EQUITY ONE, INC. - FORM 8-K - EX-99.2

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8-K - 8-K - EQUITY ONE, INC.	d342182d8k.htm
EX-99.1 - EX-99.1 - EQUITY ONE, INC.	d342182dex991.htm

Exhibit 99.2

Equity One, Inc.

Supplemental Information Package

March 31, 2012

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, 2012

(unaudited)


TABLE OF CONTENTS
	Page
Overview
Disclosures		3
Summary Financial Results and Ratios		4

Assets, Liabilities, and Equity
Condensed Consolidated Balance Sheets		5
Market Capitalization		6

Income, EBITDA, and FFO
Condensed Consolidated Statements of Income		7
Pro Forma Financial Information for Discontinued Operations		8
Net Operating Income		9
Adjusted EBITDA		10
Consolidated Statements of Funds from Operations		11
Additional Disclosures		12

Leasing Data
Tenant Concentration - Top Twenty Five Tenants		13
Recent Leasing Activity		14
Shopping Center Lease Expiration Schedule		15

Property Data
Annual Minimum Rent of Operating Properties by Metro/Region		16
Property Status Report		17-24
Real Estate Acquisitions and Dispositions		25
Real Estate Developments and Redevelopments		26

Debt Schedules
Debt Summary		27
Consolidated Debt Maturity Schedule		28
Consolidated Debt Summary - Property Mortgage Detail		29
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total		30

Joint Venture Supplemental Data		31-33

EQUITY ONE, INC.

DISCLOSURES

As of March 31, 2012

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 the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; changes in Equity One’s credit ratings; 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 and is unaudited information. The Company’s Form 10-K for the year ended December 31, 2011 and Form 10-Q for the period ended March 31, 2012, 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. When presenting the balance sheet and income statement of unconsolidated joint ventures we exclude variable interest entities required to be consolidated under GAAP for which the joint venture does not hold title to the underlying property.

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, acquisition and disposition costs, bargain purchase gain and impairment of real estate. Given the nature of our business as a real estate owner and operator, we believe 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, or any impairment charges related to, depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. In October 2011, NAREIT clarified that FFO should exclude the impact of impairment losses on depreciable operating properties, either wholly owned or in joint ventures. We have calculated FFO for all periods presented in accordance with this clarification.

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 3

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

For the three months ended March 31, 2012 and 2011

(in thousands, except per share data)


	For the three months ended
	March 31, 2012			March 31, 2011
Summary Financial Results
Total revenues*	$	83,067		$	86,789
Adjusted EBITDA (see page 10)	$	50,314		$	51,361
Property net operating income (see page 9)	$	59,581		$	61,480
General & administrative expenses (G&A)* - Adjusted⁽¹⁾	$	10,128		$	9,026

Net income attributable to Equity One	$	18,982		$	34,994
Net income per diluted share	$	0.16		$	0.32

Funds from operations (FFO)	$	33,242		$	61,040
FFO per diluted share	$	0.27		$	0.52

Total dividends paid per share	$	0.22		$	0.22

Weighted average diluted shares used in EPS computations		112,820			117,258
Weighted average diluted shares used in FFO computations⁽²⁾		124,178			117,258

Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 17-24)		91.2	%		90.3	%
Same-property shopping center portfolio occupancy at end of period⁽³⁾		90.8	%		90.9	%
Same-property NOI growth - cash basis (see page 9)		4.5	%		0.3	%
NOI margin (see page 9)		72.4	%		71.2	%
Expense recovery ratio*		79.3	%		74.2	%
New, renewal and option rent spread - cash basis (see page 14)		3.5	%		-4.3	%
Adjusted G&A expense to total revenues⁽¹⁾		12.2	%		10.4	%
Net debt to total market capitalization (see page 6)		35.3	%		39.9	%
Net debt to Adjusted EBITDA (see page 10)		6.8			7.2
Adjusted EBITDA to interest expense* (see page 10)		2.8			2.4
Adjusted EBITDA to fixed charges* (see page 10)		2.5			2.0

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

⁽¹⁾

G&A expense for the three months ended March 31, 2012 deducts $1.3 million for external costs associated with acquisition and disposition related expenses during the period, as well as depreciation & amortization amounts included in G&A. 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.

⁽²⁾

Weighted average diluted shares for the three months ended March 31, 2012 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.

⁽³⁾

Information provided on a same property basis is provided for only those properties that were owned and operated for the entirety of both periods being compared, excludes properties that were redeveloped, expanded or under development and properties purchased or sold at any time during the periods being compared.

Page 4

EQUITY ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2012 and December 31, 2011 and 2010 (unaudited)

(in thousands)


	Mar 31, 2012			Dec 31, 2011			Dec 31, 2010
Assets
Properties:
Income producing	$	3,106,668		$	2,955,605		$	2,117,245
Less: accumulated depreciation		(309,214	)		(299,106	)		(248,528	)

Income producing properties, net		2,797,454			2,656,499			1,868,717
Construction in progress and land held for development		125,199			104,792			74,402
Properties held for sale or properties sold in a disposal group		11,901			46,655			513,230

Properties, net		2,934,554			2,807,946			2,456,349

Cash and cash equivalents		17,326			103,524			38,333
Accounts and other receivables, net		8,777			17,790			12,559
Investments in and advances to unconsolidated joint ventures		54,963			50,158			59,736
Mezzanine loans receivable, net		64,710			45,279			—
Goodwill		8,401			8,406			9,561
Other assets		208,782			189,468			104,024


Total Assets	$	3,297,513		$	3,222,571		$	2,680,562


Liabilities and stockholders’ equity
Liabilities:
Mortgage notes payable	$	468,485		$	471,754		$	354,379
Unsecured senior notes payable		681,136			691,136			691,136
Term loan		200,000		$	—		$	—
Unsecured revolving credit facilities		42,000			138,000			—


Total debt		1,391,621			1,300,890			1,045,515
Unamortized premium (discount) on notes payable, net		7,384			8,181			(1,805	)

Total notes payable		1,399,005			1,309,071			1,043,710

Accounts payable and other liabilities		238,522			223,198			115,166
Liabilities associated with assets held for sale or sold in a disposal group		—			27,587			181,458
Deferred tax liability		14,608			14,709			46,523

Total liabilities		1,652,135			1,574,565			1,386,857

Redeemable noncontrolling interests		22,726			22,804			3,864


Total stockholders’ equity of Equity One, Inc.		1,414,696			1,417,316			1,285,907


Noncontrolling interests		207,956			207,886			3,934


Total Liabilities and Stockholders’ Equity	$	3,297,513		$	3,222,571		$	2,680,562

Page 5

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of March 31, 2012 and December 31, 2011 and 2010

(in thousands, except share data)


	Mar 31, 2012			Dec 31, 2011			Dec 31, 2010

Closing market price of common stock	$	20.22		$	16.98		$	18.18

Common stock shares
Basic common shares		112,692.009			112,599.355			102,326.818
Diluted common shares
Unvested restricted common shares		182.336			107.888			149.980
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		223.540			114.575			124.506
Long term incentive plan performance awards		—			—			356.516
Convertible CapCo Partnership Units		11,357.837			11,357.837			—

Diluted common shares		124,549.378			124,273.311			103,051.476


Equity market capitalization	$	2,518,388		$	2,110,161		$	1,873,476


Total debt (excluding unamortized/unaccreted premium/(discount))⁽¹⁾	$	1,391,621		$	1,328,174		$	1,224,796
Cash and equivalents		(17,326	)		(103,524	)		(38,333	)

Net debt⁽¹⁾		1,374,295			1,224,650			1,186,463
Equity market capitalization		2,518,388			2,110,161			1,873,476

Total market capitalization	$	3,892,684		$	3,334,811		$	3,059,939


Net debt to total market capitalization at current market price		35.3	%		36.7	%		38.8	%

Net debt to total market capitalization at constant share price of $16.98		39.4	%		36.7	%		40.4	%


Gross real estate and securities investments	$	3,243,768		$	3,107,052		$	2,704,877

Net debt to gross real estate and securities investments		42.4	%		39.4	%		43.9	%

⁽¹⁾	Includes $27.3 million and $179.3 million of secured mortgage debt related to assets held for sale as of December 31, 2011 and December 31, 2010, respectively.

Page 6

EQUITY ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three months ended March 31, 2012 and 2011 (unaudited)

(in thousands, except per share amounts)


	Three months ended						Percent Change
	March 31, 2012			March 31, 2011			Percent Change
REVENUE:
Minimum rent	$	60,818		$	53,171
Expense recoveries		17,939			15,748
Percentage rent		1,954			1,454
Management and leasing services		804			466

Total revenue		81,515			70,839			15.1	%


COSTS AND EXPENSES:
Property operating		22,130			20,574
Rental property depreciation and amortization		21,715			18,766
General and administrative		11,560			11,977

Total costs and expenses		55,405			51,317			8.0	%


INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,110			19,522

OTHER INCOME AND EXPENSE:
Investment income		1,445			693
Other income		141			129
Interest expense		(17,369	)		(17,551	)
Amortization of deferred financing fees		(593	)		(539	)
Equity in (loss) income of unconsolidated joint ventures		(188	)		366
(Loss) gain on extinguishment of debt		(93	)		42
Gain on bargain purchase		—			30,561

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		9,453			33,223
Income tax benefit of taxable REIT subsidiaries		46			133

INCOME FROM CONTINUING OPERATIONS		9,499			33,356			-71.5	%


DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		(141	)		3,589
Gain on disposal of income producing properties		14,269			—
Impairment loss on income producing properties sold or held for sale		(1,932	)		—
Income tax benefit of taxable REIT subsidiaries		—			432

INCOME FROM DISCONTINUED OPERATIONS		12,196			4,021


NET INCOME		21,695			37,377			-42.0	%

Net income attributable to noncontrolling interests - continuing operations		(2,713	)		(2,400	)
Net loss attributable to noncontrolling interests - discontinued operations		—			17

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	18,982		$	34,994			-45.8	%


EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.06		$	0.29
Discontinued operations		0.11			0.04

NET INCOME	$	0.16	*	$	0.33			-51.5	%


EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	0.06		$	0.28
Discontinued operations		0.11			0.03

NET INCOME	$	0.16	*	$	0.32	*		-50.0	%


Weighted average shares outstanding
Basic		112,649			106,254

Diluted		112,820			117,258

*Note: Basic EPS for the three months ended March 31, 2012 and Diluted EPS for the three months ended March 31, 2012 and 2011 do not foot due to the rounding of the individual calculations.

