%
 
$
12,275,860

 
4.8
%
 
$
18.62

 
6.8

Publix
 
25

 
N/A
 
1,062,166

 
7.3
%
 
8,718,931

 
3.4
%
 
8.21

 
7.4

LA Fitness
 
8

 
B2/B
 
356,609

 
2.4
%
 
6,674,805

 
2.6
%
 
18.72

 
8.3

TJ Maxx / Homegoods / Marshalls
 
12

 
A3/A+
 
342,339

 
2.4
%
 
5,806,073

 
2.3
%
 
16.96

 
5.4

Food Emporium / Pathmark
 
2

 
N/A
 
88,018

 
0.6
%
 
5,528,860

 
2.1
%
 
62.82

 
12.0

Bed Bath & Beyond / Cost Plus World Market
 
12

 
Baa1/A-
 
360,719

 
2.5
%
 
5,313,862

 
2.1
%
 
14.73

 
4.6

Barneys New York
 
1

 
Caa3/N/A
 
56,870

 
0.4
%
 
4,500,000

 
1.7
%
 
79.13

 
20.9

CVS Pharmacy
 
12

 
Baa1/BBB+
 
148,367

 
1.0
%
 
3,802,226

 
1.5
%
 
25.63

 
9.1

Sports Authority
 
4

 
B3/N/A
 
108,391

 
0.7
%
 
3,753,410

 
1.5
%
 
34.63

 
6.7

The Gap / Old Navy
 
7

 
Baa3/BBB-
 
115,187

 
0.8
%
 
3,739,515

 
1.5
%
 
32.46

 
6.7

Office Depot / Office Max
 
8

 
B2/B-
 
208,226

 
1.4
%
 
3,350,986

 
1.3
%
 
16.09

 
2.9

Costco
 
1

 
A1/A+
 
148,295

 
1.0
%
 
3,114,245

 
1.2
%
 
21.00

 
4.4

Staples
 
7

 
Baa2/BBB-
 
144,726

 
1.0
%
 
2,724,669

 
1.1
%
 
18.83

 
3.2

Trader Joe's
 
6

 
N/A
 
73,051

 
0.5
%
 
2,567,685

 
1.0
%
 
35.15

 
8.3

Dick's Sporting Goods
 
1

 
N/A
 
83,777

 
0.6
%
 
2,246,886

 
0.9
%
 
26.82

 
9.9

The Container Store
 
2

 
B2/B
 
49,661

 
0.3
%
 
2,174,212

 
0.8
%
 
43.78

 
7.5

Best Buy
 
4

 
Baa2/BB
 
142,831

 
1.0
%
 
2,104,708

 
0.8
%
 
14.74

 
1.2

Walgreens
 
6

 
Baa2/BBB
 
98,522

 
0.7
%
 
2,014,815

 
0.8
%
 
20.45

 
15.2

Winn Dixie
 
6

 
N/A
 
273,439

 
1.9
%
 
1,998,542

 
0.8
%
 
7.31

 
2.6

Wal-Mart
 
2

 
Aa2/AA
 
154,516

 
1.1
%
 
1,964,575

 
0.8
%
 
12.71

 
5.7

Nordstrom
 
2

 
Baa1/A-
 
75,418

 
0.5
%
 
1,958,780

 
0.8
%
 
25.97

 
6.5

Target
 
1

 
A2/A
 
160,346

 
1.1
%
 
1,924,152

 
0.7
%
 
12.00

 
3.3

Academy Sports
 
3

 
N/A
 
195,323

 
1.3
%
 
1,911,831

 
0.7
%
 
9.79

 
11.6

Wells Fargo
 
13

 
A2/A+
 
50,485

 
0.3
%
 
1,901,379

 
0.7
%
 
37.66

 
5.1

Kroger
 
6

 
Baa2/BBB
 
270,650

 
1.9
%
 
1,862,807

 
0.7
%
 
6.88

 
6.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total top twenty-five tenants
 
162

 
 
 
5,427,327

 
37.2
%
 
$
93,933,814

 
36.6
%
 
$
17.31

 
7.5

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, 2015. Source: Moody’s/S&P.
(2) In years, excluding future 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, 2015 (unaudited)


Category
 
Total
Leases
 
Total
Sq. Ft.
 
Same-Space
Leases
 
Same-Space
Sq. Ft.
 
Prior Rent
PSF (2)
 
New Rent
PSF (2)
 
Rent
Spread (1)
 
Same-Space
TIs & Landlord Costs PSF (3)
Three months ended March 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Leases (1)
 
42

 
168,719

 
27

 
58,068

 
$
19.68

 
$
20.81

 
5.7
%
 
$
16.47

Renewals & Options (4)
 
67

 
673,999

 
67

 
673,999

 
$
17.59

 
$
18.79

 
6.8
%
 
$
0.64

Total New Leases, Renewals & Options
 
109

 
842,718

 
94

 
732,067

 
$
17.76

 
$
18.95

 
6.7
%
 
$
1.90


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) The spread on negotiated renewals, excluding automatic renewal options, was 14.2% for the three months ended March 31, 2015.


Page 16


EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2015 (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

 
25,745

 
0.3
%
 
$
24.06

82

 
168,990

 
3.8
%
 
$
21.82

84

 
194,735

 
1.5
%
 
$
22.12

2015
11

 
209,345

 
2.4
%
 
9.77

149

 
328,265

 
7.4
%
 
23.40

160

 
537,610

 
4.0
%
 
18.09

2016
35

 
1,191,759

 
13.4
%
 
10.04

265

 
579,515

 
13.0
%
 
27.51

300

 
1,771,274

 
13.3
%
 
15.76

2017
33

 
943,870

 
10.6
%
 
13.07

301

 
601,547

 
13.5
%
 
28.42

334

 
1,545,417

 
11.6
%
 
19.05

2018
26

 
809,297

 
9.1
%
 
12.05

184

 
470,063

 
10.6
%
 
28.58

210

 
1,279,360

 
9.6
%
 
18.13

2019
33

 
1,520,367

 
17.1
%
 
10.82

191

 
509,909

 
11.4
%
 
27.90

224

 
2,030,276

 
15.2
%
 
15.11

2020
32

 
1,055,499

 
11.9
%
 
10.27

119

 
314,992

 
7.1
%
 
29.04

151

 
1,370,491

 
10.3
%
 
14.59

2021
14

 
364,454

 
3.5
%
 
22.17

45

 
130,694

 
2.9
%
 
35.69

59

 
495,148

 
3.7
%
 
25.74

2022
18

 
549,797

 
6.2
%
 
18.95

56

 
183,134

 
4.1
%
 
38.56

74

 
732,931

 
5.5
%
 
23.85

2023
19

 
421,815

 
4.8
%
 
27.97

42

 
139,383

 
3.1
%
 
47.60

61

 
561,198

 
4.2
%
 
32.85

2024
15

 
309,564

 
3.5
%
 
24.24

48

 
119,504

 
2.7
%
 
44.94

63

 
429,068

 
3.2
%
 
30.01

Thereafter
42

 
1,445,849

 
16.9
%
 
18.94

82

 
294,332

 
6.6
%
 
38.07

124

 
1,740,181

 
13.1
%
 
22.17

Sub-total / Avg.
280

 
8,847,361

 
99.7
%
 
14.60

1,564

 
3,840,328

 
86.2
%
 
30.25

1,844

 
12,687,689

 
95.2
%
 
19.34

Vacant
2

 
22,935

 
0.3
%
 
N/A

309

 
615,230

 
13.8
%
 
N/A

311

 
638,165

 
4.8
%
 
N/A

Total / Avg.
282

 
8,870,296

 
100.0
%
 
N/A

1,873

 
4,455,558

 
100.0
%
 
N/A

2,155

 
13,325,854

 
100.0
%
 
N/A

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

Page 17


EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY STATE
As of March 31, 2015 (unaudited)


