UNITED STATES

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-13499

EQUITY ONE, INC.

(Exact name of registrant as specified in its charter)

Maryland		52-1794271
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1600 N.E. Miami Gardens Drive N. Miami Beach, Florida		33179
(Address of principal executive offices)		(Zip Code)

	(305) 947-1664
	(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes x  No o

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

 

Yes x  No o

 

 

As of the close of business on May 1, 2005, 74,236,063 shares of the Company's common stock, par value $0.01 per share, were issued and outstanding.

 

 

EQUITY ONE, INC.

FORM 10-Q

INDEX

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements		Page
	Condensed Consolidated Balance Sheets
	As of March 31, 2005 and December 31, 2004 (unaudited)		1
	Condensed Consolidated Statements of Operations
	For the three month periods ended March 31, 2005 and 2004 (unaudited)		3
	Condensed Consolidated Statements of Comprehensive Income
	For the three month periods ended March 31, 2005 and 2004 (unaudited)		5
	Condensed Consolidated Statement of Stockholders' Equity
	For the three month period ended March 31, 2005 (unaudited)		6
	Condensed Consolidated Statements of Cash Flows
	For the three month periods ended March 31, 2005 and 2004 (unaudited)		7
	Notes to the Condensed Consolidated Financial Statements (unaudited)		9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		33
Item 4.	Controls and Procedures		34
	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings		35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		35
Item 3.	Defaults Upon Senior Securities		35
Item 4.	Submission of Matters to a Vote of Security Holders		35
Item 5.	Other Information		35
Item 6.	Exhibits		35

 

EQUITY ONE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 31, 2005 AND DECEMBER 31, 2004 (UNAUDITED) (In thousands, except per share amounts)
			March 31, 2005			December 31, 2004
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
NOTES PAYABLE
Mortgage notes payable		$	488,817		$	495,056
Unsecured revolving credit facilities			144,763			147,000
Unsecured senior notes payable			345,165			347,261
			978,745			989,317
Unamortized premium/discount on notes payable			20,318			21,603
Total notes payable			999,063			1,010,920
OTHER LIABILITIES
Accounts payable and accrued expenses			33,232			32,857
Tenant security deposits			8,789			8,559
Other liabilities			6,766			7,171
Total liabilities			1,047,850			1,059,507
MINORITY INTERESTS			1,417			1,397
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value - 10,000 shares authorized but unissued			-			-
Common stock, $0.01 par value - 100,000 shares authorized, 74,137 and 73,597 shares issued and outstanding for 2005 and 2004, respectively			741			736
Additional paid-in capital			931,005			920,616
Retained earnings			17,845			17,481
Accumulated other comprehensive income			4,549			4,633
Unamortized restricted stock compensation			(10,608	)		(11,928	)
Notes receivable from issuance of common stock			(150	)		(150	)
Total stockholders’ equity			943,382			931,388
TOTAL		$	1,992,649		$	1,992,292
See accompanying notes to the condensed consolidated financial statements.						(Concluded	)