EQUITY ONE, INC. - FORM 8-K - EX-99.1 - RESTATED SUPPLEMENTAL INFORMATION PACKAGE AS OF MARCH 31, 2011

Attached files

file	filename
8-K - FORM 8-K - EQUITY ONE, INC.	d260890d8k.htm
EX-99.2 - RESTATED SUPPLEMENTAL INFORMATION PACKAGE AS OF JUNE 30, 2011 - EQUITY ONE, INC.	d260890dex992.htm

Exhibit 99.1

Equity One, Inc.

Supplemental Information Package

March 31, 2011

LOGO

Equity One, Inc.

1600 N.E. Miami Gardens Drive

North Miami Beach, Florida 33179

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

www.equityone.net

Equity One, Inc.

SUPPLEMENTAL INFORMATION

March 31, 2011

(unaudited)

TABLE OF CONTENTS


		Page
Overview
	Analyst Coverage		3
	Disclosures		4
	Summary Financial Results and Ratios		5

Assets, Liabilities, and Equity
	Condensed Consolidated Balance Sheets		6
	Market Capitalization		7
	Debt Summary		8
	Consolidated Debt Maturity Schedule		9

Income, EBITDA, and FFO
	Condensed Consolidated Statements of Income		10
	Pro Forma Financial Information for Discontinued Operations		11-12
	Net Operating Income		13
	EBITDA		14
	Consolidated Statements of Funds from Operations		15
	Additional Disclosures		16

Leasing Data
	Tenant Concentration - Top Twenty Tenants		17
	Recent Leasing Activity		18
	Shopping Center Lease Expiration Schedules—All Tenants, Anchors, Shops		19-21
	Shopping Center Lease Expiration Graph		22

Property Data
	Annual Minimum Rent of Operating Properties by Metro/Region Breakout		23
	Property Status Report		24-33
	Real Estate Acquisitions and Dispositions		34
	Real Estate Developments and Redevelopments		35

Debt Schedule Detail
	Consolidated Debt Summary - Property Mortgage Detail		36-37
	Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total		38

Joint Venture Supplemental Data			39-43

EQUITY ONE, INC

ANALYST COVERAGE

As of March 31, 2011



Barclays Capital	Ross Smotrich	(212) 526-2306

	Ryan Bennett	(212) 526-5309

BMO Capital Markets	Paul Adornato	(212) 885-4170

Citigroup Global Markets	Michael Bilerman	(212) 816-1383

	Quentin Velleley	(212) 816-6981

Cowen & Company	James Sullivan	(646) 562-1380

Credit Suisse	Andrew Rosivach	(415) 249-7942

Deutsche Bank	Vin Chao	(212) 250-6799

Green Street Advisors	Laura Clark	(949) 640-8780

ISI Group	Steve Sakwa	(212) 446-9462

JP Morgan Securities Inc.	Michael W. Mueller, CFA	(212) 622-6689

	Joseph Dazio	(212) 622-6416

Keefe, Bruyette & Woods	Benjamin Yang	(415) 591-1631

Macquarie Capital (USA) Inc.	Ki Bin Kim	(212) 231-6386

Bank of America/Merrill Lynch	Craig Schmidt	(646) 855-3640

Morgan Stanley	Paul Morgan	(212) 761-8576

Raymond James & Assoc.	Paul D. Puryear	(727) 567-2253

	R.J. Milligan	(727) 567-2660

Royal Bank of Canada	Richard Moore	(440) 715-2646

	Wes Golladay	(440) 715-2650

Stifel, Nicolaus & Co., Inc.	Nathan Isbee	(443) 224-1346

Miller Tabak	Tom Mitchell	(212) 370-0040 x8163

UBS	Ross Nussbaum	(212) 713-2484

Wells Fargo	Jeffrey Donnelly	(617) 603-4262

Page 3

EQUITY ONE, INC.

DISCLOSURES

As of March 31, 2011

Forward Looking Statements

Certain information contained in this Supplemental Information Package constitutes forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Californiga, Florida, Georgia, Massachusetts, New York, and the other states in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant space; the effects of natural, man-made, and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission.

Basis of Presentation

The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company's Form 10-K for the year ended December 31, 2010 and Form 10-Q for the period ended March 31, 2011, should be read in conjunction with this Supplemental Information Package.The results of operations of any property acquired are included in our financial statements since the date of its acquisition, although such properties may be excluded from certain metrics disclosed in this Supplemental Information Package.

EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We compute EBITDA as the sum of net income before extraordinary items, depreciation and amortization, income taxes, interest expense, gain (loss) on disposal of income producing properties, gain (loss) on debt extinguishment, gain (loss) on sale of securities, bargain purchase gain and impairment of real estate. Given the nature of the Company's business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are included in earnings on a net basis. Accordingly, we believe that the use of EBITDA as opposed to earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated periods.

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

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

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

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

Page 4

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

For the three months ended March 31, 2011 and 2010 (unaudited)

(in thousands, except per share data)


	For the three months ended
	Mar 31, 2011			Mar 31, 2010
Summary Financial Results
Total revenues*	$	86,789		$	70,135
EBITDA (see page 14)		51,361			43,381
Property net operating income		61,480			49,956
General & administrative expenses (G&A)* - Adjusted ⁽¹⁾		9,023			7,797

Net income attributable to Equity One	$	34,994		$	5,432
Net income per diluted share		0.32			0.06

Funds from operations (FFO)	$	61,040		$	20,787
FFO per diluted share		0.52			0.24

Total dividends paid per share	$	0.22		$	0.22
Weighted average diluted shares		117,258			88,166
Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 24-33)		90.3	%		90.3	%
Same-property shopping center portfolio occupancy at end of period		90.1	%		90.3	%
Same-property NOI growth - cash basis (see page 13)		0.3	%		-3.6	%
NOI margin (see page 13)		71.2	%		71.6	%
Expense recovery ratio*		74.2	%		75.0	%
New, renewal and option rent spread - cash basis (see page 18)		-4.3	%		-3.7	%
Adjusted G&A expense to total revenues ⁽¹⁾		10.4	%		11.1	%
Net debt to total market capitalization (see page 7)		39.9	%		38.8	%
Net debt to Adjusted EBITDA (see page 14)		7.2			6.7
Adjusted EBITDA to interest expense* (see page 14)		2.4			2.2
Adjusted EBITDA to fixed charges* (see page 14)		2.0			1.8

Notes

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

⁽¹⁾

G&A expense for the three months ended March 31, 2011 deducts $2.3 million for external costs associated with acquired properties and acquisition related expenses during the period, $0.5 million in severance costs, as well as depreciation & amortization amounts included in G&A. G&A expense for the three months ended March 31, 2010 deducts $2.1 million for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A.

Page 5

EQUITY ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(in thousands)


	Mar 31, 2011			Dec 31, 2010			Dec 31, 2009
Assets
Properties:
Income producing	$	3,141,847		$	2,643,871		$	2,433,431
Less: accumulated depreciation		(304,102	)		(288,613	)		(240,172	)

Income producing properties, net		2,837,745			2,355,258			2,193,259
Construction in progress and land held for development		76,897			74,870			68,866
Properties held for sale		36,354			—			—

Properties, net		2,950,996			2,430,128			2,262,125
Cash and cash equivalents		11,214			38,333			47,970
Accounts and other receivables, net		10,019			15,181			9,806
Investments in and advances to unconsolidated joint ventures		108,129			59,736			11,524
Securities		—			—			820
Goodwill		10,790			10,790			11,477
Other assets		189,856			127,696			108,598

Total Assets	$	3,281,004		$	2,681,864		$	2,452,320

Liabilities and stockholders’ equity
Liabilities:
Mortgage notes payable	$	682,217		$	533,660		$	551,647
Unsecured revolving credit facilities		113,500			—			—
Unsecured senior notes payable		691,136			691,136			691,136

Total debt		1,486,853			1,224,796			1,242,783
Unamortized discount on notes payable, net		(16,810	)		(21,923	)		(25,892	)

Total notes payable		1,470,043			1,202,873			1,216,891
Accounts payable and other liabilities		178,561			138,763			96,668
Deferred tax liabilities, net		45,949			46,523			50,059

Total liabilities		1,694,553			1,388,159			1,363,618
Redeemable noncontrolling interests		3,855			3,864			989

Total stockholders’ equity of Equity One, Inc.		1,372,544			1,285,907			1,064,535

Noncontrolling interests		210,052			3,934			23,178

Total Liabilities and Stockholders’ Equity	$	3,281,004		$	2,681,864		$	2,452,320

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

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

(in thousands, except per share data)


	Mar 31, 2011			Dec 31, 2010			Dec 31, 2009
Closing market price of common stock	$	18.77		$	18.18		$	16.17
Common stock shares
Basic common shares		106,462.764			102,326.818			86,131.037
Diluted common shares
Unvested restricted common shares		153.148			149.980			47.993
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		159.654			124.506			79.656
Long term incentive plan performance awards		—			356.52			—
Shares for DIM Vastgoed contingent consideration		—			—			516.019
Convertible Class A shares held by LIH		10.000			—			—
Convertible CapCo Partnership Units		11,357.837			—			—

Diluted common shares		118,237.059			103,051.476			86,868.361

Equity market capitalization	$	2,219,310		$	1,873,476		$	1,404,661

Total debt (excluding unamortized/unaccreted premium/(discount))	$	1,486,853		$	1,224,796		$	1,242,783
Cash and equivalents		(11,214	)		(38,333	)		(47,970	)

Net debt		1,475,639			1,186,463			1,194,813
Equity market capitalization		2,219,310			1,873,476			1,404,661

Total market capitalization	$	3,694,949		$	3,059,939		$	2,599,474

Net debt to total market capitalization at current market price		39.9	%		38.8	%		46.0	%
Net debt to total market capitalization at constant share price of $18.18		40.7	%		41.6	%		43.1	%

Gross real estate and securities investments	$	3,255,098		$	2,718,741		$	2,503,117
Net debt to gross real estate and securities investments		45.3	%		43.6	%		47.7	%

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

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

(in thousands)


	Mar 31, 2011			Dec 31, 2010			Dec 31, 2009
Fixed rate debt	$	1,373,353		$	1,224,796		$	1,242,783
Fixed rate debt - swapped to variable rate		—			—			—
Variable rate debt - unhedged		113,500			—			—

Total debt*	$	1,486,853		$	1,224,796		$	1,242,783
% Fixed rate debt		92.4	%		100.0	%		100.0	%
% Fixed rate debt - swapped to variable rate		0.0	%		0.0	%		0.0	%
% Variable rate debt - unhedged		7.6	%		0.0	%		0.0	%

Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		7.6	%		0.0	%		0.0	%

Secured mortgage debt	$	682,217		$	533,660		$	551,647
Unsecured debt		804,636			691,136			691,136

Total debt*	$	1,486,853		$	1,224,796		$	1,242,783
% Secured mortgage debt		45.9	%		43.6	%		44.4	%
% Unsecured debt		54.1	%		56.4	%		55.6	%

Total		100.0	%		100.0	%		100.0	%

Total market capitalization (from page 7)	$	3,694,949		$	3,059,939		$	2,599,474
% Secured mortgage debt		18.5	%		17.4	%		21.2	%
% Unsecured debt		21.8	%		22.6	%		26.6	%

Total debt : Total market capitalization		40.3	%		40.0	%		47.8	%

Weighted-average interest rate on secured mortgage debt*⁽¹⁾		6.1	%		6.3	%		6.6	%
Weighted-average interest rate on senior unsecured notes*⁽¹⁾		6.1	%		6.1	%		6.1	%
Weighted-average interest rate on total debt*⁽¹⁾		4.8	%		6.1	%		6.3	%
Interest rate on revolving credit facilities		1.7	%		N/A			N/A

Weighted-average maturity on mortgage debt*		4.7 years			4.5 years			4.7 years
Weighted-average maturity on senior unsecured notes*		5.0 years			5.2 years			6.2 years
Weighted-average maturity on total debt*⁽²⁾		4.8 years			5.2 years			5.5 years

*	Excluding unamortized/unaccreted premium/(discount)

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

⁽²⁾	Weighted average maturity in years excludes $113.5M Revolver expiring on October 17, 2011.

Page 8

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of March 31, 2011 (unaudited)

(in thousands)


	Secured Debt				Unsecured Debt				Premium/(Discount)					Weighted average
Maturity schedule	Scheduled		Balloon		Revolving		Senior		Scheduled					interest rate			Percent of
by year	amortization		payments		Credit Facilities		Notes		Amortization			Total		at maturity			debt maturing
2011	$	12,100	$	34,756	$	113,500		—	$	(1,003	)	$	159,353		3.0	%⁽¹⁾		10.8	%
2012		16,066		80,917		—		10,000		(2,447	)	$	104,536		6.9	%		7.1	%
2013		14,936		69,185		—		—		(4,474	)	$	79,647		6.2	%		5.4	%
2014		13,845		36,453		—		250,000		(5,045	)	$	295,253		6.2	%		20.1	%
2015		10,796		97,215		—		107,505		(3,908	)	$	211,608		5.4	%		14.4	%
2016		8,750		127,228		—		105,230		(897	)	$	240,311		5.9	%		16.4	%
2017		6,858		17,242		—		218,401		64		$	242,565		6.1	%		16.5	%
2018		6,810		56,623		—		—		386		$	63,819		6.3	%		4.3	%
2019		5,490		23,593		—		—		257		$	29,340		7.0	%		2.0	%
Thereafter		35,046		8,308		—		—		257		$	43,611		7.8	%		3.0	%

Total	$	130,697	$	551,520	$	113,500	$	691,136	$	(16,810	)	$	1,470,043		4.8	%		100.0	%

(1)	Excluding revolving credit facility, weighted average interest rate is 7.3%.

Page 9

EQUITY ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three months ended March 31, 2011 and 2010 (unaudited)

(in thousands, except per share amounts)


	Three months ended
	Mar 31, 2011			Mar 31, 2010
REVENUE:
Minimum rent	$	65,503		$	53,811
Expense recoveries		18,390			14,849
Percentage rent		1,466			1,045
Management and leasing services		466			373

Total revenue		85,825			70,078

COSTS AND EXPENSES:
Property operating		24,537			19,803
Rental property depreciation and amortization		23,094			16,331
General and administrative		11,978			10,087

Total costs and expenses		59,609			46,221

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,216			23,857
OTHER INCOME AND EXPENSE:
Investment income		693			159
Equity in income (loss) in unconsolidated joint ventures		634			(40	)
Other income		129			53
Interest expense		(21,286	)		(19,908	)
Gain on extinguishment of debt		42			—
Gain on bargain purchase		30,561			—
Amortization of deferred financing fees		(543	)		(446	)

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		36,446			3,675
Income tax benefit of taxable REIT subsidiaries		565			1,068

INCOME FROM CONTINUING OPERATIONS		37,011			4,743

DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		366			52

INCOME FROM DISCONTINUED OPERATIONS		366			52

NET INCOME		37,377			4,795

Net (income) loss attributable to noncontrolling interests		(2,383	)		637

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	34,994		$	5,432

EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.32		$	0.06
Discontinued operations		—			—

NET INCOME	$	0.33		$	0.06

EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	0.31		$	0.06
Discontinued operations		—			—

NET INCOME	$	0.32		$	0.06

Weighted average shares outstanding
Basic		106,254			87,714

Diluted		117,258			88,166

NOTE:

Basic and Diluted EPS for the three months ended March 31, 2011 do not foot due to the rounding of the individual calculations.

Page 10

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three months ended March 31, 2011 (unaudited)

(in thousands)


	Three months ended March 31, 2011
	As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	65,503		$	928		$	66,431
Expense recoveries		18,390			36			18,426
Percentage rent		1,466			—			1,466
Management and leasing services		466			—			466

Total revenue		85,825			964			86,789

COSTS AND EXPENSES:
Property operating		24,537			306			24,843
Rental property depreciation and amortization		23,094			—			23,094
General and administrative		11,978			15			11,993

Total costs and expenses		59,609			321			59,930

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,216			643			26,859
OTHER INCOME AND EXPENSE:
Investment income		693			—			693
Equity in income in unconsolidated joint ventures		634			—			634
Other income		129			2			131
Interest expense		(21,286	)		(279	)		(21,565	)
Gain on bargain purchase		30,561			—			30,561
Gain on extinguishment of debt		42			—			42
Amortization of deferred financing fees		(543	)		—			(543	)

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		36,446			366			36,812
Income tax benefit of taxable REIT subsidiaries		565			—			565

INCOME FROM CONTINUING OPERATIONS		37,011			366			37,377

DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		366			(366	)		—

INCOME FROM DISCONTINUED OPERATIONS		366			(366	)		—

Net income attributable to noncontrolling interests		(2,383	)		—			(2,383	)

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	34,994		$	—		$	34,994

Page 11

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three months ended March 31, 2010 (unaudited)

(in thousands)


	Three months ended March 31, 2010
	As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	53,811		$	54		$	53,865
Expense recoveries		14,849			3			14,852
Percentage rent		1,045			—			1,045
Management and leasing services		373			—			373

Total revenue		70,078			57			70,135

COSTS AND EXPENSES:
Property operating		19,803			3			19,806
Rental property depreciation and amortization		16,331			2			16,333
General and administrative		10,087			—			10,087

Total costs and expenses		46,221			5			46,226

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		23,857			52			23,909
OTHER INCOME AND EXPENSE:
Investment income		159			—			159
Equity in loss in unconsolidated joint ventures		(40	)		—			(40	)
Other income		53			—			53
Interest expense		(19,908	)		—			(19,908	)
Amortization of deferred financing fees		(446	)		—			(446	)

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		3,675			52			3,727
Income tax benefit of taxable REIT subsidiaries		1,068			—			1,068

INCOME FROM CONTINUING OPERATIONS		4,743			52			4,795

DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		52			(52	)		—

INCOME FROM DISCONTINUED OPERATIONS		52			(52	)		—

Net loss attributable to noncontrolling interests		637			—			637

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	5,432		$	—		$	5,432

Page 12

EQUITY ONE, INC.

NET OPERATING INCOME

For the three months ended March 31, 2011 and 2010 (unaudited)

(in thousands)


	Three months ended						Percent Change
	Mar 31, 2011			Mar 31, 2010			Percent Change
Total net operating income ⁽¹⁾
Total rental revenue	$	86,323		$	69,762			23.7	%
Property operating expenses		24,843			19,806			25.4	%

Net operating income	$	61,480		$	49,956			23.1	%

NOI margin (NOI / Total rental revenue)		71.2	%		71.6	%

Same-property NOI ⁽²⁾
Total rental revenue	$	60,273		$	59,919			0.6	%
Property operating expenses ⁽³⁾		18,567			18,358			1.1	%

Net operating income	$	41,706		$	41,561			0.3	%

Growth in same property NOI		0.3	%
Number of properties included in analysis ⁽⁴⁾		163

⁽¹⁾	Amounts included in discontinued operations have been included for purposes of this presentation of net operating income.

⁽²⁾	Retail centers only. Excludes the effects of straight-line rent, above/below market rents, lease termination fees, and prior year expense recovery adjustments, if any.

⁽³⁾	Property operating expenses include intercompany management fee expense.

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

Page 13

EQUITY ONE, INC.

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

For the three months ended March 31, 2011 and 2010 (unaudited)

(in thousands)


	Three months ended
	Mar 31, 2011			Mar 31, 2010
Net income attributable to Equity One, Inc.	$	34,994		$	5,432
Rental property depreciation and amortization*		23,094			16,333
Other depreciation and amortization		158			204
Interest expense*		21,565			19,908
Amortization of deferred financing fees*		543			446
Gain on extinguishment of debt		(42	)		—
Acquisition costs⁽¹⁾		2,809			2,086
Income tax benefit of taxable REIT subsidiaries		(565	)		(1,068	)
Gain on bargain purchase		(30,561	)		—
Equity in (income) loss in unconsolidated joint ventures		(634	)		40

Adjusted EBITDA	$	51,361		$	43,381

Interest expense*	$	21,565		$	19,908

Adjusted EBITDA to interest expense*		2.4			2.2
Fixed charges
Interest expense*	$	21,565		$	19,908
Scheduled principal amortization ⁽²⁾		3,986			3,690

Total fixed charges	$	25,551		$	23,598

Adjusted EBITDA to fixed charges*		2.0			1.8
Net debt to Adjusted EBITDA ⁽³⁾		7.2			6.7
Total market capitalization (see page 7)	$	3,694,949		$	2,821,571

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

⁽¹⁾	Amounts include external costs associated with acquired properties and acquisition related expenses during the period. In 2011, amount includes $0.5 million in severance costs associated with the acquisition of Capital & Counties.

⁽²⁾	Excludes balloon payments upon maturity.