State
 
# of
Properties
 
Total SF
 
AMR
 
% of AMR
South Florida
 
35

 
4,441,707

 
$
67,703,908

 
29.3
%
North Florida
 
16

 
1,757,664

 
21,594,308

 
9.3
%
Total Florida
 
51

 
6,199,371

 
89,298,216

 
38.6
%
California
 
10

 
2,131,709

 
47,723,278

 
20.6
%
New York
 
6

 
888,579

 
32,708,811

 
14.2
%
Connecticut
 
8

 
986,295

 
20,050,065

 
8.7
%
Georgia
 
9

 
983,364

 
14,906,705

 
6.4
%
Massachusetts
 
7

 
602,929

 
11,263,666

 
4.9
%
Louisiana
 
7

 
883,066

 
8,541,464

 
3.7
%
Maryland
 
1

 
214,030

 
3,852,710

 
1.7
%
North Carolina
 
3

 
436,511

 
2,822,740

 
1.2
%
 
 
 
 
 
 
 
 
 
Total
 
102

 
13,325,854

 
$
231,167,655

 
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, 2015 (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 (1)
 
Other anchor tenants
 
per leased SF
FLORIDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOUTH FLORIDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aventura Square
 
Aventura
 
1991
 
143,250

 
100.0
%
 
10

 

 
 
 
 
 
 
 
Babies R Us / Jewelry Exchange / Old Navy / Bed, Bath & Beyond / DSW
 
$
27.69

Bird Ludlum
 
Miami
 
1988 / 1998
 
191,993

 
93.9
%
 
43

 
7

 
44,400

 
Winn-Dixie
 
12/30/2017
 
CVS Pharmacy / Goodwill
 
$
21.01

Bluffs Square
 
Jupiter
 
1986
 
123,917

 
87.0
%
 
24

 
7

 
39,795

 
Publix
 
10/22/2016
 
Walgreens
 
$
13.24

Cashmere Corners
 
Port St. Lucie
 
2001
 
89,234

 
93.0
%
 
12

 
4

 
61,448

 
Albertsons*
 
4/30/2025
 
 
 
$
7.81

Chapel Trail
 
Pembroke Pines
 
2007
 
56,378

 
100.0
%
 
4

 

 
 
 
 
 
 
 
LA Fitness
 
$
23.79

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

 
90.9
%
 
14

 
3

 
25,203

 
Aldi
 
9/30/2025
 
Walgreens
 
$
29.18

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

 
86.9
%
 
38

 
10

 
39,795

 
Publix
 
5/31/2037
 
Stein Mart
 
$
14.64

Crossroads Square
 
Pembroke Pines
 
1973
 
81,587

 
90.7
%
 
18

 
5

 
 
 
 
 
 
 
CVS Pharmacy / Goodwill / Party City
 
$
18.80

El Novillo
 
Miami Beach
 
1970 / 2000
 
10,000

 
100.0
%
 
1

 

 
 
 
 
 
 
 
Sakura Japanese Buffet
 
$
17.00

Greenwood
 
Palm Springs
 
1982 / 1994
 
133,438

 
90.1
%
 
27

 
7

 
50,032

 
Publix
 
12/5/2019
 
Beall’s Outlet
 
$
14.60

Hammocks Town Center
 
Miami
 
1987 / 1993
 
183,834

 
99.6
%
 
37

 
1

 
39,795

 
Publix
 
6/24/2017
 
Metro Dade Library / CVS Pharmacy / Porky's Gym
 
$
15.23

Homestead (2)
 
Homestead
 
2014
 
4,580

 
100.0
%
 
1

 

 
 
 
 
 
 
 
 
 
$
21.83

Jonathan’s Landing
 
Jupiter
 
1997
 
26,820

 
100.0
%
 
11

 

 
 
 
 
 
 
 
 
 
$
22.09

Lago Mar
 
Miami
 
1995
 
82,613

 
95.8
%
 
16

 
2

 
42,323

 
Publix
 
9/13/2020
 
Youfit Health Clubs
 
$
14.16

Lantana Village
 
Lantana
 
1976 / 1999
 
181,780

 
96.6
%
 
20

 
5

 
39,473

 
Winn-Dixie
 
2/15/2016
 
Kmart / Rite Aid* (Family Dollar)
 
$
7.54

Magnolia Shoppes
 
Fort Lauderdale
 
1998
 
114,118

 
94.5
%
 
14

 
3

 
 
 
 
 
 
 
Regal Cinemas / Deal$
 
$
12.40

Pavilion
 
Naples
 
1982 / 2001 / 2011
 
167,745

 
89.9
%
 
33

 
8

 
 
 
 
 
 
 
Paragon Theaters / LA Fitness / Paradise Wine
 
$
18.63

Pine Island
 
Davie
 
1999
 
255,818

 
90.8
%
 
36

 
8

 
39,943

 
Publix
 
11/30/2018
 
Burlington Coat Factory / Staples / Youfit Health Clubs
 
$
13.63

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

 
96.8
%
 
22

 
2

 
17,441

 
The Fresh Market
 
7/31/2019
 
Ulta Beauty / Bed, Bath & Beyond / Marshalls
 
$
16.44

Point Royale
 
Miami
 
1970 / 2000
 
181,381

 
94.1
%
 
22

 
5

 
45,350

 
Winn-Dixie
 
2/15/2020
 
Best Buy / Pasteur Medical
 
$
12.35

Prosperity Centre
 
Palm Beach Gardens
 
1993
 
123,614

 
96.7
%
 
10

 
1

 
 
 
 
 
 
 
Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx
 
$
18.95



Page 19


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2015 (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 (1)
 
Other anchor tenants
 
per leased SF
Ridge Plaza
 
Davie
 
1984 / 1999
 
155,204

 
96.3
%
 
19

 
4

 
 
 
 
 
 
 
Paragon Theaters / Kabooms / United Collection / Round Up / Goodwill
 
$
12.89

Salerno Village
 
Stuart
 
1987
 
4,800

 
100.0
%
 
1

 

 
 
 
 
 
 
 
 
 
$
14.38

Sawgrass Promenade
 
Deerfield Beach
 
1982 / 1998
 
107,092

 
89.8
%
 
20

 
5

 
36,464

 
Publix
 
12/15/2019
 
Walgreens / Dollar Tree
 
$
11.57

Sheridan Plaza
 
Hollywood
 
1973 / 1991
 
508,455

 
96.9
%
 
56

 
7

 
65,537

 
Publix
 
10/9/2016
 
Ross / Bed Bath & Beyond / LA Fitness / Sunrise Medical Group/ Pet Supplies Plus / Office Depot / Kohl's
 
$
16.56

Shoppes of Oakbrook
 
Palm Beach Gardens
 
1974 / 2000 / 2003
 
200,448

 
97.3
%
 
25

 
4

 
44,400

 
Publix
 
11/30/2020
 
CVS Pharmacy / Duffy's / Homegoods* (Tuesday Morning) / Bassett Furniture / Stein Mart
 