Page 7

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three months ended March 31, 2012 and 2011 (unaudited)

(in thousands)


	Three months ended March 31, 2012									Three months ended March 31, 2011
	As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	60,818		$	1,251		$	62,069		$	53,171		$	13,260		$	66,431
Expense recoveries		17,939			51			17,990			15,748			2,678			18,426
Percentage rent		1,954			250			2,204			1,454			12			1,466
Management and leasing services		804			—			804			466			—			466

Total revenue		81,515			1,552			83,067			70,839			15,950			86,789


COSTS AND EXPENSES:
Property operating		22,130			552			22,682			20,574			4,269			24,843
Rental property depreciation and amortization		21,715			84			21,799			18,766			4,328			23,094
General and administrative		11,560			13			11,573			11,977			16			11,993

Total costs and expenses		55,405			649			56,054			51,317			8,613			59,930


INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,110			903			27,013			19,522			7,337			26,859

OTHER INCOME AND EXPENSE:
Investment income		1,445			1			1,446			693			—			693
Other income		141			—			141			129			2			131
Interest expense		(17,369	)		(327	)		(17,696	)		(17,551	)		(4,014	)		(21,565	)
Amortization of deferred financing fees		(593	)		(2	)		(595	)		(539	)		(4	)		(543	)
Equity in income (loss) of unconsolidated joint ventures		(188	)		—			(188	)		366			268			634
Gain on sale of real estate		—			14,269			14,269			—			—			—
Gain (loss) on extinguishment of debt		(93	)		(716	)		(809	)		42			—			42
Gain on bargain purchase		—			—			—			30,561			—			30,561
Impairment loss		—			(1,932	)		(1,932	)		—			—			—

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		9,453			12,196			21,649			33,223			3,589			36,812
Income tax benefit of taxable REIT subsidiaries		46			—			46			133			432			565

INCOME FROM CONTINUING OPERATIONS		9,499			12,196			21,695			33,356			4,021			37,377


DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		(141	)		141			—			3,589			(3,589	)		—
Gain on disposal of income producing properties		14,269			(14,269	)		—			—			—			—
Impairment loss on income producing properties sold or held for sale		(1,932	)		1,932			—			—			—			—
Income tax (expense) benefit		—			—			—			432			(432	)		—

INCOME FROM DISCONTINUED OPERATIONS		12,196			(12,196	)		—			4,021			(4,021	)		—


Net income attributable to noncontrolling interests - continuing operations		(2,713	)		—			(2,713	)		(2,400	)		17			(2,383	)
Net loss attributable to noncontrolling interests - discontinued operations		—			—			—			17			(17	)		—


NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	18,982		$	—		$	18,982		$	34,994		$	—		$	34,994

Page 8

EQUITY ONE, INC.

NET OPERATING INCOME

For the three months ended March 31, 2012 and 2011

(in thousands)


	Three months ended						Percent Change
	March 31, 2012			March 31, 2011			Percent Change

Total net operating income⁽¹⁾
Total rental revenue	$	82,263		$	86,323			(4.7	%)
Property operating expenses		22,682			24,843			(8.7	%)

Net operating income	$	59,581		$	61,480			(3.1	%)


NOI margin (NOI / Total rental revenue)		72.4	%		71.2	%

Same-property cash NOI⁽²⁾⁽⁴⁾
Total rental revenue	$	60,678		$	59,547			1.9	%
Property operating expenses⁽³⁾		18,073			18,771			(3.7	%)

Net operating income	$	42,605		$	40,776			4.5	%


Growth in same property NOI		4.5	%

Number of properties included in analysis⁽⁴⁾		132

⁽¹⁾	Amounts included in discontinued operations have been included for purposes of this presentation of net operating income. NOI presented on a GAAP basis.

⁽²⁾	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, unconsolidated joint venture properties, and any properties purchased or sold during the periods being compared.

Page 9

EQUITY ONE, INC.

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

For the three months ended March 31, 2012 and 2011

(in thousands)


	Three months ended
	March 31, 2012			March 31, 2011

Net income attributable to Equity One, Inc.	$	18,982		$	34,994
Rental property depreciation and amortization*		21,799			23,094
Other depreciation and amortization*		178			158
Interest expense*		17,696			21,565
Amortization of deferred financing fees*		595			543
Loss (gain) on extinguishment of debt*		809			(42	)
Acquisition/Disposition costs⁽¹⁾		1,267			2,809
Impairment loss*		1,932			—
Gain on sale of depreciable real estate*		(13,086	)		—
Income tax benefit of taxable REIT subsidiaries*		(46	)		(565	)
Gain on bargain purchase		—			(30,561	)
Equity in loss (income) of unconsolidated joint ventures*		188			(634	)

Adjusted EBITDA	$	50,314		$	51,361


Interest expense*	$	17,696		$	21,565


Adjusted EBITDA to interest expense*		2.8			2.4

Fixed charges
Interest expense*	$	17,696		$	21,565
Scheduled principal amortization ⁽²⁾		2,220			3,986

Total fixed charges	$	19,916		$	25,551


Adjusted EBITDA to fixed charges*		2.5			2.0

Net debt to Adjusted EBITDA ⁽³⁾		6.8			7.2

Total market capitalization (see page 6)	$	3,892,684		$	3,694,949

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

⁽¹⁾	Amounts include external costs associated with acquired and disposed properties and acquisition/disposition related expenses during the period. For the three months March 31, 2012 and 2011, amounts include $0.04 million and $0.5 million, respectively, in severance costs.

⁽²⁾	Excludes balloon payments upon maturity.

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

Page 10

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the three months ended March 31, 2012 and 2011

(in thousands, except per share data)


	Three months ended
	March 31, 2012			March 31, 2011

Net income attributable to Equity One, Inc.	$	18,982		$	34,994
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		21,758			23,020
Net adjustment for unvested shares and noncontrolling interest⁽¹⁾		2,499			2,415
Impairments of depreciable real estate, net of tax⁽²⁾		1,932			—
Gain on disposal of depreciable real estate, net of tax		(13,086	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		1,157			611

Funds from operations	$	33,242		$	61,040


Earnings per diluted share attributable to Equity One, Inc.	$	0.16		$	0.32
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.18			0.20
Net adjustment for unvested shares and noncontrolling interest⁽¹⁾		0.01			(0.01	)
Impairments of depreciable real estate, net of tax⁽²⁾		0.02			—
Gain on disposal of depreciable real estate, net of tax		(0.11	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		0.01			0.01

Funds from operations per diluted share	$	0.27		$	0.52


Weighted average diluted shares⁽³⁾		124,178			117,258

⁽¹⁾

Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest which have already been included for purposes of calculating earnings per diluted share for the three months ended March 31, 2012 and 2011; and (b) an adjustment to compensate for the rounding of the individual calculations.

⁽²⁾	Effective in the fourth quarter of 2011, NAREIT clarified the definition of FFO to exclude impairment write downs of depreciable real estate. We have calculated FFO for all periods presented in accordance with this clarification.

