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

Attached files

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8-K - FORM 8-K - EQUITY ONE, INC.	d260890d8k.htm
EX-99.1 - RESTATED SUPPLEMENTAL INFORMATION PACKAGE AS OF MARCH 31, 2011 - EQUITY ONE, INC.	d260890dex991.htm

Exhibit 99.2

Equity One, Inc.

Supplemental Information Package

June 30, 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 June 30, 2011 (unaudited)

TABLE OF CONTENTS


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

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

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

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

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

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

Joint Venture Supplemental Data		39-45

EQUITY ONE, INC

ANALYST COVERAGE

As of June 30, 2011


Barclays Capital	Ross Smotrich	(212) 526-2306

	Ryan Bennett	(212) 526-5309

BMO Capital Markets	Paul Adornato	(212) 885-4170

Citigroup Global Markets	Michael Bilerman	(212) 816-1383

	Quentin Velleley	(212) 816-6981

Cowen & Company	James Sullivan	(646) 562-1380

Credit Suisse	Andrew Rosivach	(415) 249-7942

Deutsche Bank	Vin Chao	(212) 250-6799

Green Street Advisors	Laura Clark	(949) 640-8780

ISI Group	Steve Sakwa	(212) 446-9462

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

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

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

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

Morgan Stanley	Paul Morgan	(212) 761-8576

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

	R.J. Milligan	(727) 567-2660

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

	Wes Golladay	(440) 715-2650

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

Miller Tabak	Tom Mitchell	(212) 370-0040

UBS	Ross Nussbaum	(212) 713-2484

Wells Fargo	Jeffrey Donnelly	(617) 603-4262

Page 3

EQUITY ONE, INC.

DISCLOSURES

As of June 30, 2011

Forward Looking Statements

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

Basis of Presentation

The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company’s Form 10-K for the year ended December 31, 2010 and Form 10-Q for the period ended June 30, 2011, should be read in conjunction with this Supplemental Information Package. The results of operations of any property acquired are included in our financial statements since the date of its acquisition, although such properties may be excluded from certain metrics disclosed in this Supplemental Information Package.

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

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

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

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

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

Page 4

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

For the three and six months ended June 30, 2011 and 2010 (unaudited)

(in thousands, except per share data)


	For the three months ended						For the six months ended
	Jun 30, 2011			Jun 30, 2010			Jun 30, 2011			Jun 30, 2010
Summary Financial Results
Total revenues*	$	89,418		$	71,337		$	176,205		$	141,474
EBITDA (see page 14)		57,145			44,572			108,505			87,953
Property net operating income		63,671			50,721			125,149			100,677
General & administrative expenses (G&A)* — Adjusted⁽¹⁾		9,705			8,681			18,731			16,478
Net income attributable to Equity One	$	6,986		$	6,239		$	41,979		$	11,671
Net income per diluted share		0.06			0.07			0.38			0.13
Funds from operations (FFO)	$	33,780		$	23,101		$	94,786		$	43,939
FFO per diluted share		0.28			0.25			0.80			0.49
Total dividends paid per share	$	0.22		$	0.22		$	0.44		$	0.44
Weighted average diluted shares		109,112			92,255			107,768			90,198

Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 24-33)		90.2	%		90.1	%		90.2	%		90.1	%
Same-property shopping center portfolio occupancy at end of period		90.0	%		90.1	%		90.0	%		90.1	%
Same-property NOI growth — cash basis (see page 13)		2.8	%		-0.6	%		1.6	%		-2.2	%
NOI margin (see page 13)		71.7	%		71.5	%		71.5	%		71.6	%
Expense recovery ratio*		78.4	%		78.0	%		76.3	%		76.5	%
New, renewal and option rent spread — cash basis (see page 18)		-3.6	%		-4.1	%		N/A			N/A
Adjusted G&A expense to total revenues ⁽¹⁾		10.9	%		12.2	%		10.6	%		11.6	%
Net debt to total market capitalization (see page 7)		37.6	%		38.8	%		37.6	%		38.8	%
Net debt to Adjusted EBITDA (see page 14)		6.1			6.6			6.4			6.7
Adjusted EBITDA to interest expense* (see page 14)		2.7			2.3			2.5			2.2
Adjusted EBITDA to fixed charges* (see page 14)		2.2			2.0			2.1			1.9

Notes

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

⁽¹⁾

G&A expense for the three months ended June 30, 2011 deducts $3.2 million for external costs associated with acquired properties and acquisition related expenses during the period, $0.3 million in severance costs, as well as depreciation & amortization amounts included in G&A. G&A expense for the three months ended June 30, 2010 deducts $2.9 million for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the six months ended June 30, 2011 deducts $5.5 million for external costs associated with acquired properties and acquisition related expenses during the period, $0.8 million in severance costs, as well as depreciation & amortization amounts included in G&A. G&A expense for the six months ended June 30, 2010 deducts $5.0 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 June 30, 2011 (unaudited) and December 31, 2010 and 2009

(in thousands)


	Jun 30, 2011			Dec 31, 2010			Dec 31, 2009
Assets
Properties:
Income producing	$	3,168,974		$	2,643,871		$	2,433,431
Less: accumulated depreciation		(318,385	)		(288,613	)		(240,172	)

Income producing properties, net		2,850,589			2,355,258			2,193,259
Construction in progress and land held for development		76,509			74,870			68,866
Properties held for sale		37,217			—			—

Properties, net		2,964,315			2,430,128			2,262,125
Cash and cash equivalents		17,176			38,333			47,970
Accounts and other receivables, net		12,564			15,181			9,806
Investments in and advances to unconsolidated joint ventures		120,501			59,736			11,524
Securities		—			—			820
Goodwill		10,645			10,790			11,477
Other assets		184,984			127,696			108,598

Total Assets	$	3,310,185		$	2,681,864		$	2,452,320

Liabilities and stockholders’ equity
Liabilities:
Mortgage notes payable	$	658,273		$	533,660		$	551,647
Unsecured revolving credit facilities		63,500			—			—
Unsecured senior notes payable		691,136			691,136			691,136

Total debt		1,412,909			1,224,796			1,242,783
Unamortized discount on notes payable, net		(16,592	)		(21,923	)		(25,892	)

Total notes payable		1,396,317			1,202,873			1,216,891
Accounts payable and other liabilities		182,787			138,763			96,668
Deferred tax liabilities, net		45,354			46,523			50,059

Total liabilities		1,624,458			1,388,159			1,363,618
Redeemable noncontrolling interests		3,851			3,864			989

Total stockholders’ equity of Equity One, Inc.		1,472,027			1,285,907			1,064,535

Noncontrolling interests		209,849			3,934			23,178

Total Liabilities and Stockholders’ Equity	$	3,310,185		$	2,681,864		$	2,452,320

Page 6

EQUITY ONE, INC.

MARKET CAPITALIZATION

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

(in thousands, except per share data)


	Jun 30, 2011			Dec 31, 2010			Dec 31, 2009
Closing market price of common stock	$	18.64		$	18.18		$	16.17

Common stock shares
Basic common shares		112,532.234			102,326.818			86,131.037
Diluted common shares
Unvested restricted common shares		116.795			149.980			47.993
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		159.790			124.506			79.656
Long term incentive plan performance awards		—			356.52			—
Shares for DIM Vastgoed contingent consideration		—			—			516.019
Convertible CapCo Partnership Units		11,357.837			—			—

Diluted common shares		124,260.312			103,051.476			86,868.361

Equity market capitalization	$	2,316,212		$	1,873,476		$	1,404,661

Total debt (excluding unamortized/unaccreted premium/(discount))	$	1,412,909		$	1,224,796		$	1,242,783
Cash and equivalents		(17,176	)		(38,333	)		(47,970	)
Net debt		1,395,733			1,186,463			1,194,813
Equity market capitalization		2,316,212			1,873,476			1,404,661

Total market capitalization	$	3,711,945		$	3,059,939		$	2,599,474

Net debt to total market capitalization at current market price		37.6	%		38.8	%		46.0	%

Net debt to total market capitalization at constant share price of $18.18		38.2	%		38.8	%		43.1	%

Gross real estate and securities investments	$	3,282,700		$	2,718,741		$	2,503,117

Net debt to gross real estate and securities investments		42.5	%		43.6	%		47.7	%

Page 7

EQUITY ONE, INC.

DEBT SUMMARY

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

(in thousands)


	Jun 30, 2011			Dec 31, 2010			Dec 31, 2009
Fixed rate debt	$	1,349,409		$	1,224,796		$	1,242,783
Fixed rate debt — swapped to variable rate		—			—			—
Variable rate debt — unhedged		63,500			—			—

Total debt*	$	1,412,909		$	1,224,796		$	1,242,783

% Fixed rate debt		95.5	%		100.0	%		100.0	%
% Fixed rate debt — swapped to variable rate		0.0	%		0.0	%		0.0	%
% Variable rate debt — unhedged		4.5	%		0.0	%		0.0	%

Total		100.0	%		100.0	%		100.0	%
% Variable rate debt — total		4.5	%		0.0	%		0.0	%

Secured mortgage debt	$	658,273		$	533,660		$	551,647
Unsecured debt		754,636			691,136			691,136

Total debt*	$	1,412,909		$	1,224,796		$	1,242,783

% Secured mortgage debt		46.6	%		43.6	%		44.4	%
% Unsecured debt		53.4	%		56.4	%		55.6	%

Total		100.0	%		100.0	%		100.0	%

Total market capitalization (from page 7)	$	3,711,945		$	3,059,939		$	2,599,474
% Secured mortgage debt		17.7	%		17.4	%		21.2	%
% Unsecured debt		20.3	%		22.6	%		26.6	%

Total debt : Total market capitalization		38.2	%		40.0	%		47.8	%

Weighted-average interest rate on secured mortgage debt*⁽¹⁾		6.2	%		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⁾		5.9	%		6.1	%		6.3	%
Interest rate on revolving credit facilities		1.6	%		N/A			N/A

Weighted-average maturity on mortgage debt*		4.5 years			4.5 years			4.7 years
Weighted-average maturity on senior unsecured notes*		4.7 years			5.2 years			6.2 years
Weighted-average maturity on total debt*⁽²⁾		4.6 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 $63.5M Revolver expiring on October 17, 2011.