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

Page 14

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the three months ended March 31, 2011 and 2010 (unaudited)

(in thousands, except per share data)


	Three months ended
	Mar 31, 2011			Mar 31, 2010
Net income attributable to Equity One, Inc.	$	34,994		$	5,432
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		23,020			15,046
Net adjustment for unvested shares and noncontrolling interest⁽¹⁾		2,415			—
Pro rata share of real estate depreciation from unconsolidated JV's		611			309

Funds from operations	$	61,040		$	20,787

Earnings per diluted share attributable to Equity One, Inc.	$	0.32		$	0.06
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.20			0.17
Net adjustment for unvested shares and noncontrolling interest⁽¹⁾		(0.01	)		0.01
Pro rata share of real estate depreciation from unconsolidated JV’s		0.01			—

Funds from operations per diluted share	$	0.52		$	0.24

Weighted average diluted shares		117,258			88,166

⁽¹⁾	Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest; and (b) an adjustment to compensate for the rounding of the individual calculations.

Page 15

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the three months ended March 31, 2011 and 2010 (unaudited)

(in thousands)


	Three months ended
	Mar 31, 2011			Mar 31, 2010
Certain non-cash items:
Amortization of deferred financing fees	$	543		$	446
Accretion of below market lease intangibles		(2,043	)		(1,888	)
Share-based compensation expense		1,635			1,574
Straight line rent		(902	)		(539	)
Capitalized interest		(498	)		(520	)
Amortization of discount on notes payable, net		236			724

Certain capital expenditures:
Tenant improvements	$	(2,374	)	$	(2,308	)
Leasing commissions and costs		(1,266	)		(690	)
Redevelopments and expansions		(3,347	)		(2,508	)
Maintenance capital expenditures		(1,394	)		(572	)

Total tenant improvements and leasing costs	$	(8,381	)	$	(6,078	)


	Mar 31, 2011		Dec 31, 2010
Other assets and liabilities:
Lease intangibles, net	$	112,315	$	60,603
Lease commissions, net		27,380		23,124
Straight-line rent receivable, net		18,088		17,186
Deposits and mortgage escrow		16,458		17,964
Prepaid and other expenses		8,245		1,413
Deferred financing costs, net		5,705		5,998
Furniture and fixtures, net		1,665		1,408

Total other assets	$	189,856	$	127,696

Accounts payable and other liabilities:
Above/below market rents, net	$	118,872		90,428
Prepaid rent and deferred income		8,576		6,543
Accounts payable and other		51,113		41,792

Total accounts payable and other liabilities	$	178,561	$	138,763

Liquidity as of 3/31/11:
Cash and Cash Equivalents	$	11,214
Available under Lines of Credit		157,124

Total Available Funds	$	168,338

Page 16

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS

CONSOLIDATED PROPERTIES

As of March 31, 2011 (unaudited)


Tenant	Number of stores		Credit Rating S&P/Moody’s⁽¹⁾		Square feet		% of total square feet			Annualized minimum rent		% of total annualized minimum rent			Average annual minimum rent per square foot ⁽²⁾		Average remaining term of AMR ⁽³⁾
Top twenty tenants
Publix		64		NA		2,817,628		14.0	%	$	23,772,690		10.3	%	$	8.44		7.8
Supervalu		6		B+ /B1		398,625		2.0	%		8,995,251		3.9	%		22.57		6.0
Kroger		14		BBB /Baa2		795,902		4.0	%		6,268,326		2.7	%		7.88		6.8
TJ Maxx Companies		11		A / A3		328,575		1.6	%		3,293,058		1.4	%		10.02		4.2
Bed, Bath & Beyond		8		BBB / NA		267,761		1.3	%		3,093,848		1.3	%		11.55		5.1
LA Fitness		4		NA		196,235		1.0	%		3,087,362		1.3	%		15.73		8.7
Winn Dixie		9		NA		398,128		2.0	%		2,937,815		1.3	%		7.38		3.9
Office Depot		10		B / B2		243,625		1.2	%		2,801,046		1.2	%		11.50		3.8
CVS Pharmacy		13		BBB+ /Baa2		151,096		0.8	%		2,353,312		1.0	%		15.57		4.6
Dollar Tree		25		NA		272,041		1.3	%		2,218,281		1.0	%		8.15		2.9
Kohl’s		3		BBB+ /Baa1		296,710		1.5	%		1,933,000		0.9	%		6.51		8.1
Ross Stores		7		BBB/NA		208,254		1.0	%		1,926,370		0.8	%		9.25		4.5
Target		1		A+/A2		160,346		0.8	%		1,924,152		0.8	%		12.00		7.3
Food Lion		6		NA/Baa3		241,934		1.2	%		1,845,646		0.8	%		7.63		9.6
Walgreens		6		A / A2		96,562		0.5	%		1,824,815		0.8	%		18.90		14.1
Blockbuster		17		NA		84,451		0.4	%		1,771,914		0.8	%		20.98		1.7
Whole Foods		2		BB / Ba3		85,907		0.4	%		1,746,911		0.8	%		20.33		13.8
Goodwill		15		BB/Ba2		136,327		0.7	%		1,724,921		0.7	%		12.65		5.3
Stop & Shop		1		NA		59,015		0.3	%		1,685,484		0.7	%		28.56		13.8
Loehmann’s		1		NA		40,397		0.2	%		1,504,088		0.7	%		37.23		5.1

Sub-total top twenty tenants		223				7,279,519		36.2	%	$	76,708,290		33.2	%	$	10.54		5.9

Remaining tenants		2,570				10,892,308		54.1	%		154,234,416		66.8	%		14.42		3.8

Sub-total all tenants		2,793				18,171,827		90.3	%	$	230,942,706		100.0	%	$	12.85		3.9

Vacant		812				1,959,320		9.7	%		NA		NA			NA		NA

Total including vacant		3,605				20,131,147		100.0	%	$	230,942,706		100.0	%		NA		3.9

Note:

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

⁽¹⁾	Ratings as of March 31, 2011. Source: CreditRiskMonitor.

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

⁽³⁾	In years, excluding tenant renewal options.

Page 17

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended March 31, 2011 (unaudited)


Category	Total Leases		Total Sq. Ft.		Same Space Sq. Ft.		Prior Rent PSF		New Rent PSF		Rent Spread			Same Space TIs PSF
New Leases ⁽¹⁾		52		165,122		159,622	$	12.01	$	10.65		-11.3	%	$	6.96
Renewals & Options		101		353,163		353,163		14.97		14.70		-1.8	%		0.92

Total New, Renewals & Options		153		518,285		512,785	$	14.05	$	13.44		-4.3	%	$	2.80

Note:

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

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

Page 18

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of March 31, 2011 (unaudited)


ALL TENANTS
Date	Number of leases		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot ⁽¹⁾
M-T-M		167		324,113		1.6	%	$	5,884,704		2.4	%	$	18.16
2011		450		1,793,098		8.9	%		24,621,916		9.9	%		13.73
2012		585		2,576,261		12.8	%		34,156,605		13.7	%		14.36
2013		493		2,001,831		9.9	%		28,875,151		11.6	%		14.42
2014		361		1,892,584		9.4	%		24,908,156		10.0	%		13.16
2015		281		1,821,311		9.0	%		23,090,237		9.3	%		12.68
2016		156		1,828,593		9.1	%		29,792,699		12.0	%		16.29
2017		58		797,437		4.0	%		11,505,729		4.6	%		14.43
2018		46		801,007		4.0	%		11,094,360		4.5	%		13.85
2019		33		698,595		3.5	%		7,060,892		2.8	%		10.11
2020		47		678,058		3.4	%		9,180,151		3.7	%		13.54
Thereafter		116		2,958,939		14.7	%		38,466,539		15.5	%		13.00

Sub-total / average		2,793		18,171,827		90.3	%	$	248,637,139		100.0	%	$	13.83

Vacant		812		1,959,320		9.7	%		NA		NA			NA

Total / average		3,605		20,131,147		100.0	%	$	248,637,139		100.0	%		NA

Note:

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

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

Page 19

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of March 31, 2011 (unaudited)


ANCHOR TENANTS (SF >= 10,000)
Date	Number of leases		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot ⁽¹⁾
M-T-M		2		20,027		0.1	%	$	130,135		0.1	%	$	6.50
2011		31		940,043		7.2	%		8,356,525		6.4	%		8.89
2012		49		1,433,462		11.0	%		11,449,617		8.8	%		9.26
2013		31		977,755		7.5	%		8,078,968		6.2	%		8.26
2014		37		1,127,257		8.6	%		8,439,722		6.5	%		7.49
2015		43		1,227,674		9.4	%		9,583,310		7.3	%		7.81
2016		40		1,512,651		11.6	%		22,406,593		17.1	%		14.81
2017		18		664,896		5.1	%		7,855,374		6.0	%		11.81
2018		18		700,146		5.4	%		7,940,065		6.1	%		11.34
2019		14		647,808		5.0	%		5,505,867		4.2	%		8.50
2020		19		586,091		4.5	%		6,814,827		5.2	%		11.63
Thereafter		73		2,839,245		21.8	%		34,067,448		26.1	%		12.00

Sub-total / average		375		12,677,055		97.2	%	$	130,628,451		100.0	%	$	10.47

Vacant		18		369,024		2.8	%		NA		NA			NA

Total / average		393		13,046,079		100.0	%	$	130,628,451		100.0	%		NA

Note:

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

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

Page 20

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of March 31, 2011 (unaudited)


SHOP TENANTS (SF < 10,000)
Date	Number of leases		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot
M-T-M		165		304,086		4.3	%	$	5,754,569		4.9	%	$	18.92
2011		419		853,055		12.0	%		16,265,391		13.8	%		19.07
2012		536		1,142,799		16.1	%		22,706,988		19.2	%		19.87
2013		462		1,024,076		14.5	%		20,796,183		17.6	%		20.31
2014		324		765,327		10.8	%		16,468,434		14.0	%		21.52
2015		238		593,637		8.4	%		13,506,927		11.4	%		22.75
2016		116		315,942		4.5	%		7,386,106		6.3	%		23.38
2017		40		132,541		1.9	%		3,650,355		3.1	%		27.54
2018		28		100,861		1.4	%		3,154,295		2.7	%		31.27
2019		19		50,787		0.7	%		1,555,025		1.3	%		30.62
2020		28		91,967		1.3	%		2,365,324		2.0	%		25.72
Thereafter		43		119,694		1.7	%		4,399,091		3.7	%		36.75

Sub-total / average		2,418		5,494,772		77.6	%	$	118,008,688		100.0	%	$	21.48

Vacant		794		1,590,296		22.4	%		NA		NA			NA

Total / average		3,212		7,085,068		100.0	%	$	118,008,688		100.0	%		NA

Note:

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

Page 21

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION GRAPH

CONSOLIDATED PROPERTIES

As of March 31, 2011 (unaudited)

LOGO

Note:

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

Page 22

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of March 31, 2011 (unaudited)


Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County		14		1,846,389		23,515,087		10.2	%
Dade County		15		1,565,389		22,795,171		9.9	%
Palm Beach County		8		889,654		10,026,304		4.3	%
Treasure Coast, Florida		8		707,778		7,507,899		3.3	%

South Florida		45		5,009,210		63,844,461		27.6	%
San Francisco Bay		5		1,464,922		29,482,647		12.8	%
Southern California		2		212,756		3,648,690		1.6	%

West Coast		7		1,677,678		33,131,337		14.3	%
Boston		7		600,879		11,110,433		4.8	%
Maryland		1		92,335		1,642,655		0.7	%
New York		1		25,350		1,056,000		0.5	%
Connecticut		2		397,802		4,637,270		2.0	%

Northeast		11		1,116,366		18,446,358		8.0	%
Atlanta		24		2,208,970		25,322,740		11.0	%
Orlando		11		1,287,612		14,786,610		6.4	%
Tampa/St. Petersburg		16		1,532,862		13,574,938		5.9	%
Jacksonville/North Florida		10		1,210,706		11,661,531		5.0	%
Other		14		1,327,909		10,866,635		4.7	%
Charlotte/Raleigh/Durham		5		1,160,568		10,587,814		4.6	%
Louisiana		13		1,522,556		10,375,148		4.5	%
Central/South Georgia		9		1,050,883		8,072,885		3.5	%
West Coast, Florida		5		466,144		5,549,726		2.4	%
South Carolina		7		559,683		4,722,523		2.0	%

Total		177		20,131,147		230,942,706		100.0	%

LOGO

Note:

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

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


		Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Number of tenants				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
Property	City	Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
ALABAMA (3)
Madison Centre	Madison		1997		64,837		97.5	%		12		1		37,912	Publix		06/01/17	Rite Aid	$	9.94
The Shops at Lake Tuscaloosa	Tuscaloosa		2003 /2005		70,242		88.9	%		10		6		44,271	Publix		12/31/23		$	12.41
Winchester Plaza	Huntsville		2006		75,700		91.5	%		14		5		45,600	Publix		08/31/26		$	10.30

TOTAL SHOPPING CENTERS ALABAMA (3)					210,779		92.5	%		36		12		127,783					$	10.86

ARIZONA (1)
Canyon Trails	Goodyear		2008		198,739		56.1	%		15		17						Office Max / Petsmart / Ross / Cost Plus	$	14.36

TOTAL SHOPPING CENTERS ARIZONA (1)					198,739		56.1	%		15		17		—					$	14.36

CALIFORNIA (7)
Serramonte	Daly City		1968		817,899		96.3	%		91		11						Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / New York & Company / Crunch Gym	$	16.89
Willows	Concord		1977		256,086		94.1	%		29		4						El Torito / Claim Jumper / U Gym / REI / The Jungle / Old Navy / Pier 1 / Cost Plus	$	20.93
Plaza Escuela	Walnut Creek		2002		151,186		98.9	%		22		2						AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority	$	32.19
Marketplace Shopping Center	Davis		1990		111,156		92.9	%		20		3		35,018	Safeway		07/31/14	Petco / CVS	$	21.28
222 Sutter	San Francisco		1908 /1984		128,595		94.1	%		9		1						Loehmann's / Global Fund for Women / Mother Jones Magazine / Fluid / Craigslist	$	34.07
Von's Circle Center	Long Beach		1972		148,353		96.3	%		22		3		45,253	Von’s		07/31/22	Rite Aid / Ross	$	16.03
Circle Center West	Long Beach		1989		64,403		97.8	%		15		1						Marshalls	$	21.56

TOTAL SHOPPING CENTERS CALIFORNIA (7)					1,677,678		95.9	%		208		25		80,271					$	20.60

CONNECTICUT (2)
Brookside Plaza**	Enfield		1985 /2006		213,274		89.7	%		21		5		59,648	Wakefern Food		08/31/15	Bed Bath & Beyond / Walgreens / Staples /Petsmart	$	12.02
Copps Hill	Ridgefield		1979/2002		184,528		97.5	%		8		1		59,015	Stop & Shop		12/31/24	Kohl’s / Rite Aid	$	12.99

TOTAL SHOPPING CENTERS CONNECTICUT (2)					397,802		93.3	%		29		6		118,663					$	12.49

FLORIDA (87)
Orlando / Central Florida (11)
Alafaya Commons	Orlando		1987		126,333		92.2	%		26		4		54,230	Publix		11/30/13		$	14.43
Alafaya Village	Orlando		1986		38,118		96.3	%		15		1							$	20.86
Conway Crossing	Orlando		2002		76,321		85.5	%		15		4		44,271	Publix		04/30/22		$	12.06
Eastwood, Shoppes of	Orlando		1997		69,037		100.0	%		13		—		51,512	Publix		11/01/17		$	12.73

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


		Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Number of tenants				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
Property	City	Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
Eustis Village	Eustis		2002		156,927		94.7	%		16		4		44,271	Publix		10/31/22	Beall’s Department Store	$	11.00
Hunter's Creek	Orlando		1998		73,204		100.0	%		10		—						Office Depot / Lifestyle Family Fitness	$	13.44
Kirkman Shoppes	Orlando		1973		88,820		78.8	%		24		7							$	20.81
Lake Mary Centre	Orlando		1988 / 2001		340,434		95.9	%		57		9		63,139	Albertsons		06/30/12	Kmart / Lifestyle Fitness Center / Office Depot	$	12.91
Park Promenade	Orlando		1987 / 2000		128,848		68.9	%		13		10						Beauty Depot / Dollar General	$	7.17
Town & Country	Kissimmee		1993		72,043		95.6	%		12		2		52,883	Albertsons*		10/31/18		$	8.61
															(Ross Dress For Less)
Unigold Shopping Center	Winter Park		1987		117,527		89.1	%		21		5		52,500	Winn-Dixie		04/30/12		$	11.00
Jacksonville / North Florida (10)
Atlantic Village	Atlantic Beach, FL		1984		100,559		87.5	%		18		7		39,795	Publix		10/31/13	Jo-Ann Fabric & Crafts	$	10.63
Beauclerc Village	Jacksonville		1962 / 1988		68,846		89.0	%		6		5						Big Lots / Goodwill / Bealls Outlet	$	8.46
Forest Village	Tallahassee		2000		71,526		85.0	%		12		4		37,866	Publix		04/30/20		$	10.98
Ft. Caroline	Jacksonville		1985 / 1995		71,816		86.8	%		6		7		45,500	Winn-Dixie		05/31/15	Citi Trends	$	6.93
Mandarin Landing	Jacksonville		1976		139,580		76.4	%		16		11		50,000	Whole Foods		12/31/23	Office Depot / Aveda Institute	$	15.63
Medical & Merchants	Jacksonville		1993		156,153		96.6	%		10		3		55,999	Publix		02/10/13	Memorial Hospital / Planet Fitness	$	11.34
Middle Beach Shopping Center	Panama City Beach		1994		69,277		83.5	%		3		6		56,077	Publix*		09/30/14		$	8.68
Pablo Plaza	Jacksonville		1974 / 1998 / 2001 / 2008		151,238		87.9	%		22		9		34,400	Publix*		11/30/13	Marshalls / HomeGoods	$	11.75
															(Office Depot)
Oak Hill	Jacksonville		1985 / 1997		78,492		77.6	%		16		4		39,795	Publix		03/11/15		$	7.97
South Beach**	Jacksonville Beach		1990 / 1991		303,219		87.2	%		36		15						Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	$	12.02
Miami-Dade / Broward / Palm Beach (37)
Bird Ludlum	Miami		1988 / 1998		192,274		99.4	%		41		1		44,400	Winn-Dixie		12/31/12	CVS Pharmacy / Bird Executive / Goodwill	$	17.41
Bluffs Square	Jupiter		1986		123,917		77.2	%		20		10		39,795	Publix		10/22/11	Walgreens	$	13.54
Chapel Trail	Pembroke Pines		2007		56,378		100.0	%		4		—						LA Fitness	$	21.50
Coral Reef Shopping Center	Palmetto Bay		1968 / 1990		76,632		96.2	%		15		2						Office Depot / Walgreen's	$	25.38
Countryside Shops	Cooper City		1986 / 1988 / 1991		179,561		84.9	%		33		13		39,795	Publix		12/04/15	Stein Mart	$	13.50
Country Walk	Miami		1985 / 2006 / 2008		100,686		96.5	%		27		2		39,795	Publix		10/23/15	CVS Pharmacy	$	18.99

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


		Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Number of tenants				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
Property	City	Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
Crossroads Square	Pembroke Pines		1973		81,587		78.5	%		15		11						CVS Pharmacy / Goodwill	$	17.00
CVS Plaza	Miami		2004		18,214		100.0	%		6		—							$	17.08
El Novillo	Miami Beach		1970 / 2000		10,000		0.0	%		—		1							$	0.00
Gateway Plaza	Aventura		1991		29,800		100.0	%		1		—						Babies R Us	$	14.31
Greenwood	Palm Springs		1982 / 1994		132,325		88.4	%		32		6		50,032	Publix		12/05/14	Bealls Outlet	$	13.08
Hammocks Town Center	Miami		1987 / 1993		172,806		90.8	%		34		6		39,795	Publix		06/24/12	Metro Dade Library / CVS Pharmacy / Porky's Gym	$	13.37
Jonathan's Landing	Jupiter		1997		26,820		41.2	%		7		5							$	23.96
Lago Mar	Miami		1995		82,613		83.2	%		14		8		42,323	Publix		09/13/15		$	12.21
Lantana Village	Lantana		1976 / 1999		181,780		96.6	%		21		4		39,473	Winn-Dixie		02/15/16	Kmart / Rite Aid* (Family Dollar)	$	7.72
Magnolia Shoppes	Fort Lauderdale		1998		114,118		88.7	%		12		6						Regal Cinemas / Deal$	$	10.69
Meadows	Miami		1997		75,524		95.8	%		17		3		47,955	Publix		07/09/17		$	14.03
Oakbrook Square	Palm Beach Gardens		1974 / 2000 / 2003		199,633		97.1	%		25		5		44,400	Publix		11/30/20	Stein Mart / Home Goods / CVS / Basset Furniture / Duffy's	$	13.97
Oaktree Plaza	North Palm Beach		1985		23,745		72.9	%		13		7							$	16.67
Plaza Alegre	Miami		2003		88,411		92.4	%		16		4		44,271	Publix		03/14/23	Goodwill	$	15.58
Point Royale	Miami		1970 / 2000		174,875		97.8	%		21		3		45,350	Winn-Dixie		02/15/15	Best Buy / Pasteur Medical	$	10.62
Prosperity Centre	Palm Beach Gardens		1993		122,014		88.7	%		7		3						Office Depot / CVS / Bed Bath & Beyond / TJ Maxx	$	16.47
Ridge Plaza	Davie		1984 /1999		155,204		94.6	%		20		7						Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill	$	10.92
Riverside Square	Coral Springs		1987		104,241		79.9	%		24		10		39,795	Publix		02/18/12		$	13.32
Sawgrass Promenade	Deerfield Beach		1982 / 1998		107,092		92.5	%		22		3		36,464	Publix		12/15/14	Walgreens / Dollar Tree	$	10.20
Sheridan Plaza	Hollywood		1973 / 1991		508,455		99.0	%		61		4		65,537	Publix		10/09/11	Kohl’s / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology	$	15.06
Shoppes of Andros Isles	West Palm Beach		2000		79,420		82.4	%		9		8		51,420	Publix		02/29/20		$	12.23
Shoppes of Silverlakes	Pembroke Pines		1995 / 1997		126,789		84.8	%		29		11		47,814	Publix		06/14/15		$	16.00