⁽³⁾

Page 11

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the three months ended March 31, 2012 and 2011

(in thousands)


	Three months ended
	March 31, 2012			March 31, 2011
Certain non-cash items:
Amortization of deferred financing fees	$	595		$	543
Accretion of below market lease intangibles		(2,948	)		(2,043	)
Share-based compensation expense		2,062			1,635
Straight line rent		(1,024	)		(902	)
Capitalized interest		(1,143	)		(498	)
Amortization of discount on notes payable, net		(784	)		236

Certain capital expenditures:
Tenant improvements	$	(2,947	)	$	(2,374	)
Leasing commissions and costs		(1,365	)		(1,266	)
Redevelopments and expansions		(20,176	)		(3,347	)
Maintenance capital expenditures		(2,676	)		(1,394	)

Total tenant improvements and leasing costs	$	(27,164	)	$	(8,381	)


	March 31, 2012			Dec 31, 2011
Other assets :
Lease intangibles, net	$	95,978		$	92,559
Lease commissions, net		30,396			28,755
Straight-line rent receivable, net		18,290			17,270
Deposits and mortgage escrow		37,522			34,567
Deferred financing costs, net		10,012			8,676
Prepaid and other expenses		10,093			2,178
Furniture and fixtures, net		2,342			2,234
Deferred tax asset		3,174			3,229
Fair value of interest rate swap		975			—

Total other assets	$	208,782		$	189,468


Accounts payable and other liabilities:
Above/below market rents, net	$	178,513			156,495
Prepaid rent and deferred income		7,789			6,882
Accounts payable and other		52,220			59,821

Total accounts payable and other liabilities	$	238,522		$	223,198


Liquidity as of 3/31/12:
Cash and Cash Equivalents	$	15,610
Available under Lines of Credit		442,835

Total Available Funds	$	458,445

Page 12

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE - TOP TWENTY-FIVE TENANTS

CONSOLIDATED PROPERTIES

As of March 31, 2012


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		Average remaining term of AMR⁽²⁾

Top twenty-five tenants
Publix		43	NA		1,881,970		10.4	%	$	14,801,898		6.4	%	$	7.87		6.9
Supervalu		6	B+ / B1		398,625		2.2	%		8,995,251		3.9	%		22.57		4.4
Kroger		10	BBB / Baa2		573,686		3.2	%		4,233,263		1.8	%		7.38		5.1
TJ Maxx Companies		11	A / A3		322,879		1.8	%		4,198,079		1.8	%		13.00		3.5
L.A. Fitness		5	NA		234,897		1.3	%		4,077,401		1.8	%		17.36		11.2
Bed Bath & Beyond		9	BBB+ / NA		306,332		1.7	%		3,811,537		1.6	%		12.44		4.2
Costco		1	A+ / A1		148,295		0.8	%		3,029,252		1.3	%		20.43		2.4
Winn Dixie		9	NA		398,128		2.2	%		2,937,815		1.3	%		7.38		3.9
CVS Pharmacy		13	BBB+ / Baa2		150,999		0.8	%		2,447,511		1.1	%		16.21		6.9
Goodwill		14	NA		217,873		1.2	%		2,419,535		1.0	%		11.11		8.4
Staples		6	BBB / Baa2		120,529		0.7	%		2,371,378		1.0	%		19.67		3.8
Office Depot		8	B- / B2		195,777		1.1	%		2,344,457		1.0	%		11.98		4.4
Walmart		3	AA / Aa2		230,217		1.3	%		2,150,075		0.9	%		9.34		5.7
Best Buy		4	BBB- / Baa2		142,831		0.8	%		2,104,708		0.9	%		14.74		4.2
Kmart		5	NA		439,558		2.4	%		1,939,705		0.8	%		4.41		3.3
Target		1	A+ / A2		160,346		0.9	%		1,924,152		0.8	%		12.00		6.3
Walgreens		6	A / A3		96,562		0.5	%		1,824,815		0.8	%		18.90		24.5
Sports Authority		2	B- / B3		58,500		0.3	%		1,772,500		0.8	%		30.30		4.6
Dollar Tree		19	NA		210,050		1.2	%		1,763,590		0.8	%		8.40		2.9
Whole Foods		2	BB+ / NA		85,907		0.5	%		1,746,911		0.8	%		20.33		12.7
Stop & Shop		1	NA		59,015		0.3	%		1,685,484		0.7	%		28.56		12.8
JP Morgan Chase		11	A / Aa3		51,316		0.3	%		1,596,436		0.7	%		31.11		5.1
Trader Joe’s		4	NA		42,958		0.2	%		1,463,177		0.6	%		34.06		8.9
Loehmann’s		1	NA		56,870		0.3	%		1,400,000		0.6	%		24.62		4.0
Wells Fargo		13	A+ / A2		47,714		0.3	%		1,367,212		0.6	%		28.65		2.2


Total top twenty-five tenants		207			6,631,834		36.6	%	$	78,406,142		33.8	%	$	11.82		6.2

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

⁽¹⁾	Ratings as of March 31, 2012. Source: Moody’s/S&P.

⁽²⁾	In years, excluding tenant renewal options.

Page 13

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended March 31, 2012


Category	Total Leases		Total Sq. Ft.		Same Space Sq. Ft.		Prior Rent PSF		New Rent PSF		Rent Spread			Same Space TIs PSF⁽²⁾

New Leases⁽¹⁾		48		143,765		141,840	$	16.96	$	16.54		-2.5	%	$	11.75

Renewals & Options		74		303,194		303,194		14.14		15.10		6.8	%		0.25


Total New, Renewals & Options		122		446,959		445,034	$	15.04	$	15.56		3.5	%	$	3.91

Note: Prior rent and new rent are presented on a “cash basis”, not on a straight-line basis. Excludes unconsolidated joint venture 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 regardless of the amount of time the space has been vacant.

⁽²⁾	Amount includes tenant allowance and landlord work.

Page 14

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

As of March 31, 2012


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

M-T-M		1		15,000		0.1	%	$	28.00		115		245,046		4.2	%	$	17.36		116		260,046		1.6	%	$	17.97
2012		31		756,629		7.1	%		9.52		363		764,409		13.0	%		20.52		394		1,521,038		9.2	%		15.05
2013		31		942,448		8.9	%		9.29		372		807,022		13.7	%		21.56		403		1,749,470		10.6	%		14.95
2014		41		1,226,225		11.5	%		8.47		375		802,723		13.6	%		21.49		416		2,028,948		12.3	%		13.62
2015		38		1,120,580		10.5	%		7.65		262		656,074		11.1	%		23.19		300		1,776,654		10.7	%		13.39
2016		44		1,598,695		15.0	%		12.80		236		590,607		10.0	%		23.73		280		2,189,302		13.2	%		15.75
2017		26		830,705		7.8	%		14.73		121		309,190		5.3	%		25.48		147		1,139,895		6.9	%		17.64
2018		14		570,405		5.4	%		12.17		27		95,813		1.6	%		31.93		41		666,218		4.0	%		15.01
2019		11		520,779		4.9	%		8.56		24		74,380		1.3	%		29.15		35		595,159		3.6	%		11.13
2020		18		555,872		5.2	%		13.07		25		83,238		1.4	%		27.94		43		639,110		3.9	%		15.01
2021		14		344,882		3.2	%		12.35		26		70,518		1.2	%		45.15		40		415,400		2.5	%		17.92
Thereafter		54		1,930,686		18.1	%		12.92		47		173,512		3.0	%		35.47		101		2,104,198		12.7	%		14.78

Sub-total / Avg.		323		10,412,906		97.7	%		11.13		1,993		4,672,532		79.4	%		23.24		2,316		15,085,438		91.2	%		14.88
Vacant		11		247,471		2.3	%		NA		607		1,210,940		20.6	%		NA		618		1,458,411		8.8	%		NA
Total / Avg.		334		10,660,377		100.0	%		NA		2,600		5,883,472		100.0	%		NA		2,934		16,543,849		100.0	%		NA

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

Page 15

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of March 31, 2012


Metro or Region	# Properties		Total SF		AMR		% of AMR
Dade County		14		1,671,288	$	24,991,732		11.7	%
Broward County		12		1,672,377		21,721,021		10.2	%
Palm Beach County		8		890,668		10,505,351		4.9	%
Treasure Coast, Florida		8		707,778		7,462,671		3.5	%

South Florida		42		4,942,111		64,680,775		30.3	%
San Francisco Bay		5		1,564,570		33,830,325		15.9	%
Southern California		4		489,239		9,967,962		4.6	%

West Coast		9		2,053,809		43,798,287		20.5	%
Connecticut		6		715,224		12,737,522		6.0	%
Boston		7		600,879		11,117,439		5.2	%
New York		3		142,035		4,084,788		1.9	%

Northeast		16		1,458,138		27,939,749		13.1	%
Atlanta		18		1,654,120		20,487,735		9.6	%
Jacksonville/North Florida		9		1,110,784		11,489,751		5.4	%
Orlando		8		984,298		10,885,784		5.1	%
Louisiana		12		1,312,202		10,460,711		4.9	%
Other		9		962,076		6,781,036		3.2	%
Tampa/St. Petersburg		8		729,713		6,281,665		2.9	%
Central/South Georgia		4		624,662		3,916,483		1.8	%
Charlotte/Raleigh/Durham		3		343,288		2,676,840		1.3	%
West Coast, Florida		2		171,772		2,472,842		1.2	%
South Carolina		3		196,876		1,464,577		0.7	%

Total		143		16,543,849	$	213,336,235		100.0	%

LOGO

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

Page 16

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date

NORTH FLORIDA (31)

Orlando / Central Florida (8)

Alafaya Commons	Orlando	1987		126,333		84.7	%		21		9		54,230	Publix		11/30/13		$	13.68

Alafaya Village	Orlando	1986		38,118		87.3	%		14		2							$	21.19

Eastwood, Shoppes of	Orlando	1997		69,037		98.1	%		12		1		51,512	Publix		11/01/17		$	12.40

Kirkman Shoppes	Orlando	1973		88,820		63.6	%		22		8							$	22.20

Lake Mary Centre	Orlando	1988 / 2001		340,434		95.8	%		56		10		63,139	Albertsons		06/30/12	Kmart / Lifestyle Fitness Center / Office Depot	$	13.34

Park Promenade	Orlando	1987 /2000		128,848		72.4	%		14		9						Beauty Depot / Dollar General	$	6.91

Town & Country	Kissimmee	1993		75,181		92.0	%		10		4		52,883	Albertsons* (Ross Dress For Less)		10/31/18		$	7.78

Unigold Shopping Center	Winter Park	1987		117,527		80.5	%		20		6		52,500	Winn-Dixie		04/30/12		$	11.50

