EQUITY ONE, INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL INFORMATION PACKAGE

Attached files

file	filename
8-K - FORM 8-K - EQUITY ONE, INC.	d388516d8k.htm
EX-99.1 - EARNINGS PRESS RELEASE - EQUITY ONE, INC.	d388516dex991.htm

Exhibit 99.2

Equity One, Inc.

Supplemental Information Package

June 30, 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

June 30, 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 June 30, 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 June 30, 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, equity in income (loss) of unconsolidated joint ventures, 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 and six months ended June 30, 2012 and 2011

(in thousands, except per share data)


	For the three months ended						For the six months ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Summary Financial Results
Total revenues*	$	82,727		$	89,418		$	165,794		$	176,205
Adjusted EBITDA (see page 10)	$	49,815		$	57,145		$	100,129		$	108,505
Property net operating income (see page 9)	$	60,181		$	63,671		$	119,762		$	125,149
General & administrative expenses (G&A)* - Adjusted ⁽¹⁾	$	9,744		$	9,705		$	19,872		$	18,731

Net income attributable to Equity One	$	2,268		$	6,986		$	21,250		$	41,979
Net income per diluted share	$	0.02		$	0.06		$	0.18		$	0.38

Funds from operations (FFO)	$	34,316		$	35,057		$	67,558		$	96,063
FFO per diluted share	$	0.28		$	0.29		$	0.54		$	0.81

Total dividends paid per share	$	0.22		$	0.22		$	0.44		$	0.44

Weighted average diluted shares used in EPS computations		113,210			109,112			112,940			107,768
Weighted average diluted shares used in FFO computations ⁽²⁾		124,567			120,470			124,298			118,875

Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 17-24)		91.8	%		90.2	%		91.8	%		90.2	%
Same-property shopping center portfolio occupancy at end of period ⁽³⁾		91.5	%		91.2	%		91.5	%		91.2	%
Same-property NOI growth - cash basis (see page 9)		0.7	%		2.8	%		2.7	%		1.6	%
NOI margin (see page 9)		73.2	%		71.7	%		72.8	%		71.5	%
Expense recovery ratio*		84.5	%		78.4	%		81.9	%		76.3	%
New, renewal and option rent spread - cash basis (see page 14)		6.5	%		-3.6	%		N/A			N/A
Adjusted G&A expense to total revenues ⁽¹⁾		11.8	%		10.9	%		12.0	%		10.6	%
Net debt to total market capitalization (see page 6)		33.9	%		37.4	%		33.9	%		37.4	%
Net debt to Adjusted EBITDA (see page 10)		6.9			6.1			6.9			6.4
Adjusted EBITDA to interest expense* (see page 10)		2.8			2.7			2.8			2.5
Adjusted EBITDA to fixed charges* (see page 10)		2.5			2.2			2.5			2.1

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

⁽¹⁾

G&A expense for the three months ended June 30, 2012 deducts $0.7 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 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 six months ended June 30, 2012 deducts $2.0 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 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.

⁽²⁾

Weighted average diluted shares for the three and six months ended June 30, 2012 and 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.

⁽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 June 30, 2012 and December 31, 2011 and 2010 (unaudited)

(in thousands)


	Jun 30, 2012			Dec 31, 2011			Dec 31, 2010
Assets
Properties:
Income producing	$	3,101,916		$	2,931,756		$	2,090,293
Less: accumulated depreciation		(322,589	)		(294,023	)		(243,701	)

Income producing properties, net		2,779,327			2,637,733			1,846,592
Construction in progress and land held for development		160,290			111,844			74,402
Properties held for sale or properties sold		8,616			58,498			535,458

Properties, net		2,948,233			2,808,075			2,456,452

Cash and cash equivalents ⁽¹⁾		32,528			103,524			38,333
Accounts and other receivables, net		12,636			17,790			12,559
Investments in and advances to unconsolidated joint ventures		53,781			50,158			59,736
Mezzanine loans receivable, net		64,690			45,279			—
Goodwill		8,401			8,406			9,556
Other assets		178,765			189,339			103,926


Total Assets	$	3,299,034		$	3,222,571		$	2,680,562


Liabilities and stockholders’ equity
Liabilities:
Mortgage notes payable	$	429,693		$	470,687		$	352,869
Unsecured senior notes payable		681,136			691,136			691,136
Term loan		200,000			—			—
Unsecured revolving credit facilities		101,000			138,000			—

Total debt		1,411,829			1,299,823			1,044,005
Unamortized premium (discount) on notes payable, net		6,104			8,181			(1,805	)

Total notes payable		1,417,933			1,308,004			1,042,200

Accounts payable and other liabilities		248,182			223,157			115,123
Liabilities associated with assets held for sale or sold		—			28,695			183,011
Deferred tax liability		14,529			14,709			46,523

Total liabilities		1,680,644			1,574,565			1,386,857

Redeemable noncontrolling interests		22,621			22,804			3,864


Total stockholders’ equity of Equity One, Inc.		1,387,838			1,417,316			1,285,907


Noncontrolling interests		207,931			207,886			3,934


Total Liabilities and Equity	$	3,299,034		$	3,222,571		$	2,680,562

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

Page 5

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of June 30, 2012 and December 31, 2011 and 2010

(in thousands, except share data)


	Jun 30, 2012			Dec 31, 2011			Dec 31, 2010

Closing market price of common stock	$	21.20		$	16.98		$	18.18

Common stock shares
Basic common shares		112,727.165			112,599.355			102,326.818
Diluted common shares
Unvested restricted common shares		211.055			107.888			149.980
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		279.126			114.575			124.506
Long term incentive plan performance awards (treasury method, closing price)		727.210			—			356.516
Convertible CapCo Partnership Units		11,357.837			11,357.837			—

Diluted common shares		125,396.049			124,273.311			103,051.476


Equity market capitalization	$	2,658,396		$	2,110,161		$	1,873,476

Total debt (excluding unamortized/unaccreted premium/(discount))⁽¹⁾	$	1,411,829		$	1,328,174		$	1,224,796
Cash and equivalents		(32,528	)		(103,524	)		(38,333	)

Net debt⁽¹⁾	$	1,379,301		$	1,224,650		$	1,186,463


Total debt (excluding unamortized/unaccreted premium/(discount))⁽¹⁾	$	1,411,829		$	1,328,174		$	1,224,796
Equity market capitalization		2,658,396			2,110,161			1,873,476

Total market capitalization	$	4,070,225		$	3,438,335		$	3,098,272


Net debt to total market capitalization at current market price		33.9	%		35.6	%		38.3	%

Net debt to total market capitalization at constant share price of $16.98		39.0	%		35.6	%		39.9	%

Gross real estate investments	$	3,270,822		$	3,102,098		$	2,700,153

Net debt to gross real estate investments		42.2	%		39.5	%		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 and six months ended June 30, 2012 and 2011 (unaudited)

(in thousands, except per share amounts)


	Three months ended						Percent Change			Six months ended						Percent Change
	June 30, 2012			June 30, 2011			Percent Change			June 30, 2012			June 30, 2011			Percent Change
REVENUE:
Minimum rent	$	62,591		$	55,000					$	123,318		$	108,006
Expense recoveries		18,641			16,882						36,562			32,609
Percentage rent		791			621						2,745			2,075
Management and leasing services		500			641						1,304			1,107

Total revenue		82,523			73,144			12.8	%		163,929			143,797			14.0	%


COSTS AND EXPENSES:
Property operating		21,983			20,495						44,008			40,988
Rental property depreciation and amortization		23,024			20,745						44,704			39,473
General and administrative		10,627			13,336						22,187			25,316

Total costs and expenses		55,634			54,576			1.9	%		110,899			105,777			4.8	%


INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,889			18,568						53,030			38,020

OTHER INCOME AND EXPENSE:
Investment income		1,584			967						3,029			1,660
Other (loss) income		(7	)		25						134			156
Interest expense		(17,843	)		(17,389	)					(35,212	)		(34,940	)
Amortization of deferred financing fees		(616	)		(558	)					(1,209	)		(1,097	)
Equity in (loss) income of unconsolidated joint ventures		(152	)		(98	)					(340	)		268
Gain on sale of real estate		—			4,606						—			4,606
Gain on extinguishment of debt		436			213						343			255
Gain on bargain purchase		—			—						—			30,561
Impairment loss		(3,948	)		(145	)					(3,948	)		(145	)

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		6,343			6,189						15,827			39,344
Income tax benefit of taxable REIT subsidiaries		15			174						61			307