Shops at Skylake	North Miami Beach		1999 / 2005 / 2006		281,943		96.1	%		44		3		51,420	Publix		07/31/19	TJMaxx / LA Fitness / Goodwill	$	16.83
Sunrise Town Center	Fort Lauderdale		1989		128,124		82.3	%		14		10						L.A. Fitness / Office Depot	$	10.92
Tamarac Town Square	Tamarac		1987		124,585		76.9	%		24		15		37,764	Publix		12/15/14	Dollar Tree	$	10.88

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


		Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Number of tenants				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
Property	City	Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
Veranda Shoppes	Plantation		2007		44,888		97.3	%		8		1		28,800	Publix		04/30/27		$	24.43
Waterstone	Homestead		2005		61,000		97.1	%		9		1		45,600	Publix		07/31/25		$	14.89
West Bird	Miami		1977 /2000		99,864		91.2	%		24		4		37,949	Publix		08/31/20	CVS Pharmacy	$	12.87
West Lakes Plaza	Miami		1984 /2000		100,747		100.0	%		27		—		46,216	Winn-Dixie		05/22/16	Navarro Pharmacy	$	13.47
Westport Plaza	Davie		2002		49,533		100.0	%		8		—		27,887	Publix		11/30/22		$	17.45
Young Circle	Hollywood		1962 / 1997		65,834		98.1	%		9		1		23,124	Publix		11/30/16	Walgreens	$	14.25
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie		2001		89,234		94.7	%		13		3		59,448	Albertsons		04/30/25		$	8.42
New Smyrna Beach	New Smyrna Beach		1987		118,451		100.0	%		34		—		42,112	Publix		09/30/12	Bealls Outlet	$	12.19
Old King Commons	Palm Coast		1988		84,759		89.7	%		15		4						Wal-Mart	$	8.04
Ryanwood	Vero Beach		1987		114,925		89.9	%		26		6		39,795	Publix		03/23/17	Bealls Outlet / Books-A-Million	$	11.27
Salerno Village	Stuart		1987		82,477		88.6	%		13		7		45,802	Winn-Dixie		03/23/24	CVS Pharmacy	$	10.63
Shops at St. Lucie	Port St. Lucie		2006		19,361		84.6	%		8		2							$	21.82
South Point Center	Vero Beach		2003		64,790		88.1	%		10		6		44,840	Publix		11/30/23		$	15.62
Treasure Coast	Vero Beach		1983		133,781		96.9	%		21		2		59,450	Publix		07/31/26	TJ Maxx	$	11.96
Tampa / St. Petersburg / Venice / Cape Coral / Naples (21)
Bay Pointe Plaza	St. Petersburg		1984 /2002		103,986		92.5	%		17		6		52,610	Publix		11/30/21	Bealls Outlet	$	10.39
Carrollwood	Tampa		1970 /2002		94,203		91.4	%		31		7		27,887	Publix		11/30/22	Golf Locker	$	12.81
Charlotte Square	Port Charlotte		1980		96,188		67.3	%		10		15		44,024	Publix* (American Signature Furniture)		01/31/13	Seafood Buffet	$	5.32
Chelsea Place	New Port Richey		1992		81,144		96.5	%		16		2		48,890	Publix		05/27/12		$	11.80
Dolphin Village	St. Petersburg		1967/1990		136,224		81.5	%		28		16		33,238	Publix		11/07/13	Dollar Tree, CVS	$	13.01
Glengary Shoppes	Sarasota		1995		99,182		100.0	%		6		—						Best Buy / Barnes & Noble	$	18.06
Lake St. Charles	Tampa		1999		57,015		100.0	%		8		—		46,295	Sweet Bay		06/30/19		$	10.45
Lutz Lake	Lutz		2002		64,985		86.1	%		9		6		44,270	Publix		05/31/22		$	12.84
Marco Town Center	Marco Island		2001		109,830		91.7	%		36		5		27,887	Publix		01/31/18		$	17.15
Mariners Crossing	Spring Hill		1989 /1999		97,812		98.2	%		17		1		48,315	Sweet Bay		08/15/20		$	9.26

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number of tenants				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
Midpoint Center	Cape Coral	2002		75,386		100.0	%		10		—		60,667	Publix		10/31/22		$	12.40
Regency Crossing	Port Richey	1986 /2001		85,864		81.6	%		13		12		44,270	Publix		02/28/21		$	10.36
Ross Plaza	Tampa	1984 /1996		90,826		91.3	%		18		5						Ross Dress for Less / Deal$	$	12.38
Seven Hills	Spring Hill	1991		72,590		87.8	%		12		6		48,890	Publix		09/25/11		$	10.48
Shoppes of North Port	North Port	1991		84,705		92.2	%		17		4		48,890	Publix		12/11/11	Bealls Outlet	$	10.27
Summerlin Square	Fort Myers	1986 / 1998		109,156		49.1	%		4		24		45,500	Winn-Dixie		06/04/16		$	7.99
Sunlake	Tampa	2008		89,516		85.6	%		15		9		45,600	Publix		12/31/28		$	16.97
Sunpoint Shopping Center	Ruskin	1984		132,374		65.5	%		16		9						Goodwill / Ozzie’s Buffet / Big Lots / Chapter 13 Trustee	$	8.68
Venice Plaza	Venice	1971 /1979 / 1999		132,345		98.0	%		13		3		42,582	Sweet Bay		09/30/18	TJ Maxx	$	6.30
Venice Shopping Center	Venice	1968 / 2000		109,801		85.9	%		12		2		44,271	Publix		12/31/26	Beall's Outlet	$	5.69
Walden Woods	Plant City	1985 /1998 / 2003		75,874		94.4	%		13		3						Dollar Tree / Aaron Rents / Dollar General	$	8.28

TOTAL SHOPPING CENTERS FLORIDA (87)				9,506,534		89.8	%		1,541		460		2,824,945					$	12.81

GEORGIA (33)
Atlanta (24)
BridgeMill	Canton	2000		89,102		87.4	%		23		7		37,888	Publix		01/31/20		$	15.29
Buckhead Station	Atlanta	1996		233,739		100.0	%		15		1						Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack	$	20.49
Butler Creek	Acworth	1990		95,597		84.5	%		15		5		59,997	Kroger		01/31/18		$	10.48
Chastain Square	Atlanta	1981 / 2001		91,637		100.0	%		26		1		37,366	Publix		05/31/24		$	17.51
Commerce Crossing	Commerce	1988		100,668		26.5	%		5		6						Fred’s Store	$	5.54
Douglas Commons	Douglasville	1988		97,027		98.9	%		17		1		59,431	Kroger		08/31/13		$	10.87
Fairview Oaks	Ellenwood	1997		77,052		89.4	%		12		2		54,498	Kroger		09/30/16		$	10.49
Freehome Village	Canton	2003		74,340		72.2	%		6		11		44,840	Publix		12/31/23		$	12.31
Golden Park Village	Buford	2000		68,738		78.7	%		7		6		44,270	Publix		02/29/20		$	10.85
Governors Town Square	Acworth	2005		68,658		100.0	%		13		—		44,840	Publix		02/28/25		$	14.08
Grassland Crossing	Alpharetta	1996		90,906		93.2	%		11		3		70,086	Kroger		06/30/16		$	11.51

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number of tenants				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
Hairston Center	Decatur	2000		13,000		46.2	%		4		5							$	9.40
Hamilton Ridge	Buford	2002		90,996		85.1	%		14		7		54,166	Kroger		11/30/22		$	11.35
Keith Bridge Commons	Atlanta	2002		94,886		87.0	%		14		7		54,139	Kroger		08/10/22		$	12.93
Mableton Crossing	Mableton	1997		86,819		96.7	%		14		2		63,419	Kroger		08/31/17		$	10.27
Macland Pointe	Marietta	1992-93		79,699		95.5	%		16		1		55,999	Publix		12/29/12		$	10.31
Market Place	Norcross	1976		77,706		94.4	%		20		4						Galaxy Cinema	$	12.54
Piedmont Peachtree Crossing	Buckhead	1978 / 1998		152,239		97.0	%		24		4		55,520	Kroger		02/28/15	Cost Plus Store / Binders Art Supplies	$	17.21
Powers Ferry Plaza	Marietta	1979 /1987 / 1998		86,473		88.5	%		20		5						Micro Center	$	9.74
Salem Road Station	Atlanta	2000		67,270		90.3	%		11		5		44,270	Publix		09/30/20		$	11.63
Shops of Huntcrest	Lawrenceville	2003		97,040		86.2	%		18		7		54,340	Publix		01/31/23		$	13.41
Shops of Westridge	McDonough	2006		66,297		74.7	%		9		9		38,997	Publix		04/30/26		$	13.53
Wesley Chapel	Decatur	1989		164,153		86.8	%		19		9						Corinthian College / Little Giant/ Deal$ / Planet Fitness	$	5.75
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		62.7	%		18		9							$	21.86
Central / South Georgia (9)
Daniel Village	Augusta	1956 / 1997		171,932		85.0	%		28		11		45,971	Bi-Lo		03/25/22	St. Joseph Home Health Care	$	8.86
Dublin Village	Dublin	2005		98,540		92.5	%		12		5		70,225	Kroger		08/03/25		$	6.73
Grayson Village	Loganville	2002		83,155		72.6	%		11		12		44,271	Publix		01/31/22		$	11.35
Loganville Town Center	Loganville	1997		77,661		85.0	%		9		6		51,420	Publix		08/01/17		$	11.49
McAlpin Square	Savannah	1979		173,952		98.6	%		23		1		43,600	Kroger		08/31/15	Big Lots / Post Office / Habitat for Humanity	$	7.58
Spalding Village	Griffin	1989		235,318		63.5	%		18		10		59,431	Kroger		05/31/14	Fred’s Store / Goodwill	$	7.62
The Vineyards at Chateau Elan	Braselton	2002		79,047		97.4	%		19		1		44,271	Publix		01/31/23		$	14.41
Walton Plaza	Augusta	1990		43,460		91.7	%		5		3		32,960	Harris Teeter* (Omni Fitness)		04/01/11		$	9.99
Wilmington Island Shopping Center	Wilmington Island	1985 /1998 / 2003		87,818		69.6	%		12		11		42,156	Kroger		09/16/18		$	12.68