Jacksonville / North Florida (8)

Beauclerc Village	Jacksonville	1962 / 1988		68,846		89.6	%		7		4						Big Lots / Goodwill / Bealls Outlet	$	8.58

Forest Village	Tallahassee	2000		71,526		80.7	%		10		6		37,866	Publix		04/30/20		$	10.58

Ft. Caroline	Jacksonville	1985 / 1995		71,816		86.8	%		6		6		45,500	Winn-Dixie		05/31/15	Citi Trends	$	6.86

Mandarin Landing	Jacksonville	1976		139,580		84.4	%		20		10		50,000	Whole Foods		12/31/23	Office Depot / Aveda Institute	$	17.35

Medical & Merchants	Jacksonville	1993		156,153		97.0	%		11		2		55,999	Publix		02/10/13	Memorial Hospital / Planet Fitness	$	13.02

Oak Hill	Jacksonville	1985 / 1997		78,492		100.0	%		17		—		39,795	Publix		03/11/15	Planet Fitness	$	8.20

Pablo Plaza	Jacksonville	1974 /1998 /2001 /2008		151,238		86.3	%		21		9		34,400	Publix* (Office Depot)		11/30/13	Marshalls / HomeGoods	$	11.67

South Beach	Jacksonville Beach	1990 / 1991		303,856		87.0	%		34		15						Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	$	12.31

Tampa / St. Petersburg / Venice / Cape Coral / Naples (10)

Charlotte Square	Port Charlotte	1980		96,626		69.9	%		12		13						Seafood Buffet / American Signature Furniture	$	5.49

Glengary Shoppes	Sarasota	1995		99,182		100.0	%		6		—						Best Buy / Barnes & Noble	$	18.18

Lutz Lake	Lutz	2002		64,985		92.0	%		11		3		44,270	Publix		05/31/22		$	12.55

Mariners Crossing	Spring Hill	1989 / 1999		97,812		93.7	%		17		1		48,315	Sweet Bay		08/15/20		$	10.74

Regency Crossing	Port Richey	1986 / 2001		85,864		80.5	%		12		13		44,270	Publix		02/28/21		$	10.37

Page 17

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date

Seven Hills	Spring Hill	1991		72,590		90.6	%		14		4		48,890	Publix		09/25/16		$	10.18

Shoppes of North Port	North Port	1991		84,705		88.0	%		15		6						Bealls Outlet / Goodwill	$	9.19

Sunlake	Tampa	2008		94,397		91.3	%		19		6		45,600	Publix		12/31/28		$	17.69

Sunpoint Shopping Center	Ruskin	1984		132,374		68.2	%		16		8						Goodwill / Ozzie’s Buffet / Big Lots / Chapter 13 Trustee	$	8.50

Walden Woods	Plant City	1985 / 1998 / 2003		72,950		88.7	%		11		4						Dollar Tree / Aaron Rents / Dollar General	$	7.47

Florida Treasure / Northeast Coast (5)

New Smyrna Beach	New Smyrna Beach	1987		118,451		94.4	%		32		2		42,112	Publix		09/23/17	Bealls Outlet	$	12.08

Old King Commons	Palm Coast	1988		84,759		83.5	%		13		5						Wal-Mart	$	7.93

Ryanwood	Vero Beach	1987		114,925		88.3	%		25		7		39,795	Publix		03/23/17	Bealls Outlet / Books-A-Million	$	11.31

South Point Center	Vero Beach	2003		64,790		95.7	%		13		2		44,840	Publix		11/30/23		$	15.56

Treasure Coast	Vero Beach	1983		133,781		95.8	%		20		3		59,450	Publix		07/31/26	TJ Maxx	$	12.61


TOTAL SHOPPING CENTERS NORTH FLORIDA (31)				3,443,996		87.6	%		531		178		955,366					$	12.03


SOUTH FLORIDA (37)

Miami-Dade / Broward / Palm Beach (34)

Aventura Square⁽¹⁾	Aventura	1991		143,250		100.0	%		10		—						Babies R Us / Jewelry Exchange / Old Navy / Bed, Bath & Beyond / DSW	$	24.15

Bird Ludlum	Miami	1988 / 1998		192,274		94.3	%		43		4		44,400	Winn-Dixie		12/31/12	CVS Pharmacy / Goodwill	$	19.02

Bluffs Square	Jupiter	1986		123,917		78.4	%		19		12		39,795	Publix		10/22/16	Walgreens	$	12.75

Chapel Trail	Pembroke Pines	2007		56,378		100.0	%		4		—						LA Fitness	$	21.58

Coral Reef Shopping Center	Palmetto Bay	1968 / 1990		76,632		91.0	%		14		4						Office Depot / Walgreens	$	25.69

Countryside Shops	Cooper City	1986 / 1988 / 1991		179,561		87.0	%		36		10		39,795	Publix		12/04/15	Stein Mart	$	14.41

Crossroads Square	Pembroke Pines	1973		81,587		79.9	%		15		9						CVS Pharmacy / Goodwill	$	17.06

CVS Plaza	Miami	2004		18,214		100.0	%		6		—							$	22.67

El Novillo	Miami Beach	1970 / 2000		10,000		100.0	%		1		—						Sakura Japanese Buffet	$	17.00

Greenwood	Palm Springs	1982 / 1994		133,339		91.0	%		31		7		50,032	Publix		12/05/14	Bealls Outlet	$	13.08

Hammocks Town Center	Miami	1987 / 1993		260,807		94.9	%		32		6		39,795	Publix		06/24/17	Metro Dade Library / CVS Pharmacy / Porky’s Gym / Kendall Ice	$	9.12

Page 18

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date

Jonathan’s Landing	Jupiter	1997		26,820		69.9	%		9		3							$	21.12

Lago Mar	Miami	1995		82,613		82.7	%		14		8		42,323	Publix		09/13/15		$	13.57

Lantana Village	Lantana	1976 / 1999		181,780		97.5	%		23		2		39,473	Winn-Dixie		02/15/16	Kmart / Rite Aid* (Family Dollar)	$	7.54

Magnolia Shoppes	Fort Lauderdale	1998		114,118		91.3	%		13		5						Regal Cinemas / Deal$	$	11.74

Meadows	Miami	1997		75,524		94.2	%		16		4		47,955	Publix		07/09/17		$	14.01

Shoppes of Oakbrook	Palm Beach Gardens	1974 / 2000 / 2003		199,633		96.6	%		25		5		44,400	Publix		11/30/20	Stein Mart / Homegoods / CVS / Basset Furniture / Duffy’s	$	14.39

Oaktree Plaza	North Palm Beach	1985		23,745		63.6	%		11		9							$	16.88

Plaza Alegre	Miami	2003		88,411		93.7	%		17		3		44,271	Publix		03/14/23	Goodwill	$	15.50

Point Royale	Miami	1970 / 2000		174,875		97.0	%		20		4		45,350	Winn-Dixie		02/15/15	Best Buy / Pasteur Medical	$	10.78

Prosperity Centre	Palm Beach Gardens	1993		122,014		100.0	%		10		—						Office Depot / CVS / Bed Bath & Beyond / TJ Maxx	$	17.40

Ridge Plaza	Davie	1984 / 1999		155,204		94.9	%		20		7						Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill	$	11.27

Riverside Square	Coral Springs	1987		103,241		80.6	%		22		11		39,795	Publix		02/18/17		$	11.74

Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		84.8	%		20		5		36,464	Publix		12/15/14	Walgreens / Dollar Tree	$	10.85

Sheridan Plaza	Hollywood	1973 / 1991		508,455		98.8	%		60		3		65,537	Publix		10/09/16	Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / Office Depot / Assoc. in Neurology	$	15.39

Shoppes of Andros Isles	West Palm Beach	2000		79,420		82.4	%		9		8		51,420	Publix		02/29/20		$	12.17

Shoppes of Silverlakes	Pembroke Pines	1995 / 1997		126,789		88.1	%		28		7		47,814	Publix		06/14/15	Goodwill	$	15.49

Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		287,077		96.0	%		45		4		51,420	Publix		07/31/19	TJMaxx / LA Fitness / Goodwill	$	18.50

Tamarac Town Square	Tamarac	1987		124,585		75.4	%		25		14		37,764	Publix		12/15/14	Dollar Tree	$	10.88

Waterstone	Homestead	2005		61,000		89.3	%		8		2		45,600	Publix		07/31/25		$	13.63

West Bird	Miami	1977 / 2000		99,864		87.7	%		23		5		37,949	Publix		08/31/20	CVS Pharmacy	$	13.36

West Lakes Plaza	Miami	1984 / 2000		100,747		100.0	%		27		—		46,216	Winn-Dixie		05/22/16	Navarro Pharmacy	$	13.94

Westport Plaza	Davie	2002		49,533		100.0	%		8		—		27,887	Publix		11/30/22		$	17.65

Young Circle	Hollywood	1962 / 1997		65,834		98.1	%		9		1		23,124	Publix		11/30/16	Walgreens	$	14.59

Page 19

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date
Florida Treasure / Northeast Coast (3)

Cashmere Corners	Port St. Lucie	2001		89,234		93.7	%		13		3		59,448	Albertsons		04/30/25		$	8.49

Salerno Village	Stuart	1987		82,477		90.8	%		14		6		45,802	Winn-Dixie		03/23/24	CVS Pharmacy	$	10.53