$
15.08

Shoppes of Silverlakes
 
Pembroke Pines
 
1995 / 1997
 
126,789

 
88.1
%
 
30

 
7

 
47,814

 
Publix
 
6/14/2020
 
Goodwill
 
$
17.60

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

 
97.7
%
 
48

 
2

 
51,420

 
Publix
 
7/31/2019
 
TJ Maxx / LA Fitness / Goodwill
 
$
20.12

Shops at St. Lucie
 
Port St. Lucie
 
2006
 
27,363

 
89.1
%
 
9

 
2

 
 
 
 
 
 
 
 
 
$
20.17

Tamarac Town Square
 
Tamarac
 
1987
 
124,585

 
87.7
%
 
29

 
10

 
37,764

 
Publix
 
12/15/2019
 
Dollar Tree / Pivot Education
 
$
12.28

Waterstone
 
Homestead
 
2005
 
61,000

 
100.0
%
 
9

 

 
45,600

 
Publix
 
7/31/2025
 
 
 
$
15.24

West Bird
 
Miami
 
1977 / 2000
 
99,864

 
96.5
%
 
27

 
1

 
37,949

 
Publix
 
8/31/2020
 
CVS Pharmacy
 
$
16.78

West Lake Plaza
 
Miami
 
1984 / 2000
 
100,747

 
95.3
%
 
26

 
1

 
46,216

 
Winn-Dixie
 
5/22/2016
 
CVS Pharmacy
 
$
14.95

Westport Plaza
 
Davie
 
2002
 
49,533

 
96.6
%
 
9

 
1

 
27,887

 
Publix
 
11/30/2022
 
 
 
$
18.09

Young Circle
 
Hollywood
 
1962 / 1997
 
64,574

 
95.5
%
 
8

 
1

 
23,124

 
Publix
 
11/30/2016
 
Walgreens
 
$
15.59

TOTAL SHOPPING CENTERS SOUTH FLORIDA (35)
 
4,441,707

 
94.3
%
 
729

 
123

 
949,173

 
 
 
 
 
 
 
$
16.16

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NORTH FLORIDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alafaya Village
NF
Orlando
 
1986
 
38,118

 
77.2
%
 
13

 
3

 
 
 
 
 
 
 
 
 
$
21.25

Atlantic Village
NF
Atlantic Beach
 
1984 / 1996 / 2014
 
104,687

 
98.1
%
 
26

 
2

 
 
 
 
 
 
 
LA Fitness / Jo-Ann Fabric and Craft Stores
 
$
15.51

Beauclerc Village
NF
Jacksonville
 
1962 / 1988
 
68,846

 
93.1
%
 
7

 
4

 
 
 
 
 
 
 
Big Lots / Goodwill / Beall's Outlet
 
$
9.75

Charlotte Square
NF
Port Charlotte
 
1980
 
96,626

 
72.4
%
 
13

 
12

 
 
 
 
 
 
 
Seafood Buffet / Walmart
 
$
9.31

Ft. Caroline
NF
Jacksonville
 
1985 / 1995
 
77,185

 
100.0
%
 
7

 

 
45,500

 
Winn-Dixie
 
5/31/2020
 
Citi Trends
 
$
7.32

Glengary Shoppes
NF
Sarasota
 
1995
 
92,844

 
90.6
%
 
5

 
1

 
 
 
 
 
 
 
Best Buy / Barnes & Noble
 
$
20.73


Page 20


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2015 (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 (1)
 
Other anchor tenants
 
per leased SF
Mandarin Landing
NF
Jacksonville
 
1976
 
139,580

 
93.6
%
 
25

 
4

 
50,000

 
Whole Foods
 
12/31/2023
 
Office Depot / Aveda Institute
 
$
16.85

Old Kings Commons
NF
Palm Coast
 
1988
 
84,759

 
99.0
%
 
15

 
1

 
 
 
 
 
 
 
Planet Fitness/ Staples / Beall's Outlet
 
$
9.78

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

 
77.0
%
 
15

 
14

 
34,400

 
Publix*
(Office Depot)
 
11/30/2018
 
Marshalls / HomeGoods
 
$
11.55

Ryanwood
NF
Vero Beach
 
1987
 
114,925

 
85.3
%
 
22

 
10

 
39,795

 
Publix
 
3/23/2017
 
Beall's Outlet / Books-A-Million
 
$
11.91

South Beach
NF
Jacksonville Beach
 
1990 / 1991
 
307,873

 
96.3
%
 
35

 
8

 
12,517

 
Trader Joe's
 
1/31/2025
 
Bed Bath & Beyond / Ross / Stein Mart / Home Depot / Staples
 
$
13.39

South Point Center
NF
Vero Beach
 
2003
 
64,790

 
92.4
%
 
11

 
4

 
44,840

 
Publix
 
11/30/2023
 
 
 
$
15.99

Sunlake
NF
Tampa
 
2008
 
97,871

 
89.0
%
 
20

 
6

 
47,000

 
Publix
 
12/31/2028
 
 
 
$
19.60

Town & Country
NF
Kissimmee
 
1993
 
75,181

 
94.1
%
 
11

 
3

 
52,883

 
Albertsons* (Ross Dress For Less)
 
10/31/2018
 
 
 
$
8.21

Treasure Coast
NF
Vero Beach
 
1983
 
133,779

 
99.5
%
 
23

 
1

 
61,450

 
Publix
 
7/31/2026
 
TJ Maxx
 
$
13.72

Unigold Shopping Center
NF
Winter Park
 
1987
 
114,127

 
91.2
%
 
17

 
7

 
52,500

 
Winn-Dixie
 
4/30/2017
 
Youfit Health Clubs
 
$
12.08

TOTAL SHOPPING CENTERS NORTH FLORIDA (16)
 
1,757,664

 
91.3
%
 
265

 
80

 
440,885

 
 
 
 
 
 
 
$
13.46

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHOPPING CENTERS FLORIDA (51)
 
6,199,371

 
93.5
%
 
994

 
203

 
1,390,058

 
 
 
 
 
 
 
$
15.41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALIFORNIA 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle Center West
 
Long Beach
 
1989
 
64,364

 
97.8
%
 
15

 
1

 
 
 
 
 
 
 
Marshalls
 
$
21.36

Culver Center
 
Culver City
 
1950 / 2000
 
216,646

 
97.1
%
 
31

 
2

 
36,578

 
Ralph’s
 
10/31/2030
 
LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy
 
$
28.92

Marketplace Shopping Center
 
Davis
 
1990
 
111,156

 
97.6
%
 
21

 
2

 
35,018

 
Safeway
 
7/31/2019
 
Petco / CVS Pharmacy
 
$
23.09

Plaza Escuela
 
Walnut Creek
 
2002
 
153,565

 
98.8
%
 
22

 
1

 
 
 
 
 
 
 
Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Uniqlo / Sports Authority
 
$
43.56

Pleasanton Plaza
 
Pleasanton
 
1981
 
163,469

 
92.6
%
 
18

 
5

 
 
 
 
 
 
 
JC Penney / Cost Plus World Market / Design's School of Cosmetology / Office Max
 
$
13.48

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
 
$
30.30

Ralph's Circle Center
 
Long Beach
 
1983
 
59,837

 
97.6
%
 
12

 
1

 
35,022

 
Ralph’s
 
11/30/2025
 
 
 
$
17.34


Page 21


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2015 (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 (1)
 
Other anchor tenants
 
per leased SF
Serramonte Shopping Center
 
Daly City
 
1968
 
882,938

 
96.7
%
 
94

 
11

 
 