Page 8

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of June 30, 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	$	7,957	$	34,756	$	63,500		—	$	(799	)	$	105,414		3.6	%⁽¹⁾		7.5	%
2012		15,811		74,459		—	$	10,000		(2,478	)		97,792		6.7	%		7.0	%
2013		14,723		69,185		—		—		(4,457	)		79,451		6.2	%		5.7	%
2014		13,621		36,454		—		250,000		(5,032	)		295,043		6.2	%		21.1	%
2015		10,618		84,741		—		107,505		(3,897	)		198,967		5.4	%		14.2	%
2016		8,750		127,228		—		105,230		(894	)		240,314		5.9	%		17.2	%
2017		6,858		17,242		—		218,401		65			242,566		6.1	%		17.4	%
2018		6,810		56,623		—		—		386			63,819		6.3	%		4.6	%
2019		5,490		23,593		—		—		257			29,340		7.0	%		2.1	%
Thereafter		35,046		8,308		—		—		257			43,611		7.8	%		3.2	%

Total	$	125,684	$	532,589	$	63,500	$	691,136	$	(16,592	)	$	1,396,317		5.9	%		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 and six months ended June 30, 2011 and 2010 (unaudited)

(in thousands, except per share amounts)


	Three months ended						Percent			Six months ended						Percent
	Jun 30, 2011			Jun 30, 2010			Change			Jun 30, 2011			Jun, 30 2010			Change
REVENUE:
Minimum rent	$	67,396		$	54,732					$	132,794		$	108,428
Expense recoveries		19,586			15,761						37,967			30,600
Percentage rent		660			313						2,126			1,358
Management and leasing services		641			399						1,107			772

Total revenue		88,283			71,205			24.0	%		173,994			141,158			23.3	%

COSTS AND EXPENSES:
Property operating		24,697			20,152						49,181			39,912
Rental property depreciation and amortization		24,836			16,755						47,890			33,043
General and administrative		13,335			11,741						25,312			21,828

Total costs and expenses		62,868			48,648			29.2	%		122,383			94,783			29.1	%

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		25,415			22,557						51,611			46,375

OTHER INCOME AND EXPENSE:
Investment income		969			489						1,662			648
Other income		41			103						170			156
Interest expense		(21,246	)		(19,335	)					(42,532	)		(39,243	)
Amortization of deferred financing fees		(562	)		(454	)					(1,105	)		(900	)
Equity in income (loss) in unconsolidated joint ventures		177			(42	)					811			(82	)
Gain on sale of real estate		4,606			440						4,606			440
Gain on extinguishment of debt		213			63						255			63
Gain on bargain purchase		—			—						30,561			—
Other expense		(145	)		—						(145	)		—

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		9,468			3,821						45,894			7,457
Income tax benefit of taxable REIT subsidiaries		553			926						1,118			1,994

INCOME FROM CONTINUING OPERATIONS		10,021			4,747			111.1	%		47,012			9,451			397.4	%

DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		390			24						774			115
(Loss) gain on disposal of income producing properties		(13	)		1,458						(13	)		1,458
Impairment loss on income producing properties held for sale		(1,277	)		—						(1,277	)		—

(LOSS) INCOME FROM DISCONTINUED OPERATIONS		(900	)		1,482						(516	)		1,573

NET INCOME		9,121			6,229			46.4	%		46,496			11,024			321.8	%

Net (income) loss attributable to noncontrolling interests		(2,135	)		10						(4,517	)		647

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	6,986		$	6,239					$	41,979		$	11,671

EARNINGS PER COMMON SHARE — BASIC:
Continuing operations	$	0.07		$	0.05					$	0.39		$	0.11
Discontinued operations		(0.01	)		0.02						—			0.02

NET INCOME	$	0.06		$	0.07			(14.3	)%	$	0.38		$	0.13			192.3	%

EARNINGS PER COMMON SHARE — DILUTED:
Continuing operations	$	0.07		$	0.05					$	0.39		$	0.11
Discontinued operations		(0.01	)		0.02						—			0.02

NET INCOME	$	0.06		$	0.07			(14.3	)%	$	0.38		$	0.13			192.3	%

Weighted average shares outstanding
Basic		108,942			92,141						107,605			89,939

Diluted		109,112			92,255						107,768			90,198

Note:

Basic and Diluted EPS for the six months ended June 30, 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 and six months ended June 30, 2011 (unaudited)

(in thousands)


	Three months ended									Six months ended
	June 30, 2011									June 30, 2011
	As			Disc.			Pre Disc.			As			Disc.			Pre Disc.
	Reported			Ops			Ops			Reported			Ops			Ops
REVENUE:
Minimum rent	$	67,396		$	1,049		$	68,445		$	132,794		$	2,080		$	134,874
Expense recoveries		19,586			86			19,672			37,967			131			38,098
Percentage rent		660			—			660			2,126			—			2,126
Management and leasing services		641			—			641			1,107			—			1,107

Total revenue		88,283			1,135			89,418			173,994			2,211			176,205

COSTS AND EXPENSES:
Property operating		24,697			409			25,106			49,181			768			49,949
Rental property depreciation and amortization		24,836			37			24,873			47,890			77			47,967
General and administrative		13,335			19			13,354			25,312			35			25,347

Total costs and expenses		62,868			465			63,333			122,383			880			123,263

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		25,415			670			26,085			51,611			1,331			52,942

OTHER INCOME AND EXPENSE:
Investment income		969			—			969			1,662			—			1,662
Other income		41			—			41			170			2			172
Interest expense		(21,246	)		(280	)		(21,526	)		(42,532	)		(559	)		(43,091	)
Amortization of deferred financing fees		(562	)		—			(562	)		(1,105	)		—			(1,105	)
Equity in income in unconsolidated joint ventures		177			—			177			811			—			811
Gain on sale of real estate		4,606			(13	)		4,593			4,606			(13	)		4,593
Gain on extinguishment of debt		213			—			213			255			—			255
Gain on bargain purchase		—			—			—			30,561			—			30,561
Impairment loss		(145	)		(1,277	)		(1,422	)		(145	)		(1,277	)		(1,422	)

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		9,468			(900	)		8,568			45,894			(516	)		45,378
Income tax benefit of taxable REIT subsidiaries		553			—			553			1,118			—			1,118

INCOME FROM CONTINUING OPERATIONS		10,021			(900	)		9,121			47,012			(516	)		46,496

DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		390			(390	)		—			774			(774	)		—
(Loss) gain on disposal of income producing properties		(13	)		13			—			(13	)		13			—
Impairment loss on income producing properties held for sale		(1,277	)		1,277			—			(1,277	)		1,277			—

(LOSS) INCOME FROM DISCONTINUED OPERATIONS		(900	)		900			—			(516	)		516			—

Net income attributable to noncontrolling interests		(2,135	)		—			(2,135	)		(4,517	)		—			(4,517	)

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	6,986		$	—		$	6,986		$	41,979		$	—		$	41,979

Page 11

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three and six months ended June 30, 2010 (unaudited)

(in thousands)


	Three months ended									Six months ended
	June 30, 2010									June 30, 2010
	As			Disc.			Pre Disc.			As			Disc.			Pre Disc.
	Reported			Ops			Ops			Reported			Ops			Ops
REVENUE:
Minimum rent	$	54,732		$	119		$	54,851		$	108,428		$	289		$	108,717
Expense recoveries		15,761			13			15,774			30,600			27			30,627
Percentage rent		313			—			313			1,358			—			1,358
Management and leasing services		399			—			399			772			—			772

Total revenue		71,205			132			71,337			141,158			316			141,474

COSTS AND EXPENSES:
Property operating		20,152			65			20,217			39,912			113			40,025
Rental property depreciation and amortization		16,755			43			16,798			33,043			88			33,131
General and administrative		11,741			—			11,741			21,828			—			21,828

Total costs and expenses		48,648			108			48,756			94,783			201			94,984

INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		22,557			24			22,581			46,375			115			46,490

OTHER INCOME AND EXPENSE:
Investment income		489			—			489			648			—			648
Other income		103			—			103			156			—			156
Interest expense		(19,335	)		—			(19,335	)		(39,243	)		—			(39,243	)
Amortization of deferred financing fees		(454	)		—			(454	)		(900	)		—			(900	)
Equity in loss in unconsolidated joint ventures		(42	)		—			(42	)		(82	)		—			(82	)
Gain on sale of real estate		440			1,458			1,898			440			1,458			1,898
Gain on extinguishment of debt		63			—			63			63			—			63

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		3,821			1,482			5,303			7,457			1,573			9,030
Income tax benefit of taxable REIT subsidiaries		926			—			926			1,994			—			1,994

INCOME FROM CONTINUING OPERATIONS		4,747			1,482			6,229			9,451			1,573			11,024

DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		24			(24	)		—			115			(115	)		—
Gain on disposal of income producing properties		1,458			(1,458	)		—			1,458			(1,458	)		—

INCOME FROM DISCONTINUED OPERATIONS		1,482			(1,482	)		—			1,573			(1,573	)		—

Net loss attributable to noncontrolling interests		10			—			10			647			—			647

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	6,239		$	—		$	6,239		$	11,671		$	—		$	11,671

Page 12

EQUITY ONE, INC.

NET OPERATING INCOME

For the three and six months ended June 30, 2011 and 2010 (unaudited)

(in thousands)


	Three months ended						Percent			Six months ended						Percent
	Jun 30, 2011			Jun 30, 2010			Change			Jun 30, 2011			Jun 30, 2010			Change
Total net operating income⁽¹⁾
Total rental revenue	$	88,777		$	70,938			25.1	%	$	175,098		$	140,702			24.4	%
Property operating expenses		25,106			20,217			24.2	%		49,949			40,025			24.8	%

Net operating income	$	63,671		$	50,721			25.5	%	$	125,149		$	100,677			24.3	%

NOI margin (NOI / Total rental revenue)		71.7	%		71.5	%					71.5	%		71.6	%
Same-property NOI ⁽²⁾
Total rental revenue	$	61,271		$	60,506			1.3	%	$	120,664		$	119,518			1.0	%
Property operating expenses ⁽³⁾		18,527			18,920			(2.1	%)		36,865			37,063			(0.5	%)

Net operating income	$	42,744		$	41,586			2.8	%	$	83,799		$	82,455			1.6	%

Growth in same property NOI		2.8	%								1.6	%
Number of properties included in analysis ⁽⁴⁾		164									162

⁽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 and six months ended June 30, 2011 and 2010 (unaudited)

(in thousands)


	Three months ended						Six months ended
	Jun 30, 2011			Jun 30, 2010			Jun 30, 2011			Jun 30, 2010
Net income attributable to Equity One, Inc.	$	6,986		$	6,239		$	41,979		$	11,671
Rental property depreciation and amortization*		24,873			16,798			47,967			33,131
Other depreciation and amortization		177			149			335			353
Interest expense*		21,526			19,335			43,091			39,243
Amortization of deferred financing fees*		562			454			1,105			900
Gain on extinguishment of debt		(213	)		(63	)		(255	)		(63	)
Acquisition costs⁽¹⁾		3,472			2,911			6,281			4,997
Impairment loss*		1,422			—			1,422			—
Gain on sale of real estate*		(930	)		—			(930	)		—
Gain on sale of securities		—			(367	)		—			(367	)
Income tax benefit of taxable REIT subsidiaries		(553	)		(926	)		(1,118	)		(1,994	)
Gain on bargain purchase		—			—			(30,561	)		—
Equity in (income) loss in unconsolidated joint ventures		(177	)		42			(811	)		82

Adjusted EBITDA	$	57,145		$	44,572		$	108,505		$	87,953

Interest expense*	$	21,526		$	19,335		$	43,091		$	39,243

Adjusted EBITDA to interest expense*		2.7			2.3			2.5			2.2
Fixed charges
Interest expense*	$	21,526		$	19,335		$	43,091		$	39,243
Scheduled principal amortization ⁽²⁾		3,895			3,426			7,881			7,116

Total fixed charges	$	25,421		$	22,761		$	50,972		$	46,359

Adjusted EBITDA to fixed charges*		2.2			2.0			2.1			1.9

Net debt to Adjusted EBITDA ⁽³⁾		6.1			6.6			6.4			6.7

Total market capitalization (see page 7)	$	3,711,945		$	2,614,845		$	3,711,945		$	2,614,845

*	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. For the three and six month periods in 2011, amounts include $0.3 million and $0.8 million, respectively, in severance costs associated with the acquisition of Capital & Counties.