TOTAL SHOPPING CENTERS GEORGIA (33)				3,259,853		85.5	%		488		177		1,308,371					$	11.98

Page 29

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


		Year	Total					Nunber				Supermarket anchor						Average
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
LOUISIANA (13)
Ambassador Row	Lafayette	1980 /1991		187,678		97.4	%		23		2						Conn's Appliances /Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics	$	7.67
Ambassador Row Courtyard	Lafayette	1986 /1991 /2005		146,697		99.0	%		22		1						Bed Bath & Beyond / Marshall's / Hancock Fabrics / Unitech Training Academy / Tuesday Morning	$	10.26
Bluebonnet Village	Baton Rouge	1983		101,623		92.3	%		20		6		33,387	Matherne's		11/30/15	Office Depot	$	11.32
Boulevard	Lafayette	1976 / 1994		68,012		93.2	%		13		2						Piccadilly / Harbor Freight Tools / Golfballs.com	$	8.56
Country Club Plaza	Slidell	1982 / 1994		64,686		92.1	%		8		2		33,387	Winn-Dixie		01/31/13		$	6.21
Crossing	Slidell	1988 / 1993		114,806		97.4	%		15		1		58,432	Save A Center		09/28/39	A-1 Home Appliance / Piccadilly	$	5.84
Elmwood Oaks	Harahan	1989		130,284		100.0	%		10		—						Academy Sports / Dollar Tree / Home Décor	$	9.92
Grand Marche (ground lease)	Lafayette	1969		200,585		100.0	%		1		—								NA
Plaza Acadienne	Eunice	1980		59,419		100.0	%		7		—		28,092	Super 1 Store		06/30/15	Fred's Store	$	4.42
Sherwood South	Baton Rouge	1972 / 1988 /1992		77,107		86.0	%		8		1						Burke's Outlet / Harbor Freight Tools / Fred's Store	$	6.35
Siegen Village	Baton Rouge	1988		170,416		96.8	%		19		1						Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	9.16
Tarpon Heights	Galliano	1982		56,605		84.3	%		8		1						Stage / Dollar General	$	5.33
Village at Northshore	Slidell	1988		144,638		96.7	%		13		2						Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot	$	7.72

TOTAL SHOPPING CENTERS LOUISIANA (13)				1,522,556		96.3	%		167		19		153,298					$	8.18

MARYLAND (1)
South Plaza Shopping Center	St. Mary's County	2005		92,335		100.0	%		9		—						Ross Dress For Less / Best Buy /Old Navy /Petco	$	17.79

TOTAL SHOPPING CENTERS MARYLAND (1)				92,335		100.0	%		9		—		—					$	17.79

MASSACHUSETTS (7)
Cambridge Star Market	Cambridge	1953 / 1997		66,108		100.0	%		1		—		66,108	Star Market		01/02/16		$	30.25
Medford Shaw's Supermarket	Medford	1995		62,656		100.0	%		2		—		60,356	Shaw's		01/01/16		$	26.84
Plymouth Shaw's Supermarket	Plymouth	1993		59,726		100.0	%		1		—		59,726	Shaw's		01/01/16		$	19.99
Quincy Star Market	Quincy	1965 / 1995		100,741		100.0	%		1		—		100,741	Star Market		01/02/16		$	19.53
Swampscott Whole Foods	Swampscott	1967 / 2005		35,907		100.0	%		1		—		35,907	Whole Foods		01/01/26		$	22.89
Webster Plaza	Webster	1963 / 1998		199,425		100.0	%		14		—		56,766	Shaw's		02/28/23	K Mart	$	8.22

Page 30

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


Property	City	Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Number of tenants				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
Property	City	Year Built / Renovated		Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq.ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
West Roxbury Shaw’s Plaza	West Roxbury		1973 /1995/ 2006		76,316		92.9	%		9		4		54,928	Shaw’s		01/02/16		$	25.48

TOTAL SHOPPING CENTERS MASSACHUSETTS (7)					600,879		99.1	%		29		4		434,532					$	18.66

MISSISSIPPI (1)
Shipyard Plaza	Pascagoula		1987		66,857		98.2	%		7		1						Big Lots /Buffalo Wild Wings	$	7.12

TOTAL SHOPPING CENTERS MISSISSIPPI (1)					66,857		98.2	%		7		1		—					$	7.12

NEW YORK (1)
1175 Third Avenue	Manhattan		1995		25,350		100.0	%		1		—		25,350	Food Emporium		01/31/19		$	41.66

TOTAL SHOPPING CENTERS NEW YORK (1)					25,350		100.0	%		1		—		25,350					$	41.66

NORTH CAROLINA (12)
Brawley Commons	Charlotte		1997 / 1998		119,189		74.2	%		23		16		42,142	Lowe’s Foods		05/13/17	Rite Aid	$	11.61
Carolina Pavilion	Charlotte		1996		731,678		96.9	%		23		3						AMC Theatres /Value City Furniture /Old Navy /Ross Dress For Less /Sports Authority / Babies 'R Us /Michaels Crafts /Sears Retail Outlet Store / DSW Shoe Warehouse / Cost Plus World Market /Gregg Appliances /Petco / Dollar Tree / Dress Barn / Bed Bath & Beyond / Kohl's / Buy Buy Baby /Nordstrom Rack	$	10.33
Centre Pointe Plaza	Smithfield		1989		163,642		94.7	%		21		3						Belk’s / Dollar Tree / Aaron Rents / Burkes Outlet Stores	$	5.79
Chestnut Square	Brevard		1985 / 2008		34,260		90.7	%		6		2						Walgreens	$	15.67
Galleria	Wrightsville Beach		1986 / 1990		92,114		76.4	%		27		9		28,000	Harris Teeter*		04/05/11		$	9.79
Parkwest Crossing	Durham		1990		85,602		91.6	%		14		3		38,052	Food Lion		12/14/15		$	10.52
Riverview Shopping Center	Durham		1973 / 1995		128,498		95.4	%		12		4		53,538	Kroger		12/31/14	Upchurch Drugs / Riverview Galleries	$	7.82
Salisbury Marketplace	Salisbury		1987		79,732		75.9	%		12		8		31,762	Food Lion		02/12/23		$	10.89
Stanley Market Place	Stanley		2007		53,228		93.4	%		5		2		34,928	Food Lion		05/15/27	Family Dollar	$	9.81
Thomasville Commons	Thomasville		1991		148,754		90.8	%		8		6		32,000	Ingles		09/29/12	Kmart	$	5.50
Willowdaile Shopping Center	Durham		1986		95,601		83.0	%		16		9						Hall of Fitness / Ollie's Bargain Outlet	$	5.73
Whitaker Square	Winston-Salem		1996		82,760		100.0	%		13		—		51,890	Harris Teeter		02/11/16	Rugged Wearhouse	$	12.66

TOTAL SHOPPING CENTERS NORTH CAROLINA (12)					1,815,058		91.6	%		180		65		312,312					$	9.38

SOUTH CAROLINA (7)

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


		Year	Total					Number				Supermarket anchor						Average
		Built/	Sq. Ft.		Percent			of Tenants				Owned			Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		Sq. ft.		Name	Date		Other anchor tenants	per leased SF
Belfair Towne Village	Bluffton	2000 /2003 /2006		166,639		89.7	%		28		6		55,696	Kroger		10/31/19	Stein Mart	$	13.54
Lancaster Plaza	Lancaster	1971 /1990		77,400		57.1	%		2		3		19,200	Bi-Lo		09/30/15	Tractor Supply	$	3.67
Lancaster Shopping Center	Lancaster	1963 /1987		29,047		17.2	%		1		1							$	6.49
Milestone Plaza	Greenville	1995		89,721		97.4	%		9		1		59,039	Bi-Lo		03/31/30		$	14.98
North Village Center	North Myrtle Beach	1984		60,356		70.3	%		6		7						Dollar General /Goodwill	$	3.73
Windy Hill	North Myrtle Beach	1968 /1988 /2006		68,465		94.2	%		2		3						Rose's Store /Citi Trends	$	4.96
Woodruff	Greenville	1995		68,055		98.7	%		9		1		47,955	Publix		08/06/15		$	10.66

TOTAL SHOPPING CENTERS SOUTH CAROLINA (7)				559,683		82.2	%		57		22		181,890					$	10.26

TENNESSEE (1)
Greensboro Village Shopping Center	Gallatin	2005		70,203		95.6	%		14		2		45,600	Publix		11/30/25		$	13.99

TOTAL SHOPPING CENTERS TENNESSEE (1)				70,203		95.6	%		14		2		45,600					$	13.99

VIRGINIA (1)
Smyth Valley Crossing	Marion	1989		126,841		96.9	%		12		2		32,000	Ingles		09/25/15	Wal-Mart	$	5.95

TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841		96.9	%		12		2		32,000					$	5.95

TOTAL CORE SHOPPING CENTER PORTFOLIO (177)				20,131,147		90.3	%		2,793		812		5,564,744					$	12.85

Page 32

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


		Year	Total					Number				Supermarket anchor					Average
		Built/	Sq. Ft.		Percent			of Tenants				Owned			Expiration	Other anchor	base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		Sq. ft.		Name	Date	tenants	per leased SF
OTHER PROPERTIES (9)
4101 South I-85 Industrial	Charlotte, NC	1956 /1963		188,513		38.0	%		2		7					Bromley Pallet
Banco Popular Office Building	Miami, FL	1971		32,737		82.9	%		15		4
Laurel Walk Apartments	Charlotte, NC	1985		106,480		94.4	%		93		5
Mandarin Mini-Storage	Jacksonville, FL	1982		52,420		63.5	%		331		215
Prosperity Office Building	Palm Beach Gdns, FL	1972		3,200		0.0	%		—		1
Providence Square	Charlotte, NC	1973		85,930		19.6	%		8		17
595 Colorado	Pasadena, CA	1927 /2002		85,860		85.2	%		76		14					Bank of the West
Park Plaza	Sacramento, CA	1982		72,649		91.2	%		12		2					California Bankers Assoc. / Global Crossing
Danville - San Ramon Medical	Danville, CA	1982-1986		74,599		90.2	%		46		8