 
 
 
 
 
Macy's / JC Penney / Target / Daiso / H&M / Forever 21 / Uniqlo / Dick's Sporting Goods / Crunch Gym
 
$
19.54

Talega Village Center (2)
 
San Clemente
 
2007
 
102,270

 
97.7
%
 
24

 
2

 
46,000

 
Ralph's
 
12/31/2027
 
 
 
$
20.02

Von’s Circle Center
 
Long Beach
 
1972
 
150,822

 
98.4
%
 
23

 
1

 
51,855

 
Von’s
 
7/31/2022
 
Rite Aid / Ross
 
$
17.35

TOTAL SHOPPING CENTERS CALIFORNIA (10)
 
2,131,709

 
97.2
%
 
286

 
27

 
264,039

 
 
 
 
 
 
 
$
23.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW YORK 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1175 Third Avenue
 
Manhattan
 
1995
 
25,350

 
100.0
%
 
1

 

 
25,350

 
Food Emporium
 
4/30/2023
 
 
 
$
106.86

90-30 Metropolitan
 
Queens
 
2007
 
59,815

 
100.0
%
 
5

 

 
12,898

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

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

 
91.3
%
 
4

 
2

 
 
 
 
 
 
 
CVS Pharmacy
 
$
103.56

Clocktower Plaza
 
Queens
 
1985 / 1995
 
78,820

 
100.0
%
 
8

 

 
62,668

 
Pathmark
 
11/30/2030
 
 
 
$
45.10

The Gallery at Westbury Plaza
 
Westbury
 
2013
 
311,669

 
96.7
%
 
30

 
3

 
13,004

 
Trader Joe's
 
8/31/2022
 
The Container Store / Famous Footwear / HomeGoods / Nordstrom Rack / Bloomingdale's / GapOutlet / Saks Fifth Avenue / S.A. Elite / Old Navy
 
$
45.76

Westbury Plaza
 
Westbury
 
1993 / 2004
 
394,451

 
100.0
%
 
12

 

 
 
 
 
 
 
 
Costco / Marshalls / Sports Authority / Walmart / Olive Garden / Thomasville Furniture
 
$
23.09

TOTAL SHOPPING CENTERS NEW YORK (6)
 
888,579

 
98.7
%
 
60

 
5

 
113,920

 
 
 
 
 
 
 
$
37.31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONNECTICUT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brookside Plaza
 
Enfield
 
1985 / 2006
 
216,480

 
100.0
%
 
26

 

 
59,648

 
Wakefern Food
 
8/31/2020
 
Bed Bath & Beyond / Walgreens / Staples / Petsmart
 
$
14.29

Compo Acres
 
Westport
 
1960 / 2011
 
42,796

 
100.0
%
 
15

 

 
11,731

 
Trader Joe’s
 
2/28/2022
 

 
$
47.81

Copps Hill
 
Ridgefield
 
1979 / 2002
 
184,528

 
100.0
%
 
9

 

 
59,015

 
Stop & Shop
 
12/31/2024
 
Kohl's / Rite Aid
 
$
13.87

Darinor Plaza
 
Norwalk
 
1978
 
153,135

 
100.0
%
 
14

 

 
 
 
 
 
 
 
Kohl's / Old Navy / Party City
 
$
17.87

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
 
$
22.23

Post Road Plaza
 
Darien
 
1978
 
20,005

 
100.0
%
 
4

 

 
11,051

 
Trader Joe's
 
1/31/2026
 
 
 
$
57.69

Southbury Green
 
Southbury
 
1979 / 2002
 
156,215

 
96.6
%
 
22

 
3

 
60,113

 
ShopRite
 
7/31/2022
 
Staples
 
$
21.86

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

 
77.5
%
 
19

 
8

 
22,052

 
The Fresh Market
 
10/31/2024
 
 
 
$
34.81

TOTAL SHOPPING CENTERS CONNECTICUT (8)
 
986,295

 
97.4
%
 
120

 
11

 
235,460

 
 
 
 
 
 
 
$
20.86


Page 22


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2015 (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 (1)
 
Other anchor tenants
 
per leased SF
GEORGIA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BridgeMill
 
Canton
 
2000
 
89,102

 
89.0
%
 
23

 
6

 
37,888

 
Publix
 
1/31/2020
 
 
 
$
16.04

Buckhead Station
 
Atlanta
 
1996
 
233,511

 
100.0
%
 
14

 

 
 
 
 
 
 
 
Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta Beauty / Nordstrom Rack
 
$
21.67

Chastain Square
 
Atlanta
 
1981 / 2001
 
91,637

 
98.9
%
 
24

 
2

 
37,366

 
Publix
 
5/31/2024
 
 
 
$
19.60

Hairston Center
 
Decatur
 
2000
 
13,000

 
61.5
%
 
4

 
4

 
 
 
 
 
 
 
 
 
$
12.36

Hampton Oaks
 
Fairburn
 
2009
 
20,842

 
53.8
%
 
5

 
6

 
 
 
 
 
 
 
 
 
$
11.17

McAlpin Square
 
Savannah
 
1979
 
173,952

 
98.6
%
 
24

 
1

 
43,600

 
Kroger
 
8/31/2020
 
Big Lots / Habitat for Humanity / Savannah-Skidaway
 
$
8.28

Piedmont Peachtree Crossing
 
Buckhead
 
1978 / 1998
 
152,239

 
100.0
%
 
28

 

 
55,520

 
Kroger
 
5/31/2020
 
Cost Plus World Market / Binders Art Supplies
 
$
20.04

Wesley Chapel
 
Decatur
 
1989
 
164,153

 
85.6
%
 
19

 
10

 
32,000

 
Little Giant
 
6/30/2019
 
Everest Institute* / Deal$ / Planet Fitness
 
$
8.50

Williamsburg at Dunwoody
 
Dunwoody
 
1983
 
44,928

 
92.6
%
 
25

 
2

 
 
 
 
 
 
 
 
 
$
21.88

TOTAL SHOPPING CENTERS GEORGIA (9)
 
983,364

 
94.4
%
 
166

 
31

 
206,374

 
 
 
 
 
 
 
$
16.06

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MASSACHUSETTS 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cambridge Star Market
 
Cambridge
 
1953 / 1997
 
66,108

 
100.0
%
 
1

 

 
66,108

 
Star Market
 
1/2/2026
 
 
 
$
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
 
1/1/2026
 
 
 
$
19.99

Quincy Star Market
 
Quincy
 
1965 / 1995
 
100,741

 
100.0
%
 
1

 

 
100,741

 
Star Market
 
1/2/2021
 
 
 
$
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

 
94.2
%
 
12

 
3

 
56,766

 
Shaw’s *
 
2/28/2023
 
Kmart
 
$
7.31

West Roxbury Shaw’s Plaza
 
West Roxbury
 
1973 / 1995 / 2006
 
76,366

 
94.9
%
 
10

 
3

 
54,928

 
Shaw's
 
1/2/2021
 
 
 
$
29.42

TOTAL SHOPPING CENTERS MASSACHUSETTS (7)
 
602,929

 
97.4
%
 
28

 
6

 
434,532

 
 
 
 
 
 
 
$
19.18


Page 23


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2015 (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 (1)
 
Other anchor tenants
 
per leased SF
LOUISIANA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ambassador Row
 
Lafayette
 
1980 / 1991
 
194,678

 
93.5
%
 
26

 
1

 
 
 
 
 
 