⁽²⁾	Excludes balloon payments upon maturity.

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

Page 14

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the three and six months ended June 30, 2011 and 2010 (unaudited)

(in thousands, except per share data)


	Three months ended					Six months ended
	Jun 30, 2011			Jun 30, 2010		Jun 30, 2011			Jun 30, 2010
Net income attributable to Equity One, Inc.	$	6,986		$	6,239	$	41,979		$	11,671
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		24,781			16,564		47,774			31,661
Net adjustment for unvested shares and noncontrolling interest⁽¹⁾		2,108			—		4,523			—
Gain on sale of depreciable real estate		(930	)		—		(930	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		835			298		1,440			607

Funds from operations	$	33,780		$	23,101	$	94,786		$	43,939

Earnings per diluted share attributable to Equity One, Inc.	$	0.06		$	0.07	$	0.38		$	0.13
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.21			0.18		0.40			0.35
Net adjustment for unvested shares and noncontrolling interest⁽¹⁾		0.01			—		0.02			—
Gain on sale of depreciable real estate		(0.01	)		—		(0.01	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		0.01			—		0.01			0.01

Funds from operations per diluted share	$	0.28		$	0.25		0.80		$	0.49

Weighted average diluted shares⁽²⁾		120,470			92,255		118,875			90,198

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

⁽²⁾

Weighted average diluted shares for the three months ended June 30, 2011 are higher than the GAAP diluted weighted average shares as a result of the 11.4 million units held by Liberty International Holdings, Ltd. which are convertible into our common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is antidilutive, but are included in the above calculation since their effect is dilutive for purposes of calculating FFO.

Page 15

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the three and six months ended June 30, 2011 and 2010 (unaudited)

(in thousands)


	Three months ended						Six months ended
	Jun 30, 2011			Jun 30, 2010			Jun 30, 2011			Jun 30, 2010
Certain non-cash items:

Amortization of deferred financing fees	$	562		$	454		$	1,105		$	900
Accretion of below market lease intangibles		(3,024	)		(2,017	)		(5,067	)		(3,905	)
Share-based compensation expense		1,810			1,605			3,445			3,179
Straight line rent		(906	)		(477	)		(1,808	)		(1,016	)
Capitalized interest		(530	)		(541	)		(1,028	)		(1,061	)
Amortization of discount on notes payable, net		431			679			667			1,403

Certain capital expenditures:
Tenant improvements	$	(4,448	)	$	(2,387	)	$	(6,822	)	$	(4,695	)
Leasing commissions and costs		(2,211	)		(1,209	)		(3,477	)		(1,899	)
Redevelopments and expansions		(3,723	)		(2,061	)		(7,070	)		(4,569	)
Maintenance capital expenditures		(361	)		(1,172	)		(1,755	)		(1,744	)

Total tenant improvements and leasing costs	$	(10,743	)	$	(6,829	)	$	(19,124	)	$	(12,907	)


	Jun 30, 2011			Dec 31, 2010
Other assets :
Lease intangibles, net	$	103,742		$	60,603
Lease commissions, net		27,254			23,124
Straight-line rent receivable, net		18,922			17,186
Deposits and mortgage escrow		18,331			17,964
Prepaid and other expenses		9,837			1,413
Deferred financing costs, net		5,017			5,998
Furniture and fixtures, net		1,881			1,408

Total other assets	$	184,984		$	127,696


Accounts payable and other liabilities:
Above/below market rents, net	$	123,029			90,428
Prepaid rent and deferred income		7,745			6,543
Accounts payable and other		52,103			41,792

Total accounts payable and other liabilities	$	182,787		$	138,763


Liquidity as of 6/30/11:
Cash and Cash Equivalents	$	17,176
Available under Lines of Credit		256,045

Total Available Funds	$	273,221

Page 16

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE — TOP TWENTY TENANTS

CONSOLIDATED PROPERTIES

As of June 30, 2011 (unaudited)


Tenant	Number of stores		Credit Rating S&P/Moody’s⁽¹⁾	Square feet		% of total square feet			Annualized minimum rent		% of total annualized minimum rent			Average annual minimum rent per square foot⁽²⁾		Average remaining term of AMR ⁽³⁾
Top twenty tenants
Publix		62	NA		2,749,033		13.7	%	$	23,090,006		9.8	%	$	8.40		7.6
Supervalu		6	B+ / B1		398,625		2.0	%		8,995,251		3.8	%		22.57		5.7
Kroger		14	BBB /Baa2		795,902		4.0	%		6,268,326		2.7	%		7.88		6.6
TJ Maxx Companies		11	A / A3		328,575		1.6	%		3,309,570		1.4	%		10.07		3.9
Bed Bath & Beyond		8	BBB+ / NA		267,761		1.3	%		3,093,848		1.3	%		11.55		4.8
LA Fitness		4	NA		196,235		1.0	%		3,087,362		1.3	%		15.73		8.5
Winn Dixie		9	NA		398,128		2.0	%		2,937,815		1.3	%		7.38		4.3
Office Depot		10	B- / B2		243,625		1.2	%		2,801,046		1.2	%		11.50		3.6
Dollar Tree		25	NA		272,041		1.4	%		2,381,159		1.0	%		8.75		2.7
CVS Pharmacy		12	BBB+ / Baa2		140,740		0.7	%		2,261,661		1.0	%		16.07		4.4
Loehmann’s		2	NA		97,267		0.5	%		3,002,469		1.3	%		30.87		4.8
Kohl’s		3	BBB+ /Baa1		296,710		1.5	%		1,933,000		0.8	%		6.51		7.8
Ross		7	BBB/NA		208,254		1.0	%		1,926,370		0.8	%		9.25		4.4
Target		1	A+/A2		160,346		0.8	%		1,924,152		0.8	%		12.00		7.1
Food Lion		6	NA/Baa3		241,934		1.2	%		1,845,646		0.8	%		7.63		9.4
Walgreens		6	A / A2		96,562		0.5	%		1,824,815		0.8	%		18.90		13.8
Whole Foods		2	BB+ / NA		85,907		0.4	%		1,746,911		0.7	%		20.33		13.5
Goodwill		17	N/A		173,883		0.9	%		2,088,287		0.9	%		12.01		6.0
Stop & Shop		1	NA		59,015		0.3	%		1,685,484		0.7	%		28.56		13.5
Toys R Us		3	B / B1		117,096		0.6	%		1,553,708		0.7	%		13.27		3.8

Sub-total top twenty tenants		209			7,327,639		36.6	%	$	77,756,886		33.1	%	$	10.61		6.1

Remaining tenants		2,524			10,746,539		53.6	%		156,948,971		66.9	%		14.88		3.5

Sub-total all tenants		2,733			18,074,178		90.2	%	$	234,705,856		100.0	%	$	13.13		3.8

Vacant		823			1,967,956		9.8	%		NA		NA			NA		NA

Total including vacant		3,556			20,042,134		100.0	%	$	234,705,856		100.0	%		NA		3.8

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

⁽¹⁾	Ratings as of June 30, 2011. Source: CreditRiskMonitor.

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

⁽³⁾	In years, excluding tenant renewal options.

Page 17

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended June 30, 2011 (unaudited)


Category	Total Leases		Total Sq. Ft.		Same Space Sq. Ft.		Prior Rent PSF		New Rent PSF		Rent Spread			Same Space TIs PSF
New Leases ⁽¹⁾		55		173,813		154,460	$	17.94	$	16.93		-5.6	%	$	9.24
Renewals & Options		132		415,729		415,729		17.39		16.90		-2.8	%		0.23

Total New, Renewals & Options		187		589,542		570,189	$	17.54	$	16.91		-3.6	%	$	2.67

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 June 30, 2011 (unaudited)


ALL TENANTS
Date	Number of leases		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot⁽¹⁾
M-T-M		139		272,984		1.3	%	$	4,420,657		1.8	%	$	16.19
2011		301		1,199,705		6.0	%		16,156,016		6.5	%		13.47
2012		588		2,579,696		12.9	%		34,071,790		13.8	%		14.31
2013		497		2,024,399		10.1	%		28,977,837		11.7	%		14.31
2014		398		1,984,594		9.9	%		26,042,948		10.5	%		13.12
2015		282		1,795,012		9.0	%		22,985,653		9.3	%		12.81
2016		223		2,206,183		11.0	%		35,775,969		14.5	%		16.22
2017		62		810,513		4.0	%		11,461,220		4.6	%		14.14
2018		45		802,465		4.0	%		11,161,581		4.5	%		13.91
2019		32		696,837		3.5	%		6,939,652		2.8	%		9.96
2020		47		678,058		3.4	%		9,272,407		3.8	%		13.67
Thereafter		119		3,023,832		15.1	%		39,830,960		16.1	%		13.17

Sub-total / average		2,733		18,074,278		90.2	%	$	247,096,690		100.0	%	$	13.82

Vacant		823		1,967,856		9.8	%		NA		NA			NA

Total / average		3,556		20,042,134		100.0	%	$	247,096,690		100.0	%		NA

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

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

Page 19

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of June 30, 2011 (unaudited)