TOTAL OTHER PROPERTIES (9)				702,388		64.9	%		583		273		—

TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (186)				20,833,535		89.4	%		3,376		1,085		5,564,744

DEVELOPMENTS, REDEVELOPMENTS & LAND (15)
Developments (2)	Various -See Schedule on Page 35.
Redevelopments (7)	Various -See Schedule on Page 35.
Land Held for Development (6)	Various
TOTAL CONSOLIDATED - 201 Properties

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

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

**	Future contractual lease obligations included.

Page 33

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

For the three months ended March 31, 2011 (unaudited)

(in thousands)

2011 Acquisition Activity


Date Purchased	Property Name	City	State	Square Feet		Purchase Price ⁽¹⁾		Mortgage Assumed
March 16, 2011	Von's Circle Center	Long Beach	CA		148,353	$	37,000	$	11,529
March 15, 2011	Circle Center West	Long Beach	CA		64,403		20,000		—
January 4, 2011	Capital & Counties⁽¹⁾	Various	CA		2,491,663		504,900		171,931

Total						$	561,900	$	183,460

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

Page 34

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of March 31, 2011 (unaudited)

(in thousands, except square footage data)


Project	Location	Project GLA*		Total GLA**		Anchors	Target Stabilization Date	Estimated Gross Cost ⁽¹⁾		Estimated Net Cost ⁽²⁾		Funded as of 3/31/11		Balance to Complete (Gross Cost)
Developments
The Gallery at Westbury	Westbury, NY		330,000		330,000	Container Store/Nordstrom Rack/Trader Joe's	2013	$	130,000	$	130,000	$	31,500	$	98,500
Shops at Hampton Oaks ⁽³⁾	Fairburn, GA (Atlanta)		21,000		21,000	CVS (not owned)	2Q12		8,672		5,197		8,084		588
River Green	Canton, GA (Atlanta)		59,997		59,997	CVS (not owned)	TBD		11,905		10,155		3,392		8,513

Subtotal			410,997		410,997			$	150,577	$	145,352	$	42,976	$	107,601
Redevelopment
Boca Village	Boca Raton, FL		25,663		92,267	Publix Greenwise/CVS	1Q14		7,255		7,255		307		6,948
Boynton Plaza	Boynton Beach, FL		54,817		108,293	Publix	3Q13		8,661		8,661		73		8,588
Paulding Commons	Hiram, GA		74,732		192,391	Academy Sports	3Q12		5,915		5,915		35		5,880
Pavilion	Naples, FL		50,795		167,745	LA Fitness	1Q12		4,821		4,821		171		4,650
Pine Island	Davie, FL		86,156		254,907	Burlington Coat Factory	2Q12		1,377		1,377		255		1,122
Pine Ridge	Coral Springs, FL		30,660		114,948	Marshalls/Fresh Market/Bed Bath & Beyond	3Q12		3,453		3,453		30		3,423
Westbury	Westbury, NY		31,000		398,602	Costco/Marshalls/Sports Authority/Walmart	1Q12		1,500		1,500		—		1,500

Subtotal			353,823		1,329,153			$	32,982	$	32,982	$	871	$	32,111

Total Development Activity			764,820		1,740,150			$	183,559	$	178,334	$	43,847	$	139,712

Project notes

⁽¹⁾	Includes actual / allocated cost of land.

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

⁽³⁾	Remaining costs to complete represent small-shop and build-to-suit costs.

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

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

Page 35

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2011 (unaudited)

(in thousands)


Debt Instrument	Maturity Date		Rate ⁽¹⁾			Mar 31, 2011 Balance		Dec 31, 2010 Balance		Percent of Overall Debt Maturing
Mortgage debt
Forest Village		04/01/11		7.270	%		—		4,065		0.0	%
Boca Village		05/01/11		7.200	%		—		7,515		0.0	%
MacLand Pointe		05/01/11		7.250	%		—		5,311		0.0	%
Pine Ridge Square		05/01/11		7.020	%		—		6,636		0.0	%
Sawgrass Promenade		05/01/11		7.200	%		—		7,515		0.0	%
Lake Mary Centre		11/01/11		7.250	%		22,214		22,321		1.5	%
Lake St. Charles		11/01/11		7.130	%		3,500		3,517		0.2	%
Belfair Towne Village		12/01/11		7.320	%		9,571		9,651		0.7	%
Marco Town Center		01/01/12		6.700	%		7,336		7,398		0.5	%
Riverside Square		03/01/12		9.187	%		6,662		6,710		0.5	%
Hammocks Town Center		06/01/12		6.950	%		11,576		11,631		0.8	%
Plaza Escuela		10/11/12		6.800	%		37,581		—		2.6	%
Cashmere Corners		11/01/12		5.880	%		4,338		4,376		0.3	%
Eastwood		11/01/12		5.880	%		5,170		5,215		0.4	%
Meadows Shopping Center		11/01/12		5.870	%		5,432		5,479		0.4	%
Salem Road Station		11/11/12		6.000	%		5,702		5,732		0.4	%
Lutz Lake Crossing		01/01/13		6.280	%		7,203		7,229		0.5	%
Pablo Plaza		04/11/13		5.814	%		7,426		7,466		0.5	%
West Bird Plaza		04/11/13		5.814	%		8,354		8,399		0.6	%
Brawley Commons		07/01/13		6.250	%		6,690		6,712		0.5	%
Midpoint Center		07/10/13		5.770	%		5,958		6,008		0.4	%
Buckhead Station(6)		09/01/13		6.880	%		25,404		25,576		1.7	%
Keith Bridge Commons		10/11/13		4.800	%		8,510		8,561		0.6	%
Alafaya Village		11/11/13		5.990	%		3,815		3,834		0.3	%
Summerlin Square		02/01/14		6.750	%		1,402		1,510		0.1	%
Sunrise Town Center		04/30/14		5.690	%		10,029		10,084		0.7	%
South Point		07/10/14		5.720	%		7,342		7,398		0.5	%
The Vineyards		07/11/14		5.880	%		9,615		9,662		0.7	%
595 Colorado		12/01/14		5.900	%		12,434		—		0.9	%
Golden Park Village		01/11/15		5.250	%		7,167		7,204		0.5	%
Grayson Village		01/11/15		5.210	%		9,586		9,635		0.7	%
The Shops at Lake Tuscaloosa		01/11/15		5.450	%		6,975		7,010		0.5	%
Bird Ludlum		02/15/15		7.680	%		4,642		4,893		0.3	%
Davis Marketplace		02/19/15		6.250	%		16,527		—		1.1	%
Treasure Coast Plaza		04/01/15		8.000	%		2,244		2,359		0.2	%
Eustis Village		05/11/15		5.450	%		13,036		13,095		0.9	%

Page 36

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2011 (unaudited)

(in thousands)


Debt Instrument	Maturity Date			Rate ⁽¹⁾			Mar 31, 2011 Balance			Dec 31, 2010 Balance			Percent of Overall Debt Maturing
Governors Town Center		06/01/15			5.200	%		10,164			10,216			0.7	%
Shoppes of Silverlakes I		07/01/15			7.750	%		1,338			1,403			0.1	%
Freehome Village		07/11/15			5.150	%		9,657			9,706			0.7	%
Loganville Town Center		08/11/15			4.890	%		9,846			9,897			0.7	%
Country Walk Plaza		11/01/15			5.220	%		13,437			13,485			0.9	%
Wilmington Island		11/11/15			5.050	%		9,337			9,384			0.6	%
South Plaza Shopping Center		01/11/16			5.420	%		16,441			16,518			1.1	%
Glengary Shoppes		06/11/16			5.750	%		16,511			16,573			1.1	%
Magnolia Shoppes		07/11/16			6.160	%		14,203			14,260			1.0	%
222 Sutter Street		09/15/16			5.390	%		27,809			—			1.9	%
Willows Shoping Center		10/11/16			5.900	%		56,000			—			3.8	%
Grassland Crossing		12/01/16			7.865	%		4,507			4,574			0.3	%
Dublin Village		12/11/16			5.780	%		6,682			6,705			0.5	%
Greensboro Village		02/11/17			5.520	%		9,610			9,652			0.7	%
Whitaker Square		12/01/17			6.320	%		9,617			9,646			0.7	%
Mableton Crossing		08/15/18			6.850	%		3,298			3,335			0.2	%
Sheridan Plaza		10/10/18			6.250	%		63,075			63,288			4.3	%
Danville-San Ramon Medical		03/15/19			6.900	%		13,700			—			0.9	%
1175 Third Avenue		05/01/19			7.000	%		7,376			7,426			0.5	%
Park Plaza		11/15/19			7.100	%		7,399			—			0.5	%
BridgeMill		05/05/21			7.940	%		8,043			8,111			0.6	%
Westport Plaza		08/01/23			7.490	%		4,158			4,194			0.3	%
Chastain Square		02/28/24			6.500	%		3,052			3,089			0.2	%
Daniel Village		02/28/24			6.500	%		3,336			3,377			0.2	%
Douglas Commons		02/28/24			6.500	%		3,975			4,023			0.3	%
Fairview Oaks		02/28/24			6.500	%		3,762			3,808			0.3	%
Madison Centre		02/28/24			6.500	%		3,052			3,089			0.2	%
Paulding Commons		02/28/24			6.500	%		5,182			5,245			0.4	%
Siegen Village		02/28/24			6.500	%		3,372			3,413			0.2	%
Wesley Chapel Crossing		02/28/24			6.500	%		2,662			2,694			0.2	%
Webster Plaza		08/15/24			8.070	%		7,430			7,478			0.5	%
Vons Circle Center		10/10/28			5.200	%		11,529			—			0.8	%
Copps Hill Plaza		01/01/29			6.060	%		19,215			19,364			1.3	%

Total mortgage debt (64 loans outstanding)		4.67	⁽²⁾		6.08	%⁽³⁾		$682,217		$	533,660			46.8	%
Unamortized/unaccreted premium/(discount)								(14,155	)		(19,168	)		(1.0	%)

Total mortgage debt (including unamortized/unaccreted premium/(discount))							$	668,062		$	514,492			45.8	%

Page 37

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2011 (unaudited)

(in thousands)