Shops at St. Lucie	Port St. Lucie	2006		19,361		74.2	%		7		3							$	22.60


TOTAL SHOPPING CENTERS SOUTH FLORIDA (37)				4,425,405		92.4	%		707		174		1,093,829					$	14.44


SOUTHEAST (49)

ALABAMA(1)

Madison Centre	Madison	1997		64,837		98.1	%		12		1		37,912	Publix		06/01/17	Rite Aid	$	9.45


TOTAL SHOPPING CENTERS ALABAMA(1)				64,837		98.1	%		12		1		37,912					$	9.45


FLORIDA (1)

Middle Beach Shopping Center	Panama City Beach	1994		69,277		82.2	%		2		7		56,077	Publix*		09/30/14		$	8.53


TOTAL SHOPPING CENTERS FLORIDA(1)				69,277		82.2	%		2		7		56,077					$	8.53


GEORGIA (22)

Atlanta (18)

BridgeMill	Canton	2000		89,102		91.9	%		25		4		37,888	Publix		01/31/20		$	15.83

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	$	21.38

Butler Creek	Acworth	1990		95,597		94.2	%		18		3		59,997	Kroger		01/31/18		$	9.83

Chastain Square	Atlanta	1981 / 2001		91,637		97.1	%		23		3		37,366	Publix		05/31/24		$	17.89

Douglas Commons	Douglasville	1988		97,027		95.0	%		15		3		59,431	Kroger		08/31/13		$	10.91

Fairview Oaks	Ellenwood	1997		77,052		95.7	%		12		2		54,498	Kroger		09/30/16		$	10.37

Grassland Crossing	Alpharetta	1996		90,906		94.6	%		12		2		70,086	Kroger		06/30/16		$	9.06

Hairston Center	Decatur	2000		13,000		84.6	%		6		2							$	9.26

Hamilton Ridge	Buford	2002		90,996		85.1	%		14		7		54,166	Kroger		11/30/22		$	11.45

Hampton Oaks	Fairburn	2009		20,842		17.3	%		2		10							$	12.12

Mableton Crossing	Mableton	1997		86,819		98.1	%		15		1		63,419	Kroger		08/31/17		$	10.35

Macland Pointe	Marietta	1992-93		79,699		92.8	%		14		3		55,999	Publix		12/29/12		$	10.20

Page 20

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date
Market Place	Norcross	1976		73,686		96.0	%		19		4						Galaxy Cinema	$	10.97

Piedmont Peachtree Crossing	Buckhead	1978 / 1998		152,239		97.7	%		25		3		55,520	Kroger		02/28/15	Cost Plus Store / Binders Art Supplies	$	18.15

Powers Ferry Plaza	Marietta	1979 / 1987 / 1998		86,401		84.7	%		18		6						Micro Center	$	9.80

Shops of Westridge	McDonough	2006		66,297		71.0	%		7		11		38,997	Publix		04/30/26		$	12.39

Wesley Chapel	Decatur	1989		164,153		83.5	%		16		12						Everest Institute / Little Giant/ Deal$ / Planet Fitness	$	8.13

Williamsburg @ Dunwoody	Dunwoody	1983		44,928		60.4	%		19		9							$	22.31

Central / South Georgia(4)

Daniel Village	Augusta	1956 / 1997		171,932		87.1	%		31		8		45,971	Bi-Lo		03/25/22	St. Joseph Home Health Care	$	8.79

McAlpin Square	Savannah	1979		173,952		95.9	%		21		3		43,600	Kroger		08/31/15	Big Lots / Post Office / Habitat for Humanity	$	7.79

Spalding Village	Griffin	1989		235,318		60.9	%		16		12		59,431	Kroger		05/31/14	Fred’s Store / Goodwill	$	7.10
Walton Plaza	Augusta	1990		43,460		91.7	%		5		3						Gold’s Gym	$	7.10


TOTAL SHOPPING CENTERS GEORGIA (22)				2,278,782		87.8	%		348		112		736,369					$	12.19


LOUISIANA(12)

Ambassador Row	Lafayette	1980 /1991		187,678		98.3	%		24		2						Conn’s Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics	$	9.22

Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005		146,697		96.7	%		21		2						Bed Bath & Beyond / Marshall’s / Hancock Fabrics / Unitech Training Academy / Tuesday Morning	$	9.72

Bluebonnet Village	Baton Rouge	1983		101,623		96.8	%		21		5		33,387	Matherne’s		11/30/15	Office Depot	$	11.50

Boulevard	Lafayette	1976 / 1994		68,012		93.2	%		13		2						Piccadilly / Harbor Freight Tools / Golfballs.com	$	9.13

Country Club Plaza	Slidell	1982 / 1994		64,686		94.6	%		9		1		33,387	Winn-Dixie		01/31/13		$	6.60

Crossing	Slidell	1988 / 1993		114,806		98.3	%		14		2		58,432	Save A Center		09/28/39	A-1 Home Appliance / Piccadilly	$	5.39

Elmwood Oaks	Harahan	1989		120,515		91.2	%		8		1						Academy Sports / Dollar Tree / Home Décor	$	9.83

Plaza Acadienne	Eunice	1980		59,419		97.5	%		6		1		28,092	Super 1 Store		06/30/15	Fred’s Store	$	4.35

Sherwood South	Baton Rouge	1972 / 1988 / 1992		77,107		81.3	%		7		2						Burke’s Outlet / Harbor Freight Tools / Fred’s Store	$	6.09

Siegen Village	Baton Rouge	1988		170,416		98.9	%		19		1						Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	9.42

Tarpon Heights	Galliano	1982		56,605		100.0	%		9		—						Stage / Dollar General	$	5.86

Village at Northshore	Slidell	1988		144,638		96.7	%		13		2						Marshalls / Dollar Tree / Kirschman’s* / Bed Bath & Beyond / Office Depot	$	7.32


TOTAL SHOPPING CENTERS LOUISIANA (12)				1,312,202		95.8	%		164		21		153,298					$	8.32

Page 21

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor					Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date

MISSISSIPPI (1)

Shipyard Plaza	Pascagoula	1987		66,857		100.0	%		8		—						Big Lots / Buffalo Wild Wings	$	7.29


TOTAL SHOPPING CENTERS MISSISSIPPI(1)				66,857		100.0	%		8		—		—					$	7.29


NORTH CAROLINA (8)

Brawley Commons	Charlotte	1997 / 1998		119,189		71.3	%		20		18		42,142	Lowe’s Foods		05/13/17	Rite Aid	$	11.68

Centre Pointe Plaza	Smithfield	1989		163,642		94.7	%		21		3						Belk’s / Dollar Tree / Aaron Rents / Burkes Outlet Stores	$	6.05

Chestnut Square	Brevard	1985 / 2008		34,260		82.9	%		4		4						Walgreens	$	15.69

Galleria	Wrightsville Beach	1986 / 1990		92,114		37.9	%		24		13							$	9.99

Riverview Shopping Center	Durham	1973 / 1995		128,498		92.4	%		11		5		53,538	Kroger		12/31/14	Upchurch Drugs / Riverview Galleries	$	8.03

Stanley Market Place	Stanley	2007		53,228		94.1	%		5		2		34,928	Food Lion		05/15/27	Family Dollar	$	9.81

Thomasville Commons	Thomasville	1991		148,754		88.3	%		8		6		32,000	Ingles		09/29/12	Kmart	$	5.33

Willowdaile Shopping Center	Durham	1986		95,601		91.3	%		17		5						Hall of Fitness / Ollie’s Bargain Outlet	$	8.37


TOTAL SHOPPING CENTERS NORTH CAROLINA (8)				835,286		82.7	%		110		56		162,608					$	8.11


SOUTH CAROLINA (3)

North Village Center	North Myrtle Beach	1984		60,356		68.2	%		5		8						Dollar General / Goodwill	$	8.02

Windy Hill	North Myrtle Beach	1968 / 1988 / 2006		68,465		100.0	%		5		—						Rose’s Store / Citi Trends	$	6.11

Woodruff	Greenville	1995		68,055		100.0	%		10		—		47,955	Publix		08/06/15		$	10.52


TOTAL SHOPPING CENTERS SOUTH CAROLINA (3)				196,876		90.2	%		20		8		47,955					$	8.24


VIRGINIA (1)

Smyth Valley Crossing	Marion	1989		126,841		98.0	%		13		1		32,000	Ingles		09/25/15	Wal-Mart	$	6.06


TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841		98.0	%		13		1		32,000					$	6.06


TOTAL SHOPPING CENTERS SOUTHEAST (49)				4,950,958		89.7	%		677		206		1,226,219					$	9.97


NORTHEAST (16)

CONNECTICUT (6)

Brookside Plaza	Enfield	1985 / 2006		213,274		95.6	%		22		4		59,648	Wakefern Food		08/31/15	Bed Bath & Beyond / Walgreens / Staples /Petsmart / Hibachi Grill	$	12.33

Compo Acres⁽¹⁾	Westport	1960/2011		43,107		90.7	%		13		2						Trader Joe’s	$	45.01

Page 22

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor				Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date
Copps Hill	Ridgefield	1979 / 2002		184,528		97.5	%		8		1		59,015	Stop & Shop	12/31/24	Kohl’s / Rite Aid	$	13.11

Danbury Green ⁽¹⁾	Danbury	1985 / 2006		98,095		100.0	%		10		—					Trader Joe’s / Rite Aid / Annie Sez / Staples / DSW	$	21.81