ANCHOR TENANTS (SF >= 10,000)
Date	Number of leases		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot⁽¹⁾
M-T-M		3		30,587		0.2	%	$	272,695		0.2	%	$	8.92
2011		19		635,629		4.9	%		5,458,359		4.1	%		8.59
2012		49		1,433,462		11.0	%		11,449,617		8.7	%		9.26
2013		32		988,255		7.6	%		8,148,968		6.2	%		8.25
2014		39		1,187,945		9.1	%		9,159,776		7.0	%		7.71
2015		41		1,177,523		9.0	%		9,282,736		7.1	%		7.88
2016		47		1,734,719		13.3	%		25,160,833		19.1	%		14.50
2017		18		664,896		5.1	%		7,855,374		6.0	%		11.81
2018		18		700,146		5.4	%		7,940,065		6.0	%		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		76		2,874,696		22.1	%		34,396,398		26.2	%		11.97

Sub-total / average		375		12,661,757		97.2	%	$	131,445,514		100.0	%	$	10.55

Vacant		16		366,026		2.8	%		NA		NA			NA

Total / average		391		13,027,783		100.0	%	$	131,445,514		100.0	%		NA

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

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

Page 20

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of June 30, 2011 (unaudited)


SHOP TENANTS (SF < 10,000)
Date	Number of leases		Square feet		Percent of total square feet			Annualized minimum rent at expiration		Percent of total annualized minimum rent			Average annual minimum rent per square foot
M-T-M		136		242,397		3.4	%	$	4,147,962		3.6	%	$	17.11
2011		282		564,076		8.0	%		10,697,657		9.2	%		18.96
2012		539		1,146,234		16.3	%		22,622,173		19.6	%		19.74
2013		465		1,036,144		14.8	%		20,828,869		18.0	%		20.10
2014		359		796,649		11.4	%		16,883,172		14.6	%		21.19
2015		241		617,489		8.8	%		13,702,917		11.9	%		22.19
2016		176		471,464		6.7	%		10,615,136		9.2	%		22.52
2017		44		145,617		2.1	%		3,605,846		3.1	%		24.76
2018		27		102,319		1.5	%		3,221,515		2.8	%		31.49
2019		18		49,029		0.7	%		1,433,785		1.2	%		29.24
2020		28		91,967		1.3	%		2,457,581		2.1	%		26.72
Thereafter		43		149,136		2.1	%		5,434,562		4.7	%		36.44

Sub-total / average		2,358		5,412,521		77.2	%	$	115,651,176		100.0	%	$	21.37

Vacant		807		1,601,830		22.8	%		NA		NA			NA

Total / average		3,165		7,014,351		100.0	%	$	115,651,176		100.0	%		NA

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

Page 21

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION GRAPH

CONSOLIDATED PROPERTIES

As of June 30, 2011 (unaudited)

LOGO

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

Page 22

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of June 30, 2011 (unaudited)


Metro or Region	# Properties		Total SF		AMR		% of AMR
Broward County		13		1,801,501		22,840,641		9.7	%
Dade County		14		1,464,703		21,493,056		9.2	%
Palm Beach County		8		889,654		9,813,597		4.2	%
Treasure Coast, Florida		8		707,778		7,532,062		3.2	%

South Florida		43		4,863,636		61,679,356		26.3	%
San Francisco Bay		5		1,465,215		32,407,298		13.8	%
Southern California		2		212,756		3,545,807		1.5	%

West Coast		7		1,677,971		35,953,105		15.3	%
Boston		7		600,879		11,108,633		4.7	%
Connecticut		2		397,802		4,787,160		2.0	%
New York		2		82,220		2,456,000		1.0	%
Maryland		1		92,335		1,645,055		0.7	%

Northeast		12		1,173,236		19,996,848		8.5	%
Atlanta		24		2,208,898		25,471,994		10.9	%
Orlando		11		1,287,612		14,813,374		6.3	%
Tampa/St. Petersburg		16		1,532,332		13,757,213		5.8	%
Jacksonville/North Florida		10		1,210,706		12,038,039		5.1	%
Charlotte/Raleigh/Durham		5		1,160,568		11,155,830		4.8	%
Other		14		1,327,909		10,759,552		4.6	%
Louisiana		13		1,522,556		10,702,041		4.6	%
Central/South Georgia		9		1,050,883		7,920,004		3.4	%
West Coast, Florida		5		466,144		5,493,731		2.3	%
South Carolina		7		559,683		4,964,769		2.1	%

Total		176		20,042,134		234,705,856		100.0	%

LOGO

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

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2011 (unaudited)


		Year	Total					Number				Supermarket anchor						Average base rent
		Built /	Sq. Ft.		Percent			of tenants				Owned			Expiration			Average base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
ALABAMA (3)
Madison Centre	Madison	1997		64,837		97.5	%		12		1		37,912	Publix		06/01/17	Rite Aid	$	9.95
The Shops at Lake Tuscaloosa	Tuscaloosa	2003 / 2005		70,242		88.9	%		10		6		44,271	Publix		12/31/23		$	12.42
Winchester Plaza	Huntsville	2006		75,700		91.5	%		14		5		45,600	Publix		08/31/26		$	10.72

TOTAL SHOPPING CENTERS ALABAMA (3)				210,779		92.5	%		36		12		127,783					$	11.01

ARIZONA (1)
Canyon Trails	Goodyear	2008		198,739		56.9	%		15		16						Office Max /Petsmart / Ross / Cost Plus	$	15.24

TOTAL SHOPPING CENTERS ARIZONA (1)				198,739		56.9	%		15		16		—					$	15.24

CALIFORNIA (7)
Serramonte	Daly City	1968		818,192		95.5	%		90		13						Macy’s / JC Penney / Target / Daiso /H&M / Forever 21 / A’Gaci / New York & Company / Crunch Gym	$	17.80
Willows	Concord	1977		256,086		94.1	%		29		4						El Torito / Claim Jumper / U Gym /REI/ The Jungle /Old Navy/ Pier 1 /Cost Plus	$	21.29
Plaza Escuela	Walnut Creek	2002		151,186		98.9	%		22		2						AAA / Yoga Works /The Container Store/ Cheesecake Factory / Forever 21 / Sports Authority	$	39.86
Marketplace Shopping Center	Davis	1990		111,156		92.9	%		20		3		35,018	Safeway		07/31/14	Petco / CVS	$	21.84
222 Sutter	San Francisco	1908 / 1984		128,595		100.0	%		10		—						Loehmann’s / Global Fund for Women /Mother Jones Magazine / Fluid / Craigslist	$	40.03
Von’s Circle Center	Long Beach	1972		148,353		95.5	%		21		4		45,253	Von’s		07/31/22	Rite Aid / Ross	$	15.83
Circle Center West	Long Beach	1989		64,403		95.7	%		14		2						Marshalls	$	21.14

TOTAL SHOPPING CENTERS CALIFORNIA (7)				1,677,971		95.8	%		206		28		80,271					$	22.37

CONNECTICUT (2)
Brookside Plaza**	Enfield	1985 / 2006		213,274		96.2	%		23		3		59,648	Wakefern Food		08/31/15	Bed Bath & Beyond / Walgreens / Staples / Petsmart / Hibachi Grill	$	11.94
Copps Hill	Ridgefield	1979 / 2002		184,528		97.5	%		8		1		59,015	Stop & Shop		12/31/24	Kohl’s / Rite Aid	$	12.99

TOTAL SHOPPING CENTERS CONNECTICUT (2)				397,802		96.8	%		31		4		118,663					$	12.43

FLORIDA (85)
Orlando / Central Florida (11)
Alafaya Commons	Orlando	1987		126,333		94.2	%		27		3		54,230	Publix		11/30/13		$	14.95
Alafaya Village	Orlando	1986		38,118		96.3	%		15		1							$	21.22
Conway Crossing	Orlando	2002		76,321		85.5	%		14		4		44,271	Publix		04/30/22		$	11.68
Eastwood, Shoppes of	Orlando	1997		69,037		100.0	%		13		—		51,512	Publix		11/01/17		$	12.75

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 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
Eustis Village	Eustis	2002		156,927		94.7	%		16		4		44,271	Publix		10/31/22	Beall’s Department Store	$	11.01
Hunter’s Creek	Orlando	1998		73,204		100.0	%		10		—						Office Depot /Lifestyle Family Fitness	$	13.83
Kirkman Shoppes	Orlando	1973		88,820		80.4	%		25		6							$	20.92
Lake Mary Centre	Orlando	1988 / 2001		340,434		95.6	%		55		11		63,139	Albertsons		06/30/12	Kmart /Lifestyle Fitness Center / Office Depot	$	13.08
Park Promenade	Orlando	1987 / 2000		128,848		68.0	%		12		11						Beauty Depot / Dollar General	$	7.05
Town & Country	Kissimmee	1993		72,043		95.6	%		11		2		52,883	Albertsons* (Ross Dress For Less)		10/31/18		$	7.85
Unigold Shopping Center	Winter Park	1987		117,527		79.7	%		19		7		52,500	Winn-Dixie		04/30/12		$	11.26
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	$	10.15
Beauclerc Village	Jacksonville	1962 / 1988		68,846		89.0	%		6		5						Big Lots / Goodwill / Bealls Outlet	$	8.54
Forest Village	Tallahassee	2000		71,526		85.0	%		12		4		37,866	Publix		04/30/20		$	11.60
Ft. Caroline	Jacksonville	1985 / 1995		71,816		86.8	%		6		7		45,500	Winn-Dixie		05/31/15	Citi Trends	$	6.83
Mandarin Landing	Jacksonville	1976		139,580		76.4	%		16		11		50,000	Whole Foods		12/31/23	Office Depot / Aveda Institute	$	17.36
Medical & Merchants	Jacksonville	1993		156,153		96.6	%		10		3		55,999	Publix		02/10/13	Memorial Hospital / Planet Fitness	$	12.11
Middle Beach Shopping Center	Panama City Beach	1994		69,277		83.5	%		3		6		56,077	Publix*		09/30/14		$	8.68
Pablo Plaza	Jacksonville	1974 / 1998 / 2001 / 2008		151,238		87.9	%		22		9		34,400	Publix* (Office Depot)		11/30/13	Marshalls /HomeGoods	$	11.76
Oak Hill	Jacksonville	1985 / 1997		78,492		90.8	%		16		4		39,795	Publix		03/11/15	Planet Fitness	$	7.77
South Beach**	Jacksonville Beach	1990 / 1991		303,219		87.2	%		36		16						Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	$	12.07
Miami-Dade / Broward / Palm Beach (35)
Bird Ludlum	Miami	1988 / 1998		192,274		100.0	%		42		—		44,400	Winn-Dixie		12/31/12	CVS Pharmacy / Bird Executive / Goodwill	$	17.93
Bluffs Square	Jupiter	1986		123,917		73.7	%		18		12		39,795	Publix		10/22/11	Walgreens	$	13.33
Chapel Trail	Pembroke Pines	2007		56,378		100.0	%		4		—						LA Fitness	$	21.56
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990		76,632		96.2	%		15		2						Office Depot / Walgreen’s	$	25.51
Countryside Shops	Cooper City	1986 / 1988 / 1991		179,561		84.9	%		33		13		39,795	Publix		12/04/15	Stein Mart	$	13.73
Crossroads Square	Pembroke Pines	1973		81,587		79.9	%		15		10						CVS Pharmacy / Goodwill	$	16.73