INCOME FROM CONTINUING OPERATIONS		6,358			6,363			(0.1	%)		15,888			39,651			(59.9	%)


DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		156			3,669						(16	)		7,324
(Loss) gain on disposal of income producing properties		—			(13	)					14,269			(13	)
Impairment loss on income producing properties sold or held for sale		(1,493	)		(1,277	)					(3,425	)		(1,277	)
Income tax benefit of taxable REIT subsidiaries		—			379						—			811

(LOSS) INCOME FROM DISCONTINUED OPERATIONS		(1,337	)		2,758						10,828			6,845


NET INCOME		5,021			9,121			(45.0	%)		26,716			46,496			(42.5	%)

Net income attributable to noncontrolling interests - continuing operations		(2,753	)		(2,148	)					(5,466	)		(4,547	)
Net loss attributable to noncontrolling interests - discontinued operations		—			13						—			30

NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	2,268		$	6,986			(67.5	%)	$	21,250		$	41,979


EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	0.03		$	0.04					$	0.09		$	0.32
Discontinued operations		(0.01	)		0.03						0.10			0.06

NET INCOME	$	0.02		$	0.06	*		(66.7	%)	$	0.18	*	$	0.38			(52.6	%)


EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	0.03		$	0.04					$	0.09		$	0.32
Discontinued operations		(0.01	)		0.03						0.09			0.06

NET INCOME	$	0.02		$	0.06	*		(66.7	%)	$	0.18		$	0.38			(52.6	%)


Weighted average shares outstanding:
Basic		112,715			108,942						112,682			107,605

Diluted		113,210			109,112						112,940			107,768

*Note: EPS does 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 June 30, 2012 and 2011 and for the six months ended June 30, 2012 and 2011 (unaudited)

(in thousands)


	Three months ended June 30, 2012									Three months ended June 30, 2011									Six months ended June 30, 2012									Six months ended June 30, 2011
	As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	62,591		$	221		$	62,812		$	55,000		$	13,445		$	68,445		$	123,318		$	1,563		$	124,881		$	108,006		$	26,868		$	134,874
Expense recoveries		18,641			(17	)		18,624			16,882			2,790			19,672			36,562			52			36,614			32,609			5,489			38,098
Percentage rent		791			—			791			621			39			660			2,745			250			2,995			2,075			51			2,126
Management and leasing services		500			—			500			641			—			641			1,304			—			1,304			1,107			—			1,107

Total revenue		82,523			204			82,727			73,144			16,274			89,418			163,929			1,865			165,794			143,797			32,408			176,205


COSTS AND EXPENSES:
Property operating		21,983			63			22,046			20,495			4,611			25,106			44,008			720			44,728			40,988			8,961			49,949
Rental property depreciation and amortization		23,024			39			23,063			20,745			4,128			24,873			44,704			158			44,862			39,473			8,494			47,967
General and administrative		10,627			—			10,627			13,336			18			13,354			22,187			13			22,200			25,316			31			25,347

Total costs and expenses		55,634			102			55,736			54,576			8,757			63,333			110,899			891			111,790			105,777			17,486			123,263


INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		26,889			102			26,991			18,568			7,517			26,085			53,030			974			54,004			38,020			14,922			52,942

OTHER INCOME AND EXPENSE:
Investment income		1,584			—			1,584			967			2			969			3,029			1			3,030			1,660			2			1,662
Other (loss) income		(7	)		56			49			25			16			41			134			56			190			156			16			172
Interest expense		(17,843	)		—			(17,843	)		(17,389	)		(4,137	)		(21,526	)		(35,212	)		(327	)		(35,539	)		(34,940	)		(8,151	)		(43,091	)
Amortization of deferred financing fees		(616	)		—			(616	)		(558	)		(4	)		(562	)		(1,209	)		(2	)		(1,211	)		(1,097	)		(8	)		(1,105	)
Equity in (loss) income of unconsolidated joint ventures		(152	)		—			(152	)		(98	)		275			177			(340	)		—			(340	)		268			543			811
(Loss) gain on sale of real estate		—			(2	)		(2	)		4,606			(13	)		4,593			—			14,267			14,267			4,606			(13	)		4,593
Gain (loss) on extinguishment of debt		436			—			436			213			—			213			343			(716	)		(373	)		255			—			255
Gain on bargain purchase		—			—			—			—			—			—			—			—			—			30,561			—			30,561
Impairment loss		(3,948	)		(1,493	)		(5,441	)		(145	)		(1,277	)		(1,422	)		(3,948	)		(3,425	)		(7,373	)		(145	)		(1,277	)		(1,422	)

INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		6,343			(1,337	)		5,006			6,189			2,379			8,568			15,827			10,828			26,655			39,344			6,034			45,378
Income tax benefit of taxable REIT subsidiaries		15			—			15			174			379			553			61			—			61			307			811			1,118

INCOME FROM CONTINUING OPERATIONS		6,358			(1,337	)		5,021			6,363			2,758			9,121			15,888			10,828			26,716			39,651			6,845			46,496


DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		156			(156	)		—			3,669			(3,669	)		—			(16	)		16			—			7,324			(7,324	)		—
(Loss) gain on disposal of income producing properties		—			—			—			(13	)		13			—			14,269			(14,269	)		—			(13	)		13			—
Impairment loss on income producing properties sold or held for sale		(1,493	)		1,493			—			(1,277	)		1,277			—			(3,425	)		3,425			—			(1,277	)		1,277			—
Income tax benefit		—			—			—			379			(379	)		—			—			—			—			811			(811	)		—

(LOSS) INCOME FROM DISCONTINUED OPERATIONS		(1,337	)		1,337			—			2,758			(2,758	)		—			10,828			(10,828	)		—			6,845			(6,845	)		—



NET INCOME		5,021			—			5,021			9,121			—			9,121			26,716			—			26,716			46,496			—			46,496

Net income attributable to noncontrolling interests - continuing operations		(2,753	)		—			(2,753	)		(2,148	)		13			(2,135	)		(5,466	)		—			(5,466	)		(4,547	)		30			(4,517	)
Net loss attributable to noncontrolling interests - discontinued operations		—			—			—			13			(13	)		—			—			—			—			30			(30	)		—


NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	2,268		$	—		$	2,268		$	6,986		$	—		$	6,986		$	21,250		$	—		$	21,250		$	41,979		$	—		$	41,979

Page 8

EQUITY ONE, INC.

NET OPERATING INCOME

For the three and six months ended June 30, 2012 and 2011

(in thousands)


	Three months ended						Percent Change			Six months ended						Percent Change
	June 30, 2012			June 30, 2011			Percent Change			June 30, 2012			June 30, 2011			Percent Change

Total net operating income ⁽¹⁾
Total rental revenue	$	82,227		$	88,777			(7.4	%)	$	164,490		$	175,098			(6.1	%)
Property operating expenses		22,046			25,106			(12.2	%)		44,728			49,949			(10.5	%)

Net operating income	$	60,181		$	63,671			(5.5	%)	$	119,762		$	125,149			(4.3	%)


NOI margin (NOI / Total rental revenue)		73.2	%		71.7	%					72.8	%		71.5	%

Same-property cash NOI ^{(2) (3)}
Total rental revenue	$	61,068		$	61,040			0.0	%	$	120,522		$	119,235			1.1	%
Property operating expenses ⁽⁴⁾		18,754			19,004			(1.3	%)		36,334			37,284			(2.5	%)

Net operating income	$	42,314		$	42,036			0.7	%	$	84,188		$	81,951			2.7	%


Growth in same-property NOI		0.7	%								2.7	%

Number of properties included in analysis ⁽³⁾		133									131

⁽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⁾	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.

⁽⁴⁾	Property operating expenses include intercompany management fee expense.

Page 9

EQUITY ONE, INC.