 
Big Lots / Chuck E Cheese / Planet Fitness / Jo-Ann Fabric and Craft Stores / Tuesday Morning / Northern Tool + Equipment
 
$
11.07

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

 
91.6
%
 
18

 
5

 
 
 
 
 
 
 
Bed Bath & Beyond / Marshall's / Hancock Fabrics / Tuesday Morning / Cost Plus World Market
 
$
10.57

Bluebonnet Village
 
Baton Rouge
 
1983
 
101,585

 
99.8
%
 
23

 
3

 
33,387

 
Matherne’s
 
11/30/2020
 
Office Depot
 
$
12.60

Elmwood Oaks
 
Harahan
 
1989
 
130,284

 
100.0
%
 
10

 

 
 
 
 
 
 
 
Academy Sports / Dollar Tree / Tuesday Morning
 
$
10.15

Plaza Acadienne
 
Eunice
 
1980
 
59,419

 
97.5
%
 
6

 
1

 
28,092

 
Super 1 Store
 
6/30/2020
 
Fred's Store
 
$
4.35

Sherwood South
 
Baton Rouge
 
1972 / 1988 / 1992
 
77,230

 
100.0
%
 
7

 

 
 
 
 
 
 
 
Burke's Outlet / Harbor Freight Tools / Fred's Store / Ideal Market
 
$
6.32

Siegen Village
 
Baton Rouge
 
1988
 
170,416

 
97.2
%
 
18

 
2

 
 
 
 
 
 
 
Office Depot / Big Lots / Dollar Tree / Planet Fitness / Party City
 
$
10.50

TOTAL SHOPPING CENTERS LOUISIANA (7)
 
883,066

 
96.4
%
 
108

 
12

 
61,479

 
 
 
 
 
 
 
$
10.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MARYLAND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Westwood Complex (4)
 
Bethesda
 
1958-1960 / 1990 / 2001
 
214,030

 
91.8
%
 
36

 
9

 
55,000

 
Giant Foods
 
11/30/2019
 
Bowlmor Lanes / CITGO
 
$
19.60

TOTAL SHOPPING CENTERS MARYLAND (1)
 
214,030

 
91.8
%
 
36

 
9

 
55,000

 
 
 
 
 
 
 
$
19.60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NORTH CAROLINA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Centre Pointe Plaza
 
Smithfield
 
1989
 
159,259

 
97.6
%
 
21

 
2

 
 
 
 
 
 
 
Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores
 
$
6.32

Riverview Shopping Center
 
Durham
 
1973 / 1995
 
128,498

 
93.4
%
 
13

 
3

 
53,538

 
Kroger
 
12/31/2019
 
Upchurch Drugs / Riverview Galleries
 
$
8.64

Thomasville Commons
 
Thomasville
 
1991
 
148,754

 
96.7
%
 
12

 
2

 
32,000

 
Ingles
 
9/30/2017
 
Kmart
 
$
5.58

TOTAL SHOPPING CENTERS NORTH CAROLINA (3)
 
436,511

 
96.1
%
 
46

 
7

 
85,538

 
 
 
 
 
 
 
$
6.73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CONSOLIDATED SHOPPING CENTER PORTFOLIO EXCLUDING DEVELOPMENTS AND REDEVELOPMENTS (102)
 
13,325,854

 
95.2
%
 
1,844

 
311

 
2,846,400

 
 
 
 
 
 
 
$
18.22


Page 24


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2015 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
Year
 
Total
 
 
 
Number
 
Supermarket anchor
 
 
 
in-place
 
 
 
 
Built /
 
Sq. Ft.
 
Percent
 
of tenants
 
Owned
 
 
 
Expiration
 
 
 
base rent
Property
 
City, State
 
Renovated
 
Owned
 
Leased
 
Leased
 
Vacant
 
sq. ft.
 
Name
 
Date (1)
 
Other anchor tenants
 
per leased SF
DEVELOPMENTS AND REDEVELOPMENTS (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101 7th Avenue
 
Manhattan, NY
 
2015
 
56,870

 
100.0
%
 
1

 

 
 
 
 
 
 
 
Barneys New York
 
$
79.13

Alafaya Commons
 
Orlando, FL
 
2015
 
130,811

 
88.5
%
 
22

 
5

 
 
 
 
 
 
 
Academy Sports
 
$
15.54

Boca Village Square
 
Boca Raton, FL
 
2014
 
95,163

 
94.2
%
 
19

 
2

 
36,000

 
Publix
 
3/30/2017
 
CVS Pharmacy
 
$
19.98

Boynton Plaza
 
Boynton Beach, FL
 
2015
 
106,595

 
90.0
%
 
14

 
7

 
53,785

 
Publix
 
3/31/2035
 
CVS Pharmacy
 
$
17.65

Broadway Plaza
 
Bronx, NY
 
2015
 
149,010

 
74.1
%
 
8

 
7

 
18,110

 
Aldi
 
9/30/2024
 
TJ Maxx / Sports Authority / Party City / Blink Fitness
 
$
36.22

Kirkman Shoppes
 
Orlando, FL
 
2015
 
114,635

 
96.8
%
 
23

 
2

 
 
 
 
 
 
 
LA Fitness / Walgreens
 
$
21.99

Lake Mary Centre
 
Lake Mary, FL
 
2015
 
335,341

 
83.7
%
 
52

 
18

 
24,741

 
The Fresh Market
 
5/31/2024
 
Ross / LA Fitness / Office Depot / Academy Sports
 
$
15.07

Willows Shopping Center
 
Concord, CA
 
2015
 
252,817

 
91.4
%
 
25

 
6

 
 
 
 
 
 
 
Claim Jumper Restaurants / UFC Gym / REI / The Jungle Fun / Old Navy / Ulta Beauty / Pier 1 Imports / Cost Plus World Market
 
$
26.43

TOTAL DEVELOPMENTS AND REDEVELOPMENTS (8) (2)
 
1,241,242

 
87.9
%
 
164

 
47

 
132,636

 
 
 
 
 
 
 
$
24.34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CONSOLIDATED SHOPPING CENTER PORTFOLIO INCLUDING DEVELOPMENTS AND REDEVELOPMENTS (110)
 
14,567,096

 
94.6
%
 
2,008

 
358

 
2,979,036

 
 
 
 
 
 
 
$
18.70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NON-RETAIL PROPERTIES (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 Potrero
 
San Francisco, CA
 
1928
 
30,500

 
55.1
%
 
1

 
1

 
 
 
 
 
 
 
Golden Bear Sportswear
 
 
Banco Popular Office Building
 
Miami, FL
 
1971
 
32,737

 
69.7
%
 
11

 
8

 
 
 
 
 
 
 
 
 
 
Westport Office
 
Westport, CT
 
1984
 
4,000

 
100.0
%
 
7

 
2

 
 
 
 
 
 
 
 
 
 
Westwood - Manor Care
 
Bethesda, MD
 
1976
 
41,123

 
100.0
%
 
1

 

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

 
85.0
%
 
2

 

 
 
 
 
 
 
 
Housing Opportunities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL NON-RETAIL PROPERTIES (5) (2)
 
319,380

 
92.4
%
 
22

 
11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL EXCLUDING LAND (115)
 
14,886,476

 
94.5
%
 
2,030

 
369

 
2,979,036

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LAND (6) (2)(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CONSOLIDATED - 121 Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 25


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2015 (unaudited)

Footnotes for Property Status Report

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) Expiration date of the current lease term, excluding any renewal options.
(2) Not included in the NOI same-property pool for the three months ended March 31, 2015. The NOI same-property pool including redevelopments includes: 101 7th Avenue, Alafaya Commons, Boca Village Square, Boynton Plaza, Kirkman Shoppes, Lake Mary Centre, Willows Shopping Center and Dick’s Sporting Goods at Serramonte.
(3) The total carrying value of land as of March 31, 2015 is $25.9 million.
(4) Westwood Complex is comprised of five separate properties that are being added to the same-property pool based on their respective acquisition dates. Westwood Shopping Center and Westwood Center II are not included in the same-property pool for the three months ended March 31, 2015. Bowlmor Lanes, 5471 Citgo, and 5335 Citgo are included in the same-property pool for the three months ended March 31, 2015.