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 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
CVS Plaza	Miami	2004		18,214		100.0	%		6		—							$	20.82
El Novillo	Miami Beach	1970 / 2000		10,000		100.0	%		1		—						Sakura Japanese Buffet	$	17.00
Gateway Plaza	Aventura	1991		29,800		100.0	%		1		—						Babies R Us	$	14.31
Greenwood	Palm Springs	1982 / 1994		132,325		87.7	%		31		7		50,032	Publix		12/05/14	Bealls Outlet	$	13.09
Hammocks Town Center	Miami	1987 / 1993		172,806		91.1	%		30		6		39,795	Publix		06/24/12	Metro Dade Library / CVS Pharmacy /Porky’s Gym	$	13.40
Jonathan’s Landing	Jupiter	1997		26,820		41.2	%		7		5							$	23.96
Lago Mar	Miami	1995		82,613		82.7	%		14		8		42,323	Publix		09/13/15		$	13.06
Lantana Village	Lantana	1976 / 1999		181,780		96.6	%		21		4		39,473	Winn-Dixie		02/15/16	Kmart /Rite Aid* (Family Dollar)	$	7.73
Magnolia Shoppes	Fort Lauderdale	1998		114,118		88.7	%		12		6						Regal Cinemas / Deal$	$	11.67
Meadows	Miami	1997		75,524		95.8	%		17		3		47,955	Publix		07/09/17		$	14.00
Oakbrook Square	Palm Beach Gardens	1974 / 2000 / 2003		199,633		94.8	%		23		7		44,400	Publix		11/30/20	Stein Mart / Homegoods / CVS / Basset Furniture / Duffy’s	$	14.03
Oaktree Plaza	North Palm Beach	1985		23,745		62.8	%		11		9							$	16.21
Plaza Alegre	Miami	2003		88,411		92.4	%		16		4		44,271	Publix		03/14/23	Goodwill	$	15.61
Point Royale	Miami	1970 / 2000		174,875		97.0	%		20		5		45,350	Winn-Dixie		02/15/15	Best Buy / Pasteur Medical	$	10.61
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	$	11.08
Riverside Square	Coral Springs	1987		104,241		79.9	%		24		10		39,795	Publix		02/18/12		$	13.35
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		88.7	%		21		4		36,464	Publix		12/15/14	Walgreens / Dollar Tree	$	11.11
Sheridan Plaza	Hollywood	1973 / 1991		508,455		99.2	%		61		3		65,537	Publix		10/09/11	Kohl’s / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology	$	15.15
Shoppes of Andros Isles	West Palm Beach	2000		79,420		82.4	%		9		8		51,420	Publix		02/29/20		$	11.82
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997		126,789		89.4	%		29		11		47,814	Publix		06/14/15	Goodwill	$	15.59
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		281,943		95.3	%		44		5		51,420	Publix		07/31/19	TJMaxx / LA Fitness / Goodwill	$	17.60
Sunrise Town Center	Fort Lauderdale	1989		128,124		81.2	%		13		11						L.A. Fitness / Office Depot	$	11.08
Tamarac Town Square	Tamarac	1987		124,585		76.0	%		23		16		37,764	Publix		12/15/14	Dollar Tree	$	11.02
Waterstone	Homestead	2005		61,000		100.0	%		10		—		45,600	Publix		07/31/25		$	14.13

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 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
West Bird	Miami	1977/2000		99,864		87.7	%		23		5		37,949	Publix		08/31/20	CVS Pharmacy	$	13.02
West Lakes Plaza	Miami	1984/2000		100,747		100.0	%		27		—		46,216	Winn-Dixie		05/22/16	Navarro Pharmacy	$	13.55
Westport Plaza	Davie	2002		49,533		100.0	%		8		—		27,887	Publix		11/30/22		$	17.59
Young Circle	Hollywood	1962/1997		65,834		98.1	%		9		1		23,124	Publix		11/30/16	Walgreens	$	15.29
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001		89,234		94.7	%		13		3		59,448	Albertsons		04/30/25		$	9.07
New Smyrna Beach	New Smyrna Beach	1987		118,451		95.7	%		33		1		42,112	Publix		09/30/12	Bealls Outlet	$	12.10
Old King Commons	Palm Coast	1988		84,759		89.7	%		14		4						Wal-Mart	$	8.30
Ryanwood	Vero Beach	1987		114,925		89.1	%		26		6		39,795	Publix		03/23/17	Bealls Outlet /Books-A-Million	$	11.32
Salerno Village	Stuart	1987		82,477		90.8	%		14		6		45,802	Winn-Dixie		03/23/24	CVS Pharmacy	$	10.58
Shops at St. Lucie	Port St. Lucie	2006		19,361		84.6	%		8		2							$	21.98
South Point Center	Vero Beach	2003		64,790		90.3	%		11		5		44,840	Publix		11/30/23		$	15.27
Treasure Coast	Vero Beach	1983		133,781		96.9	%		21		2		59,450	Publix		07/31/26	TJ Maxx	$	12.03
Tampa / St. Petersburg / Venice / Cape Coral / Naples (21)
Bay Pointe Plaza	St. Petersburg	1984/2002		103,986		91.0	%		16		7		52,610	Publix		11/30/21	Bealls Outlet	$	10.28
Carrollwood	Tampa	1970/2002		93,673		90.9	%		30		7		27,887	Publix		11/30/22	Golf Locker	$	13.73
Charlotte Square	Port Charlotte	1980		96,188		68.5	%		11		14						Seafood Buffet / American Signature Furniture	$	5.23
Chelsea Place	New Port Richey	1992		81,144		96.5	%		16		2		48,890	Publix		05/27/12		$	11.72
Dolphin Village	St. Petersburg	1967/1990		136,224		82.9	%		29		15		33,238	Publix		11/07/13	Dollar Tree, CVS	$	12.86
Glengary Shoppes	Sarasota	1995		99,182		100.0	%		6		—						Best Buy / Barnes & Noble	$	17.70
Lake St. Charles	Tampa	1999		57,015		100.0	%		8		—		46,295	Sweet Bay		06/30/19		$	10.40
Lutz Lake	Lutz	2002		64,985		86.1	%		9		6		44,270	Publix		05/31/22		$	12.76
Marco Town Center	Marco Island	2001		109,830		91.1	%		35		6		27,887	Publix		01/31/18		$	17.31
Mariners Crossing	Spring Hill	1989/1999		97,812		100.0	%		18		—		48,315	Sweet Bay		08/15/20		$	10.35
Midpoint Center	Cape Coral	2002		75,386		100.0	%		10		—		60,667	Publix		10/31/22		$	12.43
Regency Crossing	Port Richey	1986/2001		85,864		81.6	%		13		12		44,270	Publix		02/28/21		$	10.37
Ross Plaza	Tampa	1984/1996		90,826		93.1	%		19		4						Ross Dress for Less / Deal$	$	12.09

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2011 (unaudited)



		Year	Total									Supermarket anchor						Average
		Built /	Sq. Ft.		Percent			Numberof tenants				Owned			Expiration			base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
Seven Hills	Spring Hill	1991		72,590		87.8	%		12		6		48,890	Publix		09/25/11		$	10.50
Shoppes of North Port	North Port	1991		84,705		92.2	%		17		4		48,890	Publix		12/11/11	Bealls Outlet	$	10.31
Summerlin Square	Fort Myers	1986/1998		109,156		47.7	%		3		25		45,500	Winn-Dixie		06/04/16		$	7.66
Sunlake	Tampa	2008		89,516		87.1	%		16		8		45,600	Publix		12/31/28	SunTrust	$	17.08
Sunpoint Shopping Center	Ruskin	1984		132,374		65.5	%		15		10						Goodwill / Ozzie’s Buffet / Big Lots / Chapter 13 Trustee	$	8.72
Venice Plaza	Venice	1971/1979/1999		132,345		96.0	%		13		3		42,582	Sweet Bay		09/30/18	TJ Maxx	$	6.25
Venice Shopping Center	Venice	1968/2000		109,801		85.9	%		12		2		44,271	Publix		12/31/26	Beall’s Outlet	$	5.70
Walden Woods	Plant City	1985/1998/2003		75,874		94.4	%		13		3						Dollar Tree / Aaron Rents / Dollar General	$	8.47

TOTAL SHOPPING CENTERS FLORIDA (33)				9,360,430		28.7	%		1,488		469		1,136,685					$	12.84


GEORGIA (33)
Atlanta (24)
BridgeMill	Canton	2000		89,102		90.6	%		24		5		37,888	Publix		01/31/20		$	15.60
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		$	10.49
Chastain Square	Atlanta	1981/2001		91,637		100.0	%		26		—		37,366	Publix		05/31/24		$	18.43
Commerce Crossing	Commerce	1988		100,668		25.5	%		4		7						Fred’s Store	$	5.26
Douglas Commons	Douglasville	1988		97,027		96.5	%		16		2		59,431	Kroger		08/31/13		$	10.83
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		$	12.41
Golden Park Village	Buford	2000		68,738		78.7	%		7		6		44,270	Publix		02/29/20		$	10.68
Governors Town Square	Acworth	2005		68,658		100.0	%		13		—		44,840	Publix		02/28/25		$	14.24
Grassland Crossing	Alpharetta	1996		90,906		93.2	%		11		3		70,086	Kroger		06/30/16		$	11.51
Hairston Center	Decatur	2000		13,000		46.2	%		4		5							$	11.49
Hamilton Ridge	Buford	2002		90,996		83.8	%		13		8		54,166	Kroger		11/30/22		$	11.62
Keith Bridge Commons	Atlanta	2002		94,886		85.5	%		13		8		54,139	Kroger		08/10/22		$	12.72

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2011 (unaudited)