Post Road Plaza⁽¹⁾	Darien	1978		20,005		100.0	%		4		—						$	34.72

Southbury Green ⁽¹⁾	Southbury	1979 / 2002		156,215		99.1	%		23		1		60,113	ShopRite	07/31/22	Staples	$	21.15


TOTAL SHOPPING CENTERS CONNECTICUT (6)				715,224		97.3	%		80		8		178,776				$	18.31

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		98.2	%		13		1		56,766	Shaw’s	02/28/23	K Mart	$	8.14

West Roxbury Shaw’s Plaza	West Roxbury	1973 / 1995/ 2006		76,316		97.7	%		11		2		54,928	Shaw’s	01/02/16		$	24.91


TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				600,879		99.1	%		30		3		434,532				$	18.67

NEW YORK (3)

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

90-30 Metropolitan ⁽¹⁾	Queens	2007		59,815		93.9	%		4		1					Trader Joe’s / Staples / Michael’s	$	28.99

161 W. 16th Street⁽¹⁾	Manhattan	1930		56,870		100.0	%		1		—					Loehmann’s	$	24.62


TOTAL SHOPPING CENTERS NEW YORK (3)				142,035		97.4	%		6		1		25,350				$	29.51


TOTAL SHOPPING CENTERS NORTHEAST (16)				1,458,138		98.0	%		116		12		638,658				$	19.54


WEST COAST (10)

ARIZONA (1)

Canyon Trails	Goodyear	2008		211,543		59.5	%		18		16					Office Max / Petsmart / Ross / Cost Plus	$	16.02


TOTAL SHOPPING CENTERS ARIZONA (1)				211,543		59.5	%		18		16		—				$	16.02


CALIFORNIA (9)

Circle Center West ⁽¹⁾	Long Beach	1989		64,403		93.5	%		13		3					Marshalls	$	20.21

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of March 31, 2012


	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Number				Supermarket anchor				Other anchor tenants	Average base rent per leased SF
								of tenants				Owned sq. ft.		Name	Expiration Date
Property								Leased		Vacant		Owned sq. ft.		Name	Expiration Date
Culver Center⁽¹⁾	Culver City	1950 / 2000		216,646		100.0	%		33		—		36,578	Ralph’s	10/31/15	Bally Total Fitness / Sit N Sleep / Tuesday Morning / Best Buy	$	26.09

Marketplace Shopping Center	Davis	1990		111,156		96.6	%		22		2		35,018	Safeway	07/31/14	Petco / CVS	$	22.26

Plaza Escuela	Walnut Creek	2002		152,452		99.3	%		26		1					AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority	$	40.70

Potrero⁽¹⁾	San Francisco	1968/1997		226,699		98.2	%		24		2		59,566	Safeway	09/30/20	24 Hour Fitness / Party City / Petco / Office Depot / Ross	$	27.20

Ralph’s Circle Center⁽¹⁾	Long Beach	1983		59,837		95.5	%		10		2		35,022	Ralph’s	11/30/25		$	15.99

Serramonte	Daly City	1968		818,177		96.6	%		92		11					Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / New York & Company / Crunch Gym	$	17.96

Von’s Circle Center⁽¹⁾	Long Beach	1972		148,353		94.9	%		20		5		45,253	Von’s	07/31/22	Rite Aid / Ross	$	15.53

Willows	Concord	1977		256,086		93.8	%		27		6					El Torito / Claim Jumper / U Gym / REI / The Jungle / Old Navy / Pier 1 / Cost Plus	$	20.91


TOTAL SHOPPING CENTERS CALIFORNIA (9)				2,053,809		96.7	%		267		32		211,437				$	22.04


TOTAL SHOPPING CENTERS WEST COAST (10)				2,265,352		93.3	%		285		48		211,437				$	21.68


TOTAL CORE SHOPPING CENTER PORTFOLIO (143)				16,543,849		91.2	%		2,316		618		4,125,509				$	14.14


OTHER PROPERTIES (5)⁽¹⁾

4101 South I-85 Industrial	Charlotte, NC	1956 / 1963		188,513		107.6	%		2		1					Bromley Pallet / Park ’N Go

Banco Popular Office Building	Miami, FL	1971		32,737		79.8	%		13		5

Prosperity Office Building	Palm Beach Gdns, FL	1972		3,200		0.0	%		—		1

Providence Square	Charlotte, NC	1973		85,930		16.6	%		6		19

Danville - San Ramon Medical	Danville, CA	1982-1986		74,599		77.9	%		43		12


TOTAL OTHER PROPERTIES (5)⁽¹⁾				384,979		78.3	%		64		38		—


TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (148)				16,928,828		90.9	%		2,380		656		4,125,509


DEVELOPMENTS, REDEVELOPMENTS & LAND (16)⁽¹⁾

Developments (1)	Various - See Schedule on Page 26.

Redevelopments (9)	Various - See Schedule on Page 26.

Land Held for Development (6)

TOTAL CONSOLIDATED - 164 Properties

Note: Total square footage does not include shadow anchor square footage that is not owned by Equity One but does include square footage for ground leases.

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

⁽¹⁾	Not included in the March 31, 2012 same property pool.

Page 24

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

For the three months ended March 31, 2012

(in thousands, except for square footage)

2012 Acquisition Activity

Date Purchased

Property Name

City

State

Square
Feet

Purchase
Price

March 1, 2012

Potrero

San Francisco

226,699

110,750

March 1, 2012

Compo Acres Shopping Center

Westport

43,107

30,300

March 1, 2012

Post Road Plaza

Darien

20,005

12,700

Total

153,750


2012 Disposition Activity
Date Sold	Property Name	City	State	Square Feet / Acres			Gross Sales Price		Gain (loss) on Sale

Income producing property sold
March 30, 2012	Laurel Walk Apartments	Charlotte	NC		106,480		$	6,000	$	(34	)
March 30, 2012	Commerce Crossing	Commerce	GA		100,668			600		(443	)
March 15, 2012	222 Sutter	San Francisco	CA		128,595			53,829		13,563


							$	60,429	$	13,086


Outparcels sold
February 27, 2012	Market Place - IHOP outparcel	Norcross	GA		0.35	⁽¹⁾	$	885	$	726
January 20, 2012	Grande Marche (ground lease)	Lafayette Parish	LA		200,585			775		457


							$	1,660	$	1,183



Total Sold							$	62,089	$	14,269

⁽¹⁾

In acres

Page 25

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of March 31, 2012

(in thousands, except square footage data)


Project	Location	Project GLA*		Total GLA**		Anchors	Target Stabilization Date⁽¹⁾	Estimated Gross Cost⁽²⁾			Estimated Net Cost⁽³⁾			Funded as of 3/31/2012		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/Bloomingdales Outlet/Sports Authority Elite/Old Navy/Ulta/Verizon/Shake Shack	2013	$	144,600		$	134,600		$	91,948	$	52,652

Subtotal			330,000		330,000			$	144,600		$	134,600		$	91,948	$	52,652

Redevelopment
Atlantic Village	Atlantic Beach, FL		39,795		100,559	LA Fitness	2Q13	$	4,609		$	4,609		$	150	$	4,459
Boca Village	Boca Raton, FL		25,663		92,267	Publix Greenwise/CVS	1Q14		7,255			7,255			790		6,465
Boynton Plaza	Boynton Beach, FL		54,817		108,293	Publix	3Q13		8,661	⁽⁴⁾		8,661	⁽⁴⁾		160		8,501
Paulding Commons	Hiram, GA		73,901		209,676	Academy Sports	3Q12		1,729			1,729			1,560		169
Pavilion	Naples, FL		50,795		167,745	LA Fitness	1Q12		4,821			4,821			3,430		1,391
Pine Island	Davie, FL		86,156		243,385	Burlington Coat Factory	1Q12		2,057			2,057			2,057		—
Pine Ridge	Coral Springs, FL		30,660		114,948	Marshalls/Fresh Market/Bed Bath & Beyond	3Q12		4,605			4,605			2,914		1,691
Summerlin⁽⁵⁾	Ft. Myers, FL		15,000		195,000	Large National Retailer	3Q13		2,227			2,127			—		2,227
Westbury Plaza	Westbury, NY		15,000		398,602	Costco/Marshalls/Sports Authority/Wal-Mart	4Q11		2,096			2,096			1,950		146

Subtotal			391,787		1,630,475			$	38,060		$	37,960		$	13,011	$	25,049


Total Development Activity			721,787		1,960,475			$	182,660		$	172,560		$	104,959	$	77,701

⁽¹⁾	Target stabilization date reflects the date that construction is expected to be complete and the anchors commence rent. Properties may continue to be reflected in development or redevelopment until they are included in our same property pool, normally one year from rent commencement.

⁽²⁾	Includes actual / allocated cost of land.

⁽³⁾	After sales of outparcels and construction cost reimbursements.

⁽⁴⁾	Pending approval by the investment committee

⁽⁵⁾	This property is classified as held for sale as of March 31, 2012. Three outparcels will be retained and redeveloped.

*	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 26

EQUITY ONE, INC.