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

For the three and six months ended June 30, 2012 and 2011

(in thousands)


	Three months ended						Six months ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011

Net income attributable to Equity One, Inc.	$	2,268		$	6,986		$	21,250		$	41,979
Rental property depreciation and amortization*		23,063			24,873			44,862			47,967
Other depreciation and amortization*		171			177			349			335
Interest expense*		17,843			21,526			35,539			43,091
Amortization of deferred financing fees*		616			562			1,211			1,105
(Gain) loss on extinguishment of debt*		(436	)		(213	)		373			(255	)
Acquisition/Disposition costs⁽¹⁾		712			3,472			1,979			6,281
Impairment loss*		5,441			1,422			7,373			1,422
Loss (gain) on sale of depreciable real estate*		—			(930	)		(13,086	)		(930	)
Income tax benefit of taxable REIT subsidiaries*		(15	)		(553	)		(61	)		(1,118	)
Gain on bargain purchase		—			—			—			(30,561	)
Equity in loss (income) of unconsolidated joint ventures*		152			(177	)		340			(811	)

Adjusted EBITDA	$	49,815		$	57,145		$	100,129		$	108,505


Interest expense*	$	17,843		$	21,526		$	35,539		$	43,091


Adjusted EBITDA to interest expense*		2.8			2.7			2.8			2.5

Fixed charges
Interest expense*	$	17,843		$	21,526		$	35,539		$	43,091
Scheduled principal amortization ⁽²⁾		2,103			3,895			4,323			7,881

Total fixed charges	$	19,946		$	25,421		$	39,862		$	50,972


Adjusted EBITDA to fixed charges*		2.5			2.2			2.5			2.1

Net debt to Adjusted EBITDA ⁽³⁾		6.9			6.1			6.9			6.4

Total market capitalization (see page 6)	$	4,070,225		$	3,729,121		$	4,070,225		$	3,729,121

*	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 and six months ended June 30, 2012, amounts include $0 and $0.04 million, respectively, in severance costs. For the three and six months ended June 30, 2011, amounts include $0.3 million and $0.8 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 and six months ended June 30, 2012 and 2011

(in thousands, except per share data)


	Three months ended					Six months ended
	June 30, 2012		June 30, 2011			June 30, 2012			June 30, 2011

Net income attributable to Equity One, Inc.	$	2,268	$	6,986		$	21,250		$	41,979
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		23,022		24,781			44,780			47,774
Net adjustment for unvested shares and noncontrolling interest ⁽¹⁾		2,499		2,108			4,998			4,523
Impairments of depreciable real estate, net of tax ⁽²⁾		5,441		1,277			7,373			1,277
Gain on disposal of depreciable real estate, net of tax		—		(930	)		(13,086	)		(930	)
Pro rata share of real estate depreciation from unconsolidated JV’s		1,086		835			2,243			1,440

Funds from operations	$	34,316	$	35,057		$	67,558		$	96,063


Earnings per diluted share attributable to Equity One, Inc.	$	0.02	$	0.06		$	0.18		$	0.38
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.18		0.21			0.36			0.40
Net adjustment for unvested shares and noncontrolling interest ⁽¹⁾		0.03		0.01			0.03			0.02
Impairments of depreciable real estate, net of tax ⁽²⁾		0.04		0.01			0.06			0.01
Gain on disposal of depreciable real estate, net of tax		—		(0.01	)		(0.11	)		(0.01	)
Pro rata share of real estate depreciation from unconsolidated JV’s		0.01		0.01			0.02			0.01

Funds from operations per diluted share	$	0.28	$	0.29		$	0.54		$	0.81


Weighted average diluted shares ⁽³⁾		124,567		120,470			124,298			118,875

⁽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 and six months ended June 30, 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⁾

Weighted average diluted shares for the three and six months ended June 30, 2012 and 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, and also as a result of employee stock options. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is antidilutive.

Page 11

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the three and six months ended June 30, 2012 and 2011

(in thousands)


	Three months ended					Six months ended
	June 30, 2012			June 30, 2011		June 30, 2012			June 30, 2011
Certain non-cash items:
Amortization of deferred financing fees	$	616		$	562	$	1,211		$	1,105
Accretion of below market lease intangibles		3,525			3,024		6,473			5,067
Share-based compensation expense		1,640			1,742		3,620			3,322
Straight line rent		972			906		1,996			1,808
Capitalized interest		1,352			530		2,495			1,028
Amortization of (premium) discount on notes payable, net		(808	)		431		(1,592	)		667

Certain capital expenditures:
Tenant improvements	$	5,555		$	4,448	$	8,502		$	6,822
Leasing commissions and costs		1,737			2,211		3,102			3,477
Redevelopments and expansions		30,091			3,723		50,267			7,070
Maintenance capital expenditures		1,471			361		4,147			1,755

Total tenant improvements and leasing costs	$	38,854		$	10,743	$	66,018		$	19,124


	June 30, 2012			Dec 31, 2011
Other assets :
Lease intangibles, net	$	92,318		$	92,559
Lease commissions, net		30,245			28,643
Straight-line rent receivable, net		19,209			17,266
Deposits and mortgage escrow		15,790			34,567
Deferred financing costs, net		9,419			8,663
Prepaid and other expenses		6,277			2,178
Furniture and fixtures, net		2,400			2,234
Deferred tax asset		3,107			3,229

Total other assets	$	178,765		$	189,339


Accounts payable and other liabilities:
Above/below market rents, net	$	176,705			156,495
Prepaid rent and deferred income		7,099			6,882
Accounts payable and other		64,378			59,780

Total accounts payable and other liabilities	$	248,182		$	223,157


Liquidity as of 6/30/12:
Cash and Cash Equivalents	$	31,276
Available under Lines of Credit		398,728

Total Available Funds	$	430,004

Page 12

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE - TOP TWENTY-FIVE TENANTS

CONSOLIDATED PROPERTIES

As of June 30, 2012


Tenant	Number of stores		Credit Rating Moody’s/S&P⁽¹⁾		Square feet		% of total square feet			Annualized minimum rent		% of total annualized minimum rent			Average annual minimum rent per square foot		Average remaining term of AMR ⁽²⁾

Top twenty-five tenants
Publix		43		NA		1,881,970		10.3	%	$	14,801,898		6.2	%	$	7.87		6.7
Supervalu		6		B1/B		398,625		2.2	%		8,995,251		3.7	%		22.57		4.1
L.A. Fitness		6		NA		279,897		1.5	%		5,117,401		2.1	%		18.28		9.8
Kroger		10		Baa2/BBB		573,686		3.1	%		4,233,263		1.8	%		7.38		4.8
The TJX Companies		11		A3/A		322,879		1.7	%		4,198,079		1.7	%		13.00		3.2
Bed Bath & Beyond		9		NA/BBB+		306,332		1.7	%		3,811,537		1.6	%		12.44		4.0
Costco		1		A1/A+		148,295		0.8	%		3,029,252		1.3	%		20.43		2.2
Winn Dixie		9		NA		398,128		2.2	%		2,937,815		1.2	%		7.38		4.3
Goodwill		15		NA		219,393		1.2	%		2,474,061		1.0	%		11.28		8.0
CVS Pharmacy		13		Baa2/BBB+		150,999		0.8	%		2,447,511		1.0	%		16.21		6.7
Staples		6		Baa2/BBB		120,529		0.6	%		2,390,852		1.0	%		19.84		4.3
Office Depot		8		B2/B-		195,777		1.1	%		2,334,457		1.0	%		11.92		4.1
The Container Store		2		B3/B-		49,661		0.3	%		2,174,212		0.9	%		43.78		10.2
Walmart		3		Aa2/AA		230,217		1.3	%		2,150,075		0.9	%		9.34		5.4
Best Buy		4		Baa2/BBB-		142,831		0.8	%		2,104,708		0.9	%		14.74		3.9
Trader Joe’s		5		NA		55,962		0.3	%		1,944,326		0.8	%		34.74		9.0
Kmart		5		NA		439,558		2.4	%		1,939,705		0.8	%		4.41		3.0
Nordstrom		2		Baa1/A-		74,663		0.4	%		1,936,130		0.8	%		25.93		9.2
Target		1		A2/A+		160,346		0.9	%		1,924,152		0.8	%		12.00		6.1
Sports Authority		3		B3/B-		78,146		0.4	%		1,853,540		0.8	%		23.72		5.2
Dollar Tree		20		NA		220,050		1.2	%		1,850,710		0.8	%		8.41		2.9
Walgreens		6		A3/A		96,562		0.5	%		1,824,815		0.8	%		18.90		15.5
Whole Foods		2		NA/BB+		85,907		0.5	%		1,746,911		0.7	%		20.33		12.5
Stop & Shop		1		NA		59,015		0.3	%		1,685,484		0.7	%		28.56		12.5
JP Morgan Chase		11		A2/A		51,316		0.3	%		1,600,061		0.7	%		31.18		4.9


Total top twenty-five tenants		202				6,740,744		37.0	%	$	81,506,206		34.0	%	$	12.09		6.1

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 June 30, 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 June 30, 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⁾		50		149,059		118,290	$	17.85	$	20.04		12.3	%	$	15.12

Renewals & Options		81		313,306		313,306		16.91		17.64		4.3	%		0.47


Total New, Renewals & Options ⁽³⁾		131		462,365		431,596	$	17.41	$	18.55		6.5	%	$	4.48

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 reflects the impact of tenant concessions and work to be performed by us prior to delivery of the space to the tenant.