		Year	Total									Supermarket anchor					Average
		Built /	Sq. Ft.		Percent			Number of tenants				Owned			Expiration		base rent
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
Mableton Crossing	Mableton	1997		86,819		96.7	%		14		2		63,419	Kroger	08/31/17		$	10.28
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		93.7	%		20		4					Galaxy Cinema	$	11.88
Piedmont Peachtree Crossing	Buckhead	1978 /1998		152,239		97.7	%		25		3		55,520	Kroger	02/28/15	Cost Plus Store / Binders Art Supplies	$	17.66
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998		86,401		88.4	%		19		5					Micro Center	$	9.88
Salem Road Station	Atlanta	2000		67,270		90.3	%		10		5		44,270	Publix	09/30/20		$	10.27
Shops of Huntcrest	Lawrenceville	2003		97,040		86.2	%		18		7		54,340	Publix	01/31/23		$	13.34
Shops of Westridge	McDonough	2006		66,297		76.8	%		10		8		38,997	Publix	04/30/26		$	13.62
Wesley Chapel	Decatur	1989		164,153		86.8	%		19		9					Everest Institute / Little Giant/ Deal$/ Planet Fitness	$	6.15
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		62.7	%		19		8						$	22.32
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	$	8.92
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		$	11.37
Loganville Town Center	Loganville	1997		77,661		85.0	%		9		6		51,420	Publix	08/01/17		$	11.52
McAlpin Square	Savannah	1979		173,952		98.6	%		23		1		43,600	Kroger	08/31/15	Big Lots / Post Office / Habitat for Humanity	$	7.70
Spalding Village	Griffin	1989		235,318		63.5	%		18		10		59,431	Kroger	05/31/14	Fred’s Store / Goodwill	$	7.63
The Vineyards at Chateau Elan	Braselton	2002		79,047		95.6	%		18		2		44,271	Publix	01/31/23		$	14.07
Walton Plaza	Augusta	1990		43,460		91.7	%		5		3		32,960	Harris Teeter* (Omni Fitness)	04/01/11		$	7.06
Wilmington Island Shopping Center	Wilmington Island	1985 / 1998 / 2003		87,818		68.2	%		11		12		42,156	Kroger	09/16/18		$	12.52

TOTAL SHOPPING CENTERS GEORGIA (33)				3,259,781		85.4	%		484		177		1,308,371				$	12.00

Page 29

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2011 (unaudited)


													Supermarket anchor
									Number of tenants				Supermarket anchor
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
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	$	9.28
Ambassador Row Courtyard	Lafayette		1986 / 1991 / 2005		146,697		98.4	%		21		2						Bed Bath & Beyond / Marshall’s / Hancock Fabrics / Unitech Training Academy / Tuesday Morning	$	10.25
Bluebonnet Village	Baton Rouge		1983		101,623		92.9	%		20		6		33,387	Matherne’s		11/30/15	Office Depot	$	11.47
Boulevard	Lafayette		1976 / 1994		68,012		93.2	%		13		2						Piccadilly / Harbor Freight Tools / Golfballs.com	$	8.92
Country Club Plaza	Slidell		1982 / 1994		64,686		92.1	%		8		2		33,387	Winn-Dixie		01/31/13		$	6.48
Crossing	Slidell		1988 / 1993		114,806		97.4	%		15		1		58,432	Save A Center		09/28/39	A-1 Home Appliance / Piccadilly	$	5.85
Elmwood Oaks	Harahan		1989		130,284		97.1	%		9		1						Academy Sports / Dollar Tree / Home Décor	$	9.87
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		100.0	%		20		—						Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	8.99
Tarpon Heights	Galliano		1982		56,605		84.3	%		8		1						Stage / Dollar General	$	5.39
Village at Northshore	Slidell		1988		144,638		97.6	%		14		1						Marshalls / Dollar Tree / Kirschman’s* / Bed Bath & Beyond / Office Depot	$	7.66
TOTAL SHOPPING CENTERS LOUISIANA (13)					1,522,556		96.5	%		167		19		153,298					$	8.41
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	$	17.82
TOTAL SHOPPING CENTERS MARYLAND (1)					92,335		100.0	%		9		—		—					$	17.82
MASSACHUSETTS (7)
Cambridge Star Market	Cambridge		1953 / 1997		66,108		100.0	%		1		—		66,108	Star Market		01/02/16		$	30.25
Medford Shaw’s Supermarket	Medford		1995		62,656		100.0	%		2		—		60,356	Shaw’s		01/01/16		$	26.84
Plymouth Shaw’s Supermarket	Plymouth		1993		59,726		100.0	%		1		—		59,726	Shaw’s		01/01/16		$	19.99
Quincy Star Market	Quincy		1965 / 1995		100,741		100.0	%		1		—		100,741	Star Market		01/02/16		$	19.53
Swampscott Whole Foods	Swampscott		1967 / 2005		35,907		100.0	%		1		—		35,907	Whole Foods		01/01/26		$	22.89
Webster Plaza	Webster		1963 / 1998		199,425		100.0	%		14		—		56,766	Shaw’s		02/28/23	K Mart	$	8.22

Page 30

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2011 (unaudited)


									Number
		Year		Total					of tenants				Supermarket anchor						Average
		Built /		Sq. Ft.		Percent							Owned			Expiration			base rent
Property	City	Renovated		Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
West Roxbury Shaw’s Plaza	West Roxbury		1973 / 1995/ 2006		76,316		92.9	%		9		4		54,928	Shaw’s		01/02/16		$	25.46

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	$	7.13

TOTAL SHOPPING CENTERS MISSISSIPPI (1)					66,857		98.2	%		7		1		—					$	7.13
NEW YORK (2)
1175 Third Avenue	Manhattan		1995		25,350		100.0	%		1		—		25,350	Food Emporium		01/31/19		$	41.66
161 W. 16th Street	Manhattan		1930		56,870		100.0	%		1		—						Loehmann’s	$	24.62

TOTAL SHOPPING CENTERS NEW YORK (2)					82,220		100.0	%		2		—		25,350					$	29.87

NORTH CAROLINA (12)
Brawley Commons	Charlotte		1997 / 1998		119,189		75.9	%		22		16		42,142	Lowe’s Foods		05/13/17	Rite Aid	$	11.98
Carolina Pavilion	Charlotte		1996		731,678		96.9	%		23		4						AMC Theatres /Value City Furniture / Old Navy / Ross Dress For Less / Sports Authority / Babies ‘R Us / Michaels Crafts / Sears Retail Outlet Store / DSW Shoe Warehouse / Cost Plus World Market / Gregg Appliances / Petco / Dollar Tree / Dress Barn / Bed Bath & Beyond / Kohl’s / Buy Buy Baby / Nordstrom Rack / Jo-Ann	$	10.77
Centre Pointe Plaza	Smithfield		1989		163,642		94.7	%		21		3						Belk’s / Dollar Tree / Aaron Rents / Burkes Outlet Stores	$	5.76
Chestnut Square	Brevard		1985 / 2008		34,260		90.7	%		6		2						Walgreens	$	15.67
Galleria	Wrightsville Beach		1986 / 1990		92,114		42.8	%		24		12		28,000	Harris Teeter*		04/05/11		$	10.17
Parkwest Crossing	Durham		1990		85,602		91.6	%		14		3		38,052	Food Lion		12/14/15		$	10.58
Riverview Shopping Center	Durham		1973 / 1995		128,498		95.4	%		12		4		53,538	Kroger		12/31/14	Upchurch Drugs / Riverview Galleries	$	7.83
Salisbury Marketplace	Salisbury		1987		79,732		75.9	%		12		8		31,762	Food Lion		02/12/23		$	10.90
Stanley Market Place	Stanley		2007		53,228		93.4	%		5		2		34,928	Food Lion		05/15/27	Family Dollar	$	9.82
Thomasville Commons	Thomasville		1991		148,754		94.0	%		9		5		32,000	Ingles		09/29/12	Kmart	$	5.58
Willowdaile Shopping Center	Durham		1986		95,601		86.6	%		15		8						Hall of Fitness / Ollie’s Bargain Outlet	$	7.75
Whitaker Square	Winston-Salem		1996		82,760		100.0	%		13		—		51,890	Harris Teeter		02/11/16	Rugged Wearhouse	$	12.70

TOTAL SHOPPING CENTERS NORTH CAROLINA (12)					1,815,058		90.5	%		176		67		312,312					$	9.69

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2011 (unaudited)


									Number
		Year		Total					of tenants				Supermarket anchor						Average
		Built /		Sq. Ft.		Percent							Owned			Expiration			base rent
Property	City	Renovated		Owned		Leased			Leased		Vacant		sq. ft.		Name	Date		Other anchor tenants	per leased SF
SOUTH CAROLINA (7)
Belfair Towne Village	Bluffton		2000 /2003 /2006		166,639		89.6	%		28		6		55,696	Kroger		10/31/19	Stein Mart	$	13.53
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		$	14.99
North Village Center	North Myrtle Beach		1984		60,356		70.3	%		6		7						Dollar General /Goodwill	$	8.11
Windy Hill	North Myrtle Beach		1968 /1988 /2006		68,465		94.2	%		2		3						Rose’s Store /Citi Trends	$	5.94
Woodruff	Greenville		1995		68,055		98.7	%		9		1		47,955	Publix		08/06/15		$	10.61

TOTAL SHOPPING CENTERS SOUTH CAROLINA (7)					559,683		82.2	%		57		22		181,890					$	10.79

TENNESSEE (1)
Greensboro Village Shopping Center	Gallatin		2005		70,203		95.6	%		14		2		45,600	Publix		11/30/25		$	13.89

TOTAL SHOPPING CENTERS TENNESSEE (1)					70,203		95.6	%		14		2		45,600					$	13.89
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 (176)					20,042,134		90.2	%		2,733		823		5,452,125					$	13.13

Page 32

EQUITY ONE, INC. PROPERTY STATUS REPORT As of June 30, 2011 (unaudited)


									Number
		Year		Total					of tenants				Supermarket anchor					Average
		Built /		Sq. Ft.		Percent							Owned			Expiration		base rent
Property	City	Renovated		Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants	per leased SF
OTHER PROPERTIES (8)
4101 South I-85 Industrial	Charlotte, NC		1956 /1963		188,513		38.0	%		2		7					Bromley Pallet
Banco Popular Office Building	Miami, FL		1971		32,737		80.0	%		15		4
Laurel Walk Apartments	Charlotte, NC		1985		106,480		95.3	%		94		4
Prosperity Office Building	Palm Beach Gdns, FL		1972		3,200		0.0	%		—		1
Providence Square	Charlotte, NC		1973		85,930		17.9	%		7		18
595 Colorado	Pasadena, CA		1927 /2002		85,860		84.1	%		74		16					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		79.8	%		45		9

TOTAL OTHER PROPERTIES (8)					649,968		63.5	%		249		61		—

TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (184)					20,692,102		89.3	%		2,982		884		5,452,125

DEVELOPMENTS, REDEVELOPMENTS & LAND (15)

Developments (3)	Various — See Schedule on Page 35.

Redevelopments (7)	Various — See Schedule on Page 35.