DEBT SUMMARY

As of March 31, 2012 and December 31, 2011 and 2010

(in thousands)


	March 31, 2012			Dec 31, 2011			Dec 31, 2010

Fixed rate debt	$	1,149,621		$	1,190,174		$	1,224,796
Variable rate debt - swapped to fixed rate⁽¹⁾		200,000			—			—
Variable rate debt - unhedged		42,000			138,000			—

Total debt	$	1,391,621		$	1,328,174		$	1,224,796

% Fixed rate debt		82.6	%		89.6	%		100.0	%
% Variable rate debt - swapped to fixed rate⁽¹⁾		14.4	%		0.0	%		0.0	%
% Variable rate debt - unhedged		3.0	%		10.4	%		0.0	%

Total		100.0	%		100.0	%		100.0	%

% Variable rate debt - total		17.4	%		10.4	%		0.0	%

Secured mortgage debt	$	468,485		$	499,038		$	533,660
Unsecured debt		923,136			829,136			691,136

Total debt	$	1,391,621		$	1,328,174		$	1,224,796

% Secured mortgage debt		33.7	%		37.6	%		43.6	%
% Unsecured debt		66.3	%		62.4	%		56.4	%

Total		100.0	%		100.0	%		100.0	%

Total market capitalization (from page 6)	$	3,892,684		$	3,334,811		$	3,059,939

% Secured mortgage debt		12.0	%		15.0	%		17.4	%
% Unsecured debt		23.7	%		24.9	%		22.6	%

Total debt : Total market capitalization		35.7	%		39.9	%		40.0	%

Weighted-average interest rate on secured mortgage debt⁽²⁾		6.2	%		6.1	%		6.3	%
Weighted-average interest rate on senior unsecured notes⁽²⁾		6.0	%		6.1	%		6.1	%
Weighted-average interest rate on term loans⁽²⁾		3.5	%		N/A			N/A
Weighted-average interest rate on total debt⁽²⁾⁽¹⁾		5.7	%		6.1	%		6.1	%
Interest rate on revolving credit facilities		1.80	%		1.85	%		N/A

Weighted-average maturity on mortgage debt		4.7 years			4.9 years			4.5 years
Weighted-average maturity on senior unsecured notes		4.0 years			4.1 years			5.2 years
Weighted-average maturity on term loan		6.9 years			N/A			N/A
Weighted-average maturity on total debt⁽³⁾		4.7 years			4.4 years			5.2 years

Note:

All amounts and calculations exclude unamortized/unaccreted premium/(discount) on mortgages and senior notes and include secured mortgage debt related to assets held for sale.

⁽¹⁾	Excludes the effect of the interest rate swap. The fair value of the swap at March 31, 2012 was a favorable $975 thousand.

⁽²⁾	Weighted average interest rates are calculated based on balances outstanding at the respective dates.

⁽³⁾	Weighted average maturity in years excludes amounts drawn under the revolving credit facility which expires on September 30, 2015.

Page 27

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of March 31, 2012

(in thousands)


	Secured Debt				Unsecured Debt
Maturity schedule by year	Scheduled amortization		Balloon payments		Revolving Credit Facilities		Senior Notes		Term Loan⁽²⁾		Premium/ (Discount) Scheduled Amortization		Total		Weighted average interest rate at maturity			Percent of debt maturing

2012	$	6,317	$	36,438	$	—	$	—	$	—	$	2,490	$	45,245		6.8	%		3.2	%
2013		7,844		45,127		—		—		—		1,316	$	54,287		6.4	%		3.9	%
2014		7,446		6,509		—		250,000		—		888	$	264,843		6.2	%		18.9	%
2015		7,554		36,650		42,000		107,505		—		663	$	194,372		4.6	%⁽¹⁾		13.9	%
2016		7,489		107,574		—		105,230		—		718	$	221,011		6.0	%		15.8	%
2017		6,572		64,000		—		218,401		—		612	$	289,585		6.0	%		20.7	%
2018		6,678		56,431		—		—		—		282	$	63,391		6.3	%		4.5	%
2019		5,360		17,142		—		—		200,000		158	$	222,660		3.7	%⁽¹⁾		15.9	%
2020		5,493		—		—		—		—		106	$	5,599		0.0	%		0.4	%
Thereafter		29,551		8,310		—		—		—		151	$	38,012		7.8	%		2.8	%

Total	$	90,304	$	378,181	$	42,000	$	681,136	$	200,000	$	7,384	$	1,399,005		5.5	%		100.0	%

⁽¹⁾	Excluding the revolving credit facility and term loan, the weighted average interest rate for 2015 would be 5.4%, 6.9% for 2019 and 6.1% for the total.

⁽²⁾	Excludes the effect of the interest rate swap. The fair value of the interest rate swap at March 31, 2012 was a favorable $975 thousand.

Page 28

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2012 and December 31, 2011

(in thousands)


Debt Instrument	Maturity Date		Rate			March 31, 2012 Balance		Dec 31, 2011 Balance		Percent of Overall Debt Maturing
Mortgage Debt
Summerlin Square		02/01/14		6.750	%		—		1,067		0.0	%
Plaza Escuela		10/11/12		6.800	%		36,872		37,057		2.7	%
Pablo Plaza		04/11/13		5.814	%		7,268		7,309		0.5	%
West Bird Plaza		04/11/13		5.814	%		8,177		8,223		0.6	%
Brawley Commons		07/01/13		6.250	%		6,602		6,625		0.5	%
Buckhead Station		09/01/13		6.880	%		24,714		24,893		1.8	%
South Point		07/10/14		5.720	%		7,109		7,168		0.5	%
Southbury Green		02/05/15		5.200	%		21,000		21,000		1.5	%
Davis Marketplace		02/19/15		6.250	%		16,324		16,377		1.2	%
Danbury Green		01/05/16		5.850	%		24,700		24,700		1.7	%
Glengary Shoppes		06/11/16		5.750	%		16,269		16,332		1.2	%
Magnolia Shoppes		07/11/16		6.160	%		13,981		14,039		1.0	%
Willows Shopping Center		10/11/16		5.900	%		55,732		55,895		4.0	%
Grassland Crossing		12/01/16		7.865	%		4,229		4,301		0.3	%
Culver		05/06/17		5.580	%		64,000		64,000		4.6	%
Mableton Crossing		08/15/18		6.850	%		2,952		3,087		0.2	%
Sheridan Plaza		10/10/18		6.250	%		62,189		62,416		4.5	%
Danville-San Ramon Medical		03/15/19		6.900	%		13,533		13,576		1.0	%
1175 Third Avenue		05/01/19		7.000	%		7,167		7,221		0.5	%
BridgeMill		05/05/21		7.940	%		7,757		7,831		0.5	%
Westport Plaza		08/01/23		7.490	%		4,009		4,048		0.3	%
Chastain Square		02/28/24		6.500	%		2,898		2,937		0.3	%
Daniel Village		02/28/24		6.500	%		3,167		3,211		0.2	%
Douglas Commons		02/28/24		6.500	%		3,774		3,826		0.3	%
Fairview Oaks		02/28/24		6.500	%		3,572		3,622		0.2	%
Madison Centre		02/28/24		6.500	%		2,898		2,937		0.2	%
Paulding Commons		02/28/24		6.500	%		4,919		4,987		0.4	%
Siegen Village		02/28/24		6.500	%		3,201		3,245		0.2	%
Wesley Chapel Crossing		02/28/24		6.500	%		2,527		2,562		0.1	%
Webster Plaza		08/15/24		8.070	%		7,230		7,283		0.4	%
Vons Circle Center		10/10/28		5.200	%		11,117		11,223		0.6	%
Copps Hill Plaza		01/01/29		6.060	%		18,598		18,756		1.2	%

Total mortgage debt (31 loans)		4.67		6.18	%⁽³⁾	$	468,485	$	471,754		33.2	%
Unamortized/unaccreted premium/(discount)							9,583		10,521		0.7	%

Total mortgage debt (including unamortized/unaccreted premium/(discount))						$	478,068	$	482,275		33.9	%


Mortgage Debt Associated with Assets Held for Sale
222 Sutter Street		09/15/16		5.390	%		—		27,284		0.0	%

Total mortgage debt on held for sale assets (0 loans)						$	—	$	27,284		0.0	%
Unamortized/unaccreted premium/(discount)							—		—		0.0	%

Total mortgage debt (including unamortized/unaccreted premium/(discount))						$	—	$	27,284		0.0	%


Total Secured debt (31 loans )		4.67		6.18	%⁽³⁾	$	468,485	$	499,038		33.2	%
Unamortized/unaccreted premium/(discount)							9,583		10,521		0.7	%

Total mortgage debt (including unamortized/unaccreted premium/(discount))						$	478,068	$	509,559		33.9	%

See footnotes on page 30

Page 29

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of March 31, 2012 and December 31, 2011

(in thousands)


Debt Instrument	Maturity Date			Rate			March 31, 2012 Balance			Dec 31, 2011 Balance			Percent of Overall Debt Maturing
Unsecured senior notes payable
7.84% senior notes		01/23/12			7.840	%	$	—		$	10,000			0.0	%
6.25% senior notes		12/15/14			6.250	%		250,000			250,000			18.0	%
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			7.6	%
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			8.3	%


Total unsecured senior notes payable		4.00			6.03	%⁽³⁾	$	681,136		$	691,136			48.9	%

Unamortized/unaccreted premium/(discount)								(2,199	)		(2,340	)		-0.2	%

Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))							$	678,937		$	688,796			48.7	%


Term Loan
$200MM - Term Loan⁽²⁾		02/13/19			3.460	%⁽¹⁾		200,000			—			14.4	%

Total term loans		6.87			3.46	%⁽³⁾	$	200,000		$	—			14.4	%


Revolving credit facilities
$575MM Wells Fargo Unsecured		09/30/15			1.800	%⁽¹⁾	$	42,000		$	138,000			3.0	%
$15MM City National Bank Unsecured		08/08/12			N/A			—			—			0.0	%

Total revolving credit facilities							$	42,000		$	138,000			3.0	%


Total debt		4.66	⁽⁴⁾		5.70	%⁽³⁾	$	1,391,621		$	1,328,174			99.5	%

Unamortized/unaccreted premium/(discount)								7,384			8,181			0.5	%

Total debt (including net interest premium/discount)							$	1,399,005		$	1,336,355			100.0	%


Senior Unsecured Debt Ratings
Moody’s								Baa3 (Positive)			Baa3 (Positive)
S&P								BBB- (Stable)			BBB- (Stable)

⁽¹⁾	The rate in effect on March 31, 2012.