Page 26


EQUITY ONE, INC.
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
For the three months ended March 31, 2015 (unaudited)
(in thousands, except for acreage/square footage)

2015 Acquisition Activity
 
 
 
 
 
 
 
 
 
 
Date Purchased
 
Property Name
 
City
 
State
 
Acres
 
Purchase Price
January 9, 2015
 
Pablo Plaza Outparcel
 
Jacksonville
 
FL
 
0.18

 
$
750

Total Purchased
 
 
 
 
 
 
 
0.18

 
$
750



2015 Disposition Activity
 
 
 
 
 
 
 
 
 
 
Date Sold
 
Property Name
 
City
 
State
 
Square Feet
 
Gross Sales Price
Income producing property sold
 
 
 
 
 
 
 
 
March 26, 2015
 
Park Promenade
 
Orlando
 
FL
 
128,848

 
$
4,800

Total Sold
 
 
 
 
 
 
 
128,848

 
$
4,800


Note: The above schedules reflect only acquisition and disposition activity related to consolidated properties.

Page 27


EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of March 31, 2015 (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 3/31/15
 
Balance to
Complete
(Gross Cost)
Active Developments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Broadway Plaza
 
Bronx, NY
 
149,010

 
149,010

 
TJ Maxx / Sports Authority / Aldi / Party City / Blink Fitness
 
1Q16
 
$
73,762


$
73,762

 
$
58,811

 
$
14,951

Subtotal
 
 
 
149,010

 
149,010

 
 
 
 
 
73,762

 
73,762

 
58,811

 
14,951

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

 
56,870

 
Barneys New York
 
1Q16
 
12,453

 
12,453

 
5,124

 
7,329

Alafaya Commons
 
Orlando, FL
 
66,955

 
130,811

 
Academy Sports
 
2Q15
 
7,502

 
7,502

 
6,495

 
1,007

Boynton Plaza
 
Boynton Beach, FL
 
53,785

 
106,595

 
Publix
 
2Q15
 
8,818

 
8,318

 
8,999

 

Kirkman Shoppes
 
Orlando, FL
 
57,510

 
114,635

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

 
13,094

 
12,078

 
1,016

Lake Mary Centre
 
Lake Mary, FL
 
112,764

 
335,341

 
Ross / The Fresh Market / Academy Sports
 
    2Q15 (6)
 
12,513

 
12,513

 
10,940

 
1,573

Willows Shopping Center
 
Concord, CA
 
48,621

 
252,817

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

 
13,460

 
10,513

 
2,947

Subtotal
 
 
 
396,505

 
997,069

 
 
 
 
 
67,840

 
67,340

 
54,149

 
13,872

Total Active Developments and Redevelopments
 
545,515

 
1,146,079

 
 
 
 
 
141,602

 
141,102

 
112,960

 
28,823

Developments and Redevelopments Pending Twelve Month Stabilization
 
 
 
 
 
 
 
 
 
 
 
 
Boca Village Square
 
Boca Raton, FL
 
42,012

 
95,163

 
CVS Pharmacy
 
3Q14
 
11,161

 
10,911

 
10,428

 
733

Serramonte Shopping Center (7)
 
Daly City, CA
 
83,777

 
882,938

 
Dick's Sporting Goods
 
2Q14
 
19,270

 
17,987

 
19,480

 

Total
 
 
 
125,789

 
978,101

 
 
 
 
 
30,431

 
28,898

 
29,908

 
733

Total Development and Redevelopment Activity
 

 

 
 
 
 
 
$
172,033

 
$
170,000

 
$
142,868

(8) 
$
29,556


(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 the company's same-property pool, which is normally one year from rent commencement.
(4) For developments, includes actual cost of land.
(5) After sales of outparcels and construction cost reimbursements.
(6) Stabilization date is based on the expected commencement of rent for Academy Sports as part of the second phase of the redevelopment. The first phase comprised of adding Ross and The Fresh Market, which represents 50,000 square feet of the 113,000 square feet under redevelopment, was stabilized in 2Q14.
(7) This property is included in the same-property pool as of March 31, 2015; however, the income from Dick's Sporting Goods will be excluded from the company's calculation of same-property NOI until full year stabilization in 3Q15.
(8) Includes an aggregate of $8.8 million in costs incurred but not yet funded as of March 31, 2015.


Page 28


EQUITY ONE, INC.
DEBT SUMMARY
As of March 31, 2015 and December 31, 2014 and 2013 (unaudited)
(in thousands)
 
 
March 31, 2015
 
December 31, 2014
 
December 31, 2013
Fixed rate debt
 
$
1,021,591

 
$
1,042,914

 
$
1,161,291

Variable rate debt - swapped to fixed rate
 
250,000

 
250,000

 
250,000

Variable rate debt - unhedged
 

 
37,000

 
91,000

Total debt
 
$
1,271,591

 
$
1,329,914

 
$
1,502,291

 
 
 
 
 
 
 
% Fixed rate debt
 
80.3
%
 
78.4
%
 
77.3
%
% Variable rate debt - swapped to fixed rate
 
19.7
%
 
18.8
%
 
16.6
%
% Variable rate debt - unhedged
 
%
 
2.8
%
 
6.1
%
Total
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured mortgage debt
 
$
290,455

 
$
311,778

 
$
430,155

Unsecured debt
 
981,136

 
1,018,136

 
1,072,136

Total debt
 
$
1,271,591

 
$
1,329,914

 
$
1,502,291

 
 
 
 
 
 
 
% Secured mortgage debt
 
22.8
%
 
23.4
%
 
28.6
%
% Unsecured debt
 
77.2
%
 
76.6
%
 
71.4
%
Total
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total market capitalization (from page 7)
 
$
5,026,608

 
$
4,778,523

 
$
4,428,129

 
 
 
 
 
 
 
% Secured mortgage debt
 
5.8
%
 
6.5
%
 
9.7
%
% Unsecured debt
 
19.5
%
 
21.3
%
 
24.2
%
Total debt : Total market capitalization
 
25.3
%
 
27.8
%
 
33.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average interest rate on secured mortgage debt (1)
 
6.08
%
 
6.03
%
 
5.99
%
Weighted average interest rate on unsecured senior notes (1)
 
5.02
%
 
5.02
%
 
5.02
%
Interest rate on term loan
 
2.62
%
 
2.62
%
 
3.17
%
Weighted average interest rate on total debt (1) (2)
 
4.79
%
 
4.80
%
 
4.99
%
Weighted average interest rate on revolving credit facilities (1)
 

 
1.22
%
 
1.30
%
 
 
 
 
 
 
 
Weighted average maturity on secured mortgage debt
 
4.4 years

 
4.4 years

 
4.3 years

Weighted average maturity on unsecured senior notes
 
4.1 years

 
4.3 years

 
5.3 years

Maturity on term loan
 
3.9 years

 
4.1 years

 
5.1 years

Weighted average maturity on total debt (2)
 
4.1 years

 
4.3 years

 
5.0 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 December 31, 2018.