⁽³⁾	Prior rent per square foot and new rent per square foot is computed based on a weighted average basis by lease.

Page 14

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

As of June 30, 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		—		—		—		$	—		94		179,006		3.1	%	$	16.66		94		179,006		1.1	%	$	16.66
2012		23		569,230		5.3	%		8.78		253		522,232		9.0	%		20.79		276		1,091,462		6.6	%		14.52
2013		31		942,448		8.8	%		9.29		374		821,543		14.2	%		21.51		405		1,763,991		10.7	%		14.98
2014		43		1,251,625		11.8	%		8.41		377		818,369		14.1	%		21.74		420		2,069,994		12.6	%		13.68
2015		39		1,133,580		10.6	%		7.64		296		732,455		12.7	%		22.87		335		1,866,035		11.3	%		13.62
2016		44		1,598,695		15.0	%		12.80		234		580,320		10.0	%		23.92		278		2,179,015		13.2	%		15.76
2017		33		1,004,704		9.4	%		14.02		180		443,442		7.6	%		24.29		213		1,448,146		8.8	%		17.18
2018		14		570,405		5.4	%		12.22		30		104,749		1.8	%		30.87		44		675,154		4.1	%		15.12
2019		11		520,810		4.9	%		8.56		26		80,495		1.4	%		28.75		37		601,305		3.7	%		11.26
2020		18		555,872		5.2	%		13.07		25		82,088		1.4	%		30.25		43		637,960		3.9	%		15.28
2021		14		344,882		3.3	%		12.35		26		70,518		1.2	%		45.15		40		415,400		2.5	%		17.92
Thereafter		55		1,945,686		18.3	%		13.24		62		233,211		4.0	%		33.33		117		2,178,897		13.3	%		15.39

Sub-total / Avg.		325		10,437,937		98.0	%		11.13		1,977		4,668,428		80.5	%		23.50		2,302		15,106,365		91.8	%		14.95
Vacant		10		218,444		2.0	%		NA		585		1,127,743		19.5	%		NA		595		1,346,187		8.2	%		NA
Total / Avg.		335		10,656,381		100.0	%		NA		2,562		5,796,171		100.0	%		NA		2,897		16,452,552		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 June 30, 2012 (unaudited)


Metro or Region	# Properties		Total SF		AMR		% of AMR

Dade County		14		1,671,288	$	25,099,756		11.7	%

Broward County		12		1,672,377		21,854,140		10.2	%

Palm Beach County		8		890,668		10,617,698		4.9	%

Treasure Coast, Florida		8		707,778		7,493,946		3.5	%


South Florida		42		4,942,111		65,065,541		30.3	%

San Francisco Bay		5		1,564,570		34,584,245		16.1	%

Southern California		4		489,239		10,125,708		4.6	%


West Coast		9		2,053,809		44,709,953		20.8	%

Connecticut		6		715,739		12,679,643		5.9	%

Boston		7		600,879		11,161,946		5.2	%

New York		3		142,035		4,084,788		1.9	%


Northeast		16		1,458,653		27,926,377		13.0	%

Atlanta		18		1,654,151		20,615,401		9.6	%

Jacksonville/North Florida		9		1,106,019		11,378,492		5.3	%

Orlando		8		984,298		10,763,940		5.0	%

Louisiana		12		1,318,385		10,732,044		5.0	%

Other		8		868,815		6,528,979		3.0	%

Tampa/St. Petersburg		8		729,713		6,293,796		2.9	%

Central/South Georgia		4		624,662		4,000,455		1.9	%

Charlotte/Raleigh/Durham		3		343,288		2,644,976		1.2	%

West Coast, Florida		2		171,772		2,465,788		1.1	%

South Carolina		3		196,876		1,389,438		0.6	%


Total		142		16,452,552	$	214,515,179		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 June 30, 2012


		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

NORTH FLORIDA REGION (31)

Orlando / Central Florida (8)

Alafaya Commons	Orlando	1987		126,333		81.7	%		21		9		54,230	Publix	11/30/13		$	12.70

Alafaya Village	Orlando	1986		38,118		87.3	%		14		2						$	22.14

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						$	22.67

Lake Mary Centre	Orlando	1988 / 2001		340,434		95.1	%		54		12		63,139	Albertsons	06/30/12	Kmart / Lifestyle Fitness Center / Office Depot	$	13.33

Park Promenade	Orlando	1987 / 2000		128,848		71.5	%		13		10					Beauty Depot / Dollar General	$	6.74

Town & Country	Kissimmee	1993		75,181		92.0	%		10		4		52,883	Albertsons* (Ross Dress For Less)	10/31/18		$	7.79

Unigold Shopping Center	Winter Park	1987		117,527		80.5	%		20		6		52,500	Winn-Dixie	04/30/17		$	11.87

Jacksonville / North Florida (8)

Beauclerc Village	Jacksonville	1962 / 1988		68,846		94.3	%		8		3					Big Lots / Goodwill / Beall’s Outlet	$	8.16

Forest Village	Tallahassee	2000		71,526		78.7	%		9		7		37,866	Publix	04/30/20		$	10.26

Ft. Caroline	Jacksonville	1985 / 1995		71,816		86.8	%		6		6		45,500	Winn-Dixie	05/31/15	Citi Trends	$	6.87

Mandarin Landing	Jacksonville	1976		139,580		88.6	%		21		9		50,000	Whole Foods	12/31/23	Office Depot / Aveda Institute	$	15.97

Medical & Merchants	Jacksonville	1993		156,153		97.0	%		11		2		55,999	Publix	02/10/18	Memorial Hospital* / Planet Fitness	$	13.16

Oak Hill	Jacksonville	1985 / 1997		78,492		100.0	%		17		—		39,795	Publix	03/11/15	Planet Fitness	$	8.21

Pablo Plaza	Jacksonville	1974 / 1998 / 2001 / 2008		146,473		90.4	%		22		6		34,400	Publix* (Office Depot)	11/30/13	Marshalls / HomeGoods	$	11.30

South Beach	Jacksonville Beach	1990 / 1991		303,856		87.0	%		34		15					Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	$	12.29

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

Charlotte Square	Port Charlotte	1980		96,626		69.9	%		12		13					Seafood Buffet / American Signature Furniture	$	5.50

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

Page 17

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2012

LOGO


		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
Lutz Lake	Lutz	2002		64,985		92.0	%		11		3		44,270	Publix	05/31/22		$	12.64

Mariners Crossing	Spring Hill	1989 / 1999		97,812		93.7	%		17		1		48,315	Sweet Bay	08/15/20		$	10.76

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

Seven Hills	Spring Hill	1991		72,590		88.9	%		13		5		48,890	Publix	09/25/16		$	10.26

Shoppes of North Port	North Port	1991		84,705		84.8	%		13		8					Beall’s Outlet / Goodwill	$	8.90

Sunlake	Tampa	2008		94,397		91.3	%		19		6		45,600	Publix	12/31/28		$	18.14

Sunpoint Shopping Center	Ruskin	1984		132,374		67.4	%		15		10					Goodwill / Ozzie’s Buffet / Big Lots / Chapter 13 Trustee	$	8.65

Walden Woods	Plant City	1985 /1998 / 2003		72,950		88.7	%		11		4					Dollar Tree / Aaron Rents / Dollar General	$	7.55

Florida Treasure / Northeast Coast (5)

New Smyrna Beach	New Smyrna Beach	1987		118,451		98.7	%		33		1		42,112	Publix	09/23/17	Beall’s Outlet	$	12.33

Old King Commons	Palm Coast	1988		84,759		81.9	%		12		6					Walmart	$	7.72

Ryanwood	Vero Beach	1987		114,925		85.9	%		23		9		39,795	Publix	03/23/17	Beall’s Outlet / Books-A-Million	$	11.23

South Point Center	Vero Beach	2003		64,790		93.5	%		12		3		44,840	Publix	11/30/23		$	15.67

Treasure Coast	Vero Beach	1983		133,781		95.8	%		20		3		59,450	Publix	07/31/26	TJ Maxx	$	12.64