Land Held for Development (5)	Various
TOTAL CONSOLIDATED—199 Properties

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

*	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 six months ended June 30, 2011 (unaudited)

(in thousands)

2011 Acquisition Activity

Purchase

Mortgage

Date Purchased

Property Name

City

State

Square Feet

Price(1)

Assumed

May 16, 2011

161 W. 16th Street

New York

56,870

55,000

—

March 16, 2011

Von’s Circle Center

Long Beach

148,353

37,000

11,529

March 15, 2011

Circle Center West

Long Beach

64,403

20,000

—

January 4, 2011

Capital & Counties ⁽¹⁾

Various

2,491,663

504,900

171,931

Total

616,900

183,460

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

2011 Disposition Activity


					Square Feet /		Gross Sales		Gain (loss)
Date Sold	Property Name	City	State		Acres		Price		on Sale
Income producing property sold
June 22, 2011	Mandarin Mini -storage	Jacksonville		FL		52,420	$	1,250	$	(13	)
May 13, 2011	Country Walk Plaza	Miami		FL		100,686	$	27,750	$	625
May 13, 2011	Veranda Shoppes	Plantation		FL		44,888	$	11,675	$	318

							$	40,675	$	930

Outparcels sold
June 28, 2011	Sunlake - Land parcel	Miami		FL		6.50	$	1,250	$	59

							$	1,250	$	59

Total Sold							$	41,925	$	989

Page 34

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of June 30, 2011 (unaudited)

(in thousands, except square footage data)


Project	Location	Project GLA*		Total GLA**		Anchors	Target Stabilization Date		Estimated Gross Cost⁽¹⁾		Estimated Net Cost (2)		Funded as of 6/30/11		Balance to Complete (Gross Cost)
Developments
The Gallery at Westbury	Westbury, NY		330,000		330,000	Container Store/Nordstrom Rack/Trader Joe’s/Saks off Fifth		2013	$	144,000	$	134,000	$	31,500	$	112,500
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				$	164,577	$	149,352	$	42,976	$	121,601

Redevelopment
Boca Village	Boca Raton, FL		25,663		92,267	Publix Greenwise/CVS		1Q14	$	7,255	$	7,255	$	359	$	6,896
Boynton Plaza	Boynton Beach, FL		54,817		108,293	Publix		3Q13		8,661		8,661		123		8,538
Paulding Commons	Hiram, GA		74,732		192,391	Academy Sports		3Q12		5,915		5,915		102		5,813
Pavilion	Naples, FL		50,795		167,745	LA Fitness		1Q12		4,821		4,821		257		4,564
Pine Island	Davie, FL		86,156		243,385	Burlington Coat Factory		2Q12		1,377		1,377		972		405
Pine Ridge	Coral Springs, FL		30,660		114,948	Marshalls/Fresh Market/Bed Bath & Beyond		3Q12		3,453		3,453		102		3,351
Westbury	Westbury, NY		31,000		398,602	Costco/Marshalls/Sports Authority/Walmart		1Q12		1,500		1,500		—		1,500

Subtotal			353,823		1,317,631				$	32,982	$	32,982	$	1,915	$	31,067

Total Development Activity			764,820		1,728,628				$	197,559	$	182,334	$	44,891	$	152,668

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 June 30, 2011 (unaudited)

(in thousands)


	Maturity					Jun 30, 2011		Dec 31, 2010		Percent of Overall
Debt Instrument	Date		Rate ⁽¹⁾			Balance		Balance		Debt Maturing
Mortgage debt
Forest Village		04/01/11		7.270	%		—	$	4,065		0.0	%
Boca Village		05/01/11		7.200	%		—		7,515		0.0	%
MacLand Pointe		05/01/11		7.250	%		—		5,311		0.0	%
Pine Ridge Square		05/01/11		7.020	%		—		6,636		0.0	%
Sawgrass Promenade		05/01/11		7.200	%		—		7,515		0.0	%
Riverside Square		03/01/12		9.187	%		—		6,710		0.0	%
Country Walk Plaza		11/01/15		5.220	%		—		13,485		0.0	%
Lake Mary Centre		11/01/11		7.250	%	$	22,113		22,321		1.6	%
Lake St. Charles		11/01/11		7.130	%		3,484		3,517		0.2	%
Belfair Towne Village		12/01/11		7.320	%		9,490		9,651		0.7	%
Marco Town Center		01/01/12		6.700	%		7,275		7,398		0.5	%
Hammocks Town Center		06/01/12		6.950	%		11,524		11,631		0.8	%
Plaza Escuela		10/11/12		6.800	%		37,412		—		2.7	%
Cashmere Corners		11/01/12		5.880	%		4,300		4,376		0.3	%
Eastwood		11/01/12		5.880	%		5,123		5,215		0.4	%
Meadows Shopping Center		11/01/12		5.870	%		5,383		5,479		0.4	%
Salem Road Station		11/11/12		6.000	%		5,672		5,732		0.4	%
Lutz Lake Crossing		01/01/13		6.280	%		7,177		7,229		0.5	%
Pablo Plaza		04/11/13		5.814	%		7,388		7,466		0.5	%
West Bird Plaza		04/11/13		5.814	%		8,311		8,399		0.6	%
Brawley Commons		07/01/13		6.250	%		6,669		6,712		0.5	%
Midpoint Center		07/10/13		5.770	%		5,908		6,008		0.4	%
Buckhead Station⁽⁶⁾		09/01/13		6.880	%		25,238		25,576		1.8	%
Keith Bridge Commons		10/11/13		4.800	%		8,461		8,561		0.6	%
Alafaya Village		11/11/13		5.990	%		3,797		3,834		0.3	%
Summerlin Square		02/01/14		6.750	%		1,292		1,510		0.1	%
Sunrise Town Center		04/30/14		5.690	%		9,977		10,084		0.7	%
South Point		07/10/14		5.720	%		7,285		7,398		0.5	%
The Vineyards		07/11/14		5.880	%		9,571		9,662		0.7	%
595 Colorado		12/01/14		5.900	%		12,386		—		0.9	%
Golden Park Village		01/11/15		5.250	%		7,132		7,204		0.5	%
Grayson Village		01/11/15		5.210	%		9,538		9,635		0.7	%
The Shops at Lake Tuscaloosa		01/11/15		5.450	%		6,942		7,010		0.5	%
Bird Ludlum		02/15/15		7.680	%		4,385		4,893		0.3	%
Davis Marketplace		02/19/15		6.250	%		16,479		—		1.2	%
Treasure Coast Plaza		04/01/15		8.000	%		2,127		2,359		0.2	%

Page 36

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2011 (unaudited)

(in thousands)


	Maturity						Jun 30, 2011			Dec 31, 2010			Percent of Overall
Debt Instrument	Date			Rate ⁽¹⁾			Balance			Balance			Debt Maturing
Eustis Village		05/11/15			5.450	%	$	12,980		$	13,095			0.9	%
Governors Town Center		06/01/15			5.200	%		10,116			10,216			0.7	%
Shoppes of Silverlakes I		07/01/15			7.750	%		1,272			1,403			0.1	%
Freehome Village		07/11/15			5.150	%		9,610			9,706			0.7	%
Loganville Town Center		08/11/15			4.890	%		9,797			9,897			0.7	%
Wilmington Island		11/11/15			5.050	%		9,292			9,384			0.7	%
South Plaza Shopping Center		01/11/16			5.420	%		16,367			16,518			1.2	%
Glengary Shoppes		06/11/16			5.750	%		16,453			16,573			1.2	%
Magnolia Shoppes		07/11/16			6.160	%		14,150			14,260			1.0	%
222 Sutter Street		09/15/16			5.390	%		27,636			—			2.0	%
Willows Shoping Center		10/11/16			5.900	%		56,000			—			4.0	%
Grassland Crossing		12/01/16			7.865	%		4,440			4,574			0.3	%
Dublin Village		12/11/16			5.780	%		6,661			6,705			0.5	%
Greensboro Village		02/11/17			5.520	%		9,572			9,652			0.7	%
Whitaker Square		12/01/17			6.320	%		9,591			9,646			0.7	%
Mableton Crossing		08/15/18			6.850	%		3,260			3,335			0.2	%
Sheridan Plaza		10/10/18			6.250	%		62,858			63,288			4.5	%
Danville-San Ramon Medical		03/15/19			6.900	%		13,659			—			1.0	%
1175 Third Avenue		05/01/19			7.000	%		7,325			7,426			0.5	%
Park Plaza		11/15/19			7.100	%		7,379			—			0.5	%
BridgeMill		05/05/21			7.940	%		7,973			8,111			0.6	%
Westport Plaza		08/01/23			7.490	%		4,122			4,194			0.3	%
Chastain Square		02/28/24			6.500	%		3,015			3,089			0.2	%
Daniel Village		02/28/24			6.500	%		3,295			3,377			0.2	%
Douglas Commons		02/28/24			6.500	%		3,926			4,023			0.3	%
Fairview Oaks		02/28/24			6.500	%		3,716			3,808			0.3	%
Madison Centre		02/28/24			6.500	%		3,015			3,089			0.2	%
Paulding Commons		02/28/24			6.500	%		5,118			5,245			0.4	%
Siegen Village		02/28/24			6.500	%		3,330			3,413			0.2	%
Wesley Chapel Crossing		02/28/24			6.500	%		2,629			2,694			0.2	%
Webster Plaza		08/15/24			8.070	%		7,382			7,478			0.5	%
Vons Circle Center		10/10/28			5.200	%		11,428			—			0.8	%
Copps Hill Plaza		01/01/29			6.060	%		19,065			19,364			1.4	%

Total mortgage debt (62 loans outstanding)		4.48	⁽²⁾		6.17	%⁽³⁾	$	658,273		$	533,660			47.2	%
Unamortized/unaccreted premium/(discount)								(14,036	)		(19,168	)		(1.0	%)

Total mortgage debt (including unamortized/unaccreted premium/(discount))							$	644,236		$	514,492			46.2	%

Page 37

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2011 (unaudited)

(in thousands)


	Maturity						Jun 30, 2011			Dec 31, 2010			Percent of Overall
Debt Instrument	Date			Rate ⁽¹⁾			Balance			Balance			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			17.9	%
5.375% senior notes		10/15/15			5.375	%		107,505			107,505			7.7	%
6.00% senior notes		09/15/16			6.000	%		105,230			105,230			7.5	%
6.25% senior notes		01/15/17			6.250	%		101,403			101,403			7.3	%
6.00% senior notes		09/15/17			6.000	%		116,998			116,998			8.4	%

Total unsecured senior notes payable		4.71	⁽²⁾		6.06	%⁽³⁾	$	691,136		$	691,136			49.5	%
Unamortized/unaccreted premium/(discount)								(2,556	)		(2,755	)		(0.2	%)

Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))							$	688,580		$	688,381			49.3	%

Revolving credit facilities
$400MM Wells Fargo Unsecured⁽⁴⁾		10/17/11			1.590	%	$	63,500		$	—			4.5	%
$15MM City National Bank Unsecured		05/08/12			N/A			—			—			0.0	%

Total revolving credit facilities							$	63,500		$	—			4.5	%

Total debt⁽⁵⁾		4.60	⁽²⁾		5.91	%⁽³⁾	$	1,412,909		$	1,224,796			101.2	%
Unamortized/unaccreted premium/(discount)								(16,592	)		(21,923	)		(1.2	%)

Total debt (including net interest premium/discount)							$	1,396,317		$	1,202,873			100.0	%
Senior Unsecured Debt Ratings
Moody’s								Baa3 (Stable)			Baa3 (Stable)
S&P								BBB- (Negative)			BBB- (Negative)

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

⁽²⁾	Weighted average maturity in years excludes $63.5M Revolver expiring on 10-17-11.