Page 29


EQUITY ONE, INC.
CONSOLIDATED DEBT MATURITY SCHEDULE
As of March 31, 2015 (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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
$
5,156

 
$

 
$

 
$
107,505

 
$

 
$
828

 
$
113,489

 
5.4
%
 
8.9
%
2016
 
6,901

 
68,499

 

 
105,230

 

 
854

 
181,484

 
6.0
%
 
14.2
%
2017
 
6,884

 
64,000

 

 
218,401

 

 
640

 
289,925

 
6.0
%
 
22.8
%
2018
 
7,110

 
54,754

 

 

 

 
269

 
62,133

 
6.3
%
 
4.9
%
2019
 
5,914

 
18,330

 

 

 
250,000

 
121

 
274,365

 
2.9
%
 
21.5
%
2020
 
5,875

 

 

 

 

 
(19
)
 
5,856

 

 
0.4
%
2021
 
5,835

 
12,561

 

 

 

 
(62
)
 
18,334

 
5.9
%
 
1.4
%
2022
 
5,611

 

 

 
300,000

 

 
(78
)
 
305,533

 
3.8
%
 
24.0
%
2023
 
5,860

 
1,221

 

 

 

 
47

 
7,128

 
7.5
%
 
0.6
%
Thereafter
 
13,151

 
2,793

 

 

 

 
(11
)
 
15,933

 
8.1
%
 
1.3
%
Total
 
$
68,297

 
$
222,158

 
$

 
$
731,136

 
$
250,000

 
$
2,589

 
$
1,274,180

 
4.7
%
 
100.0
%
 


Page 30


EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of March 31, 2015 and December 31, 2014 (unaudited)
(in thousands)
Debt Instrument
 
Maturity
Date
 
Rate
 
March 31, 2015
 
December 31, 2014
 
Percent of Overall
Debt Maturing
Mortgage Debt
 
 
 
 
 
 
 
 
 
 
Pleasanton Plaza
 
06/01/2015
 
5.316
%
 
$

 
$
19,634

 

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

 
24,700

 
1.9
%
1225-1239 Second Avenue
 
06/01/2016
 
6.325
%
 
16,187

 
16,245

 
1.3
%
Glengary Shoppes
 
06/11/2016
 
5.750
%
 
15,444

 
15,521

 
1.2
%
Magnolia Shoppes
 
07/11/2016
 
6.160
%
 
13,221

 
13,292

 
1.0
%
Culver Center
 
05/06/2017
 
5.580
%
 
64,000

 
64,000

 
5.0
%
Sheridan Plaza
 
10/10/2018
 
6.250
%
 
59,176

 
59,449

 
4.7
%
1175 Third Avenue
 
05/01/2019
 
7.000
%
 
6,446

 
6,512

 
0.5
%
The Village Center
 
06/01/2019
 
6.250
%
 
15,131

 
15,234

 
1.2
%
BridgeMill
 
05/05/2021
 
7.940
%
 
6,752

 
6,846

 
0.5
%
Talega Village Center (2)
 
10/01/2021
 
5.010
%
 
11,010

 
11,080

 
0.9
%
Westport Plaza
 
08/01/2023
 
7.490
%
 
3,489

 
3,537

 
0.3
%
Aventura Square / Oakbrook Square / Treasure Coast Plaza
 
02/28/2024
 
6.500
%
 
22,149

 
22,599

 
1.7
%
Webster Plaza
 
08/15/2024
 
8.070
%
 
6,502

 
6,568

 
0.5
%
Von's Circle Center
 
10/10/2028
 
5.200
%
 
9,744

 
9,867

 
0.8
%
Copps Hill
 
01/01/2029
 
6.060
%
 
16,504

 
16,694

 
1.3
%
 
 
 
 
 
 
 
 
 
 
 
Total mortgage debt (15 loans outstanding)
 
4.36 years
 
6.08
%
(1) 
$
290,455

 
$
311,778

 
22.8
%
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
3,877

 
4,500

 
0.3
%
Total mortgage debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
294,332

 
$
316,278

 
23.1
%

See footnotes on page 32.

Page 31


EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of March 31, 2015 and December 31, 2014 (unaudited)
(in thousands)
Debt Instrument
 
Maturity
Date
 
Rate
 
March 31, 2015
 
December 31, 2014
 
Percent of Overall
Debt Maturing
 
 
 
 
 
 
 
 
 
 
 
Unsecured senior notes payable
 
 
 
 
 
 
 
 
 
 
5.375% senior notes (3)
 
10/15/2015
 
5.375
%
 
$
107,505

 
$
107,505

 
8.4
 %
6.00% senior notes
 
09/15/2016
 
6.000
%
 
105,230

 
105,230

 
8.3
 %
6.25% senior notes
 
01/15/2017
 
6.250
%
 
101,403

 
101,403

 
8.0
 %
6.00% senior notes
 
09/15/2017
 
6.000
%
 
116,998

 
116,998

 
9.2
 %
3.75% senior notes
 
11/15/2022
 
3.750
%
 
300,000

 
300,000

 
23.5
 %
Total unsecured senior notes payable
 
4.06 years
 
5.02
%
(1) 
$
731,136

 
$
731,136

 
57.4
 %
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
(1,288
)
 
(1,373
)
 
(0.1
%)
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
729,848

 
$
729,763

 
57.3
 %
 
 
 
 
 
 
 
 
 
 
 
Term Loan
 
 
 
 

 
 
 
 
 
 
$250MM - Term Loan (4)
 
02/13/2019
 
2.618
%
(5) 
$
250,000

 
$
250,000

 
19.6
 %
Total term loans
 
3.87 years
 
2.62
%
(1) 
$
250,000

 
$
250,000

 
19.6
 %
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facilities
 
 
 
 

 
 
 
 
 
 
$600MM Line of Credit Unsecured
 
12/31/2018
 

 
$

 
$
37,000

 

$5MM Line of Credit Unsecured
 
05/07/2015
 

 

 

 

Total revolving credit facilities
 
 
 

 
$

 
$
37,000

 

 
 
 
 
 
 
 
 
 
 
 
Total debt
 
4.09 years (5)
 
4.79
%
(1) (6) 
$
1,271,591

 
$
1,329,914

 
99.8
 %
Unamortized/unaccreted premium/(discount)
 
 
 
 
 
2,589

 
3,127

 
0.2
 %
Total debt (including unamortized/unaccreted premium/(discount))
 
 
 
 
 
$
1,274,180

 
$
1,333,041

 
100.0
 %
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Debt Ratings
 
 
 
 
 
 
 
 
 
 
Moody’s
 
 
 
 
 
Baa2 (Stable)

 
Baa2 (Stable)

 
 
S&P
 
 
 
 
 
BBB (Stable)

(7) 
BBB-(Positive)

 
 
 
(1) Calculated based on weighted average interest rates of outstanding balances at March 31, 2015.
(2) The stated loan maturity date is October 1, 2036; however, both the lender and the borrower have the right to exercise a call or early prepayment, respectively, on each of October 1, 2021, October 1, 2026 and October 1, 2031. It is deemed likely this right will be exercised and the shown maturity date is therefore October 1, 2021.
(3) In April 2015, the company redeemed its $107.5 million 5.375% unsecured senior notes.
(4) The interest rate for the term loan has been swapped to a fixed interest rate through three interest rate swaps. The indicated interest rate for the term loan and the weighted average interest rate for all debt instruments includes the effect of the swaps. As of March 31, 2015 and December 31, 2014, the fair value of one of our interest rate swaps consisted of an asset of $139,000 and $681,000, respectively, which is included in other assets in our condensed consolidated balance sheets. The fair value of the two remaining interest rate swaps consisted of a liability of $3.0 million and $952,000, respectively, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheets.
(5) The effective fixed interest rate on March 31, 2015.
(6) Weighted average maturity in years and weighted average interest rate as of March 31, 2015.
(7) Upgrade effective as of April 28, 2015.