TOTAL SHOPPING CENTERS NORTH FLORIDA REGION (31)				3,439,231		87.6	%		523		185		955,366				$	11.98


SOUTH FLORIDA REGION (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		98.3	%		44		3		44,400	Winn-Dixie	12/31/12	CVS Pharmacy / Goodwill	$	19.12

Bluffs Square	Jupiter	1986		123,917		79.1	%		20		11		39,795	Publix	10/22/16	Walgreens	$	12.68

Chapel Trail	Pembroke Pines	2007		56,378		100.0	%		4		—					LA Fitness	$	20.81

Coral Reef Shopping Center	Palmetto Bay	1968 / 1990		76,632		91.0	%		14		4					Office Depot / Walgreens	$	25.82

Countryside Shops	Cooper City	1986 /1988 / 1991		179,561		86.0	%		36		10		39,795	Publix	12/04/15	Stein Mart	$	13.67

Crossroads Square	Pembroke Pines	1973		81,587		79.9	%		15		9					CVS Pharmacy / Goodwill	$	17.08

CVS Plaza	Miami	2004		18,214		100.0	%		6		—						$	22.72

Page 18

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2012

LOGO


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

Greenwood	Palm Springs	1982 / 1994		133,339		91.3	%		33		7		50,032	Publix	12/05/14	Beall’s Outlet	$	13.55

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	$	9.22

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		$	13.64

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$	$	11.60

Meadows	Miami	1997		75,524		94.2	%		16		4		47,955	Publix	09/30/17		$	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 Pharmacy / Bassett Furniture / Duffy’s	$	14.44

Oaktree Plaza	North Palm Beach	1985		23,745		60.2	%		10		10						$	16.87

Plaza Alegre	Miami	2003		88,411		93.7	%		17		3		44,271	Publix	03/14/23	Goodwill	$	16.17

Point Royale	Miami	1970 / 2000		174,875		97.5	%		21		3		45,350	Winn-Dixie	02/15/15	Best Buy / Pasteur Medical	$	10.75

Prosperity Centre	Palm Beach Gardens	1993		122,014		100.0	%		10		—					Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx	$	17.79

Ridge Plaza	Davie	1984 / 1999		155,204		95.3	%		21		6					Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill	$	11.33

Riverside Square	Coral Springs	1987		103,241		80.6	%		22		11		39,795	Publix	02/18/17		$	11.91

Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		84.8	%		20		5		36,464	Publix	12/15/14	Walgreens / Dollar Tree	$	10.94

Sheridan Plaza	Hollywood	1973 / 1991		508,455		98.6	%		59		4		65,537	Publix	10/09/16	Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / Office Depot / Assoc. in Neurology	$	15.37

Shoppes of Andros Isles	West Palm Beach	2000		79,420		86.8	%		10		7		51,420	Publix	02/29/20		$	11.55

Shoppes of Silverlakes	Pembroke Pines	1995 / 1997		126,789		86.9	%		27		8		47,814	Publix	06/14/15	Goodwill	$	15.65

Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		287,077		93.3	%		41		8		51,420	Publix	07/31/19	TJ Maxx / LA Fitness / Goodwill	$	18.46

Tamarac Town Square	Tamarac	1987		124,585		90.3	%		31		8		37,764	Publix	12/15/14	Dollar Tree	$	11.39

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

West Bird	Miami	1977 / 2000		99,864		87.1	%		22		6		37,949	Publix	08/31/20	CVS Pharmacy	$	13.33

West Lakes Plaza	Miami	1984 / 2000		100,747		100.0	%		27		—		46,216	Winn-Dixie	05/22/16	Navarro Pharmacy	$	14.01

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

Page 19

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2012

LOGO


		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

Young Circle	Hollywood	1962 / 1997		65,834		98.1	%		9		1		23,124	Publix	11/30/16	Walgreens	$	15.46

Florida Treasure / Northeast Coast (3)

Cashmere Corners	Port St. Lucie	2001		89,234		93.7	%		13		3		59,448	Albertsons	04/30/25		$	8.88

Salerno Village	Stuart	1987		82,477		90.8	%		14		6		45,802	Winn-Dixie	03/23/24	CVS Pharmacy	$	10.75

Shops at St. Lucie	Port St. Lucie	2006		19,361		84.6	%		8		2						$	17.75


TOTAL SHOPPING CENTERS SOUTH FLORIDA REGION (37)				4,425,405		92.9	%		713		170		1,093,829				$	14.46


SOUTHEAST REGION (48)

ALABAMA (1)

Madison Centre	Madison	1997		64,837		98.1	%		12		1		37,912	Publix	06/01/17	Rite Aid	$	9.60


TOTAL SHOPPING CENTERS ALABAMA (1)				64,837		98.1	%		12		1		37,912				$	9.60


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		$	15.92

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	$	21.44

Butler Creek	Acworth	1990		95,597		92.8	%		17		4		59,997	Kroger	01/31/18		$	9.57

Chastain Square	Atlanta	1981 / 2001		91,637		97.1	%		23		3		37,366	Publix	05/31/24		$	17.93

Douglas Commons	Douglasville	1988		97,027		95.0	%		15		3		59,431	Kroger	08/31/13		$	10.93

Fairview Oaks	Ellenwood	1997		77,052		94.4	%		11		3		54,498	Kroger	09/30/16		$	10.28

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						$	11.48

Hamilton Ridge	Buford	2002		90,996		85.1	%		14		7		54,166	Kroger	11/30/22		$	11.72

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		$	10.56

Page 20

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2012

LOGO


		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
Macland Pointe	Marietta	1992-93		79,699		92.8	%		14		3		55,999	Publix	12/29/17		$	10.20

Market Place	Norcross	1976		73,686		98.5	%		20		3					Galaxy Cinema	$	11.35

Piedmont Peachtree Crossing	Buckhead	1978 / 1998		152,239		99.3	%		27		1		55,520	Kroger	02/28/15	Cost Plus Store / Binders Art Supplies	$	18.18

Powers Ferry Plaza	Marietta	1979 / 1987 / 1998		86,401		84.4	%		17		7					Micro Center	$	9.74

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

Wesley Chapel	Decatur	1989		164,184		83.6	%		16		12					Everest Institute / Little Giant / Deal$ / Planet Fitness	$	8.14

Williamsburg @ Dunwoody	Dunwoody	1983		44,928		63.0	%		20		8						$	21.49

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	$	9.04

McAlpin Square	Savannah	1979		173,952		95.9	%		21		3		43,600	Kroger	06/30/21	Big Lots / Post Office / Habitat for Humanity	$	7.57

Spalding Village	Griffin	1989		235,318		60.9	%		16		12		59,431	Kroger	05/31/14	Fred’s Store / Goodwill	$	7.68

Walton Plaza	Augusta	1990		43,460		91.7	%		5		3					Gold’s Gym	$	7.10


TOTAL SHOPPING CENTERS GEORGIA (22)				2,278,813		88.0	%		349		111		736,369				$	12.28


LOUISIANA (12)

Ambassador Row	Lafayette	1980 / 1991		194,678		98.4	%		24		2					Conn’s Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics	$	10.30

Ambassador Row Courtyard	Lafayette	1986 / 1991 / 2005		146,697		97.8	%		22		1					Bed Bath & Beyond / Marshalls / Hancock Fabrics / Unitech Training Academy / Tuesday Morning	$	9.78

Bluebonnet Village	Baton Rouge	1983		101,623		98.0	%		22		4		33,387	Matherne’s	11/30/15	Office Depot	$	11.59

Boulevard	Lafayette	1976 / 1994		68,012		93.2	%		13		2					Piccadilly / Harbor Freight Tools / Golfballs.com	$	9.14

Country Club Plaza	Slidell	1982 / 1994		64,686		86.8	%		8		2		33,387	Winn-Dixie	01/31/13		$	6.42

Crossing	Slidell	1988 / 1993		113,989		98.1	%		13		2		58,432	Save A Center	09/28/39	A-1 Home Appliance / Piccadilly	$	5.58

Elmwood Oaks	Harahan	1989		120,515		91.2	%		8		1					Academy Sports / Dollar Tree	$	9.90

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	$	9.47

Tarpon Heights	Galliano	1982		56,605		100.0	%		9		—					Stage / Dollar General	$	5.93

Village at Northshore	Slidell	1988		144,638		96.7	%		13		2					Marshalls / Dollar Tree / Kirschman’s* / Bed Bath & Beyond / Office Depot	$	7.05