⁽²⁾	The outstanding balance has been swapped to a fixed interest rate based on a one month LIBOR in arrears, plus 1.56%. The indicated interest rate and the weighted average interest rate for the term loan includes the effect of the swap.

The fair value of the swap at March 31, 2012 was a favorable $975 thousand.

⁽³⁾	Calculated based on weighted average interest rates of outstanding balances at March 31, 2012.

⁽⁴⁾	Weighted average maturity in years for March 31, 2012 excludes $42 million drawn under the revolving credit facility which expires on September 30, 2015.

Page 30

EQUITY ONE, INC.

BALANCE SHEETS & STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES

March 31, 2012 (unaudited)

(in thousands)


BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES			As of March 31, 2012
Co-Investment Partner	EQY Ownership Interest	Type	Total Assets		Total Debt		Total Equity

DRA Advisors	20.0%	Retail/Office	$	55,764	$	35,972	$	17,891

GRI	10.0%	Retail	$	257,902	$	136,014	$	110,316

New York State Common Retirement Fund	30.0%	Retail	$	97,454	$	24,890	$	58,153

Various⁽¹⁾	50.0-50.5%	Retail/Office	$	101,322	$	51,349	$	48,163


STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES					For the three months ended March 31, 2012
Co-Investment Partner	EQY Ownership Interest	Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense⁽²⁾		Net Income/ (Loss)

DRA Advisors	20.0%	Retail/Office	$	1,644	$	690	$	532	$	589	$	(183	)

GRI	10.0%	Retail	$	8,308	$	1,966	$	2,792	$	2,267	$	1,283

New York State Common Retirement Fund	30.0%	Retail	$	1,634	$	481	$	679	$	57	$	(468	)

Various⁽¹⁾	50.0-50.5%	Retail/Office	$	2,785	$	1,186	$	1,154	$	722	$	(279	)

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

⁽¹⁾	Various includes Talega Village Center JV, LLC, Vernola Marketplace JV, LLC and Parnassus Heights Medical Center.

⁽²⁾	Interest expense includes amortization of deferred financing fees and is net of investment income.

Page 31

EQUITY ONE, INC.

PROPERTY STATUS REPORT OF UNCONSOLIDATED JOINT VENTURES

As of March 31, 2012


Property	JV	EQY Ownership %			Type	City, State	Year Built / Renovated	Total Sq. Ft.		Percent Leased			Number of tenant				Supermarket anchor				Other anchor tenants	Average base rent per leased SF
Property	JV	EQY Ownership %			Type	City, State	Year Built / Renovated	Total Sq. Ft.		Percent Leased			Leased		Vacant		Sq. Ft.		Name	Expiration Date	Other anchor tenants	Average base rent per leased SF
Airpark Plaza Shopping Center	GRI		10.0	%	Retail	Miami, FL	1971 / 1998 / 2004 /2008		172,093		97.1	%		34		3		30,000	Publix	10/31/24	Burlington Coat Factory / Office Depot	$	15.35

Concord Shopping Plaza	GRI		10.0	%	Retail	Miami, FL	1962 / 1992 / 1993		298,182		99.3	%		24		1		78,000	Winn- Dixie	09/30/14	Home Depot / Big Lots / Dollar Tree	$	11.91

Presidential Markets	GRI		10.0	%	Retail	Snellville, GA	1993 / 2000		396,432		91.9	%		36		2		56,146	Publix	12/31/19	Marshall’s / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders	$	12.11

Shoppes of Ibis	GRI		10.0	%	Retail	West Palm Beach, FL	1999		79,420		92.9	%		15		3		51,420	Publix	05/31/19		$	13.01

Shoppes at Quail Roost	GRI		10.0	%	Retail	Miami, FL	2005		73,550		88.6	%		14		6		44,840	Publix	06/30/25		$	13.72

Shoppes of Sunset	GRI		10.0	%	Retail	Miami, FL	1979 / 2009		21,784		68.9	%		11		6						$	23.60

Shoppes of Sunset II	GRI		10.0	%	Retail	Miami, FL	1980 / 2009		27,676		78.5	%		14		3						$	17.64

Sparkleberry Square	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004		154,217		100.0	%		10		—					Petsmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy	$	10.93

Sparkleberry Kohl’s	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004		85,961		100.0	%		1		—					Kohl’s	$	7.74

Sparkleberry Kroger	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004		98,623		97.1	%		12		2		67,943	Kroger	08/31/17		$	13.24

1900/2000 Offices	DRA		20.0	%	Office	Boca Raton, FL	1979 / 1982 / 1986 / 2007		117,773		63.3	%		20		12					RN Network	$	17.72

Penn Dutch Plaza	DRA		20.0	%	Retail	Margate, FL	1989		155,628		90.2	%		15		7		70,358	Penn Dutch Food Center	12/31/13	You Fit Health Club / Florida Career College	$	9.00

Plantation Marketplace	DRA		20.0	%	Retail	Plantation, FL	1963 / 1998		223,799		77.7	%		28		11		43,386	Winn- Dixie	11/05/14	Beall’s / Just Fit / Big Lots / CVS / Disability Law Claims	$	10.62

Talega Village	VESTAR		50.5	%	Retail	San Clemente, CA	2007		102,282		87.0	%		22		7		46,000	Ralph’s	12/31/27		$	18.72

Vernola Market	VESTAR		50.5	%	Retail	Mira Loma, CA	2007		382,963		91.0	%		31		7					PetCo / Ross / Bed Bath & Beyond / Michael’s / Lowe’s	$	10.65

Parnassus Heights Medical Center	RIDER FAMILY		50.0	%	Medical Office	San Francisco, CA	1968		146,046		98.8	%		50		3						$	26.29

Country Walk Plaza	NYSCRF		30.0	%	Retail	Miami, FL	1985 / 2006 / 2008		100,686		93.9	%		26		3		39,795	Publix	10/23/15	CVS Pharmacy	$	18.67

Veranda Shoppes	NYSCRF		30.0	%	Retail	Plantation, FL	2007		44,888		100.0	%		9		—		28,800	Publix	04/30/27		$	25.00

Old Connecticut	NYSCRF		30.0	%	Retail	Framingham, MA	1994		80,198		100.0	%		4		—		72,500	Stop & Shop	06/30/14		$	20.10


TOTAL SHOPPING CENTER PORTFOLIO OF UNCONSOLIDATED JOINT VENTURES (19)									2,762,201					376		76		629,188				$	13.76

Page 32

EQUITY ONE, INC.

DEBT SUMMARY OF UNCONSOLIDATED JOINT VENTURES

As of March 31, 2012 and December 31, 2011

(in thousands)


Co-Investment Partner	Debt Instrument	Equity One’s Ownership			Maturity Date		Rate⁽¹⁾			March 31, 2012 Balance		Dec 31, 2011 Balance
Mortgage debt
GRI	Sparkleberry Square (Kohl’s)		10	%		11/01/12		6.17	%	$	5,490	$	5,541
GRI	Floating rate loan⁽²⁾		10	%		07/01/13		6.35	%		120,000		120,000
GRI	Sparkleberry Square (Kroger)		10	%		06/30/20		6.75	%		5,209		5,326
DRA Advisors	Fixed rate loan		20	%		11/11/14		5.56	%		36,420		36,608
Vestar	Vestar/EQY Talega LLC		50.5	%		10/01/36		5.01	%		11,800		11,860
Vestar	Vestar/EQY Vernola LLC		50.5	%		08/06/41		5.11	%		23,562		23,637
Parnassus Heights Medical Center	Parnassus Heights Medical Center		50.0	%		03/15/28		6.25	%		15,988		16,133
New York State Common Retirement Fund	Equity One (Country Walk) LLC		30	%		11/01/15		5.22	%		13,242		13,292
New York State Common Retirement Fund	Equity One JV Sub CT Path LLC		30	%		01/01/19		5.74	%		10,323		10,413

Interest Rate Swap
GRI	Fair value of $120MM floating-to-fixed interest rate swap		10	%		06/01/13		4.40	%		5,757		6,693

	Net interest premium⁽³⁾										434		446


	Total debt									$	248,225	$	249,949



	Equity One’s pro-rata share of unconsolidated joint venture debt									$	54,115	$	54,455

⁽¹⁾	The rate in effect on March 31, 2012.

⁽²⁾	The loan balance bears interest at a floating rate of LIBOR + 1.95%, which has been swapped to a fixed rate of 6.35%.

⁽³⁾	Net interest premium is the total for all joint ventures.

Page 33

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