⁽³⁾	Based on Weighted Average interest rates.

⁽³⁾	Based on Weighted Average interest rates.

⁽⁴⁾	Option to extend 1 year.

⁽⁵⁾	Total debt percentage of 101.2% is greater than 100% due to unamortized discount of $16.6M.

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

Page 38

EQUITY ONE, INC.

JOINT VENTURE UNCONSOLIDATED BALANCE SHEETS

As of June 30, 2011 (unaudited)

(in thousands)


		EQY Ownership
Co-Investment Partner	Property Name	Interest			Type	Total Assets		Total Debt		Total Equity
DRA Advisors	Various		20.0	%	Retail/Office	$	55,719	$	36,405	$	16,786
GRI	Various		10.0	%	Retail	$	261,921	$	139,997	$	99,409
New York State Common Retirement Fund	Various		30.0	%	Retail	$	45,409	$	14,103	$	25,933
Various	Various		50.0-50.5	%	Retail/Office/Multi Family	$	251,175	$	137,347	$	109,298

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

Page 39

EQUITY ONE, INC.

JOINT VENTURE UNCONSOLIDATED STATEMENTS OF INCOME

For the three and six months ended June 30, 2011 (unaudited)

(in thousands)


								For the three months ended June 30, 2011
Co-Investment Partner	Property Name	EQY Ownership Interest			Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense		Net Income/ (Loss)
DRA Advisors	Various		20.0	%	Retail/Office	$	1,565	$	717	$	590	$	585	$	(340	)
GRI	Various		10.0	%	Retail	$	6,004	$	1,643	$	1,444	$	2,271	$	646
New York State Common Retirement Fund ⁽¹⁾	Various		30.0	%	Retail	$	556	$	176	$	243	$	85	$	(397	)
Various	Various		50.0-50.5	%	Retail/Office/ Multi Family	$	6,110	$	2,014	$	1,026	$	2,250	$	451


								For the six months ended June 30, 2011
Co-Investment Partner	Property Name	EQY Ownership Interest			Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense		Net Income/ (Loss)
DRA Advisors	Various		20.0	%	Retail/Office	$	2,996	$	1,412	$	1,130	$	1,184	$	(757	)
GRI	Various		10.0	%	Retail	$	11,819	$	3,484	$	2,907	$	4,523	$	906
New York State Common Retirement Fund⁽¹⁾	Various		30.0	%	Retail	$	556	$	176	$	243	$	82	$	(397	)
Various	Various		50.0-50.5	%	Retail/Office/ Multi Family	$	12,186	$	3,967	$	1,739	$	4,035	$	1,729

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

⁽¹⁾	Joint venture was formed on May 12, 2011.

Page 40

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT

As of June 30, 2011 (unaudited)


							Year						Number				Supermarket anchor						Average
		EQY					Built /	Total		Percent			of tenant							Expiration		Other	base rent
Property	JV	Ownership %			Type	City	Renovated	Sq. Ft.		Leased			Leased		Vacant		sq. ft.		Name	Date		anchor tenants	per leased SF
Airpark Plaza Shopping Center	GRI		10.0	%	Retail	Miami	1971 / 1998 / 2004 / 2008		172,093		94.3	%		32		5		30,000	Publix		10/31/24	Home Depot Expo* /Office Depot	$	14.35
Concord Shopping Plaza	GRI		10.0	%	Retail	Miami	1962 / 1992 / 1993		298,142		98.4	%		22		2		78,000	Winn- Dixie		09/30/14	Home Depot / Big Lots /Dollar Tree	$	11.72
Presidential Markets	GRI		10.0	%	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	$	11.26
Shoppes of Ibis	GRI		10.0	%	Retail	West Palm Beach	1999		79,420		92.9	%		14		4		51,420	Publix		05/31/19		$	12.38
Shoppes at Quail Roost	GRI		10.0	%	Retail	Miami	2005		73,550		92.0	%		16		4		44,840	Publix		06/30/25		$	14.65
Shoppes of Sunset	GRI		10.0	%	Retail	Miami	1979		21,784		63.8	%		10		7							$	23.44
Shoppes of Sunset II	GRI		10.0	%	Retail	Miami	1980		27,676		67.8	%		12		5							$	18.52
Sparkleberry Square	GRI		10.0	%	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		10.0	%	Retail	Columbia	1997 / 2004		85,961		100.0	%		1		—						Kohl’s	$	7.74
Sparkleberry Kroger	GRI		10.0	%	Retail	Columbia	1997 / 2004		98,623		89.5	%		11		3		67,943	Kroger		08/31/17		$	12.05
1900/2000 Offices	DRA		20.0	%	Office	Boca Raton	1979 / 1982 / 1986 / 2007		117,640		62.0	%		19		11						RN Network	$	17.33
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	$	7.89
Plantation Marketplace	DRA		20.0	%	Retail	Plantation	1963 / 1998		230,330		66.4	%		25		14		43,386	Winn- Dixie		11/05/14	Beall’s / Just Fit / Big Lots / CVS	$	10.52
Talega Village	VESTAR		50.5	%	Retail	San Clemente, CA	2007		102,282		91.8	%		24		6		46,000	Ralph’s		12/31/27		$	17.28
Vernola Market	VESTAR		50.5	%	Retail	Mira Loma, CA	2007		382,963		90.6	%		30		8						PetCo / Ross / Bed Bath & Beyond / Michael’s / Lowe’s	$	10.76
Parnassus	CSC		50.0	%	Medical Office	San Francisco	1968		146,046		99.8	%		52		1							$	26.59
Trio Apartments	CSC		50.0	%	Multi- family	Pasadena	2005		284,989		95.4	%		299		11							$	26.86
Pacific Financial	CSC		50.0	%	Office	Los Angeles	1973		212,933		92.8	%		38		3							$	23.85
Country Walk Plaza	NYC		30.0	%	Retail	Miami	1985 / 2006 / 2008		100,686		96.5	%		27		2		39,795	Publix		10/23/15	CVS Pharmacy	$	19.04
Veranda Shoppes	NYC		30.0	%	Retail	Plantation	2007		44,888		100.0	%		9		—		28,800	Publix		04/30/27		$	23.91

TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20)									3,186,283					699		97		556,688					$	15.23

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

Page 41

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY — GRI-EQY I, LLC

As of June 30, 2011 (unaudited)

(in thousands)


	Equity One’s			Maturity						Jun 30, 2011			Dec 31, 2010
Debt Instrument	Ownership			Date			Rate⁽¹⁾			Balance			Balance
Mortgage debt
Sparkleberry Square (Kohl’s)		10	%		11/01/12			6.17	%	$	5,651		$	5,732
Floating rate loan ⁽²⁾		10	%		07/01/13			6.35	%		120,000			120,000
Sparkleberry Square (Kroger)		10	%		06/30/20			6.75	%		5,554			5,775

Total mortgage debt					2.27	⁽³⁾		6.36	%	$	131,207		$	131,507
Net interest premium/(discount)											(480	)		(498	)

Total mortgage debt (including net interest premium/discount)										$	130,727		$	131,009

Interest Rate Swap
Fair value of $120MM floating-to-fixed interest rate swap		10	%		06/01/13			4.40	%	$	9,269		$	10,212

Total debt (including net interest premium/discount)										$	139,997		$	141,221


Equity One’s pro-rata share of unconsolidated debt		10	%							$	14,000		$	14,122

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

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

⁽³⁾	Weighted average maturity in years.

Page 42

EQUITY ONE, INC.

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

As of June 30, 2011 (unaudited)

(in thousands)


Debt Instrument	Equity One’s Ownership			Maturity Date			Rate⁽¹⁾			Jun 30, 2011 Balance			Dec 31, 2010 Balance
Mortgage debt
Fixed rate loan		20	%		11/11/14			5.56	%	$	36,971		$	37,330
Net interest premium/(discount)											(566	)		(647	)

Total mortgage debt					3.37	⁽²⁾		5.56	%	$	36,405		$	36,683


Equity One’s pro-rata share of unconsolidated debt		20	%							$	7,281		$	7,337

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

⁽²⁾	Weighted average maturity in years.

Page 43

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY — EQY-CSC, LLC.

As of June 30, 2011 (unaudited)

(in thousands)


Debt Instrument	Equity One’s Ownership			Maturity Date			Rate⁽¹⁾			Jun 30, 2011 Balance		Dec 31, 2010 Balance
Mortgage debt
Pacific Financial Center LLC		50	%		08/10/13			6.36	%		19,310		—
621 Colorado Associates, LLC		50	%		11/01/16	⁽²⁾		5.50	%		63,035		—
Parnassus Heights Medical Center		50	%		03/15/28			6.25	%		16,415		—

Total mortgage debt					6.60	⁽³⁾		5.79	%	$	98,760	$	—

Net interest premium/(discount)											3,450		—

Total mortgage debt (including net interest premium/discount)										$	102,210	$	—


Equity One’s pro-rata share of unconsolidated debt		50	%							$	51,105	$	—

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

⁽²⁾	Represents the initial maturity date. Loan may be extended to November 1, 2017 under certain conditions.

⁽³⁾	Weighted average maturity in years.

Page 44

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY — NY Common JV

As of June 30, 2011 (unaudited)

(in thousands)


	Equity One’s			Maturity						Jun 30, 2011		Dec 31, 2010
Debt Instrument	Ownership			Date			Rate⁽¹⁾			Balance		Balance
Mortgage debt
Equity One (Country Walk) LLC		30	%		11/01/15			5.22	%	$	13,390	$	—
Net interest premium/(discount)											713

Total mortgage debt					4.34	⁽²⁾		5.22	%	$	14,103	$	—


Equity One’s pro-rata share of unconsolidated debt		30	%							$	4,231	$	—

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

⁽²⁾	Average maturity in years.

Page 45

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EQUITY ONE, INC. Reports