TOTAL SHOPPING CENTERS LOUISIANA (12)				1,318,385		95.7	%		164		20		153,298				$	8.51

Page 21

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2012

LOGO


		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

MISSISSIPPI (1)

Shipyard Plaza	Pascagoula	1987		66,857		100.0	%		8		—					Big Lots / Buffalo Wild Wings	$	7.34


TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		100.0	%		8		—		—				$	7.34


NORTH CAROLINA (7)

Brawley Commons	Charlotte	1997 / 1998		119,189		71.3	%		20		18		42,142	Lowe’s Foods	05/13/17	Rite Aid	$	11.26

Centre Pointe Plaza	Smithfield	1989		163,642		93.7	%		21		3					Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores	$	5.86

Chestnut Square	Brevard	1985 / 2008		34,260		90.7	%		6		2					Walgreens	$	15.62

Riverview Shopping Center	Durham	1973 / 1995		128,498		92.4	%		11		5		53,538	Kroger	12/31/14	Upchurch Drugs / Riverview Galleries	$	8.04

Stanley Market Place	Stanley	2007		53,228		94.1	%		5		2		34,928	Food Lion	05/15/27	Family Dollar	$	9.82

Thomasville Commons	Thomasville	1991		148,754		88.3	%		8		6		32,000	Ingles	09/29/17	Kmart	$	5.33

Willowdaile Shopping Center	Durham	1986		95,601		91.3	%		17		5					Hall of Fitness / Ollie’s Bargain Outlet	$	8.40


TOTAL SHOPPING CENTERS NORTH CAROLINA (7)				743,172		88.4	%		88		41		162,608				$	7.95


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	$	6.32

Woodruff	Greenville	1995		68,055		100.0	%		10		—		47,955	Publix	08/06/15		$	9.20


TOTAL SHOPPING CENTERS SOUTH CAROLINA (3)				196,876		90.2	%		20		8		47,955				$	7.82


VIRGINIA (1)

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


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


TOTAL SHOPPING CENTERS SOUTHEAST REGION (48)				4,865,058		90.7	%		656		189		1,226,219				$	10.04


NORTHEAST REGION (16)

CONNECTICUT (6)

Brookside Plaza	Enfield	1985 / 2006		214,030		95.9	%		23		3		59,648	Wakefern Food	08/31/15	Bed Bath & Beyond / Walgreens / Staples /Petsmart / Hibachi Grill	$	11.73

Compo Acres ⁽¹⁾	Westport	1960 / 2011		42,866		93.6	%		14		1					Trader Joe’s	$	45.43

Page 22

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2012

LOGO


		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
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		97.5	%		22		2		60,113	ShopRite	07/31/22	Staples	$	21.37


TOTAL SHOPPING CENTERS CONNECTICUT (6)				715,739		97.2	%		81		7		178,776				$	18.23


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		$	25.51


TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				600,879		99.1	%		30		3		434,532				$	18.74


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 REGION (16)				1,458,653		98.0	%		117		11		638,658				$	19.53


WEST COAST REGION (10)

ARIZONA (1)

Canyon Trails	Goodyear	2008		210,396		64.4	%		19		15					Office Max / PetSmart / Ross / Cost Plus	$	15.49


TOTAL SHOPPING CENTERS ARIZONA (1)				210,396		64.4	%		19		15		—				$	15.49


CALIFORNIA (9)

Circle Center West	Long Beach	1989		64,403		97.8	%		15		1					Marshalls	$	19.92

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of June 30, 2012

LOGO


		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

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	$	26.86

Marketplace Shopping Center	Davis	1990		111,156		99.1	%		23		1		35,018	Safeway	07/31/14	Petco / CVS Pharmacy	$	22.35

Plaza Escuela	Walnut Creek	2002		152,452		99.3	%		25		2					AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority	$	40.32

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	$	28.14

Ralph’s Circle Center ⁽¹⁾	Long Beach	1983		59,837		95.5	%		10		2		35,022	Ralph’s	11/30/25		$	16.42

Serramonte	Daly City	1968		818,177		98.6	%		97		6					Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / New York & Company / Crunch Gym	$	18.06

Von’s Circle Center	Long Beach	1972		148,353		94.3	%		20		5		45,253	Von’s	07/31/22	Rite Aid / Ross	$	15.09

Willows	Concord	1977		256,086		93.8	%		27		6					El Torito / Claim Jumper / U Gym / REI / The Jungle / Old Navy / Pier 1 / Cost Plus	$	21.61


TOTAL SHOPPING CENTERS CALIFORNIA (9)				2,053,809		97.8	%		274		25		211,437				$	22.27


TOTAL SHOPPING CENTERS WEST COAST REGION (10)				2,264,205		94.7	%		293		40		211,437				$	21.84


TOTAL CORE SHOPPING CENTER PORTFOLIO (142)				16,452,552		91.8	%		2,302		595		4,125,509				$	14.20


OTHER PROPERTIES (5) ⁽¹⁾

4101 South I-85 Industrial	Charlotte, NC	1956 / 1963		188,513		100.0	%		1		1					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		78.4	%		44		11


TOTAL OTHER PROPERTIES (5) ⁽¹⁾				384,979		74.6	%		64		37		—


TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (147)				16,837,531		91.4	%		2,366		632		4,125,509


DEVELOPMENTS, REDEVELOPMENTS & LAND (18) ⁽¹⁾

Developments (2)	See Schedule on Page 26.

Redevelopments (9)	See Schedule on Page 26.

Land Held for Development (7)


TOTAL CONSOLIDATED - 165 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 quarter to date June 30, 2012 same property pool.

Page 24


EQUITY ONE, INC.
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
For the six months ended June 30, 2012
(in thousands, except for square footage)

2012 Acquisition Activity

Date Purchased

Property Name

City

State

Square Feet / Acres

Purchase
Price

June 8, 2012

Broadway Plaza - land parcel

Bronx

1.83

⁽¹⁾

7,500

March 1, 2012

Potrero Center

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

161,250

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	$	(33	)
March 30, 2012	Commerce Crossing	Commerce		GA		100,668			600		(443	)
March 15, 2012	222 Sutter Street	San Francisco		CA		128,595			53,829		13,562

								$	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 June 30, 2012

(in thousands, except square footage data)


Project	Location	Project GLA ⁽¹⁾		Total GLA ⁽²⁾		Anchors	Target Stabilization Date ⁽³⁾	Estimated Gross Cost ⁽⁴⁾			Estimated Net Cost ⁽⁵⁾			Funded as of 6/30/2012		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	2013	$	144,600		$	134,600		$	111,873	$	32,727
Broadway Plaza	Bronx, NY		133,000		133,000		2014		55,000	⁽⁶⁾		55,000	⁽⁶⁾		8,356		46,644

Subtotal			463,000		463,000			$	199,600		$	189,600		$	120,229	$	79,371

Redevelopment
Atlantic Village	Atlantic Beach, FL		39,795		100,559	LA Fitness	2Q13	$	4,609		$	4,609		$	154	$	4,455
Boca Village	Boca Raton, FL		25,663		92,267	Publix Greenwise / CVS Pharmacy	1Q14		7,255			7,255			1,324		5,931
Boynton Plaza	Boynton Beach, FL		54,817		108,293	Publix	2Q14		8,661	⁽⁶⁾		8,661	⁽⁶⁾		169		8,492
Paulding Commons	Hiram, GA		73,914		209,676	Academy Sports	3Q12		1,729			1,729			1,627		102
Pavilion	Naples, FL		50,795		167,745	LA Fitness	1Q12		3,664			3,664			3,664		—
Pine Island	Davie, FL		86,156		254,907	Burlington Coat Factory	1Q12		2,057			2,057			2,057		—
Pine Ridge	Coral Springs, FL		30,660		117,824	Marshalls / Fresh Market / Bed Bath & Beyond	4Q12		6,705			4,605			4,057		2,648
Summerlin ⁽⁷⁾	Ft. Myers, FL		15,000		195,000	Large National Retailer	4Q13		2,227			2,127			—		2,227
Westbury Plaza	Westbury, NY		15,000		398,602	Costco / Marshalls / Sports Authority / Walmart	4Q11		2,076			2,076			2,076		—

Subtotal			391,800		1,644,873			$	38,983		$	36,783		$	15,128	$	23,855


Total Development Activity			854,800		2,107,873			$	238,583		$	226,383		$	135,357	$	103,226

⁽¹⁾	Project GLA is subject to change based upon changes related to build-to-suit requests and other tenant driven changes.