Page 32


EQUITY ONE, INC.
BALANCE SHEETS & STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES
March 31, 2015 (unaudited)
(in thousands)

BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES
 
As of March 31, 2015
Co-Investment Partner
 
EQY Ownership
Interest
 
Type
 
Total Assets
 
Total Debt
 
Total Equity
DRA Advisors
 
20.0%
 
Retail/Office
 
$
53,791

 
$

 
$
52,848

GRI
 
10.0%
 
Retail
 
$
246,904

 
$
83,597

 
$
157,062

New York Common Retirement Fund
 
30.0%
 
Retail
 
$
308,878

 
$
136,242

 
$
147,365

Rider Limited Partnership
 
50.0%
 
Office
 
$
39,830

 
$

 
$
38,429


STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES
 
For the three months ended March 31, 2015
Co-Investment Partner
 
EQY Ownership
Interest
 
Type
 
Total
Revenues
 
Property
Operating
Expenses
 
Depreciation/
Amortization
 
Interest
Expense (1)
 
Net 
Income
DRA Advisors
 
20.0%
 
Retail/Office
 
$
1,407

 
$
832

 
$
379

 
$

 
$
181

GRI
 
10.0%
 
Retail
 
$
6,188

 
$
1,740

 
$
1,349

 
$
431

 
$
2,589

New York Common Retirement Fund
 
30.0%
 
Retail
 
$
7,810

 
$
3,146

 
$
2,234

 
$
1,475

 
$
916

Rider Limited Partnership
 
50.0%
 
Office
 
$
1,299

 
$
354

 
$
303

 
$

 
$
637

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2015 (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

 
98.6
%
 
36

 
2

 
30,000

 
Publix
 
10/31/2024
 
Burlington Coat Factory / Office Depot
 
$
16.19

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

 
100.0
%
 
22

 

 
78,000

 
Winn-Dixie
 
09/30/2019
 
Home Depot / Big Lots / Dollar Tree / Youfit Health Clubs
 
$
11.94

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
 
$
12.77

Shoppes of Ibis
GRI
 
10.0%
 
Retail
 
West Palm Beach, FL
 
1999
 
79,613

 
96.5
%
 
17

 
2

 
51,420

 
Publix
 
05/31/2019
 
 
 
$
12.88

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

 
92.0
%
 
12

 
2

 
44,840

 
Publix
 
06/30/2025
 
 
 
$
13.66

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

 
78.7
%
 
10

 
4

 
 
 
 
 
 
 
 
 
$
23.47

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

 
68.4
%
 
13

 
4

 
 
 
 
 
 
 
 
 
$
19.46

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

 
100.0
%
 
10

 

 
 
 
 
 
 
 
PetSmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy
 
$
11.92

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

 
98.4
%
 
11

 
1

 
67,943

 
Kroger
 
08/31/2017
 
 
 
$
13.09

1900/2000 Offices
DRA
 
20.0%
 
Office
 
Boca Raton, FL
 
1979 / 1982 /
1986 / 2007
 
116,635

 
51.9
%
 
21

 
11

 
 
 
 
 
 
 

 
$
16.65

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

 
93.0
%
 
18

 
3

 
70,358

 
Penn Dutch Food Center
 
12/31/2018
 
Youfit Health Clubs / Florida Career College
 
$
10.11

Plantation Marketplace
DRA
 
20.0%
 
Retail
 
Plantation, FL
 
1963 / 1998
 
227,517

 
89.1
%
 
33

 
4

 
43,386

 
Winn-Dixie
 
11/05/2024
 
Beall's / Fitness 1440 / Big Lots / Disability Law Claims / CVS / Nature's Sleep
 
$
12.36

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

 
98.6
%
 
50

 
2

 
 
 
 
 
 
 
Central Parking System
 
$
32.18

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

 
88.6
%
 
24

 
5

 
39,795

 
Publix
 
10/23/2020
 
CVS Pharmacy
 
$
18.63

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

 
100.0
%
 
9

 

 
28,800

 
Publix
 
04/30/2027
 
 
 
$
26.62

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

 
100.0
%
 
28

 

 
139,449

 
Wegmans
 
10/31/2036
 
TJ Maxx / Kohl's / BJ's / Golf Town USA / PetSmart / Michaels / Toys "R" Us / Dick's Sporting Goods / Eastern Mountain Sports
 
$
14.31

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

 
97.3
%
 
23

 
1

 
70,400

 
ShopRite
 
10/31/2027
 
 
 
$
24.75

The Grove
NYCRF
 
30.0%
 
Retail
 
Windermere, FL
 
2004
 
151,752

 
95.6
%
 
28

 
3

 
51,673

 
Publix
 
01/31/2029
 
LA Fitness
 
$
19.21

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

 
100.0
%
 
5

 

 
65,940

 
Stop & Shop
 
06/30/2019
 
 
 
$
21.30

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20)
 
 
 
3,203,047

 
95.5
%
 
406

 
45

 
838,150

 
 
 
 
 
 
 
$
15.40


Page 34



EQUITY ONE, INC.
DEBT SUMMARY OF UNCONSOLIDATED JOINT VENTURES
As of March 31, 2015 and December 31, 2014 (unaudited)
(in thousands)

Co-Investment Partner
 
Debt Instrument
 
Equity One’s
Ownership
 
Maturity
Date
 
Rate (1)
 
Balance as of
March 31, 2015
 
Balance as of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage Debt
 
 
 
 
 
 
 
 
 
 
 
 
GRI
 
Floating rate loans (2)
 
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%
 
3,642

 
3,782

New York Common Retirement Fund
 
Equity One Country Walk LLC
 
30.0%
 
11/01/2015
 
5.22%
 
12,594

 
12,652

New York Common Retirement Fund
 
Equity One JV Sub CT Path LLC
 
30.0%
 
01/01/2019
 
5.74%
 
9,130

 
9,237

New York Common Retirement Fund
 
Equity One JV Sub Northborough LLC
 
30.0%
 
02/10/2021
 
4.18%
 
67,473

 
67,811

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 (3)
 
30.0%
 
12/23/2023
 
4.18%
 
22,500

 
22,500

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest premium (4)
 
 
 
 
 
 
 
500

 
559

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
 
 
 
 
 
 
$
219,839

 
$
220,541

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity One’s pro-rata share of unconsolidated joint venture debt
 
 
 
 
 
$
49,232

 
$
49,416

 
(1) 
The rate in effect on March 31, 2015.
(2) 
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%.
(3) 
The loan balance bears interest at a floating rate of LIBOR + 1.35%, which has been swapped to a weighted average fixed rate of 4.18%. The fair value of the swap at March 31, 2015 was a liability of approximately $1.9 million.
(4) 
Net interest premium is the total for all joint ventures.

Page 35