Debt Instrument	Maturity Date			Rate ⁽¹⁾			Mar 31, 2011 Balance			Dec 31, 2010 Balance			Percent of Overall Debt Maturing
Unsecured senior notes payable
7.84% senior notes		01/23/12			7.840	%	$	10,000		$	10,000			0.7	%
6.25% senior notes		12/15/14			6.250	%		250,000			250,000			17.0	%
5.375% senior notes		10/15/15			5.375	%		107,505			107,505			7.3	%
6.00% senior notes		09/15/16			6.000	%		105,230			105,230			7.2	%
6.25% senior notes		01/15/17			6.250	%		101,403			101,403			6.8	%
6.00% senior notes		09/15/17			6.000	%		116,998			116,998			7.9	%

Total unsecured senior notes payable		4.96	⁽²⁾		6.06	%⁽³⁾	$	691,136		$	691,136			46.9	%
Unamortized/unaccreted premium/(discount)								(2,655	)		(2,755	)		(0.3	%)

Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))							$	688,481		$	688,381			46.6	%

Revolving credit facilities

$400MM Wells Fargo Unsecured		10/17/2011	⁽⁴⁾		1.720	%	$	113,500		$	—			7.6	%
$15MM City National Bank Unsecured		05/09/11			N/A			—			—			0.0	%

Total revolving credit facilities							$	113,500		$	—			7.6	%

Total debt⁽⁵⁾		4.82	⁽²⁾		4.77	%	$	1,486,853		$	1,224,796			101.3	%
Unamortized/unaccreted premium/(discount)								(16,810	)		(21,923	)		(1.3	%)

Total debt (including net interest premium/discount)							$	1,470,043		$	1,202,873			100.0	%

Senior Unsecured Debt Ratings
Moody's								Baa3 (Stable)			Baa3 (Stable)
S&P								BBB-(Negative)			BBB-(Stable)

⁽¹⁾	The rate in effect on March 31, 2011.

⁽²⁾	Weighted average maturity in years excludes $113.5M revolving credit facility expiring on October 17, 2011.

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

⁽⁴⁾	Option to extend 1 year.

⁽⁵⁾	Total debt percentage of 101.3% is greater than 100% due to unamortized discount of $16.8M.

⁽⁶⁾	Option to extend in-place mortgage to 9-1-2028.

Page 38

EQUITY ONE, INC.

JOINT VENTURE UNCONSOLIDATED FINANCIAL SUMMARY

As of March 31, 2011 (unaudited)

(in thousands)


Legal Name	Co-Investment Partner	Property Name	EQY Ownership Interest			Type	Total Assets		Total Debt		Total Equity		Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense		Net Income/ (Loss)
GV&I VI South Florida Portfolio SPE LLC	DRA Advisors	Various		20.0	%	Retail/Office	$	54,428	$	36,545	$	15,126	$	1,433	$	711	$	540	$	599	$	(417	)
Talega Village Center JV, LLC	Vestar	Talega Village		50.5	%	Retail	$	19,947	$	11,667	$	7,796	$	547	$	177	$	100	$	205	$	43
Vernola Marketplace JV, LLC	Vestar	Vernola Marketplace		50.5	%	Retail	$	40,004	$	23,333	$	16,240	$	1,066	$	385	$	216	$	302	$	154
GRI-EQY I LLC	GRI	Various		10.0	%	Retail	$	257,941	$	140,272	$	99,680	$	5,815	$	1,841	$	1,463	$	2,252	$	259
Parnassus Heights Medical Center	Rider Group	Parnassus Medical Center		50.0	%	Office	$	45,450	$	16,553	$	27,971	$	1,194	$	218	$	397	$	260	$	319
Pacific Financial Center, LLC	Individual Investors	Pacific Financial Center		50.0	%	Office	$	41,799	$	19,376	$	17,762	$	1,394	$	767	$	—	$	205	$	367
621 Colorado Associates, LLC	Shea Trio Pasadena	Trio Apartments		50.0	%	Multi Family	$	105,853	$	63,294	$	37,366	$	1,874	$	408	$	—	$	815	$	395

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

Page 39

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT

As of March 31, 2011 (unaudited)


														Number of tenant				Supermarket anchor
Property	JV	EQY Ownership %			Type	City	Year Built / Renovated		Total Sq. Ft.		Percent Leased			Leased		Vacant		sq. ft.		Name	Expiration Date		Other anchor tenants	Average base rent per leased SF
Airpark Plaza Shopping Center	GRI		10	%	Retail	Miami		1971 /1998 / 2004 /2008		172,093		94.3	%		32		5		30,000	Publix		10/31/24	Home Depot Expo*/Office Depot	$	14.32
Concord Shopping Plaza	GRI		10	%	Retail	Miami		1962 /1992 /1993		298,142		98.4	%		22		2		78,000	Winn-Dixie		09/30/14	Home Depot /Big Lots /Dollar Tree		10.55
Presidential Markets	GRI		10	%	Retail	Snellville		1993 / 2000		396,432		95.6	%		34		3		56,146	Publix		12/31/19	Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders		11.22
Shoppes of Ibis	GRI		10	%	Retail	West Palm Beach		1999		79,420		92.9	%		15		3		51,420	Publix		05/31/19			11.72
Shoppes at Quail Roost	GRI		10	%	Retail	Miami		2005		73,550		90.5	%		14		6		44,840	Publix		06/30/25			14.54
Shoppes of Sunset	GRI		10	%	Retail	Miami		1979		21,784		73.2	%		12		5								23.25
Shoppes of Sunset II	GRI		10	%	Retail	Miami		1980		27,676		57.7	%		11		6								19.41
Sparkleberry Square	GRI		10	%	Retail	Columbia		1997 /2004		154,217		100.0	%		10		—						Petsmart /Bed Bath and Beyond /Pier 1 Imports / Ross Dress for Less /Best Buy		10.91
Sparkleberry Kohl’s	GRI		10	%	Retail	Columbia		1997 /2004		85,961		100.0	%		1		—						Kohl’s		7.74
Sparkleberry Kroger	GRI		10	%	Retail	Columbia		1997 /2004		98,623		89.5	%		11		3		67,943	Kroger		08/31/17			12.05
1900/2000 Offices	DRA		20	%	Office	Boca Raton		1979 / 1982 / 1986 /2007		117,640		63.7	%		22		8						RN Network	$	16.66
Penn Dutch Plaza	DRA		20.0	%	Retail	Margate		1989		155,628		89.0	%		14		8		70,358	Penn Dutch Food Center		12/31/13	You Fit Health Club / Florida Career College		5.51
Plantation Marketplace	DRA		20.0	%	Retail	Plantation		1963 /1998		230,330		68.9	%		26		13		43,386	Winn-Dixie		11/05/14	Beall’s / Just Fit / Big Lots / CVS		10.40
Talega Village	VESTAR		50.5	%	Retail	San Clemente, CA		2007		102,282		91.8	%		24		6		46,000	Ralph's		12/31/27			17.77
Vernola Market	VESTAR		50.5	%	Retail	Mira Loma, CA		2007		382,963		90.6	%		29		9						PetCo / Ross / Bed Bath & Beyond / Michael's / Lowe's		10.82
Parnassus	CSC		50.0	%	Medical Office	San Francisco		1968		146,046		99.8	%		52		1								26.44
Trio Apartments	CSC		50.0	%	Multi-family	Pasadena		2005		284,989		93.7	%		296		14								26.87
Pacific Financial	CSC		50.0	%	Office	Los Angeles		1973		212,933		91.1	%		37		4								23.73

TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (18)										3,040,709					662		96		488,093					$	14.63

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

Page 40

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - GRI-EQY I, LLC

As of March 31, 2011 (unaudited)

(in thousands)


Debt Instrument	Equity One’s Ownership			Maturity Date			Rate ⁽¹⁾			Mar 31, 2011 Balance			Dec 31, 2010 Balance
Mortgage debt

Floating rate loan ⁽²⁾		10	%		07/01/13			LIBOR + 1.95	%	$	120,000		$	120,000
Sparkleberry Square (Kohl’s)		10	%		11/01/12			6.17	%		5,697			5,732
Sparkleberry Square (Kroger)		10	%		06/30/20			6.75	%		5,665			5,775

Total mortgage debt					2.36	⁽³⁾		6.53	%⁽⁴⁾	$	131,362		$	131,507
Net interest premium/(discount)											(488	)		(498	)

Total mortgage debt (including net interest premium/discount)										$	130,874		$	131,009

Interest Rate Swap

Fair value of $120MM floating-to-fixed interest rate swap		10	%		06/01/13			4.40	%	$	9,396		$	10,212

Total debt (including net interest premium/discount)										$	140,270		$	141,221

Equity One’s pro-rata share of unconsolidated debt		10	%							$	14,027		$	14,122

⁽¹⁾	The rate in effect on March 31, 2011.

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

⁽³⁾	Weighted average maturity in years.

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

Page 41

EQUITY ONE, INC.

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

As of March 31, 2011 (unaudited)

(in thousands)


Debt Instrument	Equity One’s Ownership			Maturity Date			Rate ⁽¹⁾			Mar 31, 2011 Balance			Dec 31, 2010 Balance
Mortgage debt

Fixed rate loan		20	%		11/11/14			5.56	%	$	37,146		$	37,330
Net interest premium/(discount)		—			—						(601	)		(647	)

Total mortgage debt					3.61	⁽²⁾		5.56	%	$	36,545		$	36,683

Equity One’s pro-rata share of unconsolidated debt		20	%							$	7,309		$	7,337

⁽¹⁾	The rate in effect on March 31, 2011.

⁽²⁾	Weighted average maturity in years.

Page 42

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - EQY-CSC, LLC.

As of March 31, 2011 (unaudited)

(in thousands)


Debt Instrument	Equity One’s Ownership			Maturity Date			Rate ⁽¹⁾			Mar 31, 2011 Balance
Mortgage debt

621 Colorado Associates, LLC (Trio Apartments)		50	%		11/1/2016	⁽²⁾		5.50	%		63,294
Pacific Financial Center LLC		50	%		08/10/13			6.36	%		19,376
Parnassus Heights Medical Center		50	%		03/15/28			6.25	%		16,553

Total mortgage debt					6.86	⁽³⁾		5.66	% ⁽⁴⁾	$	99,223
Net interest premium/(discount)											3,668

Total mortgage debt (including net interest premium/discount)										$	102,891

Equity One’s pro-rata share of unconsolidated debt		50	%							$	51,445

⁽¹⁾	The rate in effect on March 31, 2011.

⁽²⁾	“The Initial Maturity Date” is subject to an automatic extension if no “Event of Default” occurs in which case the maturity is November 17, 2017.

⁽³⁾	Weighted average maturity in years.

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

Page 43

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