⁽²⁾	Owned GLA (for redevelopments, includes portions of center not subject to redevelopment).

⁽³⁾	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.

⁽⁴⁾	Includes actual / allocated cost of land.

⁽⁵⁾	After sales of outparcels and construction cost reimbursements.

⁽⁶⁾	Budgeted amounts pending approval of the investment committee.

⁽⁷⁾	This property is classified as held for sale as of June 30, 2012. Three outparcels will be retained and redeveloped.

Page 26


EQUITY ONE, INC.
DEBT SUMMARY
As of June 30, 2012 and December 31, 2011 and 2010
(in thousands)


	June 30, 2012			Dec 31, 2011			Dec 31, 2010

Fixed rate debt	$	1,110,829		$	1,190,174		$	1,224,796
Variable rate debt - swapped to fixed rate		200,000			—			—
Variable rate debt - unhedged		101,000			138,000			—

Total debt	$	1,411,829		$	1,328,174		$	1,224,796

% Fixed rate debt		78.7	%		89.6	%		100.0	%
% Variable rate debt - swapped to fixed rate		14.2	%		0.0	%		0.0	%
% Variable rate debt - unhedged		7.1	%		10.4	%		0.0	%

Total		100.0	%		100.0	%		100.0	%

Secured mortgage debt	$	429,693		$	499,038		$	533,660
Unsecured debt		982,136			829,136			691,136

Total debt	$	1,411,829		$	1,328,174		$	1,224,796

% Secured mortgage debt		30.4	%		37.6	%		43.6	%
% Unsecured debt		69.6	%		62.4	%		56.4	%

Total		100.0	%		100.0	%		100.0	%

Total market capitalization (from page 6)	$	4,070,225		$	3,438,335		$	3,098,272

% Secured mortgage debt		10.6	%		14.5	%		17.2	%
% Unsecured debt		24.1	%		24.1	%		22.3	%

Total debt : Total market capitalization		34.7	%		38.6	%		39.5	%

Weighted-average interest rate on secured mortgage debt ⁽¹⁾		6.1	%		6.1	%		6.3	%
Weighted-average interest rate on senior unsecured notes ⁽¹⁾		6.0	%		6.1	%		6.1	%
Weighted-average interest rate on term loans ⁽¹⁾		3.5	%		N/A			N/A
Weighted-average interest rate on total debt ⁽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		4.8 years			4.9 years			4.5 years
Weighted-average maturity on senior unsecured notes		3.7 years			4.1 years			5.2 years
Weighted-average maturity on term loan		6.6 years			N/A			N/A
Weighted-average maturity on total debt ⁽²⁾		4.5 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⁾	Weighted average interest rates are calculated based on balances outstanding at the respective dates.

⁽²⁾	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 June 30, 2012
(in thousands)


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

2012	$	3,963	$	—	$	—	$	—	$	—	$	1,010	$	4,973		0.0	%		0.4	%
2013		7,844		45,127		—		—		—		1,674	$	54,645		6.4	%		3.9	%
2014		7,446		6,509		—		250,000		—		1,246	$	265,201		6.2	%		18.7	%
2015		7,554		36,650		101,000		107,505		—		1,084	$	253,793		3.9	%⁽¹⁾		17.9	%
2016		7,489		107,574		—		105,230		—		126	$	220,419		6.0	%		15.5	%
2017		6,572		64,000		—		218,401		—		269	$	289,242		6.0	%		20.4	%
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⁾		15.7	%
2020		5,493		—		—		—		—		106	$	5,599		0.0	%		0.4	%
Thereafter		29,551		8,310		—		—		—		149	$	38,010		7.8	%		2.6	%

Total	$	87,950	$	341,743	$	101,000	$	681,136	$	200,000	$	6,104	$	1,417,933		5.3	%⁽¹⁾		100.0	%

⁽¹⁾	Excluding the revolving credit facility and term loan, the weighted average interest rate would be 5.4% for 2015, 6.9% for 2019 and 6.0% for the total.

Page 28


EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of June 30, 2012 and December 31, 2011
(in thousands)


Debt Instrument	Maturity Date	Rate			June 30, 2012 Balance		Dec 31, 2011 Balance		Percent of Overall Debt Maturing
Mortgage Debt
Plaza Escuela	10/11/12		6.800	%	$	—	$	37,057		0.0	%
Pablo Plaza	04/11/13		5.814	%		7,228		7,309		0.5	%
West Bird Plaza	04/11/13		5.814	%		8,132		8,223		0.6	%
Brawley Commons	07/01/13		6.250	%		6,580		6,625		0.5	%
Buckhead Station	09/01/13		6.880	%		24,536		24,893		1.7	%
South Point	07/10/14		5.720	%		7,048		7,168		0.5	%
Southbury Green	02/05/15		5.200	%		21,000		21,000		1.5	%
Davis Marketplace	02/19/15		6.250	%		16,272		16,377		1.1	%
Danbury Green	01/05/16		5.850	%		24,700		24,700		1.7	%
Glengary Shoppes	06/11/16		5.750	%		16,207		16,332		1.1	%
Magnolia Shoppes	07/11/16		6.160	%		13,925		14,039		1.0	%
Willows Shopping Center	10/11/16		5.900	%		55,575		55,895		3.9	%
Grassland Crossing	12/01/16		7.865	%		4,157		4,301		0.3	%
Culver	05/06/17		5.580	%		64,000		64,000		4.5	%
Mableton Crossing	08/15/18		6.850	%		2,912		3,087		0.2	%
Sheridan Plaza	10/10/18		6.250	%		61,959		62,416		4.4	%
Danville-San Ramon Medical	03/15/19		6.900	%		13,490		13,576		1.0	%
1175 Third Avenue	05/01/19		7.000	%		7,113		7,221		0.5	%
BridgeMill	05/05/21		7.940	%		7,682		7,831		0.5	%
Westport Plaza	08/01/23		7.490	%		3,970		4,048		0.3	%
Chastain Square	02/28/24		6.500	%		2,858		2,937		0.2	%
Daniel Village	02/28/24		6.500	%		3,123		3,211		0.2	%
Douglas Commons	02/28/24		6.500	%		3,721		3,826		0.3	%
Fairview Oaks	02/28/24		6.500	%		3,522		3,622		0.2	%
Madison Centre	02/28/24		6.500	%		2,858		2,937		0.2	%
Paulding Commons	02/28/24		6.500	%		4,851		4,987		0.3	%
Siegen Village	02/28/24		6.500	%		3,156		3,245		0.2	%
Wesley Chapel Crossing	02/28/24		6.500	%		2,492		2,562		0.2	%
Webster Plaza	08/15/24		8.070	%		7,178		7,283		0.5	%
Vons Circle Center	10/10/28		5.200	%		11,010		11,223		0.8	%
Copps Hill Plaza	01/01/29		6.060	%		18,438		18,756		1.3	%

Total mortgage debt (30 loans)	4.79		6.13	%⁽³⁾	$	429,693	$	470,687		30.2	%
Unamortized/unaccreted premium/(discount)						8,148		10,521		0.6	%

Total mortgage debt (including unamortized/unaccreted premium/(discount))					$	437,841	$	481,208		30.8	%


Mortgage Debt Associated with Assets Held for Sale or Sold
Summerlin Square	02/01/14		6.750	%	$	—	$	1,067		0.0	%
222 Sutter Street	09/15/16		5.390	%		—		27,284		0.0	%

Total mortgage debt on held for sale or sold assets					$	—	$	28,351		0.0	%
Unamortized/unaccreted premium/(discount)						—		—		0.0	%

Total mortgage debt (including unamortized/unaccreted premium/(discount))					$	—	$	28,351		0.0	%


Total Secured debt (30 loans)	4.79		6.13	%⁽³⁾	$	429,693	$	499,038		30.2	%
Unamortized/unaccreted premium/(discount)						8,148		10,521		0.6	%

Total mortgage debt (including unamortized/unaccreted premium/(discount))					$	437,841	$	509,559		30.8	%

See footnotes on page 30.

Page 29

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of June 30, 2012 and December 31, 2011

(in thousands)


Debt Instrument	Maturity Date	Rate			June 30, 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			17.6	%
5.375% senior notes	10/15/15		5.375	%		107,505			107,505			7.6	%
6.00% senior notes	09/15/16		6.000	%		105,230			105,230			7.4	%
6.25% senior notes	01/15/17		6.250	%		101,403			101,403			7.2	%
6.00% senior notes	09/15/17		6.000	%		116,998			116,998			8.3	%


Total unsecured senior notes payable	3.69		6.03	%⁽³⁾	$	681,136		$	691,136			48.1	%

Unamortized/unaccreted premium/(discount)						(2,044	)		(2,340	)		-0.1	%

Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))					$	679,092		$	688,796			48.0	%


Term Loan
$200MM - Term Loan⁽²⁾	02/13/19		3.460	%⁽¹⁾		200,000			—			14.1	%

Total term loans	6.62		3.46	%⁽³⁾	$	200,000		$	—			14.1	%


Revolving credit facilities
$575MM Line of Credit Unsecured	09/30/15		1.800	%⁽¹⁾	$	101,000		$	138,000			7.1	%
$15MM Bank Line of Credit Unsecured	08/08/12		N/A			—			—			0.0	%

Total revolving credit facilities					$	101,000		$	138,000			7.1	%


Total debt	4.50⁽⁴⁾		5.67	%⁽³⁾	$	1,411,829		$	1,328,174			99.5	%

Unamortized/unaccreted premium/(discount)						6,104			8,181			0.5	%

Total debt (including net interest premium/discount)					$	1,417,933		$	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 June 30, 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 June 30, 2012 was a liability of $5.1 million.

⁽³⁾	Calculated based on weighted average interest rates of outstanding balances at June 30, 2012.

⁽⁴⁾	Weighted average maturity in years for June 30, 2012 excludes $101 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
June 30, 2012 (unaudited)
(in thousands)


BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES					As of June 30, 2012
Co-Investment Partner	EQY Ownership Interest			Type	Total Assets		Total Debt		Total Equity

DRA Advisors		20.0	%	Retail/Office	$	55,392	$	35,824	$	17,686

GRI		10.0	%	Retail	$	255,900	$	134,649	$	109,598

New York State Common Retirement Fund		30.0	%	Retail	$	96,328	$	24,684	$	57,290

Various ⁽¹⁾		50.0-50.5	%⁽³⁾	Retail/Office	$	99,510	$	51,061	$	46,866


STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES							For the three months ended June 30, 2012
Co-Investment Partner	EQY Ownership Interest			Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense/ (Income) ⁽²⁾			Net Income/ (Loss)

DRA Advisors		20.0	%	Retail/Office	$	1,694	$	758	$	540	$	579		$	(205	)

GRI		10.0	%	Retail	$	6,181	$	1,827	$	1,442	$	2,260		$	652

New York State Common Retirement Fund		30.0	%	Retail	$	1,680	$	478	$	740	$	(24	)	$	461

Various ⁽¹⁾		50.0-50.5	%⁽³⁾	Retail/Office	$	2,407	$	1,008	$	1,258	$	712		$	(584	)

							For the six months ended June 30, 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	$	3,338	$	1,448	$	1,072	$	1,168		$	(388	)

GRI		10.0	%	Retail	$	14,489	$	3,793	$	4,234	$	4,527		$	1,935

New York State Common Retirement Fund		30.0	%	Retail	$	3,314	$	959	$	1,419	$	33		$	(7	)

Various ⁽¹⁾		50.0-50.5	%⁽³⁾	Retail/Office	$	5,192	$	2,194	$	2,412	$	1,434		$	(863	)

Note: Amounts shown above reflect 100% of the joint 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.

⁽³⁾	Our effective interest in Talega Village Center JV, LLC and Vernola Marketplace JV, LLC is 48% when considering the 5% noncontrolling interest held by Vestar Development Company.

Page 31


EQUITY ONE, INC. UNCONSOLIDATED PROPERTY STATUS REPORT As of June 30, 2012 (unaudited)


		EQY					Year						Number of tenant				Supermarket anchor					Average base rent per
Property	JV	Ownership %			Type	City, State	Built / Renovated	Total Sq. Ft.		Percent Leased			Leased		Vacant		Sq. Ft.		Name	Expiration Date	Other anchor tenants	leased SF
Airpark Plaza Shopping Center	GRI		10.0	%	Retail	Miami, FL	1971 / 1998 / 2004 / 2008		172,093		96.4	%		33		4		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		96.7	%		22		3		78,000	Winn- Dixie	09/30/14	Home Depot / Big Lots / Dollar Tree	$	11.56

Presidential Markets	GRI		10.0	%	Retail	Snellville, GA	1993 / 2000		396,432		91.3	%		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	$	12.06

Shoppes of Ibis	GRI		10.0	%	Retail	West Palm Beach, FL	1999		79,420		92.9	%		15		3		51,420	Publix	05/31/19		$	13.07

Shoppes at Quail Roost	GRI		10.0	%	Retail	Miami, FL	2005		73,550		86.8	%		13		7		44,840	Publix	06/30/25		$	13.48

Shoppes of Sunset	GRI		10.0	%	Retail	Miami, FL	1979 / 2009		21,784		68.7	%		11		6						$	23.56

Shoppes of Sunset II	GRI		10.0	%	Retail	Miami, FL	1980 / 2009		27,676		78.5	%		14		3						$	18.60

Sparkleberry Square	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004		154,217		96.1	%		9		1					Petsmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy	$	10.89

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		95.2	%		12		2		67,943	Kroger	08/31/17		$	13.51

1900/2000 Offices	DRA		20.0	%	Office	Boca Raton, FL	1979 / 1982 / 1986 / 2007		117,773		60.8	%		19		13					RN Network	$	18.07

Penn Dutch Plaza	DRA		20.0	%	Retail	Margate, FL	1989		155,622		90.2	%		15		7		70,358	Penn Dutch Food Center	12/31/13	You Fit Health Club / Florida Career College	$	9.02

Plantation Marketplace	DRA		20.0	%	Retail	Plantation, FL	1963 / 1998		223,799		79.4	%		29		10		43,386	Winn- Dixie	11/05/14	Beall’s / Just Fit / Big Lots / CVS / Disability Law Claims	$	10.89

Talega Village	VESTAR		50.5	%	Retail	San Clemente, CA	2007		102,282		81.8	%		20		9		46,000	Ralph’s	12/31/27		$	19.56

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	$	10.90

Parnassus	CSC		50.0	%	Medical Office	San Francisco, CA	1968		146,046		98.4	%		49		4						$	27.81

Country Walk Plaza	NYSCRF		30.0	%	Retail	Miami, FL	1985 / 2006 / 2008		100,686		87.1	%		24		5		39,795	Publix	10/23/15	CVS Pharmacy	$	18.35

Veranda Shoppes	NYSCRF		30.0	%	Retail	Plantation, FL	2007		44,888		100.0	%		9		—		28,800	Publix	04/30/27		$	26.06

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


TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (19)									2,762,195					364		87		629,188				$	13.89

Page 32


EQUITY ONE, INC.
DEBT SUMMARY OF UNCONSOLIDATED JOINT VENTURES
As of June 30, 2012 and December 31, 2011
(in thousands)


Co-Investment Partner	Debt Instrument	Equity One’s Ownership			Maturity Date	Rate⁽¹⁾			June 30, 2012 Balance		Dec 31, 2011 Balance
Mortgage debt
GRI	Sparkleberry Square (Kohl’s)		10	%	11/01/12		6.17	%	$	5,440	$	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	%		5,090		5,326
DRA Advisors	Fixed rate loan		20	%	11/11/14		5.56	%		36,234		36,608
Vestar	Vestar/EQY Talega LLC		50.5	%	10/01/36		5.01	%		11,738		11,860
Vestar	Vestar/EQY Vernola LLC		50.5	%	08/06/41		5.11	%		23,482		23,637
Parnassus Heights Medical Center	Parnassus Heights Medical Center		50.0	%	03/15/28		6.25	%		15,841		16,133
New York State Common Retirement Fund	Equity One (Country Walk) LLC		30	%	11/01/15		5.22	%		13,192		13,292
New York State Common Retirement Fund	Equity One JV Sub CT Path LLC		30	%	01/01/19		5.74	%		10,231		10,413

Interest Rate Swap
GRI	Fair value of $120MM floating-to-fixed interest rate swap		10	%	06/01/13		4.40	%		4,556		6,693

	Net interest premium ⁽³⁾									414		446


	Total debt								$	246,218	$	249,949


	Equity One’s pro-rata share of unconsolidated joint venture debt								$	53,742	$	54,455

⁽¹⁾	The rate in effect on June 30, 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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